Finance and accounting Books
Kaplan Publishing FOIUNDATIONS IN AUDIT POCKET NOTES
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£11.40
Kaplan Publishing FOUNDATIONS IN FINANCIAL MANAGEMENT POCKET NOTES
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£11.40
Kaplan Publishing BUSNINESS AND TECHNOLOGY POCKET NOTES
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£13.30
Kaplan Publishing FINANCIAL ACCOUNTING POCKET NOTES
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£13.30
Kaplan Publishing MANAGEMENT ACCOUNTING POCKET NOTES
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£13.30
Kaplan Publishing FINANCIAL ACCOUNTING STUDY TEXT
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£36.90
Kaplan Publishing STRATEGIC BUSINESS REPORTING STUDY TEXT
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£42.30
Kaplan Publishing TAX PROCESSES FOR BUSINESSES (FA23) - STUDY TEXT
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£24.70
Kaplan Publishing PERSONAL TAX (FA23) - POCKET NOTES
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£10.00
Kaplan Publishing FAU FOUNDATIONS IN AUDIT STUDY TEXT
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£24.70
Kaplan Publishing FINANCIAL ACCOUNTING FFA POCKET NOTES
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£11.40
Kaplan Publishing STRATEGIC BUSINESS LEADER POCKET NOTES
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£999.99
Kaplan Publishing STRATEGIC BUSINESS REPORTING POCKET NOTES
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£11.40
Osborne Books Ltd PRINCIPLES OF BOOKKEEPING WORKBOOK
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£16.15
Osborne Books Ltd PERSONAL TAX (FA21) WORKBOOK
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£16.00
Osborne Books Ltd AAT TAX PROCESSES FOR BUSINESSES (FA23) -
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£16.15
Osborne Books Ltd Tax Process for Business FA24 Tutorial
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£999.99
John Wiley & Sons The Missing Billionaires
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£14.40
John Wiley & Sons Inc My Life as a Quant
Book SynopsisIn My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field-analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance.Trade Review"There are few "gentlemen bankers" left these days. Nor is there much room in the great financial houses for anything that smacks of the amateur spirit. That is why Emanuel Derman's memoirs are so compelling…Derman's wry humour and sense of irony are apparent throughout the book." - Financial Times "That sense of being an intruder in outlaw territory lends an intriguing mood to Derman's My Life As a Quant, a literate and entertaining memoir." -Business Week "engaging" --(CFO Europe, October 2005) "Not only a delightful memoir, but one full of information, both about people and their enterprise. I never thought that I would be interested in quantitative financial analysis, but reading this book has been a fascinating education." –Jeremy Bernstein, author of Oppenheimer: Portrait of an Enigma "This wonderful autobiography takes place in that special time when scientists discovered Wall Street and Wall Street discovered them. It is elegantly written by a gifted observer who was a pioneering member of the new profession of financial engineering, with an evident affection both for finance as a science and for the scientists who practice it. Derman’s portrait of how the academics brought their new financial science to the world of business and forever changed it and, especially, his descriptions of the late and extraordinary genius Fischer Black who became his mentor, reveal a surprising humanity where it might be least expected. Who should read this book? Anyone with a serious interest in finance and everyone who simply wants to enjoy a good read."–Stephen Ross, Franco Modigliani Professor of Finance and Economics, Sloan School, MITTable of ContentsPrologue The Two Cultures 1 Chapter 1 Elective Affinities 17 Chapter 2 Dog Years 29 Chapter 3 a Sort of Life 53 Chapter 4 A Sentimental Education 65 Chapter 5 the Mandarins 77 Chapter 6 Knowledge of the Higher Worlds 85 Chapter 7 in the Penal Colony 95 Chapter 8 Stop-time 117 Chapter 9 Transformer 129 Chapter 10 Easy Travel to other Planets 143 Chapter 11 Force of Circumstance 175 Chapter 12 a Severed Head 191 Chapter 13 Civilization and Its Discontents 203 Chapter 14 Laughter in the Dark 225 Chapter 15 The Snows of Yesteryear 251 Chapter 16 the Great Pretender 265 Acknowledgments 271 About the Author 272 Index 273
£15.30
John Wiley & Sons Inc The Destructive Power of Family Wealth
Book SynopsisWealth owners are responsible for more than just assets The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family.Trade Review"..thought provoking and fascinating." (ePrivate Client, January 2017)Table of ContentsPreface xiii Acknowledgments xvii About the Author xxi Introduction 1 Chapter 1 Any Amount of Wealth is Enough to Destroy a Family 7 Chapter 2 The Psychology of Wealth 19 Chapter 3 The Move to Transparency 45 Chapter 4 Understanding the World of Taxation 65 Chapter 5 The Needs of Wealth-Owning Families 95 Chapter 6 The Tools of Wealth Planning 163 Chapter 7 Advisors – We Need Them but Need to Control Them 195 Chapter 8 Getting it Right 215 Addendum: The Need for Dialogue on Tax Transparency 237 Glossary 251 Index 267
£25.60
John Wiley & Sons Inc Accounting Information Systems and Internal
Book SynopsisAccounting Information Systems and Internal Control provides comprehensive approaches to the design and evaluation of internal control systems. In doing so, it covers both the traditional process approach that focuses on individual organizational processes, and a contemporary typology approach that focuses on different types of organizations as unique combinations of organizational processes. In both approaches and throughout the text, IT is considered an integral part and enabler of internal control.Table of ContentsAbout the Authors vii Preface ix PART I Foundations of Internal Control 1 1 Organizations and their Systems 3 2 Internal Control 27 3 Bridging the Gap between Internal Control and Management Control 57 4 The Dynamics of Control and IT 77 5 Documenting and Evaluating Internal Control Systems 119 PART II Internal Control in Various Organizational Processes 141 6 Organizational Processes 143 7 The Purchasing Process 149 8 The Inventory Process 163 9 The Production Process 175 10 The Sales Process 187 11 Secondary Processes 201 PART III Internal Control in Various Types of Organizations 213 12 Typology of Organizations 215 13 Trade Organizations 229 14 Production Organizations 247 15 Service Organizations with a Limited Flow of Goods 277 16 Service Organizations that Put Space and Electronic Capacity at their Customers’ Disposal 297 17 Service Organizations that Put Knowledge and Skills at their Customers’ Disposal 321 18 Governmental and Other Not-for-profi t Organizations 351 Bibliography 363 Glossary 365 Index 377
£51.25
John Wiley & Sons Markets Momentum
Book Synopsis
£31.20
John Wiley & Sons Inc Reminiscences of a Stock Operator
Book Synopsis"Although Reminiscences. was first published some seventy years ago, its take on crowd psychology and market timing is a s timely as last summer's frenzy on the foreign exchange markets.Trade Review"...certainly one of the most entertaining books ever written about stock trading..." (Money magazine, November 2007) "...is a classic that gives readers a sense of a trader's mind..." (Wall Street Journal, August 7, 2006) "... an engaging read, chock-full of pearls of wisdom and amusing anecdotes...candid and analytical style evoking sympathy for the narrator." (Money Week, October 2006) "... contains timeless advice on the markets." (The Independent, Extra, Thu 13th March)Table of ContentsChapter I - 3 Chapter II – 14 Chapter III – 27 Chapter IV – 35 Chapter V – 49 Chapter VI – 60 Chapter VII – 71 Chapter VIII – 77 Chapter IX – 89 Chapter X – 104 Chapter XI – 116 Chapter XII – 127 Chapter XIII – 141 Chapter XIV – 153 Chapter XV – 168 Chapter XVI – 176 Chapter XVII – 190 Chapter XVIII – 203 Chapter XIX – 210 Chapter XX – 216 Chapter XXI – 227 Chapter XXII – 241 Chapter XXIII – 259 Chapter XXIV – 269
£17.00
John Wiley & Sons Inc The Volatility Surface A Practitioners Guide
Book SynopsisPraise for The Volatility Surface "I'm thrilled by the appearance of Jim Gatheral's new book The Volatility Surface. The literature on stochastic volatility is vast, but difficult to penetrate and use. Gatheral's book, by contrast, is accessible and practical.Trade Review“…I do recommend this book…” (Zentralblatt MATH , Vol. 1118 2007/20)Table of ContentsList of Figures xiii List of Tables xix Foreword xxi Preface xxiii Acknowledgments xxvii CHAPTER 1 Stochastic Volatility and Local Volatility 1 Stochastic Volatility 1 Derivation of the Valuation Equation 4 Local Volatility 7 History 7 A Brief Review of Dupire’s Work 8 Derivation of the Dupire Equation 9 Local Volatility in Terms of Implied Volatility 11 Special Case: No Skew 13 Local Variance as a Conditional Expectation of Instantaneous Variance 13 CHAPTER 2 The Heston Model 15 The Process 15 The Heston Solution for European Options 16 A Digression: The Complex Logarithm in the Integration (2.13) 19 Derivation of the Heston Characteristic Function 20 Simulation of the Heston Process 21 Milstein Discretization 22 Sampling from the Exact Transition Law 23 Why the Heston Model Is so Popular 24 CHAPTER 3 The Implied Volatility Surface 25 Getting Implied Volatility from Local Volatilities 25 Model Calibration 25 Understanding Implied Volatility 26 Local Volatility in the Heston Model 31 Ansatz 32 Implied Volatility in the Heston Model 33 The Term Structure of Black-Scholes Implied Volatility in the Heston Model 34 The Black-Scholes Implied Volatility Skew in the Heston Model 35 The SPX Implied Volatility Surface 36 Another Digression: The SVI Parameterization 37 A Heston Fit to the Data 40 Final Remarks on SV Models and Fitting the Volatility Surface 42 CHAPTER 4 The Heston-Nandi Model 43 Local Variance in the Heston-Nandi Model 43 A Numerical Example 44 The Heston-Nandi Density 45 Computation of Local Volatilities 45 Computation of Implied Volatilities 46 Discussion of Results 49 CHAPTER 5 Adding Jumps 50 Why Jumps are Needed 50 Jump Diffusion 52 Derivation of the Valuation Equation 52 Uncertain Jump Size 54 Characteristic Function Methods 56 Lévy Processes 56 Examples of Characteristic Functions for Specific Processes 57 Computing Option Prices from the Characteristic Function 58 Proof of (5.6) 58 Computing Implied Volatility 60 Computing the At-the-Money Volatility Skew 60 How Jumps Impact the Volatility Skew 61 Stochastic Volatility Plus Jumps 65 Stochastic Volatility Plus Jumps in the Underlying Only (SVJ) 65 Some Empirical Fits to the SPX Volatility Surface 66 Stochastic Volatility with Simultaneous Jumps in Stock Price and Volatility (SVJJ) 68 SVJ Fit to the September 15, 2005, SPX Option Data 71 Why the SVJ Model Wins 73 CHAPTER 6 Modeling Default Risk 74 Merton’s Model of Default 74 Intuition 75 Implications for the Volatility Skew 76 Capital Structure Arbitrage 77 Put-Call Parity 77 The Arbitrage 78 Local and Implied Volatility in the Jump-to-Ruin Model 79 The Effect of Default Risk on Option Prices 82 The CreditGrades Model 84 Model Setup 84 Survival Probability 85 Equity Volatility 86 Model Calibration 86 CHAPTER 7 Volatility Surface Asymptotics 87 Short Expirations 87 The Medvedev-Scaillet Result 89 The SABR Model 91 Including Jumps 93 Corollaries 94 Long Expirations: Fouque, Papanicolaou, and Sircar 95 Small Volatility of Volatility: Lewis 96 Extreme Strikes: Roger Lee 97 Example: Black-Scholes 99 Stochastic Volatility Models 99 Asymptotics in Summary 100 CHAPTER 8 Dynamics of the Volatility Surface 101 Dynamics of the Volatility Skew under Stochastic Volatility 101 Dynamics of the Volatility Skew under Local Volatility 102 Stochastic Implied Volatility Models 103 Digital Options and Digital Cliquets 103 Valuing Digital Options 104 Digital Cliquets 104 CHAPTER 9 Barrier Options 107 Definitions 107 Limiting Cases 108 Limit Orders 108 European Capped Calls 109 The Reflection Principle 109 The Lookback Hedging Argument 112 One-Touch Options Again 113 Put-Call Symmetry 113 QuasiStatic Hedging and Qualitative Valuation 114 Out-of-the-Money Barrier Options 114 One-Touch Options 115 Live-Out Options 116 Lookback Options 117 Adjusting for Discrete Monitoring 117 Discretely Monitored Lookback Options 119 Parisian Options 120 Some Applications of Barrier Options 120 Ladders 120 Ranges 120 Conclusion 121 CHAPTER 10 Exotic Cliquets 122 Locally Capped Globally Floored Cliquet 122 Valuation under Heston and Local Volatility Assumptions 123 Performance 124 Reverse Cliquet 125 Valuation under Heston and Local Volatility Assumptions 126 Performance 127 Napoleon 127 Valuation under Heston and Local Volatility Assumptions 128 Performance 130 Investor Motivation 130 More on Napoleons 131 CHAPTER 11 Volatility Derivatives 133 Spanning Generalized European Payoffs 133 Example: European Options 134 Example: Amortizing Options 135 The Log Contract 135 Variance and Volatility Swaps 136 Variance Swaps 137 Variance Swaps in the Heston Model 138 Dependence on Skew and Curvature 138 The Effect of Jumps 140 Volatility Swaps 143 Convexity Adjustment in the Heston Model 144 Valuing Volatility Derivatives 146 Fair Value of the Power Payoff 146 The Laplace Transform of Quadratic Variation under Zero Correlation 147 The Fair Value of Volatility under Zero Correlation 149 A Simple Lognormal Model 151 Options on Volatility: More on Model Independence 154 Listed Quadratic-Variation Based Securities 156 The VIX Index 156 VXB Futures 158 Knock-on Benefits 160 Summary 161 Postscript 162 Bibliography 163 Index 169
£46.40
John Wiley & Sons Start Thinking Rich
Book Synopsis
£20.39
John Wiley & Sons The Elements of Quantitative Investing
Book Synopsis
£52.50
Pearson Education Limited Corporate Finance Principles and Practice
Book SynopsisDenzil Watson is a Principal Lecturer at the Sheffield Business School at Sheffield Hallam University, and the Student Experience lead for the Department of Finance, Accounting and Business Systems. He has extensive experience teaching Corporate Finance, Managerial Finance and Strategic Financial Management over many years and in a wide range of courses at undergraduate, postgraduate and professional levels. Antony Head was formerly the Principal Lecturer in Financial Management and leader of the Financial Accounting and Management Accounting subject group at the Sheffield Business School, at Sheffield Hallam University. Dr Dora Chan is a lecturer at the Sheffield Business School and leads on a range of strategic management accounting modules at undergraduate, postgraduate and professional levels. as well as leading Dora also leads postgraduate Research Methods and Dissertation modules, acting as a supervisor for MasteTable of ContentsPreface Acknowledgements The finance function Capital markets, market efficiency and ratio analysis Short-term finance and working capital management Long-term finance: equity finance Long-term finance: debt finance, hybrid finance and leasing An overview of investment appraisal methods Investment appraisal: applications and risk Portfolio theory and the capital asset pricing model The cost of capital and capital structure Dividend Policy Mergers and takeovers Risk Management Answers to self-test questions Glossary Present value tables Index
£58.89
Profile Books Ltd The Economist Numbers Guide 6th Edition: The
Book SynopsisDesigned as a companion to The Economist Style Guide, the best-selling guide to writing style, The Economist Numbers Guide is invaluable for everyone who has to work with numbers, which in today's commercially focussed world means most managers. In addition to general advice on basic numeracy, the guide points out common errors and explains the recognised techniques for solving financial problems, analysing information of any kind, forecasting and effective decision making. Over 100 charts, graphs, tables and feature boxes highlight key points, and great emphasis is put on the all-important aspect of how you present and communicate numerical information effectively and honestly. At the back of the book is an extensive A-Z dictionary of terms covering everything from amortisation to zero-sum game. Whatever your business, whatever your management role, for anyone who needs a good head for figures The Economist Numbers Guide will prove invaluable.
£999.99
John Wiley & Sons Coming into View How AI and Rising Debt Will Res
Book Synopsis
£18.70
John Wiley & Sons Inc RedBlooded Risk
Book SynopsisAn innovative guide that identifies what distinguishes the best financial risk takers from the rest From 1987 to 1992, a small group of Wall Street quants invented an entirely new way of managing risk to maximize success: risk management for risk-takers. This is the secret that lets tiny quantitative edges create hedge fund billionaires, and defines the powerful modern global derivatives economy. The same practical techniques are still used today by risk-takers in finance as well as many other fields. Red-Blooded Risk examines this approach and offers valuable advice for the calculated risk-takers who need precise quantitative guidance that will help separate them from the rest of the pack. While most commentators say that the last financial crisis proved it''s time to follow risk-minimizing techniques, they''re wrong. The only way to succeed at anything is to manage true risk, which includes the chance of loss. Red-Blooded Risk presents specific, actionTrade Review"Wickedly original, one of the most fascinating accounts I have ever seen. A rollicking and highly opinionated read." (Risk Professional, October 2011) “No one who reads Red-Blooded Risk: The Secret History of Wall Street will ever again regard risk management as a necessary but unproductive appendage of the financial industry. Other authors have chronicled how quantitative finance influenced investment management, but Aaron Brown has made a compelling case for a far more profound economic impact. . . If Red-Blooded Risk: The Secret History of Wall Street dealt with nothing more than the inadequacy of models used in highly important activities, it would represent a valuable contribution to financial economics. Brown’s book, however, covers a great deal more than econometric malpractice. Probably no other book offers as much insight into the process with so little resort to mathematical notation. Especially valuable are Brown’s discussions of middle-office risk management and value at risk, comparatively recent innovations that are essential to understanding modern financial institutions. Readers of Red-Blooded Risk should be prepared to have many of their assumptions challenged. Red-Blooded Risk is one of the most original and thought-provoking books reviewed in these pages in the past 20 years. No one who reads it will ever again regard risk management as a necessary but unproductive appendage of the financial industry. Other authors have chronicled how quantitative finance influenced investment management, but Aaron Brown has made a compelling case for a far more profound economic impact.” —Martin S. Fridson, CFA Institute Publications Book Reviews “Red-Blooded Risk mixes risk history and philosophy nimbly and provides a perspective that can be both refreshing and challenging (often on the same page). While the book is not without weaknesses, it is also brimming with original perspectives and controversial opinions. Those who work in risk management or quantitative finance will enjoy Brown’s story-telling and expert perspectives, even if they do not share his views, while non-quants will find his insights and confessions to be a useful glimpse into the psyche and ethos of an influential group of early quantitative risk takers. —Roger M. Stein, Research and Academic Relations, Moody’s Corporation, as reviewed in Quantitative Finance (August 6, 2012)Table of ContentsAcknowledgments xi Chapter 1 What This Book Is and Why You Should Read It 1 Risk, Danger, and Opportunity 2 Red- Blooded Risk Management 4 Risk and Life 7 Play and Money 9 Frequentism 11 Rationality 13 Bets 15 Exponentials and Culture 18 Payoff 20 Chapter 2 Red Blood and Blue Blood 23 Chapter 3 Pascal’s Wager and the Seven Principles of Risk Management 29 Principle I: Risk Duality 32 Principle II: Valuable Boundary 33 Principle III: Risk Ignition 35 Principle IV: Money 38 Outside the VaR Boundary 40 Principle V: Evolution 45 Principle VI: Superposition 48 Principle VII: Game Theory 49 Chapter 4 The Secret History of Wall Street: 1654– 1982 57 Pascal and Fermat 58 Poker 61 Advantage Gamblers 62 Sports Betting 63 Quants to Wall Street 66 Finance People 68 Real Finance 69 Chapter 5 When Harry Met Kelly 73 Kelly 74 Harry 76 Commodity Futures 79 If Harry Knew Kelly 84 Investment Growth Theory 88 eRaider.com 92 MPT Out in the World 96 Chapter 6 Exponentials, Vampires, Zombies, and Tulips 101 Types of Growth 102 The Negative Side 105 Tulips 106 Tulip Propaganda 108 Quantitative Tulip Modeling 111 Money 112 Chapter 7 Money 117 Chapter 8 The Story of Money: The Past 125 Property, Exchange, and Money 126 Paleonomics 128 Transition 131 What Money Does 134 Risk 135 Government and Paper 138 Paper versus Metal 142 1776 and All That 145 Andrew Dexter 147 A Short Digression into Politics and Religion 150 Chapter 9 The Secret History of Wall Street: 1983– 1987 155 Efficient Markets 157 Anomalies 159 The Price Is Right Not! 161 Efficiency versus Equilibrium 162 Beating the Market 165 Paths 170 Sharpe Ratios and Wealth 174 1987 177 Chapter 10 The Story of Money: The Future 179 Farmers and Millers 180 Money, New and Improved 183 A General Theory of Money 185 Value and Money 189 Numeraire 191 Clearinghouses 196 Cash 197 Derivative Money 200 The End of Paper 203 Chapter 11 Cold Blood 207 Chapter 12 What Does a Risk Manager Do?—Inside VaR 213 Professional Standards 213 Front Office 215 Trading Risk 217 Quants on the Job 218 Middle Office 222 Back Office 225 Middle Office Again 227 Looking Backward 228 Risk Control 230 Beyond Profit and Loss 232 Numbers 234 The Banks of the Charles 236 Waste 238 The Banks of the Potomac 241 The Summer of My Discontent 245 Validation 247 Chapter 13 VaR of the Jungle 251 Chapter 14 The Secret History of Wall Street: 1988– 1992 255 Smile 256 Back to the Dissertation 258 Three Paths 262 An Unexpected Twist 265 Surprise! 267 Computing VaR 271 Chapter 15 Hot Blood and Thin Blood 277 Chapter 16 What Does a Risk Manager Do?— Outside VaR 283 Stress Tests 283 Trans-VaR Scenarios 287 Black Holes 289 Why Risk Managers Failed to Prevent the Financial Crisis 290 Managing Risk 296 Unspeakable Truth Number One: Risk Managers Should Make Sure Firms Fail 299 Unspeakable Truth Number Two: There’s Good Stuff beyond the VaR Limit 305 Unspeakable Truth Number Three: Risk Managers Create Risk 309 Chapter 17 The Story of Risk 313 Chapter 18 Frequency versus Degree of Belief 323 Statistical Games 324 Thorp, Black, Scholes, and Merton 329 Change of Numeraire 333 Polling 336 The Quant Revolution 341 Chapter 19 The Secret History of Wall Street: 1993– 2007 345 Where Did the Money Come From? 348 Where Did They Put the Money? 359 Where Did the Money Go? 364 Chapter 20 The Secret History of Wall Street: The 2007 Crisis and Beyond 369 Postmortem 379 A Risk Management Curriculum 387 One Hundred Useful Books 393 About the Author 401 About the Illustrator 403 Index 405
£23.80
John Wiley & Sons Inc The SmallCap Investor
Book SynopsisSmall-cap stocks, those publicly traded companies with market capitalizations less than $2 billion, can yield significant gains that are impossible to find in larger stocks. They''ve also proven to be among the most attractive investments after a financial downturn. Unfortunately, information about how to successfully invest in these smaller companies has been hard to find?until now. Author Ian Wyatt is dedicated to helping investors find great companies at bargain prices before Wall Street or Main Street catches on. As the Chief Investment Strategist of SmallCapInvestor.com, he''s guided countless individuals in their quest to capture small-cap investing success. Now, with The Small-Cap Investor, Wyatt will help you do the same. Throughout the book, Wyatt clearly outlines his proven investment process and the systems that are involved?detailing eight straightforward steps you need to take to find, research, and analyze small-cap stocks that could put big Table of ContentsAcknowledgments xi INTRODUCTION The Story of a Small-Cap Investor 1 CHAPTER 1 Start Small, Finish Big—Discover Big Profits in Small-Cap Stocks 9 Small-Cap Investor: Eight-Step Process for Big Profits from Small Stocks 10 Small Caps as Generators of Growth 11 An Example of Small-Cap Success 15 Small-Cap Value Stocks Outperform Large-Cap Growth Stocks 19 Profitable Small Caps Don’t Always Make Gains on Day One 19 The Inefficient Market Theory: The Small-Cap Advantage 24 The Market as an Emotional Being 25 CHAPTER 2 Big Ideas for Big Profits 29 Spotting the Next Big Idea 30 Expanding Your Search 36 The Competitive Edge 37 Spotting Institutional Activity 38 CHAPTER 3 Finding Great Small-Cap Stocks 43 Growth + Value = Profits 43 Success Stories from the Past 50 IPOs Are the Genesis of Small Caps 53 Spotting Growth Sector Trends 55 News You Can Use 59 You’ve Found an Interesting Trend or Company—Now What? 60 CHAPTER 4 Understanding and Evaluating Financial Statements 65 Generally Accepted Accounting Principles and the Basics of Accrual Accounting 67 Financial Statements Made Simple 69 Ten Key Metrics to Review in Every Financial Statement 72 What Exactly Are Earnings? 76 A Quality Test: Cash Flow Instead of Earnings 83 Ten Accounting Red Flags 86 CHAPTER 5 Financial Projections and Valuations 91 Understanding Financial Guidance 92 A Reality Check 93 Guidance Caveats 96 Interpreting Analyst Estimates 97 Companies Play the Earnings Game 98 Financial Trends for Spotting Promising Small Caps 99 CHAPTER 6 Taking the Mystery Out of Technical Analysis and Trading for Quick Profits 103 Some Technical Basics 105 Accumulation and Distribution 118 The Relative Price of a Stock 120 CHAPTER 7 Trading Strategies for Successfully Buying and Selling Small-Cap Stocks 123 Liquidity Considerations with Small-Cap Investing 124 Risk Tolerance 127 Risk Awareness, an Essential Attribute 130 Timing Decisions 133 Trading Techniques 136 CHAPTER 8 Portfolio Diversification and Allocation 139 Equity Diversification Methods 140 Diversification Mistakes 141 Overdiversification 142 Using Mutual Funds and ETFs to Diversify 143 Risk Tolerance as a Means for Diversifying Your Portfolio 147 Asset Allocation Basics 148 CHAPTER 9 Buy Small Caps to Grow Your Portfolio 151 A Track Record of Small-Cap Success 152 The Key Drivers to Growth 153 Early Bird Gets the Worm 154 Appendix 159 Notes 163 About the Author 165 Index 167
£18.69
John Wiley & Sons Inc Corporate and Project Finance Modeling
Book SynopsisA clear and comprehensive guide to financial modeling and valuation with extensive case studies and practice exercises Corporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic. Written by a globally-recognized financial and economic consultant, this book provides a thorough explanation of financial modeling and analysis while describing the practical application of newly-developed techniques. Theoretical discussion, case studies and step-by-step guides allow readers to master many difficult modeling problems and also explain how to build highly structured models from the ground up. The companion website includes downloadable examples, templates, and hundreds of exercises that allow readers to immediately apply the complex ideas discussed. Financial valuation is an in-depth process, involving both objective and subjective parameters. Precise modeling is critical, and thorough, accurate analysis is whatTable of ContentsPreface xvii Acknowledgments xxiii Part I Financial Modeling Structure and Design: Structure and Mechanics of Developing Financial Models For Corporate Finance and Project Finance Analysis Chapter 1 Financial Modeling and Valuation Nightmares: Problems That Financial Models Cannot Solve 3 Chapter 2 Becoming a Black Belt Modeler 9 Chapter 3 General Model Objectives of Structuring Transactions, Risk Analysis, and Valuation 13 Chapter 4 The Structure of Alternative Financial Models 17 Structure of a Corporate Model: Incorporating History and Deriving Forecasts from Historical Analysis 21 Use of the INDEX Function in Corporate Models 26 Easing the Pain of Acquiring PDF Data 28 Structure of a Project Finance Model That Accounts for Different Risks in Different Phases over the Life of a Project 30 Reconciliation of Internal Rate of Return in Project Finance with Return on Investment in Corporate Finance 33 Structure of an Acquisition Model: Alternative Transaction Prices and Financing Terms 35 Structure of an Integrated Merger Model: Forecasting Earnings per Share 37 Chapter 5 Avoiding Bad Programming Practices and Creating Effective Auditing Processes 41 How to Make Financial Models More Efficient and Accurate 44 Chapter 6 Developing and Efficiently Organizing Assumptions 55 Assumptions in Demand-Driven Models versus Supply-Driven Models: The Danger of Overcapacity in an Industry 55 Creating a Flexible Input Structure for Model Assumptions 60 Alternative Input Structures for Project Finance and Corporate Finance Models 62 Setting Up Inputs with Code Numbers and the INDEX Function 62 Chapter 7 Structuring Time Lines 67 Timing in Corporate Finance Models: Distinguishing the Historical Period, Explicit Period, and Terminal Period 67 Development to Decommissioning: Phases in the Life of a Project Finance Model 69 Timing in Acquisition Models: Separating the Transaction Period, the Holding Period, and the Exit Period 70 Structuring a Time Line to Measure History, Explicit Periods, and Terminal Periods in Corporate Models and Risk Phases in Project Finance Models 72 Computing Start of Period and End of Period Dates 73 TRUE and FALSE Switches in Modeling Time Periods 75 Computing the Age of a Project in Years on a Monthly, Quarterly, or Semiannual Basis 77 The Magic of a HISTORIC Switch in a Corporate Model 78 Transferring Data from a Corporate Model to an Acquisition Model Using MATCH and INDEX Functions 82 Chapter 8 Projecting Revenues, Expenses, and Capital Expenditures to Derive Pretax Cash Flow 85 Transparent Calculations of Pretax Cash Flow 85 Inflation and Growth Rates in Calculations of Pretax Cash Flow 88 Valuation Analysis from Prefinancing, Pretax Cash Flow 90 Chapter 9 Moving from Pretax Cash Flow to After-Tax Free Cash Flow 91 Working Capital Analysis 91 Problems in Computing Depreciation Expense in Corporate Models Involving Asset Retirements 92 Portfolios of Assets with a Vintage Process 94 Accounting for Asset Retirements in Corporate Models 99 Alternative Methods for Deriving Retirements Associated with Existing Assets in Corporate Models 103 Depreciation Issues in Project Finance Models 109 Modeling the Change in Deferred Taxes in Corporate Models 110 Adjusting the Tax Basis in an Acquisition 111 Chapter 10 Adding Debt to a Corporate or Project Finance Model by Programming Cash Flow Waterfalls 113 Adding the Debt Schedule to a Financial Model 114 Modeling Scheduled Debt Repayments 116 Connecting Debt to Cash Flow in Corporate Models 117 With a Structured Process, You Can Model Any Cash Flow Waterfall 119 Defaults on Debt and Measuring the Debt Internal Rate of Return 124 Assessing Risk and Return Characteristics of Subordinated Debt 127 Chapter 11 Alternative Calculations of Equity Distributions 131 Modeling Dividend Distributions 132 Computing a Target Capital Structure through Simulating New Equity Issues and Buybacks 136 Chapter 12 Putting Together Financial Statements and Calculating Income Taxes 139 Computation of Taxes Paid and Taxes Deferred 140 Cash Flow Statement and Balance Sheet 144 Part II Analyzing Risks With Financial Models: Sensitivity Analysis, Scenario Analysis, Break-Even Analysis, Time Series, and Monte Carlo Simulation Chapter 13 Risk Assessment: The Centerpiece of All Valuation, Contracting, and Credit Issues in Finance 149 Six Alternative Ways to Assess the Risk of a Company, a Project, or a Contract 151 Using Direct Risk Assessment to Measure Cash Flow and Financial Ratios 154 Chapter 14 Defining, Describing, and Assessing Risk in a Risk Allocation Matrix 159 Chapter 15 Presentation of Risk Analysis through Adding Sensitivity Analysis to Financial Models 165 Setting Up Data for Making Graphs by Converting Periodic Data into Annual, Semiannual, or Quarterly Data 167 Using the INDIRECT Function to Automate Conversion to Time Period Data 172 Making Flexible Graphs for Sensitivity Analysis 173 Chapter 16 Using Financial Models to Establish Break-Even Points for Key Input Variables with Data Tables 185 Establishing Break-Even Criteria When Analyzing Financial Models 188 Mechanics of Using Data Tables to Compute Break-Even Points Automatically 193 Creating Data Tables Using VBA Instead of the Data Table Tool 201 Summary of Break-Even Analysis 205 Chapter 17 Constructing Flexible Scenario Analysis for Risk Assessment 207 Mechanics of Scenario Analysis 210 Using VBA Code to Create a Scenario Analysis 221 Getting the Best of Both Worlds: Creating a Special Custom Scenario That Allows Use of Spinner Buttons and Drop-Down Boxes 223 Chapter 18 Generating Tornado Diagrams, Spider Charts, and Waterfall Graphs 231 Tornado Diagrams That Display Which Variables Have the Largest Effect on Value and Which Variables Have the Least Effect on an Output Variable 232 Creating a Tornado Diagram by Extending Scenario Analysis 234 Creating a Tornado Diagram Using a Two-Way Data Table 242 Spider Diagrams That Illustrate How Each Range in Input Variables Affects an Output Variable 246 How to Create a Spider Diagram Using a Two-Way Data Table 247 Presenting Sensitivity Analysis with a Waterfall Chart 250 Chapter 19 Adding Probabilistic Risk Analysis and Time Series Equations to Financial Models 253 Definition of Some Terms for Adding Stochastic Analysis to Your Financial Models 256 Using Probability Distributions with Spreadsheet Functions Rather Than Equations with Greek Letters 258 Chapter 20 Taking the Mystery out of Applying Time Series Analysis and Monte Carlo Simulation in Financial Models 263 Step-by-Step Procedure to Incorporate a Monte Carlo Simulation into Your Models 266 Chapter 21 Constructing Probability Distributions with Trends, Mean Reversion, Price Boundaries, and Correlations among Variables 277 Starting Point for Developing Time Series Equations—Brownian Motion and Normal Distributions 279 Testing the Assumption That Input Variables Are Normally Distributed 281 Price Boundaries and Short-Run Marginal Cost 285 Mean Reversion and Long-Run Equilibrium Analysis 286 Modeling Correlations among Variables in Time Series Equations 289 Chapter 22 The Difficult Problem of Estimating Volatility, Mean Reversion, Time Trends, Correlations, and Price Boundaries from Historical Data or Market Data 295 Calculation of Volatility from a Random Walk Process 296 Attempting to Measure the Presence of Mean Reversion in Historical Data 297 Attempting to Measure the Presence of Mean Reversion by Evaluating Changes in Periodic Volatility 300 Risk Analysis Summary 303 Part III Advanced Corporate Modeling: Modeling Terminal Value With Stable Ratios In the Discounted Cash Flow Model, Deriving Implied Multiples, and Computing the Ridge Between Equity Value and Enterprise Value Chapter 23 Overview of Issues When Computing Normalized Cash Flow and Terminal Value 307 Chapter 24 Computing the Return on Invested Capital for Historical and Projected Periods in Corporate Models 313 Working with a Free Cash Flow Perspective, an Equity Cash Flow Perspective, or Both in Computing Financial Ratios 314 Presenting Return on Invested Capital in Financial Models 316 Chapter 25 Calculation of Invested Capital 321 Dissecting the Financial Structure of a Corporation to Understand the Bridge from Enterprise Value to Equity Value 323 Drawing an Imaginary Line underneath EBIT to Understand the Financial Structure of a Corporation 326 Constructing a Long-Term Model to Create Proof of Corporate Finance Concepts 328 Chapter 26 Complex Items in Balance Sheet Analysis: Deferred Taxes, Operating Cash, and Derivative Assets 337 Treatment of Accumulated Deferred Taxes Arising from Depreciation 337 Classification of Operating Cash That Produces Interest Income below the EBITDA Line 341 Treatment of Derivative Assets and Liabilities Depending on How Derivatives Affect EBITDA 344 Chapter 27 Four General Terminal Value Methods 347 Method 1: Stable Growth Using the (1 + g)/(WACC – g) Formula 349 Method 2: Value Driver Method—Incorporating the Return Relative to Cost of Capital in Terminal Value 351 Method 3: Use of Multiples from Comparative Analysis 352 Method 4: Derived Multiple Formula 353 Chapter 28 Terminal Value and Philosophy: Company Growth Rates and Overall Economic Growth 357 Computing Transition Periods Using Compound Growth Rates and Switch Variables 359 Computing Explicit Period Cash Flow and Terminal Value with Different Starting and Ending Points 362 Computing Value with Changing Weighted Average Cost of Capital and a Midyear Convention 365 Chapter 29 Normalizing Terminal Year Cash Flows for Stable Working Capital Investment 369 Effect of Changes in Growth on Working Capital Investment, Capital Expenditures, Depreciation, and Deferred Taxes 370 Developing a Simple Equation for Normalizing Working Capital 371 Incorporating Terminal Period Normalized Cash Flow in a Corporate Model 375 Chapter 30 Relationship of Growth, Capital Expenditures, Depreciation, and Return on Investment 377 The Long-Term Stable Ratio of Capital Expenditures to Depreciation and the Ratio of Depreciation Expense to Net Plant 378 Computing the Ratio of Capital Expenditures to Depreciation When Historical Growth Differs from Prospective Growth 385 Computing the Ratio of Capital Expenditures to Depreciation 390 Implementing the Stable Ratio of Capital Expenditures to Depreciation in Valuation Analysis 393 Chapter 31 Computing Normalized Deferred Tax Changes 399 Stable Ratio of Deferred Tax to Capital Expenditure without Change in Growth Rate 400 Normalized Deferred Tax with Change in Growth Rate 404 Chapter 32 Terminal Value and the Ability of a Company to Earn Returns above the Cost of Capital 407 The Myth of Convergence of Return on Capital to Cost of Capital 408 Chapter 33 Errors and Distortions in Applying the Value Driver Formula 415 Deriving the Value Driver Formula for the Price/Earnings Ratio and Equity Value 416 Deriving Implicit Assumptions about the Progression of the Incremental Return on Equity in the Equity-Based Value Driver Formula 418 Deriving the Value Driver Formula Using the Return on Invested Capital and the Weighted Average Cost of Capital 425 Biases in the Value Driver Formula in a Case with Only Working Capital 427 Problems of the Value Driver Formula When Invested Capital Includes Net Plant 432 Chapter 34 Computing Implied Price/Earnings Ratios for Use in Terminal Value Calculations 435 Model for Deriving the P/E Ratio from Value Drivers 438 Chapter 35 Computing an Implied EV/EBITDA Ratio in Terminal Value Calculations 445 Simulation Model to Derive Implied EV/EBITDA Ratio from Invested Capital with Constant Growth 446 Function to Derive Implied EV/EBITDA Ratio 448 Comprehensive Analysis to Derive Implied EV/EBITDA Ratio with Changing Growth, Deferred Taxes, and Working Capital 449 Chapter 36 Developing Value Drivers for P/E and EV/EBITDA Ratios with Benchmarking and Regression 453 Benchmarking Multiples to Derive Cost of Capital 454 Downloading Data for a Sample of Companies from the Internet into a Spreadsheet 455 Running Regression Analysis on Financial Data 458 Advanced Corporate Modeling Summary 460 Part IV Complex Issues: Circular References and Other Complex Issues From Financial Structuring In Project Finance and Corporate Finance Models Chapter 37 Resolving Circular References in Acquisition Models: Computing Interest Expense on the Average Balance of Debt 465 Circular References and Use of Opening Balances in Annual Models 466 Alternative Techniques for Solving Circular Reference Logic Problems in Financial Models 468 Resolution of Circular References from a Cash Flow Sweep Using the Iteration Button 470 Solving Circular References from Cash Sweeps with Goal Seek and Solver 472 Solving Basic Circular References from Cash Sweeps with a Horrible Copy and Paste Macro 474 Solving Circular References Related to a Cash Sweep Using Algebra 475 Solving Circular References with Functions That Iterate around Equations That Cause the Problem 479 Chapter 38 Creating a Structured Cash Flow Process in a Corporate Model to Resolve Circular References 483 Structuring a Corporate Model with a Cash Flow Waterfall 483 Resolving Circular References in a Corporate Model Using an Iterative User-Defined Function 487 Chapter 39 Overview of Complex Project Finance Modeling Structuring Issues 491 Difficult Project Finance Problems: Structuring versus Risk Analysis Elements of a Model 493 Items in Project Finance Models That Cause Circularity 495 Chapter 40 Funding Techniques in Project Finance and the Associated Circular Reference Problems 497 Case 1: No Circular Reference—Pro-Rata Funding, Interest Paid during Construction, and Debt Size from Cash Flow 499 Case 2: Circular Reference from Pro-Rata Funding with Capitalized Interest or Debt Ratio Input 501 Case 3: Pro-Rata Funding with Capitalized Fees 506 Case 4: Cascade with Equity Funded before Debt That Can Be Solved with Backward Induction 508 Case 5: Bond Financing in a Single Period 513 Chapter 41 Debt Sculpting in a Project Finance Model 515 Sculpting Method 1: Use of Solver 517 Sculpting Method 2: Goal Seek and Algebra 519 Sculpting Method 3: Net Present Value of Target Debt Service 521 Sculpting Method 4: Backward Induction 524 Sculpting Approaches in Complex Cases with Taxes, Debt Service Reserve Accounts, and Interest Income 526 Solving Difficult Sculpting Problems with User-Defined Functions 532 Chapter 42 Automating the Goal Seek Process for Annuity and Equal Installment Repayments 539 Debt Sizing with Level Repayments or Annuity Repayments Using a Goal Seek Macro 541 Computing Debt Size for Equal Installment Structuring with a User-Defined Function 542 Computing Debt Size for Annuity Structure with User-Defined Function 545 Chapter 43 Modeling Debt Service Reserve Accounts 547 Structuring the Debt Service Reserve Account in a Project Finance Model 548 Avoiding Circular References in Funding Debt Service Reserve Accounts through Separating Construction Debt from Permanent Debt 550 Avoiding Circular References Due to Cash Flow Sweeps and the Debt Service Reserve Account 552 Chapter 44 Modeling Maintenance Reserve Accounts 555 MRA Case 1: Constant Maintenance Time Period Increments and Level Expenditures 556 MRA Case 2: Constant Time Period Increments and Changing Expenditures 557 MRA Case 3: Varying Time Period Increments and Changing Expenditures Using the MATCH Function 559 Chapter 45 Refinancing and Valuing a Project Given Risk Changes over the Life of a Project 563 Computed Internal Rate of Return with Changes in Discount Rate over Project Life 563 Effects of Refinancing on the Value of a Project 565 Mechanics of Implementing Refinancing into a Project Finance Model 568 Chapter 46 Covenants and Cash Flow Sweeps in Project Finance Models 571 Mechanics of Modeling Covenants and Cash Flow Sweeps 572 Chapter 47 Asset Portfolios, Progress Payments, and Lease Rolls in Real Estate Models 577 Modeling a Single Real Estate Project 579 Modeling Multiple Projects That Are Part of a Combined Portfolio with Percent of Time Function 580 Modeling a Portfolio with the INDEX Function and Data Table Tools 584 About the Author 589 About the Website 591 Index 593
£41.60
John Wiley & Sons Inc Expected Returns
Book SynopsisThis comprehensive reference delivers a toolkit for harvesting market rewards from a wide range of investments. Written by a world-renowned industry expert, the reference discusses how to forecast returns under different parameters.Trade Review"Every investor will find something of value in this book" (Professional Investor, October 2015)Table of ContentsForeword by Clifford Asness xi Acknowledgments xvii Abbreviations and acronyms xix Part I Overview, Historical Returns, and Academic Theories 1 1 Introduction 3 1.1 Historical performance 7 1.2 Financial and behavioral theories: A brief history of ideas 9 1.3 Forward-looking indicators 13 1.4 View-based expected returns 15 1.5 General comments about the book 16 1.6 Notes 20 2 Whetting the appetite: Historical averages and forward-looking returns 23 2.1 Historical performance since 1990 24 2.2 Sample-specific results: Dealing with the pitfalls 27 2.3 Forward-looking return indicators 32 2.4 Notes 35 3 The historical record: The past 20 years in a longer perspective 37 3.1 Stocks 39 3.2 Bonds 43 3.3 Real asset investing and active investing 47 3.4 FX and money markets 50 3.5 Real return histories 52 3.6 Notes 52 4 Road map to terminology 57 4.1 Constant or time-varying expected returns? 57 4.2 Rational or irrational expectations formation? 58 4.3 Return measurement issues 59 4.4 Returns in what currency? 60 4.5 Risk-adjusted returns 61 4.6 Biased returns 63 4.7 Notes 63 5 Rational theories on expected return determination 65 5.1 The old world 66 5.2 The new world 68 5.3 Detour: a brief survey of the efficient markets hypothesis 81 5.4 Notes 83 6 Behavioral finance 87 6.1 Limits to arbitrage 87 6.2 Psychology 89 6.3 Applications 98 6.4 Conclusion 106 6.5 Notes 107 7 Alternative interpretations for return predictability 111 7.1 Risk premia or market inefficiency 111 7.2 Data mining and other “mirage'' explanations 112 7.3 Notes 115 Part II A Dozen Case Studies 117 8 Equity risk premium 119 8.1 Introduction and terminology 119 8.2 Theories and the equity premium puzzle 120 8.3 Historical equity premium 122 8.4 Forward-looking (ex ante objective) long-term expected return measures 128 8.5 Survey-based subjective expectations 141 8.6 Tactical forecasting for market timing 144 8.7 Notes 149 9 Bond risk premium 153 9.1 Introduction, terminology, and theories 153 9.2 Historical average returns 157 9.3 Alternative ex ante measures of the BRP 160 9.4 Yield curve steepness: important predictive relations 161 9.5 Explaining BRP behavior: first targets, then four drivers 164 9.6 Tactical forecasting—duration timing 174 9.7 Notes 177 10 Credit risk premium 179 10.1 Introduction, terminology, and theory 179 10.2 Historical average excess returns 183 10.3 Focus on front-end trading—a pocket of attractive reward to risk 188 10.4 Understanding credit spreads and their drivers 191 10.5 Tactical forecasting of corporate bond outperformance 198 10.6 Assessing other non-government debt 199 10.7 Concluding remarks 204 10.8 Notes 205 11 Alternative asset premia 207 11.1 Introduction to alternatives 207 11.2 Real estate 210 11.3 Commodities 219 11.4 Hedge funds 226 11.5 Private equity funds 241 11.6 Notes 245 12 Value-oriented equity selection 249 12.1 Introduction to dynamic strategies 249 12.2 Equity value: introduction and historical performance 251 12.3 Tweaks including style timing 258 12.4 The reasons value works 261 12.5 Does the value strategy work in equities beyond individual stock selection or in market or sector selection in other asset classes? 265 12.6 Relations between value and other indicators for equity selection 267 12.7 Notes 268 13 Currency carry 271 13.1 Introduction 271 13.2 Historical average returns 272 13.3 Improvements/refinements to the baseline carry strategy 276 13.4 Why do carry strategies work? 282 13.5 Carry here, carry there, carry everywhere 288 13.6 Notes 290 14 Commodity momentum and trend following 293 14.1 Introduction 293 14.2 Performance of simple commodity momentum strategies 294 14.3 Tweaks 298 14.4 Why does momentum—such a naive strategy—work? 299 14.5 Momentum in other asset classes 301 14.6 Notes 305 15 Volatility selling (on equity indices) 307 15.1 Introduction 307 15.2 Historical performance of volatility-trading strategies 311 15.3 Tweaks/Refinements 314 15.4 The reasons volatility selling is profitable 315 15.5 Other assets 319 15.6 Notes 319 16 Growth factor and growth premium 321 16.1 Introduction to underlying factors in Chapters 16–19 321 16.2 Introduction to the growth factor 327 16.3 Theory and evidence on growth 328 16.4 Asset market relations 331 16.5 Time-varying growth premium 338 16.6 Notes 338 17 Inflation factor and inflation premium 341 17.1 Introduction 341 17.2 Inflation process—history, determinants, expectations 345 17.3 Inflation sensitivity of major asset classes and the inflation premium 350 17.4 Time-varying inflation premium 356 17.5 Notes 356 18 Liquidity factor and illiquidity premium 359 18.1 Introduction 359 18.2 Factor history: how does liquidity itself vary over time? 362 18.3 Historical evidence on average liquidity-related premia 365 18.4 Time-varying illiquidity premia 370 18.5 Note 374 19 Tail risks (volatility, correlation, skewness) 375 19.1 Introduction 375 19.2 Factor history 378 19.3 Historical evidence on average asset returns vs. volatility and correlation 380 19.4 Theory and evidence on the skewness premium 389 19.5 Verdict on why high-volatility assets fare so poorly 392 19.6 Time-varying premia for tail risk exposures 395 19.7 Notes 396 Part III Back to Broader Themes 399 20 Endogenous return and risk: Feedback effects on expected returns 401 20.1 Feedback loops on the direction of risky assets 401 20.2 Feedback loops on less directional positions 403 20.3 Agenda for market timers and researchers 405 20.4 Notes 407 21 Forward-looking measures of asset returns 409 21.1 Popular value and carry indicators and their pitfalls 410 21.2 Building blocks of expected returns 413 21.3 Notes 416 22 Interpreting carry or non-zero yield spreads 419 22.1 Introduction 419 22.2 Future excess returns or market expectations? 420 22.3 Empirical horse races for various assets 424 22.4 Conclusions 428 22.5 Notes 429 23 Survey-based subjective expected returns 431 23.1 Notes 435 24 Tactical return forecasting models 437 24.1 Introduction 437 24.2 What type of model? 438 24.3 Which assets/trades? 441 24.4 Which indicator types? 442 24.5 Enhancements and pitfalls 443 24.6 Notes 444 25 Seasonal regularities 445 25.1 Seasonal, cyclical, and secular patterns in asset returns 445 25.2 Monthly seasonals and the January effect 446 25.3 Other seasonals 453 26 Cyclical variation in asset returns 457 26.1 Typical behavior of realized returns and ex ante indicators through the business cycle 458 26.2 Typical behavior of realized returns and ex ante indicators across different economic regimes 461 26.3 Notes 465 27 Secular trends and the next 20 years 467 27.1 Contrasting 1988–2007 with 1968–1987 467 27.2 Reversible and sustainable secular trends 468 27.3 The next 20 years 474 27.4 Notes 478 28 Enhancing returns through managing risks, horizon, skill, and costs 479 28.1 Introduction: how can investors enhance returns? 479 28.2 Risk 482 28.3 Investment horizon 492 28.4 Skill 496 28.5 Costs 499 28.6 Notes 501 29 Takeaways for long-horizon investors 503 29.1 Key takeaways from theory 504 29.2 Empirical return sources 504 29.3 My take on key debates 506 29.4 Know thyself: large long-horizon investors’ natural edges 512 29.5 Institutional practices 513 29.6 Notes 514 Appendices 515 A World wealth 515 A.1 Global total 516 A.2 Asset class detail 516 A.3 Notes 518 B Data sources and data series construction 519 B.1 Asset class and sector returns 519 B.2 Strategy style returns 521 B.3 Factor proxies 522 B.4 Forward-looking yields and spreads 523 B.5 Survey data and expected inflation 523 B.6 Miscellaneous other 524 Bibliography 527 Index 551
£48.45
McGraw-Hill Education Option Volatility Pricing Workbook Practicing
Book Synopsis Raise your options investing game to a new level through smart, focused practice For decades, Sheldon Natenbergâs Option Volatility & Pricing has been helping investors better understand the complexities of the option market with his clear and comprehensive explanation of trading strategies and risk management. Now, you can raise your performance to a higher level by practicing Natenbergâs methods before you enter the market. Filled with hands-on exercises designed to dramatically increase your knowledge and build your confidence, The Option Volatility and Pricing Workbook provides the necessary tools from which to build a successful options portfolio. Each exercise is preceded by clear description of the principle at hand, and each concludes with in-depth explanations of the correct answers. Hundreds of exercises cover such topics as: â
£31.44
John Wiley & Sons Inc Interest Rate Risk in the Banking Book
Book SynopsisTable of ContentsPreface vii About the Website viii Introduction 1 Chapter 1 What is IRRBB and why is it important? 6 Subcategories of interest rate risk 8 Regulatory overview for IRRBB – what has changed? 17 ECB 2017 IRRBB stress test 21 Interest rate shocks 24 Chapter 2 How to identify and measure Interest Rate Risk in the Banking Book 29 Identification of IRRBB – case studies of the exposure to IRRBB 29 The dual nature of IRRBB 44 Exposure to short-term interest rate risk – maturity gap analysis 45 Maturity gap analysis from the economic value perspective 63 Time bucket sensitivity analysis – PV01 68 Duration gap analysis 69 IRRBB metrics 73 Credit Spread Risk in the Banking Book (CSRBB) 81 Chapter 3 How to manage IRRBB 84 Hedging instruments for IRRBB 84 Why consider interest rate swaps? 98 Natural hedging and hedging through derivatives 98 Hedging strategies 103 Chapter 4 Behaviouralisation of items without deterministic maturity and their impact on IRRBB 117 The significance and impact of behavioural issues in the banking book 117 The reason for modelling CASA under IRRBB 118 The impact of early redemption of fixed rate assets on IRRBB 121 Basic approaches for the modelling of NMDs 121 Basic approaches for the modelling of statistical prepayment on the asset side 130 Model risk 133 Chapter 5 Interest rate risk and asset liability management 136 Management of IRRBB under strategic ALM – proactive management of IRRBB 136 Setting up the target profile and integrated management of liquidityand interest rate risk through the application of numerical optimisation technique 143 Setting up the funding strategy for a bank taking into consideration the hedging requirements 149 IRRBB and funds transfer pricing 153 Comprehensive and feasible IRRBB strategy 171 Management of the intragroup interest rate risk 172 Chapter 6 IRRBB stress test, reverse stress test and ICAAP 175 IRRBB stress testing 175 ICAAP – assessment of the internal capital to cover IRRBB 185 Chapter 7 IRRBB governance and framework 190 Risk Appetite Statement (RAS) 190 Appendix 1: Example of IRRBB policy aligned with the requirements of BCBS Standards 197 Appendix 2: Example of IRRBB model manual 211 References 239 Index 241
£65.70
John Wiley & Sons Inc Commodities For Dummies
Book SynopsisTable of ContentsIntroduction 1 Part 1: Commodities: Just the Facts 5 Chapter 1: Investors, Start Your Engines! An Overview of Commodities 7 Chapter 2: Earn, Baby, Earn! Why You Should Invest in Commodities 19 Chapter 3: Investing in Commodities: Only for the Brave? 37 Chapter 4: Feel the Love: Welcoming Commodities into Your Portfolio 51 Part 2: Getting Started with Types of Investment Vehicles 65 Chapter 5: Benefiting from Exchange-Traded Funds 67 Chapter 6: Making a Splash: Investing in Liquid Commodity Instruments 75 Chapter 7: Show Me the Money! Choosing the Right Manager 89 Chapter 8: Exploring Commodity Exchanges and Digital Assets 107 Chapter 9: Back to the Future: Getting a Grip on Futures and Options 127 Part 3: The Power House: How to Make Money in Energy 145 Chapter 10: Keeping It Natural: Investing in Renewable Energy 147 Chapter 11: It’s a Crude, Crude World: Investing in Crude Oil 155 Chapter 12: Welcome to Gas Vegas, Baby! Trading Natural Gas 175 Chapter 13: Fuel for Thought: Looking at Alternative Energy Sources 189 Chapter 14: Totally Energized: Investing in Energy Companies 205 Part 4: Pedal to the Metal: Investing in Metals 223 Chapter 15: All That Glitters: Investing in Gold, Silver, and Platinum 225 Chapter 16: Metals That Prove Their Mettle: Steel, Aluminum, and Copper 243 Chapter 17: Weighing Investments in Heavy and Not-So-Heavy Metals 255 Chapter 18: Mine Your Own Business: Unearthing the Top Mining Companies 263 Part 5: Going Down to the Farm: Trading Agricultural Products 273 Chapter 19: Breakfast of Champions: Profiting from Coffee, Cocoa, Sugar, and Orange Juice 275 Chapter 20: How to Gain from Grains: Trading Corn, Wheat, and Soybeans 287 Chapter 21: Alive and Kicking! Making Money Trading Livestock 297 Part 6: The Part of Tens 307 Chapter 22: Ten Investing Resources You Can’t Do Without 309 Chapter 23: Top Ten Market Indicators You Should Monitor 313 Chapter 24: Top Ten Commodity ETFs 319 Chapter 25: Top Ten Investment Vehicles for Commodities 323 Glossary 327 Index 335
£19.54
John Wiley & Sons Inc Fixed Income Securities
Book SynopsisTable of ContentsPreface ix List of Acronyms xi Chapter 0 Overview 1 Chapter 1 Prices, Discount Factors, and Arbitrage 49 Chapter 2 Swap, Spot, and Forward Rates 65 Chapter 3 Returns, Yields, Spreads, and P&L Attribution 79 Chapter 4 DV01, Duration, and Convexity 103 Chapter 5 Key-Rate, Partial, and Forward-Bucket ’01s and Durations 135 Chapter 6 Regression Hedging and Principal Component Analysis 153 Chapter 7 Arbitrage Pricing with Term Structure Models 177 Chapter 8 Expectations, Risk Premium, Convexity, and the Shape of the Term Structure 197 Chapter 9 The Vasicek and Gauss+ Models 205 Chapter 10 Repurchase Agreements and Financing 223 Chapter 11 Note and Bond Futures 249 Chapter 12 Short-Term Rates and Their Derivatives 289 Chapter 13 Interest Rate Swaps 319 Chapter 14 Corporate Debt and Credit Default Swaps 347 Chapter 15 Mortgages and Mortgage-Backed Securities 395 Chapter 16 Fixed Income Options 433 Appendix to Chapter 1 Prices, Discount Factors, and Arbitrage 453 Appendix to Chapter 2 Swap, Spot, and Forward Rates 457 Appendix to Chapter 3 Returns, Yields, Spreads, and P&L Attribution 463 Appendix to Chapter 4 DV01, Duration, and Convexity 467 Appendix to Chapter 6 Regression Hedging and Principal Component Analysis 469 Appendix to Chapter 8 Expectations, Risk Premium, Convexity and the Shape of the Term Structure 477 Appendix to Chapter 9 The Vasicek and Gauss+ Models 479 Appendix to Chapter 11 Note and Bond Futures 491 Appendix to Chapter 12 Short-Term Rates and Their Derivatives 497 Appendix to Chapter 13 Interest Rate Swaps 501 Appendix to Chapter 14 Corporate Debt and Credit Default Swaps 505 Appendix to Chapter 15 Mortgages and Mortgage-Backed Securities 509 Appendix to Chapter 16 Fixed Income Options 513 About the Website 527 Index 529
£56.25
John Wiley & Sons Inc The Intelligent REIT Investor Guide
Book SynopsisTable of ContentsAcknowledgments xi A Building Block for REITs xiii Chapter 1 REITs: What They Are and How They Work 1 Chapter 2 REITs Versus Competitive Investments 15 Chapter 3 REITs over the Decades 27 Chapter 4 Residential REITs 41 Chapter 5 Retail REITs 57 Chapter 6 Office, Healthcare, Self-Storage, and Lodging REITs 71 Chapter 7 Technology REITs 83 Chapter 8 Specialized REITs 101 Chapter 9 REITs: Mysteries and Myths 113 Chapter 10 REITs: Growth and Value Creation 123 Chapter 11 Searching for Blue Chips 143 Chapter 12 Breaking Down the REIT Balance Sheet 153 Chapter 13 REIT Preferred Stocks 163 Chapter 14 The Quest for Investment Value 173 Chapter 15 Building a REIT Portfolio 187 Chapter 16 Investing in Global REITs 203 Chapter 17 Management Matters 211 The Intelligent REIT Glossary 221 The Intelligent REIT Investor 233 Afterword 239 Index 241
£19.54
McGraw-Hill Education - Europe Value Investing Made Easy Benjamin Grahams
Book SynopsisSuitable for investors, this book provides several proven techniques of Benjamin Graham, "the most influential investment philosopher of the 20th century." In an easy-to-understand style, with entertaining stories and quotes, this book demystifies value investing and gives you simple-to-use trading tactics that can help you reap rewards.Table of ContentsWhat is value investing?; finding safety in the balance sheet; identifying growth in the income statement; choosing a stock; building a portfolio; risk management; special circumstances; corporate management and the value investor; market factors; summary.
£18.69
Oxford University Press Business Law
Book SynopsisWritten with business students in mind, Business Law puts the law into a context that they can grasp easily. Case studies open each chapter and readers are regularly asked to consider how the content applies to routine business problems so that they fully engage with the topics, understand, and can approach the law independently with confidence.Trade ReviewReview from previous edition The inclusion of business scenarios is an excellent touch, enabling students to contextualize the legal content. * Zaman Kala, Associate Lecturer in Law, University of Bolton *A concise business law book that provides a well-structured approach to understanding the topics. The book's distinctive edge is that it is more interactive than other books. * Dr John Wood, Lecturer in Law, University of Central Lancashire *Business Law is an important text for both students studying business law and anyone involved in running a business from directors to senior managers. * The Student Law Journal *Table of ContentsPart 1 Introduction 1: How to study law for businesses Part 2 The English Legal System 2: The English legal system, constitution and human rights 3: Creating, finding, and applying the law 4: Dispute resolution for businesses Part 3 Contractual Obligations 5: Establishing an agreement: offer and acceptance 6: Establishing the contract: consideration, intention to create legal relations, and certainty of terms 7: Factors affecting the validity of a contract 8: Terms of a contract 9: Statutory regulation of contracts 10: Ending the contract Part 4 Tortious Liability 11: The tortious liability of businesses in negligence and nuisance 12: Non-physical damage and liability for economic loss 13: Responsibilities of employers for the torts of employees and statutory duties Part 5 Company Law 14: Legal requirements when establishing a business enterprise 15: The administration of corporations 16: Duties relating to corporation finance and capital 17: The management of corporations Part 6 Agency Law 18: Businesses and the responsibility of agents Part 7 Employment 19: Hiring staff and establishing the contract of employment 20: Ending employment contracts at common law; and duties to redundant and transferring staff 21: Statutory regulation of dismissals 22: Equality in employment relationships 23: Statutory and common law regulation of the conditions of employment Part 8 Intellectual Property and Data Protection 24: Intellectual property and data protection
£48.99
Pearson Education Financial Times Guide to Selecting Shares that
Book SynopsisRichard Koch is the author of 15 highly acclaimed books, including the The Financial Times Guide to Strategy and the bestselling 80/20 trilogy. As well as lecturing and broadcasting, he is an extremely successful entrepreneur and investor. Table of ContentsPart One: Strategy for the individual investor 1. Why the stock market? 2. Should you try to out-perform the market? 3. David versus Goliath 4. Rules to stop you losing 5. Record-keeping for fun 6. Why you need your own approach 7. How to pick your own approach Part Two: Ten ways that work Way I Follow the rainmakers Way II Backing winners Way III Specialisation Way IV Detecting earnings acceleration Way V Outsider information Way VI Good businesses Way VII Value investing Way VIII Emerging markets Way IX Contrarian investing Way X Star businesses
£22.79
John Wiley & Sons Inc Paul Wilmott on Quantitative Finance 3 Volume Set
Book Synopsis
£174.80
John Wiley & Sons Inc Small Business Finance AllinOne For Dummies UK
Book SynopsisKeeping track of the finances is fundamental to the success of every business, but tackling the task yourself can be intimidating. Help is at hand, however, with this complete guide to small business money management.Table of ContentsIntroduction 1 Book I: Getting Started 7 Chapter 1: Preparing for Business 9 Chapter 2: Structuring Your Business 25 Chapter 3: Testing Feasibility 45 Chapter 4: Preparing the Business Plan 67 Chapter 5: Finding the Money 83 Chapter 6: Operating Effectively 113 Chapter 7: Improving Performance 135 Book II: Accounting Basics 155 Chapter 1: Getting Down to Bookkeeping Basics 157 Chapter 2: Outlining Your Financial Roadmap with a Chart of Accounts 177 Chapter 3: Keeping a Paper Trail 193 Chapter 4: Surveying Computer Options 223 Chapter 5: Controlling Your Books, Your Records, and Your Money 233 Chapter 6: Tracking Your Purchases and Counting Your Sales 249 Book III: Reporting Results 277 Chapter 1: Profit Mechanics 279 Chapter 2: Developing a Balance Sheet 309 Chapter 3: Cash Flow and the Cash Flow Statement 321 Book IV: Managing the Finances 343 Chapter 1: Managing Profit Performance 345 Chapter 2: Forecasting and Budgeting 367 Chapter 3: Choosing the Right Ownership Structure 391 Chapter 4: Cost Conundrums 409 Chapter 5: Choosing Accounting Methods 427 Chapter 6: Professional Auditors and Advisers 449 Book V: Employing Staff 465 Chapter 1: Working Out the Wages 467 Chapter 2: Employee Payroll and Benefits 479 Chapter 3: Completing Year-End Payroll and Reports 505 Chapter 4: Adding Up the Bill for Time Off 517 Chapter 5: Figuring Out Final Payments 527 Chapter 6: Making Provision for Life after Work 539 Book VI: Keeping On Top of Tax 555 Chapter 1: Working for Yourself 557 Chapter 2: Considering Your Company’s Status 571 Chapter 3: Taxes, Taxes, and More Taxes 587 Chapter 4: Adding the Cost of VAT 605 Index 621
£20.69
John Wiley & Sons Inc Financier The Biography of André Meyer
Book SynopsisA new edition of Cary Reich's engaging biography of Andre Meyer. In this new edition of Financier, Cary Reich presents an illuminating portrait of this ferociously energetic, charming, and ruthless businessman who was a trusted advisor of the Kennedys and an intimate of William Paley and Katherine Graham.Table of ContentsA Tale of Two Financiers. The Picasso of Banking. Up and Coming. Starting Over. Gold Under the Asphalt. André and Ferd. Friends. The Women in his Life. The Avis Saga. Sins of Pride. Zeckendorf. The Incomparable Investor. Money Hungry. Madeleine Malraux. Life at Lazard. Pierre the Duke. The Sage of the Carlyle. Merger Making. Cashing in. Jackie O. A Rendezvous with LBJ. Tidying Up. Eddie Gilbert ... Again. A Deal Under Fire. The Vise Tightens. Fighting for his Life. Adrift. The Torch Passes. The Final Tally. Notes on Sources. Interviews. Sources. Index.
£999.99
John Wiley & Sons Inc Investment Biker Around the World with Jim
Book SynopsisThis book is about the authora s amazing trip across six continents and the world economy and society. It discusses whoa s sinking and whoa s swimming, which countries are on the rise and which are collapsing, where you can make a million and where you could lose one.Trade Review"Eclectic and didactic, yet strangely compelling." -- Business AgeTable of ContentsPart I: Dunquin to Tokyo. 1. A flight to Russia. 2. New York. 3. Crossing Europe. 4. Linz. 5. Central Europe. 6. On to Istanbul. 7. Old Turkistan. 8. China. 9. Xi'an. 10. Xi'an to Beijing. Part II: Tokyo to Dunquin. 11. First class in the first world. 12. At the edge of the world. 13. Across the wild Tayga. 14. Siberia. 15. Ulan-Ude, Zima, and Kansk. 16. Novosibirsk and west. 17. Moscow. 18. On to Ireland. Part III. 19. Africa: the Sahara Desert. 20. Sub-Saharan Africa. 21. Down a lazy river. 22. Home of the always victorious warrior. 23. Escape. 24. Zambia and the Great Zimbabwe. 25. Botswana. 26. South Africa. Part IV. 27. Overland Down Under. 28. The uttermost edge of the world. 29. Buenos Aires. 30. Chile and Easter Island. 31. On the shining path. 32. On Darwin's trail. 33. The Darien Gap. 34. The canal to the Rio Grande. 35. Home and beyond. Afterword. Appendix I. Appendix II. Index.
£12.59
John Wiley & Sons Inc Gold Trading Boot Camp
Book SynopsisPraise for Gold Trading Boot Camp If speculate you must, read Weldon first. James Grant, Editor, Grant''s Interest Rate Observer This book delivers on all of the essential elements of successful financial literature. Weldon provides a compelling context, walks through the metrics that affect the price action, and assimilates the decision-making process in kind. From soup to nuts, this is one of the most comprehensive tutorials I''ve read on the subject of commodities. Todd Harrison, founder and CEO, Minyanville Publishing and Multimedia, LLC The gold price is rising in today''s turbulent financial times. Preparation and knowledge are essential to profit from higher prices, and this book provides everything you need to take advantage of the trading opportunities thatlie ahead. James Turk, founder, GoldMoney.com This book, with its insights into the current investment climate coincides with what many feel is a new bull markeTable of ContentsForeword. Acknowledgments. PART ONE. EVOLUTION OF A TRADER. Chapter 1. Trial by Fire. Chapter 2. Neophytes and Neanderthals. Chapter 3. The Show. Chapter 4. The Firm. Chapter 5. Character. PART TWO. EVOLUTION OF A MACROMONETARY ERA. Chapter 6. “Top-Down”—It Starts at the Top. Chapter 7. The Golden Bull. Chapter 8. Bretton Woods and the “System”. Chapter 9. Seniorage. Chapter 10. The Goldbug Is Born. Chapter 11. The Emperor with No Clothes. PART THREE. CAPITAL MARKETS: LOOKING INSIDE THE MARKET. Chapter 12. Welcome to My Boot Camp. Chapter 13. Intermarket Analysis—The Tape Tells a Story. Chapter 14. Who’s on First? Know the Players. PART FOUR. LOOKING INSIDE THE MARKET TECHNICALLY. Chapter 15. Reading the tea Leaves—Technical Analysis. Chapter 16. Charts. Chapter 17. Moving Averages. Chapter 18. Oscillators. Chapter 19. Rate-of-Change Indicators. Chapter 20. Fibonacci Retracements. Chapter 21. Historic Volatility and Volatility Bands. Chapter 22. Volume, On-Balanced Volume, and Money Flow. Chapter 23. The Commitments of Traders Report. PART FIVE. LOOKING INSIDE THE MARKET: TOP-DOWN MACRO. Chapter 24. Again, Everything Matters! Chapter 25. U.S. Monetary Fundamentals and the Federal Reserve System. Chapter 26. Energy Market Fundamentals. Chapter 27. Global Trade. Chapter 28. U.S. Fiscal Fundamentals. Chapter 29. Inflation and Labor market Fundamentals. Chapter 30. U.S. Housing and the Consumer. PART SIX. TREND IDENTIFICATION AND MEMENTUM TRADING. Chapter 31. Why…Trend Identification? Chapter 32. Trend Identification techniques—Momentum, Timing. Chapter 33. Countertrend Trading—Divergence, Saturation, and Exhaustion. Chapter 34. The TIMID” Matrix. PART SEVEN. DEFINING AND MANAGING RISK. Chapter 35. Defining Overall risk. Chapter 36. Diversity. Chapter 37. Position Leverage. Chapter 38. Trade Risk. Chapter 39. Correlated Risk. Chapter 40. Sector and Portfolio Risk. Chapter 41. Psychological risk. PART EIGHT. PUTTING IT ALL TOGETHER. Chapter 42. Using What You Know When making Decisions. Chapter 43. Global Supply-and-Demand Fundamentals: The Mining Industry, Gold Consumption, Gold Holdings, and Central Banks. Chapter 44. Chart Library. Appendix. Precious Metals: A Secular-Macro Overview. Index.
£23.99
BPP Learning Media FIA Recording Financial Transactions FA1
Book SynopsisSuitable for exams from September 2025 until August 2026
£999.99
CRC Press Exercises and Solutions in Finance
Book SynopsisHundreds of engaging, class-tested finance exercises (and detailed solutions) that test student understanding of the material. Many are educational in their own rightâfor example, delaying social security benefits does not give a safe 8% real return; the correlation between bond and stock returns is not stable, and most measures of company performance regress toward the mean.
£999.99
