Wiley Finance
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International Corporate Governance After Sarbanes-Oxley
by Greg N. Gregoriou
Part of the Wiley Finance series
Synopsis currently unavailable.
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Investor's Guide to Loss Recovery
Rights, Mediation, Arbitration, and other Strategies
by Louis L. Straney
Part of the Wiley Finance series
Essential guidance for companies to examine and improve their fraud programs.
Corporate governance legislation has become increasingly concerned with the ongoing resilience of organizations and, particularly, with their ability to resist corporate fraud from the lowest levels to the upper echelons of executive management. It has become unacceptable for those responsible for corporate governance to claim, "I didn't know." Corporate Fraud and Internal Control focuses on the appropriateness of the design of the system of internal controls in fraud risk mitigation, as well as the mechanisms to ensure effective implementation and monitoring on an ongoing basis.
• Applicable for a wide variety of environments, including governmental, financial, manufacturing and e-business sectors
• Includes case studies from the United States, Europe, and Africa
• Follows the standards laid down by the Association of Certified Fraud Examiners, the internationally recognized body governing this activity
• Accompanying interrogation software demo (software demo is not included as part of this book's e-book file, but is available for download after purchase)
Written by a fraud prevention leader, “Corporate Fraud and Internal Control” addresses the concerns of both management and audit in ensuring a demonstrable level of activity to ensure sustainability of the organization and minimization of the impacts of fraud, upon early detection.
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AI and the Future of the Public Sector
The Creation of Public Sector 4.0
by Tony Boobier
Part of the Wiley Finance series
Discover anew the life and influence of Henry James, part of the acclaimed Wiley Blackwell Critical Biographies series.
In “The Life of Henry James: A Critical Biography”, Peter Collister, an established critic and authority on Henry James, offers an original and fully documented account of one of America's finest writers, who was both a creative practitioner and theorist of the novel. In this volume, James's life in all its personal and cultural richness is examined alongside a detailed scrutiny of his fiction, essays, biographies, autobiographies, travel writing, plays and reviews.
James was a dedicated and brilliant letter-writer and his biographer make judicious use of this material, some of it previously unpublished, evoking in the novelist's own words the society within which he moved and worked. His gift for friendship, often resulting in close relationships with both men and women, are sensitively explored. Near the beginning of his long and highly productive life, James left America to immerse himself in European culture and history—a necessity, he felt, for the developing artist. In an ironic symmetry he witnessed in his youth the effects of the American Civil War and in his last days, finally becoming a British citizen, despaired at the unfolding tragedy of the Great War in Europe. Sustained, nevertheless, by his own creative energy, he never ceased to believe in the capacity of the arts to enhance and give significance to life.
• Provides well-informed accounts of Henry James's youth in New York City, his unconventional education, his extensive travel in Europe, his eventual assimilation into British society, his development as a writer and his personal relationships as a single man.
• Features discussions of James's major works in a variety of genres from an assured theoretical and historical perspective.
• Assesses James's developing quest for dramatic form in his fiction—the 'scenic art'—as well as his critical writing which was to have a lasting influence on the literature and aesthetic values of the twentieth century.
• Discusses his achieved aspiration to be 'just literary', to become what he called that 'queer monster', an artist.
• Charts James's lifelong interest in art and theatre.
An incisive discussion of the life of an author of major stature, “The Life of Henry James: A Critical Biography” offers a refreshingly lucid and human account of a novelist and his often challenging, but rewarding, writing.
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Managing Hedge Fund Risk and Financing
Adapting to a New Era
by David P. Belmont
Part of the Wiley Finance series
The tools and information that build effective compliance programs.
“Enterprise Compliance Risk Management: An Essential Toolkit for Banks and Financial Services” is a comprehensive narrative on managing compliance and compliance risk that enables value creation for financial services firms. Compliance risk management, a young, evolving yet intricate discipline, is occupying center stage owing to the interplay between the ever-increasing complexity of financial services and the environmental effort to rein it in. The book examines the various facets of this layered and nuanced subject.
“Enterprise Compliance Risk Management” elevates the context of compliance from its current reactive stance to how a proactive strategy can create a clear differentiator in a largely undifferentiated market and become a powerful competitive weapon for organizations. It presents a strong case as to why it makes immense business sense to weave active compliance into business model and strategy through an objective view of the cost benefit analysis.
Written from a real-world perspective, the book moves the conversation from mere evangelizing to the operationalizing a positive and active compliance management program in financial services. The book is relevant to the different stakeholders of the compliance universe-financial services firms, regulators, industry bodies, consultants, customers and compliance professionals owing to its coverage of the varied aspects of compliance.
“Enterprise Compliance Risk Management” includes a direct examination of compliance risk, including identification, measurement, mitigation, monitoring, remediation, and regulatory dialogue. With unique hands-on tools including processes, templates, checklists, models, formats and scorecards, the book provides the essential toolkit required by the practitioners to jumpstart their compliance initiatives. Financial services professionals seeking a handle on this vital and growing discipline can find the information they need in “Enterprise Compliance Risk Management”.
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Market Momentum
Theory and Practice
by Stephen Satchell
Part of the Wiley Finance series
A one-of-a-kind reference guide covering the behavioral and statistical explanations for market momentum and the implementation of momentum trading strategies.
Market Momentum: Theory and Practice is a thorough, how-to reference guide for a full range of financial professionals and students. It examines the behavioral and statistical causes of market momentum while also exploring the practical side of implementing related strategies.
The phenomenon of momentum in finance occurs when past high returns are followed by subsequent high returns, and past low returns are followed by subsequent low returns. Market Momentum provides a detailed introduction to the financial topic, while examining existing literature. Recent academic and practitioner research is included, offering a more up-to-date perspective.
What type of book is “Market Momentum” and how does it serve a range of readers' interests and needs?
• A holistic market momentum guide for industry professionals, asset managers, risk managers, firm managers, plus hedge fund and commodity trading advisors
• Advanced text to help graduate students in finance, economics, and mathematics further develop their funds management skills
• Useful resource for financial practitioners who want to implement momentum trading strategies
• Reference book providing behavioral and statistical explanations for market momentum
Due to claims that the phenomenon of momentum goes against the Efficient Markets Hypothesis, behavioral economists have studied the topic in-depth. However, many books published on the subject are written to provide advice on how to make money. In contrast, “Market Momentum” offers a comprehensive approach to the topic, which makes it a valuable resource for both investment professionals and higher-level finance students. The contributors address momentum theory and practice, while also offering trading strategies that practitioners can study.
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Balanced Asset Allocation
How to Profit in Any Economic Climate
by Alex Shahidi
Part of the Wiley Finance series
The complete guide to the basics of nonprofit financial management
Let's be honest. Most books about financial management are densely written, heavy on jargon, and light on practicality. Expert financial consultant and author Tom McLaughlin takes a different approach with his fourth edition of Streetsmart Financial Basics for Nonprofit Managers. This comprehensive guide provides effective, easy-to-use tips, tools, resources, and analyses.
The light, humorous tone in Streetsmart Financial Basics for Nonprofit Managers makes it an accessible resource for nonprofit executives, board members, students, and those new to the field. This book forgoes useless, pretentious verbiage in order to outline real-world strategies that work. This edition includes:
• New insights, updates, vignettes, case studies, and examples to deal with the implications of nonprofit financial management
• An examination of nonprofit business models in relation to growing demands from the government and other funders
• How to construct business plans for virtually any nonprofit entity
• Customizable resources-including financial worksheets, forms, and Excel templates to help nonprofit managers complete their day to day assignments
• A guided tour through common aspects of nonprofit management, such as financial analysis, accounting, and operations
“Practical and informative, Streetsmart Financial Basics for Nonprofit Managers” is the go-to financial management reference for nonprofit managers, boards of directors, and funders.
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Risk Arbitrage
An Investor's Guide
by Keith M. Moore
Part of the Wiley Finance series
The definitive guide to risk arbitrage, fully updated with new laws, cases, and techniques
“Risk Arbitrage” is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. This new edition is completely updated and fully revised to reflect the changes to laws and technology and includes new case studies and a detailed discussion of computer-based trading systems. Readers gain deep insight into the factors and policies that affect merger transactions, and the new developments that allow individuals to compete with professionals in managing risk arbitrage portfolios. The book provides techniques for computing spreads and determining risk, with practice exercises that allow readers to become confident with new methods before using them professionally.
The current wave of corporate mergers, acquisitions, restructurings, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the current merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to all types of investors. Risk Arbitrage provides the essential guidance needed to participate in the business.
• Get up to date on the most recent developments in risk arbitrage
• Examine new mergers and the legal changes that affect them
• Learn how computers and trading systems have affected competition
• Use the tools that enable risk determination and spread computation
Both the growth in hedge funds and the changing nature of the merger and acquisition business have affected risk arbitrage processes and techniques. For the finance professional who needs expert guidance and the latest information, Risk Arbitrage is a comprehensive guide.
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Someday Rich
Planning for Sustainable Tomorrows Today
by Timothy Noonan
Part of the Wiley Finance series
To truly be successful, today's financial advisor must strike the right balance between effectively engaging with his or her clients and finding meaningful ways to maintain their financial security. By framing your mission in this way, you can help your clients clarify their vision, build a plan to achieve it, and manage that plan so they stay on track.
Nobody understands this better than authors Timothy Noonan and Matt Smith, two seasoned financial professionals with over five decades of combined experience working in the asset management business. And now, in Someday Rich, they show financial advisors with clients who are rich, or have the opportunity to become rich, how to sustain a client's desired lifestyle to, and through, retirement.
Engaging and informative, “Someday Rich” provides the context, description, and implementation suggestions for the Personal Asset Liability Model, a process that will allow you to determine a client's funded status relative to their future spending needs as well as develop and monitor their investment plan accordingly. While the methods in the Personal Asset Liability Model may not have been practically accessible to past advisors with a large number of clients, this model now brings together the technical methods to answer important client questions in a way that is feasible and includes the communication strategies that can make the delivery of the advice model more effective.
Along the way, this reliable resource discusses the business of giving good advice and addresses how to incorporate these steps into a client engagement road map. Insights on various other issues associated with this discipline are also included, such as how to develop client trust and deliver personalized service when you have so many clients, and contingency risks-life, health, disability, and long-term care, that need to be considered in the financial planning process. And in later chapters, single-topic essays, contributed by experts in the financial planning field, cover issues ranging from target date funds and the investment aspects of longevity risk to modern portfolio decumulation.
Building more valuable relationships with your clients is a difficult endeavor. But with “Someday Rich”, you'll discover what it takes to achieve this goal as you put them on a path to a sustainable financial future.
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Interest Rate Swaps and Their Derivatives
A Practitioner's Guide
by Amir Sadr
Part of the Wiley Finance series
An updated review of the theories and applications of corporate risk management.
After the financial crisis of 2008, issues concerning corporate risk management arose that demand new levels of oversight. “Corporate Risk Management” is an important guide to the topic that puts the focus on the corporate finance dimension of risk management. The author-a noted expert on the topic-presents several theoretical models appropriate for various industries and empirically verifies theoretical propositions. The book also proposes statistical modeling that can evaluate the importance of different risks and their variations according to economic cycles.
The book provides an analysis of default, liquidity, and operational risks as well as the failures of LTCM, ENRON, and financial institutions that occurred during the financial crisis. The author also explores Conditional Value at Risk (CVaR), which is central to the debate on the measurement of market risk under Basel III. This important book:
• Includes a comprehensive review of the aspects of corporate risk management
• Presents statistical modeling that addresses recent risk management issues
• Contains an analysis of risk management failures that lead to the 2008 financial crisis
• Offers a must-have resource from author Georges Dionne the former editor of The Journal of Risk and Insurance
“Corporate Risk Management” provides a modern empirical analysis of corporate risk management across industries. It is designed for use by risk management professionals, academics, and graduate students.
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Understanding and Managing Model Risk
A Practical Guide for Quants, Traders and Validators
by Massimo Morini
Part of the Wiley Finance series
A guide to the validation and risk management of quantitative models used for pricing and hedging
Whereas the majority of quantitative finance books focus on mathematics and risk management books focus on regulatory aspects, this book addresses the elements missed by this literature, the risks of the models themselves. This book starts from regulatory issues but translates them into practical suggestions to reduce the likelihood of model losses, basing model risk and validation on market experience and on a wide range of real-world examples, with a high level of detail and precise operative indications.
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Trading Fixed Income and FX in Emerging Markets
A Practitioner's Guide
by Dirk Willer
Part of the Wiley Finance series
“Implementing Enterprise Risk Management: From Methods to Applications” will help you focus on the "how." Together, these two resources can help you meet the enterprise-wide risk management challenge head on-and succeed.
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Valuation
The Market Approach
by Seth Bernstrom
Part of the Wiley Finance series
The market approach aims to establish the value of a company based on how similar firms are priced on the stock exchange or through company transactions. Using the market approach, price-related indicators such as price to earnings, sales and book values are utilised. An ever-present problem however, is that different valuation multiples and valuation methodologies tend to provide the analyst with contradictory outputs. The solution to this problem so far has been to claim that the market approach is more art than science, thus providing the analyst with the freedom to alter the multiples at their own discretion to reach a uniform value or range.
“Valuation: The Market Approach” puts an end to this problem, providing the reader with a rational scientific-based understanding and the necessary tools to perform a sound market approach valuation, or if reviewing such valuations, provide the tools to challenge the work of the arts-based senior experts.
The book begins with an in-depth review of the basics, which is then applied in a detailed worked example. Step-by-step, the reader's expertise is built towards a complete understanding and implementation of the market approach, not only on a standalone basis but also in relation to the DCF methodology.
The book is aimed at the seasoned professional, but will also be invaluable to students as they apply their academic knowledge to the real world of valuation and M&A.
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Finite Difference Methods in Financial Engineering
A Partial Differential Equation Approach
by Daniel J. Duffy
Part of the Wiley Finance series
The world of quantitative finance (QF) is one of the fastest growing areas of research and its practical applications to derivatives pricing problem. Since the discovery of the famous Black-Scholes equation in the 1970's we have seen a surge in the number of models for a wide range of products such as plain and exotic options, interest rate derivatives, real options and many others. Gone are the days when it was possible to price these derivatives analytically. For most problems we must resort to some kind of approximate method.
In this book we employ partial differential equations (PDE) to describe a range of one-factor and multi-factor derivatives products such as plain European and American options, multi-asset options, Asian options, interest rate options and real options. PDE techniques allow us to create a framework for modeling complex and interesting derivatives products. Having defined the PDE problem we then approximate it using the Finite Difference Method (FDM). This method has been used for many application areas such as fluid dynamics, heat transfer, semiconductor simulation and astrophysics, to name just a few. In this book we apply the same techniques to pricing real-life derivative products. We use both traditional (or well-known) methods as well as a number of advanced schemes that are making their way into the QF literature:
• Crank-Nicolson, exponentially fitted and higher-order schemes for one-factor and multi-factor options
• Early exercise features and approximation using front-fixing, penalty and variational methods
• Modelling stochastic volatility models using Splitting methods
• Critique of ADI and Crank-Nicolson schemes, when they work and when they don't work
• Modelling jumps using Partial Integro Differential Equations (PIDE)
• Free and moving boundary value problems in QF.
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Asian Financial Statement Analysis
Detecting Financial Irregularities
by Chinhwee Tan
Part of the Wiley Finance series
Gain a deeper understanding of Asian financial reporting and how to detect irregularities
The Asian region, and particularly China, is becoming a hotbed of investment activity. There have been quite a few accounting scandals in Asia in the recent years — now rivaling those we have seen in the Americas and Europe. Assessing potential or active overseas investments requires reliance on financial statements, the full parameters of which may vary from region to region. To effectively analyze statements, it is necessary to first understand the framework underlying these financial statements and then lay out a protocol for detecting irregularities. It's impossible to create and implement a practical plan without a deeper knowledge of the various factors at play.
Asian Statement Analysis: Detecting Financial Irregularities provides a framework for analysis that makes irregularities stand out. Authors Chin Hwee Tan and Thomas R. Robinson discuss international financial reporting standards, including characteristics particular to the Asian region. Tan and Robinson's combined background in academia and Asian finance give them a multi-modal perspective and position them as top authorities on the topic. In the book, they address issues such as:
• Detection of irregularities independent of particular accounting rules
• The most common irregularities in the Asian market
• Similarities and differences between U.S. and Asian accounting techniques
• An overarching framework for irregularity detection
The book uses real-world examples to illustrate the concepts presented, with the focus on Asian companies. As the first ever in-depth study on manipulation and irregularities in the Asian market, Asian Financial Statement Analysis: Detecting Financial Irregularities is uniquely positioned to be a valuable resource in the move toward the next phase of global reporting standards.
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Modern Islamic Banking
Products and Processes in Practice
by Natalie Schoon
Part of the Wiley Finance series
A complete, detailed guide to modern Islamic banking fundamentals
“Modern Islamic Banking” provides a comprehensive, up-to-the-minute guide to the products, processes and legal doctrines underlying Islamic banking. Written by a pioneering practitioner in the field, this book provides thorough guidance and expert-level perspective on the principles and applications of this alternative-banking model. You'll begin by learning the fundamentals, vocabulary and key concepts of Islamic banking, then explore key products including istisna'a, murabaha, musharaka, ijara, sukuk, and salam. Coverage then moves into practical applications of Islamic products to a variety of contexts including asset management, treasury, risk management, venture capital, SME finance, micro-finance and taxation. Regulatory frameworks are discussed in detail, including extensive coverage of post-financial crisis Islamic bank valuation.
Islamic banking has experienced rapid growth over the past decade, a trend that is set to continue given the sector's successful weathering of the financial crisis. This book brings you up to speed on this alternative way of banking and shows you how it applies within your own current practices.
• Understand the principles of Islamic banking and finance
• Learn the products, vocabulary and key concepts of the field
• Consider the applications in a variety of financial contexts
• Explore the regulatory frameworks and valuation of Islamic banks
Islamic banking practices differ from Western banking in fundamental ways-it's these differences that shielded the sector during the global crisis, but they also require practitioners to understand a whole new set of rules, products and practices. Modern Islamic Banking gives you a solid understanding of the fundamentals and expert insight into modern practical applications.
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Liquidity Management
A Funding Risk Handbook
by Aldo Soprano
Part of the Wiley Finance series
Robust management of liquidity risk within the changing regulatory framework
“Liquidity Management” applies current risk management theory, techniques, and processes to liquidity risk control and management to help organizations prepare in case of future economic crisis and changing regulatory framework. Based on extensive research conducted on banks' datasets, this book addresses the practical challenges and critical issues that frequently go unmentioned and discusses the recent impact of sovereign crises on banks' liquidity processes and approaches. Market practices and regulatory stances are reviewed and compared to bank treasuries' response to liquidity crunches, refinancing risks are explored in the context of Basel 3, and alternative funding is analyzed in terms of resilience and allocation. Coverage includes the recent crisis, new regulations, and the techniques, processes, and strategies banks use in managing liquidity risk.
The 2008 and 2010 crises brought liquidity risk out of the shadows as even profitable and well-capitalized banks were swept away with breathtaking speed. This book reviews modeling and internal process design in the context of the structural change in market conditions on banks' refinancing and control requirements, helping readers rethink and re-design their organization's approach to liquidity risk.
• Understand the new liquidity regulatory framework and the implications for banks
• Study the latest liquidity measurement models, with stress testing and scenario analysis
• Discover the effect of illiquid financing markets and possible lasting impacts
• Compare market liquidity and warning signals that detect further deterioration
With much of the world still reeling from history, it's important that liquidity risk become a major focus going forward. This practical guide provides valuable information, but also real, actionable steps that can be taken today to forecast and mitigate risks with an eye toward greater stability and security. “Liquidity Management” is a thorough, comprehensive guide to a more robust management of liquidity risk.
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Handbook of Multi-Commodity Markets and Products
Structuring, Trading and Risk Management
by Andrea Roncoroni
Part of the Wiley Finance series
Handbook of Multi-Commodity Markets and Products</b
Over recent decades, the marketplace has seen an increasing integration, not only among different types of commodity markets such as energy, agricultural, and metals, but also with financial markets. This trend raises important questions about how to identify and analyse opportunities in and manage risks of commodity products.
The Handbook of Multi-Commodity Markets and Products offers traders, commodity brokers, and other professionals a practical and comprehensive manual that covers market structure and functioning, as well as the practice of trading across a wide range of commodity markets and products. Written in non-technical language, this important resource includes the information needed to begin to master the complexities of and to operate successfully in today's challenging and fluctuating commodity marketplace.
Designed as a practical practitioner-orientated resource, the book includes a detailed overview of key markets – oil, coal, electricity, emissions, weather, industrial metals, freight, agricultural and foreign exchange – and contains a set of tools for analysing, pricing and managing risk for the individual markets. Market features and the main functioning rules of the markets in question are presented, along with the structure of basic financial products and standardised deals. A range of vital topics such as stochastic and econometric modelling, market structure analysis, contract engineering, as well as risk assessment and management are presented and discussed in detail with illustrative examples to commodity markets.
The authors showcase how to structure and manage both simple and more complex multi-commodity deals. Addressing the issues of profit-making and risk management, the book reveals how to exploit pay-off profiles and trading strategies on a diversified set of commodity prices. In addition, the book explores how to price energy products and other commodities belonging to markets segmented across specific structural features.
The Handbook of Multi-Commodity Markets and Products includes a wealth of proven methods and useful models that can be selected and developed in order to make appropriate estimations of the future evolution of prices and appropriate valuations of products. The authors additionally explore market risk issues and what measures of risk should be adopted for the purpose of accurately assessing exposure from multi-commodity portfolios.
This vital resource offers the models, tools, strategies and general information commodity brokers and other professionals need to succeed in today's highly competitive marketplace.
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Islamic Banking in Indonesia
New Perspectives on Monetary and Financial Issues
by Rifki Ismal
Part of the Wiley Finance series
A comprehensive overview of key developments in Islamic banking
In “Islamic Banking in Indonesia”, renowned economist Dr. Rifki Ismal explores current issues in Islamic banking and financial products with a particular focus on the danger of liquidity risk in Indonesia. It approaches liquidity risk from the conventional perspective of international banking standards, as well as from the Islamic banking perspective. Dr. Ismal also covers the issues of asset-liability balancing, liquidity risk index, organizational structures for managing liquidity, industrial analysis, withdrawal risk, bankruptcy risk, moral hazard risk, and market risk.
Compiling all the latest academic research on liquidity risk and other risks in Islamic banking, the book provides a theoretical foundation for managing risk that will is highly useful for researchers on Islamic banking and practitioners and academics.
• Written by a renowned expert on Islamic banking who works on monetary policy at the central bank of Indonesia
• Covers the latest developments in Islamic banking, particularly liquidity risk, for a rapidly expanding market
• Ideal for European and American readers, in addition to Asian readers, who need a fuller understanding of Islamic banking institutions, markets, and products
With the latest academic research and the expertise of a leading practitioner in Islamic banking, this book offers in-depth coverage of the most pressing issues in the field.
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The Fundamentals of Hedge Fund Management
How to Successfully Launch and Operate a Hedge Fund
by Daniel A. Strachman
Part of the Wiley Finance series
Updated edition of the book that gives investors, advisors, and managers the tools they need to launch and maintain a hedge fund in today's economy
The hedge fund industry has gone through dramatic changes in recent years. Investors of all types continue to want to place their assets into these investment vehicles even in the wake of the credit crisis, massive frauds, and insider trading scandals. Once the forbidden fruit of Wall Street, hedge funds are now considered "must have" investments in any diversified portfolio. Now in its second edition, “The Fundamentals of Hedge Fund Management” is revised and updated to address how the credit crisis, legislation, fraud, technology, investor demand, global markets, and the economic landscape have affected the industry.
Providing readers with a detailed and in-depth analysis of the world of hedge funds, the people working in it, and a look at where it's headed, the book is a timely and indispensable reference and research tool for helping professional money managers, traders, and others to launch and grow successful hedge fund businesses.
• Addresses how the credit crisis and its fallout has affected the hedge fund industry and what this means for the future
• Provides the essential information needed to launch and maintain a successful hedge fund in the new global economy
• Walks the reader through running a hedge fund, helping you to gain success over years, not just months
An essential resource for anyone looking to invest in these much-discussed investment products.
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Financial Risk Management
Applications in Market, Credit, Asset and Liability Management and Firmwide Risk
by Jimmy Skoglund
Part of the Wiley Finance series
A global banking risk management guide geared toward the practitioner.
“Financial Risk Management” presents an in-depth look at banking risk on a global scale, including comprehensive examination of the U.S. Comprehensive Capital Analysis and Review, and the European Banking Authority stress tests. Written by the leaders of global banking risk products and management at SAS, this book provides the most up-to-date information and expert insight into real risk management. The discussion begins with an overview of methods for computing and managing a variety of risk, then moves into a review of the economic foundation of modern risk management and the growing importance of model risk management. Market risk, portfolio credit risk, counterparty credit risk, liquidity risk, profitability analysis, stress testing, and others are dissected and examined, arming you with the strategies you need to construct a robust risk management system. The book takes readers through a journey from basic market risk analysis to major recent advances in all financial risk disciplines seen in the banking industry. The quantitative methodologies are developed with ample business case discussions and examples illustrating how they are used in practice. Chapters devoted to firmwide risk and stress testing cross reference the different methodologies developed for the specific risk areas and explain how they work together at firmwide level. Since risk regulations have driven a lot of the recent practices, the book also relates to the current global regulations in the financial risk areas.
Risk management is one of the fastest growing segments of the banking industry, fueled by banks' fundamental intermediary role in the global economy and the industry's profit-driven increase in risk-seeking behavior. This book is the product of the authors' experience in developing and implementing risk analytics in banks around the globe, giving you a comprehensive, quantitative-oriented risk management guide specifically for the practitioner.
• Compute and manage market, credit, asset, and liability risk
• Perform macroeconomic stress testing and act on the results
• Get up to date on regulatory practices and model risk management
• Examine the structure and construction of financial risk systems
• Delve into funds transfer pricing, profitability analysis, and more
Quantitative capability is increasing with lightning speed, both methodologically and technologically. Risk professionals must keep pace with the changes and exploit every tool at their disposal. “Financial Risk Management” is the practitioner's guide to anticipating, mitigating, and preventing risk in the modern banking industry.
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The Chinese Yuan
Internationalization and Financial Products in China
by Peter G. Zhang
Part of the Wiley Finance series
Few topics have attracted as much attention worldwide in recent years as the RMB. These debates have gained added urgency in light of the financial crisis and the topic of RMB revaluation is now being actively debated in countries all over the world from Tunisia to the United States. This book explores the ever-changing role of the RMB and the related derivative products. However, it does so from a view that is heavily influenced by the fallout from the financial crisis as well as the in the context of the increasing maturity of the Chinese capital markets. The author has drawn on his experience as a regulator to provide invaluable views, insights and information on RMB derivative products and the development of this market going forward.
Key topics include:
• Overview of current China economy and its capital market
• In-depth analysis on the China's banking system and foreign exchange system
• Extensive analysis of on-shore and off-shore financial products in China
• Explanation of the needs and reasons for RMB products innovation
• Insights into the internationalization of the RMB
Not only will this book leave its readers with a much clearer idea of the structure of China's capital markets but it also gives insights on the market going forward leveraged through Peter Zhang's many years of experience as both a senior banker and through his integral role in the key regulatory authority of the banking sector, the CBRC.
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The Conscious Investor
Profiting from the Timeless Value Approach
by John Price
Part of the Wiley Finance series
An intriguing look at the full range of value methods brought together for the first time
The biggest block to success in the stock market is unconscious investing, or following the crowd without asking the right questions such as: "What is it really worth?" Even more fundamental is: "What rate of return can I confidently expect to get?" Without having the methods to answer these questions is like trying to sail a boat without a rudder.
The Conscious Investor covers each of the main methods used to calculate value or return in the stock market, along with descriptions of how and when to use them, as well as their strengths and weaknesses. Interspersed throughout the methods are the timeless investment principles of Benjamin Graham and Warren Buffett. The book:
• Includes balance sheet methods, dividend discount methods, discounted cash flow methods, price ratio methods, and many others
• Explains the significance of viewing real value as a combination of a stock's price or market value and its intrinsic value
• Comes with free access to key functions in the author's Conscious Investor software
The Conscious Investor is indispensable reading for everyone with an interest in investing in the stock market, from novices to experienced professionals. Using this book as your guide, you'll quickly discover what it takes to be a conscious investor and gain more confidence in knowing what and when to buy, when to hold, and when to sell.
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Risk Transfer
Derivatives in Theory and Practice
by Christopher L. Culp
Part of the Wiley Finance series
Based on an enormously popular "derivative instruments and applications" course taught by risk expert Christopher Culp at the University of Chicago, Risk Transfer will prepare both current practitioners and students alike for many of the issues and problems they will face in derivative markets. Filled with in-depth insight and practical advice, this book is an essential resource for those who want a comprehensive education and working knowledge of this major field in finance, as well as professionals studying to pass the GARP FRM exam.
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Numerical Methods in Computational Finance
A Partial Differential Equation (PDE/FDM) Approach
by Daniel J. Duffy
Part of the Wiley Finance series
This book explores the botanical richness and cultural heritage of the New Forest National Park in Hampshire, England. The New Forest has become an exceptional area for wildflowers, many of which were once common throughout the lowlands of Britain.
The Forest enjoys strong populations of many special wildflowers because it retains a living tradition of free-ranging domestic animals grazing its coastland, extensive commons, and village greens. This book is an exploration of how the wildlife of the Forest is the natural expression of the lives and economy of the people of the Forest.
• An introduction to the New Forest and how its commoning economy works
• A description of the principal habitats of the Forest and how they relate to one another
• Accounts of the people who have explored the Forest for wildflowers from the early 17th century to the present
• Descriptions of more than 100 species of the rarer flowering plants and ferns currently known from the National Park, many of which are nationally or internationally rare, scarce, or threatened
• An account of Forest conservation issues by someone who has participated in the life of the Forest for more than 20 years
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Investment Philosophies
Successful Strategies and the Investors Who Made Them Work
by Aswath Damodaran
Part of the Wiley Finance series
The guide for investors who want a better understanding of investment strategies that have stood the test of time
This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work.
The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies.
• Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success
• Explores the process of creating and managing a portfolio
• Shows readers how to profit like successful value growth index investors
• Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment
This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.
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The Handbook for Investment Committee Members
How to Make Prudent Investments for Your Organization
by Russell L. Olson
Part of the Wiley Finance series
Comprehensive coverage of what it takes to be a responsible member of an investment committee
In a clear, organized, and easy-to-understand manner, this handbook explains the responsibilities and expectations of investment committee fiduciaries for pension funds, endowment funds, and foundations. Emphasizing all the do's and don'ts to follow for prudent investment management, this invaluable resource covers topics ranging from investment policy, asset allocation, and risk assessment to understanding information presented at committee meetings, asking meaningful and productive questions, and voting on recommendations knowledgeably. This book will empower readers with all the knowledge they need to feel confident in the investment decisions they make for their organizations
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Upstream Petroleum Fiscal and Valuation Modeling in Excel
A Worked Examples Approach
by Ken Kasriel
Part of the Wiley Finance series
In the upstream petroleum industry, it is the value of post—tax cashflows which matters most to companies, governments, investors, lenders, analysts, and advisors. Calculating these cashflows and understanding their "behavior," however, is challenging, as the industry's specialized fiscal systems can be complex, jargon—laden, and sometimes seem to be a "world of their own".
“Upstream Petroleum Fiscal and Valuation Modeling in Excel: A Worked Examples Approach” demystifies fiscal analysis which, unlike disciplines such as Earth sciences and engineering, can be learned from a book. Written in plain English for laymen and for experienced practitioners alike, it is a reader—friendly, clear, practical, step—by—step hands—on guide for both reference and self—paced study.
The book does not catalogue the 100+ different petroleum fiscal regimes in use at the time of writing. Rather, drawing on the authors' combined 48 years' experience, it takes a more timeless, generic treatment, by covering the most common variants of royalties, taxation, production sharing arrangements, bonuses and abandonment funding, through a dual approach: first, showing how to model them in Excel , and then providing interactive exercises to prompt (and answer) questions that analyze impacts on cashflows.
In addition to the main text, the book consists of over 120 Excel files (ranging from modular examples to full models) in Excel 2007 and 2003 formats, over 400 pages of supplementary PDF files, VBA features to enhance model functionality, and an introduction to risk modeling with exercises for the included trial version of Oracle's Crystal Ball software. It offers both a wealth of content and models equal to or surpassing what is available from fiscal modeling courses costing several times more, and greater insights into underlying calculations than commercially available "black box" fiscal software.
New US Securities and Exchange Commission (SEC) rules planned for 2013 will force petroleum companies to disclose more fiscal information on an individual country basis. This will make it more important than ever for analysts to understand how to model oil and gas terms and the potential impacts of the disclosed government payments on future oil and gas company profitability.
Due to the heavy use of graphics and cross references used in this particular text, some readers might find that the printed book offers a more optimal reading experience than certain e-formats particularly with the Kindle eMobi format.
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Financial Risk Manager Handbook
FRM Part I / Part II
by Philippe Jorion
Part of the Wiley Finance series
The essential quick reference to the wildflowers of one of America's most beloved national parks
The intriguing world of wildflower identification can greatly enhance your enjoyment of the park. Wildflowers of Shenandoah National Park is an easy-to-use field guide to help you identify more than 125 of the park's most common species-from the iconic large-flowered trillium, with its striking white flowers, to the eye-catching magenta blooms of purple flowering raspberry, which can't be missed on a summer day. Information-packed and beautifully photographed, this field guide features:
• More than 150 vibrant full-color photos
• Detailed yet user-friendly descriptions of plants organized by color and bloom time, with natural
history notes, ethnobotanical uses, and historical uses
• Ten suggested wildflower hikes
• A detailed park map
• A glossary of botanical terms
• A comprehensive wildflower index
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The Volatility Surface
A Practitioner's Guide
by Jim Gatheral
Part of the Wiley Finance series
TABLE OF CONTENTS
List of Figures
List of Tables
Foreword
Prefac
Acknowledgments
CHAPTER 1 Stochastic Volatility and Local Volatility
CHAPTER 2 The Heston Model
CHAPTER 3 The Implied Volatility Surface
CHAPTER 4 The Heston-Nandi Model
CHAPTER 5 Adding Jumps
CHAPTER 6 Modeling Default Risk
CHAPTER 7 Volatility Surface Asymptotics
CHAPTER 8 Dynamics of the Volatility Surface
CHAPTER 9 Barrier Options
CHAPTER 10 Exotic Cliquets
CHAPTER 11 Volatility Derivatives
Summary
Postscript
Bibliography
Index
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DIY Financial Advisor
A Simple Solution to Build and Protect Your Wealth
by Wesley R. Gray
Part of the Wiley Finance series
DIY Financial Advisor: A Simple Solution to Build and Protect Your Wealth
“DIY Financial Advisor” is a synopsis of our research findings developed while serving as a consultant and asset manager for family offices. By way of background, a family office is a company, or group of people, who manage the wealth a family has gained over generations. The term 'family office' has an element of cachet, and even mystique, because it is usually associated with the mega-wealthy. However, practically speaking, virtually any family that manages its investments, independent of the size of the investment pool, could be considered a family office. The difference is mainly semantic.
DIY Financial Advisor outlines a step-by-step process through which investors can take control of their hard-earned wealth and manage their own family office. Our research indicates that what matters in investing are minimizing psychology traps and managing fees and taxes. These simple concepts apply to all families, not just the ultra-wealthy.
But can, or should, we be managing our own wealth?
Our natural inclination is to succumb to the challenge of portfolio management and let an 'expert' deal with the problem. For a variety of reasons, we discuss in this book, we should resist the gut reaction to hire experts. We suggest that investors maintain direct control, or at least a thorough understanding, of how their hard-earned wealth is managed. Our book is meant to be an educational journey that slowly builds confidence in one's own ability to manage a portfolio. We end our book with a potential solution that could be applicable to a wide-variety of investors, from the ultra-high net worth to middle class individuals, all of whom are focused on similar goals of preserving and growing their capital over time.
“DIY Financial Advisor” is a unique resource. This book is the only comprehensive guide to implementing simple quantitative models that can beat the experts. And it comes at the perfect time, as the investment industry is undergoing a significant shift due in part to the use of automated investment strategies that do not require a financial advisor's involvement. DIY Financial Advisor is an essential text that guides you in making your money work for you, not for someone else!
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The Handbook of Risk Management
Implementing a Post-Crisis Corporate Culture
by Philippe Carrel
Part of the Wiley Finance series
This handbook shows a firm how to repurpose its risk management in order to design and implement a corporate culture which involves all business units and individuals at each level of the hierarchy, how to analyze its risk appetite, translate it into risk policies and risk targets and distribute responsibilities and capabilities accordingly. The book explains how to identify risk exposure across the enterprise, how to empower each business unit with risk management capabilities, how to create an information workflow for preventative decision making, how to align funding strategies and liquidity management tactics with corporate risk policies and finally, how to deal with risk management in external communications.
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Hedge Funds
Quantitative Insights
by François-Serge Lhabitant
Part of the Wiley Finance series
Synopsis currently unavailable.
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Liquidity Risk Management
A Practitioner's Perspective
by Shyam Venkat
Part of the Wiley Finance series
The most up-to-date, comprehensive guide on liquidity risk management, from the professionals
Written by a team of industry leaders from the Price Waterhouse Coopers Financial Services Regulatory Practice, “Liquidity Risk Management” is the first book of its kind to pull back the curtain on a global approach to liquidity risk management in the post-financial crisis. Now, as a number of regulatory initiatives emerge, this timely and informative book explores the real-world implications of risk management practices in today's market.
Taking a clear and focused approach to the operational and financial obligations of liquidity risk management, the book builds upon a foundational knowledge of banking and capital markets and explores in-depth the key aspects of the subject, including governance, regulatory developments, analytical frameworks, reporting, strategic implications, and more. The book also addresses management practices that are particularly insightful to liquidity risk management practitioners and managers in numerous areas of banking organizations.
• Each chapter is authored by a Price Waterhouse Coopers partner or director who has significant, hands-on expertise
• Content addresses key areas of the subject, such as liquidity stress testing and information reporting
• Several chapters are devoted to Basel III and its implications for bank liquidity risk management and business strategy
• Includes a dedicated, current, and all-inclusive look at liquidity risk management
Complemented with hands-on insight from the field's leading authorities on the subject, Liquidity Risk Management is essential reading for practitioners and managers within banking organizations looking for the most current information on liquidity risk management.
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Modeling Structured Finance Cash Flows With Microsoft Excel
A Step-by-Step Guide
by Keith A. Allman
Part of the Wiley Finance series
A practical guide to building fully operational financial cash flow models for structured finance transactions
Structured finance and securitization deals are becoming more commonplace on Wall Street. Up until now, however, market participants have had to create their own models to analyze these deals, and new entrants have had to learn as they go. “Modeling Structured Finance Cash Flows with Microsoft Excel” provides readers with the information they need to build a cash flow model for structured finance and securitization deals. Financial professional Keith Allman explains individual functions and formulas, while also explaining the theory behind the spreadsheets. Each chapter begins with a discussion of theory, followed by a section called "Model Builder," in which Allman translates the theory into functions and formulas. In addition, the companion website features all of the modeling exercises, as well as a final version of the model that is created in the text.
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Equity Markets, Valuation, and Analysis
by H. Kent Baker
Part of the Wiley Finance series
Sharpen your understanding of the financial markets with this incisive volume
Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets.
Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including:
The latest trends and research from across the globe
The controversial issues facing the field of valuation and the future outlook for the field
Empirical evidence and research on equity markets
How investment professionals analyze and manage equity portfolios
This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.
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Investment Management
Meeting the Noble Challenges of Funding Pensions, Deficits, and Growth
by Various Authors
Part of the Wiley Finance series
Synopsis currently unavailable.
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Islamic Capital Markets
Products and Strategies
by Michael Mahlknecht
Part of the Wiley Finance series
Islamic Finance has experienced rapid growth in recent years, showing significant innovation and sophistication, and producing a broad range of investment products which are not limited to the complete replication of conventional fixed-income instruments, derivatives and fund structures. Islamic Finance represents an elemental departure from traditional interest-based and speculative practices, relying instead on real economic transactions, such as trade, investment based on profit sharing, and other solidary ways of doing business, and aims to incorporate Islamic principles, such as social justice, ecology and kindness, to create investment products and financial markets which are both ethical and sustainable.
Products created according to Islamic principles have shown a low correlation to other market segments and are relatively independent even from market turbulences like the subprime crisis. Therefore, they have become increasingly popular with secular Muslims and non-Muslim investors, as highly useful alternative investments for the diversification of portfolios.
In Islamic Capital Markets: Products and Strategies, international experts on Islamic Finance and Sharia'a Law focus on the most imminent issues surrounding the evolution of Islamic capital markets and the development of Sharia'a-compliant products. The book is separated into four parts, covering:
• General concepts and legal issues, including Rahn concepts in Saudi Arabia, the Sharia'a process in product development and the integration of social responsibility in financial communities,
• Global Islamic capital market trends, such as the evolution of Takaful products and the past, present and future of Islamic derivatives,
• National and regional experiences, from the world's largest Islamic financial market, Malaysia, to Islamic finance in other countries, including Germany, France and the US,
• Learning from Islamic finance after the global financial crisis, analysis of the risks and strengths of Islamic capital markets compared to the conventional system, financial engineering from an Islamic perspective, Sharia'a-compliant equity investments and Islamic microfinance.
Islamic Capital Markets: Products and Strategies is the complete investors' guide to Islamic finance.
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Pension Finance
Putting the Risks and Costs of Defined Benefit Plans Back Under Your Control
by M. Barton Waring
Part of the Wiley Finance series
Pension plans around the world are in a state of crisis. U.S. plans alone are facing a total accrued liability funding deficit of almost $4 trillion (of the same order of magnitude as the federal debt), a potential financial catastrophe that ranks among the largest ever seen. It has become clear that many government, corporate, and multi-employer pension sponsors will not be able to cope with this crippling debt and may default on promised benefits. And many of those sponsors that might be able to cope are exasperated by continuous, ongoing negative surprises-large unexpected deficits and higher-than-expected required contributions and pension expense-and are choosing to terminate their plans.
But it need not be so. Pension Finance: Putting the Risks and Costs of Defined Benefit Plans Back under Your Control walks the reader through the conventional actuarial and accounting approaches to financing pension benefits and investing plan assets, showing that the problems described happen as a natural consequence of the dated methods still in use. It shows in detail how modern methods based on market value will easily minimize these risks: Pension plans can in fact be comfortable for employers to sponsor and safe for employees to contribute to depend on for their retirement needs.
This book is must-read for defined benefit pension plan sponsors and employee representatives, plan executives, board members, accountants, fund managers, consultants, and regulators., Research sponsored by the CFA Institute, this book demystifies pension finance, previously accessible only to actuaries. It teaches the topic in lay terms by drawing complete analogies to ordinary transactions such as paying off a mortgage or saving for college. Armed with this book, anyone comfortable with finance and investments in any other context can be comfortable with pension finance and pension investment policy. And further armed with a handheld financial calculator, any layperson can quickly estimate the contributions needed to keep a given plan comfortably solvent, giving them a powerful tool for oversight.
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Goals-Based Wealth Management
An Integrated and Practical Approach to Changing the Structure of Wealth Advisory Practices
by Jean L. P. Brunel
Part of the Wiley Finance series
Take a more active role in strategic asset allocation
Goals-Based Wealth Management is a manual for protecting and growing client wealth in a way that changes both the services and profitability of the firm. Written by a 35-year veteran of international wealth education and analysis, this informative guide explains a new approach to wealth management that allows individuals to take on a more active role in the allocation of their assets. Coverage includes a detailed examination of the goals-based approach, including what works and what needs to be revisited, and a clear, understandable model that allows advisors to help individuals to navigate complex processes. The companion website offers ancillary readings, practice management checklists, and assessments that help readers secure a deep understanding of the key ideas that make goals-based wealth management work.
The goals-based wealth management approach was pioneered in 2002, but has seen a slow evolution and only modest refinements largely due to a lack of wide-scale adoption. This book takes the first steps toward finalizing the approach, by delineating the effective and ineffective aspects of traditional approaches, and proposing changes that could bring better value to practitioners and their clients.
• Understand the challenges faced by the affluent and wealthy
• Examine strategic asset allocation and investment policy formulation
• Learn a model for dealing with the asset allocation process
• Learn why the structure of the typical advisory firm needs to change
High-net-worth individuals face very specific challenges. Goals-Based Wealth Management focuses on how those challenges can be overcome while adhering to their goals, incorporating constraints, and working within the individual's frame of reference to drive strategic allocation of their financial assets.
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Selling Professional and Financial Services Handbook
by Scott Paczosa
Part of the Wiley Finance series
An effective strategic framework for successful face-to-face selling for financial services industry professionals
Times are very tough for people who sell professional services and Selling Professional and Financial Services Handbook offers a new solution proven in practice. The book describes methods the authors have used and taught since the 1990s, most recently at a major consulting firm, where they led a Global Business Development team to revenue gains of 500% over six years, in a period that included the recession of 2008-10.
The solution is not any new twist on face-to-face selling techniques or the art of persuasion. It's a strategic approach built around a simple fact: the markets are tight but far from static. Even with lean budgets, client companies must respond to urgent changes and emerging threats in their industries. Thus, they will buy services from the sellers who can help them detect, understand, and cope with what's coming their way.
This handbook outlines a systematic way of becoming such a valued resource. Readers learn to scan the horizon for early signs of "rock-ripple events." Major changes in the business world often spring from new developments that are little noted or heeded, at first, by the client companies soon to be affected by them. But like a rock dropped in a pond, these events set off ripples that sweep through entire industry sectors, creating must-have service needs.
The book is written for everyone who sells, or is responsible for selling, professional services. This includes but is not limited to: law firms, consulting firms, finance industry, public relations, engineering, and architectural services.
Readers who can benefit from the dynamic approach hold a variety of positions. They include:
• Attorneys, consultants and other practitioners who must sell their services as well as execute.
• CEOs, equity partners, practice-area leaders, functional and divisional leaders
• Private Equity or Venture Capital executives
• Sales or business-development professionals, from entry level to senior level
• Sales and marketing managers
But the book is for sellers in every category who need a new and better approach to selling. Many, even the most skilled, simply have not adjusted to the new normal of today's economy. They persist with old strategies that cannot be as productive as they once were, such as pursuing one-off opportunities (which are too few and too hard to win in lean times) or old-style "relationship selling" (which gains little if any traction). Selling Professional and Financial Services Handbook gives all such readers a new strategic framework within which to apply their face-to-face selling skills. It is an approach that puts them in position to win, so they can sell from ahead of the game, instead of struggling to keep up with it.
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Reverse Engineering Deals on Wall Street With Microsoft Excel
A Step-by-Step Guide
by Keith A. Allman
Part of the Wiley Finance series
A serious source of information for those looking to reverse engineer business deals
It's clear from the current turbulence on Wall Street that the inner workings of its most complex transactions are poorly understood. Wall Street deals parse risk using intricate legal terminology that is difficult to translate into an analytical model. “Reverse Engineering Deals on Wall Street: A Step-By-Step Guide” takes readers through a detailed methodology of deconstructing the public deal documentation of a modern Wall Street transaction and applying the deconstructed elements to create a fully dynamic model that can be used for risk and investment analysis.
Appropriate for the current market climate, an actual residential mortgage backed security (RMBS) transaction is taken from prospectus to model by the end of the book. Step by step, Allman walks the reader through the reversing process with textual excerpts from the prospectus and discussions on how it directly transfers to a model. Each chapter begins with a discussion of concepts with exact references to an example prospectus, followed by a section called "Model Builder," in which Allman translates the theory into a fully functioning model for the example deal. Also included is valuable VBA code and detailed explanation that shows proper valuation methods including loan level amortization and full trigger modeling.
Aside from investment analysis this text can help anyone who wants to keep track of the competition, learn from others public transactions, or set up a system to audit one's own models.
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Transforming Financial Institutions
Value Creation through Technology Innovation and Operational Change
by Joerg Ruetschi
Part of the Wiley Finance series
Transform your financial organisation's formula for value creation with this insightful and strategic approach
In Transforming Financial Institutions through Technology Innovation and Operational Change, visionary turnaround leader Joerg Ruetschi delivers a practical and globally relevant methodology and framework for value creation at financial institutions. The author demonstrates how financial organisations can combine finance strategy with asset-liability and technology management to differentiate their services and gain competitive advantage in a ferocious industry.
In addition to exploring the four critical areas of strategic and competitive transformation - financial analysis, valuation, modeling, and stress - the book includes:
• Explanations of how to apply the managerial fundamentals discussed in the book in the real world, with descriptions of the principles for reorganization, wind-down and overall value creation
• An analysis of the four key emerging technologies in the financial industry: AI, blockchain, software, and infrastructure solutions, and their transformational impact
• Real-world case studies and examples on how financial institutions can be repositioned and rebuilt on a path of profitability
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Foreign Exchange Option Pricing
A Practitioner's Guide
by Iain J. Clark
Part of the Wiley Finance series
The writing "bible" for financial professionals
“The Investment Writing Handbook” provides practical, accessible guidance for crafting more effective investor communications. Written by an award-winning writer, editor, and speechwriter, this book explains the principles and conventions that help writing achieve its purpose; whether you need to inform, educate, persuade, or motivate, you'll become better-equipped to develop a broad range of communications and literature for investor consumption. Examples from real-world financial institutions illustrate expert execution, while explanations and advice targeted specifically toward investor relations give you the help you need quickly. From white papers and investment commentary to RFPs, product literature, and beyond, this book is the financial writer's "bible" that you should keep within arm's reach.
Investment writing is one of the primary influences on investors' attitudes. It educates, informs decisions, shapes opinions, and drives behavior-so shouldn't it be expertly-crafted to achieve its intended goal? This book explains the "tricks of the trade" to help you get your message across.
• Understand the principles of effective investor communication
• Master the conventions of informative and persuasive writing
• Examine well-written sample documents from real-world institutions
• Improve research papers, presentations, investor letters, marketing literature, and more
Virtually all firms with investors as clients need to communicate to them regularly, but few financial professionals receive formal training in investor communications. When investors' opinions, attitudes, and actions determine the health of your company, it is vitally important that these communications not be left to chance. “The Investment Writing Handbook” provides essential guidance and clear explanations to help you transform your communication strategy, execution, and results.
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Securitisation Swaps
A Practitioner's Handbook
by Mark Aarons
Part of the Wiley Finance series
Derivatives are everywhere in the modern world and it is important for everyone in banking, investment and finance to have a good understanding of the subject. “Derivatives Demystified” provides a step-by-step guide to the subject, enabling the reader to have a solid, working understanding of key derivative products.
Adopting a highly accessible approach, the author explains derivative products in straightforward terms and without the complex mathematics that underlie the subject, focusing on practical applications, case studies and examples of how the products are used to solve real-world problems. “Derivatives Demystified” follows a sequence that is designed to show that, although there are many applications of derivatives, there are only a small number of basic building blocks, namely forwards and futures, swaps and options. The book shows how each building block is applied to different markets and to the solution of various risk management and trading problems.
This new edition will be fully revised to reflect the many changes the derivatives markets have seen over the last three years. New material will include a comprehensive history of derivatives, leading up to their use and abuse in the current credit crisis. It will also feature new chapters on regulation and control of derivatives, commodity derivatives, credit derivatives and structured products and new derivative markets including inflation linked and insurance linked products.
“Derivatives Demystified” is essential reading for everyone who operates in the financial markets or within the corporate environment who requires a good understanding of these important financial instruments.
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Asymmetric Dependence in Finance
Diversification, Correlation and Portfolio Management in Market Downturns
by Various Authors
Part of the Wiley Finance series
Avoid downturn vulnerability by managing correlation dependency
Asymmetric Dependence in Finance examines the risks and benefits of asset correlation and provides effective strategies for more profitable portfolio management. Beginning with a thorough explanation of the extent and nature of asymmetric dependence in the financial markets, this book delves into the practical measures fund managers and investors can implement to boost fund performance. From managing asymmetric dependence using Copulas, to mitigating asymmetric dependence risk in real estate, credit and CTA markets, the discussion presents a coherent survey of the state-of-the-art tools available for measuring and managing this difficult but critical issue.
Many funds suffered significant losses during recent downturns, despite having a seemingly well-diversified portfolio. Empirical evidence shows that the relation between assets is much richer than previously thought, and correlation between returns is dependent on the state of the market, this book explains this asymmetric dependence and provides authoritative guidance on mitigating the risks.
• Examine an options-based approach to limiting your portfolio's downside risk
• Manage asymmetric dependence in larger portfolios and alternate asset classes
• Get up to speed on alternative portfolio performance management methods
• Improve fund performance by applying appropriate models and quantitative techniques
Correlations between assets increase markedly during market downturns, leading to diversification failure at the very moment it is needed most. The 2008 Global Financial Crisis and the 2006 hedge-fund crisis provide vivid examples, and many investors still bear the scars of heavy losses from their well-managed, well-diversified portfolios. Asymmetric Dependence in Finance shows you what went wrong, and how it can be corrected and managed before the next big threat using the latest methods and models from leading research in quantitative finance.
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Islamic Capital Markets and Products
Managing Capital and Liquidity Requirements Under Basel III
by Simon Archer
Part of the Wiley Finance series
Ensure Basel III compliance with expert analysis specific to Islamic Finance
Islamic Capital Markets and Products provides a thorough examination of Islamic capital markets (ICM), with particular attention to the products that they offer and the legal and regulatory infrastructure within which they operate. Since Islamic banks act as asset managers, attention is paid to the regulatory challenges which they face in the light of Basel III, as regards both eligible capital and liquidity risk management. The authors of the chapters are professionals and practitioners, and write from experience. The editors also contributed to some of the chapters.
The markets and products covered include Islamic equities, Islamic investment certificates (Sukūk) which are Shari'ah compliant alternatives to conventional bonds, and Islamic Collective Investment Schemes. The coverage of legal and regulatory issues includes an examination of the implications for ICM of securities laws and regulations and of Basel III, as well as collateralisation issues. Shari'ah compliance aspects, in terms both of the selection criteria for Islamic equities and of the 'purification' of impermissible components of income, are also examined in some detail, as are the implications of Basel III for eligible capital in general and for Shari'ah compliant capital instruments in particular. A similar analysis is also made of the implications of the Basel III requirements for liquidity risk management and high quality liquid assets (HQLA), including Shari'ah compliant HQLA.
The book concludes with three case studies, two describing the ICM in Malaysia and Bahrain and a third which describes Sukūk issued as Shari'ah compliant capital instruments, followed by brief concluding remarks by the editors.
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Machine Learning and Big Data with kdb+/q
by Jan Novotny
Part of the Wiley Finance series
Updated and expanded insights into Islamic banking and finance.
From Yahia Abdul-Rahman-the father of Riba-Free (RF) banking-comes the expanded edition of the definitive resource that offers an understanding for applying Islamic banking and financial practices. No matter what your faith or religious beliefs, the book shows how to take a modern American approach to incorporating Islamic financial principles into banking and investment techniques.
“The Art of RF (Riba-Free) Islamic Banking and Finance” describes the emergence of a culture of Islamic banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and has proven very effective when compared to 20th century models that use financial engineering and structural techniques to circumvent the Shari'aa Law. The author also reveals information about how fiat money is created, the role of the Federal Reserve, and the US banking system. Abdul-Rahman includes a wealth of real-life examples and offers an analysis of how this new brand of banking and financing yields superior results.
• Offers the fundamentals on Riba-Free (RF) banking
• Shows how to apply RF to everything from joint ventures and portfolio management to home mortgages and personal finance
• Reveals what it takes to incorporate Shariah Law into US financial systems
• Includes information on why RF banking is a socially responsible way to invest
Thoroughly revised and updated, this resource offers a handbook for applying Shari'aa law to American banking and finance.
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Modern Portfolio Management
Active Long/Short 130/30 Equity Strategies
by Martin L. Leibowitz
Part of the Wiley Finance series
Active 130/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long/short portfolio decisions, concentrated investment risk-taking in contrast to diversification, systematic portfolio risk management, and flexibility in portfolio design. This strategy is the building block for a number of 130/30 and 120/20 investment strategies offered to institutional and sophisticated high net worth individual investors who want to manage their portfolios actively and aggressively to outperform the market.