Where institutions and individuals averagely invest the majority of their assets in money-market and fixed-income instruments, interest rate risk management could be seen as the single most important global financial issue. However, the majority of the key techniques used by most investors were developed several decades ago, and the advantages of multi-factor models are not fully recognised by many researchers and practitioners. This book provides clear and practical insight into bond portfolios and portfolio management through key empirical analysis. The authors use extensive sets of empirical data to describe the value potentially added by more recent techniques to manage interest rate risk relative to traditional techniques and to present empirical evidence of such an added value. Beginning with a description of the simplest models and moving on to the most complex, the authors offer key recommendations for the future of rate risk management. Giovanni Barone-Adesi is Professor in finance theory at the Swiss Finance Institute, University of Lugano, Switzerland. A graduate from the University of Chicago, US, he has taught at the University of Alberta, Canada, City University, UK, and the Universities of Texas and Pennsylvania, US. His main research interests are derivative securities and risk management. Especially well-known are his contributions to the pricing of American commodity options and the measurement of market risk. Nicola Carcano holds a degree in Economics from The Libera Università Internazionale degli Studi Sociali Guido Carli (LUISS), Rome, Italy, an MBA degree from the New York University, and a PhD in Financial Markets Theory from the University of St Gallen, Switzerland. He teaches Structured Products at the University of Lugano, Switzerland. After working as a consultant and institutional portfolio manager, he is now the Chief Executive Officer of Heron Asset Management. His research focuses on fixed income finance.
Du bist in der Welt der Zahlen zu Hause und suchst nach einer neuen beruflichen Herausforderung? Die Arbeit im Team und der standortübergreifende Austausch mit Kollegen sind für dich ein Muss? Du gehst Probleme an, nimmst die Dinge, wie sie kommen und wünscht dir ein internationales Arbeitsumfeld? Dann bewirb dich jetzt als Senior Consultant für Warth & Klein Grant Thornton! Beschreibung In einem Geschäftsumfeld, das sich beständig weiterentwickelt, b
A Guide to SME Finance is a brief guide to designing and implementing a SME finance program within a commercial bank or other financial institution, such as an NGO. David Munro is Team Leader/Consultant at Maxwell Stamp Consultancy, Saudi Arabia.
The Fintech Entrepreneurs Guide to Regulation and Regulatory Strategy Fintech has been growing dramatically over the last few years, and it is now an important sector in its own right. This means that Fintech companies, who could so far often rely on a comparatively lenient regulatory regime, will now have to give serious thoughts on compliance with applicable regulatory rules. Operating in a highly regulated environment is tedious, but not all bad-companies that can play the regulatory game well have a strategic advantage, especially with regard to time-to-market and scaling. Nothing spells missed opportunity like a competitor building market share with a copycat product whilst you are still waiting for your license! Written for professionals, this book helps anyone whose job has to do with formulating or executing a Fintech startup strategy or whose job touches financial services regulation, or anyone who simply wants an easy- to-read introduction to financial services and their regulation. Describes the purpose of and principle behind modern financial services regulation Explains how to include regulation into a startups strategic planning to optimize time-to-market and scaling Gives an overview of the entire financial services space, and which regulations apply where Gives detailed references to 20 key regulations in the EU regulatory system, including PSD, GDPR, CRD, AMLD, MiFID, UCITSD, AIFMD The first part introduces financial services regulation, its purpose, how it is created (especially in the EU and in the US), and it develops a framework for including regulations into the strategic planning of a company. It also gives a rundown of the current financial services space-players and products-and its key regulations. The second part describes a regulatory system in more detail. The system chosen is the EU because it is more consistent and unified than the US system where a lot of the regulation still is created at the state-level. However, as most financial regulation nowadays is determined at the global level, the principles found in EU regulation will be by and large also be found the US and other systems. STEFAN LOESCH is an experienced financial services executive, tech entrepreneur, and author. He is currently working on a number of ventures that use crypto and blockchain technology within the framework of traditional finance and regulation. His past ventures include an early stage peer-to-peer lending start-up and an edtech start-up. He is co-editor and one of the authors of PRMIAs Professional Risk Managers Handbook . In the past, he was an Executive Director at J.P. Morgan, and a consultant in McKinseys Corporate Finance practice. He holds a degree in Physics from the University of Bonn and an MBA from INSEAD.
Explore the deadly elegance of finances hidden powerhouse The Money Formula takes you inside the engine room of the global economy to explore the little-understood world of quantitative finance, and show how the future of our economy rests on the backs of this all-but-impenetrable industry. Written not from a post-crisis perspective - but from a preventative point of view - this book traces the development of financial derivatives from bonds to credit default swaps, and shows how mathematical formulas went beyond pricing to expand their use to the point where they dwarfed the real economy. Youll learn how the deadly allure of their ice-cold beauty has misled generations of economists and investors, and how continued reliance on these formulas can either assist future economic development, or send the global economy into the financial equivalent of a cardiac arrest. Rather than rehash tales of post-crisis fallout, this book focuses on preventing the next one. By exploring the heart of the shadow economy, youll be better prepared to ride the rough waves of finance into the turbulent future. Delve into one of the worlds least-understood but highest-impact industries Understand the key principles of quantitative finance and the evolution of the field Learn what quantitative finance has become, and how it affects us all Discover how the industrys next steps dictate the economys future How do you create a quadrillion dollars out of nothing, blow it away and leave a hole so large that even years of quantitative easing cant fill it - and then go back to doing the same thing? Even amidst global recovery, the financial system still has the potential to seize up at any moment. The Money Formula explores the how and why of financial disaster, what must happen to prevent the next one. PAUL WILMOTT is a researcher, best-selling author, and consultant in most things quantitative, and has been a fund manager and academic. He is author of numerous books, including Paul Wilmott on Quantitative Finance and Frequently Asked Questions in Quantitative Finance. DAVID ORRELL is an applied mathematician, best-selling author and founder of Systems Forecasting, a scientific consultancy. He is the author of many books, including The Future of Everything and Economyths .
This book explores the microstructure of carbon markets and the pricing of carbon financial instruments generally. It provides a critical microstructure analysis of the EU Emissions Trading Scheme (EU-ETS), and also examines the theoretical and related market design issues affecting emissions trading schemes. Individual chapters analyse how intraday pricing evolves in carbon markets, the price impact of block trades in carbon financial instruments and their determinants, short and long-term liquidity effects in carbon markets, and the links between carbon market liquidity and efficiency. The aforementioned issues are explored using case studies of two major trading platforms operating within the EU-ETS. The book concludes by focusing on future policy and regulatory challenges in carbon markets, especially with respect to addressing pricing volatility challenges. Gbenga Ibikunle is an Associate Professor of Financial Markets at the University of Edinburgh, UK and a Fellow at the Capital Markets Cooperative Research Centre, Australia and the University of St. Andrews Centre for Responsible Banking and Finance, UK. He has also held visiting research positions with the UKs financial markets regulator, the Financial Conduct Authority, and several leading universities around the world. Gbengas work on the microstructure of financial markets are regularly cited in publications/articles by market regulators and the leading international financial economics news media. His papers have been published extensively in internationally recognised finance, economics and management academic journals. Andros Gregoriou is a Professor of Finance and the Head of the Economics and Finance Division of the Business School at the University of Brighton, U.K. Andros has held senior academic positions in various academic institutions throughout his career including the University of Hull, Brunel University, and the University of East Anglia, U.K. A leading authority in finance, he has published a significant number of research papers in internationally recognised journals and generated over £5 million in research funding. He is a regular consultant for the CFA and the London Stock Exchange.
Sustainable shareholder value is a main strategic objective for financial institutions. This text provides an analytical assessment of shareholder value creation, providing a framework for analyzing theory, and presenting empirical investigations. It analyzes the importance of drivers in creating value and develops a new measure of bank efficiency. Author Philip Molyneux: Professor Philip Molyneux is Dean of the College of Business, Law, Education and Social Science, and Professor of Banking and Finance at Bangor University, UK. His mian area of research is on structure and efficiency of banking markets and he has published widely in this area. He has also published a variety of texts on banking areas and acted as a consultant to: New York Federal Reserve Bank, the World Bank, the European Commission, the UK Treasury, Citibank Private Bank, Barclays Wealth, McKinsey & co, Credit Suisse and various other international banks and consulting firms.
Gain an understanding of how finance and economics work today, and how the convergence of various technologies related to the financial sector can help you find solutions to problems, such as excessive debt creation, banks getting too big to fail, and shadow banking. This book offers sensible alternatives to outdated and incorrect dogmas, such as the efficient markets hypothesis and rational expectations theory. Youll also be introduced to universal basic income, the consequences of going cashless, why complexity economics needs to be understood and what kinds of tools and theories youll need to redefine the existing definition of capitalism. While the book does discuss technologies and methods that are primed for our future, a number of references are made to economic history and the works of great thinkers from a different era. Youll see how the blockchain can be used to deploy solutions that were devised in the past, but which can serve as the antidote to our current economic malaises. Youll discover that what is required today is not an adaptation of the old theories, but a new methodology that is suited to this new era. Without undertaking such an endeavor, one will always be burdened with a definition of capitalism that is out of kilter with the evolution of our digital humanity. The Blockchain Alternative examines what would happen if we were to deploy this technology at the sovereign level and use it to create a decentralized cashless economy. What would this mean to monetary and fiscal policy, market structure and our current understanding of economics? More importantly would we need to change our current understanding of capitalism? And if we were to change our perceptions, what would the future version look like? This book answers these questions, and analyses some of the most pertinent issues of our generation. What Youll Learn Examine fractional banking, debt, and the financialization of assets Gain a firm understanding of the too big to fail theory, smart contracts, and Fintech Review economics and agent-based modelling Use the blockchain and complexity economics to rethink economics and capitalistic systems Who This Book Is For The primary audience is bankers and other finance professionals, policy makers, and students of finance and economics. The secondary audience is anyone seeking a deeper understanding of the current financial system, the blockchain, and the future of capitalism. Praise for The Blockchain Alternative ...a bold and pioneering effort to make sense of how emerging digital technologies might be used to reshape public policies, including macroeconomic and social policies, in basic ways. Everyone interested in this very important emerging question should read this book. - Dr. Sanjay G. Reddy, Associate Professor of Economics at The New School for Social Research and Research Associate of the Initiative for Policy Dialogue at Columbia University. Writing on blockchain today is analogous to writing about the internet, before it became massively distributed. The book pushes us to think the quantum leap that this technology may infer to our capitalist model, if scaled at the pace described by the book. Written with the support of strong empirical models but also with an open mind towards the future, this is a must read for anyone interested in becoming part of the new economic infrastructure - Dr. Mark Esposito, Harvard Universitys Division of Continuing Education & Judge Business School, University of Cambridge With a rigorously balanced dosage of versatility and rationale we are allured into a multifaceted trajectory across ingrained yet functionally arcane economic models, only to plunge into a conceptually revolutionary realm which irreversibly stimulates us into envisaging a fascinating novel scheme of world order. - Ioana Surpateanu, Political Adviser to the European Parliament If there is only one book that I am reading on how blockchain is going to change our lives, it will have to be The Blockchain Alternative. - Dr. Terence Tse, Associate Professor of Finance, ESCP Europe Business School Kariappa Bheemaiah is a researcher, visiting lecturer, and technology consultant based in Paris. His articles and interviews on the Blockchain and the effects of technological change on society have been published in Harvard Business Review, WIRED magazine and Les Echos, and elsewhere. Kary is currently the head of research at Uchange, a digital transformation consultancy, a research associate
This book presents conscious business as a constantly expanding and powerful approach to reinvent and shape organizations in a human and beneficial manner. In particular it examines the core characteristics, main drivers and challenges of conscious businesses in Germany. The book offers a structured overview of the current situation of the concept and outlines important issues that need to be considered in order to make independent decisions. Four case studies of successful conscious companies - differing in terms of their size, industry, legal form and international orientation - reveal concrete best practices and provide evidence for the approachs ability to deliver business paradigms that are simultaneously purposeful and profitable. Nicolas Stahlhofer holds a Master Degree in International Business and a Bachelor Degree in Business Psychology. During his academic career, he studied abroad at the University of California Los Angeles (UCLA) as well as at the City College of San Francisco (CCSF). Between his degrees, he worked for an international insurance in Singapore and a Recruitment Consultancy in Munich. His passion for entrepreneurship, innovation and finance led him to his current position as Strategy Transformation Consultant at the Japanese firm NTT DATA. His conscious approach to business and society translates into his daily work by enabling clients to transform their business models and strategies in a purposeful manner. Prof. Dr. Schmidkonz holds a diploma in Economics from the Ludwig-Maximilians-University in Munich. He studies Chinese for two years at the Fu Jen University in Taiwan and is an alumnus of the Deutscher Akademischer Austauschdienst (DAAD). From 1998-2001, Prof. Schmidkonz worked at the ifo Institute for Economic Research with a focus on research and consulting in China. Afterwards, he joined the international consultancy Capgemini as a Senior Consultant in the area of telecommunication and internet. In 2008, he won the start-up competition Multimedia which was set up by the Federal Ministry for Economic Affairs and Technology. Since 2009, he teaches as a professor and Academic Director for International Business at the Munich Business School. His research activities are focused on China-specific topics as well as Success Factor Happiness and Conscious Business. Prof. Dr. Patricia Kraft has studied Business Administration focusing on marketing, strategic management and statistics, and did her PhD in the domain of international marketing at Regensburg University and the University of Colorado, USA. During her doctoral studies, she made major contributions to the launch of three new study programs within the Bavarian elite network. After many years of professional practice and leadership in the fields of marketing and strategic management in the capital goods industry and in financial services, she now teaches the subject areas of strategics, marketing and communication at various universities of applied sciences. Since 2014, she has been a professor at Munich Business School and since 2016 Academic Director of the Bachelor International Business program. Her research areas and company consulting activities are focused on international marketing, digitalization and sustainable business topics.
This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia. GRAHAM BIRD Professor at the Department of Economics and Director of the Surrey Centre for International Economics Studies (SCIES), University of Surrey, UK AMIT GHOSH Assistant Professor at the Department of Economics, Illinois Wesleyan University, Bloomington, Illinois, USA JIE LI Assistant Professor at the Central University of Finance and Economics, China, and Director, CUFE Research Center for Foreign Reserves, Beijing, China ALICE OUYANG Assistant Professor in China Academy of Public Finance and Public Policy at the Central University of Finance and Economics, Beijing, China MAKARAND PARAULKAR Deputy Chief Operating Officer at Bradford College, The University of Adelaide, Adelaide, Australia VICTOR PONTINES Lecturer of Economics and Public Policy at Carnegie Mellon University and H. John Heinz III School of Public Policy and Management, Adelaide, Australia CHUNG-HUA SHEN Professor at the Department of Finance, National Taiwan University, Taipei, Taiwan REZA SIREGAR International Economic Consultant at the International Monetary Fund Singapore Regional Training Institute, Singapore THOMAS D. WILLETT Director at the Claremont Institute for Economic Policy Studies, USA and Horton Professor, School of Politics and Economics at Claremont Graduate University, Claremont, California, USA
Modern Credit Risk Management: From Theory to Practice is a practical guide to the latest risk management tools and techniques applied in the market to assess and manage credit risks at bank, sovereign, corporate and structured finance level. It strongly advocates the importance of sound credit risk management and how this can be achieved with prudent origination, credit risk policies, approval process, setting of meaningful limits and underwriting criteria. The book discusses the various quantitative techniques used to assess and manage credit risk, including methods to estimate default probabilities, credit value at risk approaches and credit exposure analysis. Basel I, II and III are covered, as are the true meaning of credit ratings, how these are assigned, their limitations, the drivers of downgrades and upgrades, and how credit ratings should be used in practise is explained. Modern Credit Risk Management not only discusses credit risk from a quantitative angle but further explains how important the qualitative and legal assessment is. Credit risk transfer and mitigation techniques and tools are explained, netting, ISDA master agreement, schedule and CSA, centralised counterparty clearing and margin collateral are all covered, as are overcollateralization, covenants and events of default. Credit derivatives are also explained, Total Return Swaps (TRS), Credit Linked Notes (CLN) and Credit Default Swaps (CDS). Furthermore, the author discusses what we have learned from the financial crisis of 2007 and sovereign crisis of 2010 and how credit risk management has evolved. Finally the book looks at the new regulatory environment, looking beyond Basel to the European Union (EU) Capital Requirements Regulation and Directive (CRR-CRD) IV, the Dodd-Frank Wall Street Reform and Consumer Protection Act. This book presents a fully up to date resource for credit risk practitioners everywhere, outlining the latest best practices, and providing both quantitative and qualitative insights. It will be a welcome addition to any risk library, and is a must-have reference for credit risk practitioners. Dr. Panayiota Koulafetis has held a number of positions in the Investment Banking, Asset Management, Rating Agency and Energy Trading Sectors. At Moodys Investors Service Ltd she led rating analysis and provided surveillance on a wide range of Structured Finance transactions across different jurisdictions: Commercial Mortgage Backed Securities (CMBS), Asset Backed Securities (ABS), Residential Mortgage Backed Securities (RMBS), Whole Business transactions/Corporate Securitisation, Small Medium Enterprises (SMEs) and Lease transactions. At the Securitization department of Nomura International plc she dealt with various transactions across different asset classes. She was also a Senior Structurer at Duke Energy, structuring mainly Energy Derivatives and dealing with complex option structures. She has also held Quantitative Research and Risk Management roles at Westdeutsche Landesbank (WestLB) Asset Management Ltd and Southern Company. Dr. Koulafetis is a regular speaker at academic and industry conferences and has published in academic journals and practitioner periodicals. She holds a PhD in Finance from Cass Business School and an MSc in Business Finance from Brunel University and a BSc (Hons) in Business Administration from University of Piraeus in Greece. Dr. Koulafetis works as a consultant and also lectures at the School of Economics and Finance at Queen Mary University of London and at the School of Management and Business at Kings College London.
as Internet und die digitale Revolution verändern Gesellschaft und Wirtschaft im beispiellosen Ausmaß. Auch im Bereich der Finanzdienstleistungen wird dieser Trend sichtbar: ´´FinTechs´´ drängen mit innovativen (Online-)Services auf die Retailmärkte und geben traditionellen Geschäftsbereichen völlig neue Impulse. Bislang unerfüllte Kundenerwartungen werden befriedigt, zugleich werden neue Kundenwünsche geweckt. Schlagworte wie Social Banking, Mobile Payment, Personal Finance Management und Crowdfunding stehen beispielhaft für diese Entwicklung. Etablierte Anbieter von Finanzdienstleistungen stehen vor der strategischen Frage, welche Innovationen wirklich zukunftsträchtig sind und welchen Weg sie in diesem anspruchsvollen Umfeld künftig beschreiten wollen. Im Mittelpunkt des Buches ´´Finanzdienstleister der nächsten Generation´´ stehen daher die Fragen: Wie sehen die Kundenpräferenzen in den Finanzdienstleistungsmärkten von morgen aus? Welche innovativen Produkt- und Leistungsangebote gibt es heute und wie positionieren sich neue Anbieter? Wie können etablierte Finanzdienstleister den Weg in die digitale Welt erfolgreich beschreiten? Welche Zukunftsperspektiven haben innovative Finanzdienstleister mit ihren digitalen Prozess- und Geschäftsmodellen? Als wissenschaftlich fundiertes und gleichzeitig praxisorientiertes Kompendium bietet das Buch einen konkreten Nutzen für Entscheider aus dem Finanz- und IT-Sektor sowie für Investoren, die sich für den FinTech-Markt interessieren. Angesprochen werden sowohl Leser aus der Internetbranche als auch Banken und andere Finanzdienstleister, daneben Ratingagenturen, Venture Capitalists, Seed Financiers, Business Angels, Consultants, Headhunter, Wissenschaftler und Wirtschaftsjournalisten.