Wiley Finance
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Evolutions in Sustainable Investing
Strategies, Funds and Thought Leadership
by Nick Robins
Part of the Wiley Finance series
Sustainable Investing is fast becoming an essential method of generating long-term returns, moving beyond the negative approaches to socially responsible investing that have dominated the field. This book, our second on the subject, provides over 15 case studies of leading global investors and companies demonstrating how they successfully apply sustainability aspects to their core strategies. Learn from prominent thought leaders Dan Esty and Paul Hawken among others who have contributed key chapters. Our chapter on performance shows clearly how these strategies have been working once negative approaches are parsed out by those examining fund returns. This book also examines in great depth what data exists, and what's on the horizon, to best measure & capture sustainability successfully. Regional perspectives, including 3 chapters on Asia, and focuses on Canada, Australia, Africa & India are also included, as is a look across asset classes.
Sustainable Investing, when performed with a positive perspective, has been outperforming the mainstream, unlike negative approaches designed to match benchmark returns. From eco-efficiency to sustainability-driven innovation and beyond, investors of all shapes & sizes need to know how best to position themselves for the radical market shifts underway.
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Hedge Fund Compliance
Risks, Regulation, and Management
by Jason A. Scharfman
Part of the Wiley Finance series
The long-awaited guide for modern hedge fund compliance program development
“Hedge Fund Compliance + Website” provides straightforward, practical guidance toward developing a hedge fund compliance program, drawn from the author's experience training financial regulators, consulting with government entities, and analyzing hedge fund compliance structures across the globe. In-depth explanations of compliance principles are backed by illustrative case studies and examples. Highly in-demand templates of popular hedge fund compliance documentation provide actionable illustrations of key compliance policies. Designed to assist investors, fund managers, service providers, and compliance job seekers directly, this book describes the fundamental building blocks of the hedge fund compliance function.
Compliance is one of the fastest growing areas in the hedge fund space. This reference book provides an essential foundation in modern hedge fund compliance, reflecting the recent changes of this dynamic field.
• Design and run a hedge fund compliance program
• Access templates of core compliance documentation and checklists
• Discover how investors can evaluate and monitor compliance programs
• Interviews with hedge fund compliance practitioners
A steady stream of regulatory changes, combined with the enhanced enforcement efforts of regulators, ensure that hedge funds' compliance-related expenditures will continue to grow. While hedge fund compliance legislation continues to evolve globally, little practical guidance exists for those tasked with the boots-on-the-ground aspects of developing an actual compliance program to comply with best practices and regulatory guidance from leading hedge fund regulators including the US Securities and Exchange Commission, the National Futures Association, the Commodity Futures Trading Commission and the United Kingdom's Financial Conduct Authority. Hedge fund professionals and investors need a fundamental framework for establishing and evaluating an effective program, and when compliance is the issue, trial and error carries too much risk. “Hedge Fund Compliance + Website” provides clear guidance and practical tools to meet today's compliance professional needs.
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Islamic Capital Markets
Theory and Practice
by Noureddine Krichene
Part of the Wiley Finance series
A comprehensive look at the essentials of Islamic capital markets
Bringing together theoretical and practical aspects of capital markets, “Islamic Capital Markets” offers readers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise Islamic capital markets. Also exploring ideas about money, central banking, and economic growth theory and their role in Islamic capital markets, the book provides students and practitioners with essential information about the analytical tools of Islamic capital markets, serves as a guide to investing in Islamic assets, and examines risk management and the structure of Islamic financial products.
Author and Islamic finance expert Noureddine Krichene examines the development of leading Islamic capital markets, including Malaysia, looking at sukuks and stocks in detail and emphasizing valuation, duration, convexity, immunization, yield curves, forward rates, swaps, and risks. Analyzing stock markets, stock valuation, price-earnings ratio, market efficiency hypothesis, and equity premiums, the book addresses uncertainty in capital markets, portfolio diversification theory, risk-return trade-off, pricing of assets, cost of capital, derivatives and their role in hedging and speculation, the principle of arbitrage and replication, Islamic structured products, the financing of large projects, and more.
• Emphasizes both theoretical and practical aspects of capital markets, covering analytical concepts such as the theory of arbitrage, pricing of assets, capital market pricing model, Arrow-Debreu state prices, risk-neutral pricing, derivatives markets, hedging and risk management, and structured products
• Provides students and practitioners of finance with must-have information about the analytical tools employed in Islamic capital markets
• Examines all the most recent developments in major Islamic capital markets, including Malaysia
Discussing the advantages of Islamic capital markets and the prospects for their development, “Islamic Capital Markets” gives readers a fundamental grounding in the subject, with an emphasis on financial theory and real world practice.
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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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Investing in Islamic Funds
A Practitioner's Perspective
by Noripah Kamso
Part of the Wiley Finance series
A guide to Islamic investment opportunities from the CEO of the world's leading Islamic finance bank.
Offering an insider's perspective on a rapidly growing sector of the financial industry, Investing in Islamic Funds details the basic principles of Islamic investing for Muslims and non-Muslims alike. It explains how Islamic equity and fixed-income products differ from traditional funds, and how they deliver excellent results while still conforming to Sharia principles. Using hard data from the last six years, the book also reveals how Islamic funds have offered predictable, reliable returns in volatile markets and turbulent financial times. For institutional investors as well as sophisticated individual investors, the book serves as an excellent introduction to the subject and surveys the full range of products available. Additionally, the book will arm financial services professionals with the knowledge they need to explain this new investment opportunity to clients.
• One of the few books available that offers comprehensive data on the performance of Islamic funds in addition to the underlying theory that governs them
• Written by the CEO of CIMB-Principal Islamic Asset Management, the world's leading Islamic finance bank
• Features charts, case studies, comparative analysis, and a tabular data format
• Debunks the misconceptions traditional investors may have about the profitability Islamic funds
For professional and institutional investors, as well as private investors looking for new opportunities, “Investing in Islamic Funds” offers a much-needed primer on this fast-growing market.
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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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Patent Valuation
Improving Decision Making through Analysis
by William J. Murphy
Part of the Wiley Finance series
A practical resource for valuing patents that is accessible to the complete spectrum of decision makers in the patent process.
In today's economy, patents tend to be the most important of the intellectual property (IP) assets. It is often the ability to create, manage, defend, and extract value from patents that can distinguish competitive success and significant wealth creation from competitive failure and economic waste. Patent Valuation enhances the utility and value of patents by providing IP managers, IP creators, attorneys, and government officials with a useable resource that allows them to use actual or implied valuations when making patent-related decisions.
• Involves a combination of techniques for describing patent valuation
• Includes descriptions of various topics, illustrative cases, step-by-step valuation techniques, user-friendly procedures and checklists, and examples
• Serves as a useable resource that allows IP managers to use actual or implied valuations when making patent-related decisions
One of the most fundamental premises of the book is that these valuation skills can be made accessible to each of the various decision makers in the patent process. “Patent Valuation” involves narrative descriptions of the various topics, illustrative cases, step-by-step valuation techniques, user-friendly procedures and checklists, and an abundance of examples to demonstrate the more complex concepts.
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Mergers, Acquisitions, Divestitures, and Other Restructurings
by Paul Pignataro
Part of the Wiley Finance series
The authoritative resource for analyzing mergers and acquisitions (M&A) from every angle
Paul Pignataro reveals the secrets behind growth through M&A in his new book, Mergers, Acquisitions, Divestitures, and Other Restructurings + Website. Through market shifts and regulatory changes, M&A has served as a solid approach to growth. Creating value through mergers and acquisitions is a highly coveted strategy, and Wall Street has long sought a clear technical understanding of the components of M&A as a key driver of growth. In this book, the author provides that understanding, covering all essential aspects of accounting and modeling for the M&A process.
With over a decade of experience aiding billion-dollar restructuring deals, Paul Pignataro is in an excellent position to break down M&A from a finance standpoint. Mergers, Acquisitions, Divestitures, and Other Restructurings covers the financial accounting and modeling behind several M&A structures. Using the merger of Office Depot and Office Max, Mr. Pignataro fully addresses the entire integration, explains EBITDA, and other crucial performance measures. This text is for finance practitioners who want to explore every corner of the M&A process.
• Learn accounting for asset acquisitions, asset divestitures, and corporate mergers
• Explore modeling methods including mini-merger modeling and fully consolidated merger modeling
• Read case studies demonstrating the practical success of theoretical models
• Understand EBITDA, cash flow, capital structure, and their impact on M&A success and value creation
This new text from the CEO and founder of the New York School of Finance is key for understanding how restructuring leads to growth and value creation. The importance of M&A shows no signs of slowing, meaning that finance professionals need to be able to accurately analyze the prospects and impacts of restructuring moves. Mergers, Acquisitions, Divestitures, and Other Restructurings + Website is the authoritative resource for doing just that.
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Structured Credit Products
Credit Derivatives and Synthetic Securitisation
by Moorad Choudhry
Part of the Wiley Finance series
Updated coverage of structured credit products with in-depth coverage of the latest developments
Structured credit products are one of today's fastest growing investment and risk management mechanisms, and a focus of innovation and creativity in the capital markets. The building blocks of these products are credit derivatives, which are among the most widely used products in finance. This book offers a succinct and focused description of the main credit derivative instruments, as well as the more complex products such as synthetic collateralized debt obligations. This new edition features updated case studies from Europe and Asia, the latest developments in synthetic structures, the impact of the subprime meltdown, along with models and teaching aids.
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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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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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The New Science of Asset Allocation
Risk Management in a Multi-Asset World
by Thomas Schneeweis
Part of the Wiley Finance series
A feasible asset allocation framework for the post 2008 financial world
Asset allocation has long been a cornerstone of prudent investment management; however, traditional allocation plans failed investors miserably in 2008. Asset allocation still remains an essential part of the investment arena, and through a new approach, you'll discover how to make it work.
In “The New Science of Asset Allocation”, authors Thomas Schneeweis, Garry Crowder, and Hossein Kazemi first explore the myths that plague this field then quickly move on to examine how the practice of asset allocation has failed in recent years. They then propose new allocation models that employ liquidity, transparency, and real risk controls across multiple asset classes.
• Outlines a new approach to asset allocation in a post-2008 world, where risk seems hidden
• The "great manager" problem is examined with solutions on how to capture manager alpha while limiting downside risk
• A complete case study is presented that allocates for beta and alpha
Written by an experienced team of industry leaders and academic experts, “The New Science of Asset Allocation” explains how you can effectively apply this approach to a financial world that continues to change.
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Merger Arbitrage
How to Profit from Global Event-Driven Arbitrage
by Thomas Kirchner
Part of the Wiley Finance series
Mitigate risk and increase returns with an alternative hedge fund strategy
“Merger Arbitrage: How to Profit from Event-Driven Arbitrage”, Second Edition is the definitive guide to the ins and outs of the burgeoning merger arbitrage hedge fund strategy, with real-world examples that illustrate how mergers work and how to take advantage of them. Author Thomas Kirchner, founder of the Pennsylvania Avenue Event-Driven Fund, discusses the factors that drove him to invest solely in merger arbitrage and other event-driven strategies, and details the methods used to incorporate merger arbitrage into traditional investment strategies.
And while there is always a risk that a deal will fall through, the book explains how minimal such risks really are when the potential upside is factored in. Early chapters of the book focus on the basics of the merger arbitrage strategy, including an examination of mergers and the incorporation of risk into the arbitrage decision. Following chapters detail deal structures, financing, and legal aspects to provide the type of in-depth knowledge required to execute an effective investment strategy. The updated second edition stresses new, increasingly relevant information like:
• Worldwide legal deal regimes
• UK takeover code
• UK takeover code global offspring
• Regulators around the world
The book provides clear, concise guidance on critical considerations including leverage and options, shorting stocks, and legal recourse for inadequate merger consideration, allowing readers to feel confident about trying a new investment strategy. With simple benefits including diversification of risk and return streams, this alternative hedge fund strategy has a place in even the most traditional plan. “Merger Arbitrage: How to Profit from Event-Driven Arbitrage”, Second Edition provides the information that gives investors an edge in the merger arbitrage arena.
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Portable Alpha Theory and Practice
What Investors Really Need to Know
by Sabrina Callin
Part of the Wiley Finance series
As an original innovator of the portable alpha concept, PIMCO has been managing an increasing number of different portable alpha strategies for investors since 1986. And now, with Portable Alpha Theory and Practice, the PIMCO team shares their extensive experiences with you. Filled with in-depth insights and expert guidance, this reliable resource provides an informative look at portable alpha and key related concepts, as well as detailed discussion on the many ways it can be applied in real-world situations.
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Credit Derivatives
Trading, Investing, and Risk Management
by Geoff Chaplin
Part of the Wiley Finance series
The conventional portfolio is prone to frequent and potentially devastating losses because it is NOT balanced to different economic outcomes. In contrast, a truly balanced portfolio can help investors reduce risk and more reliably achieve their objectives. This simple fact would surprise most investors, from beginners to professionals. Investment consultant Alex Shahidi puts his 15 years of experience advising the most sophisticated investors in the world and managing multi-billion-dollar portfolios to work in this important resource for investors. You will better understand why nearly every portfolio is poorly balanced and how to view the crucial asset allocation decision from a deeper, more thoughtful perspective. The concepts presented are simple, intuitive and easy to implement for every investor. Author Alex Shahidi will walk you through the logic behind the balanced portfolio framework and provide step-by-step instructions on how to build a truly balanced portfolio. No book has ever been written that discusses asset allocation in this light.
• Provides insights from a top-ranked investment consultant using strategies from the industry's brightest minds
• Proposes a balanced asset allocation that can achieve stable returns through various economic climates
• Introduces sophisticated concepts in very simple terms
For those who want to better manage their investment portfolio and seek a more advanced approach to building a balanced portfolio, “Balanced Asset Allocation: How to Profit in Any Economic Climate” provides an in-depth treatment of the topic that can be put to use immediately.
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Infrastructure Investing
Managing Risks & Rewards for Pensions, Insurance Companies & Endowments
by Rajeev J. Sawant
Part of the Wiley Finance series
Invaluable information regarding one of the biggest worldwide growth areas in investing-infrastructure assets
Infrastructure investing is about to explode on the worldwide scene. The fact is that real money will need to be spent on real projects-which will present real opportunities for stable, long-term returns. But infrastructure assets have unique characteristics and the investments and funds that will likely rise up must be suitably structured to serve investor needs.
• Presents comprehensive data analysis on infrastructure cases worldwide
• Analyzes the opportunities as well as the pitfalls of infrastructure investing
• Focuses on the needs of pensions, insurance companies, and endowments interested in infrastructure investing
For the next decade, worldwide economic growth and increased employment-as well as investment returns-will come from infrastructure projects. This book will help you understand today's dynamic infrastructure asset class and quickly get you up to speed on the unique risks and rewards associated with it.
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Commodity Option Pricing
A Practitioner's Guide
by Iain J. Clark
Part of the Wiley Finance series
“Commodity Option Pricing: A Practitioner's Guide” covers commodity option pricing for quantitative analysts, traders or structurers in banks, hedge funds and commodity trading companies.
Based on the author's industry experience with commodity derivatives, this book provides a thorough and mathematical introduction to the various market conventions and models used in commodity option pricing. It introduces the various derivative products typically traded for commodities and describes how these models can be calibrated and used for pricing and risk management. This book has been developed with input from traders and features examples using real-world data, together with relevant up-to-date academic research.
This book includes practical descriptions of market conventions and quote codes used in commodity markets alongside typical products seen in broker quotes and used in calibration. Also discussed are commodity models and their mathematical derivation and volatility surface modelling for traded commodity derivatives. Gold, silver and other precious metals are addressed, including gold forward and gold lease rates, as well as copper, aluminium and other base metals, crude oil and natural gas, refined energy and electricity. There are also sections on the products encountered in commodities such as crack spread and spark spread options and alternative commodities such as carbon emissions, weather derivatives, bandwidth and telecommunications trading, plastics and freight.
“Commodity Option Pricing” is ideal for anyone working in commodities or aiming to make the transition into the area, as well as academics needing to familiarize themselves with the industry conventions of the commodity markets.
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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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Systematic Fixed Income
An Investor's Guide
by Scott A. Richardson
Part of the Wiley Finance series
Timely guidance for transforming IT into a strategic business partner.
Today's leaders are expected to reduce costs, increase productivity, drive innovation and help the business identify and pursue new business opportunities. Successful IT leaders will be the ones that become strategic business partners and decision influencers in their organizations. Unleashing the Power of IT describes in actionable detail, the new mindset, core skill set, and interpersonal tool set that are necessary for IT leaders to thrive in today's increasingly complex challenging business environment.
• Provides tangible, hard-hitting, real-world strategies, techniques and approaches that will immediately transform your IT workforce and culture
• Includes Top Ten lists of tips and techniques, proven frameworks and practical guidance to help you launch and sustain your IT culture change and professional development initiatives
• Addresses how to build a client-focused IT culture; move your organization from order takers to trusted business partners, market IT's value, lead change with confidence, manage projects and vendor relationships
A special feature of this book includes a chapter profiling several world-class organizations that have implemented the principles in this book. Learn about the culture change challenges they overcame and benefit from their best practices and successes.
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Perturbation Methods in Credit Derivatives
Strategies for Efficient Risk Management
by Colin Turfus
Part of the Wiley Finance series
Stress-test financial models and price credit instruments with confidence and efficiency using the perturbation approach taught in this expert volume
“Perturbation Methods in Credit Derivatives: Strategies for Efficient Risk Management” offers an incisive examination of a new approach to pricing credit-contingent financial instruments. Author and experienced financial engineer Dr. Colin Turfus has created an approach that allows model validators to perform rapid benchmarking of risk and pricing models while making the most efficient use possible of computing resources.
The book provides innumerable benefits to a wide range of quantitative financial experts attempting to comply with increasingly burdensome regulatory stress-testing requirements, including:
• Replacing time-consuming Monte Carlo simulations with faster, simpler pricing algorithms for front-office quants
• Allowing CVA quants to quantify the impact of counterparty risk, including wrong-way correlation risk, more efficiently
• Developing more efficient algorithms for generating stress scenarios for market risk quants
• Obtaining more intuitive analytic pricing formulae which offer a clearer intuition of the important relationships among market parameters, modelling assumptions and trade/portfolio characteristics for traders
The methods comprehensively taught in “Perturbation Methods in Credit Derivatives” also apply to CVA/DVA calculations and contingent credit default swap pricing.
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Effective Product Control
Controlling for Trading Desks
by Peter Nash
Part of the Wiley Finance series
Improve the Effectiveness of your Product Control Function
“Effective Product Control” is a detailed how-to guide covering everything you need to know about the function. Considered essential reading for:
• New controllers entering the profession
• Auditors and regulators reviewing product control
• Established controllers wanting a refresher on the latest skills and core controls within the industry.
Encompassing both a technical skills primer and key insights into core controls used to mitigate major risks emanating from trading desks, you will get expert advice on practical topics such as:
• The key IFRS and U.S. GAAP accounting standards for a trading desk
• How to approach the pricing of a financial instrument
• Market risk and how is it quantified
• The controls necessary for a trading desk
• Rogue trading and how it can be detected
• Valuation adjustments and why they are necessary
• How the prices used to value a trading portfolio are independently verified
• The financial accounting entries used to record financial instruments in the balance sheet and profit & loss statement
• Financial reporting and how the results of a trading desk are presented
• How a new financial product can be introduced in a controlled manner
Complete with a wealth of insightful graphs, illustrations and real-world examples to enliven the covered material, the dependable answers you need are in Effective Product Control.
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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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Advanced Analytics and AI
Impact, Implementation, and the Future of Work
by Tony Boobier
Part of the Wiley Finance series
Be prepared for the arrival of automated decision making
Once thought of as science fiction, major corporations are already beginning to use cognitive systems to assist in providing wealth advice and also in medication treatment. The use of Cognitive Analytics/Artificial Intelligence (AI) Systems is set to accelerate, with the expectation that it'll be considered 'mainstream' in the next 5 — 10 years. It'll change the way we as individuals interact with data and systems-and the way we run our businesses.
Cognitive Analysis and AI prepares business users for the era of cognitive analytics / artificial intelligence. Building on established texts and commentary, it specifically prepares you in terms of expectation, impact on personal roles, and responsibilities. It focuses on the specific impact on key industries (retail, financial services, utilities and media) and also on key professions (such as accounting, operational management, supply chain and risk management).
• Shows you how users interact with the system in natural language
• Explains how cognitive analysis/AI can source 'big data'
• Provides a roadmap for implementation
• Gets you up to speed now before you get left behind
If you're a decision maker or budget holder within the corporate context, this invaluable book helps you gain an advantage from the deployment of cognitive analytics tools.
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Business Risk and Simulation Modelling in Practice
Using Excel, VBA and @RISK
by Michael Rees
Part of the Wiley Finance series
The complete guide to the principles and practice of risk quantification for business applications.
The assessment and quantification of risk provide an indispensable part of robust decision-making, to be effective, many professionals need a firm grasp of both the fundamental concepts and of the tools of the trade. Business Risk and “Simulation Modelling in Practice” is a comprehensive, in—depth, and practical guide that aims to help business risk managers, modelling analysts and general management to understand, conduct and use quantitative risk assessment and uncertainty modelling in their own situations. Key content areas include:
• Detailed descriptions of risk assessment processes, their objectives and uses, possible approaches to risk quantification, and their associated decision-benefits and organisational challenges.
• Principles and techniques in the design of risk models, including the similarities and differences with traditional financial models, and the enhancements that risk modelling can provide.
• In depth coverage of the principles and concepts in simulation methods, the statistical measurement of risk, the use and selection of probability distributions, the creation of dependency relationships, the alignment of risk modelling activities with general risk assessment processes, and a range of Excel modelling techniques.
• The implementation of simulation techniques using both Excel/VBA macros and the @RISK Excel add-in. Each platform may be appropriate depending on the context, whereas the core modelling concepts and risk assessment contexts are largely the same in each case. Some additional features and key benefits of using @RISK are also covered.
“Business Risk and Simulation Modelling in Practice” reflects the author′s many years in training and consultancy in these areas. It provides clear and complete guidance, enhanced with an expert perspective. It uses approximately one hundred practical and real-life models to demonstrate all key concepts and techniques, these are accessible on the companion website.
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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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A Risk Professional�s Survival Guide
Applied Best Practices in Risk Management
by Clifford Rossi
Part of the Wiley Finance series
Assess the likelihood, timing and scope of climate risks.
In “Climate Risks: An Investor's Field Guide to Identification and Assessment”, financial analyst Bob Buhr delivers a risk-based framework for classifying and measuring potential climate risks at the firm level, and their potential financial impacts. The author presents a "climate risk taxonomy" that encompasses a broad range of physical, transition and natural capital risks that may impact a firm's financial profile.
The taxonomy presented in the book will be of interest to investors and lenders involved in:
• The identification and assessment of the potential scope and impact of a wide range of risks that might normally remain outside of more traditional risk or credit analysis, usually for horizon issues
• The determination of the points at which climate risks may crystallize into real and significant financial exposure
• The assessment of the relative aggregate riskiness of portfolios exposed to climate and natural capital risks at the firm level
A rigorous and practical toolkit for the assessment and measurement of a broad range of potential climate risks, this book offers fund managers, portfolio analysts, risk experts, and other finance professionals a clear blueprint for assessing potential financial impacts at firms arising from climate change.
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Structured Products in Wealth Management
by Steffen Tolle
Part of the Wiley Finance series
• Structured products in the form of equity-linked derrivatives have seen a rapid rise in popularity in the field of wealth management.
• Structured products are combinations of derivatives and traditional financial instruments such as stocks and bonds. The various components are combined into a single financial instrument and securitized.
• Discusses the characteristics and practical applications of structured products.
• In addition to providing a description of the structured products, this book focuses on their practical applications, showing how they can generate added value as part of an integrated investment process.
• Colourful charts help present the material in an attractive, real-world context.
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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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Regulation of Securities, Markets, and Transactions
A Guide to the New Environment
by Patrick S. Collins
Part of the Wiley Finance series
The ultimate guide to the current rules and regulations that govern the securities industry, including amendments in 2010
Providing readers with expert coverage of domestic securities regulation, this book fills the need for coverage of securities regulations, defining, describing, and explaining everything professionals need to know about domestic securities regulation.
• Examines the current securities rules
• Provides an overview of the latest regulations for this industry
• Includes a description of the various government regulations of securities markets, and securities transactions
Since the corporate scandals of 2002, this industry has seen intense scrutiny of how it is regulated. “Regulation of Securities, Markets, and Transactions” demystifies the new laws and regulations with straightforward, to-the-point coverage professionals need.
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Credit Models and the Crisis
A Journey into CDOs, Copulas, Correlations and Dynamic Models
by Damiano Brigo
Part of the Wiley Finance series
The recent financial crisis brought to light many of the misunderstandings and misuses of exotic derivatives. With market participants on both the buy and sell-side having been found guilty of not understanding the products they were dealing with, never before has there been a greater need for clarification and explanation.
“Exotic Options and Hybrids” is a practical guide to structuring, pricing and hedging complex exotic options and hybrid derivatives that will serve readers through the recent crisis, the road to recovery, the next bull market and beyond. Written by experienced practitioners, it focuses on the three main parts of a derivative's life: the structuring of a product, its pricing and its hedging.
Divided into four parts, the book covers a multitude of structures, encompassing many of the most up-to-date and promising products from exotic equity derivatives and structured notes to hybrid derivatives and dynamic strategies. Based on a realistic setting from the heart of the business, inside a derivatives operation, the practical and intuitive discussions of these aspects make these exotic concepts truly accessible.
Adoptions of real trades are examined in detail, and all of the numerous examples are carefully selected so as to highlight interesting and significant aspects of the business. The introduction of payoff structures is accompanied by scenario analysis, diagrams and lifelike sample term sheets. Readers learn how to spot where the risks lie to pave the way for sound valuation and hedging of such products. There are also questions and accompanying discussions dispersed in the text, each exploited to illustrate one or more concepts from the context in which they are set.
The applications, the strengths and the limitations of various models are highlighted, in relevance to the products and their risks, rather than the model implementations. Models are de-mystified in separately dedicated sections, but their implications are alluded to throughout the book in an intuitive and non-mathematical manner.
By discussing exotic options and hybrids in a practical, non-mathematical and highly intuitive setting, this book will blast through the misunderstanding of exotic derivatives, enabling practitioners to fully understand and correctly structure, price and hedge theses products effectively, and stand strong as the only book in its class to make these "exotic" concepts truly accessible.
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Pairs Trading
Quantitative Methods and Analysis
by Ganapathy Vidyamurthy
Part of the Wiley Finance series
The first in-depth analysis of pairs trading
Pairs trading is a market-neutral strategy in its most simple form. The strategy involves being long (or bullish) one asset and short (or bearish) another. If properly performed, the investor will gain if the market rises or falls. Pairs Trading reveals the secrets of this rigorous quantitative analysis program to provide individuals and investment houses with the tools they need to successfully implement and profit from this proven trading methodology. “Pairs Trading” contains specific and tested formulas for identifying and investing in pairs, and answers important questions such as what ratio should be used to construct the pairs properly.
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Principles of Quantitative Development
by Manoj Thulasidas
Part of the Wiley Finance series
“Principles of Quantitative Development” is a practical guide to designing, building and deploying a trading platform. It is also a lucid and succinct exposé on the trade life cycle and the business groups involved in managing it, bringing together the big picture of how a trade flows through the systems, and the role of a quantitative professional in the organization.
The book begins by looking at the need and demand for in-house trading platforms, addressing the current trends in the industry. It then looks at the trade life cycle and its participants, from beginning to end, and then the functions within the front, middle and back office, giving the reader a full understanding and appreciation of the perspectives and needs of each function. The book then moves on to platform design, addressing all the fundamentals of platform design, system architecture, programming languages and choices. Finally, the book focuses on some of the more technical aspects of platform design and looks at traditional and new languages and approaches used in modern quantitative development.
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Quantitative Risk Management
A Practical Guide to Financial Risk
by Thomas S. Coleman
Part of the Wiley Finance series
State of the art risk management techniques and practices-supplemented with interactive analytics
All too often risk management books focus on risk measurement details without taking a broader view. Quantitative Risk Management delivers a synthesis of common-sense management together with the cutting-edge tools of modern theory. This book presents a road map for tactical and strategic decision making designed to control risk and capitalize on opportunities. Most provocatively it challenges the conventional wisdom that "risk management" is or ever should be delegated to a separate department. Good managers have always known that managing risk is central to a financial firm and must be the responsibility of anyone who contributes to the profit of the firm.
A guide to risk management for financial firms and managers in the post-crisis world, “Quantitative Risk Management” updates the techniques and tools used to measure and monitor risk. These are often mathematical and specialized, but the ideas are simple. The book starts with how we think about risk and uncertainty, then turns to a practical explanation of how risk is measured in today's complex financial markets.
• Covers everything from risk measures, probability, and regulatory issues to portfolio risk analytics and reporting
• Includes interactive graphs and computer code for portfolio risk and analytics
• Explains why tactical and strategic decisions must be made at every level of the firm and portfolio
Providing the models, tools, and techniques firms need to build the best risk management practices, “Quantitative Risk Management” is an essential volume from an experienced manager and quantitative analyst.
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Financial Markets Operations Management
by Keith Dickinson
Part of the Wiley Finance series
A comprehensive text on financial market operations management
“Financial Market Operations Management” offers anyone involved with administering, maintaining, and improving the IT systems within financial institutions a comprehensive text that covers all the essential information for managing operations. Written by Keith Dickinson, an expert on the topic, the book is comprehensive, practical, and covers the five essential areas of operations and management including participation and infrastructure, trade life cycle, asset servicing, technology, and the regulatory environment. This comprehensive guide also covers the limitations and boundaries of operational systems and focuses on their interaction with external parties including clients, counterparties, exchanges, and more.
This essential resource reviews the key aspects of operations management in detail, including an examination of the entire trade life cycle, new issue distribution of bonds and equities, securities financing, as well as corporate actions, accounting, and reconciliations. The author highlights specific operational processes and challenges and includes vital formulae, spreadsheet applications, and exhibits.
• Offers a comprehensive resource for operational staff in financial services
• Covers the key aspects of operations management
• Highlights operational processes and challenges
• Includes an instructors manual, a test bank, and a solution manual
This vital resource contains the information, processes, and illustrative examples needed for a clear understanding of financial market operations.
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The Whistleblowing Guide
Speak-up Arrangements, Challenges and Best Practices
by Kate Kenny
Part of the Wiley Finance series
Choose the best speak-up arrangements for your organization.
The last five years have seen dramatic and fundamental changes in whistleblower procedures for organisations. Prompted by a spate of important public disclosures, organizations are now mandated by law to implement effective arrangements enabling employees to speak up about perceived wrongdoing. Currently few resources exist to help with this.
To help fill the gap, “The Whistleblowing Guide” examines the opportunities and challenges associated with different types of whistleblowing and speak-up arrangements, making recommendations based on best practices you can trust.
• Identifies the major organisational, structural and cultural obstacles to speaking up through speak-up arrangements
• Proposes effective whistleblowing and speak-up arrangements
• Explains the specific policy and legislation requirements that can promote or impede the effective implementation of speak-up arrangements, and how these can be translated into commercial and public organizations across sectors and cultures
• Makes a clear distinction between internal and external reporting arrangements
The Whistleblowing Guide offers conceptual clarification about these key issues, including a focus on internal and external speak-up procedures, organisational response and communication, impartiality and trust.
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Inside Volatility Filtering
Secrets of the Skew
by Alireza Javaheri
Part of the Wiley Finance series
A new, more accurate take on the classical approach to volatility evaluation
Inside Volatility Filtering presents a new approach to volatility estimation, using financial econometrics based on a more accurate estimation of the hidden state. Based on the idea of "filtering", this book lays out a two-step framework involving a Chapman-Kolmogorov prior distribution followed by Bayesian posterior distribution to develop a robust estimation based on all available information. This new second edition includes guidance toward basing estimations on historic option prices instead of stocks, as well as Wiener Chaos Expansions and other spectral approaches. The author's statistical trading strategy has been expanded with more in-depth discussion, and the companion website offers new topical insight, additional models, and extra charts that delve into the profitability of applied model calibration. You'll find a more precise approach to the classical time series and financial econometrics evaluation, with expert advice on turning data into profit.
Financial markets do not always behave according to a normal bell curve. Skewness creates uncertainty and surprises, and tarnishes trading performance, but it's not going away. This book shows traders how to work with skewness: how to predict it, estimate its impact, and determine whether the data is presenting a warning to stay away or an opportunity for profit.
• Base volatility estimations on more accurate data
• Integrate past observation with Bayesian probability
• Exploit posterior distribution of the hidden state for optimal estimation
• Boost trade profitability by utilizing "skewness" opportunities
Wall Street is constantly searching for volatility assessment methods that will make their models more accurate, but precise handling of skewness is the key to true accuracy. “Inside Volatility Filtering” shows you a better way to approach non-normal distributions for more accurate volatility estimation.
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The CME Group Risk Management Handbook
Products and Applications
by Various Authors
Part of the Wiley Finance series
Synopsis Currently Unavailable…
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The Art of Vulture Investing
Adventures in Distressed Securities Management
by George Schultze
Part of the Wiley Finance series
A detailed and compelling look at distressed securities investing in today's market
In the corporate world, "vulture" investors in distressed securities serve the same cleanup function as vultures do in the natural world: they deal with failing companies, digest bad debt, and mop up after bankruptcies. Since this market's structural and legal complexities create greater inefficiencies than in other investment fields, it's a style of investing that can make money during both booms and busts. While recent economic carnage has made opportunities for vulture investors, more convoluted bankruptcies, conflicts of interest, and even government intervention have made this arena harder to negotiate.
Nobody understands this better than author George Schultze, founder of Schultze Asset Management. During his successful career as a vulture investor, he's learned a number of lessons and developed an investment philosophy that has served him well. Now, in “The Art of Vulture Investing”, Schultze shares his valuable insights and experiences with you. Engaging and informative, this reliable guide offers a bird's-eye into the opportunities and risks associated with vulture investing. And while it may not always be pretty, you'll see exactly why this process is necessary for our economic ecosystem.
Throughout this book, Schultze explains the theory and strategy of vulture investing in clear and lively prose, illustrating each concept with examples from his own varied experience that show how the landscape has changed in recent years.
• Offers valuable information on distressed securities investing since the 2007-2009 financial crisis
• Examines the opportunities and dilemmas for modern vulture investors
• Includes in-depth case studies of high-profile bankruptcies, including those of Chrysler Automotive and Tropicana Casinos and Resorts
By its very nature, investing in distressed companies can be a complicated and risky business. But once the dust settles, these investments can yield extraordinary profits. “The Art of Vulture Investing” puts this discipline in perspective and shows you how to excel at this difficult, yet rewarding, endeavor.
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Private Firm Valuation and M&A
Calculating Value and Estimating Discounts in the New Market Environment
by Kerstin Dodel
Part of the Wiley Finance series
A comprehensive guide to the changing face of valuation in private firm M&A transactions
Based on the author's extensive professional experience as well as her rigorous academic research, this book describes a more sensible approach to using discounts in private company valuations and provides readers with a deeper appreciation for the need to weigh a much broader range of influences on value in the M&A process. Does the idiosyncrasy of family-owned business influence transaction multiples? What of regional market differences and differing market environments over time? How do you estimate the influence of the subprime on the transaction process? With the help of fascinating case studies drawn from an eclectic array of M&A transactions, including a beauty contest, author Kerstin Dodel answers those and other central questions about the M&A process. Among other things, she vividly demonstrates that the ultimate price paid in such a transaction reflects not only a target company's unique characteristics, but the varying motivations and expectations of each of the participants within the context of a competitive M&A process.
• Dodel has an extensive background in the profession and her research draws upon rigorous scholarship and her years of working at Credit Suisse First Boston, Deutsche Bank, and other leading global financial institutions
• Emphasis is given to the post credit crunch environment, and responding to regulators' increasing rejection of over-simplified procedures for firm valuation.
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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.
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Option Pricing Models and Volatility Using Excel-VBA
by Fabrice D. Rouah
Part of the Wiley Finance series
This comprehensive guide offers traders, quants, and students the tools and techniques for using advanced models for pricing options. The accompanying website includes data files, such as options prices, stock prices, or index prices, as well as all of the codes needed to use the option and volatility models described in the book.
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Takaful Islamic Insurance
Concepts and Regulatory Issues
by Various Authors
Part of the Wiley Finance series
Authors Rifaat, Archer and Volker bring an international perspective to the growing Islamic Insurance industry. Drawing on contributions from leading experts around the world, they present a comprehensive view of the very issues governing the industry and its future direction. As top financial institutes around the world seem to enter the lucrative Takaful markets, this timely book offers crucial background information and advice, invaluable for any serious player in the market.
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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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The Advanced Fixed Income and Derivatives Management Guide
by Saied Simozar
Part of the Wiley Finance series
A highly-detailed, practical analysis of fixed income management
“The Advanced Fixed Income and Derivatives Management Guide” provides a completely novel framework for analysis of fixed income securities and portfolio management, with over 700 useful equations. The most detailed analysis of inflation linked and corporate securities and bond options analysis available, this book features numerous practical examples that can be used for creating alpha transfer to any fixed income portfolio. With a framework that unifies back office operations, such as risk management and portfolio management in a consistent way, readers will be able to better manage all sectors of fixed income, including bonds, mortgages, credits, and currencies, and their respective derivatives, including bond and interest rate futures and options, callable bonds, credit default swaps, interest rate swaps, swaptions and inflation swaps.
Many theoretical models of the Term Structure of Interest Rates (TSIR) lack the accuracy to be used by market practitioners, and the most popular models are not mathematically stable. This book helps readers develop stable and accurate TSIR for all fundamental rates, enabling analysis of even the most complex securities or cash flow structure. The components of the TSIR are almost identical to the modes of fluctuations of interest rates and represent the language with which the markets speak.
• Examine unique arbitrage, risk measurement, performance attribution, and replication of bond futures
• Learn to estimate recovery value from market data, and the impact of recovery value on risks
• Gain deeper insight into partial yields, product design, and portfolio construction
• Discover the proof that corporate bonds cannot follow efficient market hypothesis
This useful guide provides a framework for systematic and consistent management of all global fixed income assets based on the term structure of rates. Practitioners seeking a more thorough management system will find solutions in “The Advanced Fixed Income and Derivatives Management Guide”.
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Opportunities in Emerging Markets
Investing in the Economies of Tomorrow
by Gordian Gaeta
Part of the Wiley Finance series
The practical guide to investing in emerging markets
Though potentially risky, investing in emerging markets can offer extremely attractive returns. Opportunities in Emerging Markets offers practical advice for investors based on the real-life experiences, both positive and negative, of practitioners, pioneer investors, and local heroes with experience in frontier markets. Exploring how every developing market has its own unique regional cultures and social structures that change the way investors invest, and must be understood in order to make wise investments, the book combines standard approaches to investing with the exigencies of frontier markets to create an invaluable framework for success.
A collection of useful ideas that investors-institutions, general partners, limited partners, or shareholders-can draw upon when investing money in emerging markets, the book includes essential information on one of the most attractive opportunities for beating traditional markets and investments. If access, downside, and predictability can be managed, there's a great deal of money to be made in emerging markets, and this book shows how. Both investors and investment managers need to understand fundamental success factors, real framework conditions, and hidden pitfall and in “Opportunities in Emerging Markets”, author Gordian Gaeta analyses these intricacies in depth.
• Gives investors of all kinds the information they need to succeed in emerging markets
• Incorporates real life experiences-both good and bad-to help readers avoid common mistakes and maximize their returns
• Includes interviews with Mark Mobius, Jim Rogers, Marc Faber, and other leading names in the emerging markets sector
For those traders brave enough to engage in high-risk/high-return investing, “Opportunities in Emerging Markets” is an excellent overview of the world's toughest frontier markets and how to conquer them. Featuring interviews with some of the top investors in the field, this is the definitive guide to the perils and pitfalls of investing in these highly volatile markets.
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M&A Disputes
A Professional Guide to Accounting Arbitrations
by A. Vincent Biemans
Part of the Wiley Finance series
Nanoscale pattern transfer technology using molds is a rapidly advancing area and one that has seen much recent attention due to its potential for use in nanotechnology industries and applications. However, because of these rapid advances, it can be difficult to keep up with the technological trends and the latest cutting-edge methods. In order to fully understand these pioneering technologies, a comprehensive understanding of the basic science and an overview of the techniques are required.
“Nanoimprint Technology: Nanotransfer for Thermoplastic and Photocurable Polymers” covers the latest nanotransfer science based on polymer behaviour. Polymer fluid dynamics are described in detail, and injection moulding, nanoimprint lithography and micro contact printing are also discussed. Cutting-edge nanotransfer technologies and applications are also considered and future trends in industry are examined.
Key features:
• Covers the fundamentals of nanoimprint technology
• Presents cutting-edge techniques and applications
• Provides industrial examples and describes the mold fabrication process
• Considers nanotransfer of thermoplastics by simulation
• Describes the design and evaluation of UV curable polymer
“Nanoimprint Technology: Nanotransfer for Thermoplastic and Photocurable Polymers” is a comprehensive reference for industry engineers as well as graduate and undergraduate students and is a useful source of information for anyone looking to improve their understanding of nanotransfer mechanisms and methods.
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Succession Planning for Financial Advisors
Building an Enduring Business
by David Grau Sr.
Part of the Wiley Finance series
This book is going to challenge you and everything you think you know about succession planning.
For independent advisors, succession planning is quickly becoming the cornerstone to a strategic growth strategy designed to perpetuate their business and their income streams beyond their own lifetime, while providing a multi-generational service platform that attracts and rewards younger advisors. This makes succession planning one of the most, if not the most, important practice management tools in this industry today.
As an independent financial advisor, now is the time to address the question of what will happen to your practice and your clients after you "exit the building." In most cases, the answers are right in front of you. Thankfully, “Succession Planning for Financial Advisors: Building an Enduring Business” has arrived to transform today's practices into businesses designed to endure and prosper and serve generations of clients.
• Learn how to create a "Lifestyle Succession Plan" that can provide a lifetime of income and benefits to the founder even as he/she gradually retires on the job
• Unlock the power of equity management — the best planning and building tool an independent advisor owns
• Learn how to attract and retain the best of the next generation to help you build a great business and to support your succession plans and care for your clients and their families
• Determine precisely when to start a formal succession plan and related continuity plan so that your business can work for you when you need it most
• Understand why succession planning and selling your business are completely different strategies, but how they can complement each other when used correctly
95% of independent financial service professionals are one owner practices. To the positive, these practices are among the most valuable professional service models in America. But almost all advisors are assembling their practices using the wrong tools — tools borrowed from historically successful, but vastly different models including wirehouses, broker-dealers, and even OSJ's and branch managers. Revenue sharing, commission splitting and other eat-what-you-kill compensation methods dominate the independent sector and virtually ensure that today's independent practices, if left unchanged, will not survive the end of their founder's career. It is time to change course and this book provides the map and the details to help you do just that.
For independent practice owners and staff members, advisors who want to transition to independence, as well as accountants, attorneys, coaches and others involved in the financial services space, there are invaluable lessons to be learned from Succession Planning for Financial Advisors.
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Corporate Risk Management
Theories and Applications
by Georges Dionne
Part of the Wiley Finance series
An overarching look at transfer pricing regimes in Asia-Pacific countries and what they mean for foreign businesses.
A comprehensive guide for companies doing business globally, “Asia-Pacific Transfer Pricing Handbook” explains the policies and practices that Asia-Pacific countries employ with regards to taxing foreign businesses. The only book that analyzes and guides companies through the often-complex transfer pricing rules in place in Asian-Pacific nations, the book explains how authorities in fifteen countries, including ASEAN, India, New Zealand, Japan, and South Korea, tax any company doing business within their borders.
Helping foreign companies to properly price their goods and services for global markets, providing defenses for transfer pricing audits, explaining standards for creating comparables that multijurisdictional tax administrations will accept, explaining documentation requirements and timing issues, and creating awareness about inadvertently becoming a permanent establishment, Asia-Pacific Transfer Pricing Handbook is an essential resource for doing business abroad.
• Provides comprehensive, accessible information on transfer pricing in Asia-Pacific countries
• Covers fifteen Asia-Pacific countries, including all ASEAN countries, giving readers unparalleled exposure to the different transfer pricing arrangements across the region
• Explains how companies doing business abroad should price their goods and services for global markets to remain in accordance with the law
A complete and comprehensive guide to transfer pricing and its implications for firms and accountants operating in the Asia-Pacific region, “Asia-Pacific Transfer Pricing Handbook” explains everything foreign companies need to know about doing business abroad.