A Dictionary of Finance and Banking Por Market House Books Ltd. StaffThis best-selling Dictionary of Finance and Banking includes over 5,200 entries. The fifth edition has been fully revised and updated, and adds more than 150 new entries. These focus particularly upon recent terminology, institutions, and safety measures coined or introduced since the economiccrash of 2008-9, including reactions to the crisis such as the Asset Protection Scheme and the Financial Stability Oversight Council.The dictionary defines terms from all aspects of personal and international finance, including money markets, private investments and borrowing, central banking, foreign exchanges, monetary policy, and public and government finance. Now with expanded coverage of capital structure and corporaterestructuring. Recommended up-to-date web links for many entries, accessed via the Dictionary of Finance and Banking website, provide valuable extra information.With clear and accessible definitions, this jargon-free dictionary is a companion volume to the other financial titles in this best-selling series, A Dictionary of Business and Management, A Dictionary of Accounting, and A Dictionary of Economics, and provides accurate and valuable information forstudents, practitioners, private investors, and readers of the financial pages alike.
Dictionary of Finance, Investment and Banking Por Erik BanksThis dictionary covers the terminology of the international financial marketplace. It provides concise and rigorous definitions of over 5,000 terms used in the accounting, banking, corporate finance, and investment management and insurance disciplines. It also includes formulae and diagrams, as well as commonly used acronyms and colloquialisms.
Encyclopedia of Finance Por Alice C. Lee (Editor); Cheng-Few Lee (Editor)The Encyclopedia of Finance is a major new reference work covering all aspects of finance. Coverage includes finance (financial management, security analysis, portfolio management, financial markets and instruments, insurance, real estate, options and futures, international finance) and statistical applications in finance (applications in portfolio analysis, option pricing models and financial research). The project is designed to attract both an academic and professional market. It will also have international approach to ensure its maximum appeal. The Editors' wish is that the readers will find the encyclopedia to be an invaluable resource. Professor Cheng-Few Lee is a Distinguished Professor of Finance at Rutgers Business School and was chairperson of the Department of Finance from 1988-1995. He has maintained academic and consulting ties in Taiwan, Hong Kong, China and the United States for the past three decades. In the winter 2005 issue of the Journal of Finance Literature, Professor Lee was ranked as the most published finance professor worldwide during 1953-2002. Professor Alice C. Lee is an Assistant Professor of Finance at San Francisco State University. She has a diverse background, which includes engineering, sales, and managment consulting. Her primary areas of teaching and research are corporate finance and financial institutions.
Financial Economics Por Thorsten Hens; Marc Oliver RiegerFinancial economics is a fascinating topic where ideas from economics, mathematics and, most recently, psychology are combined to understand financial markets. This book gives a concise introduction into this field and includes for the first time recent results from behavioral finance that help to understand many puzzles in traditional finance. The book is tailor made for master and PhD students and includes tests and exercises that enable the students to keep track of their progress. Parts of the book can also be used on a bachelor level. Researchers will find it particularly useful as a source for recent results in behavioral finance and decision theory.
Fundamentos de finanzas corporativas (11a ed.) Por Stephen A. Ross, Randolph W. Westerfield, Brandon D. Jordan.Este libro está dirigido a un primer curso de negocios o finanzas corporativas y asume familiaridad con el álgebra básica y los conceptos contables, al tiempo que revisa principios contables importantes desde el principio. Contiene valiosas herramientas de aprendizaje y apoyo, como viñetas de eventos del mundo real, uso pedagógico de los colores, artículos escritos por académicos o profesionales distinguidos sobre temas clave del texto, cajas de internet que muestran a los estudiantes cómo investigar problemas financieros usando la web y cómo usar la información que encuentran para tomar decisiones comerciales, ejemplos del mundo real, estrategias de Excel, links a sitios web explicativos y ecuaciones clave.
Principios de administración financiera (14a ed.) Por Lawrence J. Gitman, Chad J. ZutterContenido: 1. Introducción la administración financiera -- 2. Herramientas financieras -- 3. Valuación de instrumentos de inversión -- 4. El riesgo y la tasa de rendimiento requerido -- 5. Decisiones de inversión a largo plazo -- 6. Decisiones financieras a largo plazo -- 7. Decisiones financiras a corto plazo -- 8. Temas especiales de la administración financiera.
Finanzas corporativas Por Jonathan Berk, Peter DeMarzo ; traducción Javier Enríquez BritoCon el marco de la valuación de la unificación basado en la ley de un solo precio, los investigadores Jonathan Berk y Peter DeMarzo fijan el nuevo estándar para los libros de texto en las finanzas corporativas. Investigación en temas actuales, manejo de recursos didácticos constantemente a lo largo del texto y el empleo de MyFinanceLab son algunos atributos que presenta la obra. Se centra en la toma de decisiones financieras relacionadas con la selección que hace una empresa respecto a las inversiones que debe realizar, o la forma de obtener el capital que se requiere para financiar una inversión.
Evaluación de estados financieros (4a ed.) Por Pedro Franco ConchaContenido: Fundamentos de la contabilidad financiera -- Principios y normas técnico-contables generalmente aceptados -- Los estados financieros -- Descripción y metas de los estados financieros -- Ajustes de los estados financieros por efecto de la inflación -- Estado de flujo de efectivo -- Análisis de los estados financieros.
Contabilidad financiera intermedia : estados financieros y análisis de las cuentas del activo, pasivo y patrimonio neto Por Esteban Chong León, Martha Chávez Passano, María Isabel Quevedo Alejos .. [et al.]
Digital Revolutions in Public Finance Por International Monetary Fund StaffDigitization promises to reshape fiscal policy by transforming how governments collect, process, share, and act on information. More and higher-quality information can improve not only policy design for tax and spending, but also systems for their management, including tax administration and compliance, delivery of public services, administration of social programs, public financial management, and more. Countries must chart their own paths to effectively balance the potential benefits against the risks and challenges, including institutional and capacity constraints, privacy concerns, and new avenues for fraud and evasion
Public Sector Economics and the Need for Reforms Por Apostolis Philippopoulos (Editor); George Economides; Pedro Gomes; Peter Birch Sørensen; Petros VarthalitisTheoretically and empirically informed studies on the role and efficiency of the public sector, public wage and employment policy, privatization, tax policy, and fiscal sustainability. The public sector has grown substantially in the last fifty years. In the euro area, for example, total government expenditures have been around fifty percent of GDP since the early 2000s, resulting in a growing tax burden or high public debt or both. At the same time, government had intervened in all aspects of economic life, from the provision of public goods and services to product and labor market regulation. Research shows that the effect of government size on economic performance is positive in countries where the public sector is efficient but negative in countries where it is inefficient. In this book, experts from academe and central banking discuss reforms that would make the public sector more efficient and/or more equitable. After a rich review of the public sector reform policy agenda, with particular attention to the role of the public sector and how to improve the provision of public goods and services, the contributors offer theoretically and empirically informed perspectives on some specific policy topics. These include public wage and employment policy, the role of international institutions such as the World Bank in promoting public sector reforms, the optimal mix of tax policy, the measurement of public sector efficiency, and the study of fiscal sustainability. The contributors relate these topics to such deeper issues as individual incentives as well as to policy debates over privatization, and austerity. Contributors Konstantinos Angelopoulos, Stylianos Asimakopoulos, Danilo Ballanti, Roberto A. De Santis, Roberto Dispotico, George Economides, Pedro Gomes, Gabriella Legrenzi, James Malley, Costas Milas, Ilaria Petrarca, Apostolis Philippopoulos, Francesco Porcelli, Roberto Ricciuti, Lodewijk Smets, Peter Birch Sørensen, Petros Varthalitis, Francesco Vidoli
An Introduction to Banking Por Moorad ChoudhryA practical primer to the modern banking operation Introduction to Banking, Second Edition is a comprehensive and jargon-free guide to the banking operation. Written at the foundational level, this book provides a broad overview of banking to give you an all-around understanding that allows you to put your specialty work into context within the larger picture of your organization. With a specific focus on risk components, this second edition covers all key elements with new chapters on reputational risk, credit risk, stress testing and customer service, including an updated chapter on sustainability. Practical material includes important topics such as the yield curve, trading and hedging, asset liability management, loan origination, product marketing, reputational risk and regulatory capital. This book gives you the context you need to understand how modern banks are run, and the key points operation at all levels. Learn the critical elements of a well-structured banking operation Examine the risk components inherent in banking Understand operational topics including sustainability and stress testing Explore service-end areas including product marketing and customer service Banks continue to be the heart of the modern economy, despite the global financial crisis ?they have however become more complex. Multiple layers and a myriad of functions contribute to the running of today's banks, and it's critical for new and aspiring bankers to understand the full breadth of the operation and where their work fits in. Introduction to Banking, Second Edition provides an accessible yet complete primer, with emphasis on the areas that have become central to sustainable banking operation.
Bankruption: How Community Banking Can Survive Fintech Por John WaupshCommunity banking can flourish in the face of fintech and global competition with a fresh approach to strategy Bankruption + Website offers a survival guide for community banks and credit unions searching for relevance amidst immense global competition and fintech startups. Author John Waupsh is the Chief Innovation Officer at Kasasa, where he helps spearhead financial product development and implementation across hundreds of institutions. In this guide, he draws on more than a decade in the industry to offer clear, practical advice for competing with the megabanks, direct banks, non-banks, and financial technology companies. The discussion separates futurist thinking from today's realities, and dispels common myths surrounding the U.S. community banking model in order to shed light on the real challenges facing community banking institutions. It follows with clear solutions, proven strategies, and insight from experts across banking and fintech. All arguments are backed by massive amounts of data, and the companion website provides presentation-ready visualizations to help you kickstart change within your team. In the U.S. and around the globe, fintech companies and non-banks alike are creating streams of banking services that are interesting, elegant, and refreshing--and they're winning the hearts and minds of early adopters. Not a one-size-fits-all approach, this book offers many different tactics for community banks and credit unions to compete and flourish in the new world. Analyze fintech's threat to the community banking model Learn where community banking must improve to compete Disprove the myths to uncover the real challenges banks face Adopt proven strategies to bring your organization into the future Community banks and credit unions were once the go-to institutions for local relationship banking, but their asset share has been on the decline for three decades as the big banks just got bigger. Now, fintech companies are exploiting inefficiencies in the traditional banking model to streamline service and draw even more market share, as community banking executives are left at a loss for fresh tactics and forward-looking strategy. Bankruption + Website shows how community banks can be saved, and provides a proven path to success.
Central Banking Por Thammarak MoenjakUnderstand the theories and interpret the actions of modern central banks Central Banking takes a comprehensive look at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced as well as emerging economies, theories behind their thinking, and actual operations practices. The book takes a systematic approach to the topic, while providing an accessible format and style that is appropriate for general audiences and students with only a minimal macroeconomic background. Theoretical reviews and examples of how the theories are applied in practice are presented in an easy-to-understand manner and serve as a guide for readers to further investigate specific ancillary central banking topics and as a means to make informed judgments about central bank actions. Important topics covered in the book include: Evolution of central banking functions and the international monetary system Theoretical backgrounds that are the foundation to the modern practice of monetary policy Monetary policy regimes, including exchange rate targeting, money supply growth targeting, the risk management approach, inflation targeting, and unconventional monetary policy. Actual practice in market operations and transmission mechanisms of monetary policy The exchange rate and central banking Theoretical backgrounds related to various dimensions of financial stability Current developments with regards to sustaining financial stability The future of central banking in the wake of the 2007-2010 global financial crisis Case studies on relevant practical issues and key concepts in central banking Designed as essential reading for students, market analysts, investors, and central banks' new recruits, Central Banking better positions readers to interpret the actions of central banks and to understand the complexities of their position in the global financial arena.
Risk Management and Financial Institutions (5th ed.) Por John C. HullThe most complete, up-to-date guide to risk management in finance Risk Management and Financial Institutions, Fifth Edition explains all aspects of financial risk and financial institution regulation, helping you better understand the financial markets--and their potential dangers. Inside, you'll learn the different types of risk, how and where they appear in different types of institutions, and how the regulatory structure of each institution affects risk management practices. Comprehensive ancillary materials include software, practice questions, and all necessary teaching supplements, facilitating more complete understanding and providing an ultimate learning resource. All financial professionals need to understand and quantify the risks associated with their decisions. This book provides a complete guide to risk management with the most up to date information. * Understand how risk affects different types of financial institutions * Learn the different types of risk and how they are managed * Study the most current regulatory issues that deal with risk * Get the help you need, whether you're a student or a professional Risk management has become increasingly important in recent years and a deep understanding is essential for anyone working in the finance industry; today, risk management is part of everyone's job. For complete information and comprehensive coverage of the latest industry issues and practices, Risk Management and Financial Institutions, Fifth Edition is an informative, authoritative guide.
Managing Operational Risk Por Douglas RobertsonOperational risk is the risk of loss from inadequate or failed internal processes, people, and systems or from external events. This book explores the different types of operational risk that threaten financial institutions, and focuses on practical due-diligence methodologies that can be used to identify these risks before it is too late.
Equity Asset Valuation (3rd ed.) Por Jerald E. Pinto; Elaine Henry; Thomas R. Robinson; John D. Stowe; Paul F. Miller (Foreword by)Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.
Evaluación privada de proyectos (3a ed.) Por Arlette Beltrán, Hanny CuevaEste libro ofrece una visión bastante completa de los más importantes aspectos vinculados con la evaluación privada de proyectos de inversión. Una primera parte presenta los conceptos básicos indispensables para comprender los principales tópicos de la evaluación de proyectos: matemáticas financieras, economía, estadística y contabilidad. La segunda parte del libro se concentra en el análisis de la evaluación económica y financiera de proyectos, donde se incluyen temas como la identificación de los principales ingresos y costos de los mismos, el cálculo de su rentabilidad, la comparación de alternativas de inversión y las decisiones que deben tomarse bajo situaciones riesgosas, entre otros. Cada capítulo contiene un resumen de conceptos y ejercicios propuestos. Adicionalmente, el lector podrá acceder a las resoluciones propuestas para estos ejercicios, así como al planteamiento de un conjunto de casos prácticos, ingresando a una página web con el código que aparece en cada ejemplar.
Investments (11th ed.) Por Zvi Bodie, Alex Kane, Alan J. MarcusBodie, Kane, and Marcus' Investments set the standard forgraduate/MBA investments textbooks. The unifying theme is that security markets are nearlyefficient, meaning that most securities are priced appropriately given their riskand return attributes. The content places greater emphasis on asset allocationand offers a much broader and deeper treatment of futures, options, and otherderivative security markets than most investment texts. Connect is the only integrated learning system that empowersstudents by continuously adapting to deliver precisely what they need, whenthey need it, and how they need it, so that your class time is more engagingand effective.
2018 CFA Program Curriculum, Level I Por CFA Institutev.1. Ethical and professional standards and quantitative methods -- v.2. Economics -- v.3. Financial reporting and analysis -- v.4. Corporate finance and portfolio management -- v.5. Equity and fixed income -- v.6. Derivatives and alternative investments.
Derivatives Por CFA Institute Centre Staff; Jerald E. Pinto; Wendy L. Pirie (Editor); Mark P. Kritzman (Foreword by)The complete guide to derivatives, from the experts at the CFA Derivatives is the definitive guide to derivatives, derivative markets, and the use of options in risk management. Written by the experts at the CFA Institute, this book provides authoritative reference for students and investment professionals seeking a deeper understanding for more comprehensive portfolio management. General discussion of the types of derivatives and their characteristics gives way to detailed examination of each market and its contracts, including forwards, futures, options, and swaps, followed by a look at credit derivatives markets and their instruments. Included lecture slides help bring this book directly into the classroom, while the companion workbook (sold separately) provides problems and solutions that align with the text and allows students to test their understanding while facilitating deeper internalization of the material. Derivatives have become essential to effective financial risk management, and create synthetic exposure to asset classes. This book builds a conceptual framework for understanding derivative fundamentals, with systematic coverage and detailed explanations. Understand the different types of derivatives and their characteristics Delve into the various markets and their associated contracts Examine the use of derivatives in portfolio management Learn why derivatives are increasingly fundamental to risk management The CFA Institute is the world's premier association for investment professionals, and the governing body for the CFA, CIPM, and Investment Foundations Programs. Those seeking a deeper understanding of the markets, mechanisms, and use of derivatives will value the level of expertise CFA lends to the discussion, providing a clear, comprehensive resource for students and professionals alike. Whether used alone or in conjunction with the companion workbook, Derivatives offers a complete course in derivatives and their markets.
Options, Futures, and Other Derivatives (10th. ed.) Por John C. HullFor courses in business, economics, and financial engineering and mathematics. The definitive guide to derivatives markets, updated with contemporary examples and discussions Known as "the bible" to business and economics professionals and a consistent best-seller, Options, Futures, and Other Derivatives gives readers a modern look at derivatives markets. By incorporating the industry's hottest topics, such as the securitization and credit crisis, author John C. Hull helps bridge the gap between theory and practice. The 10th Edition covers all of the latest regulations and trends, including the Black-Scholes-Merton formulas, overnight indexed swaps, and the valuation of commodity derivatives.
Derivatives Markets (3rd ed.) Por Robert L. McDonaldTo be financially literate in today's market, one must have a solid understanding of derivatives concepts and instruments and the uses of those instruments in corporations. The Third Edition has an accessible mathematical presentation, and more importantly, helps readers gain intuition by linking theories and concepts together with an engaging narrative that emphasizes the core economic principles underlying the pricing and uses of derivatives.
Essential Mathematics for Economic Analysis (4th ed.) Por Knut Sydsaeter; Peter Hammond; Arne Strom Were you looking for the book with access to MyMathLab Global? This product is the book alone, and does NOT come with access to MyMathLab Global. Buy Essential Mathematics for Economic Analysis with MyMathLab Global access card, 4/e (ISBN 9780273787624) if you need access to the MyLab as well, and save money on this brilliant resource. This text provides an invaluable introduction to the mathematical tools that undergraduate economists need. The coverage is comprehensive, ranging from elementary algebra to more advanced material, whilst focusing on all the core topics that are usually taught in undergraduate courses on mathematics for economists. Need extra support? This product is the book alone, and does NOT come with access to MyMathLab Global. This title can be supported by MyMathLab Global, an online homework and tutorial system which can be used by students for self-directed study or fully integrated into an instructor's course. You can benefit from MyMathLab Global at a reduced price by purchasing a pack containing a copy of the book and an access card for MyMathLab Global: Essential Mathematics for Economic Analysis with MyMathLab Global access card, 4/e (ISBN 9780273787624). Alternatively, buy access online at www.MyMathLab Global.com. For educator access, contact your Pearson Account Manager. To find out who your account manager is, visit www.pearsoned.co.uk/replocator
An Introduction to Mathematical Finance with Applications Por Arlie O. Petters; xiaoying DongThis textbook aims to fill the gap between those that offer a theoretical treatment without many applications and those that present and apply formulas without appropriately deriving them. The balance achieved will give readers a fundamental understanding of key financial ideas and tools that form the basis for building realistic models, including those that may become proprietary. Numerous carefully chosen examples and exercises reinforce the student's conceptual understanding and facility with applications. The exercises are divided into conceptual, application-based, and theoretical problems, which probe the material deeper. The book is aimed toward advanced undergraduates and first-year graduate students who are new to finance or want a more rigorous treatment of the mathematical models used within. While no background in finance is assumed, prerequisite math courses include multivariable calculus, probability, and linear algebra. The authors introduce additional mathematical tools as needed. The entire textbook is appropriate for a single year-long course on introductory mathematical finance. The self-contained design of the text allows for instructor flexibility in topics courses and those focusing on financial derivatives. Moreover, the text is useful for mathematicians, physicists, and engineers who want to learn finance via an approach that builds their financial intuition and is explicit about model building, as well as business school students who want a treatment of finance that is deeper but not overly theoretical.
Monetary Theory and Policy (4th ed.) Por Carl E. WalshThe new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates. This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach. Other new material includes discussions of price adjustment, labor market frictions and unemployment, and moral hazard frictions among financial intermediaries. References and end-of-chapter problems allow readers to extend their knowledge of the topics covered. Monetary Theory and Policy continues to be the most comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.
Monetary Policy Implementation Por Ulrich BindseilThe first of its kind, this book is entirely dedicated to the implementation of monetary policy: how central banks go about achieving their monetary policy targets. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. This book argues that reserve position doctrine has never, and could never, be seriously put into practice. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century.
International Money and Finance Por Michael Melvin; Stefan NorrbinInternational Money and Finance, Ninth Edition presents an institutional and historical overview of international finance and international money, illustrating how key economic concepts can illuminate real world problems. With three substantially revised chapters, and all chapters updated, it functions as a finance book that includes an international macroeconomics perspective in its final section. It emphasizes the newest trends in research, neatly defining the intersection of macro and finance. Successfully used worldwide in both finance and economics departments at both undergraduate and graduate levels, the book features current data, revised test banks, and sharp insights about the practical implications of decision-making.
Macroeconomic Management Por Mohsin S. Khan (Editor); Saleh M. Nsouli (Editor); Chorng-Huey Wong (Editor); IMF Institute Staff (Contribution by)Established in 1964, the IMF Institute provides training on macroeconomic management to officials of IMF member countries, on issues including: financial programming and policies, monetary and exchange operations, public finance, financial sector issues and macroeconomic statistics. This book considers the key issues addressed by the Institute's programme of economic management training, which policymakers need to consider when managing national economies.
After the Music Stopped Por Alan S. BlinderWith bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good-and too unregulated for the public good-experienced a perfect storm beginning in 2007. When America's financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected-and fragile-the global financial system is. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government's actions, particularly the Fed's, were previously unimaginable. And to an amazing-and certainly misunderstood-extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen here again.
Hall of Mirrors Por Barry EichengreenThe two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went intocardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Painand suffering were widespread.The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe,Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubledbanks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quicklycame back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurelysuccumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe.Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the "lessons" of Great Depression history continue to shape society's response to contemporary economic problems, but also howthe experience of the Great Recession will permanently change how we think about the Great Depression.
Financial Modeling Por Simon Benninga ; with a section on Visual Basic for applications by Benjamin CzaczkesA substantially revised edition of a bestselling text combining explanation and implementation using Excel; for classroom use or as a reference for finance practitioners. Financial Modeling is now the standard text for explaining the implementation of financial models in Excel. This long-awaited fourth edition maintains the "cookbook" features and Excel dependence that have made the previous editions so popular. As in previous editions, basic and advanced models in the areas of corporate finance, portfolio management, options, and bonds are explained with detailed Excel spreadsheets. Sections on technical aspects of Excel and on the use of Visual Basic for Applications (VBA) round out the book to make Financial Modeling a complete guide for the financial modeler. The new edition of Financial Modeling includes a number of innovations. A new section explains the principles of Monte Carlo methods and their application to portfolio management and exotic option valuation. A new chapter discusses term structure modeling, with special emphasis on the Nelson-Siegel model. The discussion of corporate valuation using pro forma models has been rounded out with the introduction of a new, simple model for corporate valuation based on accounting data and a minimal number of valuation parameters. New print copies of this book include a card affixed to the inside back cover with a unique access code. Access codes are required to download Excel worksheets and solutions to end-of-chapter exercises. If you have a used copy of this book, you may purchase a digitally-delivered access code separately via the Supplemental Material link on this page. If you purchased an e-book, you may obtain a unique access code by emailing email@example.com or calling 617-253-2889 or 800-207-8354 (toll-free in the U.S. and Canada). Praise for earlier editions "Financial Modeling belongs on the desk of every finance professional. Its no-nonsense, hands-on approach makes it an indispensable tool." --Hal R. Varian, Dean, School of Information Management and Systems, University of California, Berkeley " Financial Modeling is highly recommended to readers who are interested in an introduction to basic, traditional approaches to financial modeling and analysis, as well as to those who want to learn more about applying spreadsheet software to financial analysis." --Edward Weiss, Journal of Computational Intelligence in Finance "Benninga has a clear writing style and uses numerous illustrations, which make this book one of the best texts on using Excel for finance that I've seen." --Ed McCarthy, Ticker Magazine
Essentials of Excel, Excel VBA, SAS and MINITAB for Statistical and Financial Analyses Por Cheng-Few Lee; John C. Lee; Jow-Ran Chang; Tzu TaiThis introductory textbook for business statistics teaches statistical analysis and research methods via business case studies and financial data using Excel, Minitab, and SAS. Every chapter in this textbook engages the reader with data of individual stock, stock indices, options, and futures. One studies and uses statistics to learn how to study, analyze, and understand a data set of particular interest. Some of the more popular statistical programs that have been developed to use statistical and computational methods to analyze data sets are SAS, SPSS, and Minitab. Of those, we look at Minitab and SAS in this textbook. One of the main reasons to use Minitab is that it is the easiest to use among the popular statistical programs. We look at SAS because it is the leading statistical package used in industry. We also utilize the much less costly and ubiquitous Microsoft Excel to do statistical analysis, as the benefits of Excel have become widely recognized in the academic world and its analytical capabilities extend to about 90 percent of statistical analysis done in the business world. We demonstrate much of our statistical analysis using Excel and double check the analysis and outcomes using Minitab and SAS--also helpful in some analytical methods not possible or practical to do in Excel.
Option Pricing and Estimation of Financial Models with R Por Stefano M. IacusPresents inference and simulation of stochastic process in thefield of model calibration for financial times series modelled bycontinuous time processes and numerical option pricing. Introducesthe bases of probability theory and goes on to explain how to modelfinancial times series with continuous models, how to calibratethem from discrete data and further covers option pricing with oneor more underlying assets based on these models. Analysis and implementation of models goes beyond the standardBlack and Scholes framework and includes Markov switching models,Lévy models and other models with jumps (e.g. the telegraphprocess); Topics other than option pricing include: volatility andcovariation estimation, change point analysis, asymptotic expansionand classification of financial time series from a statisticalviewpoint. The book features problems with solutions and examples. All theexamples and R code are available as an additional R package,therefore all the examples can be reproduced.
The Oxford Handbook of Quantitative Asset Management Por Bernd Scherer (Editor); Kenneth Winston (Editor)Quantitative portfolio management has become a highly specialized discipline. Computing power and software improvements have advanced the field to a level that would not have been thinkable when Harry Markowitz began the modern era of quantitative portfolio management in 1952. In addition toraw computing power, major advances in financial economics and econometrics have shaped academia and the financial industry over the last 60 years. While the idea of a general theory of finance is still only a distant hope, asset managers now have tools in the financial engineering kit that addressspecific problems in their industry.The Oxford Handbook of Quantitative Asset Management consists of seven sections that explore major themes in current theoretical and practical use. These themes span all aspects of a modern quantitative investment organization. Contributions from academics and practitioners working in leadinginvestment management organizations bring together the key theoretical and practical aspects of the field to provide a comprehensive overview of the major developments in the area.
The Oxford Handbook of Banking, Second Edition Por Allen N. Berger (Editor); Philip Molyneux (Editor); John O. S. Wilson (Editor)The Oxford Handbook of Banking, Second Edition provides an overview and analysis of developments and research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners, regulators, andpolicy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner, and policy-related material.The Handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their corporate governance and risk management practices. Part II deals with Bank Operations and Performance. A range of issues arecovered including bank performance, financial innovation, and technological change. Aspects relating to small business, consumer, and mortgage lending are analysed together with securitization, shadow banking, and payment systems. Part III entitled Regulatory and Policy Perspectives discussescentral banking, monetary policy transmission, market discipline, and prudential regulation and supervision. Part IV of the book covers various Macroeconomic Perspectives in Banking. This part includes a discussion of systemic risk and banking and sovereign crises, the role of the state in financeand development as well as how banks influence real economic activity. The final Part V examines International Differences in Banking Structures and Environments. This part of the Handbook examines banking systems in the United States, European Union, Japan, Africa, Transition countries, and thedeveloping nations of Asia and Latin America.
The Oxford Handbook of Managerial Economics Por Christopher R. Thomas (Editor); William F. Shughart (Editor)The Oxford Handbook of Managerial Economics, the first of its kind, aims to provide researchers, practitioners, policymakers, and teachers with summaries of the state of the art in the field of managerial economics. Edited by the coauthors of two managerial economics textbooks, comprising 25chapters contributed by leading scholars and business consultants from around the globe, and drawing on the literature of, among others, economics, finance, industrial organization, marketing, behavioral psychology, game theory and auction theory, the Handbook summarizes cutting-edge approaches tothe analysis of the decision-making challenges faced by the managers of for-profit and nonprofit enterprises.The problems addressed run the gamut from cost estimation, product development and promotion, optimal pricing strategies for network industries and make-or-buy decisions, to organizational design, performance pay, corporate governance, strategies for multinational corporations and the socialresponsibilities of business. Each of the managerial economics experts commissioned for the volume also identify the problems that are yet to be solved and thus point the way toward topics for future research. Managerial economics has moved far beyond simply applying neoclassical microeconomictheory to the actual world of practical business decision-making. By illustrating how disciplines other than economics can fruitfully be brought to bear in helping to analyze and to understand the incentives and constraints under which business managers operate, the Handbook fills in the gapsbetween theory and practice. Sometimes technical, but always reader-friendly, no one with an interest in the modern world of business or public policies toward it can afford to ignore the analyses and the important lessons taught by the contributors to it.
Handbook of the Economics of Finance Por George M. Constantinides (Editor); Milton Harris (Editor); Rene M. Stulz (Editor)The 12 articles in this second of two parts condense recent advances on investment vehicles, performance measurement and evaluation, and risk management into a coherent springboard for future research. Written by world leaders in asset pricing research, they present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek authoritative perspectives and important details, this volume shows how the boundaries of asset pricing have expanded and at the same time have grown sharper and more inclusive.
Handbook of the Economics of Risk and Uncertainty Por Mark Machina (Editor); W. Kip Viscusi (Editor)The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments.
Handbook of Monetary Economics Por Benjamin M. Friedman (Editor); Michael Woodford (Editor)How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship.