use of iassifrss and source of company finance in greece



Athianos Stergios, Vazakidis Athanasios Use of IAS.s/IFRS.s and Source of Company Finance in Greece Athianos Stergios, Vazakidis Athanasios Use of IAS.s/IFRS.s and Source of Company Finance in Greece Новинка

Athianos Stergios, Vazakidis Athanasios Use of IAS.s/IFRS.s and Source of Company Finance in Greece

This work investigates the impact of International Accounting Standards on companies' source of finance. Examines the willingness of the companies to change their type of accounting system from one that based on government financing and tax collection system to one that meets the needs of outsider financiers. After the mandatory adoption of IAS's /IFRS's most of the Greek companies have increased not only their proportion of foreign sales, but also the proportion of public debt. This great change in accounting system have altered the Greek financial system from bank-dominated to market-oriented.
Uwe Schindler The role of Junk Bonds in Corporate Finance Uwe Schindler The role of Junk Bonds in Corporate Finance Новинка

Uwe Schindler The role of Junk Bonds in Corporate Finance

Seminar paper from the year 2008 in the subject Business economics - Investment and Finance, grade: 1,3, The FOM University of Applied Sciences, Hamburg, course: Master of Business Administration (MBA), 24 entries in the bibliography, language: English, abstract: Financing the activities of companies is nowadays one of the most important challenges in Corporate Finance. More and more companies and investors use Junk Bonds as a stable part of their financial sourcing activities in Corporate Finance. The use of Junk Bonds is as a source for financing such activities like takeovers, merger and acquisitions, and restructuring instead financing activities by conventional bank credits established. This tool provides benefits and risks to both parties - buyers and issuers. The assignment at hand surveys some information about the role of Junk Bonds in Corporate Finance by focusing on risks and benefits from different perspectives.
Paul Sogrin Creditworthiness Analysis. Instruments and Methods Paul Sogrin Creditworthiness Analysis. Instruments and Methods Новинка

Paul Sogrin Creditworthiness Analysis. Instruments and Methods

Seminar paper from the year 2014 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7, University of Applied Sciences Saarbrücken, language: English, abstract: The following seminar papter superficially analyses the topic of creditworthiness analysis in order to provide the reader with the respective basics in regard to the topic.Finance is one of the main fields within the economics and the cornerstone both for the domestic and global businesses. Finance studies and investigates the opportunities in which individuals and enterprises source, allocate and use monetary funds and resources over time, considering the risks and the monetary developments such as inflation. It is a discipline that provides the monetary basis and structure for every kind of business. Finance is one the most path breaking and strategically essential business sectors. In order to comprehend the finance and the financial structure of the company an individual or a manager has to be capable to conceive the complete business structure of the enterprise. The importance of finance for the international and local business environment but also for private persons is therefore crucial. It is important to mention that finance is a very manifold doctrine with diverse variations, manifestations and a long historical development.Because of the previous mentioned manifoldness of finance it should be consequently said that there is a massive amount of strategies to manage a...
Robert Merton C. Finance, Economics, and Mathematics Robert Merton C. Finance, Economics, and Mathematics Новинка

Robert Merton C. Finance, Economics, and Mathematics

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The compiled works of the man behind the evolution of quantitative finance Finance, Economics, and Mathematics is the complete Vasicek reference work, including published and unpublished work and interviews with the man himself. The name Oldrich A. Vasicek is synonymous with cutting-edge research in the finance fields, and this book comes straight from the source to bring you the undiluted mother lode of quant wisdom from one of the founders of the field. From his early work in yield curve dynamics, to the mean-reverting short-rate model, to his thoughts on derivatives pricing, to his work on credit risk, to his most recent research on the economics of interest rates, this book represents the life's work of an industry leader. Going beyond the papers, you'll also find the more personal side inspirational as Vasicek talks about the academics and professionals who made lasting impressions and collaborated, debated, and ultimately helped spawn some of his greatest thinking. Oldrich Vasicek has won virtually every important award and prize for his groundbreaking research in quantitative finance. You've followed his work for years; this book puts it all in a single volume to give you the definitive reference you'll turn to again and again. Explore Vasicek's insights on topics he helped create Discover his research and ideas that have gone unpublished—until now Understand yield curves and the Vasicek model from the source himself Gain a reference collection of some of the most influential work in quantitative finance Vasicek's research is the foundation of one of the most important innovations in finance. Quants around the world have been influenced by his ideas, and his status as thought leader is cemented in the annals of finance history. Finance, Economics, and Mathematics is the definitive Vasicek reference every finance professional needs.
Junaid Javaid Raising Capital Cost Of Issuing Securities Junaid Javaid Raising Capital Cost Of Issuing Securities Новинка

Junaid Javaid Raising Capital Cost Of Issuing Securities

Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: B-, University of Bedfordshire, course: MSc FINANCE & BUSINESS MANAGEMENT, language: English, abstract: The central focus of this research project is to guide the relatively medium sized car dealership company towards making decision on the appropriate security financing option so that it would permit the given company to expand its operation while minimises its cost and maximises its profitability. In general there are three types of security financing (Equity Securities, Debt Securities and Asset-Backed Securities). Security Financing is also considers being a good financing source which involves the issuance of securities either in the stock market or in the capital market. In general, the companies' financial decision subject to the composition of its Capital Structure. The Capital Structure is made up of two factors: debt & equity. The trade-off theory was originated out of debate over the Modigiliani Miller theorem. The term trade-off theories was been used by different authors to state different group or similar related theories. The static trade-off theory confirms that the firm has perfect capital structure which they gain by trading off cost from the benefits of the use of equity and debt. The dynamic trade-off theory relates to the role of profit, role of retained earnings and path dependence. The concept of agency theory is emphasised more on the approac...
Ansgar Steland Financial Statistics and Mathematical Finance. Methods, Models and Applications Ansgar Steland Financial Statistics and Mathematical Finance. Methods, Models and Applications Новинка

Ansgar Steland Financial Statistics and Mathematical Finance. Methods, Models and Applications

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Mathematical finance has grown into a huge area of research which requires a lot of care and a large number of sophisticated mathematical tools. Mathematically rigorous and yet accessible to advanced level practitioners and mathematicians alike, it considers various aspects of the application of statistical methods in finance and illustrates some of the many ways that statistical tools are used in financial applications. Financial Statistics and Mathematical Finance: Provides an introduction to the basics of financial statistics and mathematical finance. Explains the use and importance of statistical methods in econometrics and financial engineering. Illustrates the importance of derivatives and calculus to aid understanding in methods and results. Looks at advanced topics such as martingale theory, stochastic processes and stochastic integration. Features examples throughout to illustrate applications in mathematical and statistical finance. Is supported by an accompanying website featuring R code and data sets. Financial Statistics and Mathematical Finance introduces the financial methodology and the relevant mathematical tools in a style that is both mathematically rigorous and yet accessible to advanced level practitioners and mathematicians alike, both graduate students and researchers in statistics, finance, econometrics and business administration will benefit from this book.
Mashell Chapeyama Principles of Finance Mashell Chapeyama Principles of Finance Новинка

Mashell Chapeyama Principles of Finance

Anthology from the year 2014 in the subject Business economics - Investment and Finance, grade: B, University of the People (Uopeople), course: Bachelor of science in Business Administration, language: English, abstract: This book covers many topics on financial management. It is a compilation of scholarly essays based on major financial topics such as market capitalization, book value of a company, cash realization cycle and ratios to analyze the financial performance of a company. The other topics that are covered include capital appraisal, stock market performance and other financial instruments. A number of financial management ratios have been discussed in detail. This booklet provides a lot of valuable information to students undertaking undergraduate studies in finance and accounting.
MacKenzie I. Professional English in Use Finance MacKenzie I. Professional English in Use Finance Новинка

MacKenzie I. Professional English in Use Finance

Professional English in Use Finance is the latest exciting addition to the bestselling English Vocabulary in Use titles.Suitable for intermediate students and above, Professional English in Use Finance includes 50 units covering all aspects of financial vocabulary from Accounting to Borrowing and Lending, Central Banking to Venture Capital and many more areas including financial idioms and metaphors. Primarily designed as a self-study reference and practice book, it can also be used for classroom work and one-to-one lessons. This book is a must for both trainers and learners of ESP and Business English, who need to use English in a financial environment.
Mike G. Corporate Finance. Summary about company valuation and taxation in general Mike G. Corporate Finance. Summary about company valuation and taxation in general Новинка

Mike G. Corporate Finance. Summary about company valuation and taxation in general

Abstract from the year 2017 in the subject Business economics - Investment and Finance, , language: English, abstract: This text is about a six-session-long lecture about the principles and advances in corporate finance. Two different professors taught about company valuation and taxation in general. Not only the transcript of the lecturers' speech, but also the board notes (captured in self-made pictures and tables) and some information from secondary literature / newspaper articles are included. It was composed for an upcoming exam for preparation purposes and, therefore, a summary of this content is added at the end. However, it is not only useful for exams, it also allows the reader to get a better knowledge about the basic principles ad theories of corporate finance.
P. C. G. Vassiliou Discrete-time Asset Pricing Models in Applied Stochastic Finance P. C. G. Vassiliou Discrete-time Asset Pricing Models in Applied Stochastic Finance Новинка

P. C. G. Vassiliou Discrete-time Asset Pricing Models in Applied Stochastic Finance

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Stochastic finance and financial engineering have been rapidly expanding fields of science over the past four decades, mainly due to the success of sophisticated quantitative methodologies in helping professionals manage financial risks. In recent years, we have witnessed a tremendous acceleration in research efforts aimed at better comprehending, modeling and hedging this kind of risk. These two volumes aim to provide a foundation course on applied stochastic finance. They are designed for three groups of readers: firstly, students of various backgrounds seeking a core knowledge on the subject of stochastic finance; secondly financial analysts and practitioners in the investment, banking and insurance industries; and finally other professionals who are interested in learning advanced mathematical and stochastic methods, which are basic knowledge in many areas, through finance. Volume 1 starts with the introduction of the basic financial instruments and the fundamental principles of financial modeling and arbitrage valuation of derivatives. Next, we use the discrete-time binomial model to introduce all relevant concepts. The mathematical simplicity of the binomial model also provides us with the opportunity to introduce and discuss in depth concepts such as conditional expectations and martingales in discrete time. However, we do not expand beyond the needs of the stochastic finance framework. Numerous examples, each highlighted and isolated from the text for easy reference and identification, are included. The book concludes with the use of the binomial model to introduce interest rate models and the use of the Markov chain model to introduce credit risk. This volume is designed in such a way that, among other uses, makes it useful as an undergraduate course.
Zamir Iqbal Intermediate Islamic Finance Zamir Iqbal Intermediate Islamic Finance Новинка

Zamir Iqbal Intermediate Islamic Finance

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Explore Islamic finance at a deeper level Intermediate Islamic Finance: Theory and Practice fills the gap for students and professionals who are already familiar with the fundamentals of Islamic finance, but would like to gain an enhanced understanding of Islamic finance theories and practices. This comprehensive text provides you with coverage of global developments and describes the role of Islamic finance within the global finance community to guide you in your understanding of this important aspect of the international financial landscape. The book references advance concepts and specific problems in the practice of Islamic finance, provides suggested further readings for each chapter, offers details of advanced analysis, and presents key data in visual form via graphs, figures, and tables. Profound changes have taken place in the financial landscape over the past few decades, including major innovations in financial instruments and substantial changes in regulation. With global financial markets becoming increasingly important players in the industry, it is critical that today's financial professionals understand the essence and implications of key Islamic finance theories and practices. Build upon your fundamental understanding of Islamic finance Explore some areas of convergence and conflict between Islamic finance and conventional finance Strengthen the harmony between Islamic and conventional finance theories and their applications Prepare for a well-rounded career in finance by better understanding how Islamic finance principles apply Intermediate Islamic Finance: Theory and Practice is an essential text for graduate and post-graduate finance students, economists, researchers, bankers, financial regulators, policymakers, and members of the business community who want to develop a deeper understanding of Islamic finance theories and practices.
Junaid Javaid Sources of capital and funding strategies for businesses Junaid Javaid Sources of capital and funding strategies for businesses Новинка

Junaid Javaid Sources of capital and funding strategies for businesses

Project Report from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: C, University of Bedfordshire (MSc Finance & Business Management), language: English, abstract: Financial Capital is considered as the superior source of funding required by the firms to begin or to carry its operation. Different theories have been proposed over time to assist managers in making the financing decision. In this regard the Pecking Order theory is the prominent one, which urged the company to give Retained Profit as the first priority whenever the company face the situation to raise capital. Debt is the only attractive alternative which not only supports the company to start and survive but also helps it to expand its operations with the intension of challenging the leaders of the specified industry. The capability of the company to finance its working capital is the major concern which is the main endeavour of finance manager to resolve. It is a essential requirement for the company to settle the account with the supplier of the fund before entering the agreement. The source of capital for Working Capital can be divided in to four main classes (Internal Financing, Security Financing, Loan Financing and other financing sources). It has been understood from the Case Study section, that Royal Bank of Scotland (RBS), Lloyds TSB and HBOS would undergo the Bailout package which would not only give the government the stakes within the Bank but al...
Richard Dobbs Value. The Four Cornerstones of Corporate Finance Richard Dobbs Value. The Four Cornerstones of Corporate Finance Новинка

Richard Dobbs Value. The Four Cornerstones of Corporate Finance

An accessible guide to the essential issues of corporate finance While you can find numerous books focused on the topic of corporate finance, few offer the type of information managers need to help them make important decisions day in and day out. Value explores the core of corporate finance without getting bogged down in numbers and is intended to give managers an accessible guide to both the foundations and applications of corporate finance. Filled with in-depth insights from experts at McKinsey & Company, this reliable resource takes a much more qualitative approach to what the authors consider a lost art. Discusses the four foundational principles of corporate finance Effectively applies the theory of value creation to our economy Examines ways to maintain and grow value through mergers, acquisitions, and portfolio management Addresses how to ensure your company has the right governance, performance measurement, and internal discussions to encourage value-creating decisions A perfect companion to the Fifth Edition of Valuation, this book will put the various issues associated with corporate finance in perspective.
Junaid Javaid Costs . Benefits of each Source of Capital Junaid Javaid Costs . Benefits of each Source of Capital Новинка

Junaid Javaid Costs . Benefits of each Source of Capital

Seminar paper from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: C, University of Bedfordshire, course: MSc Finance & Business Management, language: English, abstract: There are many cases that have been observed where the shareholders' capital was not adequate enough to support the company's working capital requirement which matter a lot to the companies' growth and survival. Majority of time it has been observed and analysed that the companies considering to meet its working capital through the external sources are aware of every aspect of the different financial sources. It is important for the companies to take certain parameter (interest rate, term of usage, impact on company's financial leverage, conditions of lending agreement, time to get the lending approval and the impact of proposed source on the company's financial ratios) into consideration while making the financing decisions. The theory of Capital Structure is extensively be used to get insight that how much risky is the company's approach in using external sources (prominently debt). The Trade-off theory intended that companies must have to balance the costs and the benefits of debts flow within the enterprises. Different sources of capital can be classified in various manners but for the convenience, the all of these sources are classified in to following categories (Security Financing, Internal Financing, Loan Financing, Lease ...
Jacques Janssen VaR Methodology for Non-Gaussian Finance Jacques Janssen VaR Methodology for Non-Gaussian Finance Новинка

Jacques Janssen VaR Methodology for Non-Gaussian Finance

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With the impact of the recent financial crises, more attention must be given to new models in finance rejecting “Black-Scholes-Samuelson” assumptions leading to what is called non-Gaussian finance. With the growing importance of Solvency II, Basel II and III regulatory rules for insurance companies and banks, value at risk (VaR) – one of the most popular risk indicator techniques plays a fundamental role in defining appropriate levels of equities. The aim of this book is to show how new VaR techniques can be built more appropriately for a crisis situation. VaR methodology for non-Gaussian finance looks at the importance of VaR in standard international rules for banks and insurance companies; gives the first non-Gaussian extensions of VaR and applies several basic statistical theories to extend classical results of VaR techniques such as the NP approximation, the Cornish-Fisher approximation, extreme and a Pareto distribution. Several non-Gaussian models using Copula methodology, Lévy processes along with particular attention to models with jumps such as the Merton model are presented; as are the consideration of time homogeneous and non-homogeneous Markov and semi-Markov processes and for each of these models. Contents 1. Use of Value-at-Risk (VaR) Techniques for Solvency II, Basel II and III. 2. Classical Value-at-Risk (VaR) Methods. 3. VaR Extensions from Gaussian Finance to Non-Gaussian Finance. 4. New VaR Methods of Non-Gaussian Finance. 5. Non-Gaussian Finance: Semi-Markov Models. About the Authors Marine Habart-Corlosquet is a Qualified and Certified Actuary at BNP Paribas Cardif, Paris, France. She is co-director of EURIA (Euro-Institut d’Actuariat, University of West Brittany, Brest, France), and associate researcher at Telecom Bretagne (Brest, France) as well as a board member of the French Institute of Actuaries. She teaches at EURIA, Telecom Bretagne and Ecole Centrale Paris (France). Her main research interests are pandemics, Solvency II internal models and ALM issues for insurance companies. Jacques Janssen is now Honorary Professor at the Solvay Business School (ULB) in Brussels, Belgium, having previously taught at EURIA (Euro-Institut d’Actuariat, University of West Brittany, Brest, France) and Telecom Bretagne (Brest, France) as well as being a director of Jacan Insurance and Finance Services, a consultancy and training company. Raimondo Manca is Professor of mathematical methods applied to economics, finance and actuarial science at University of Roma “La Sapienza” in Italy. He is associate editor for the journal Methodology and Computing in Applied Probability. His main research interests are multidimensional linear algebra, computational probability, application of stochastic processes to economics, finance and insurance and simulation models.
Robert Breitkreuz Behavioral Accounting vs. Behavioral Finance Robert Breitkreuz Behavioral Accounting vs. Behavioral Finance Новинка

Robert Breitkreuz Behavioral Accounting vs. Behavioral Finance

Scientific Essay from the year 2008 in the subject Business economics - Investment and Finance, University of St. Gallen (Institut für Accounting, Controlling und Auditing), language: English, abstract: An economic theory which is not incorporating human behavior is not imaginable. For reasons of simplification economic models traditionally use the concept of a rational acting market participant. In order to face the inadequateness of this abstraction behavioral economic science reject the assumption of the homo economicus and adds various findings from supporting disciplines as psychology, sociology, and organizational theory. While the exploration of human behavior in finance theory has a long tradition, research in the area of psychological effects in accounting started not earlier than the mid of last century. The main intention of modern financial reporting is the supply of useful information for actual and potential investors within their decision-making process. As information processing of agentson the market for equity is part of finance theory, this is the meeting point of the two disciplines. The intention of this paper is to identify overlapping contents of behavioral research in finance and accounting. For clarification selected studies from Behavioral Finance Research (BFR) and Behavioral Accounting Research (BAR) literature will be presented and comparatively analyzed. In addition varying fields of research of both schools which are not related with each other ...
Vuyisani Moss Housing Finance Markets in Africa Vuyisani Moss Housing Finance Markets in Africa Новинка

Vuyisani Moss Housing Finance Markets in Africa

This article mainly focuses on the overview of the African housing finance markets. The aim of the paper is to provide a review of housing finance systems in four different African countries; namely; South Africa, Ghana, Nigeria and Tanzania. Also, it reveals the generic nature and scope of housing finance in these economies. Further, in presenting the housing finance trends and developments in the four market economies, the article examines the extent of investment, the economic system and government role in providing shelter for low and moderate income households.
Kirt Butler C. Multinational Finance. Evaluating the Opportunities, Costs, and Risks of Multinational Operations Kirt Butler C. Multinational Finance. Evaluating the Opportunities, Costs, and Risks of Multinational Operations Новинка

Kirt Butler C. Multinational Finance. Evaluating the Opportunities, Costs, and Risks of Multinational Operations

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Deep coverage and rigorous examination of international corporate finance Multinational Finance offers an advanced exploration of international corporate finance concepts and operations. Despite its status as one of the most rigorous texts on the topic, this book remains accessible and readable without sacrificing depth of coverage. Sidebars, key terms, essays, conceptual questions, and problems with solutions help aid in the learning process, while suggested readings and PowerPoint handouts reinforce the material and offer avenues for further exploration. This new sixth edition includes Excel templates that allow students to use real-world tools in a learning environment, and the modular structure facilitates course customization to individual objectives, interests, and preparatory level. The emphasis is on the basics of financial management, but coverage includes unique chapters on treasury management, asset pricing, hedging, options, and portfolio management in addition to traditional finance topics. International finance is a diverse field with myriad specialties and a vast array of possible interests. This book allows students to view the field through the lens of a financial manager with investment or financial options in more than one country to give them a practical feel for real-world application. Understand the nature and operations of international corporate finance Evaluate opportunities, costs, and risks of multinational operations See beyond the numbers and terminology to the general principles at work Learn the markets, currencies, taxation, capital structure, governance, and more Comprehensive, adaptable, and rigorously focused, this book gives students a solid foundation in international corporate finance, as well as a sound understanding of the tools and mechanics of the field. Designed for MBA and advanced undergraduate courses, Multinational Finance provides the deep coverage so essential to a solid education in finance.
Chantal Ammi Banking Governance, Performance and Risk-Taking. Conventional Banks vs Islamic Banks Chantal Ammi Banking Governance, Performance and Risk-Taking. Conventional Banks vs Islamic Banks Новинка

Chantal Ammi Banking Governance, Performance and Risk-Taking. Conventional Banks vs Islamic Banks

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Development of emerging countries is often enabled through non-conventional finance. Indeed, the prohibition of interest and some other impediments require understanding conventional finance and Islamic finance, which both seek to be ethical and socially responsible. Thus, comparing and understanding the features of Islamic banking and conventional banking, in a globalized economy, is fundamental. This book explains the features of both conventional and Islamic banking within the current international context. It also provides a comparative view of banking governance, performance and risk-taking of both finance systems. It will be of particular use to practitioners and researchers, as well as to organizations and companies who are interested in conventional and Islamic banking.
Pascal Quiry Frequently Asked Questions in Corporate Finance Pascal Quiry Frequently Asked Questions in Corporate Finance Новинка

Pascal Quiry Frequently Asked Questions in Corporate Finance

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The definitive question and answer guide to understanding corporate finance From the team behind the popular corporate finance website, Vernimmen.com comes a concise guide to the subject, presented in an easy-to-use, highly accessible «question and answer» format. An essential reference for students of corporate finance and practising corporate financiers alike, Frequently Asked Questions in Corporate Finance answers key questions in financial engineering, valuation, financial policy, cost of capital, financial analysis, and financial management. Covering both the theory and practice of corporate finance, the book demonstrates how financial theory can be put to use solving practical problems. What advantages are there to a business looking to spin off its divisions into subsidiaries? Is there a formula that can be used to determine the change in normalised free cash flows? What are the possible reasons behind a share buyback? What are the pros and cons of off-market share buy-back? Filled with the answers to all of the most common, and not so common, questions about corporate finance, the book presents authoritative, reliable information from a respected team of experts from the banking, corporate, and academic worlds.
Syeda Habib Fahmida Fundamentals of Islamic Finance and Banking Syeda Habib Fahmida Fundamentals of Islamic Finance and Banking Новинка

Syeda Habib Fahmida Fundamentals of Islamic Finance and Banking

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A comprehensive and fully up-to-date introductory textbook to Islamic finance and banking Islamic finance and banking is being used increasingly globally – especially in the regions of Middle East and North Africa, South East and South Asia. To cater to the need of trained Islamic finance staff, a large number of Educational institutions are beginning to offer courses, majors and minors in Islamic finance and banking. The major challenge faced by these institutions are suitable textbooks for both undergrad and post-grad levels and especially with the relevant instructor resources (PPTs, test bank, practice activities and answer keys). Luckily, Fundamentals of Islamic Finance and Banking is here to cover the most important topics related to Islamic finance and banking (IF&B) that are relevant for students of business, finance and banking. Offers an historical background of Islamic finance Covers the principles of Sharia Law as pertinent to finance and banking Provides in-depth discussion of the six key Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna Discusses the Islamic insurance (Takaful) Gives an overview of Islamic investment, especially Sukuks Concludes with the global standing of the Islamic Finance and Banking industry Would-be colleges and universities offering this subject as a course within their finance and/or banking program can’t be without this invaluable guide.
Неустановленный автор Sustainability of Public Debt in the European Monetary Union. A Case Study of Greece Неустановленный автор Sustainability of Public Debt in the European Monetary Union. A Case Study of Greece Новинка

Неустановленный автор Sustainability of Public Debt in the European Monetary Union. A Case Study of Greece

Bachelor Thesis from the year 2015 in the subject Economics - Finance, grade: 5, University of Zurich, language: English, abstract: This bachelor thesis discusses the sustainability of government debt on a theoretical level with the model of the government budget constraint and its application in a case study. Therefore, the situation of Greece is used as a prime example for the current sovereign debt crisis in the European Monetary Union. It points out with quantitative data, what has led to the high public debt in Greece and what are the consequences of this debt accumulation. For this the sustainability and the development of government debt and its determinants will be analysed. In conclusion, it discusses the options to escape of this sovereign debt crisis for Greece and the European Monetary Union as a whole.In March 2012 Greece received another bailout loan of 144.7 billion euro from the European Financial Stability Facility (EFSF) and 19.8 billion euro from the IMF in several tranches until 2014 after a worsening recession and the missing implementation of the conditions. In July 2015 the European Commission arranged to mobilise more than 35 billion euro until 2020, while they already paid out up to this point 4.4 billion euro (European Commission 2015). Still the problem has not been solved yet and Greece is still not able to get control of its debt by itself. The government debt is a relevant topic in economics and has become even more relevant since the outbreak of...
Eric Chin Problems and Solutions in Mathematical Finance. Stochastic Calculus Eric Chin Problems and Solutions in Mathematical Finance. Stochastic Calculus Новинка

Eric Chin Problems and Solutions in Mathematical Finance. Stochastic Calculus

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Mathematical finance requires the use of advanced mathematical techniques drawn from the theory of probability, stochastic processes and stochastic differential equations. These areas are generally introduced and developed at an abstract level, making it problematic when applying these techniques to practical issues in finance. Problems and Solutions in Mathematical Finance Volume I: Stochastic Calculus is the first of a four-volume set of books focusing on problems and solutions in mathematical finance. This volume introduces the reader to the basic stochastic calculus concepts required for the study of this important subject, providing a large number of worked examples which enable the reader to build the necessary foundation for more practical orientated problems in the later volumes. Through this application and by working through the numerous examples, the reader will properly understand and appreciate the fundamentals that underpin mathematical finance. Written mainly for students, industry practitioners and those involved in teaching in this field of study, Stochastic Calculus provides a valuable reference book to complement one’s further understanding of mathematical finance.
Tony Merna Project Finance in Construction. A Structured Guide to Assessment Tony Merna Project Finance in Construction. A Structured Guide to Assessment Новинка

Tony Merna Project Finance in Construction. A Structured Guide to Assessment

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Project finance has spread worldwide and includes numerous industrial projects from power stations and waste-disposal plants to telecommunication facilities, bridges, tunnels, railway networks, and now also the building of hospitals, education facilities, government accommodation and tourist facilities. Despite financial assessment of PF projects being fundamental to the lender’s decision, there is little understanding of how the use of finance is perceived by individual stakeholders; why and how a financial assessment is performed; who should be involved; where and when it should be performed; what data should be used; and how financial assessments should be presented. Current uncertainty in financial markets makes many sponsors of construction project financings carefully consider bank liquidity, the higher cost of finance, and general uncertainty for demand. This has resulted in the postponement of a number of projects in certain industry sectors. Governments have seen tax receipts drastically reduced which has affected their ability to finance infrastructure projects, often irrespective of the perceived demand. Equity providers still seek to invest, however there are less opportunities due to market dislocation. Due to the demand for global infrastructure it is believed that project financings will return to their pre-crunch levels, or more so, however lenders’ liquidity costs will be passed on to the borrowers. Lenders will also be under stricter regulation both internally and externally. The steps outlined in the guide are designed to provide a basic understanding for all those involved or interested in both structuring and assessing project financings. Secondary contracts involving constructors, operators, finance providers, suppliers and offtakers can be developed and assessed to determine their commercial viability over a projects life cycle. Special Features a structured guide to assessing the commercial viability of construction projects explains economic metrics to use in the decision making process detailed case study shows how stakeholders apply the concept of project finance
C.L. Goudas, G.C. Pande Computers: Applications in industry and management C.L. Goudas, G.C. Pande Computers: Applications in industry and management Новинка

C.L. Goudas, G.C. Pande Computers: Applications in industry and management

The contents of this volume constitute a selected part of the background material offered to the participants of the UNESCO sponsored International Seminar "Computers: Applications in Industry and Management" held at the University of Patras? Greece? In the summer of 1979.Издательство: North-Holland Publishing Company
Thilo Ketschau, Andreas Förster The Problematic of Corporate Evaluation on the example of the Daimler AG Thilo Ketschau, Andreas Förster The Problematic of Corporate Evaluation on the example of the Daimler AG Новинка

Thilo Ketschau, Andreas Förster The Problematic of Corporate Evaluation on the example of the Daimler AG

Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences, Cologne, course: Financial Management , language: English, abstract: The methods to evaluate the value of a company are numerous and diverse. In this assignment the theoretical framework of company evaluation is described and the popular approaches depending on discounted cash flows or multipliers are explained and used on the example of the Daimler AG. The different value results are discussed in the concluding part.
Patrick Roy Voluntary Disclosure of Company Information - Costly Additions or a step towards Competitive Advantage. Patrick Roy Voluntary Disclosure of Company Information - Costly Additions or a step towards Competitive Advantage. Новинка

Patrick Roy Voluntary Disclosure of Company Information - Costly Additions or a step towards Competitive Advantage.

Abstract: In a first step, this ERP derives the theoretical necessity to provide voluntary strategic and non-financial Information. It is argued that companies are an integral part of a common environment and society, acting in a framework of interdependent relationships. A company is more and more seen as a community of interests of different groups, and it can only act in an optimal way if the demands of all groups are taken into account and its behaviour is adjusted accordingly. In this context, interest groups' demands for company Information depend an the possibilities of improvements in decision making or monitoring that arise with its use, which in turn is mainly determined by the potential of Information to reduce uncertainty in the areas of interest. For external decision-makers, uncertainty often arises from sources about which conservative company statements provide little insight. Due to the traditional, finance-oriented concept of disclosure, this is particularly true for strategic and non-financial aspects. Related additional Information that is voluntarily provided can considerably reduce uncertainty, even more so as part of audited statements. Conventional financial reporting and existing disclosure requirements will generally not nearly satisfy those information needs of user groups. Any economic action, though, should only be taken if related benefits are exceeding related costs. This priority of economicalness also holds for companies' production, p...
Urgessa Tilahun Analysis of Life Insurance Urgessa Tilahun Analysis of Life Insurance Новинка

Urgessa Tilahun Analysis of Life Insurance

Bachelor Thesis from the year 2008 in the subject Economics - Finance, grade: A, Addis Ababa University (Addis Ababa University School of Commerce), language: English, abstract: Insurance business was introduced into Ethiopia based on mutual assistances and its modern form traces back to 1905, when bank of Abyssinia began to underwrite fire and marine insurance policy, as an agent to foreign insurance company. The general objective of the study was to analysis the insurance services in the Nile Insurance Company by giving special attention focusing on life insurance. Primary data were collected using a structured questionnaire. In addition, secondary data were extracted from relevant sources to supplement the data obtained from the survey. The result of this study reveals that gross written premium and net written premium showed on increasing trend. But there is an ups and down of the percentage change because of unhealthy completion between non private and other private insurance companies. Secondly even if there are new classes of life insurance that was sold in Nile Insurance Company, the structure of life insurance in terms of diversification of the source of revenues is limited to small classes of the business. The amount of the premium collected and claims paid in these classes of the insurance is not proportionally distributed. The end result of the data also shows that there is a direct correlation between premium collections and the claim payments i.e. the classes of...
Andrew Leyshon Money and Finance After the Crisis. Critical Thinking for Uncertain Times Andrew Leyshon Money and Finance After the Crisis. Critical Thinking for Uncertain Times Новинка

Andrew Leyshon Money and Finance After the Crisis. Critical Thinking for Uncertain Times

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Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies
Dimitar Vasilev Small and medium-sized enterprises in Bulgaria Dimitar Vasilev Small and medium-sized enterprises in Bulgaria Новинка

Dimitar Vasilev Small and medium-sized enterprises in Bulgaria

Bachelor Thesis from the year 2009 in the subject Economics - Finance, grade: 1,7, Furtwangen University; Villingen-Schwenningen, language: English, abstract: In modern economic conditions, conducting business activity of any kind without availability of debt finance is improbable. The private sector in Bulgaria face the challenge of maintaining sufficient amount of capital to successfully satisfy both working and investment needs. Debt finance products offer an ideal way to satisfy those needs. Small- and medium-sized enterprises are main employment generator and key economic growth factor. They play primarily role in forming both GDP and Value Added of the country. However, SMEs have experienced a vast amount of economic and social problems. Main problems groups can be brought down to:- Inappropriate business environment for the development of SME (administrative, legal, poorly developed business consulting services and regional business centers etc.)- Insufficient financial assistanceSince capital markets in Bulgaria are still underdeveloped and alternative sources of finance are hardly present, bank loans/credit lines along with supplier/customer debt prove to be a primary source of capital for small- and medium- sized enterprises. In a bank-based financial system like Bulgaria, banking system is a key factor of economic growth with a major role in productivity, investment levels, innovation and expectation of entrepreneurs. All those factors explain the importance of the...
Victor Parker A History of Greece, 1300 to 30 BC Victor Parker A History of Greece, 1300 to 30 BC Новинка

Victor Parker A History of Greece, 1300 to 30 BC

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A History of Greece: 1300‒30 BC, offers a comprehensive introduction to the foundational political history of Greece, from the late Mycenaean Age through to the death of Cleopatra VII, the last Hellenistic monarch of Egypt. Introduces textual and archaeological evidence used by historians to reconstruct historical events during Greece’s Bronze, Archaic, Classical, and Hellenistic periods Reveals the political and social structure of the Greek world in the late Mycenaean period (thirteenth century BC) through analysis of the Linear B tablets, the oldest surviving records in Greek Features numerous references to original source materials, including various fragmentary papyri, inscriptions, coins, and other literary sources Provides extensive coverage of the Hellenistic period, and covers areas excluded from most Greek history texts, including the Greek West Features judicious use of illustrations throughout, and considers instructors’ teaching needs by structuring the later sections to facilitate teaching a parallel course in Roman History Balances scholarship with a reader-friendly approach to create an accessible introduction to the political history of one of most remarkable ancient civilizations and sophisticated periods of world history
Mulugeta Abuye Ertiro Measurment of Technical efficiency of Ethiopian insurance companies.Technical efficiency Mulugeta Abuye Ertiro Measurment of Technical efficiency of Ethiopian insurance companies.Technical efficiency Новинка

Mulugeta Abuye Ertiro Measurment of Technical efficiency of Ethiopian insurance companies.Technical efficiency

Thesis (M.A.) from the year 2012 in the subject Business economics - Investment and Finance, grade: MSc in Finance and Investment, Mekelle University (Business and economic college), language: English, abstract: This study was conducted in Ethiopian insurance companies in order to measure the technical efficiency using DEA input oriented approach under both constant and variable return versions and Malmquist index output oriented approach in the period 2006-2010. In the first stage, the relative technical efficiency is estimated with data envelopment analysis (DEA) to establish benchmarking company, then, they are ranked according to their technical efficiency. Mann whiney- U test in the second stage was used to determine the factors affecting efficiency. The concept of efficiency concerns is an insurer's ability to produce a given set of outputs (such as premiums and investment income) via the use of inputs such as administrative and general expenses and financial capital. The insurance company is said to be technically efficient if it cannot reduce its input usage without some corresponding reduction in outputs, given the current state of production technology in the industry. The technical efficiency of Ethiopian insurance companies during the study period was 86.7%, 97.1% and 84.9% in technical efficiency, pure technical efficiency and scale efficiency, respectively. The productivity change shows Ethiopian insurance companies were quite well in efficiency change rathe...
Jacques Janssen Applied Diffusion Processes from Engineering to Finance Jacques Janssen Applied Diffusion Processes from Engineering to Finance Новинка

Jacques Janssen Applied Diffusion Processes from Engineering to Finance

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The aim of this book is to promote interaction between engineering, finance and insurance, as these three domains have many models and methods of solution in common for solving real-life problems. The authors point out the strict inter-relations that exist among the diffusion models used in engineering, finance and insurance. In each of the three fields, the basic diffusion models are presented and their strong similarities are discussed. Analytical, numerical and Monte Carlo simulation methods are explained with a view to applying them to obtain the solutions to the different problems presented in the book. Advanced topics such as nonlinear problems, Lévy processes and semi-Markov models in interactions with the diffusion models are discussed, as well as possible future interactions among engineering, finance and insurance. Contents 1. Diffusion Phenomena and Models. 2. Probabilistic Models of Diffusion Processes. 3. Solving Partial Differential Equations of Second Order. 4. Problems in Finance. 5. Basic PDE in Finance. 6. Exotic and American Options Pricing Theory. 7. Hitting Times for Diffusion Processes and Stochastic Models in Insurance. 8. Numerical Methods. 9. Advanced Topics in Engineering: Nonlinear Models. 10. Lévy Processes. 11. Advanced Topics in Insurance: Copula Models and VaR Techniques. 12. Advanced Topics in Finance: Semi-Markov Models. 13. Monte Carlo Semi-Markov Simulation Methods. About the Authors Jacques Janssen is now Honorary Professor at the Solvay Business School (ULB) in Brussels, Belgium, having previously taught at EURIA (Euro-Institut d’Actuariat, University of West Brittany, Brest, France) and Télécom-Bretagne (Brest, France) as well as being a director of Jacan Insurance and Finance Services, a consultancy and training company. Oronzio Manca is Professor of thermal sciences at Seconda Università degli Studi di Napoli in Italy. He is currently Associate Editor of ASME Journal of Heat Transfer and Journal of Porous Media and a member of the editorial advisory boards for The Open Thermodynamics Journal, Advances in Mechanical Engineering, The Open Fuels & Energy Science Journal. Raimondo Manca is Professor of mathematical methods applied to economics, finance and actuarial science at University of Rome “La Sapienza” in Italy. He is associate editor for the journal Methodology and Computing in Applied Probability. His main research interests are multidimensional linear algebra, computational probability, application of stochastic processes to economics, finance and insurance and simulation models.
Abdulrahim Aminu The Accounting Framework of Islamic Finance in Nigeria Abdulrahim Aminu The Accounting Framework of Islamic Finance in Nigeria Новинка

Abdulrahim Aminu The Accounting Framework of Islamic Finance in Nigeria

There had been a need to put in place a proper Islamic accounting framework, as it is vital for the Islamic institutions to adopt proper Islamic accounting standards. The article will highlight the concept and key principles of Islamic banking and finance; discuss the development of the conceptual Framework for accounting for Islamic Finance, some of the main issues in the accounting for Islamic modes of finance in accordance with Islamic Shari'a rules and principle and Basic assumptions and criteria for Islamic accounting
Hussein Kureshi Contracts and Deals in Islamic Finance. A User's Guide to Cash Flows, Balance Sheets, and Capital Structures Hussein Kureshi Contracts and Deals in Islamic Finance. A User's Guide to Cash Flows, Balance Sheets, and Capital Structures Новинка

Hussein Kureshi Contracts and Deals in Islamic Finance. A User's Guide to Cash Flows, Balance Sheets, and Capital Structures

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A very accessible and concise guide to Islamic finance Contracts and Deals in Islamic Finance provides a clear breakdown of Islamic financial contracts and deal structures for beginners. The embedded requirements within selected Islamic financial contracts, such as risk weightage, capital structures, creations of cash flows, and balance sheets, are explained fully to provide a solid understanding of the backbone of the industry. Aimed primarily at beginners and those with a background in conventional banking, this book guides readers through the major contracts, how they're applied, and how to discern a contract's legitimacy. Case studies and interviews with bankers and global regulators provide real-life examples of contract application, and the author's own experiences provide deep insight into the everyday issues that arise. Ancillary instructor's materials include PowerPoint slides and lecture notes that facilitate use in the classroom. Literature describing the application of Islamic financial contracts is few and far between, and those providing a basic breakdown of these contracts and questioning their validity are rarer still. This book is the first of its kind, offering a basic approach to understanding Islamic contracts, designed for the true beginner. Understand the current contracts applied in Islamic banking Learn how contracts are applied across different jurisdictions Identify illegitimate contracts and those not in the spirit of Shariah law Examine the current economic realities surrounding Islamic finance By highlighting the underlying themes in Islamic finance and assessing the current practices, this book gives readers the solid understanding and up-to-date perspective that form a solid foundation upon which successful Islamic finance is practiced. For a solid introduction to the Islamic finance industry, Contracts and Deals in Islamic Finance is an accessible, practical guide.
Saifullahi Sani Ibrahim An Investigation into the Determinants of Access to Finance in Rural Areas of Katsina State Saifullahi Sani Ibrahim An Investigation into the Determinants of Access to Finance in Rural Areas of Katsina State Новинка

Saifullahi Sani Ibrahim An Investigation into the Determinants of Access to Finance in Rural Areas of Katsina State

Master's Thesis from the year 2011 in the subject Business economics - Investment and Finance, Usmanu Danfodiyo University, Sokoto (-), course: Economics, language: English, abstract: Access to finance is widely acknowledged as a catalyst for the reduction of poverty in rural areas. Along this line, this study investigates the determinants of access to finance in rural areas in Katsina state. A cross-sectional primary data was collected via questionnaire from a sample of 384 respondents. This study used probit modelling approach to analyse the factors that influence access to finance. The study revealed that collateral, financial literacy and gender have significant positive influence on access to finance, while age has an insignificant positive influence on access to finance. In contrast, interest rate and transaction cost have significant negative influence on access to finance. Thus, the study concluded that with the prevailing banking arrangement where collaterals are required and banks charge interest and also some level of literacy is required, rural dwellers will continue to find it difficult in relating with conventional banks. Therefore, the study recommended that rural dwellers should organise themselves into Credit Cooperative Societies, which could be used as Informal Financial Unit for Linkage Banking arrangement. The government (at all level) can also use these associations to channel their agricultural credit. It is also recommended that legal framework, be...
Charlotte Klausen Investigation of the Market-Implied Sovereign Default Probabilities Charlotte Klausen Investigation of the Market-Implied Sovereign Default Probabilities Новинка

Charlotte Klausen Investigation of the Market-Implied Sovereign Default Probabilities

Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 12/12, Copenhagen Business School (Department of Finance), language: English, abstract: This thesis investigates the default probabilities of market-implied sovereign default probabilities by using credit default swap (CDS) spreads and conducts an analysis of the spreads' determinants. Building on the no-arbitrage pricing model of CDS, the probabilities for Greece defaulting within the next five years from today is approximately 75%, assuming a recovery rate of 25%. Against economical intuition, the results provide a positive correlation between the recovery rate and CDS spreads.A comparison of Greece's default in 2012 with its default probabilities indicates that spreads closer to 2012 are much higher, hence imply higher default probabilities and therefore capture the default accurately. Though, spreads taken exactly T years before the default provide vague, i.e. very low default probabilities.The regression analysis provides different results for the determinants of spreads of either country, though in neither model all variables are statistically significant individually, e.g. Greece's spreads can solely be explained by the country specific factor, the unemployment rate. The unexpected negative effects of FX on the spreads could be an indicator of a cracked Eurozone.Further, the analysis of today's actual vs. the regression's predicted spread indicates ...
Aaron Brown Fischer Black and the Revolutionary Idea of Finance Aaron Brown Fischer Black and the Revolutionary Idea of Finance Новинка

Aaron Brown Fischer Black and the Revolutionary Idea of Finance

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Praise for FISCHER BLACK AND THE REVOLUTIONARY IDEA OF FINANCE «The story of Fischer Black. . . . is remarkable both because of the creativity of the man and because of the revolution he brought to Wall Street. . . . Mehrling's book is fascinating.» —FINANCIAL TIMES «A fascinating history of things we take for granted in our everyday financial lives.» —THE NEW YORK TIMES «Mehrling's book is essential reading for anyone interested in the development of modern finance or the life of an idiosyncratic creative genius.» —PUBLISHERS WEEKLY «Fischer Black was more than a vital force in the development of finance theory. He was also a character. Perry Mehrling has captured both sides of the picture: the evolution of thinking about the pricing of risk and time, as well as the thinkers, especially this fascinating eccentric, who worked it out.» —ROBERT M. SOLOW, Nobel laureate and Institute Professor of Economics, Emeritus, Massachusetts Institute of Technology «Although I worked closely with Fischer for nine years at Goldman Sachs and clearly recognized both his genius and the breadth and originality of his ideas, until I read this book, I had only the vaguest grasp of the source of his inspiration and no understanding at all of the source of his many idiosyncrasies.» —BOB LITTERMAN, Partner, Kepos Capital «Perry Mehrling has done a remarkable job of tracing the intellectual and personal development of one of the most original and complex thinkers of our generation. Fischer Black deserved it: a charming and brilliant book about a charming and brilliant man.» —ROBERT E. LUCAS JR., Nobel laureate and Professor of Economics, The University of Chicago
Paul Asquith Lessons in Corporate Finance. A Case Studies Approach to Financial Tools, Financial Policies, and Valuation Paul Asquith Lessons in Corporate Finance. A Case Studies Approach to Financial Tools, Financial Policies, and Valuation Новинка

Paul Asquith Lessons in Corporate Finance. A Case Studies Approach to Financial Tools, Financial Policies, and Valuation

A discussion-based learning approach to corporate finance fundamentals Lessons in Corporate Finance explains the fundamentals of the field in an intuitive way, using a unique Socratic question and answer approach. Written by award-winning professors at M.I.T. and Tufts, this book draws on years of research and teaching to deliver a truly interactive learning experience. Each case study is designed to facilitate class discussion, based on a series of increasingly detailed questions and answers that reinforce conceptual insights with numerical examples. Complete coverage of all areas of corporate finance includes capital structure and financing needs along with project and company valuation, with specific guidance on vital topics such as ratios and pro formas, dividends, debt maturity, asymmetric information, and more. Corporate finance is a complex field composed of a broad variety of sub-disciplines, each involving a specific skill set and nuanced body of knowledge. This text is designed to give you an intuitive understanding of the fundamentals to provide a solid foundation for more advanced study. Identify sources of funding and corporate capital structure Learn how managers increase the firm's value to shareholders Understand the tools and analysis methods used for allocation Explore the five methods of valuation with free cash flow to firm and equity Navigating the intricate operations of corporate finance requires a deep and instinctual understanding of the broad concepts and practical methods used every day. Interactive, discussion-based learning forces you to go beyond memorization and actually apply what you know, simultaneously developing your knowledge, skills, and instincts. Lessons in Corporate Finance provides a unique opportunity to go beyond traditional textbook study and gain skills that are useful in the field.
H. Baker Kent Socially Responsible Finance and Investing. Financial Institutions, Corporations, Investors, and Activists H. Baker Kent Socially Responsible Finance and Investing. Financial Institutions, Corporations, Investors, and Activists Новинка

H. Baker Kent Socially Responsible Finance and Investing. Financial Institutions, Corporations, Investors, and Activists

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A detailed look at the role of social responsibility in finance and investing The concept of socially responsible finance and investing continues to grow, especially in the wake of one of the most devastating financial crises in history. This includes responsibility from the corporate side (corporate social responsibility) as well as the investor side (socially responsible investing) of the capital markets. Filled with in-depth insights and practical advice, Socially Responsible Finance and Investing offers an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance. As part of the Robert W. Kolb Series in Finance, this book showcases contributed chapters from professionals and academics with extensive expertise on this particular subject. It provides a comprehensive view of socially responsible foundations and their applications to finance and investing as determined by the current state of research. Discusses many important issues associated with socially responsible finance and investing, like moral hazard and the concept of «too big to fail» Contains contributed chapters from numerous thought-leaders in the field of finance Presents comprehensive coverage starting with the basics and bringing you through to cutting-edge, current theory and practice Now more than ever, we need to be mindful of the social responsibilities of all investment practices. The recent financial crisis and recession has changed the financial landscape for years to come and Socially Responsible Finance and Investing is a timely guide to help us navigate this difficult terrain.
Interborough Rapid Transit Company The New York Subway Interborough Rapid Transit Company The New York Subway Новинка

Interborough Rapid Transit Company The New York Subway

This is a complete facsimile of the original edition published by the Interborough Rapid Transit Company to commemorate the opening of New York's first subway line. From the perspective of both urban history and the history of transportation, this book is an important primary source. Building the city's first subway in the early years of the twentieth century required delicate collaboration between public and private interests and called for the expenditure of considerable sums of both public and private money. The book introduces us to Abram S. Hewitt, a late nineteenth-century mayor of New York City. It was Hewitt who realized that, while private capital alone had been perfectly adequate for building elevated rapid transit lines in New York as early as the 1870s, the more costly construction of underground rapid transit lines was far beyond the ability of private corporations to finance. Hewitt set in motion a chain of events that sanctioned the use of public funds for subway construction, with the completed facility then to be leased to a private company for day-to-day operation. The private firm that emerged, both to build and to operate the first subway in New York, was called the Interborough Rapid Transit Company, a name that would later be rendered more crisply as the IRT. The City of New York and the Interborough Rapid transit Company inaugurated service over the city's first subway line on Thursday afternoon, October 27, 1904. Mayor George B. McClellan, ...
Arthur Pomeroy J. A Companion to Ancient Greece and Rome on Screen Arthur Pomeroy J. A Companion to Ancient Greece and Rome on Screen Новинка

Arthur Pomeroy J. A Companion to Ancient Greece and Rome on Screen

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A comprehensive treatment of the Classical World in film and television, A Companion to Ancient Greece and Rome on Screen closely examines the films and TV shows centered on Greek and Roman cultures and explores the tension between pagan and Christian worlds. Written by a team of experts in their fields, this work considers productions that discuss social settings as reflections of their times and as indicative of the technical advances in production and the economics of film and television. Productions included are a mix of Hollywood and European spanning from the silent film era though modern day television series, and topics discussed include Hollywood politics in film, soundtrack and sound design, high art and low art, European art cinemas, and the ancient world as comedy. Written for students of film and television as well as those interested in studies of ancient Rome and Greece, A Companion to Ancient Greece and Rome on Screen provides comprehensive, current thinking on how the depiction of Ancient Greece and Rome on screen has developed over the past century. It reviews how films of the ancient world mirrored shifting attitudes towards Christianity, the impact of changing techniques in film production, and fascinating explorations of science fiction and technical fantasy in the ancient world on popular TV shows like Star Trek, Babylon 5, Battlestar Galactica, and Dr. Who.
Georges Ugeux International Finance Regulation. The Quest for Financial Stability Georges Ugeux International Finance Regulation. The Quest for Financial Stability Новинка

Georges Ugeux International Finance Regulation. The Quest for Financial Stability

As the global market expands, the need for international regulation becomes urgent Since World War II, financial crises have been the result of macroeconomic instability until the fatidic week end of September 15 2008, when Lehman Brothers filed for bankruptcy. The financial system had become the source of its own instability through a combination of greed, lousy underwriting, fake ratings and regulatory negligence. From that date, governments tried to put together a new regulatory framework that would avoid using taxpayer money for bailout of banks. In an uncoordinated effort, they produced a series of vertical regulations that are disconnected from one another. That will not be sufficient to stop finance from being instable and the need for international and horizontal regulation is urgent. This challenge is the focus of Georges Ugeux’s book. International Finance Regulation: The Quest for Financial Stability focuses on the inspirations behind regulation, and examines the risks and consequences of fragmentation on a global scale. Author Georges Ugeux has four decades of experience in the legal and economic aspects of international business operations. He created and run the New York Stock Exchange’sinternational group in charge of developing the NYSE’s reach to non-US companies, including relationships with regulators and governments. Ugeux teaches European Banking and Finance of the Columbia University School of Law. Ugeux is uniquely positioned to provide recommendations and suggestions from the perspective of a top global authority. In the book, he explores international regulation with topics such as: • Laws, regulations, and risks of overregulation • Transformation of the U.S. market and creation of the Eurozone • Development of a global framework and stability of the banking system • In-depth examination of Basel III, the Dodd-Frank Act, the European Banking Union, and the Volcker Rule The book also contains case studies from real-world scenarios like Lehman, CDS, Greece, the London Whale, and Libor to illustrate the concepts presented. Finance consistently operates within an increasingly global paradigm, and an overarching regulation scheme is becoming more and more necessary for sustainable growth. International Finance Regulation: The Quest for Financial Stability presents an argument for collaboration toward a comprehensive global regulation strategy.
John Boatright R. Finance Ethics. Critical Issues in Theory and Practice John Boatright R. Finance Ethics. Critical Issues in Theory and Practice Новинка

John Boatright R. Finance Ethics. Critical Issues in Theory and Practice

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A groundbreaking exploration of the critical ethical issues in financial theory and practice Compiled by volume editor John Boatright, Finance Ethics consists of contributions from scholars from many different finance disciplines. It covers key issues in financial markets, financial services, financial management, and finance theory, and includes chapters on market regulation, due diligence, reputational risk, insider trading, derivative contracts, hedge funds, mutual and pension funds, insurance, socially responsible investing, microfinance, earnings management, risk management, bankruptcy, executive compensation, hostile takeovers, and boards of directors. Special attention is given to fairness in markets and the delivery of financial services, and to the duties of fiduciaries and agents Rigorous analysis of the topics covered provides essential information and practical guidance for practitioners in finance as well as for students and academics with an interest in finance ethics Ethics in Finance skillfully explains the need for ethics in the personal conduct of finance professionals and the operation of financial markets and institutions.
Steve Bell Quantitative Finance For Dummies Steve Bell Quantitative Finance For Dummies Новинка

Steve Bell Quantitative Finance For Dummies

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An accessible, thorough introduction to quantitative finance Does the complex world of quantitative finance make you quiver? You're not alone! It's a tough subject for even high-level financial gurus to grasp, but Quantitative Finance For Dummies offers plain-English guidance on making sense of applying mathematics to investing decisions. With this complete guide, you'll gain a solid understanding of futures, options and risk, and get up-to-speed on the most popular equations, methods, formulas and models (such as the Black-Scholes model) that are applied in quantitative finance. Also known as mathematical finance, quantitative finance is the field of mathematics applied to financial markets. It's a highly technical discipline—but almost all investment companies and hedge funds use quantitative methods. This fun and friendly guide breaks the subject of quantitative finance down to easily digestible parts, making it approachable for personal investors and finance students alike. With the help of Quantitative Finance For Dummies, you'll learn the mathematical skills necessary for success with quantitative finance, the most up-to-date portfolio and risk management applications and everything you need to know about basic derivatives pricing. Covers the core models, formulas and methods used in quantitative finance Includes examples and brief exercises to help augment your understanding of QF Provides an easy-to-follow introduction to the complex world of quantitative finance Explains how QF methods are used to define the current market value of a derivative security Whether you're an aspiring quant or a top-tier personal investor, Quantitative Finance For Dummies is your go-to guide for coming to grips with QF/risk management.
Varoufakis Yanis Austerity Varoufakis Yanis Austerity Новинка

Varoufakis Yanis Austerity

How do we choose between what is fair and just, and what our debtors demand of us? Yanis Varoufakis was put in such a dilemma in 2015 when he became the finance minister of Greece. In this rousing book, he charts the absurdities that underpin calls for austerity, as well as his own battles with a bureaucracy bent on ignoring the human cost of its every action. Passionately outspoken and tuned to the voices of the oppressed, Varoufakis presents a guide to modern economics, and its threat to democracy, like no other.
Austerity Austerity Новинка

Austerity

How do we choose between what is fair and just, and what our debtors demand of us? Yanis Varoufakis was put in such a dilemma in 2015 when he became the finance minister of Greece. In this rousing book, he charts the absurdities that underpin calls for austerity, as well as his own battles with a bureaucracy bent on ignoring the human cost of its every action. Passionately outspoken and tuned to the voices of the oppressed, Varoufakis presents a guide to modern economics, and its threat to democracy, like no other.
Gary Giroux Accounting Fraud. Maneuvering and Manipulation, Past and Present Gary Giroux Accounting Fraud. Maneuvering and Manipulation, Past and Present Новинка

Gary Giroux Accounting Fraud. Maneuvering and Manipulation, Past and Present

Scandals relating to manipulation and fraud have dominated much of the history of business and the accounting profession in America since the founding. Crooks, corruption, scandals and panics have been regular features of the business landscape ever since, with regulations and the expansion of financial disclosure, auditing, and regulatory agencies following major debacles. The importance of this topic is demonstrated by the major accounting and finance scandals of the 21st century, some of the most destructive in our history, including Enron and the multi-trillion dollar real estate crises. This pair of scandals has an extensive number of companions (if less severe and not as well known). The types of violations, causes, and results are equally valid and continue to be of concern today.This short book reveals the signs that suggest financial corruption in organizations and proposes remedies to contain it and prevent its recurrence. It can be used as a supplementary source in introductory financial accounting courses (elementary and intermediate), accounting- and finance-related MBA courses, and business history; or it can be used as part of forensic accounting and fraud detection for continuing education. In addition, it can be useful for accounting and finance professionals wanting exposure to financial disclosure issues and other accounting risks, along with executives looking to expand their knowledge of accounting fraud and risk areas.
Kirt Butler C. Multinational Finance. Evaluating Opportunities, Costs, and Risks of Operations Kirt Butler C. Multinational Finance. Evaluating Opportunities, Costs, and Risks of Operations Новинка

Kirt Butler C. Multinational Finance. Evaluating Opportunities, Costs, and Risks of Operations

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An in-depth treatment of the international financial arena Multinational Finance, Fifth Edition assumes the viewpoint of the financial manager of a multinational corporation with investment or financial operations in more than one country. This book provides a framework for evaluating the many opportunities, costs, and risks of multinational operations in a manner that allows readers to see beyond the math and terminology surrounding this field to realize the general principles of multinational financial management. Logically organized and written in a clear, non-technical style, this book includes information on international finance topics such as foreign exchange, currency and derivatives markets, currency risk (transaction, operating, and translation) management, country risk, international taxation, capital structure, cost of capital, and international portfolio diversification. It also offers unique chapters on multinational treasury management, the rationale for hedging currency risks, options on real assets, international corporate governance, asset pricing, and portfolio management. Emphasizes the managerial aspects of multinational finance with graphs, figures, and the use of numerous real-world examples Expands on the treatment of parity disequilibria to include exchange rate expectations that differ from parity and a project's operating exposure to currency risk Provides an overview and comparison of the various derivative instruments and their use in risk hedging Contains valuable insights on valuation and management of a multinational corporation's investments If you're looking for the best way to gain a firm understanding of multinational finance, look no further than the fifth edition of this classic text.
Winthrop Smith H. Catching Lightning in a Bottle. How Merrill Lynch Revolutionized the Financial World Winthrop Smith H. Catching Lightning in a Bottle. How Merrill Lynch Revolutionized the Financial World Новинка

Winthrop Smith H. Catching Lightning in a Bottle. How Merrill Lynch Revolutionized the Financial World

The fascinating story behind the company that revolutionized the financial world Catching Lightning in a Bottle traces the complete history of Merrill Lynch and the company's substantial impact on the world of finance, from the birth of the once-mighty company to its inauspicious end. Throughout its ninety-four year history, Merrill Lynch revolutionized finance by bringing Wall Street to Main Street, operating under a series of guidelines known as the Principles. These values allowed the company to gain the trust of small investors by putting the clients' interests first, driving a business trajectory that expanded capital markets and fueled the growth of the American post-war economy. Written by the son of Merrill Lynch co-founder Winthrop H. Smith, this book describes the creation and evolution of the company from Charlie Merrill's one-man shop in 1914 to its acquisition by Bank of America in 2008. Author Winthrop H. Smith Jr. spent twenty-eight years at the company his father co-founded, bringing a unique perspective to bear in telling the story of the company that democratized the stock market and eventually fell from its lofty perch. Learn why the industry initially scoffed at Charles Merrill's «radical» investment ideas Discover the origin of the Principles, and how they drove operations for nearly a century Find out why the author left a successful Wall Street career, and why it was such a smart move Examine the culture and values that built Merrill Lynch into one of the world's most successful and respected companies Revolutionary vision is rare, and enduring success is even more so. When a single organization demonstrates both of those characteristics, it is felt throughout the world. Discover the fascinating story behind Merrill Lynch and the men who built it from an insider's perspective in Catching Lightning in a Bottle.
Simon Archer Islamic Finance. The New Regulatory Challenge Simon Archer Islamic Finance. The New Regulatory Challenge Новинка

Simon Archer Islamic Finance. The New Regulatory Challenge

9487.03 руб. или Купить в рассрочку!
From the world's foremost authorities on the subject, the number-one guide to Islamic finance revised and updated for a post-crisis world Because it is entirely equity-based, rather than credit-based, Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance. Especially now, in the wake of the global financial crisis, this has made them increasingly attractive to institutional investors, asset managers and hedge funds in search of more stable alternatives to conventional financial products. With interest in Islamic finance swiftly spreading beyond the Muslim world, the need among finance and investment professionals has never been greater for timely and authoritative information about the rules governing Islamic finance. This thoroughly updated and revised second edition of the premier guide to regulatory issues in Islamic finance satisfies that need. Addresses the need for banks to develop common Islamic-based international accounting and auditing standards Clearly explains the key differences between Shari'ah rulings, standardization of acceptable banking practices, and the development of standardized financial products Explores the role of the Shari'ah Boards in establishing common rules regarding the permissibility of financial instruments and markets Offers guidance for regulators seeking to adapt their regulatory frameworks to the needs of the fast-growing Islamic finance sector
Wees Hans van A Companion to Archaic Greece Wees Hans van A Companion to Archaic Greece Новинка

Wees Hans van A Companion to Archaic Greece

18086.35 руб. или Купить в рассрочку!
A systematic survey of archaic Greek society and culture which introduces the reader to a wide range of new approaches to the period. The first comprehensive and accessible survey of developments in the study of archaic Greece Places Greek society of c.750-480 BCE in its chronological and geographical context Gives equal emphasis to established topics such as tyranny and political reform and newer subjects like gender and ethnicity Combines accounts of historical developments with regional surveys of archaeological evidence and in-depth treatments of selected themes Explores the impact of Eastern and other non-Greek cultures in the development of Greece Uses archaeological and literary evidence to reconstruct broad patterns of social and cultural development
Stefan Detscher Corporate finance and the theory of the firm Stefan Detscher Corporate finance and the theory of the firm Новинка

Stefan Detscher Corporate finance and the theory of the firm

Research Paper (undergraduate) from the year 2003 in the subject Business economics - Investment and Finance, grade: 2,0 (B), European Business School - International University Schloß Reichartshausen Oestrich-Winkel (Corporate Finance and Capital Markets), language: English, abstract: This book examines the links between corporate finance and the theory ofthe firm. As a basis for this analysis, theoretical foundations in corporate finance andthe theory of the firm are provided. Furthermore, current research on the theory of thefirm and corporate finance for the recently emerged type of firm of the human-capitalintensive firm is presented.The most significant part of the analysis is the evaluation of the interrelation betweencorporate finance and the theory of the firm using a 3x3 matrix. This matrix comparesthree important theoretical frameworks of the firm (the firm as a nexus of contracts, as acollection of growth options and as a collection of assets) with three major fields ofcorporate finance (capital structure, corporate governance and valuation). Thisassessment is done for the traditional asset-intensive industrial firm, one of two basictypes of firms in today's economy. For giving an additional insight into currentresearch, the recently emerged human-capital intensive firm is shortly described incomparison to the traditional asset-intensive firm, and implications for corporate financefor this new type of firm are explained.As a conclusion, three major results can...
Mike G. Foundations of Finance. A lecture summary Mike G. Foundations of Finance. A lecture summary Новинка

Mike G. Foundations of Finance. A lecture summary

Abstract from the year 2017 in the subject Economics - Finance, grade: 1,3, , language: English, abstract: This text is a lecture transcript of the Foundations of Finance Class of 2017 dealing with the basic principles of financial asset evaluation.The lecturer told about the underlying assumptions and operating principles of the stock markets and introduced several (basic) ways of calculation. Supported by several illustrations inspired by the lecturer's board notes, topics like Value, Bonds, Risk, CAPM (capital asset pricing model), Derivatives and an outlook on Behavioral Finance are included in this book.
Martin Fridson S. Corporate Finance. A Practical Approach Martin Fridson S. Corporate Finance. A Practical Approach Новинка

Martin Fridson S. Corporate Finance. A Practical Approach

The book that fills the practitioner need for a distillation of the most important tools and concepts of corporate finance In today's competitive business environment, companies must find innovative ways to enable rapid and sustainable growth not just to survive, but to thrive. Corporate Finance: A Practical Approach is designed to help financial analysts, executives, and investors achieve this goal with a practice-oriented distillation of the most important tools and concepts of corporate finance. Updated for a post-financial crisis environment, the Second Edition provides coverage of the most important issues surrounding modern corporate finance for the new global economy: Preserves the hallmark conciseness of the first edition while offering expanded coverage of key topics including dividend policy, share repurchases, and capital structure Current, real-world examples are integrated throughout the book to provide the reader with a concrete understanding of critical business growth concepts Explanations and examples are rigorous and global, but make minimal use of mathematics Each chapter presents learning objectives which highlight key material, helping the reader glean the most effective business advice possible Written by the experts at CFA Institute, the world's largest association of professional investment managers Created for current and aspiring financial professionals and investors alike, Corporate Finance focuses on the knowledge, skills, and abilities necessary to succeed in today's global corporate world.
Tariq Alrifai Islamic Finance and the New Financial System. An Ethical Approach to Preventing Future Financial Crises Tariq Alrifai Islamic Finance and the New Financial System. An Ethical Approach to Preventing Future Financial Crises Новинка

Tariq Alrifai Islamic Finance and the New Financial System. An Ethical Approach to Preventing Future Financial Crises

4397.96 руб. или Купить в рассрочку!
Can Islamic finance save the global system? Islamic Finance and the New Financial System describes how the adoption of Islamic finance principles in future regulatory decisions could help prevent future shocks in the global financial system. Using illustrations and examples to highlight key points in recent history, this book discusses the causes of financial crises, why they are becoming more frequent and increasingly severe, and how the new financial system will incorporate elements of Islamic finance – whether deliberately or not. With an introspective look at the system and an examination of the misconceptions and deficiencies in theory vs. practice, readers will learn why Islamic finance has not been as influential as it should be on the larger global system. Solutions to these crises are thoroughly detailed, and the author puts forth a compelling argument about what can be expected in the future. Despite international intervention and global policy changes, the financial system remains in a fragile state. There is an argument to be made about integrating Islamic finance into the new system to facilitate stronger resilience, and this book explains the nuts and bolts of the idea while providing the reader with a general understanding of Islamic finance. Understand the key principles of Islamic finance Examine the history of the current financial system Discover how Islamic finance can help build a new debt-free economy Learn how Islamic finance theory doesn't always dictate practice Although Islamic finance is a growing market, it is still a foreign concept to many. Those within the Islamic finance circles wonder why the system has yet to gain broader appeal despite its ability to create a strong and well-balanced economy. Islamic Finance and the New Financial System provides clever analysis and historical background to put the issues into perspective.
Betty Simkins Energy Finance and Economics. Analysis and Valuation, Risk Management, and the Future of Energy Betty Simkins Energy Finance and Economics. Analysis and Valuation, Risk Management, and the Future of Energy Новинка

Betty Simkins Energy Finance and Economics. Analysis and Valuation, Risk Management, and the Future of Energy

Thought leaders and experts offer the most current information and insights into energy finance Energy Finance and Economics offers the most up-to-date information and compelling insights into the finance and economics of energy. With contributions from today's thought leaders who are experts in various areas of energy finance and economics, the book provides an overview of the energy industry and addresses issues concerning energy finance and economics. The book focuses on a range of topics including corporate finance relevant to the oil and gas industry as well as addressing issues of unconventional, renewable, and alternative energy. A timely compendium of information and insights centering on topics related to energy finance Written by Betty and Russell Simkins, two experts on the topic of the economics of energy Covers special issues related to energy finance such as hybrid cars, energy hedging, and other timely topics In one handy resource, the editors have collected the best-thinking on energy finance.
Okoroma Emmanuel Socioeconomic characteristics of women and ICT use in Nigeria Okoroma Emmanuel Socioeconomic characteristics of women and ICT use in Nigeria Новинка

Okoroma Emmanuel Socioeconomic characteristics of women and ICT use in Nigeria

Scientific Study from the year 2012 in the subject Sociology - Individual, Groups, Society, Federal University of Technology, Owerri (School of Agriculture and Agricultural Technology), course: Agricultural Extension, language: English, abstract: Whereas men and women are both involved in the use of Information Communication Technologies ICTs they are confronted with varying socioeconomic challenge with the women bearing the brunt. Outside observed relative advantages of the men over the women in terms of literacy, Net educational enrolment and attendance, population distribution, women are more productive; women provide greater labour force for the production system, engage in more physical and longer hour jobs both at home and outside the home. Notwithstanding the integral roles performed by women for greater productivity as well as the growing indispensability of ICTs in daily socioeconomic activities women in Nigeria are yet to adequately find their place in the world of ICTs. A lot of negativity still plagues the relationship between the use of ICTs and several aspects of women socioeconomic characteristics such as age, marital status, education, income and occupation. Several sociocultural issues are identified as factors militating against women access and use of ICTs such as gender sensitive norms and traditions, lack of finance, low education, lack of mobility and time. Formulation of gender friendly policies, capacity training in ICTs application, provision of forma...
Issouf Soumare Stochastic Simulation and Applications in Finance with MATLAB Programs Issouf Soumare Stochastic Simulation and Applications in Finance with MATLAB Programs Новинка

Issouf Soumare Stochastic Simulation and Applications in Finance with MATLAB Programs

10057.35 руб. или Купить в рассрочку!
Stochastic Simulation and Applications in Finance with MATLAB Programs explains the fundamentals of Monte Carlo simulation techniques, their use in the numerical resolution of stochastic differential equations and their current applications in finance. Building on an integrated approach, it provides a pedagogical treatment of the need-to-know materials in risk management and financial engineering. The book takes readers through the basic concepts, covering the most recent research and problems in the area, including: the quadratic re-sampling technique, the Least Squared Method, the dynamic programming and Stratified State Aggregation technique to price American options, the extreme value simulation technique to price exotic options and the retrieval of volatility method to estimate Greeks. The authors also present modern term structure of interest rate models and pricing swaptions with the BGM market model, and give a full explanation of corporate securities valuation and credit risk based on the structural approach of Merton. Case studies on financial guarantees illustrate how to implement the simulation techniques in pricing and hedging. NOTE TO READER: The CD has been converted to URL. Go to the following website www.wiley.com/go/huyhnstochastic which provides MATLAB programs for the practical examples and case studies, which will give the reader confidence in using and adapting specific ways to solve problems involving stochastic processes in finance.
Pablo Triana Lecturing Birds on Flying. Can Mathematical Theories Destroy the Financial Markets? Pablo Triana Lecturing Birds on Flying. Can Mathematical Theories Destroy the Financial Markets? Новинка

Pablo Triana Lecturing Birds on Flying. Can Mathematical Theories Destroy the Financial Markets?

2258.04 руб. или Купить в рассрочку!
Praise for Lecturing Birds On Flying «Finally, a book taking a critical look at quantitative finance models, illuminating both their flawed fantasy assumptions as well as the uncritical use of such models on Wall Street, in many cases, leading to billion dollar losses. Pablo Triana knows both the financial industry and the academic community from the inside. A must-read for anyone interested in finance.» —Dr. Espen Gaarder Haug, trader, thinker, and author of Derivatives Models on Models «A thoroughly readable explanation of the problems that have beset the models and quantitative techniques that have underpinned so much of finance in recent years. If only the bankers had heeded this message a few years before, we might not be in such a big mess today.» —Gillian Tett, Assistant Editor of the Financial Times, overseeing global financial markets coverage, and author of Fool's Gold «Pablo Triana dismembers quantitative finance, in theory and in practice, with expertise, anger,and an excellent eye for the illuminating anecdote. By the time he has finished marshalling his evidence, his call to replace complex equations with something more like common sense sounds like, well, common sense.» —Edward Hadas, Assistant Editor at Breakingviews.com; and author of Human Goods, Economic Evils: A Moral Approach to the Dismal Science «Pablo Triana is an entertaining and engaging writer, even on the dry subject of finance theory. His debunking of conventional wisdom is a treat.» —Pauline Skypala, Editor, FTfm, Financial Times «Triana's book is an unrelenting fusillade of detailed and irrefutable arguments against financial theorems and those who teach them. It should, by rights, spark a revolution in both investment banks and business schools. But, at the very least, it is required reading for anyone who would regulate the finance industry.» —Felix Salmon, Finance Blogger, Reuters

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With the impact of the recent financial crises, more attention must be given to new models in finance rejecting “Black-Scholes-Samuelson” assumptions leading to what is called non-Gaussian finance. With the growing importance of Solvency II, Basel II and III regulatory rules for insurance companies and banks, value at risk (VaR) – one of the most popular risk indicator techniques plays a fundamental role in defining appropriate levels of equities. The aim of this book is to show how new VaR techniques can be built more appropriately for a crisis situation. VaR methodology for non-Gaussian finance looks at the importance of VaR in standard international rules for banks and insurance companies; gives the first non-Gaussian extensions of VaR and applies several basic statistical theories to extend classical results of VaR techniques such as the NP approximation, the Cornish-Fisher approximation, extreme and a Pareto distribution. Several non-Gaussian models using Copula methodology, Lévy processes along with particular attention to models with jumps such as the Merton model are presented; as are the consideration of time homogeneous and non-homogeneous Markov and semi-Markov processes and for each of these models. Contents 1. Use of Value-at-Risk (VaR) Techniques for Solvency II, Basel II and III. 2. Classical Value-at-Risk (VaR) Methods. 3. VaR Extensions from Gaussian Finance to Non-Gaussian Finance. 4. New VaR Methods of Non-Gaussian Finance. 5. Non-Gaussian Finance: Semi-Markov Models. About the Authors Marine Habart-Corlosquet is a Qualified and Certified Actuary at BNP Paribas Cardif, Paris, France. She is co-director of EURIA (Euro-Institut d’Actuariat, University of West Brittany, Brest, France), and associate researcher at Telecom Bretagne (Brest, France) as well as a board member of the French Institute of Actuaries. She teaches at EURIA, Telecom Bretagne and Ecole Centrale Paris (France). Her main research interests are pandemics, Solvency II internal models and ALM issues for insurance companies. Jacques Janssen is now Honorary Professor at the Solvay Business School (ULB) in Brussels, Belgium, having previously taught at EURIA (Euro-Institut d’Actuariat, University of West Brittany, Brest, France) and Telecom Bretagne (Brest, France) as well as being a director of Jacan Insurance and Finance Services, a consultancy and training company. Raimondo Manca is Professor of mathematical methods applied to economics, finance and actuarial science at University of Roma “La Sapienza” in Italy. He is associate editor for the journal Methodology and Computing in Applied Probability. His main research interests are multidimensional linear algebra, computational probability, application of stochastic processes to economics, finance and insurance and simulation models.
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