Finance and the finance industry Books
The Cunningham Group The Essays of Warren Buffett
Book SynopsisA modern classic, The Essays of Warren Buffett: Lessons for Corporate America is the book Buffett autographs most and likes best. Its popularity and longevity over three decades attest to the widespread appetite for this definitive statement of Mr. Buffett's thoughts that's uniquely comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Mr. Buffett''s best writings.
£23.99
Simon & Schuster Ltd Principles for Navigating Big Debt Crises
Book SynopsisRay Dalio, the legendary investor and international bestselling author of Principles - whose books have sold more than five million copies worldwide - shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to anticipate 2008’s events and navigate them well while others struggled badly. As he explained in his international bestseller Principles, Ray Dalio believes that almost everything happens over and over again through time, so that by studying patterns one can understand the cause-effect relationships behind events and develop principles for dealing with them well. In this three-part research series, he does just that for big debt crises and shares his template in the hopes of reducing the chances of big debt crises happening and helping them be better managed in the future. The template comes in three
£40.50
Skyhorse Publishing Bitcoin Supercycle
Book SynopsisTime the price cycles of bitcoin and become rich Bitcoin has been the best performing asset class of all time—better than gold, silver, real estate, and the stock market. Its value has risen from one tenth of a cent in 2009 to a new high of over $70,000. But misconceptions about its reliability have prevented most people from creating life-changing wealth. Michael Terpin, the founder of BitAngels whom CNBC calls “the Godfather of Crypto,' is changing that. The Bitcoin Supercycle explains his “Four Seasons of Bitcoin” model, which shows how the price of bitcoin moves in reliable cycles similar to those of real estate and stock markets—and gives you the numbers, evidence, charts, and strategies to take advantage. As the Bitcoin Spring starts in April 2024 and the fourth halving reduces the supply of bitcoin, and crypto ETFs hit the market, the coming seasons have the potential to create a new class of millionaires and billionaires that rivals the wealth creation of the internet bubble. Learn how to become one with The Bitcoin Supercycle.
£22.50
Unicorn Publishing Group The Perceptive Investor
Book SynopsisSuccess leaves clues. In The Perceptive Investor, global hedge fund manager Ardal Gronager shows that by learning from the world's most successful value investors and notable business figures it is possible to better understand the depth and breadth of the full investment landscape and confidently participate in it. Part One explores the financial concepts needed to become a successful value investor while Part Two outlines the individual securities selection process he uses at Gronager Partners. Honed from Standing on the Shoulders of Giants' and years of experience in both business and in markets some painful!'Your goal as an investor should be simply to purchase, at a rational price, a part interest in an easily understood business whose earnings are virtually certain to be materially higher, five, ten, and twenty years from now. Over time, you will find only a few companies that meet those standards so when you see one that qualifies, you should buy a meaningful amount.' - Warren E. Buffett, Chairman of Berkshire HathawayWith humility, a fascination for business and endless intellectual curiosity, it is possible to find your own formula for value investing success. This book will give you the educational grounding you need for success on your own value investing journey and perhaps more importantly, help you to avoid, many of the potential mistakes. ?'The more hard lessons you can learn vicariously rather than through your own hard experience, the better.' - Charles T. Munger, vice-chairman of Berkshire HathawayAll Authors proceeds from the sale of this book will be donated for the benefit of the Financial Times: Financial Literacy & Inclusion Campaign (FT FLIC). You can learn more about this charity by visiting their website: www.ftflic.com
£24.00
Oneworld Publications A Man for All Markets: Beating the Odds, from Las
Book SynopsisA New York Times bestseller In a remarkable career, Edward O. Thorp rose up from nothing to become a professor at MIT, invented card counting and the world’s first wearable computer, beat the casinos of Las Vegas at blackjack and roulette, then became a bestselling author and a hedge fund heavyweight, ushering in a revolution on Wall Street. Now he shares his incredible life story for the first time, revealing how he made his fortune and giving advice to the next generation of investors. An intellectual thrill ride, replete with practical wisdom, A Man for All Markets is a scarcely imaginable tale of ludicrous success.Trade Review‘Thorp secured prizes, scholarships a professorship and assassination attempt by the mob…[A] rattling read.’ * Business Life (British Airways magazine) *‘A lively read.’ * MoneyWeek *‘An amazing book by a true icon; Thorp launched revolutions in Vegas and on Wall Street by turning math into magic, and here he weaves his own life lessons into a page turner as hot as a deck full of aces. Loved it!’ -- Ben Mezrich, New York Times bestselling author of Bringing Down The House and The Accidental Billionaires‘An extraordinary autobiography which reads like a novel and contains insights into what has gone wrong with the financial system along the way.’ -- John Kay, author of Other People’s Money‘In A Man for All Markets, [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment. ’ * Wall Street Journal *‘Ed Thorp takes us on an incredible journey as we learn how to beat blackjack, roulette, and then Wall Street, stop off to have dinner with a young Buffett, unmask Madoff before anyone else, and so much more. More important, it’s all fun, fascinating and filled with lessons we can all use to be more successful in business and life. Learn and enjoy, I did!’ -- Joel Greenblatt, author of the New York Times bestseller The Little Book that Beats the Market‘In A Man for All Markets, [Thorp] delightfully recounts his progress (if that is the word) from college teacher to gambler to hedge-fund manager. Along the way we learn important lessons about the functioning of markets and the logic of investment.’ * Wall Street Journal *‘The gripping story of how one man’s genius and dedication has solved so many problems in diverse fields…There is nothing more important than knowing how to think clearly. Read this book and learn from a master.’ -- Paul Wilmott, founder, Wilmott Magazine‘Whether you are an aspiring professional player, a casual gambler, or an occasional visitor to Las Vegas, you can feel the impact of Professor Ed Thorp’s intellect on that desert city. In 1962, Thorp published the classic book Beat the Dealer. The text was based on Thorp’s original research that stemmed from his curiosity about the game of 21, and was billed as a “how to book” for the lay person to beat the casinos at blackjack. And simply stated it changed everything…The book chronicles Thorp’s heroic-like arc from his humble beginnings growing up in a family that struggled to get by – first in the cold winters of Chicago and later in the sun soaked cities of southern California, where he excelled in a variety of high school science courses and ultimately earned a scholarship for his exceptional talents in physics – on through his professional career as a gaming guru, and ultimately to his amazing success in a stock market-centered career, where he would take his knowledge and understanding of games of chance and apply it to the biggest casino in the world, Wall Street…A Man for All Markets chronicles Thorp’s personal journey in navigating the unexpected and sometimes dangerous obstacles that come along with challenging the status quo of a wealthy corporate adversary.’ -- Nicholas G. Colon, Professional Advantage Gambler and Managing Director of Alea Consulting Group, a casino gaming consulting firm‘Illuminating for the mathematically inclined, and cautionary for would-be gamblers and day traders.’ * Library Journal *‘The kind of thing any would-be investor, to say nothing of casino cowboy, ought to read. Thorp’s in-the-trenches account of gaming the system(s) is a pleasure – and instructive, too.’ * Kirkus *
£11.69
Not Stated The Man Who Solved the Market
Book SynopsisNEW YORK TIMES BESTSELLERShortlisted for the Financial Times/McKinsey Business Book of the Year AwardThe unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it.Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance''s signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars.Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that''s sweeping the world.As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump''s victorious 2016 effort. Mercer also impacted the campaign behind Brexit.The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It''s also a story of what Simons''s revolution means for the rest of us.
£13.50
Taylor Trade Publishing The Millionaire Next Door: The Surprising Secrets
Book Synopsis"Why aren't I as wealthy as I should be?" Many people ask this question of themselves all the time. Often they are hard-working, well educated middle- to high-income people. Why, then, are so few affluent. For nearly two decades the answer has been found in the bestselling The Millionaire Next Door: The Surprising Secrets of America's Wealthy, reissued with a new foreword for the twenty-first century. According to the authors, most people have it all wrong about how you become wealthy in America. Wealth in America is more often the result of hard work, diligent savings, and living below your means than it is about inheritance, advance degrees, and even intelligence. The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. You will learn, for example, that millionaires bargain shop for used cars, pay a tiny fraction of their wealth in income tax, raise children who are often unaware of their family's wealth until they are adults, and, above all, reject the big-spending lifestyles most of us associate with rich people. In fact, you will learn that the flashy millionaires glamorized in the media represent only a tiny minority of America's rich. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door.
£16.19
Princeton University Press Narrative Economics
Book Synopsis
£14.24
Penguin Publishing Group The Algebra of Wealth
Book Synopsis
£15.75
Columbia University Press Narrative and Numbers
Book SynopsisHow to connect business value to story.Trade ReviewDamodaran's success in combining storytelling with traditional financial analysis and valuation is unprecedented. The book has the potential to be a cornerstone of both traditional valuation and business "pitching" as it shows how individuals from each world can benefit from co-opting tools from the other. The author takes us on his personal journey into the realization that numbers need a narrative in order to make them persuasive. -- Paul Johnson, Nicusa Investment Advisors Professor Damodaran's point-counterpoint case studies make valuation a good read. Self-critical in his contemporary examples, he wisely cautions the reader that quality valuation requires both the right and the left side of one's brain-the number cruncher and the storyteller. -- Thomas E. Copeland, University of San Diego Damodaran, instructor to many on valuation, clearly demonstrates that quantitative valuation formulas are not sufficient: they must be applied with a more qualitative narrative about the business. But qualitative analysis has its dangers, not the least that we insert our own biases into the narrative. Damodaran nicely weaves stories into the more formal quantitative analysis, with check and balances that yield a more confident valuation. -- Stephen Penman, author, Accounting for Value No one has contributed more to the craft of valuation than Aswath Damodaran. In Narrative and Numbers, he correctly shows that you can't understand the stock without the story. After Damodaran's eye-opening tour, you will forever appreciate the vital contribution of human nature to number-crunching. -- Michael Mauboussin, Head of Global Financial Strategies, Credit Suisse Damodaran takes us to the place where Joseph Campbell, Warren Buffett, and the best quantitative analyses of Nassim Taleb intersect, and his journey uncovers new value and risk missed by analysts who bias themselves by relying solely on storytelling or number-crunching. It's a hero's journey best supported by humility-and this first-person account of Aswath's own evolving narratives, analyses, and valuations of Alibaba, Amazon, Uber, Theranos, Ferrari, and more. He may have started as a quant, but Damodaran's now one of the most balanced analysts-and wonderful business and financial storytellers-writing and teaching today. -- David Foster, CEO, Business Valuation Resources For adventurous chefs and readers with a serious interest in gastronomy, Mouthfeel should prove a handy reference tool. Japan TimesTable of ContentsPreface 1. A Tale of Two Tribes 2. Tell Me a Story 3. The Elements of Storytelling 4. The Power of Numbers 5. Number-Crunching Tools 6. Building a Narrative 7. Test-Driving a Narrative 8. From Narratives to Numbers 9. Numbers to Value 10. Improving and Modifying Your Narrative-the Feedback Loop 11. Narrative Alterations-the Real World Intrudes 12. News and Narratives 13. Go Big-the Macro Story 14. The Corporate Life Cycle 15. The Managerial Challenge 16. The Endgame Notes Index
£21.25
Cornerstone The Dealmaker: Lessons from a Life in Private
Book SynopsisAn inside account of the multi-billion pound world of private equity and a masterclass on the art of deal-making.The Dealmaker is a frank and honest account of how a severely dyslexic child who struggled at school went on to graduate from Oxford and become a serial entrepreneur. It describes Guy Hand's career in private equity, first at Nomura and then as head of his own company, Terra Firma. It looks in detail at the huge deals that Terra Firma has done over the years, involving everything from cinema chains and pubs to waste management, aircraft leasing and green energy. And it offers a brutally honest appraisal of the deal that almost bankrupted him - the acquisition of multinational music recording and publishing company EMI in 2007, just as a global financial crash loomed on the horizon. Above all, he gives the reader a real sense of what it's like inside the secretive world of private equity, describing in frank detail the pressures and rewards involved. Insightful and page-turning, The Dealmaker will prove inspirational and essential reading for all those who want to understand how huge business negotiations are done, and what makes one of private equity's biggest players tick.Trade ReviewThe only book about private equity to read like a thriller. * The Times *Very far from being the typical business book destined to be forgotten shortly after publication. It grips the reader from the first page . . . [It does] a superb job of explaining how private equity works . . . there are some very useful investment lessons . . . This book should definitely be on your reading list. * Money Week *If you are curious to learn the secrets of these financial alchemists, here is your chance to do so from the very best. * Business Standard *A brutally honest book about his world of high-stakes deal-making and the emotional fallout. * The Times *
£10.44
Princeton University Press Phishing for Phools
Book SynopsisEver since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel Prize-winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing that markets harm as well as help us. As long as thereTrade ReviewGeorge A. Akerlof, Co-Winner of the 2001 Nobel Prize in Economics Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2016 Gold Medal in Economics, Axiom Business Book Awards One of Foreign Affairs' Best Economic, Social, and Environmental (Economics) Books of 2016 Selected for Bloomberg View's "The Writing that Shaped Economic Thinking in 2016" One of The Times Literary Supplement's Books of the Year 2016, chosen by Paul Collier Honorable Mention for the 2016 PROSE Award in Economics, Association of American Publishers One of The Independent's Best Economics Books 2015 One of LinkedIn's Best Business Books of 2015 One of BusinessInsider.com's Best Business Books of 2015 One of Legal Theory Bookworm's Books of the Year 2015 Longlisted for the Financial Times and McKinsey Business Book of the Year 2015 "[Akerlof and Shiller] want to go far beyond behavioral economics, at least in its current form. They offer a much more general, and quite damning, account of why free markets and competition cause serious problems... They are intellectual renegades... Akerlof and Shiller make a convincing argument that phishing occurs because of the operation of the invisible hand, not in spite of it... [This] extraordinary book tells us something true, and profoundly important, about the operation of the invisible hand."--Cass Sunstein, New York Review of Books "No question, Phishing for Phools is a radical book. It may also be a radically important one."--Fortune "Entertaining, readable and provocative."--John Lanchester, London Review of Books "I highly recommend this, even for those who might disagree with the authors' outlook. Their case studies are illuminating, and their insights on the way markets work are fascinating. When you consider the sorry state of the personal finances of the median working age family in the United States today, it's hard to disagree with their central thesis that our current system isn't working properly."--John Reeves, The Motley Fool, USA Today "A needed call for skeptical economics and financial mindfulness."--Nature "Using compelling examples of flawed decision making from advertising, health care and personal finances, the authors identify our rational weak spots and arm readers with the ability to resist manipulation."--Scientific American Mind "As you would expect, it's a very clearly written book with tons of examples. And it makes a simple and powerful point about the fragility of the normative, welfare economics conclusions economists tend to draw."--Diane Coyle, The Enlightened Economist "Akerlof and Shiller present convincing evidence of how tobacco, pharmaceutical, and liquor companies and politicians weasel a chapter of their own into our life stories, abusing the mutual storytelling--with all its signs and wonders--that is elemental to our humanity."--Peter Lewis, Barnes & Noble Review "With accessible language and everyday examples, Shiller and Akerlof are taking on the powerful belief that aside from a few blemishes (like widening income inequality) only fools advocate interfering with the free market."--Chris Farrell, Minneapolis Star Tribune "The book's central message is certainly thought-provoking."--The Economist "Phishing for Phools forswears technical language, making this book accessible not only to economists but to consumers and policymakers. It should make everyone rethink the unfettered free-market model."--Brenda Jubin, Investing.com "It's a very clearly written book with tons of examples. And it makes a simple and powerful point about the fragility of the normative, welfare economics conclusions economists tend to draw."--Enlightened Economist "Its critique of conventional economics is more powerful and comprehensive--and more paternalistic--than that of Animal Spirits."--Carlos Lozada, Washington Post "[Akerlof's and Shiller's] insight is a powerful one."--Economist.com's Buttonwood blog "Akerlof and Shiller show that unregulated free markets systematically make people worse off by providing the unscrupulous with opportunities to take advantage of the unwary."--Adam Bouyamourn, The National "[Phishing for Phools] serves the important purpose of holding up a mirror to economics, a subject that prides itself on (supposedly) being the most sophisticated of all the social sciences. Economics may look sophisticated on paper, but it is often completely out of touch when it comes to reality."--Victoria Bateman, Times Higher Education "The book offers powerful support for a skeptical view of free markets, but it's also a helpful guide for consumers to avoid getting ripped off in the course of making important purchases."--Chris Matthews, Fortune "An interesting and entertaining new book by George Akerlof and Robert Shiller looks at the role of trickery in market economies. Phishing for Phools explains that sellers are often out to deceive you, and shows that this isn't an occasional glitch in the market system so much as an intrinsic and pervasive trait... Phishing for Phools aims to help readers understand their psychological weaknesses, so that the phishermen can be phended off more ephectively."--Clive Crook, Bloomberg View "Where Akerlof and Shiller break new ground is the sweeping application of the idea of the 'phishing equilibrium' to finance... The style of Phishing for Phools will be familiar to fans of Shiller's work: light on jargon and pacy enough not to outstay its welcome. The authors tell some engaging tales."--Robin Harding, Financial Times "[A] surprisingly readable yet highly original book ... the evidence and explanations marshaled by Akerlof and Shiller are compelling and they have profound political implications ... an enlightening read by two expert economists. It should be required reading for policy makes and for consumers (which is to say, all of us... [An] important, sobering book."--Oliver Kamm, The Times "Narratives in this impressive book tell how to avoid being tricked by means of better enforcement and being told of pending scams... [O]ne of the few titles dealing with fraud in the marketplace."--Library Journal "The authors provide is a ... unifying theory for all kinds of trickery, an economic explanation for why deception is so rampant. It takes many of our scattered findings about humanity's blind spots--both psychological weakness and a lack of perfect information--and weaves them into a comprehensive framework that has the potential to be devastating for free market fundamentalists."--Victoria Finkle, Washington Monthly "Its central idea is an important one and merits more attention."--Emran Mian, Prospect "Phishing for Phools is packed with examples--including subprime mortgages, pharmaceuticals, political campaigns, gym memberships, credit cards, cars and cranberry juice labels--of the pervasiveness of deception and manipulation in our economy and the price it exacts on individuals and the society at large."--Glenn C. Altschuler, Tulsa World "This interesting book is written by economists mainly for economists, but it includes many entertaining stories about business behavior (and some disturbing ones), told in lively and accessible prose."--Foreign Affairs "The book is easy to read and relate; and more importantly will make you start thinking of the number of times you have been phished. The list would be endless!"--Madan Sabnavis, BusinessWorld "This unusual book offers a simple but challenging corrective to the assumptions made by most mainstream economists... Probably not every reader will agree with every interpretation or argument--but every reader will find something that enlightens and stimulates."--James Ledbetter, Yale Alumni Magazine "This book was enjoyable to read, and the expertise and knowledge of the authors are abundantly evident."--William Holcomb, PsycCRITIQUES "Bob and George urge us to slap Adam Smith's invisible hand when it steals from everybody's cookie jar. They ask us to ponder those situations, economic or political, that provide particularly tempting opportunities to phish for phools... Penetrating insights rendered in accessible prose."--Marlene Lang May, CommonwealTable of ContentsPREFACE vii INTRODUCTION Expect to Be Manipulated: Phishing Equilibrium 1 PART ONE Unpaid Bills and Financial Crash CHAPTER ONE Temptation Strews Our Path 15 CHAPTER TWO Reputation Mining and Financial Crisis 23 PART TWO Phishing in Many Contexts CHAPTER THREE Advertisers Discover How to Zoom In on Our Weak Spots 45 CHAPTER FOUR Rip-offs Regarding Cars, Houses, and Credit Cards 60 CHAPTER FIVE Phishing in Politics 72 CHAPTER SIX Phood, Pharma, and Phishing 84 CHAPTER SEVEN Innovation: The Good, the Bad, and the Ugly 96 CHAPTER EIGHT Tobacco and Alcohol 103 CHAPTER NINE Bankruptcy for Profit 117 CHAPTER TEN Michael Milken Phishes with Junk Bonds as Bait 124 CHAPTER ELEVEN The Resistance and Its Heroes 136 PART THREE Conclusion and Afterword CONCLUSION: EXAMPLES AND GENERAL LESSONS New Story in America and Its Consequences 149 AFTERWORD The Significance of Phishing Equilibrium 163 ACKNOWLEDGMENTS 175 NOTES 181 BIBLIOGRAPHY 233 INDEX 257
£19.80
Adams Media Corporation Day Trading 101 2nd Edition
Book SynopsisAn updated and refreshed guide to day trading, with prescriptive information and actionable advice to help you achieve financial success.It may seem that day trading is only for savvy investors who know the ins and outs of the marketplace—but it doesn’t have to be. All it takes is the right information and staying on top of the market. Day Trading 101, 2nd Edition, simplifies all the terms, strategies, and processes involved in day trading, helping even the most novice investor find financial success. With updated information on trading patterns, mastering trading options, keeping tabs on the market, establishing strategies to make the most profit, and understanding trading lingo, this guide can get you on track to becoming a smart investor. Full of expert advice on the best paths to trading success, Day Trading 101 leaves no stone unturned, and no trading option undiscovered.
£10.44
Pearson Education Limited Financial Markets and Institutions Global Edition
Book SynopsisFrederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. From September 2006 to August 2008, he was a member (governor) of the Board of Governors of the Federal Reserve System. He is also a research associate at the National Bureau of Economic Research and past president of the Eastern Economics Association. Since receiving his PhD from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University, and Columbia University. He has also received an honorary professorship from the People's (Renmin) University of China. From 1994 to 1997, he was executive vice president and director of research at the Federal Reserve Bank of New York and an associate economist of the Federal Open Market Committee of the Federal Reserve System. Mishkin's research focuses on monetary policy and its impact on fTable of ContentsPART 1: INTRODUCTION Why Study Financial Markets and Institutions? Overview of the Financial System PART 2: FUNDAMENTALS OF FINANCIAL MARKETS What Do Interest Rates Mean and What Is Their Role in Valuation? Why Do Interest Rates Change? How Do Risk and Term Structure Affect Interest Rates? Are Financial Markets Efficient? PART 3: FUNDAMENTALS OF FINANCIAL INSTITUTIONS Why Do Financial Institutions Exist? Why Do Financial Crises Occur and Why Are They So Damaging to the Economy? PART 4: CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY Central Banks and the Federal Reserve System Conduct of Monetary Policy PART 5: FINANCIAL MARKETS The Money Markets The Bond Market The Stock Market The Mortgage Markets The Foreign Exchange Market The International Financial System PART 6: THE FINANCIAL INSTITUTIONS INDUSTRY Banking and the Management of Financial Institutions Financial Regulation Banking Industry: Structure and Competition The Mutual Fund Industry Insurance Companies and Pension Funds Investment Banks, Security Brokers and Dealers, and Venture Capital Firms PART 7: THE MANAGEMENT OF FINANCIAL INSTITUTIONS Risk Management in Financial Institutions Hedging with Financial Derivatives CHAPTERS ON THE WEB Financial Crises in Emerging Market Economies W-1 Savings Associations and Credit Unions W-22 Finance Companies
£64.59
Profile Books Ltd 10½ Lessons from Experience: Perspectives on Fund
Book SynopsisIn 10½ Lessons from Experience, Paul Marshall distils the experience of 35 years of investing, including over 20 years at Marshall Wace, the global equity hedge fund partnership. He describes the disconnect between academic theory and market practice, in particular the reality and persistence of 'skill' - the continuing ability of the best practitioners to beat the market. But he also underscores the prevalence of uncertainty and human fallibility, showing how a successful investment management business must steer a path which recognises both the persistence of skill and the pitfalls of cognitive bias, human fallibility and hubris.Trade ReviewA diverse and entertaining work. [Paul] has an extraordinary ability to source a good idea from a hundred different places... There are plenty of reasons why we should be interested in hearing what Paul Marshall has to say. -- Christopher Walker * Investment & Pensions Europe *What a brilliant book...way overdue! Serious investors need to read this! -- Dambisa Moyo, author of * Dead Aid *Hedge fund titan charts a Quantamental future. * Bloomberg *A bit of a gem. -- Patrick Hosking, Financial Editor * The Times *A radical challenge to conventional wisdom on how modern financial markets operate. -- Dame Minouche Shafik, Director of London School of EconomicsA terrific read....essential reading for portfolio managers. -- Jonathan Tepper, author of * The Myth of Capitalism *
£10.44
Scribe Publications Chaos Kings: how Wall Street traders make
Book SynopsisFor fans of The Black Swan and written by a veteran Wall Street Journal reporter, this is a fascinating deep dive into the world of billion-dollar traders and high-stakes crisis predictors who strive to turn extreme events into financial windfalls. There’s no doubt that our world has gotten more extreme. Pandemics, climate change, superpower rivalries, technological disruption, political radicalisation, religious fundamentalism — all threaten chaos that put trillions in assets at risk. But around the world, across a wide variety of disciplines, would-be super-forecasters are trying to take the guesswork out of what formerly seemed like random chance. Some put their faith in ‘black swans’ — unpredictable, catastrophic events that can’t be foreseen but send exotic financial instruments screaming in high-profit directions. Most famous among this group of big-bet traders are those who run the Universa fund, who, on days of extreme upheaval, have made as much as $1 billion. Author Scott Patterson gained exclusive access to Universa strategists and met with savvy seers in a variety of fields, from earthquake prediction to counterterrorism to climatology, to see if it’s actually possible to bet on disaster — and win. Riveting, relevant, and revelatory, this is a must-read for anyone curious about how some of today’s investors alchemise catastrophe into profit.Trade Review‘It’s not just the wild success of the catastrophists that makes this book fascinating but the way their philosophy reversed many of the “rules” of investing.’ -- John Arlidge * The Sunday Times *‘A closely observed chronicle of the storm-chasing edgelords of finance and the critics with whom they clash … Even those unfamiliar with, or uninterested in, the oscillations of the stock market may find themselves gripped by Patterson’s account.’ -- Marie Solis * The New York Times *‘In Chaos Kings, the indefatigable Scott Patterson has done it again: delivered a riveting account of Wall Street mavericks whose unconventional understanding of risk has netted them a fortune and us a fascinating account of how they did it. The unlikely partnership between Mark Spitznagel and Nassim Taleb has made them rich, saved their clients from financial calamity, and, under Patterson’s deft pen, produced an epic page turner.’ -- William D. Cohan, New York Times bestselling author of Power Failure, Money and Power, and House of Cards‘Scott Patterson’s Chaos Kings is an extraordinary exploration of cutting-edge efforts to understand the manifold and interconnected risks slamming civilisation at an alarming rate. It’s a critical read for anyone with an interest in what’s coming next and how to prepare for it, financially and otherwise. Scott has an uncanny knack for diving into the fascinating convergence of technology and investing, so I’m always excited to see what he’s discovering.’ -- Bradley Hope, New York Times bestselling co-author of Billion Dollar Whale and co-founder of Project Brazen‘Fast paced like a thriller but, also, thought-provoking in its willingness to show us the range of possible catastrophes, Chaos Kings tracks the adventures of contrarian investors who, rather than hide from chaos and confusion, seek it out. Their reward in many cases: a fortune. This book teems with great stories as well as market insights that you won’t get from conventional investors.’ -- Aaron Brown, former Chief Risk Manager at AQR Capital Management, and author of The Poker Face of Wall Street and Red-Blooded Risk‘Financial markets covet stability; they don't like surprises. In our new age of crisis, Scott Patterson convincingly recounts how a unique type of trader has learned to embrace the disruptions and make a lot of money doing so. Combining risk theory, finance, and portraits of some of the most interesting billionaires of doom, Patterson takes us on a disturbing tour of what could come tumbling down. But he also provides a detailed road map showing average citizens how to steer past catastrophe. You’ll be left wondering whether these Chaos Kings are brilliant, opportunistic, visionary, or even loathsome. In Patterson’s lively account, you’ll definitely find them fascinating.’ -- Juliette Kayyem, former Assistant Secretary of the Department of Homeland Security, and author of The Devil Never Sleeps: learning to live in an age of disasters‘The world is an increasingly unstable place, threatening to go off the rails at any time. This chaos is devastating to many, but a boon to a few who are cashing in on it. Read this engaging book to learn about who they are and how they do it.’ -- Mark Zandi, chief economist of Moody's Analytics and author of Financial Shock and Paying the Price‘We live in a world of pandemics, climate change, war, and unstable institutions. Scott Patterson’s fascinating Chaos Kings is a provocative look at those placing big bets who believe they have tamed the financial risk whipped up by these unruly beasts. It holds perceptive insights for anyone who lives — or invests — in our modern uncertain world.’ -- Russell Gold, author of Superpower and The Boom‘A captivating, important, and unsettling book. Chaos Kings takes a timely look at how to survive and prosper in an increasingly uncertain and unstable world of global warming, pandemics, and geopolitical danger.’ -- William Green, author of Richer, Wiser, Happier: how the world’s greatest investors win in markets and life‘A richly reported work that features a fascinating ensemble of quirky characters. Important reading for anyone interested in risk-taking now — and in the future.’ -- Anita Raghavan, author of The Billionaire’s Apprentice‘Rock-star status is reserved for a clique who have made storm-chasing in stocks and bonds into something between an art and a science, and an extraordinarily lucrative one at that. They are the subject of Chaos Kings, a new book by Scott Patterson, who casts an engaging and accessible light on what makes these oddball savants tick, and how they make fortunes from disaster … Chaos Kings avoids making readers feel like they’re out of their depth … The power of the competing egos at play and the urgency of their message on everything from pandemics to the climate to the health of your lifesavings carry the tale.’ -- Katie Martin * Financial Times *‘Wall Street Journal stalwart Patterson continues his explorations of high finance with a clutch of contrarian risk takers … Deft, accessible analysis and guidance. Complex economic and scientific theories lucidly rendered.’ -- Kirkus Reviews, starred review‘Wall Street Journal reporter Patterson (Dark Pools) delivers an illuminating investigation into those who profit from anticipating crises … [T]he author has a knack for translating complicated financial manoeuvres into easily comprehensible terms … Detailed yet accessible, this will appeal to fans of Michael Lewis’s The Big Short.’ * Publishers Weekly *‘Chaos Kings will provide the reader with plenty of food for thought — along with some sleepless nights.’ -- Matthew Partridge * Money Week *‘The book highlights those who have made money while the world falls apart. But not just any money — this book talks about making billions while there is metaphorical, or literal blood on the streets … It’s fascinating, a little sickening, and one heck of a yarn of a book. It is well worth the read and the learning that will come from it … Patterson’s book is one of the best financial stories around. Highly recommended.’ -- Chris Reed * NZ Booklovers *Praise for Dark Pools: ‘Richly reported … an invaluable piece of timely journalism that should be read by regulators and anyone with a cent in the stock market … You will never look at the opening bell in the same way.’ * Financial Times *Praise for Dark Pools: ‘Remarkable … even long-time participants in electronic markets will learn a lot from this book.’ * Forbes *Praise for The Quants: ‘Fascinating and deeply disturbing … Patterson gives faces and personalities to the quants, making their saga accessible and intriguing … [he’s] onto a big story that begs follow-up.’ * New York Times *Praise for The Quants: ‘Scott Patterson has the ability to see things you and I don't notice. In The Quants he does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process.’ -- Nassim Nicholas Taleb, New York Times bestselling author of Fooled by Randomness and The Black Swan
£15.29
Profile Books Ltd Other People's Money: Masters of the Universe or
Book SynopsisShortlisted for the Orwell Prize 2016 We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to standards which it has itself generated. And the outside world has itself adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement. We need finance, but today we have far too much of a good thing. In Other People's Money John Kay shows in his inimitable style what has gone wrong in the dark heart of finance.Trade ReviewStratospherically authoritative. * Independent *Should be read by everyone concerned with preventing the next crisis... barely a page goes by without an acute observation or pithy aphorism. * Economist *Kay is both a first-class economist and an excellent writer. * Financial Times *Mr Kay is a brilliant writer. * Wall Street Journal *An admirable debunker of myths and false beliefs - Kay can see substantial things others don't. -- Nassim N Taleb, author of The Black SwanQuite brilliant ... about as good a demonstration of Kay's skills (as economist, thinker and writer) as you are likely to find. -- Andrew Haldane * Prospect magazine *John Kay is one of the most engaging and accessible writers on economics in Britain today * Morning Star *
£9.49
O'Reilly Media Mastering Bitcoin
Book SynopsisMastering Bitcoin is your guide through the seemingly complex world of Bitcoin, providing the knowledge you need to participate in the internet of money. Whether you're building the next killer app, investing in a startup, or simply curious about the technology, this revised and expanded third edition provides essential detail to get you started.
£44.79
Random House USA Inc Tracers in the Dark
Book SynopsisFrom the award-winning author of Sandworm comesthe propulsive story of a new breed of investigators who have cracked the Bitcoin blockchain, exposing once-anonymous realms of money, drugs, and violence.?I love the book… It reads like a thriller… These stories are amazing.? (Michael Lewis)Over the last decade, a single innovation has massively fueled digital black markets: cryptocurrency. Crime lords inhabiting lawless corners of the internet have operated more freely?whether in drug dealing, money laundering, or human trafficking?than their analog counterparts could have ever dreamed of. By transacting not in dollars or pounds but in currencies with anonymous ledgers, overseen by no government, beholden to no bankers, these black marketeers have sought to rob law enforcement of their chief method of cracking down on illicit finance: following the money.But what if the centerpiece of this dark economy held a secret, fatal flaw? What if their currency wasn?t so cryptic after all? An investigator using the right mixture of technical wizardry, financial forensics, and old-fashioned persistence could uncover an entire world of wrongdoing.Tracers in the Dark is a story of crime and pursuit unlike any other. With unprecedented access to the major players in federal law enforcement and private industry, veteran cybersecurity reporter Andy Greenberg tells an astonishing saga of criminal empires built and destroyed. He introduces an IRS agent with a defiant streak, a Bitcoin-tracing Danish entrepreneur, and a colorful ensemble of hardboiled agents and prosecutors as they delve deep into the crypto-underworld. The result is a thrilling, globe-spanning story of dirty cops, drug bazaars, trafficking rings, and the biggest takedown of an online narcotics market in the history of the Internet.Utterly of our time, Tracers in the Dark is a cat-and-mouse story and a tale of a technological one-upmanship. Filled with canny maneuvering and shocking twists, it answers a provocative question: How would some of the world?s most brazen criminals behave if they were sure they could never get caught?
£15.20
Cambridge University Press Grow the Pie
Book SynopsisA Financial Times Book of the Year 2020! Should companies be run for profit or purpose? In this ground-breaking book, acclaimed finance professor and TED speaker Alex Edmans shows it''s not an either-or choice. Drawing from real-life examples spanning industries and countries, Edmans demonstrates that purpose-driven businesses are consistently more successful in the long-term. But a purposeful company must navigate difficult trade-offs and take tough decisions. Edmans provides a roadmap for company leaders to put purpose into practice, and overcome the hurdles that hold many back. He explains how investors can discern which companies are truly purposeful and how to engage with them to unleash value for both shareholders and society. And he highlights the role that citizens can play in reshaping business to improve our world. This edition has been thoroughly updated to include the pandemic, the latest research, and new insights on how to make purpose a reality.Trade Review'I do not know whether capitalism is in crisis. But I do know Alex Edmans' superb book makes the case, compellingly and comprehensively, for a radical rethink of how companies operate and indeed why they exist. It is the definitive account of the analytical case for responsible business, but is at the same time practical and grounded in real business experience. It is a tour de force.' Andy Haldane, Chief Economist, Bank of England'Politicians are calling for large companies to be regulated or split up. In this compelling book Alex Edmans argues that there is indeed a problem with corporate behavior but that the solution may be simpler: change corporate purpose so that companies focus on growing the pie rather than grabbing more of it. Edmans's arguments are a powerful and persuasive antidote to much of the conventional wisdom about the corporate world.' Oliver Hart, 2016 Nobel Laureate in Economics'This is a brilliant and timely book, taking the business case for responsible capitalism to a whole new level. Edmans provides a rigorous, evidence-based approach, exploring numerous angles around how businesses can (and, as he shows, must) combine profit-seeking with purpose as well as the role investors and other stakeholders can play in driving a genuine win-win approach. He tackles counter-arguments head-on and has the courage to expose examples of virtue-signalling that falsely discredit responsible businesses. Citing case studies collated over decades, it's a great read, too, offering fascinating examples well beyond the usual suspects. Grow the Pie really has the power to convince the sceptics as well as encourage advocates consider new ways to embed the approach further in their businesses.' Dame Helena Morrissey, financier and founder of the 30% Club'This is a must-read book for anyone interested in reforming capitalism - particularly in its role of serving wider society. The book is grounded in academic evidence, but the ideas are highly practical, and recognize the need for business to be profitable as well as purposeful. Most companies have inspiring mission statements; Edmans provides a concrete framework for translating them into actual practice. He does not shy away from acknowledging the challenges with running a purpose-driven company - balancing multiple objectives, achieving investor buy-in, and making decisions where the key criteria cannot be quantified. Instead, he tackles them head-on, giving clear guidelines on how to navigate tough decisions, which he illustrates with powerful examples.' Dominic Barton, former Global Managing Partner of McKinsey'The quest to encourage companies to adopt positive values, for the benefit of all stakeholders, sometimes seems long on vision and short on firepower. Edmans, a finance professor, provides plenty of ammunition to support the idea that visionary leaders can expand the whole 'pie' in pursuit of purpose and profit.' Andrew Hill, Financial Times, Best Books of 2020'This is an original and important book that will help transform how business sees itself - and how we see business. Alex Edmans in his passionate advocacy of 'Pieconomics' challenges us all to adopt a mindset and unity of purpose in which all business actions contribute to pie growing. The implications are radical and far-reaching. Read it: it will challenge how you think.' Will Hutton, Principal of Hertford College, Oxford and Observer columnist'In Grow the Pie, Alex Edmans has provided us with a valuable contribution to contemporary thinking about how business can be a force for good in society. His thought-provoking, often contrarian, ideas are rigorously logical, delving beneath the superficial analyses we often see, which assume correlation implies causation. And Alex's engaging storytelling brings the principles of 'Pieconomics' to life with examples of prominent business people - not just those who understand the benefits of growing the pie - but also those who don't.' Sir James G. M. Wates, Chairman of Wates Group'Alex Edmans has done a great service to society by showing that business doesn't have to be a zero-sum game if we focus more on growing the pie rather than maximizing our slice of it. This is capitalism with a human face.' Andrew Lo, Massachusetts Institute of Technology'Just as Freakonomics encouraged readers to look beyond the conventional wisdom that underlies many public policies, now Professor Alex Edmans introduces the concept of Pieconomics. In Grow the Pie, he challenges popular rhetoric that the free enterprise system is broadly detracting from society. Instead, through many and varied examples, he offers an alternate lens through which we can interpret what constitutes responsible business. In this thoroughly readable book, Edmans debunks mythologies about corporate behavior and offers a new vocabulary by which we can have principled discussions about the role of business in society. A 'must read' for leaders in government, business and the media that reports on both.' Paula Rosput, Reynolds, Director of GE, BP, and BAE'This book is a must-read for asset owners, fund managers and for the boards and executives who lead business enterprise. It provides evidence-based analysis and guidance on how the influence of well-designed stewardship can yield benefit in terms of both financial returns for savers and investors and returns for all stakeholders in a way that benefits society as a whole.' Sir David Walker, former Chairman of Barclays and Morgan Stanley International, author of the Walker Review'Alex Edmans has produced rigorous evidence that the choice between people and profits is a false dichotomy. Now he makes his work accessible to a broader audience and explains how it's possible to overcome the tradeoffs that hold so many leaders and companies back.' Adam Grant, author of Originals and Give and Take and host of the TED podcast WorkLife'This uplifting book provides powerful examples, as well as evidence, that socially responsible businesses generate even higher long term profits than corporations focused on short term profit maximisation. Value is created particularly in new economy enterprises by employee purpose, creation of brand and reputation which drives customer preference. The findings reflects my own real world experiences of striving for business excellence across the global LifeSciences industry.' David Pyott, former Chairman and CEO of Allergan'Finance Professor Alex Edmans defines his purpose in life as 'to use rigorous research to influence the practice of business.' This book, Grow the Pie, demonstrates his manifest success in fulfilling that purpose. Edmans mobilizes evidence - not anecdotes - to make a case, both accessible and compelling, for policies and practices that increase the value available for all stakeholders versus simply and simplistically maximizing profit. Edmans' critical contribution is to reframe arguments about business and capitalism from an all too prevalent short-term zero-sum game to collaborative games where, over time, all can benefit.' Bill Janeway, Warburg Pincus'Alex Edmans provides robust evidence against the claim that businesses must choose between shareholder value and social responsibility. Although there are trade-offs, there is no single trade-off. What is good for shareholders can be good for society: evidence matters.' Baroness Onora O'Neill, University of CambridgeTable of ContentsIntroduction; How to read this book; Part I. Why Grow the Pie? Introducing the Idea: 1. The pie-growing mentality: a new approach to business that works for both investors and society; 2. Growing the pie doesn't aim to maximise profits – but often does: freeing a company to take more investments, ultimately driving its success: 3. Growing the pie doesn't mean growing the enterprise: three principles to guide trade-offs and which projects to turn down; 4. Does pieconomics work?: data – not wishful thinking – shows that companies can both do good and do well; Part II. What Grows the Pie? Exploring the Evidence: 5. Incentives: rewarding long-term value creation while deterring short-term gaming; 6. Stewardship: the value of engaged investors that both support and challenge management; 7. Repurchases: investing with restraint, releasing resources to create value elsewhere in society; Part III. How to Grow the Pie? Putting it into practice: 8. Enterprises: the power of purpose and how to make it real; 9. Investors: turning stewardship from a policy into a practice; 10. Citizens: how individuals can act and shape business, rather than be acted upon; Part IV. The Bigger Picture: 11. Growing the pie more widely: win-win thinking at the national and personal levels; Conclusion; Action items; Appendix; Acknowledgements; Endnotes; Index.
£15.19
Princeton University Press Efficiently Inefficient
Book SynopsisFinancial market behavior and key trading strategies are illuminated by interviews with top hedge fund experts in a work that demystifies the secret world of active investing.Trade Review"Encyclopedic in its cataloging of active management strategies and authoritative in its analysis of the practical issues of their implementation."—Martin S. Fridson, Financial Analysts Journal"This valuable and intriguing book provides a contemporary survey of investments across a wide spectrum of asset classes and strategies. Combining a wonderful narrative with a rigorous analytical structure, Efficiently Inefficient serves the needs of students, serious investors, and professionals."—Gary P. Brinson, CFA, GP Brinson Investments"For a book on investments, Efficiently Inefficient sets a completely different and higher standard."—Darrell Duffie, Stanford University"Efficiently Inefficient is a truly modern and masterful introduction to how finance will be studied and practiced in the twenty-first century."—Andrei Shleifer, Harvard University"A tour-de-force combination of original research and provocative interviews with hedge fund managers."—Laurence B. Siegel, CFA Institute Research Foundation
£19.80
Penguin Putnam Inc The Man Who Solved the Market
Book Synopsis
£24.40
Harriman House Publishing The Soul of Wealth
Book SynopsisWe find ourselves at a crossroads.We all know that true wealth is about far more than money. Wealth is friends, family, health, a vocation, command of your time, leisure, and whatever else is important to you.And yet, we are all guilty of acting as if money alone is wealth and an end in itself.How do we navigate this crossroads to find the right balance between monetary wealth and true, soulful wealth?Our guide is Daniel Crosby – author of the behavioral finance smash hits The Laws of Wealth and The Behavioral Investor.In The Soul of Wealth, Daniel presents 50 short essays which explore what wealth really is and provides practical suggestions for how to change your thinking and your actions in small, powerful ways, for a wealthier life.We learn:- How you spend your money reveals your values.- That money can buy happiness if spent well.- What makes a good financial plan.- Why willpower is o
£13.49
Harriman House Publishing No Worries: How to live a stress-free financial
Book SynopsisNo Worries shows how anyone can live a stress-free financial life and build wealth for the long term. This is not about millions of tiny decisions that drain the joy from life, like skipping daily coffee to save a few bucks. And it's not simply about having more money. The secret lies in adopting the right attitude to money and getting a small number of big things right. In his unique style, drawing on decades of expertise, finance expert Jared Dillian tells the truths about essential personal finance topics and helps you to see things as you never have before. Jared reveals: how the right kind of abundance mindset works wonders how to purge the urge to splurge (without making life a drag) the most effective ways to use credit cards that no one tells you about the smart ways to buy big-ticket items, from houses to cars what's gone wrong with student loans and how to use them sensibly how to ace investing with the set-and-forget Awesome Portfolio. No matter where you're at, Jared can help you get your finances in better shape than 99% of other people - so that you can get on with your life as your wealth builds. Do that and you'll have no financial stress, and no worries.
£13.49
John Murray Press Finance For NonFinancial Managers In A Week
Book SynopsisFinance For Non-Financial Managers In A Week is a simple and straightforward training course in finance, giving you everything you need to know in just seven short chapters. From the profit statement and the balance sheet through to costing and budgets, it will help you deal confidently with questions such as ''What is the return on investment?'', ''Do we have the resources?'' and ''What are the cash implications?'' You''ll also find exercises to help you put it all into action.This book introduces you to the main themes and ideas finance and accounting, giving you a basic knowledge and understanding of the key concepts, together with practical and thought-provoking exercises. Whether you choose to read it in a week or in a single sitting, Finance For Non-Financial Managers In A Week is your fastest route to success:- Sunday: An introduction to the profit statement- Monday: An introduction to the balance sheet- Tuesday: Understanding published aTable of Contents : Sunday: Learn how profit statements are constructed in order to understand exactly why there has been a profit or loss. : Monday: Understand the concept of a balance sheet so that you know the net worth of the business and how assets and liabilities are summarised. : Tuesday: Study what must be disclosed in published accounts so that you can obtain key information about almost any company. : Wednesday: Explore the fascinating field of accounting ratios and investment decisions so that you can use them effectively. : Thursday: Find out just why cash and the management of working capital is so important so that you can manage it and not run out of it. : Friday: Master key principles of the often misunderstood tool of costing so that you are more able to price goods and services realistically. : Saturday: Understand how budgets are constructed so that you can prepare them and use them.
£10.44
Dorling Kindersley Ltd How Money Works
Book Synopsis
£17.09
John Wiley & Sons Inc The Volatility Smile
Book SynopsisThe Volatility Smile The Black-Scholes-Merton option model was the greatest innovation of 20th century finance, and remains the most widely applied theory in all of finance.Table of ContentsPreface xi Acknowledgments xiii About the Authors xv CHAPTER 1 Overview 1 CHAPTER 2 The Principle of Replication 13 CHAPTER 3 Static and Dynamic Replication 37 CHAPTER 4 Variance Swaps: A Lesson in Replication 57 CHAPTER 5 The P&L of Hedged Option Strategies in a Black-Scholes-Merton World 85 CHAPTER 6 The Effect of Discrete Hedging on P&L 105 CHAPTER 7 The Effect of Transaction Costs on P&L 117 CHAPTER 8 The Smile: Stylized Facts and Their Interpretation 131 CHAPTER 9 No-Arbitrage Bounds on the Smile 153 CHAPTER 10 A Survey of Smile Models 163 CHAPTER 11 Implied Distributions and Static Replication 175 CHAPTER 12 Weak Static Replication 203 CHAPTER 13 The Binomial Model and Its Extensions 227 CHAPTER 14 Local Volatility Models 249 CHAPTER 15 Consequences of Local Volatility Models 265 CHAPTER 16 Local Volatility Models: Hedge Ratios and Exotic Option Values 289 CHAPTER 17 Some Final Remarks on Local Volatility Models 303 CHAPTER 18 Patterns of Volatility Change 309 CHAPTER 19 Introducing Stochastic Volatility Models 319 CHAPTER 20 Approximate Solutions to Some Stochastic Volatility Models 337 CHAPTER 21 Stochastic Volatility Models: The Smile for Zero Correlation 353 CHAPTER 22 Stochastic Volatility Models: The Smile with Mean Reversion and Correlation 369 CHAPTER 23 Jump-Diffusion Models of the Smile: Introduction 383 CHAPTER 24 The Full Jump-Diffusion Model 395 Epilogue 417 APPENDIX A Some Useful Derivatives of the Black-Scholes-Merton Model 419 APPENDIX B Backward Itoˆ Integrals 421 APPENDIX C Variance Swap Piecewise-Linear Replication 431 Answers to End-of-Chapter Problems 433 References 497 Index 501
£51.00
Pearson Education Limited Horngrens Financial Managerial Accounting The
Book SynopsisTracie L. Miller-Nobles, CPA, received herbachelor's and master's degrees in accounting from Texas A&M University andis currently pursuing her PhD in adult learning also at Texas A&MUniversity. She is an Associate Professor at Austin Community College, Austin,TX. Previously she served as a Senior Lecturer at Texas State University, SanMarcos, TX, and has served as department chair of the Accounting, Business,Computer Information Systems, and Marketing/Management department at AimsCommunity College, Greeley, CO. In addition, Miller-Nobles has taught as anadjunct professor at University of Texas and has public accounting experiencewith Deloitte Tax LLP and Sample & Bailey, CPAs. Miller-Nobles is arecipient of the Texas Society of CPAs Rising Star Award, TSCPAs OutstandingAccounting Educator Award, NISOD Teaching Excellence Award and the AimsCommunity College Excellence in Teaching Award. She is a member of the Teachersof Accounting at Two Year Colleges, the AmTable of Contents1. Accounting and theBusiness Environment2. Recording Business Transactions3. The Adjusting Process4. Completing the Accounting Cycle5. Merchandising Operations6. Merchandise Inventory7. Internal Control and Cash8. Receivables9. Plant Assets, Natural Resources, and Intangibles10. Investments11. Current Liabilities and Payroll12. Long-Term Liabilities13. Stockholders' Equity14. The Statement of Cash Flows15. Financial Statement Analysis Appendix A: Present Value Tables Appendix B: Accounting Information Systems
£75.04
Pearson Education Limited Principles of Managerial Finance Horizon Edition
Book Synopsis
£11.52
Princeton University Press Strategic Investment
Book SynopsisCorporate finance and corporate strategy have long been seen as different sides of the same coin. Through examples and applications from various industries, this book offers a valuation framework for competitive strategies. It follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy.Trade ReviewWinner of the 2004 Award for Best Professional/Scholarly Book in Business, Management, and Accounting, Association of American PublishersTable of ContentsList of Figures xi List of Tables xvii List of Boxes xix Acknowledgments xxi Introduction: Strategic Investment as Real Options and Games xxiii I.1. Introduction: About This Book xxiii I.2. Real Options and Games: Linking Corporate Finance and Strategy xxiv I.3. An Overview of the Book xxviii Part I: Approaches to Strategic Investment Chapter 1 Corporate Finance and Strategic Planning: A Linkage 3 1.1. Introduction 3 1.2. The Market Value of Growth Opportunities 5 1.3. From NPV to an Expanded (Strategic) NPV Criterion 8 1.4. Value Drivers of NPV, Flexibility Value, and Strategic Value 13 1.4.1. Value Drivers of NPV 14 1.4.2. Drivers of Flexibility or Growth Option Value 21 1.4.3. Drivers of Strategic Value and Strategic Moves 24 1.5. Value Creation in Strategic Planning 32 1.6. Conclusions 33 Chapter 2 Strategic Management: Competitive Advantage and Value Creation 35 2.1. Introduction 35 2.2. Views of Value Creation of the Firm 38 2.2.1. Industry and Competitive Analysis 40 2.2.2. Strategic Conflict and Game Theory 43 2.2.3. Internal, Resource-Based View of the Firm 45 2.2.4. Dynamic Capabilities 49 2.2.5. Options and Games: A Linkage Approach 51 2.3. Competitive Advantage and Industry Evolution 53 2.3.1. Competitive Advantage in the Early and Growth Stages 54 2.3.2. Competitive Advantage in Mature Businesses 58 2.3.3.Creative Destruction and Adaptation as Source of Advantage 60 2.4. Portfolio Planning of Growth Opportunities 68 2.4.1. Boston Consulting Group Matrix 70 2.4.2. Exercise Timing of Options: The Tomato Garden Analogy 72 2.4.3. Real-Options Growth Matrix 76 2.5. Conclusions 90 Chapter 3 Corporate Real Options 93 3.1. Introduction 93 3.2. Options Valuation 94 3.2.1. Basic Nature of Options 98 3.2.2. From Financial to Real Options Valuation 100 3.3. Overview of Common Real Options 106 3.3.1. The (Simple) Option to Defer 110 3.3.2. Options to Expand or Contract 114 3.3.3. The Option to Abandon for Salvage or Switch Use 116 3.3.4. The Option to Temporarily Shut Down 119 3.3.5. Options to Switch Inputs or Outputs 122 3.4. Prototype Examples: Valuing an R & D Program and a Mining Concession 123 3.4.1. Valuing a Research and Development Program 124 3.4.2. Valuing a Mine Concession (License) Using Certainty-Equivalent Valuation 127 3.5. An In-Depth Case Application: Valuing Offshore Oil Concessions in the Netherlands 134 3.5.1. Stages of Offshore Petroleum Development on the Dutch Continental Shelf 134 3.5.2. Valuation Based on Replication in Financial Markets 138 3.5.3. Main Insights 149 3.6. Summary and Conclusions 154 Appendix 3.1. Binomial Option Valuation 156 Chapter 4 Games and Strategic Decisions 163 4.1. Introduction 163 4.2. The Rules of the Game 171 4.3. A Taxonomy of Basic Games 181 4.3.1. Time to Launch under Competition (Symmetric Innovation Race) 184 4.3.2. Asymmetric Innovation Race and Preemption 186 4.3.3. Simultaneous Innovation Race When the Opponent's Capabilities Are Unknown 189 4.4. Competitive Reactions in Quantity versus Price Competition 191 4.4.1. Quantity Competition 191 4.4.2. Price Competition 198 4.4.3. Type of Competitive Reaction: Strategic Substitutes versus Complements 200 4.5. Two-Stage Games: Strategic Value of Early Commitment 202 4.5.1. Direct versus Strategic Effects of Investment Commitment 203 4.5.2. Strategic Effect, Tough or Accommodating Positions, and Type of Competition 205 4.6. Summary and Conclusions 208 Appendix 4.1. A Chronology of Game Theory Developments 210 Part II: Competitive Strategy and Games Chapter 5 Simple Strategic Investment Games 217 5.1. Introduction 217 5.2. A Road Map for Analyzing Competitive Strategies 218 5.3. One-Stage Strategic Investments 222 5.4. Two-Stage (Compound) Options: The Case of Proprietary R & D 226 5.5. Two-Stage Investments with Endogenous Competition 229 5.5.1. Competition in Last (Production) Stage: Contrarian versus Reciprocating Competition 229 5.5.2. Competition in Innovation Investment: Time-to-Market Races and Strategic Alliances 242 5.6. Cooperation in the First Stage: Joint R & D Ventures 247 5.7. Summary and Conclusions 251 Chapter 6 Flexibility and Commitment 255 6.1. Introduction 255 6.2. The Basic Two-Stage Game 258 6.2.1. Equilibrium Quantities, Prices, and Payoff Values 260 6.2.2. Valuation of Competitive Strategies 262 6.3. Numerical Examples of Different Competitive Strategies under Contrarian versus Reciprocating Competition 268 6.3.1. Competitive R & D Strategies under Quantity Competition 268 6.3.2. Goodwill/Advertising Strategies under Price Competition 278 6.4. Summary and Conclusions 285 Appendix 6.1. Reaction Functions, Equilibrium Actions, and Values in Different Market Structures under Quantity or Price Competition 289 Chapter 7 Value Dynamics in Competitive R & D Strategies 295 7.1. Introduction 295 7.2. Literature on R & D Options 296 7.3. The Basic Two-Stage R & D Game 298 7.4. Critical Demand Zones/Sensitivity 300 7.5. Technical R & D Uncertainty, Stochastic Reaction Functions, and Asymmetric Information with Signaling 309 7.5.1. Technical R & D Uncertainty (under Symmetric Information) 309 7.5.2. Imperfect/Asymmetric Information and Stochastic Reaction Functions 311 7.5.3. Signaling Effects 313 7.6. Learning Experience Cost Effects 315 7.7 Competition versus Cooperation in R & D 319 7.8 Summary and Conclusions 322 Part III: Applications and Implications Chapter 8 Case Applications 329 8.1. Introduction 329 8.2. Strategic Games in Consumer Electronics 346 8.2.1. Winner Takes All versus Strategic Alliances in the Launch of Video Recorder Systems 346 8.2.2. The Competition versus Coordination Game of the High-Density Disk 350 8.3. Buy-and-Build Platform Acquisition Strategies 352 8.3.1. Classifying Acquisitions Based on Options and Games 353 8.3.2. Growth Option Value in a Buy-and-Build Strategy 356 8.3.3. Competition in a Buy-and-Build Strategy 360 8.4. Infrastructure Investment: The Case of European Airport Expansion 366 8.4.1. Infrastructure Investment and Aviation Developments 367 8.4.2. Infrastructure Valuation as an Options Game 370 8.4.3. Implementation in the Case of Schiphol Airport 382 8.5. Conclusions and Implications 389 Chapter 9 Continuous-Time Models and Applications 393 9.1. Introduction and Overview 393 9.2. Continuous-Time Version of Smit-Trigeorgis Framework 396 9.2.1. Equilibrium Output and Values 397 9.2.2. Strategic Entry Decisions 401 9.2.3. Equilibrium Entry and Critical Demand Thresholds 405 9.2.4. Benchmark Cases: Symmetric Competition and Monopoly 408 9.3. Strategic Investment Timing under Uncertainty 408 9.3.1. Strategic Interactions and the Timing of Investment 408 9.3.2. Innovation with Uncertainty over Completion and Time Delays 411 9.4. Exercise Strategies under Incomplete Information with Applications 414 9.4.1. Entry and Preemption under Incomplete Information 414 9.4.2. Applications 416 9.5. General Equilibrium Investment Strategies under Imperfect Competition and Asymmetric Information 419 9.5.1. Equilibrium Investment Strategies under Imperfect Competition 419 9.5.2. Investment Strategies under Asymmetric Information 421 9.6. Conclusions 423 Appendix 9.1. Derivation of Option-Pricing Differential Equation 425 Appendix 9.2. Discounted Profit Flow and Value Function 427 Appendix 9.3. Sequential Stackelberg Leader-Follower Entry 428 Chapter 10 Overview and Implications 429 10.1. Introduction 429 10.1.1. Linking Corporate Finance and Strategic Planning 429 10.1.2. An Expanded Valuation Framework to Capture Flexibility and Strategic Value 431 10.2. Implications of the Strategic Options and Games Framework 439 10.2.1. Timing Games for Simple Commercial Options 440 10.2.2. Investment Games Involving Strategic Options 442 10.3. Empirical Implications 445 References 447 Index 461
£104.00
Profile Books Ltd The (Mis)Behaviour of Markets: A Fractal View of
Book SynopsisThis international bestseller, which foreshadowed a market crash, explains why it could happen again if we don't act now. Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf or static in a computer connection to a few simple mathematical properties. With his fractal tools, Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time and wild behaviour that makes them volatile, dangerous - and beautiful. In his models, the complex gyrations of the FTSE 100 and exchange rates can be reduced to straightforward formulae that yield a much more accurate description of the risks involved.Trade ReviewMandelbrot is acknowledged as the father of chaos theory ... he is, simply, very clever indeed. * Sunday Telegraph *The reader gets a clear picture of the history of finance theory ... the best financial read * Financial Times *Entertainingly written ... this book is a brain-opener that adds hugely to our sum of knowledge. * Director *
£11.69
Pearson Education Limited Options Futures and Other Derivatives Global
Book SynopsisJohn Hull is the Maple Financial Professor of Derivatives and Risk Management at the Joseph L. Rotman School of Management, University of Toronto (UofT). In 2016, he was awarded the title of University Professor (an honour granted to only 2% of faculty at UofT). He has acted as a consultant to many financial institutions around the world and has won many teaching awards, including UofT's prestigious Northrop Frye Award. He is an internationally recognised authority on Derivatives and Risk Management and has many publications in this area. His work has an applied focus, with his research and teaching activities including risk management, regulation and machine learning, as well as derivatives. He is co-director of Rotman's Master in Finance and Master in Financial Risk Management Programs.Table of ContentsList of Business Snapshots List of Technical Notes Preface Introduction Futures markets and central counterparties Hedging strategies using futures Interest rates Determination of forward and futures prices Interest rate futures Swaps Securitization and the financial crisis of 2007-8 XVAs Mechanics of options markets Properties of stock options Trading strategies involving options Binomial trees Wiener processes and Itô's lemma The Black–Scholes–Merton model Employee stock options Options on stock indices and currencies Futures options and Black's model The Greek letters Volatility smiles and Volatility Surfaces Basic numerical procedures Value at risk and expected shortfall Estimating volatilities and correlations Credit risk Credit derivatives Exotic options More on models and numerical procedures Martingales and measures Interest rate derivatives: The standard market models Convexity, timing, and quanto adjustments Equilibrium models of the short rate No-arbitrage models of the short rate Modeling Forward Rates Swaps Revisited Energy and commodity derivatives Real options Derivatives mishaps and what we can learn from them Glossary of terms DerivaGem software Major exchanges trading futures and options Tables for Nx Author Index Subject Index
£64.99
Penguin Books Ltd The Ascent of Money
Book SynopsisBread, cash, dosh, dough, loot. Call if what you like, it matters now more than ever. In The Ascent of Money, Niall Ferguson shows that financial history is the back-story to all history.From the banking dynasty who funded the Italian Renaissance to the stock market bubble that caused the French Revolution, this is the story of booms and busts as it''s never been told before.With the world in the grip of the biggest financial crisis since the Great Depression, there''s never been a better time to understand the ascent - and descent - of money.''Beautifully written ... Breathtakingly clever'' Sunday Telegraph''A lucid and racy account of financial history'' New Statesman ''A fine, readable and entertaining history'' Dominic Sandbrook, Daily Telegraph, Books of the Year ''The tales he tells of boom and bust, of triumph and disaster, of bubbles that inflate ... are the very essence of financial history'' Bill Emmott, Financial Times''An often enlightening and enjoyable tour through the underside of great events, a lesson in how the most successful great powers have always been underpinned by smart money'' Robert Skidelsky, New York Review of Books
£13.49
HarperCollins Focus The New Rules of Investing
Book SynopsisThe rules for investing have changed. Don’t get left behind!If you think about it, it’s not hard to grasp why a complete reboot in the way we think about investing is necessary. Stock picking and Buffett-style investing are the financial tools of a bygone era, yet how to proceed remains utterly confusing for most of today’s investors.Mark Haefele oversees around $5 trillion of client assets as the Chief Investment Officer of UBS, the World''s Best Bank 2024, according to Euromoney. Mark has spent decades advising investors of all kinds—from high school students, to government officials, to UBS''s unique global roster of billionaires.In the New Rules of Investing, Mark shares the investing strategies he uses at UBS and offers a playbook for protecting and growing your wealth. By the end of this book, investors of all levels should be able to walk away knowing—through theory and Mark’s life sto
£19.80
Princeton University Press How Global Currencies Work
Book SynopsisTrade Review“An ambitious title that delivers fascinating analysis on the rise and fall of international currencies in the 20th century with some educated suggestions about their trajectories in the 21st.”—Christopher Smart, Project Syndicate“An excellent introduction to the history of international reserve currencies over the past two centuries. . . . [C]ompulsory reading.”—Richard Parlour, Central Banking Journal“This eloquent and learned book will become the standard—perhaps one should say the gold standard—for discussions of international currency regimes, and for the analysis of the uncertainties that accompany changing global leadership.”—Harold James, Princeton University
£19.80
O'Reilly Media Financial Theory with Python
Book SynopsisWritten by the best-selling author of Python for Finance, Yves Hilpisch, this new book explains financial, mathematical, and Python programming concepts in an integrative manner so that the interdisciplinary concepts reinforce each other.
£33.74
Black Cat The Price of Time
Book Synopsis
£18.99
Edward Elgar Publishing Ltd Credit and Crisis from Marx to Minsky
Book SynopsisThis timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics. The book features an extended discussion of Marx's approach to credit and finance, new insights to Minsky's ideas and a reconsideration of the financial theories of Kalecki and Steindl. Economic researchers and postgraduate students seeking to extend their knowledge of critical approaches to finance will find this an invaluable read, as well as practitioners and policy makers who seek to understand financial instability and unstable markets. This will also be an insightful read for economic historians looking to understand the nuances of different key economic theories and their practical applications. This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008.Trade Review'Jan Toporowski provides a provocative guide to a dissenting tradition in macroeconomics where monetary and financial institutions are just as fundamental to the market economy's performance as real factors - endowments, tastes, technology, etc. Along his route from Marx to Minsky we naturally encounter the likes of Keynes and Kalecki, but also, more surprisingly, proto-monetarists like Fisher, Hawtrey, and Henry Simons. Whatever our own views, Toporowski forces us to look at today's macroeconomics in a refreshingly new light: highly recommended.' --David Laidler, University of Western Ontario, US'Professor Jan Toporowski offers us a brilliant piece of scholarship combining history of money and credit theories ranging over heterodox economists from Marx and Luxemburg to mainstream but radical economists such as Keynes and Minsky. It is a here and now explanation of our problems.' --Lord Meghnad Desai, London School of Economics, UKTable of ContentsContents: PART I: CAPITALISM AND FINANCIAL CRISIS 1. Marx and the Monetary Business Cycle 2. Marx and the Emergence of Debt Markets 3. Rosa Luxemburg and the Marxists on Finance PART II: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: UNSTABLE MONEY AND FINANCE 4. Ralph Hawtrey and the Monetary Business Cycle 5. Irving Fisher and Debt Deflation 6. John Maynard Keynes’s Financial Theory of Under-Investment I: Towards Doubt 7. John Maynard Keynes’s Financial Theory of Under-Investment II: Towards Uncertainty PART III: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: CORPORATE DEBT AND CRISIS 8. The Principle Of Increasing Risk: Marek Breit 9. The Principle Of Increasing Risk: Michal Kalecki 10. The Principle of Increasing Risk: Josef Steindl and Michal Kalecki on Profits and Finance 11. The Kalecki-Steindl theory of financial fragility PART IV: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: THE FINANCIAL INSTABILITY HYPOTHESIS 12. The Monetary Theory of Kalecki and Minsky 13. From Money to Minsky: Henry Simons 14. The Financial Instability Hypothesis Bibliography Index
£23.70
Bloomsbury Publishing PLC Money For Nothing: The South Sea Bubble and the
Book SynopsisA Financial Times Economics Book of the Year A brilliant narrative of early capitalism's most famous scandal, a speculative frenzy that nearly bankrupted the British state during the hot summer of 1720 – and paradoxically led to the birth of modern finance. The South Sea Company was formed to trade with Asian and Latin American countries. But it had almost no ships and did precious little trade. Instead it got into financial fraud on a massive scale, taking over the government's debt and promising to pay the state out of the money received from the shares it sold. And how they sold. In the summer of 1720 the share price rocketed and everyone was making money. Until the carousel stopped, and thousands lost their shirts. Isaac Newton, Alexander Pope and others lost heavily. Thomas Levenson's superb account of the South Sea Bubble is not just the story of a huge scam, but is also the story of the birth of modern financial capitalism: the idea that you can invest in future prosperity and that governments can borrow money to make things happen, like funding the rise of British naval and mercantile power. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich. Praise for Money For Nothing: 'A scholar who makes complicated and subtle matters not just accessible but fun. Utterly relevant to the 2008 financial crisis and 2020 pandemic' SIMON SEBAG MONTEFIORE 'Thoroughly researched and vibrantly written, Money For Nothing captures those heady, heartbreaking times, which still hold lessons for today' DAVID KAISER 'A gripping story of scientists and swindlers, all too pertinent to our modern world' JAMES GLEICK 'It's easy to look back and think of the South Sea bubblers, like the tulip-mad Dutch of the 1630s, as financially naive – until you remember how many people jumped in on various other more recent crazes (from Beanie Babies to Pets.com and Bitcoin). This is not a new tale, but Levenson tells it with a light touch' SPECTATORTrade ReviewSuperb, fascinating and totally timely, Money for Nothing is a gripping history of the South Sea Bubble by a scholar who makes complicated and subtle matters not just accessible but fun – the story of a world crisis with a flashy cast of grifters, scientists, politicians and charlatans that Levenson makes utterly relevant to the 2008 financial crisis and 2020 pandemic. Essential reading -- Simon Sebag MontefioreDoes a stockmarket crash and a plague sound somehow familiar? Leverson's new book is proof – very cleverly told – of how enlightening history can be. There is no excuse not to learn from the past -- Andrea WulfInspired by Isaac Newton's example, clever schemers sought to conquer the chaos of human affairs by abstracting financial value from tangible goods. Their calculations unleashed the notorious South Sea Bubble, which destroyed fortunes and roiled nations. Thoroughly researched and vibrantly written, Money for Nothing captures those heady, heartbreaking times, which still hold lessons for today -- David KaiserThomas Levenson is a brilliant synthesizer with a grand view of history. Here is the birth of modern finance amid catastrophe and fraud – a gripping story of scientists and swindlers, all too pertinent to our modern world -- James GleickA brilliant history of the South Sea Bubble, an astounding episode from the early days of financial markets that to this day continues to intrigue and perplex historians. Deeply researched and featuring a colorful cast of characters out of 18th century England – mathematical geniuses, unscrupulous financiers, greedy aristocrats, venal politicians – Money for Nothing is narrative history at its best, lively and fresh with new insights -- Liaquat AhamedThis erudite and entertaining history offers a fresh take on high finance * Publishers Weekly *An enthralling account of an economic revolution that emerged from a scandal * Kirkus Reviews *Levenson is very fluent in his descriptions... This is not a new tale, but Levenson tells it with a light touch' * Spectator *The book has helped me better understand a number of different institutions... If you want an embarkation point from which to understand the history of the City of London as a financial rather than simply mercantile or population centre then this book is a useful one, and one to whet your appetite' * London Historian's Blog. *A vivid account of the development of share trading in the coffee shops of Exchange Alley in the City, with fascinating asides such as Newton's extraordinarily modern management techniques when running the Royal Mint... A compelling read' * Financial Times. *Levenson is a talented writer * Money Week *A beautifully written account of the seminal bubble of capitalism * Financial Times *Levenson is a talented writer who does a good job explaining the complicated nature of the South Sea Company and how it paradoxically saved the British state from bankruptcy * Money Week *Levenson explored the murky tale in a wide ranging study of political intrigue, cultural attitudes and – his strength as a historian of science – the emergence of mathematical reasoning about the value of assets * BBC History Magazine *Levenson is very good on the deep history of the bubble... Building on recent scholarship and especially the work of his MIT colleague William Deringer, Levenson proposes instead that we see the era's scientific accomplishments and speculative bubbles as equal manifestations of a newly mathematical way of knowing and being' * TLS *
£9.49
Agenda Publishing Sovereign Wealth Funds: Between the State and
Book SynopsisWhat constitutes a sovereign wealth fund is contested. In general, however, it is a state-sponsored institutional investor that is answerable only to the state and makes investments according to the interests and mandate of that state. Different types of funds have emerged in the context of particular economic conjunctures, and over the last decade the number of sovereign wealth funds has grown substantially, with total assets exceeding $7 trillion. This trend is set to continue, as more and more countries look to establish an SWF. The place of SWFs in global financial markets may appear settled, but this does not mean that concerns about "state capital" and its place in financial markets has gone away. This short book offers an incisive discussion of the development of this class of investor, how they have become legitimate actors in global financial markets, and their role as providers of capital and in economic development at home and abroad.Trade ReviewDixon, Schena and Capapé have written a concise, thorough and informative volume on sovereign wealth funds. They carefully explore the many issues that these governmental institutions still raise. The combination of historical context and analytical content is highly accessible. A must-read. -- Edwin M. Truman, Senior Fellow, Harvard Kennedy SchoolThis is an outstanding book. It is beautifully written, empirically rich and with an interesting political economy perspective on the role of the state and these intriguing institutional investors that wield so much power. -- Ruth V. Aguilera, Northeastern UniversityFor anyone looking to educate themselves on sovereign wealth funds, this book is hard to beat. Its concise format belies the breadth of coverage and depth of expertise demonstrated by the authors. -- Andrew Rozanov, independent SWF expert and originator of the term “sovereign wealth fund”Table of Contents1. What is a sovereign wealth fund?2. The short history of sovereign wealth funds3. Legitimizing state actors in global markets4. The new giants in global finance: myths and realities5. Tools of strategic development6. The new state capitalist normal?
£14.99
Princeton University Press Monetary Policy Inflation and the Business Cycle
Book SynopsisThis revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfTrade ReviewPraise for the previous edition: "A state-of-the-art treatment of the emerging New Keynesian synthesis by one of the leaders in the field, Gali's book is a must-read for the next generation of macroeconomists."--N. Gregory Mankiw, Harvard University Praise for the previous edition: "Authoritative. This book will be very useful to graduate students and to others seeking an introduction to modern work in this area."--Michael Woodford, Columbia University Praise for the previous edition: "This is a wonderfully elegant and accessible introduction to the contemporary New Keynesian paradigm, written by one of the leading experts in the field. This monograph presents what one should know in a clean, cogent, and concise manner. I fully expect it to become a standard reference for both students and researchers in the field."--Mark Gertler, New York University Praise for the previous edition: "Jordi Gali provides an authoritative overview of the research that revolutionized monetary economics during the past decade, by embedding sticky prices in a coherent dynamic general equilibrium framework--thus providing a novel and much clearer positive and normative analysis of monetary policy. The presentation is elegant and intuitive, yet rigorous. The book will be a standard reference for graduate students, researchers, and policymakers. It is also highly recommended as a textbook for money/macro courses. Numerous useful exercises are provided."--Robert Kollmann, European Center for Advanced Research in Economics and Statistics, Free University of Brussels Praise for the previous edition: "This book provides an excellent introduction and exegesis of the New Keynesian model that is the current state of the art in the analysis of monetary policy. It will find a large audience with research economists, graduate students, and staffers in central banks around the world."--Philip R. Lane, Trinity College Dublin Praise for the previous edition: "Systematic and concise. This is a fine book that is likely to become the key basic text for graduate courses on monetary policy."--Seppo Honkapohja, University of Cambridge Praise for the previous edition: "With this book, magician Gali has pulled another important rabbit out of his hat. The book will help to increase the popularity of the New Keynesian model with graduate students, tomorrow's policymakers, and today's policymakers alike. Therefore, it can be considered a real grassroots initiative."--Christian Merkl, Journal of EconomicsTable of ContentsPreface ix CHAPTER 1 Introduction 1 CHAPTER 2 A Classical Monetary Model 17 CHAPTER 3 The Basic New Keynesian Model 52 CHAPTER 4 Monetary Policy Design in the Basic New Keynesian Model 98 CHAPTER 5 Monetary Policy Tradeoffs: Discretion versus Commitment 126 CHAPTER 6 A Model with Sticky Wages and Prices 163 CHAPTER 7 Unemployment in the New Keynesian Model 199 CHAPTER 8 Monetary Policy in the Open Economy 223 CHAPTER 9 Lessons, Extensions, and New Directions 261 Index 271
£63.00
HarperCollins Publishers Inc Dear Chairman
Book SynopsisTrade Review"...an excellent read...Mr. Gramm has collected a series of deliciously rich letters, many of which were never before published, sent to chief executives by investors by everyone from Warren Buffett to Ross Perot." -- Andrew Ross Sorkin, The New York Times "An engaging and informative book...Eight investor's letters that sum up some of the great agency-problem battles in the history of American business. It is a valuable set of stories." John Lanchester, The New Yorker -- John Lanchester, The New Yorker "...concise account of the spread of the particular form of corporate democracy called 'shareholder activism,'... a grand story." -- Wall Street Journal "Gramm ... is an engaging and critical guide to a century of US activism and activists" -- Financial Times (Summer Reading List) Jeff Gramm shows in his lively, well-researched book -- Business Strategy a revelation: a lively account of a long war against corporate and investor smugness -- The Financial Times "It's an illuminating read for those wondering what drives activists, and includes occasional references to music (another Mr. Gramm hobby) with lucid observations on investors and corporations." -- Wall Street Journal illuminating and often wildly entertaining -- Huffington Post "Jeff Gramm has a refreshing approach to the generations-long conflict between entrenched corporate management and shareholder activists. Gramm illustrates this seemingly never ending struggle for corporate control by examining specific well known and surprisingly interesting examples. Dear Chairman is an engaging and worthwhile read." -- -Alan Greenspan, Former Chairman of the Board of Governors, Federal Reserve System "Public companies face the high standards of the marketplace: fill a need, grow, and remember always that you are the trustee of your stockholders' money. Dear Chairman is a fascinating and colorful history. It should be required reading for anyone who wants to participate as investor or manager." -- -Charles R. Schwab, Chairman, The Charles Schwab Corporation -Charles R. Schwab, Chairman, The Charles Schwab Corporation "The story of the rise of shareholder activism has never been told as compellingly and instructively as Jeff Gramm offers it in Dear Chairman, a book that dissects the dramatic deals and brings to life the unbelievable characters of the past 100 years." -- -Arthur Levitt, Former Chairman, U.S. Securities and Exchange Commission -Arthur Levitt, Former Chairman, U.S. Securities and Exchange Commission "When major shareholders get actively involved, how do they think about companies and their value? Jeff Gramm breaks new ground in a book which is exciting, wise, well-written, and above all else instructive and useful." -- -Tyler Cowen, New York Times bestselling author of The Great Stagnation, professor of economics George Mason University "This is a rare book, masterful in both technical understanding and in narrative." -- -Amity Shlaes, author of Coolidge and The Forgotten Man "Jeff Gramm's fascinating archaeology of shareholder activism lays bare the foundation upon which today's turbulent, performance oriented stock market stands. Dear Chairman is an important, interesting, and insightful history." -- Frederick W. Smith Chairman & CEO FedEx Corporation Frederick W. Smith Chairman & CEO FedEx Corporation Frederick W. Smith Chairman & CEO FedEx Corporation Frederick W. Smith, Chairman and CEO, FedEx Corporation "The letters give insight into how shareholder activism can both benefit and harm companies. Gramm's findings will intrigue and inform history buffs and activist shareholders alike. " -- Publishers Weekly
£18.00
Oxford University Press The Volatility Machine
Book SynopsisThis book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, heTrade ReviewA source of new and enlightening perspectives for a wide range of the subjects of financial analysis and policy making for emerging financial markets. * The Financial Regulator *A cogent and compelling essay on the dynamics of emerging market crises ... Pettis's book offers invaluable insights into the dynamics of emerging market crises and provides important lessons for emerging market policy makers, investors, rating agencies, international institutions and anyone interested in emerging market finance. Moreover he has succeeded in delivering a punchy and highly readable volume * The Business Economist *The Volatility Machine provides a welcome departure from the sterile academic debate on the subject of financial crisis. Economists may quibble ... but would be wise not to ignore [Pettis's] insights into how they can exacerbate external risks. * Institutional Investor *Table of ContentsIntroduction Part I. The Structure of Financial Crises 1: Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s 2: Market Structure Issues Part II. Global Liquidity and Capital Flows 3: Why Does Ric-Country Capital Flow to Poor Countries? 4: 180 Years of Liquidity Expansion and International Lending 5: The Contraction of International Lending Part III. The Corporate Finance of Crises 6: The Theory of Capital Structure and Financial Risk 7: The Capital Structure Trap 8: Toward a Theory of Sovereign Capital Structure Management 9: Debt Restructurings within a Corporate Finance Framework Part IV. Conclusion 10: Conclusion: The New Financial Architecture Appendix: The Option Characteristics of Sovereign Debt Bibliography Index
£42.07
Penguin Putnam Inc Profit First
Book Synopsis
£21.59
Penguin Putnam Inc More Money Than God
Book Synopsis
£15.75
McGraw-Hill Education Case Studies in Finance
Book SynopsisCase Studies in Finance links managerial decisions to capital markets and the expectations of investors. At the core of almost all of the cases is a valuation task that requires students to look to financial markets for guidance in resolving the case problem. The focus on value helps managers understand the impact of the firm on the world around it. These cases also invite students to apply modern information technology to the analysis of managerial decisions.The cases may be taught in many different combinations. The eight-part sequence indicated by the table of contents relates to course designs used at the authors'' schools. Each part of the casebook suggests a concept module, with a particular orientation.
£55.79
John Wiley & Sons Inc Quantitative Finance For Dummies
Book SynopsisTable of ContentsIntroduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Where to Go from Here 3 Part 1: Getting Started With Quantitative Finance 5 Chapter 1: Quantitative Finance Unveiled 7 Defining Quantitative Finance 8 Summarising the mathematics 8 Pricing, managing and trading 9 Meeting the market participants 9 Walking like a drunkard 10 Knowing that almost nothing isn’t completely nothing 11 Recognising irrational exuberance 14 Wielding Financial Weapons of Mass Destruction 15 Going beyond cash 17 Inventing new contracts 18 Analysing and Describing Market Behaviour 20 Measuring jumpy prices 20 Keeping your head while using lots of data 21 Valuing your options 21 Managing Risk 22 Hedging and speculating 22 Generating income 23 Building portfolios and reducing risk 23 Computing, Algorithms and Markets 24 Seeing the signal in the noise 24 Keeping it simple 25 Looking at the finer details of markets 25 Trading at higher frequency 26 Chapter 2: Understanding Probability and Statistics 27 Figuring Probability by Flipping a Coin 28 Playing a game 31 Flipping more coins 32 Defining Random Variables 33 Using random variables 34 Building distributions with random variables 35 Introducing Some Important Distributions 38 Working with a binomial distribution 39 Recognising the Gaussian, or normal, distribution 40 Describing real distributions 41 Chapter 3: Taking a Look at Random Behaviours 45 Setting Up a Random Walk 45 Stepping in just two directions 47 Getting somewhere on your walk 48 Taking smaller and smaller steps 49 Averaging with the Central Limit Theorem 50 Moving Like the Stock Market 53 Generating Random Numbers on a Computer 54 Getting random with Excel 55 Using the central limit theorem again 58 Simulating Random Walks 58 Moving Up a Gear 60 Working a stochastic differential equation 60 Expanding from the origin 61 Reverting to the Mean 62 Part 2: Tackling Financial Instruments 65 Chapter 4: Sizing Up Interest Rates, Shares and Bonds 67 Explaining Interest 68 Compounding your interest 68 Compounding continuously 69 Sharing in Profits and Growth 71 Taking the Pulse of World Markets 72 Defining Bonds and Bond Jargon 74 Coupon-bearing bonds 75 Zeroing in on yield 76 Cleaning up prices 78 Learning to like LIBOR 79 Plotting the yield curve 80 Swapping between Fixed and Floating Rates 81 Chapter 5: Exploring Options 85 Examining a Variety of Options 86 Starting with plain vanilla options 86 Aiming for a simple, binary option 87 Branching out with more exotic options 87 Reading Financial Data 88 Seeing your strike price 88 Abbreviating trading information 89 Valuing time 89 Getting Paid when Your Option Expires 90 Using Options in Practice 92 Hedging your risk 92 Placing bets on markets 93 Writing options 94 Earning income from options 94 Distinguishing European, American and other options 95 Trading Options On and Off Exchanges 96 Relating the Price of Puts and Calls 96 Chapter 6: Trading Risk with Futures 99 Surveying Future Contracts 99 Trading the futures market 101 Marking to market and margin accounts 101 Dealing in commodity futures 102 Index futures 105 Interest rate futures 106 Seeing into the Future 107 Paying in cash now 108 Connecting futures and spot prices 109 Checking trading volume 110 Looking along the forward curve 110 Rolling a Position 112 Keeping a consistent position 113 Adjusting backwards 113 Converging Futures to the Spot Price 114 Using Futures Creatively 115 Calendar spreads 116 Commodity spreads 116 Seasonality in Futures Prices 117 Part 3: Investigating and Describing Market Behaviour 119 Chapter 7: Reading The Market’s Mood: Volatility 121 Defining Volatility 122 Using Historical Data 124 Weighting the data equally 124 Weighting returns 125 Shrinking Time Using a Square Root 127 Comparing Volatility Calculations 128 Estimating Volatility by Statistical Means 132 The symmetric GARCH model 132 The leverage effect 134 Going Beyond Simple Volatility Models 135 Stochastic volatility 135 Regime switching 136 Estimating Future Volatility with Term Structures 137 Chapter 8: Analysing All the Data 139 Data Smoothing 139 Putting data in bins 140 Smoothing data with kernels 143 Using moving averages as filters 147 Estimating More Distributions 149 Mixing Gaussian distributions 149 Going beyond one dimension 150 Modelling Non-Normal Returns 151 Testing and visualising non-normality 151 Maximising expectations 153 Chapter 9: Analysing Data Matrices: Principal Components 159 Reducing the Amount of Data 160 Understanding collinearity 163 Standardising data 166 Brushing up some maths 167 Decomposing data matrices into principal components 170 Calculating principal components 173 Checking your model with cross- validation 174 Applying PCA to Yield Curves 177 Using PCA to Build Models 180 Identifying clusters of data 180 Principal components regression 181 Part 4: Option Pricing 183 Chapter 10: Examining the Binomial and Black-Scholes Pricing Models 185 Looking at a Simple Portfolio with No Arbitrage 186 Pricing in a Single Step 187 Entering the world of risk neutral 188 Calculating the parameters 191 Branching Out in Pricing an Option 192 Building a tree of asset prices 192 Building a tree of option prices by working backwards 192 Pricing an American option 194 Making Assumptions about Option Pricing 195 Introducing Black-Scholes – The Most Famous Equation in Quantitative Finance 196 Solving the Black-Scholes Equation 199 Properties of the Black-Scholes Solutions 202 Generalising to Dividend-Paying Stocks 204 Defining other Options 205 Valuing Options Using Simulations 206 Chapter 11: Using the Greeks in the Black-Scholes Model 209 Using the Black-Scholes Formulae 210 Hedging Class 211 That’s Greek to Me: Explaining the Greek Maths Symbols 213 Delta 213 Dynamic hedging and gamma 216 Theta 218 Rho 219 Vega 219 Relating the Greeks 220 Rebalancing a Portfolio 220 Troubleshooting Model Risk 221 Chapter 12: Gauging Interest-Rate Derivatives 223 Looking at the Yield Curve and Forward Rates 224 Forward rate agreements 227 Interest-rate derivatives 228 Black 76 model 230 Bond pricing equations 232 The market price of risk 234 Modelling the Interest-Rate 234 The Ho Lee model 234 The one-factor Vasicek model 235 Arbitrage free models 237 Part 5: Risk and Portfolio Management 239 Chapter 13: Managing Market Risk 241 Investing in Risky Assets 241 Stopping Losses and other Good Ideas 244 Hedging Schemes 245 Betting without Losing Your Shirt 247 Evaluating Outcomes with Utility Functions 249 Seeking certainty 250 Modelling attitudes to risk 251 Using the Covariance Matrix to Measure Market Risk 253 Estimating parameters 254 Shrinking the covariance matrix 254 Chapter 14: Comprehending Portfolio Theory 257 Diversifying Portfolios 258 Minimising Portfolio Variance 259 Using portfolio budget constraints 260 Doing the maths for returns and correlations 262 Building an efficient frontier 266 Dealing with poor estimates 267 Capital Asset Pricing Model 268 Assessing Portfolio Performance 270 Sharpe ratio 270 Drawdowns 272 Going for risk parity 273 Chapter 15: Measuring Potential Losses: Value at Risk (VaR) 275 Controlling Risk in Your Portfolio 276 Defining Volatility and the VaR Measure 277 Constructing VaR using the Covariance Matrix 279 Calculating a simple cash portfolio 280 Using the covariance matrix 281 Estimating Volatilities and Correlations 282 Simulating the VaR 283 Using historical data 283 Spinning a Monte Carlo simulation 284 Validating Your Model 285 Backtesting 285 Stress testing and the Basel Accord 286 Including the Average VaR 286 Estimating Tail Risk with Extreme Value Theory 289 Part 6: Market Trading and Strategy 291 Chapter 16: Forecasting Markets 293 Measuring with Technical Analysis 294 Constructing candlesticks 294 Relying on relative strength 295 Checking momentum indicators 298 Blending the stochastic indicator 299 Breaking out of channels 300 Making Predictions Using Market Variables 301 Understanding regression models 302 Forecasting with regression models 304 Predicting from Past Values 306 Defining and calculating autocorrelation 306 Getting to know autocorrelation models 308 Moving average models 309 Mentioning kernel regression 311 Chapter 17: Fitting Models to Data 313 Maximising the Likelihood 314 Minimising least squares 316 Using chi-squared 318 Comparing models with Akaike 318 Fitting and Overfitting 319 Applying Occam’s Razor 322 Detecting Outliers 322 The Curse of Dimensionality 324 Seeing into the Future 325 Backtesting 325 Out-of-sample validation 327 Chapter 18: Markets in Practice 329 Auctioning Assets 330 Selling on eBay 331 Auctioning debt by the US Treasury 332 Balancing supply and demand with double-sided auctions 333 Looking at the Price Impact of a Trade 336 Being a Market Maker and Coping with Bid-Ask Spreads 337 Exploring the meaning of liquidity 338 Making use of information 339 Calculating the bid-ask spread 342 Trading Factors and Distributions 343 Part 7: The Part Of Tens 345 Chapter 19: Ten Key Ideas of Quantitative Finance 347 If Markets Were Truly Efficient Nobody Would Research Them 347 The Gaussian Distribution is Very Helpful but Doesn’t Always Apply 348 Don’t Ignore Trading Costs 349 Know Your Contract 349 Understanding Volatility is Key 350 You Can Price Options by Building Them from Cash and Stock 350 Finance Isn’t Like Physics 351 Diversification is the One True Free Lunch 351 Find Tools to Help Manage All the Data 352 Don’t Get Fooled by Complex Models 353 Chapter 20: Ten Ways to Ace Your Career in Quantitative Finance 355 Follow Financial Markets 355 Read Some Classic Technical Textbooks 356 Read Some Non-technical Books 356 Take a Professional Course 357 Attend Networking Meetings and Conferences 357 Participate in Online Communities 358 Study a Programming Language 358 Go Back to School 359 Apply for that Hedge Fund or Bank Job 359 Take Time to Rest Up and Give Back 359 Glossary 361 Index 369
£18.39
Oxford University Press Economics Rules
Book SynopsisThe economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. Dani Rodrik argues that the multiplicity of theoretical frameworks - what economists call ''models'' that exist side by side is economics'' great strength. Economists are trained to hold diverse, possibly contradictory models of the world in their minds. This is what allows them, when they do their job right, to comprehend the world, make useful suggestions for improving it, and to advance their stock of knowledge over time. In short, it is what makes economics a ''science'' a different kind of science from physics or some other natural sciences, but a science nonetheless. But syncretism is not a comfortable state of mind, and economists often jettison Trade ReviewDani Rodrik ... provides an edifying discussion of these basic tools, of the economist's trade [economic models] * Ben Chu, Books of the Year 2015, Independent *one of the world's most perceptive policy analysts * Martin Wolf, Books of the Year 2015: Best Books 2015 Economics, Financial Times *Rodriks central message is that economics is a collection of models with which to see the world ... The challenge is to choose which model applies to the situation at hand. This choice requires theoretical open-mindedness and empirical investigation and is, as Rodrik succinctly puts it, a craft not a science. That idea that good economics is about good craftsmanship as much as anything else is a hugely valuable contribution. Rodrik is well placed to make these arguments because he is himself a master craftsman. * Martin Sandbu, The Financial Times *I hope open-minded critics of economics will read Economics Rules to learn how the best of economists approach the subject, and how important their work is * The Enlightened Economist, Diane Coyle *terrific * The Enlightened Economist, Diane Coyle *Table of ContentsIntroduction: The Use and Misuse of Economic Ideas 1: What Models Do 2: The Science of Economic Modeling 3: Navigating among Models 4: Models and Theories 5: When Economists Go Wrong 6: Economics and Its Critics Epilogue: The Twenty Commandments
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