Written by a physicist with extensive experience as a quant on Wall Street, this book treats a wide variety of topics. Presenting the theory and practice of quantitative finance and risk, it delves into the "how to" and "what it's like" aspects not covered in textbooks or research papers. A "Technical Index" indicates the mathematical level for each chapter.This second edition includes some new, expanded, and wide-ranging considerations for risk management: climate change and its long-term systemic financial risk; markets in crisis - new crisis prediction technique and the Reggeon field theory; new "Smart Monte Carlo" and American Monte Carlo; trend risk - time scales and risk, the Macro-Micro model, and singular spectrum analysis; credit risk: counterparty risk, wrong way risk, issuer risk, and regulations; stressed correlations - new "nearest neighbor" techniques; and psychology and option models.Solid risk management topics from the first edition and valid today are included: standard/advanced theory and practice in fixed income, equities, and FX; quantitative finance and risk management - traditional/exotic derivatives, fat tails, stressed VAR, model risk, numerical techniques, deals/portfolios, systems, data, economic capital, and function toolkit; risk lab - the nuts and bolts of risk management from the desk to the enterprise; case studies of deals; Feynman path integrals, Green functions, and options; and "Life as a Quant" - communication issues, sociology, stories, and advice.
As a response to ongoing economic, social and environmental crises, many private actors have enlarged their definition of 'value' to include environmental and social elements. Such practices, however, appear incompatible with the current epistemological structure of academic financial discourse. This paradox challenges us to reconsider the foundations of modern finance, particularly the dominant role of shareholders. The volume argues there is a need to turn the established order upside down. Studies in economics and finance have to be embedded in environmental and social welfare to answer the challenges we face, and there is a need for a radical break with the methodological individualism that dominates economics, management and (especially) finance. It is our responsibility to question social welfare when it is defined only as maximising shareholder value. Should we instead promote a substitute to the shareholder? How should we (re)define the concept of value? This volume serves as a stepping stone for rethinking academic finance, and attempts to carve out innovative paths for financial research in the 21st century.
This title contains "Vol I: Review, Analysis, and Outlook" and "Vol II: Summary and Country Tables". "Global Development Finance", the World Bank's annual report on the external financing of developing countries - provides monitoring and analysis of development finance, identifying key emerging trends and policy challenges in international financial flows that are likely to affect the growth prospects of developing countries. Never before has the outlook for financial flows to developing countries been so intricately tied to the specter of collective action by the international community to restore confidence in the functioning of global financial markets and institutions. As the world economy heads toward a deep, broad-based economic slowdown with implications for development finance still in the making revisionism and anxiety ride high as officials in both developing and developed countries question not only the merits of financial openness and the degree of necessary safeguards, but also the entire architecture of the global financial system. "Vol I: Review, Analysis, and Outlook" reviews recent trends in financial flows to developing countries in light of recent events and the global financial crisis. "Vol II: Summary and Country Tables" includes comprehensive data for 138 countries, as well as summary data for regions and income groups. It is also available on CD-ROM with more than 200 historical time series from 1970 to 2007, and country group estimates for 2008. The CD-ROM system requires Windows 98 or NT 4.0 or later, 20 MB of available hard disk space, 32 MB of RAM, and 2MB of video memory. 64 K color video display is recommended. Microsoft Internet Explorer version 4.0 or higher and sound card are optional.
In clear, easy-to-grasp language, the author covers many of the topics that you will need to know in order to win your dream job and be the first in line for a promotion.
In this thorough and enlightening book, the authors examine the role of law in developing the large financial markets necessary for national economic success. They discuss the basic foundational law of contracts, property and tort, corporate law, and securities law, providing both a broad theoretical and empirical case for its value in financial markets. The book begins with an historical analysis of the lawÂ¿s development, reviewing the legal governance of corporate finance with an emphasis on the development of US securities laws in the twentieth century. Also provided is an extensive empirical analysis of the lawÂ¿s effect. A unique benefit of the book is its integration of all the relevant aspects, rather than examining them in isolation. Chapters cover the role of law in corporate finance, behavioral and empirical analyses, as well as current controversies in law and corporate finance. Ultimately, the book is a defense of the economic value of the law in the United States and throughout the world.
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