Finance and the finance industry Books

Book SynopsisThere are secret ways of seeing the world of finance that every investor should know.Overlooked things that tip the balance from failure to success.Hidden truths that make the critical difference between understanding the world and being dangerously naive.And surprising realities that determine whether or not you and your family are on the path to generational wealth.In You Weren’t Supposed to See That, Downtown Josh Brown—the original Wall Street blogger, star of CNBC’s Halftime Report, and manager of billions of dollars as CEO of Ritholtz Wealth Management—collects and shares the most important of these secrets.Drawing on 15 years of The Reformed Broker, the most-read financial blog in the world, Josh revisits, updates, and expands on the best of his wildly popular writing. As he does so, he helps you to discover all the most important, surprising, and sometimes painfully true secret

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Book SynopsisArturo Cifuentes and Ventura Charlin provide an expert guide to the methods, risks, and rewards of investing in art. They detail how to apply the financial and statistical tools and techniques used to evaluate more traditional investments such as stocks, bonds, and real estate to art markets.Trade ReviewThis is a magnificent book. Original, deep and detailed. It is a must read for anyone interested in understanding the intersection between markets and art. -- Sebastian Edwards, Henry Ford II Distinguished Professor of International Economics, Anderson Graduate School of Management, UCLAIn The Worth of Art, two sophisticated quantitative analysts demonstrate the value of applying the powerful tools of financial economics to a wide range of issues involving art markets. Arturo Cifuentes and Ventura Charlin have written a genuinely innovative book. Their careful exposition of statistical techniques will be required reading for participants in art markets, and their conclusions will be of interest to anyone who enjoys thinking systematically about art and what makes it valuable. -- David W. Galenson, University of ChicagoThe authors have presented a compelling way to value art, drawing on tools used in financial markets and adjusting for the idiosyncrasies of the asset class. This work, which advances an understanding of investing in art, should be welcomed by both the art world and the financial community as it deftly straddles both spheres. -- Timothy Goodell, international bankerAs art continues to be accepted as a bankable asset class unto its own, any investor looking to enter this complex marketplace should be armed with the necessary quantitative tools to complement any qualitative analysis. This book is a “must have” guide for any serious art investor—new or seasoned—looking to navigate the often rocky terrain of the art market. -- Judd Grossman, founder and managing partner, Grossman LLPThis book will help demystify the art buying process for novice and expert art collectors alike. The tools provided for financial analysis will give readers a better framework to make educated collecting decisions and buy with their head as well as their heart. -- Amelia Manderscheid, Vice President and Senior Director for Post-War & Contemporary Art, BonhamsThe Worth of Art is full of thought-provoking research and intriguing observations that provide a novel—and revelatory—lens on the world of art. Cifuentes and Charlin are invaluable guides to the complexities and intricacies of the art market. -- Bianca Bosker, author of Cork Dork: A Wine-Fueled Adventure Among the Obsessive Sommeliers, Big Bottle Hunters, and Rogue Scientists Who Taught Me to Live for TasteIlluminating and riveting. The Worth of Art is indispensable for anyone making an initial foray into art as a vehicle for building wealth. Its techniques and insights will also be new to many seasoned art investors. * CFA Institute’s Enterprising Investor *Selected as one of Martin S. Fridson's 3 favorite reads of 2023 * Shepherd *Two decades ago, Arturo Cifuentes, a Chilean financier, used his quantitative skills to parse financial derivatives with great effect: long before 2008, he warned that a financial crisis loomed (influencing my own journalism). Now, however, Cifuentes has another mission: he is redeploying his skills to analyse art, exploring issues such as the relative return and risk profile of Jean-Michel Basquiat’s paintings. (Complex calculations in his co-authored book The Worth of Art suggest that Basquiat not only outperforms US equities, but also works by Renoir and Matisse.)… At art fairs, financialisation remains a dirty word. But if this trend drives more money into the art world, those artists should have reason to raise a glass to it. As Cifuentes says, even algorithms can create beauty. * Gillian Tett, Financial Times *Essential reading for collectors, investors, and dealers -- as well as members of the art community. * Midwest Book Review *Table of ContentsPrefaceGlossaryPart I. Understanding the Art MarketsIntroduction1. Estimating Returns in the Art Market2. Simple Comparisons to Uncover Interesting Trends3. Price and Color in Paintings4. Art Market IndicesPart II. Investment Strategies5. Portfolio Management Strategies6. Art-Secured Lending7. Auction Guarantees8. The Market for Collectibles9. Art, Data, and Finance: A Few Speculations About the FutureAppendix for PoetsIndex

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Book SynopsisAlex Preda provides an ethnographic exploration of how financial expertise is performed and produced in the media, analyzing its features and how audiences react to it. He examines how analysts, anchors, and producers collaborate in manufacturing financial talk that circulates around the world.Trade ReviewThis is easily the most original book in the sociology of finance that I have read in many years. Preda singles out financial expert talk by academics, analysts, and financial journalists, showing how it is interactionally produced and performed, and how it invades the public sphere and influences how finance is understood. This book should not be missed by sociologists of finance and financial economists. It is also a must read for science communication generally, expert studies and media studies—and for practitioners, seeking to look into a mirror of their practice. -- Karin Knorr Cetina, author of Epistemic Cultures: How the Sciences Make KnowledgeHow are we ever going to make sense of our world after the 2008 crash without understanding what financial experts think they are doing? Reaching into all the latest research on, and analysis of expertise, Alex Preda tells us what is going on when financial experts present themselves in the media. -- Harry Collins, coauthor of Why Democracies Need ScienceTalk is fundamental to how human beings interact, and what we say about money and finance matters. Focusing on Hong Kong's TV and radio studios, and employing his trademark combination of ethnographic insight and sharp sociological analysis, Preda throws important new light on financial talk, its nuances, and its audiences. -- Donald MacKenzie, author of Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial MarketsWritten in clear prose, Preda’s ethnography moves easily between theory and evidence. * Social Forces *Table of ContentsIntroduction1. What Is Financial Expertise?2. Talk, Spectacle, and Expertise3. The Organization of Expert Talk4. Strategic Facework: The Expert Presentation of Experts5. Unfaultable Talk6. Talk and Truth7. Managing AudiencesConclusionAppendix 1. Hong Kong as a Global Financial CenterAppendix 2. Ethnographic MethodsAcknowledgmentsNotesReferencesIndex

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Book SynopsisCovering pertinent areas of sustainable and responsible investment (SRI) this forward-looking book examines SRI in developing markets including its evolution, principles and concepts. It explores the drivers and challenges in developing economies and analyses the theoretical underpinnings to critical issues pertaining to SRI.This timely book investigates investment strategies and philosophies that attempt to incorporate environmental, social and governance (ESG) concerns into investment decision-making. In turn it provides an in-depth review of a number of different motivations for SRI, including: personal values and goals, institutional missions, and the demands of clients, constituents or plan participants. Sustainable and Responsible Investment in Developing Markets further defines how to integrate ESG issues into investment portfolios, looking to sustainable and responsible investors with a focus on financial performance, who believe in using these investments to promote ESG practices.With a focus on sustainability in relation to business and investment, this expansive book will be a useful guide for finance, business, environment, geography and innovation students, and researchers, practitioners, and policymakers interested in understanding sustainable and responsible investment, specifically for developing countries.Trade Review‘This edited book provides a rich and comprehensive examination of sustainable and responsible investment in developing countries. The book fills many gaps in existing books on investments in developing economies. I strongly recommend the book to everyone interested in responsible investments.’ -- Robert Lensink, University of Groningen, the Netherlands‘This edited volume presents an excellent contribution to the emerging area of sustainable and responsible investment (SRI), especially as it focuses on developing countries. It is a useful resource for researchers, policymakers, international development agencies, practitioners and university students. It presents an encyclopedic coverage of the main issues on SRI. I am glad to endorse this book and recommend it to everyone interested in understanding SRI in developing economies.’ -- Victor Murinde, SOAS University of London, UK‘At a time when issues pertaining to sustainable and ethical investment are assuming increasing global priority, this book could not be more relevant. Focusing on sustainable and responsible investment (SRI) in developing economies, the book fills a gap in the development and finance literatures with expert and incisive analysis of the relevance of SRI to sectors such as banking, insurance, energy, tourism and agriculture. It will prove to be an essential resource for investors and policymakers as well as everyone else who is concerned about how private investment can be aligned with environmental sustainability and social objectives. I strongly recommend it.’ -- Roy Sudharshan Canagarajah, World BankTable of ContentsContents: PART I OVERVIEW OF SUSTAINABLE AND RESPONSIBLE INVESTMENT 1 Introduction to Sustainable and Responsible Investment in Developing Markets 2 Joshua Yindenaba Abor PART II SUSTAINABLE AND RESPONSIBLE INVESTMENT: EVOLUTION, PRINCIPLES AND IMPACT 2 Evolution, principles and concepts of sustainable and responsible investment 12 Joshua Yindenaba Abor, Benjamin Agyeman and Mary Wamaitha 3 Drivers and challenges of sustainable and responsible investment in developing economies 36 Lordina Amoah, Dennis Venunye Hehetror, Richard Kotey and Olagunju Ashimolowo 4 Impact investing in developing markets 50 Zubeiru Salifu, Joshua Yindenaba Abor, Mabouba Diagne and Elizabeth Muthuma 5 Investing for impact on the African continent: an overview 73 Xolisa Dhlamini and Stephanie Giamporcaro PART III LONG-TERM RESPONSIBLE INVESTMENT, GOVERNANCE, FIDUCIARY CAPITALISM AND SUSTAINABLE DEVELOPMENT 6 Long-term responsible investment and corporate social responsibility 91 Paul Terna Gbahabo, Lwanga Elizabeth Nanziri and Tendayi Chapoto 7 Corporate governance and sustainability ethics in developing countries 115 George Nana Agyekum Donkor, Daniel Ofori-Sasu, Thankom Arun and Joshua Yindenaba Abor 8 The rise of fiduciary capitalism in developing countries 128 Michelle Filson and Joshua Yindenaba Abor 9 Sustainable development: conceptual and theoretical insights in the Global South 141 Asaah Sumaila Mohammed, Dede Woade Gafa and Raymond Aitibasa Atanga PART IV FINANCE AND SUSTAINABILITY 10 Sustainable financing in developing economies 159 Mumbi Maria Wachira, Khadijah Iddrisu, Gifty Abban and Joshua Yindenaba Abor 11 Environmental and climate finance in developing countries 172 Mawuena Akosua Cudjoe, Joshua Yindenaba Abor and Jako Volschenk 12 Sustainable banking in developing economies 190 Janet Talata Abor, Joshua Yindenaba Abor and Ahmad Hassan Ahmad 13 Sustainable risk financing and insurance in developing markets 204 Joshua Yindenaba Abor, Margaret Asare, Susana Yamoah, Gideon Ataraire and Abdul Latif Alhassan 14 Sustainable private equity and venture capital in developing economies 220 Elikplimi Komla Agbloyor, Isaac Kofi Bekoe and Joshua Yindenaba Abor 15 Crowdfunding and sustainable enterprises in developing markets 234 George Acheampong, Alex Akpabli and Joshua Yindenaba Abor PART V SECTOR-SPECIFIC SUSTAINABLE AND RESPONSIBLE INVESTMENT 16 Sustainable tourism in Africa 245 Kobby Mensah, Eunice Fay Amissah and Noel Nutsugah 17 Sustainable real estate investment and finance in developing economies: challenges and opportunities 262 Frank K. Ametefe, Precious A. Brenni and François Viruly 18 Sustainable and responsible agricultural investment in developing countries 285 Haruna Issahaku, Paul Kwame Nkegbe and Jeremiah Ogaga Ejemeyovwi 19 Sustainable and responsible mining investment in developing economies 304 Benjamin Nii Ayi Aryee, Hudson Mtegha and Michael Sandow Ali 20 Sustainable and responsible energy investment in developing economies 321 Benjamin Agyeman, Joshua Yindenaba Abor and Amin Karimu PART VI SUSTAINABLE AND RESPONSIBLE INVESTMENT PORTFOLIO CONSTRUCTION AND SUSTAINABLE VALUATION 21 Sustainable and responsible investment and asset selection 347 William Coffie, Vera Ogeh Fiador and Abacha Isa 22 Valuation of sustainable investment 363 Emmanuel Acheampong-Bonsu, Jackie Wolgast and Teddy Ossei Kwakye PART VII EMERGING TRENDS AND REGULATION OF SUSTAINABLE AND RESPONSIBLE INVESTMENT 23 COVID-19 pandemic and sustainable and responsible development: agenda for reform and prevention of another crisis 382 Michael Effah Asamoah, Emmanuel Joel Aikins Abakah and Lungile Ntsalaze 24 Regulation of sustainable and responsible investment in developing countries 396 Bright Kojo Tsikata, Lordina Amoah and Joshua Ogwal Index

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Book SynopsisFor fans of Bad Blood and Too Big to Fail, an explosive, page-turning account of one of the largest financial frauds in US history, chronicling the utopian promises, human collateral, and incineration of billions of dollars in the 2022 crypto crash, by Time magazine’s technology correspondent.As cryptocurrency rose in popularity during the pandemic, new converts bought into the idea that crypto would not only make them rich, but would usher in imminent revolutions across art, finance, politics, and gaming. Cryptocurrency caught the zeitgeist through figures like FTX CEO Sam Bankman-Fried, who only two years later would be convicted of one of the most calamitous acts of financial fraud in US history. During his meteoric rise, Sam Bankman-Fried outflanked idealists in the movement like Vitalik Buterin, who sought to build fairer, more democratic systems through Ethereum. Bankman-Fried pursued a growth-obsessed, by-any-means approac

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Book SynopsisTable of ContentsForeword by Alexander Green xiii Preface xvii Chapter 1 Why Dividend Stocks? 1 “Y’all Must’ve Forgot” 5 Marc Lichtenfeld’s Authentic Italian Trattoria 8 The Numbers 9 Keeping Up with Inflation 12 The 10-11-12 System 14 Summary 16 Notes 16 Chapter 2 What Is a Perpetual Dividend Raiser? 19 Dividend Aristocrats 20 The Index 21 The Champions 23 Junior Aristocrats 26 Survivorship 29 Summary 30 Chapter 3 Past Performance Is No Guarantee of Future Results, but It’s Pretty Darn Close 31 Performance of Perpetual Dividend Raisers 34 How Do Bonds Compare? 49 Are You an Investor from Lake Wobegon? 52 Summary 56 Notes 56 Chapter 4 Why Companies Raise Dividends 59 Buybacks versus Dividends 60 Management Speaks 65 Attracting the Right Shareholders 68 Signals to the Market 72 Summary 73 Notes 74 Chapter 5 Get Rich with Boring Dividend Stocks (Snooze Your Way to Millions) 75 How Much Do You Want to Make? 75 Summary 87 Note 87 Chapter 6 Get Higher Yields (and Maybe Some Tax Benefits) 89 Buying $1 in Assets for $0. 90 89 MLPs 98 REITs 100 BDCs 101 You Don’t Have to Play Mahjong with Mrs. Zuckerberg 103 Preferred Stocks 105 Summary 107 Chapter 7 What You Need to Know to Set Up a Portfolio 109 The Oxford Income Letter Portfolio An Example 111 Setting Up the Portfolio 115 Yields 118 Payout Ratio 121 Dividend Growth Rate 126 Special Dividends 128 Summary 131 Notes 131 Chapter 8 The 10-11-12 System 133 Yield 133 Dividend Growth 134 Payout Ratio 135 Formula 135 Numbers 147 When to Sell 156 Summary 158 Chapter 9 DRIPs and Direct Purchase Plans 159 Summary 163 Chapter 10 Using Options to Turbocharge Your Returns 165 Covered Calls: The Espresso of Income Investing 167 Option Prices 169 Volatility: An Option Seller’s Best Friend 170 Time Is on Your Side 171 Who Should Sell Covered Calls? 172 Annual Returns of 20% 173 Selling Puts 177 Summary 179 Chapter 11 Foreign Stocks 181 One Lump or Two? 182 Lumpy Perpetual Dividend Raisers? 184 Other Risks 186 Summary 188 Chapter 12 Taxes 189 Foreign Taxes 191 Tax-Deferred Strategies 192 Tax Law Changes 194 Summary 194 Note 195 Chapter 13 Crypto 197 Summary 200 Note 201 Conclusion: The End of the Book, the Beginning of Your Future 203 Glossary 207 Acknowledgments 211 About the Author 213 Index 215

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Book SynopsisINSTANT NEW YORK TIMES BESTSELLER“A smart, savvy road map through the mayhem of the cryptocurrency madness.”—Ron Chernow, Pulitzer Prize-winning author of Alexander HamiltonFrom “one of the crypto industry’s unlikely but most prominent critics” (Washington Post), an entertaining and well-researched account of the rise and fall of cryptocurrency. At the height of the pandemic, TV star Ben McKenzie was the perfect mark for cryptocurrency: a dad stuck at home with some cash in his pocket, worried about his family, armed with only the vague notion that people were making heaps of money on something he—despite a degree in economics—didn’t entirely understand. Lured in by grandiose, utopian promises, and sure, a little bit of FOMO, McKenzie dove deep into blockchain, Bitcoin, and the various other coins and exchanges on which they are traded. But after s

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Book SynopsisTrade Review"Selected for Askblog’s Books of the year 2017"

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Book Synopsis*Now a major movie starring Seth Rogen, Paul Dano, Pete Davidson, Shailene Woodley, Sebastian Stan and Nick Offerman*The GameStop Short Squeeze and the Ragtag Group of Amateur Traders that Brought Wall Street to its Knees.Bestselling author Ben Mezrich offers a gripping, beat-by-beat account of how a loosely affiliate group of private investors and internet trolls took down one of the biggest hedge funds on Wall Street, firing the first shot in a revolution that threatens to upend the financial establishment.It started on a subreddit forum called WallStreetBets a meme-filled, freewheeling place where a disparate group of investors shared their shoot-the-moon investment tips, laughed about big losses and posted diamond hand emojis. Until some members noticed an opportunity in Game Stop a flailing bricks and mortar video-game retailer and somehow rode a rocket ship to tens of millions of dollars in earnings overnight, simultaneously triggering unfathomable losses for one of the most rTrade Review"Mezrich mans the conveyor belt at the factory that turns raw reality into its eventual slick cinematic depiction."―New York Times "Mr. Mezrich, the author of bestsellers on topics ranging from the origins of Facebook to beating the odds at Las Vegas, tells the story of GameStop through the eyes of an array of characters, especially small investors who had little or no previous experience in the stock market."―Wall Street Journal "The David vs. Goliath-esque GameStop short squeeze of Winter 2021 was undoubtedly one of the most entertaining stories of the year, and Mezrich brings new life to the whole thing in this look at the outrageous personalities and corporate drama that fuelled it."―The New York Post

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At the summit of his power, John Law was the most famous man in Europe. Born in Scotland in 1671, he was convicted of murder in London and, after his escape from prison, fled Scotland for the mainland when Union with England brought with it a warrant for his arrest. On the continent he lurched from one money-making scheme to the next - selling insurance against losing lottery tickets in Holland, advising the Duke of Savoy - amassing a fortune of some £80,000.But for his next trick he had grander ambitions. When Louis XIV died, leaving a thoroughly bankrupt France to his five-year-old heir, Law gained the ear of the Regent, Philippe D'Orleans. In the years that followed, Law's financial wizardry transformed the fortunes of France, enriching speculators and investors across the continent, and he was made Controller-General of Finances, effectively becoming the French Prime Minister. But the fall from grace that was to follow was every bit as spectacular as his meteoric rise.John Law, by a biographer of Adam Smith and the author of Frozen Desire and Capital of the Mind, dramatises the life of one of the most inventive financiers in history, a man who was born before his time and in whose day the word millionaire came to be coined.

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Book SynopsisNATIONAL BESTSELLER • The gripping story of Elizabeth Holmes and Theranos—one of the biggest corporate frauds in history—a tale of ambition and hubris set amid the bold promises of Silicon Valley, rigorously reported by the prize-winning journalist. With a new Afterword covering her trial and sentencing, bringing the story to a close.“Chilling ... Reads like a thriller ... Carreyrou tells [the Theranos story] virtually to perfection.” —The New York Times Book ReviewIn 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the next Steve Jobs: a brilliant Stanford dropout whose startup “unicorn” promised to revolutionize the medical industry with its breakthrough device, which performed the whole range of laboratory tests from a single drop of blood. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes’s worth at an estimated $4.5 billion. There was just one problem: The technology didn’t work. Erroneous results put patients in danger, leading to misdiagnoses and unnecessary treatments. All the while, Holmes and her partner, Sunny Balwani, worked to silence anyone who voiced misgivings—from journalists to their own employees.

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Book SynopsisTable of ContentsPreface viii About the Editors xi Acknowledgements xiii 1. Payments Explained Payments are Getting Political Again 6 Money: A History of Gods and Codes 11 Payments Explained 14 From Barter to App – How Payments Have Changed 17 Do We Still Need to Pay? 21 How ACH and Real-Time Payments Clearing and Settlement Works 23 Payments as a Service 26 The New Emerging Banks and Their Role in Payments 28 The Payments Race 31 PayTech Regulation Trends 34 An Innovative Local Payments Method in an Ancient Land 37 2. Payment System Infrastructures and Money Transfer Technologies The Convergence of Card Payments and Bank Payments 46 Instant Payments: A New Deal for the Payments Market? 49 PIN on Mobile – A Pivotal Moment for Payments 51 PayTech in the Cloud 54 The Rise of a Super-Correspondent Banking Network 56 Why Distinctions within Mobile Wallets and Tokenization Matter 59 The Future is Already Here; It is Just Not Evenly Distributed 61 PSD2 Open Banking: The Challenges of Third-Party Provider Identity and Regulatory Checking 64 Taking PayTech to the Villages of India 68 3. Payments Regulation and Compliance How Payments Regulation and Compliance Can Create a Better Future 74 Refining the Collective Responsibility for Compliance 78 Can Operational Agility Grow Payments in the New Online Platform Marketplaces? 81 The Hidden Value of Greater Standardization for the EU-Wide FinTech Market 84 Is Europe a Good Example of Open Banking? 86 Taking Back the Power: Regulations in the EU are Changing the Face of Banking 88 Achieving Control Effectiveness and Sustainable Compliance Using Nine Factors 91 Money Laundering Laws, Technology and Keeping Up with Criminals 94 Dynamic Regulation Readiness – Implementing the 5th Anti-Money Laundering Directive 97 eKYC: The Next Mountain for e-Businesses to Climb 100 AML Systems After Madoff: Ponzi-Identification Using “Complexity” 102 4. Blockchain Regulation Around the World Understanding Cryptocurrencies, Blockchain Technology and Regulations 110 Blockchain, Cryptocurrencies and How They Fit Within Current Payments Regulation 114 Blockchain and Beyond 117 Will Central Banks Adopt the New World Economy of Cryptocurrencies? 119 The Case for a National Cryptocurrency 122 Regulation and the Future of Blockchain: Which Approach Will Succeed? 124 Web 3.0 – The Internet of Value 127 Blockchain – An Elixir for Anti-Money Laundering? 129 Facilitating Online Crypto-Payments Now and in the Future 132 A New Law for Derivatives Markets and the Use of Smart Contracts 134 PayTech and Blockchain: Adjusting for Security and Risk 137 Cryptocommodities: An Essential Element of Decentralized Payments 140 5. Payments in Practice The Perspective of a Passionate Payments CEO 148 Plugging the Data Black Hole: How Mobile Self-Checkout Can Help Revive the High Street 152 How UnionPay Quick Pass is Beating Alipay and WeChat Pay in China 155 How Payment Agility and Cash-for-Carbon Can Solve a Global Problem for Mankind 158 Revolutionizing the Retail Industry Through Integrated Payments Systems 162 Asset Management and Payments in India – So Near and Yet So Far 164 Exploiting the Value of Data Embedded in Payments Systems 167 Reinventing the Customer Experience by Focusing on the After-Payment Emotional Experience 170 How Open Banking and Payment Touchpoints Will Save Banks 172 Why Personal Financial Management Will Be Embedded Into the Next Generation of Payments 175 How Helping Microbusinesses Accept Digital Payments Could Transform Kenya’s Economy and Enhance Inclusion 178 How Decentralization Can Create a Customer-Centric Ecosystem 182 6. Blueprint for Change A Blueprint for Change 188 Accelerating the Adoption of PayTech Innovations 192 How to Build a Successful PayTech Product 195 The Future of Digital Payments Market Infrastructures 198 It’s Money, Jim, But Not as We Know It 201 Payments as Open Business Banking Enabler for the Gig Economy 206 The Financial Arms Race: The Game with No Rules 209 How Network Paradigms Can Lead to New Payments Innovations 212 It’s the Ecosystem, Stupid! Keeping Ahead in a Payments Ecosystem 215 Mobile Money: Creating a Cash-Light Africa to Solve the Financial Inclusion Problem 217 Back to the Future: A Miraculous Time-Trip Through the Future, Present and Past of Payments 222 Fifteen Ways in Which Our Digital Future Will be Shaped by PayTech 225 List of Contributors 229 Index 236

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Book SynopsisIn this book . . . Nicolas Vandeput hacks his way through the maze of quantitative supply chain optimizations. This book illustrates how the quantitative optimization of 21st century supply chains should be crafted and executed. . . . Vandeput is at the forefront of a new and better way of doing supply chains, and thanks to a richly illustrated book, where every single situation gets its own illustrating code snippet, so could you. --Joannes Vermorel, CEO, Lokad Inventory Optimization argues that mathematical inventory models can only take us so far with supply chain management. In order to optimize inventory policies, we have to use probabilistic simulations. The book explains how to implement these models and simulations step-by-step, starting from simple deterministic ones to complex multi-echelon optimization. The first two parts of the book discuss classical mathematical models, their limitations and assumptions, and a quick but effective introduction to Python is provided. Part 3 contains more advanced models that will allow you to optimize your profits, estimate your lost sales and use advanced demand distributions. It also provides an explanation of how you can optimize a multi-echelon supply chain based on a simple—yet powerful—framework. Part 4 discusses inventory optimization thanks to simulations under custom discrete demand probability functions. Inventory managers, demand planners and academics interested in gaining cost-effective solutions will benefit from the "do-it-yourself" examples and Python programs included in each chapter. Events around the book Link to a De Gruyter Online Event in which the author Nicolas Vandeput together with Stefan de Kok, supply chain innovator and CEO of Wahupa; Koen Cobbaert, Director in the S&O Industry practice of PwC Belgium; Bram Desmet, professor of operations & supply chain at the Vlerick Business School in Ghent; and Karl-Eric Devaux, Planning Consultant, Hatmill, discuss about models for inventory optimization.The event will be moderated by Eric Wilson, Director of Thought Leadership for Institute of Business Forecasting (IBF):https://youtu.be/565fDQMJEEg Table of Contents Deterministic supply chains Inventory policies How much should I order? When should I order? Stochastic supply chains Safety stocks Inventory policies Stochastics lead times Advanced stochastic models Fill rate Cost and service level optimization Beyond normality Forecast Multi echelon inventory optimization Discrete inventory optimization Newsvendor Simple simulations Multi echelon inventory optimization simulations

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Book SynopsisAt only nineteen years old Vitalik Buterinpublished a visionary paper outlining the ideas behindwhat would become Ethereum. He proposed to take whatBitcoin did for currency â to end the central control ofgovernments and corporations â and apply it to societyas a whole. Now, less than a decade later, Ethereumis the second-most-valuable cryptocurrency and hasopened the gates for the extraordinary new world ofNFT artworks, virtual real estate in the metaverse anddecentralised autonomous organisations. The essays in Proof of Stake reveal Buterin as a lively,creative thinker, relentlessly curious and adventurousin exploring the fascinating social, economic and politicalpossibilities of his invention, and will guide futuregenerations of Ethereumâs community of radicalsand builders.

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Book SynopsisA leading legal scholar offers a compelling new theory to explain the meteoric rise of non-fungible tokens (NFTs) and their impact on art, business, entertainment, and society, and explains how they are revolutionizing our understanding of ownership.If you buy an NFT, do you own anything?Trade Review"Forget the hype and hysteria—Web3 and NFTs will provide enormous benefits to artists and commerce. And this book, by on of the Internet's most careful and experienced scholars, shows just how. In a powerful analysis that makes understandable the link between the law of IP and the code of Web3, Lee points to a genuinely productive future that will empower digital creativity far more effectively than IP law alone ever has. This is essential reading for our creative future." — Lawrence Lessig, Roy L. Furman Professor of Law and Leadership, Harvard Law School "This book will forever change the way you think about the creator economy. An eye-opening account of the relationships between artists, businesses, platforms, and consumers, this is the foundational book explaining the sweeping transformations just over the horizon. Ed Lee has written both a warning and a blueprint for a better future." — Amy Webb, author of The Big Nine and The Genesis Machine "Engagingly written, this is not just a serious argument for the value of NFTs to creators but also a remarkable story about the growth of a whole new type of property. Highly recommended." — Mark A. Lemley, professor, Stanford Law School "Creators Take Control sends the reader on an exhilarating journey through the dynamic world of artistic and business innovation around digital assets. With a deft blend of vivid examples, technical explanation, and legal analysis, Lee shows that the significance of nun-fungible tokens (NFTs) is not their eye-popping prices; it's the new forms of ownership, organization, and creative activity they enable." — Kevin Werbach, First Pacific Company Professor and Chair, Department of Legal Studies Business Ethics, the Wharton School of the University of Pennsylvania “Creators Take Control taps into the urgent need for mainstream awareness about this fast-growing, fascinating industry.” — Art Plugged "If you read one book about the NFT space, read this one." — Magnus Resch, Leading Art Market Economist

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Book SynopsisA DETAILED PRIMER ON TODAY'S MOST SOPHISTICATEDAND CONTROVERSIAL TRADING TECHNIQUEUnfair . . . brilliant . . . illegal . . . inevitable. High-frequency trading has been described in many different ways, but one thing is for sure--it has transformed investing as we know it.All About High-Frequency Trading examines the practice of deploying advanced computer algorithms to read and interpret market activity, make trades, and pull in huge profi tsâall within milliseconds. Whatever your level of investing expertise, you'll gain valuable insightfrom All About High-Frequency Trading's sober, objective explanations of: The markets in which high-frequency traders operate How high-frequency traders profi t from mispriced securities Statistical and algorithmic strategies used by high-frequency traders Technology and techniques for building a high-frequency trading system The ongoing debate over the benefi ts, risks, and ever-evolving future of high-Table of ContentsChapter 1. Trading at the Speed of a Hummingbird's Wing; Chapter 2. The High-Frequency Trading Operation; Chapter 3. Benefits and Risks of High-Frequency Trading; Chapter 4. The Evolution of High-Frequency Trading; Chapter 5. The Total High-Frequency Trading Market; Chapter 6. Inside the High-Frequency Trading System; Chapter 7. High-Frequency Trading Regulation and Oversight; Chapter 8. The Future of High-Frequency Trading

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Book SynopsisCurrency trading techniques you can bank on! Forex trading can be remarkably lucrativeâand complex, confusing, and risky. Too many investors dive right into Forex, suffering big losses. If you want to trade currencies successfully, read this book, take your time, and plan accordingly. The $4 trillion Forex market will be waiting.All About Forex Trading walks you through everything you need to know to make currency trading a vibrant part of your diversified portfolio and generate handsome returnsâregardless of what is happening to stocks and bonds. Whether your investing style is conservative or aggressive, this no-nonsense guide has what you need to build a powerful Forex trading strategy. Learn all there is to know about: What (and who) drives currency prices Investment vehicles for Forex trading Technical analysis techniques Key fundamental indicators Navigating the economic calendar All the traded currenciesâfrom the Americas to EuropeTable of ContentsChapter 1. Forex Basics; Chapter 2. Investment Vehicles for Trading Forex; Chapter 3. What Drives Currency Prices; Chapter 4. Who Drives Currency Prices; Chapter 5. Getting to Know the Currencies; Chapter 6. Navigating the Economic Calendar; Chapter 7. Indicators Forex Traders Watch; Chapter 8. Effective Short-Term Trading Strategies; Chapter 9. Effective Long-Term Investing Strategies; Chapter 10. Who Is Regulating This Market; Chapter 11. Conclusion; Appendix A: Currency Cheat Sheets; Appendix B: Indicator Watchlist

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Book SynopsisDeals with the frontiers in financial theory of economics. This work covers most aspects of finance - domestic corporate and investment issues as well as questions and problems of topical value in international finance. It includes topics such as: initial public offerings, debt restructuring, mergers, dividend policy, stock returns, and more.Table of ContentsPreface. Introduction. Part I. Capital structure and dividend policy in an intertemporal optimization model (D.K. Ghosh). Ex-dividend days and daily stock returns (E.A. Dyl et al.). A quadratic growth approach to the two-stage dividend discount model (J.Y. Uppal, et al.). The nature of the predictability of German stock returns (G.G. Booth et al.). Complex and random appearing stock prices: a chaotic approach (E. Pilarinu, G.C. Philappatos). A strong case for the Arrow-Pratt risk aversion measure (R. Dossani et al.). The role of banks in debt restructuring (K. John, G.K. Vasudevan). Stock prices, merger activity, and the macroeconomy (I. Mathur, V. Subrahmanyam). The impact of the type of offering on the underpricing of IPOs (D. Prasad). Assessment of investment quality of securities: a fuzzy set theory approach (R.S. Koundinya). Equity markets with frictions: an examination (A. Mulugetta, G. Duteil). Using real options analysis in capital budgeting: the opportunity cost of excess capacity (R. McLaughlin, R.A. Taggart). Is the real interest rate stable? (O.D. Gulley). Agency costs and employee stock ownership plans (K.T. Liaw). Part II. Innovations in currency markets: rolling spot(tm) contracts (I.G. Kawaller). The pricing of forward and futures contracts with heterogeneous consumers (L.P. Blenman). Exchange rate determination in the forward exchange and foreign currency futures markets (A.M. Parhizgari, R.E. Mathis). Evidence on market efficiency in the term structure of currency futures prices (M.A. Sullivan). A theory of international takeover bidding (V.R. Errunza et al.). Foreign bank credit to US corporations: the implications of offshore loans (R.N. McCauley, R. Seth). Sovereign and corporate borrowing and sustainable growth: strategies model for the design of payments (E. Ortiz, E. Arjona).

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Book SynopsisTrade Review"Data Science for Business and Decision Making brings together the key topics required as the foundation for understanding and applying analytics for decision making. The authors have carefully selected the topics, and each one is clearly explained, described, and reinforced with a diverse set of exercises." --Rahul Saxena, Cobot Systems "Data Science for Business and Decision Making provides a thorough essay about statistical methods which are commonly used in business without requiring a strong mathematical background. The presentation is rigorous and accessible thanks to a large number of examples that are developed step-by-step. The illustrations feature various software and the proposed exercises are particularly helpful for students and practitioners." --Francesco Bartolucci, University of PerugiaTable of ContentsPart 1: Foundations of Business Data Analysis 1. Introduction to Data Analysis and Decision Making 2. Type of Variables and Mensuration Scales Part 2: Descriptive Statistics 3. Univariate Descriptive Statistics 4. Bivariate Descriptive Statistics Part 3: Probabilistic Statistics 5. Introduction of Probability 6. Random Variables and Probability Distributions Part 4: Statistical Inference 7. Sampling 8. Estimation 9. Hypothesis Tests 10. Non-parametric Tests Part 5: Multivariate Exploratory Data Analysis 11. Cluster Analysis 12. Principal Components Analysis and Factorial Analysis Part 6: Generalized Linear Models 13. Simple and Multiple Regression Models 14. Binary and Multinomial Logistics Regression Models 15. Regression Models for Count Data: Poisson and Negative Binomial Part 7: Optimization Models and Simulation 16. Introduction to Optimization Models: Business Problems Formulations and Modeling 17. Solution of Linear Programming Problems 18. Network Programming 19. Integer Programming 20. Simulation and Risk Analysis Part 8: Other Topics 21. Design and Experimental Analysis 22. Statistical Process Control 23. Data Mining and Multilevel Modeling

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Book Synopsis

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Book Synopsis

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Book SynopsisTHE OUTRAGEOUS NO.1 INTERNATIONAL BESTSELLER, NOW AN OSCAR- AND BAFTA-WINNING FILM From the jungles of the trading floor to the casinos of Las Vegas, The Big Short, Michael Lewis''s No.1 bestseller, tells the story of the misfits, renegades and visionaries who saw that the biggest credit bubble of all time was about to burst, bet against the banking system - and made a killing. ''In the hands of Michael Lewis, anything is possible ... if you want to know how a nation lost its financial mind - and have a good laugh finding out - this is the book to read'' Sunday Times ''Magnificent ... a perfect storm of brilliant writer meeting big subject'' Guardian ''A triumph ... riveting ... The Big Short reads like a thriller'' The Times''A terrifying story, superbly well told'' Daily Telegraph''A rollicking good yarn'' Financial Times ''Probably the single best piece of financial joTrade ReviewIt's time to throw another tank of petrol on the Wall Street pyre, as only Lewis can * Financial Times *He is so good everyone else may as well pack up * Evening Standard *No one writes with more narrative panache about money and finance than Mr. Lewis -- Michiko Kakutani * New York Times *Probably the single best piece of financial journalism ever written * Reuters *Hugely entertaining * Economist *Terrifying and superbly told * Daily Telegraph *Genius * Sunday Times *Compelling and horrifying -- GQA more than worthy successor to Liar's Poker ... if you want to know about the origins of the credit crunch, and the extraordinary cast of misfits, visionaries and chancers who made money from the crash, there's no more readable account * Daily Telegraph *A triumph ... riveting ... a genuine page-turner * Times *The very best book about this whole affair -- John Lanchester, author of 'Whoops!'If you read only one book about the causes of the recent financial crisis, let it be Michael Lewis's The Big Short * Washington Post *In the hands of Michael Lewis, anything is possible ... if you want to know how a nation lost its financial mind - and have a good laugh finding out - this is the book to read. * The Sunday Times *Magnificent ... a perfect storm of brilliant writer meeting big subject. * The Guardian *

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Book Synopsis''If you''re a progressive, in Britain or elsewhere, and if you think the movement needs fresh ideas, read this book, it''s full of them. Then get to work'' The Guardian''It ought to be required reading for every civil servant, regulator and politician in the UK and elsewhere'' Literary ReviewFinancial malpractice, we''re told, is an aberration: the actions of a few bad apples deviating from the norms of a market-governed process and gaming the system. In Sabotage, political scientists Anastasia Nesvetailova and Ronen Palan blow this fiction apart, showing that sabotage is not an anomaly, but part of the business model of finance - and always has been.Abusive lending practices, misleading investors, manipulating prices, deliberately falsifying figures, cheating, obstruction and taking advantage of ''the dumbest person in the room'' - they''re actually the main source of profitability in finance, and the surest Trade ReviewSabotage is a great book. It lifts the lid on shocking, systematic abuses, of which every user of financial services needs to be aware. It ought to be required reading for every civil servant, regulator and politician in the UK and elsewhere. -- Ian Fraser * Literary Review *If you're a progressive, in Britain or elsewhere, and if you think the movement needs fresh ideas, read this book, it's full of them. Then get to work. -- Oliver Bullough * The Guardian *Distinctive, fresh and well-justified... Sabotage deserves high praise for fulfilling the most valuable injunction of all when it comes to catastrophic crises with terrible human costs: never forget. -- Felix Martin * New Statesman *Nesvetailova and Palan trace how financiers have corrupted the purpose of the corporation, undermined our tax authorities, foxed the regulators, evaded the forces of law and order, and generally rigged markets in their favour. There's a word for all this - sabotage. And as it has unfolded, finance has been steadily sabotaging our democracies. This lucid, persuasive and timely new book hits the nail on the head. -- Nicholas Shaxson, author of Treasure Islands: Tax Havens and the Men Who Stole the World

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Book SynopsisOffering exceptional resources for students and instructors, Principles of Finance with Excel, Third Edition, combines classroom-tested pedagogy with the powerful functions of Excel software. Authors Simon Benninga and Tal Mofkadi show students how spreadsheets provide new and deeper insights into financial decision making. The third edition of Principles of Finance with Excel covers the same topics as standard financial textbooks--including portfolios, capital asset pricing models, stock and bond valuation, capital structure and dividend policy, and option pricing. For each topic, the authors provide step-by-step instruction on how to use Excel functions to help with relevant decision-making. A separate section of PFE (Chapters 21-26) reviews all Excel functions used in the book, including graphs, function data tables, dates, Goal Seek, and Solver. Visit www.oup.com/us/benninga for student and instructor resources, including all the spreadsheets used as examples in the text and inTrade ReviewPrinciples of Finance with Excel is simply the best book available for teaching financial principles using Excel. Its main competitors don't even come close. * Steve Slezak, Cal Poly *I use Principles of Finance with Excel because I am really convinced that Excel is an extraordinary tool to teach finance. First, it helps painlessly solve problems that involve tedious computations. Second, it forces students to frame a problem in a way that fits with Excel. The major strength of this text is that it allows students to understand finance almost effortlessly. * Fabrice Riva, Université Lille 1, France *This text provides students with an introduction to Excel skills and a good review on finance. It also helps them prepare for job markets. The third edition is more organized and focused. * Lei Gao, University of Memphis *Table of ContentsPart One: Capital Budgeting and Valuation1. Introduction to Finance2. The Time Value of MoneyAppendix 2.1. Algebraic Present Value FormulasAppendix 2.2. Annuity Formulas in Excel3. Measures for Evaluation of Investment Opportunities4. Loans and Amortization Tables5. Effective Interest Rates6. Capital Budgeting: Valuing Business Cash FlowsPart Two: Portfolio Analysis and the Capital Asset Pricing Model7. What is Risk?8. Statistics for PortfoliosAppendix 8.1. Downloading Data from Yahoo9. Portfolio Diversification and Market Risk10. Risk Diversification and the Efficient FrontierAppendix 10.1. Deriving the Formula for the Minimum Variance PortfolioAppendix 10.2. Portfolios with Three and More Assets11. The Capital Asset Pricing Model (CAPM) and the Security Market Line (SML)12. Measuring Investment Performance13. The Security Market Line (SML) and the Cost of CapitalPart Three: Valuing Securities14. Efficient Markets--Some General Principles of Security Valuation15. Bond Valuation16. Stock ValuationPart Four: Options17. Introduction to Options18. Option Pricing Facts and Arbitrage19. Option pricing: The Black-Scholes FormulaAppendix 19.1 Getting Option Information from Yahoo20.The Binomial Option Pricing ModelPart Five: Excel Skills21. Introduction to Excel22. Graphs and Charts in Excel23. Excel Functions24. Using Data Tables25. Using Goal Seek and Solver26. Working with Dates in Excel

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Trade ReviewFinancial econometrics is the study and application of compelling econometric methods with a cogent financial purpose. This new book delivers a masterful introduction to financial econometrics at its best. It does so with enticing prose, motivating examples, utmost clarity and, ultimately, just the right balance of breadth and depth. In a world of big data and new technologies, not only does this rich treatment provide the fundamentals needed for more advanced explorations but also, in my view, the desire to explore further. To anyone new to this field, or to anyone who does not believe the field to be approachable and exciting, I say: this book will be an eye-opener. * Federico M. Bandi, James Carey Endowed Professor in Business, Johns Hopkins University *A comprehensive and long-overdue pedagogical treatment of financial econometrics * the only book to cover concepts, methodology, and empirical examples demonstrated with popular Stata and EViews software accessible to beginning students. The book is a self-contained first course, achieving the remarkable feat of an exhaustive introductory treatment that is inspiring, rigorous, and easy to read with clever organization into fundamentals, methods, and topics. A must-have reference source, perfect for teaching financial econometrics in masters courses or to graduate students with limited backgrounds.Eric Renault, C.V. Starr Professor of Economics, University of Warwick *Financial Econometric Modeling provides a broad introduction to financial econometrics, with an emphasis on applications and encouraging students to get their hands dirty from the very beginning. The authors cover a vast amount of material. The fact that all of the topics come with sample data sets for students to use * and all of the empirical work in the book can be replicated in EViews and Statawill be very attractive to many instructors and students.Andrew Patton, Zelter Family Professor of Economics, Duke University *I strongly recommend this textbook. It offers the perfect mix between solid bases and new developments, and between theoretical descriptions of tools and algorithms and a rich set of fully worked-out examples. * Massimo Guidolin, Professor of Finance, Bocconi University *Table of ContentsI: Fundamentals1. Prices and Returns1.1 What is Financial Econometrics?1.2 Financial Assets1.3 Equity Prices and Returns1.4 Stock Market Indices1.5 Bond Yields1.6 Exercises2. Financial Data2.1irst Look at the Data2.2 Summary Statistics2.3 Percentiles and Value at Risk2.4 The Efficient Market Hypothesis2.5 Exercises3. Linear Regression3.1 The Capital Asset Pricing Model3.2 Multi-factor CAPM3.3 Properties of Ordinary Least Squares3.4 Diagnostics3.5 Measuring Portfolio Performance3.6 Minimum Variance Portfolios3.7 Event Analysis3.8 Exercises4. Stationary Dynamics4.1 Stationarity4.2 Univariate Time Series Models4.3 Autocorrelation and Partial Autocorrelations4.4 Mean Aversion and Reversion in Returns4.5 Vector Autoregressive Models4.6 Analysing VARs4.7 Diebold-Yilmaz Spillover Index4.8 Exercises5. Nonstationarity5.1 The RandomWalk with Drift5.2 Characteristics of Financial Data5.3 Dickey-Fuller Methods and Unit Root Testing5.4 Beyond the Simple Unit Root Framework5.5 Asset Price Bubbles5.6 Exercises6. Cointegration6.1 The Present Value Model and Cointegration6.2 Vector Error Correction Models6.3 Estimation6.4 Cointegration Testing6.5 Parameter Testing6.6 Cointegration and the Gordon Model6.7 Cointegration and the Yield Curve6.8 Exercises7. Forecasting7.1 Types of Forecasts7.2 Forecasting Univariate Time Series Models7.3 Forecasting Multivariate Time Series Models7.4 Combining Forecasts.7.5 Forecast Evaluation Statistics7.6 Evaluating the Density of Forecast Errors7.7 Regression Model Forecasts7.8 Predicting the Equity Premium7.9 Stochastic Simulation of Value at Risk7.10 ExercisesII. Methods8. Instrumental Variables8.1 The Exogeneity Assumption8.2 Estimating the Risk-Return Tradeoff8.3 The General Instrumental Variables Estimator8.4 Testing for Endogeneity8.5 Weak Instruments8.6 Consumption CAPM8.7 Endogeneity and Corporate Finance8.8 Exercises9. Generalised Method of Moments9.1 Single Parameter Models9.2 Multiple Parameter Models9.3 Over-Identified Models9.4 Estimation9.5 Properties of the GMM Estimator9.6 Testing9.7 Consumption CAPM Revisited9.8 The CKLS Model of Interest Rates9.9 Exercises10. Maximum Likelihood10.1 Distributions in Finance10.2 Estimation by Maximum Likelihood10.3 Applications10.4 Numerical Methods10.5 Properties10.6 Quasi Maximum Likelihood Estimation10.7 Testing10.8 Exercises11. Panel Data Models11.1 Types of Panel Data11.2 Reasons for Using Panel Data11.3 Two Introductory Panel Models11.4 Fixed and Random Effects Panel Models11.5 Dynamic Panel Models11.6 Nonstationary Panel Models11.7 Exercises12. Latent Factor Models12.1 Motivation12.2 Principal Components12.3atent Factor CAPM12.4 Dynamic Factor Models: the Kalman Filter12.5arametric Approach to Factors12.6 Stochastic Volatility12.7 ExercisesIII: Topics13. Univariate GARCH Models13.1 Volatility Clustering.13.2 The GARCH Model13.3 Asymmetric Volatility Effects13.4 Forecasting13.5 The Risk-Return Tradeoff.13.6 Heatwaves and Meteor Showers13.7 Exercises14. Multivariate GARCH Models14.1 Motivation14.2 Early Covariance Estimators14.3 The BEKK Model14.4 The DCC Model14.5 Optimal Hedge Ratios14.6 Capital Ratios and Financial Crises14.7 Exercises15. Realised Variance and Covariance15.1 High Frequency Data15.2 Realised Variance15.3 Integrated Variance15.4 Microstructure Noise15.5 Bipower Variation and Jumps15.6 Forecasting15.7 The Realised GARCH Model15.8 Realised Covariance15.9 Exercises16. Microstructure Models16.1 Characteristics of High Frequency Data16.2 Limit Order Book16.3 Bid Ask Bounce16.4 Information Content of Trades16.5 Modelling Price Movements in Trades16.6 Modelling Durations16.7 Modelling Volatility in Transactions Time16.8 Exercises17. Options17.1 Option Pricing Basics.17.2 The Black-Scholes Option Price Model17.3irst Look at Options Data17.4 Estimating the Black-Scholes Model17.5 Testing the Black-Scholes Model17.6 Option Pricing and GARCH Volatility17.7 The Melick-Thomas Option Price Model17.8 Nonlinear Option Pricing.17.9 Using Options to Estimate GARCH Models17.10 Exercises18. Extreme Values and Copulas18.1 Motivation.18.2 Evidence of Heavy Tails18.3 Extreme Value Theory18.4 Modelling Dependence using Copulas18.5 Properties of Copulas18.6 Estimating Copula Models18.7 MGARCH Model Using Copulas18.8 Exercises19. Concluding RemarksA. Mathematical PreliminariesA.1 Summation NotationA.2 Expectations OperatorA.3 DifferentiationA.4 Taylor Series ExpansionsA.5 Matrix AlgebraA.6 Transposition ofatrixA.7 Symmetric MatrixB. Properties of EstimatorsB.1 Finite Sample PropertiesB.2 Asymptotic PropertiesC. Linear Regression Model in Matrix NotationD. Numerical OptimisationE. Simulating CopulasAuthor indexSubject index

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Book SynopsisThe essays in this volume are written by a distinguished and adventurous set of historians and economists who have been willing, in many cases, to step beyond their typical field of inquiry and explore the historical foundations of financial innovation. The essays are motivated by the need to place our current age of finanical revolution in historical perspective. The continuing process of financial innovation, as sophisticated as it may seem to most of the modern world, is in fact built on surprisingly few basic principles: the inter-temporal transfer of value through time, the ability to contract on future outcomes, and the negotiability of claims. This book traces the evolution of these basic principles of finance through 3,000 years of history - to the dawn of writing. The methodology that is used can be thought of as financial archaeology in the sense that the authors focus on primary survived financial documents to draw their conclusions such as clay tablets, notched sticks, seaTrade Review"An all-embracing historical survey of the financial innovations that have changed the world...this remarkable book gives us an invaluable historical perspective on a terrifying age of financial revolution." THES, December 2005"P0ssibly the first book designed for Wall Street coffee tables." * The Economist *"Beautifully illustrated... Indeed, this is something of a

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Book SynopsisDecision makers in business and economics face a staggering array of problems. Managers of growing firms have to decide which growth options will expand their business. Governments have to decide which infrastructure investments to undertake. Managers of oil firms must decide how rapidly to deplete their reserves. Owners of land must decide when and how to develop. Operators of power plants must decide when to start them up and when to shut them down. While these problems seem quite diverse, they share many important features. In each case, the decision maker must choose when to take a particular action that will be difficult, if not impossible, to reverse. In each case, the consequences of taking (or not taking) that action are uncertain. The timing and nature of these actions directly affect revenue. Real options that often vary radically from one problem to another. The book focuses on building a general approach to solving problems from the ground up to show readers how real optioTable of ContentsPREFACE ; 1 Introduction ; I. Foundations ; 2. The modeling framework ; 3. Valuing single-period cash flows ; 4. Valuing multi-period cash flows ; 5. Combining valuation and decision making ; II Component Real Options ; 6. Options that do not affect the state of a project ; 7. Simple timing options ; 8. Compound timing options ; 9. Uber-compound timing options 200 ; 10. Switching options ; 11. Learning options ; III Calibrating the Model 293 ; 12. Calibration using spot and futures price data 294 ; 13. Calibration using option price data ; 14. Calibrating trees of alternative state variables ; IV Putting the Pieces Together ; 15. Forestry management and valuation ; 16. Developing a gas field ; 17. Mothballing an ethanol plant ; 18. Where to from here?

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Book SynopsisTrade ReviewThe book is invaluable for understanding many current issues in international political economy...Highly recommended. Graduate students, faculty, and professionals. * Choice *Table of ContentsFigures Tables Preface and Acknowledgements Abbreviations Introduction CH. 1 Financial Sanctions and Political Risk in the International Currency System CH. 2 The Source and Exercise of American Financial Power CH. 3 Sanctions, Political Risk, and the Reserve Currency Role CH. 4 The Anti-Dollar Gold Rush: Central Bank Reserves in the Age of Financial Sanctions CH. 5 Sanctions, Political Risk, and the Dollar as International Payments Currency CH. 6 Payment Politics: Anti-Dollar Responses to Sanctions in Trade Settlement CH. 7 Financial Sanctions and the Dollar's Rivals CH. 8 Sanctions and China's Play for Payments Power Conclusion Appendices References Notes

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Book SynopsisThe efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can acTrade ReviewOne of the very first books on behavioural finance ... covers some of the most important ideas in behavioural finance ... a rich source of empirical facts and new ideas, waiting to be further explored in financial economics ... Every financial economist, in particular those being trained in the classical finance school, should read this high-level book on behavioural finance. It is full of provocative and inspiring ideas that will keep your mind busy for many hours. I am sure this excellent book will become a classic in behavioural finance. * Journal of Institutional and Theoretical Economics26/03/2003 *Table of ContentsAre Financial Markets Efficient? ; Noise Trader Risk in Financial Markets ; The Closed-End Fund Puzzle ; Professional Arbitrage ; A Model of Investor Sentiment ; Positive Feedback Investment Strategies ; Open Problems

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Book SynopsisThis book examines key issues connected with the distribution of personal wealth in the UK. It studies why wealth is now such an important factor in social differences and public policy. It presents the most recent information on current wealth inequalities and a detailed discussion of trends in the distribution of wealth. It uses newly available data to compare wealth inequalities in the UK with the USA, Canada, and Sweden. It uses longitudinal data, which track the same people over time, to examine trajectories in wealth accumulation over the decade to 2005 and inequalities in inheritances over the same period. It looks at how parental wealth levels and people''s asset-holdings early in adulthood affect outcomes later in their lives. The final part looks at the way in which policies towards wealth-holding developed historically, and the contradictory ways in which a wide range of public policies relate to people''s wealth levels, including through taxation, means-testing, and the encouragement of saving, and discusses what the key issues for policy towards wealth and wealth inequalities now are. Personal wealth in the UK totalled 5.5 trillion by 2010 (9-10 trillion if occupational pension rights are included). Inheritance flows are now equivalent to 4 per cent of national income each year. All households in the wealthiest tenth have more than 75 times the wealth of any of those in the bottom tenth. Absolute differences in wealth levels have increased substantially over the last 15 years, so wealth differences represent many more years of income than in the past. This makes them of great importance to life chances. This makes the book highly relevant for public policy, but also for academic and student understanding of a crucial dimension of social difference. As well as bringing together existing information on the area, the book contains considerable new analysis on wealth inequality, inheritance, and their impacts, drawing on work which is at the forefront of recent research.Trade ReviewThe authors have put together a number of complementary chapters that are of interest and will be useful for researchers and students in a wide range of fields...an excellent contribution to the debate on wealth inequality. * Alan Southern, People, Place and Policy *Table of ContentsPART I: WEALTH AND DISTRIBUTION; PART II: PERSONAL WEALTH ACCUMULATION AND ITS IMPACTS; PART III: WEALTH AND POLICY

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Book SynopsisFinancial economics is an exciting new field of study that integrates the theory of finance and financial institutions into the main body of economic theory. In doing so, it draws on insights from general equilibrium analysis, information economics, and the theory of contracts. Financial Economics is a self-contained and comprehensive introduction to the field for advanced undergraduate and postgraduate economists and finance specialists. It develops the main ideas in finance theory, including the CAPM, arbitrage pricing, option pricing, and the Modigliani-Miller theorem within an economic framework. Students of economics are shown how finance theory derives from foundations in economic theory, while students of finance are given a firmer appreciation of the economic logic underlying their favourite results. Financial Economicsprovides all the technical apparatus necessary to read the modern literature in financial economics and the economics of financial institutions. The book is selfTable of ContentsINTRODUCTION ; PART I. SYMMETRIC INFORMATION: FINANCIAL MARKETS ; PART II. ASYMMETRIC INFORMATION: FINANCIAL CONTRACTS ; REFERENCES ; INDEX

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Book SynopsisThe interventions of crisis management during the 2007 to 2011 financial crisis were not simply responses to a set of given developments in markets, banking or neo-liberal capitalism. Nor can those interventions be adequately explained as the actions of sovereign state officials and institutions. Instead, Langley argues, processes of crisis governance are shown to have established six principal technical problems to be acted upon: liquidity, toxicity, solvency, risk, regulation, and debt and that the governance of these technical problems, is shown to have been strategically assembled in order to secure the continuation of a particular, financialized way of life that depends upon global financial circulations. Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, this book offers an innovative analysis of how the contemporary global financial crisis was governed. Through an exploration of the interTable of Contents1: Introduction 2: Financial Crisis Governance 3: Liquidity 4: Toxicity 5: Solvency 6: Risk 7: Regulation 8: Debt 9: Conclusion

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Book SynopsisThe financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.Trade ReviewThe book is a well-written composition that covers the major issues of financial regulation and provides a comprehensive picture of this complicated field in a clear and understandable manner. ... The book is a "must" for students in courses on financial regulation. However, it may be of use for a wider range of readers including academics (in law, business, public policy and economics), practitioners in the field and regulators. The book's thorough and profound analysis will unquestionably serve as an important tool in meeting the challenges of continued exploration of financial regulation. * Professor Ruth Plato-Shinar, Journal of International Banking Law and Regulation *Table of Contents1: Introduction 2: The Financial System 3: The Goals and Strategies of Financial Regulation 4: The Limits of Financial Regulation 5: Theory of Financial Markets 6: Market Structure 7: Information Intermediaries 8: Issuer Disclosure Regulation 9: Trading and Market Integrity 10: Regulating Consumer Finance 11: Consumer Financial Products 12: Financial Advice 13: Theory of Banking 14: Capital Regulation 15: Liquidity Regulation 16: Bank Resolution 17: Bank Governance 18: Payment and Settlement Systems 19: The Macroprudential Approach 20: Market Intermediation, Shadow Banking, and Systemic Risk 21: Making Markets 22: Asset Managers and Stability 23: Structural Regulation 24: Institutional Architecture: Embedding Regulatory Principles in Practice 25: The Political Economy of Financial Regulation 26: Supervision and Enforcement of Financial Regulation 27: Regulatory Architecture: What Matters? 28: International Regulatory Coordination 29: Conclusion: Designing Tomorrow's Financial System Today

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Book SynopsisIn recent years the finance industry has mushroomed to become an important part of modern economies, and many science and engineering graduates have joined the industry as quantitative analysts, with mathematical and computational skills that are needed to solve complex problems of asset valuation and risk management. An important parallel story exists of scientific endeavour. Between 1965-1995, insightful ideas in economics about asset valuation were turned into a mathematical ''theory of arbitrage'', an enterprise whose first achievement was the famous 1973 Black-Scholes formula, followed by extensive investigations using all the resources of modern analysis and probability. The growth of the finance industry proceeded hand-in-hand with these developments. Now new challenges arise to deal with the fallout from the 2008 financial crisis and to take advantage of new technology, which has revolutionized the practice of trading. This Very Short Introduction introduces readers with no previous background in this area to arbitrage theory and why it works the way it does. Illuminating pricing theory, Mark Davis explains its applications to interest rates, credit trading, fund management and risk management. He concludes with a survey of the most pressing issues in mathematical finance today.ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.Trade ReviewOnly a scholar of the highest order could provide the depth, breadth, clarity, precision, and brevity to be found in this work. Enjoy the resulting gem. * Dilip B. Madan, Professor of Finance, Robert H. Smith School of Business *This elegant little book will enthral readers looking for a clear sense of what mathematical finance is all about. Each chapter captures the essential ideas within a different aspect of the subject, without burying readers in abstruse models. Davis knows the subject so well, from both the mathematical and practical viewpoints, that he can make it accessible, relevant, and correct, all at the same time. * Darrell Duffie, Dean Witter Distinguished Professor of Finance, Stanford University *With concise explanations of the most important financial mathematical correlations and the mathematical formulas necessary for them, this book represents a successful very short introduction into this complex topic. * zbMATH *Table of ContentsPreface 1: Money, banking, and financial markets 2: Quantifying risks 3: The classical theory of option pricing 4: Interest rates 5: Credit risk 6: Fund management 7: Risk management 8: The banking crisis and its aftermatch Epilogue Further reading Index

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Book SynopsisThis edited collection provides the most comprehensive thematic analysis of capital flight from Africa, covering economic and institutional aspects, as well as domestic and global dimensions. It is organized in three parts. The first part discusses the importance of capital flight in the context of the development policy discourse at national and international level. This part takes stock of the existing evidence on the nature, causes, and consequences of capital flight. It provides the most recent data on the magnitude of capital flight from 39 African countries, and a detailed analysis of the impact of capital flight on economic development in general and on poverty reduction in particular. The second part examines economic factors and impacts of capital flight. It presents analysis of capital flight in a flow of funds context, the impact of capital flight on macroeconomic outcomes with a focus on growth, and the linkages between capital flight and monetary policy, financial liberaliTable of ContentsPART I: WHY CARE ABOUT CAPITAL FLIGHT?; PART II: ECONOMIC DIMENSIONS; PART III: INSTITUTIONAL DIMENSIONS; PART IV: CONCLUSION

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Book SynopsisLerong Lu examines the biggest change in modern financial industry - the Fintech (financial technology) revolution - that denotes the close interaction between the financial services industry and latest information technologies such as big data, cloud computing, blockchain, and artificial intelligence. The three areas of banking institutions, online lending marketplaces, and money and payment systems are explored to assess how financial innovations affect the traditional financial industry, what kinds of regulatory challenges arise, and how global policymakers react to such challenges. With in-depth and international case studies on Fintech, including app-based banking services, mobile payments, P2P lending, and cryptocurrencies, the global Fintech hubs in six continents are assessed. The complex, dynamic, and multidimensional Fintech ecosystem is also investigated including its key players (such as regulatory strategy, regulatory sandbox, and RegTech) and Fintech corporations (includ

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