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One of the newest and most controversial approaches to financial pricing. In Physics of Finance the author applies the methods of theoretical physics to financial economics to develop an altogether original method for pricing financial assets that steps outside the equilibrium paradigm in finance.
An irreplaceable roadmap to modern risk management from the undisputed masters of the subjectEdited by a co-founder and the former Chief Risk Officer of BlackRock--the world's largest asset manager--BlackRock's Guide to Fixed Income Risk Management delivers an insightful blueprint to the implementation of a comprehensive investment risk management framework for buy-side firms. Leveraging the unprecedented academic and professional experience of current and former senior leaders in BlackRock's risk and portfolio management functions, as well as trading, financial modeling, and analytics experts, the book serves a practitioner's guide to investment risk management, leveraging BlackRock's risk management framework. The included chapters combine to provide chief investment officers, risk managers, portfolio managers, researchers, and compliance professionals an approach to investment risk management well-suited to today's markets and tomorrow's. The book also presents:* Critical elements that underpin a strong risk management program and culture* Fixed income risk management concepts and theories that can be applied to other asset classes* Lessons learned from the 2008 financial crisis and the COVID-19 pandemic.Ideal for undergraduate students and students and scholars of business, finance, and risk management, BlackRock's Guide to Fixed Income Risk Management is a one-of-a-kind combination of thoroughly modern theory with proven, practical risk management strategies.
The comprehensive M&A guide, updated to reflect the latest changes in the M&A environment M&A, Second Edition provides a practical primer on mergers and acquisitions for a broad base of individuals numbering in the hundreds of thousands: Investment bankers involved with mergers and acquisitions (M&A).
Beyond Value at Risk The New Science of Risk Management A Comprehensive Guide to Value at Risk and Risk Management Risk management and measurement are now, without doubt, the hottest topics in the finance world. Today, quantifying risk management is not only a management tool -- but is also used by regulators for banks and finance houses.
The pricing and hedging of fixed-income securities is technically more complicated than the pricing and hedging of equity instruments. The wide assortment of fixed-income products have different coupon structures, amortization, and fixed and/or floating rates.
Addressing one of the hottest topics in finance today, this groundbreaking book offers an up-to-date overview of the latest credit market and financial innovations.
Dramatic changes in the foreign exchange and money markets have considerably altered the way international business will be conducted in the new millennium. The advent of the Euro, the enormous growth of the swaps market, and the daily increase in the development of derivative instruments are at the forefront of this evolution.
The Equity Risk Premium-the difference between the rate of return on common stock and the return on government securities-has been widely recognized as the key to forecasting future returns on the stock market.
Presenting the most advanced thinking on the topic, this book covers the latest valuation models and techniques. It addresses essential topics such as the subtleties of fixed-income mathematics, new approaches to modeling term structures, and the applications of fixed-income valuation on credit risk, mortgages, munis, and indexed bonds.
Completely updated, this volume clarifies and simplifies the financial instruments currently available. It explains the latest financial innovations and techniques, including variations in the different types of financial markets and the potential risks or rewards associated with each one.
This text provides a systematic account of the weaknesses inherent in portfolio indexing, and an alternative non-indexing approach to asset management. It includes substantial practical examples drawn from the author's own experience, and recent global events.
Until now, market timing as it applies to successful investment decision-making has been an elusive, at times vague instrument. This book provides a clear, relevant model for using the business cycle as a tool for timing investments.
This edited volume offers thorough coverage of the business of investment banking, including much inside information based on the extensive professional experience of the contributors. Comprising 32 chapters, covering every facet of investment banking, from its historical origins in the U.S.
This edition provides an introduction to investment techniques and financial theory and has been expanded to include discussion of derivatives, bonds and fixed interest, equity investment, as well as private client accounts. Topics include forecasting the economy and emerging markets.
RISK MANAGEMENT APPROACHES FOR FIXED INCOME MARKETS "Golub-Tilman will, I believe, become an absolutely essential reference text for fixed income portfolio managers, traders, issuers, and scholars. It is comprehensive and clearly written. While rigorous, it is easy to understand because of its many practical examples.
This text explains, with the use of diagrams, how one can profit from the volatility (or lack of it) of the price of an instrument, irrespective of the direction of the price. It discusses the connection between volatility and options without recourse to complex maths.
"An excellent book in investments. But, more importantly, this volume is a primer explaining to Main Street, especially Main Street businesspeople, how Wall Street really operates. "--Eugene M. Isenberg, Chairman of the Board, Nabors Industries, Inc.
Headed by Bernstein, the quantitative equity and equity derivatives strategies group at Merrill Lynch is noted for their proprietary research on market segmentation and style investing. In this book, he highlights the macroeconomic, microeconomic and expectational factors that can affect equity market segment performance.
This comprehensive new book explains and clarifies the essential building blocks underlying the pricing and risk analysis of fixed-income securities and derivatives - using mathematics lightly, to make things easier, not harder. The emphasis throughout is on how-to-do, on building operational knowledge from the ground up.
"Over the past two decades, the mathematically complex models of finance theory have had a direct and wide--ranging influence on finance practice. Nowhere is this conjoining of intrinsic intellectual interest with extrinsic application better exemplified than in derivative--security pricing.
In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't.
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