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Elsevier

Libros en Economía y Finanzas

  • Valuation Methods and Shareholder Value Creation

    • 1 Edición
    • Pablo Fernandez
    • Inglés
    Valuation Methods and Shareholder Value Creation provides a comprehensive examination of valuation tools and guidance for analyzing and valuing a business. It covers the basics of valuation methods and shareholder value creation in addition to rigorous approaches to discounted cash flow valuation and real options for valuing a company. It highlights quantitative analyses of firm value; emphasizes qualitative management assessments; and integrates data from international companies. By examining eight different methods of discounted cash flow valuation and discussing the pros and cons of each method, the book offers thorough, accessible coverage of corporate valuation. The book provides well-structured guidance for practitioners and MBA students with a background in finance.

  • Forecasting Volatility in the Financial Markets

    • 2 Edición
    • Stephen Satchell + 1 más
    • Inglés
    'Forecasting Volatility in the Financial Markets' assumes that the reader has a firm grounding in the key principles and methods of understanding volatility measurement and builds on that knowledge to detail cutting edge modelling and forecasting techniques. It then uses a technical survey to explain the different ways to measure risk and define the different models of volatility and return.The editors have brought together a set of contributors that give the reader a firm grounding in relevant theory and research and an insight into the cutting edge techniques applied in this field of the financial markets.This book is of particular relevance to anyone who wants to understand dynamic areas of the financial markets.* Traders will profit by learning to arbitrage opportunities and modify their strategies to account for volatility.* Investment managers will be able to enhance their asset allocation strategies with an improved understanding of likely risks and returns.* Risk managers will understand how to improve their measurement systems and forecasts, enhancing their risk management models and controls.* Derivative specialists will gain an in-depth understanding of volatility that they can use to improve their pricing models.* Students and academics will find the collection of papers an invaluable overview of this field.

  • Handbook of Game Theory with Economic Applications

    • 1 Edición
    • Volumen 3
    • R.J. Aumann + 1 más
    • Inglés
    This is the third volume of the Handbook of Game Theory with Economic Applications. Since the publication of multi-Volume 1 a decade ago, game theory has continued to develop at a furious pace, and today it is the dominant tool in economic theory. The three volumes together cover the fundamental theoretical aspects, a wide range of applications to economics, several chapters on applications to political science and individual chapters on applications to disciplines as diverse as evolutionary biology, computer science, law, psychology and ethics. The authors are the most eminent practitioners in the field, including three Nobel Prize winners.The topics covered in the present volume include strategic ("Nash") equilibrium; incomplete information; two-person non-zero-sum games; noncooperative games with a continuum of players; stochastic games; industrial organization; bargaining, inspection; economic history; the Shapley value and its applications to perfectly competitive economies, to taxation, to public goods and to fixed prices; political science; law mechanism design; and game experimentation.

  • Handbook of Social Choice and Welfare

    • 1 Edición
    • Volumen 19
    • Kenneth J. Arrow + 2 más
    • Inglés
    The Handbook of Social Choice and Welfare presents, in two volumes, essays on past and on-going work in social choice theory and welfare economics. The first volume consists of four parts. In Part 1 (Arrovian Impossibility Theorems), various aspects of Arrovian general impossibility theorems, illustrated by the simple majority cycle first identified by Condorcet, are expounded and evaluated. It also provides a critical survey of the work on different escape routes from impossibility results of this kind. In Part 2 (Voting Schemes and Mechanisms), the operation and performance of voting schemes and cost-sharing mechanisms are examined axiomatically, and some aspects of the modern theory of incentives and mechanism design are expounded and surveyed. In Part 3 (structure of social choice rules), the positional rules of collective decision-making (the origin of which can be traced back to a seminal proposal by Borda), the game-theoretic aspects of voting in committees, and the implications of making use of interpersonal comparisons of welfare (with or without cardinal measurability) are expounded, and the status of utilitarianism as a theory of justice is critically examined. It also provides an analytical survey of the foundations of measurement of inequality and poverty. In order to place these broad issues (as well as further issues to be discussed in the second volume of the Handbook) in perspective, Kotaro Suzumura has written an extensive introduction, discussing the historical background of social choice theory, the vistas opened by Arrow's Social Choice and Individual Values, the famous "socialist planning" controversy, and the theoretical and practical significance of social choice theory. The primary purpose of this Handbook is to provide an accessible introduction to the current state of the art in social choice theory and welfare economics. The expounded theory has a strong and constructive message for pursuing human well-being and facilitating collective decision-making.

  • Advances in Investment Analysis and Portfolio Management

    • 1 Edición
    • Volumen 9
    • Cheng-Few Lee
    • Inglés
    Twelve papers focus on investment analysis, portfolio theory, and their implementation in portfolio management

  • Performance Measurement in Finance

    • 1 Edición
    • John Knight
    • Inglés
    The distinction between out-performance of an Investment fund or plan manager vs rewards for taking risks is at the heart of all discussions on Investment fund performance measurement of fund managers. This issue is not always well-understood and the notion of risk adjusting performance is not universally accepted. Performance Measurement in Finance addresses this central issue. The topics covered include evaluation of investment fund management, evaluation of the investment fund itself, and stock selection performance. The book also surveys and critiques existing methodologies of performance measurement and covers new innovative approaches to performance measurement. The contributors to the text include both academics and practitioners providing comprehensive coverage of the topic areas. Performance Measurement in Finance is all about how to effectively measure financial performance of the fund manager and investment house managers, what measures need to be put in place and technically what works and what doesn't. It covers risk, and what's acceptable and what isn't, how, in short, to manage risk.

  • Intangible Management

    Tools for Solving the Accounting and Management Crisis
    • 1 Edición
    • Ken Standfield
    • Inglés
    For the recorded history of management, the world has managed value creation according to what can be seen, touched and proven. In today's knowledge-based economy, value creation is derived primarily from how well firms manage intangibles (knowledge, service, expectations, response time, innovation, change management, etc). The large capital outlays that signified the manufacturing economy are no longer required. In fact, such 'tangibles' now explain less than 20% of the value of most publicly listed firms. For example, Time Warner has only 6.49% of its value attributable to tangibles. As such, for every $1 of true value, only $0.065 cents is being measured and managed by conventional management practices. For Oracle Corporation, tangibles account for only 4% of its value. For General Electric (worth over US$450 billion), tangibles account for less than 11% of its value. Intention, context, emotional intelligence, escalation, and sustainability are words that are generally absent from the operational management techniques of managers worldwide. They form, however, the basis of skills required to manage organizations in today's knowledge-based economy. The authors investigate the ways that intangible values can be identified, measured, and managed. Their revolutionary and innovative taxonomy not only reveals fundamental differences between a manufacturing economy and one which creates value through knowledge, relationships, and time. By using case studies, a compelling mixture of theory and applications, and a set of accounting tools, the authors demonstrates how a new value framework can protect investors while giving companies the ability to generate long-term growth.

  • Environmental Cost Accounting

    An Introduction and Practical Guide
    • 1 Edición
    • Rupert Howes
    • Inglés
    Environmental Cost Accounting provides an introduction to the dynamic subject of corporate environmental accounting. It outlines the business case and rationale for engaging in environmental accounting. It also illustrates how leading UK companies are already adding value and reducing risk through the use of innovative environmental accounting techniques and methodologies. The second part of the book presents an environmental accounting tool kit which focuses on external cost accounting. The methodology detailed in this section provides a tool to estimate the environmental sustainability of a company's activities and operations. The methodology presented has been developed by the sustainable development organisation Forum for the Future, a UK registered charity, with support from the Chartered Institute of Management Accountants (CIMA).

  • Risk Management, Speculation, and Derivative Securities

    • 1 Edición
    • Geoffrey Poitras
    • Inglés
    Its unified treatment of derivative security applications to both risk management and speculative trading separates this book from others. Presenting an integrated explanation of speculative trading and risk management from the practitioner's point of view, Risk Management, Speculation, and Derivative Securities is the only standard text on financial risk management that departs from the perspective of an agent whose main concerns are pricing and hedging derivatives. After offering a general framework for risk management and speculation using derivative securities, it explores specific applications to forward contracts and options. Not intended as a comprehensive introduction to derivative securities, Risk Management, Speculation, and Derivative Securities is the innovative, useful approach that addresses new developments in derivatives and risk management.

  • Principles of Project Finance

    • 1 Edición
    • E. R. Yescombe
    • Inglés
    This introduction for practitioners offers a balanced view of project financing, integrating legal, contractual, scheduling, and other areas that participate in large multiparty projects, large single-asset purchases, and broad-based financing programs for fleets of assets. It mixes theories and case studies but avoids becoming too oriented toward applications in any one particular industry. It focuses on the concepts and techniques required by project finance people without being overly academic or beset by case studies. The author, who has a legal background, recognizes that some legal information is necessary, but he doesn't attempt to write a law book. Project Finance refers to the techniques of financing projects which are dependent on cash flows for repayment, as defined by the contractual relationships within each project. By their very nature, these types of projects rely on a large number of integrated contractual arrangements for successful completion and operation. Project finance is an element within the larger field of project management. Many organizations around the world utilize project management to enable innovative processes, to plan, organize, and control strategic initiatives, to monitor enterprise performance, to analyze significant deviations, and to forecast their impact on the organization and project(s). Project management can be found in many industries today, from construction and information systems to healthcare, financial services, education, and training.

  • Advanced Trading Rules

    • 2 Edición
    • Emmanual Acar + 1 más
    • Inglés
    Advanced Trading Rules is the essential guide to state of the art techniques currently used by the very best financial traders, analysts and fund managers. The editors have brought together the world's leading professional and academic experts to explain how to understand, develop and apply cutting edge trading rules and systems. It is indispensable reading if you are involved in the derivatives, fixed income, foreign exchange and equities markets. Advanced Trading Rules demonstrates how to apply econometrics, computer modelling, technical and quantitative analysis to generate superior returns, showing how you can stay ahead of the curve by finding out why certain methods succeed or fail. Profit from this book by understanding how to use: stochastic properties of trading strategies; technical indicators; neural networks; genetic algorithms; quantitative techniques; charts. Financial markets professionals will discover a wealth of applicable ideas and methods to help them to improve their performance and profits. Students and academics working in this area will also benefit from the rigorous and theoretically sound analysis of this dynamic and exciting area of finance.

  • REPO Handbook

    • 1 Edición
    • Moorad Choudhry
    • Inglés
    The book features an introduction to the structure and mechanics of repo, institutional practices and real-world examples. In addition the content includes necessary supplementary material such as bank asset and liability management, trading techniques, and a range of other applications of value in the global money markets.Repo markets play a pivotal role in the world's economy. The Repo Handbook is the definitive, comprehensive guide to this most important element of the global debt capital markets. It describes the use, motivations and mechanics of the repo instrument, and features invaluable coverage of specific country markets and institutions. The reader is taken through classic repo, sell/buy backs and structured repo, as well as additional products such as the total return swap and securities lending. As important is the treatment of related areas, such as money markets, banking asset & liability management and the implied repo rate, vital to a full understanding of repo. This book is the ultimate guide for bankers, repo traders and salespersons, money market participants, corporate treasurers, debt finance professionals and is organized into three parts:Part I covers the repo instrument, and examines repo mechanics and use of repo. There is also a look at selected country repo markets around the world. Part II of the book considers the institutional treatment of repo, with chapters on risk, netting, accounting, and legal issues. There is also a chapter on equity repo. Part III looks at basis trading and the implied repo rate. This includes results of original research on the gilt bond basis, presented in accessible style.

  • Public Finance

    A Normative Theory
    • 2 Edición
    • Richard W. Tresch
    • Inglés
    Featuring a general equilibrium framework that is both cohesive and versatile, the Second Edition of Public Finance: A Normative Theory brings new and updated information to this classic text. Through its concentration on the microeconomic theory of the public sector in the context of capitalist market economics it addresses the subjects traditionally at the heart of public sector economics, including public good theory, theory of taxation, welfare analysis, externalities, tax incidence, cost benefit analysis, and fiscal federalism. Its goal of providing a foundation, rather than attempting to present the most recent scholarship in detail, makes this Second Edition both a valuable text and a resource for professionals.

  • An Introduction to Executive Compensation

    • 1 Edición
    • Steven Balsam
    • Inglés
    General readers have no idea why people should care about what executives are paid and why they are paid the way they are. That's the reason that The Wall Street Journal, Fortune, Forbes, and other popular and practitioner publications have regular coverage on them. This book not only proposes a reason--executives need incentives in order to maximize firm value (economists call this "agency theory")--it also describes the nature and design of executive compensation practices. Those incentives can take the form of benefits (salary, stock options), perquisites (reflecting the status of the executive within the organizational culture. This book is important because it takes the elements of an executive compensation package apart, analyzing them in the contexts of both economic theory and corporate practice and then explains how, under varying conditions, one might construct a compensation package that optimizes an executive's and a corporation's performance.

  • Valuation of Internet and Technology Stocks

    Implications for Investment Analysis
    • 1 Edición
    • Brian Kettell
    • Inglés
    Valuation of Internet and Technology Stocks offers practical information on how to value internet and high-tech companies more accurately. The book reviews previous practice, highlights the deficiencies in existing stock market techniques, and shows how to modify or replace them. It also demonstrates how the New Economics necessitates new forms of investment analysis. This book presents new ways of looking, researching and valuing internet and high-tech companies. It explains why there has been a high correlation between high loss companies and a rocketing stock price. It questions whether there is still a place for discounted cash flows when there is no cash flow to discount. It also considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques. Chapters deal with a wide range of topics including: where technology/internet stocks fit in a new economy; how you value traditional common stocks; application of the Porter model to the valuation of technology/internet stocks; problems with applying traditional valuation models for technology/internet stocks; derivative markets and real options; and the lessons that can be learned by investors from the year 2000 collapse of technology/internet stocks. This text will be of interest to traders, investment managers, institutional investors, plan managers, and finance professionals.

  • Raising Entrepreneurial Capital

    • 1 Edición
    • John B. Vinturella + 1 más
    • Inglés
    Raising Entrepreneurial Capital begins where entrepreneurship books leave off. This book provides a broad, high-level discussion of the financing decisions that companies must make to achieve success. With a focus on classic capital raising, the text covers the debt vs. equity decision, as well as the options available to smaller businesses. It also describes the factors that lead to rapid growth, including venture capital, IPOs, angels, incubators, and much more. Combining solid theory with practitioner's experience and insights, this book should increase student understanding of how to raise entrepreneurial capital. It explains how your company should position itself to attract private equity investment, and what steps you can take to improve your company's marketability. It includes several chapters on worldwide regional variations on forms and availability of pre-seed capital, incubators, and the business plans they create, with case-studies from Europe, Latin America, and the Pacific Rim. It also effectively differentiates between venture capital and entrepreneurial capital. This book will appeal to entrepreneurs and to students in Entrepreneurship programs, particularly entrepreneurial finance courses.

  • Lead and Zinc

    Threats and Opportunities in the Years Ahead
    • 1 Edición
    • Nnamdi Anyadike
    • Inglés
    This report provides a detailed overview of the market position and outlook in these two closely related metals, looking at supply and demand trends in each individually and addressing key issues for the future, including the impact of developments in the environmental arena and the recycling marketplace.

  • Copper

    A Material for the New Millennium
    • 1 Edición
    • Nnamdi Anyadike
    • Inglés
    A report examining the supply and demand outlook for copper across its key producers and end-users. It provides a detailed analysis of likely growth and demand trends in the computer, transport, telecommunications and construction sectors, considering both the opportunities and threats to copper in each of its key applications.

  • Nickel

    An Industry On the Brink of Expansion
    • 1 Edición
    • Nnamdi Anyadike
    • Inglés
    This far-reaching report addresses nickel industry's key issues as it emerges from the roller-coaster ride of price volatility which has characterised it in recent years. In 2002 the indications are for an upswing in demand as industrial activity starts to pick up again: however, on the supply side it is unclear how much output will be realised from the "mega" projects that were announced that the end of the 1990s. Both nickel consumption and prices could be adversely affected in the future by environmental restrictions, increasing substitution of nickel-containing materials and the development of relatively low-grade lateritic nickel deposits.Up-to-date, in-depth research and analysis to make you an authority on the world's major nickel marketsPresenting a truly global picture, this report examines the current state of the nickel industry and the prospects for the future.Some key findings of this reportSome analysts predict that PAL technology could increase world nickel supply by 0.8 million tonnes per year within the next 10 years.Murrin Murrin, the largest of the three Australian "mega" projects, will be a major addition to Australia's nickel-producing capacity. Anaconda and Glencore have committed to expanding its total nickel production capacity to 115,000 tonnes per annum.Total world demand for primary nickel grew by 6.3% in 2000 to reach a record level of 1,115,000 tonnes.Demand for nickel in batteries is expected to soar, fuelled by increased consumption of both rechargeable batteries and new forms of automotive batteries.The future levels of production and consumption in Russia are expected to continue to have significant, but unpredictable, effects on world nickel prices.

  • Auction Theory

    • 1 Edición
    • Vijay Krishna
    • Inglés
    Auction Theory is the standard reference on auctions and the first source of authoritative information about multi-unit auctions. The book develops the main concepts of auction theory from scratch in a self-contained and theoretically rigorous manner. It explores auctions and competitive bidding as games of incomplete information through detailed examinations of themes central to auction theory. This book complements its superb presentation of auction theory with clear and concise proofs of all results on bidding strategies, efficiency, and revenue maximization. It provides discussions on auction-related subjects, including private value auctions; the Revenue Equivalence Principle; auctions with interdependent values; the Revenue Ranking (Linkage) Principle; mechanism design with interdependent values; bidding rings; multiple object auctions; equilibrium and efficiency with private values; and nonidentical objects. This book is essential reading for graduate students taking courses on auction theory, the economics of information, or the economics of incentives, as well as for any serious student of auctions. It will also appeal to professional economists or business analysts working in contract theory, experimental economics, industrial organization, and microeconomic theory.

  • Handbook of Public Economics

    • 1 Edición
    • Volumen 3
    • Martin Feldstein + 1 más
    • Inglés
    The Field of Public Economics has been changing rapidly in recent years, and the sixteen chapters contained in this Handbook survey many of the new developments. As a field, Public Economics is defined by its objectives rather than its techniques and much of what is new is the application of modern methods of economic theory and econometrics to problems that have been addressed by economists for over two hundred years. More generally, the discussion of public finance issues also involves elements of political science, finance and philosophy. These connections are evidence in several of the chapters that follow. Public Economics is the positive and normative study of government's effect on the economy. We attempt to explain why government behaves as it does, how its behavior influences the behavior of private firms and households, and what the welfare effects of such changes in behavior are. Following Musgrave (1959) one may imagine three purposes for government intervention in the economy: allocation, when market failure causes the private outcome to be Pareto inefficient, distribution, when the private market outcome leaves some individuals with unacceptably low shares in the fruits of the economy, and stabilization, when the private market outcome leaves some of the economy's resources underutilized. The recent trend in economic research has tended to emphasize the character of stabilization problems as problems of allocation in the labor market. The effects that government intervention can have on the allocation and distribution of an economy's resources are described in terms of efficiency and incidence effects. These are the primary measures used to evaluate the welfare effects of government policy.

  • Handbook of Agricultural Economics

    Agricultural Production
    • 1 Edición
    • Volumen 1A
    • Bruce L. Gardner + 1 más
    • Inglés
    This first volume of the "Handbook of Agricultural Economics" presents work on topics central to the economics of agriculture: the quantitative representation of technology; market expectations; household production behaviour; consumer behaviour with uncertain quality and safety of goods; and issues of imperfect competition in food marketing. Volume 1A treats issues in agricultural production, representing the consequences of decades of work deepening and widening the original focus of agricultural economics on farm management. In addition to the theory and estimation of production and supply behaviour in agriculture, chapters are devoted to topics on which major advancements have been made: technological change; returns to agricultural research; the industrial structure of agriculture, land institutions and markets; and human capital and finance. Two chapters are further specialized to rural labour and household issues: migration and the role of women in developing countries.

  • Handbook of Agricultural Economics

    Marketing, Distribution, and Consumers
    • 1 Edición
    • Volumen 1B
    • Bruce L. Gardner + 1 más
    • Inglés

  • Economics for Financial Markets

    • 1 Edición
    • Brian Kettell
    • Inglés
    Successful trading, speculating or simply making informed decisions about financial markets means it is essential to have a firm grasp of economics. Financial market behaviour revolves around economic concepts, however the majority of economic textbooks do not tell the full story.To fully understand the behaviour of financial markets it is essential to have a model that enables new information to be absorbed and analysed with some predictive implications. That model is provided by the business cycle. 'Economics for Financial Markets' takes the reader from the basics of financial market valuation to a more sophisticated understanding of the actions that traders take which ultimately drives the volatility in the financial markets. The author shows traders, investment managers, risk managers and finance professionals how to distil the flow of information and show what needs to be concentrated on, covering topics such as:* Why are financial markets subject to economic fashions?* How has the New Economy changed financial market behaviour? * Does the creation of the euro fundamentally change the behaviour of the currency markets?

  • The International Potato Industry

    • 1 Edición
    • Joseph Guenthner
    • Inglés
    This is the first book to provide a comprehensive overview of the world trade in one of the most important of our basic foodstuffs – potatoes. It covers everything from the history of the potato through to plant types and uses, production, consumption and demand, and pricing. It goes on to cover the trade in potatoes around the world. Since the different potato products flow in separate channels – fresh potatoes, frozen potatoes, seed potatoes and the snack and dehydrated trade – each is described individually. The international potato industry is a fascinating reference source which is essential reading not only for the growers, processors, retailers, marketers and others involved in the production chain but also for agricultural economists, fresh produce brokers and traders and national and international economic planning agencies.

  • Shareholder Value - A Business Experience

    • 1 Edición
    • RoyE. Johnson
    • Inglés
    Shareholder Value presents a powerful and useful toolkit of market-based perspectives, analytic approaches, valuation techniques, and specific financial metrics for use in everyday business life. The author helps a broad spectrum of professionals understand the salient points and real world implications of a 'value management' movement which has taken hold in many corporations in the United States and around the world. This movement is being supported by some of the major institutional investors who influence financial markets. The main goal of 'Shareholder Value' is to help working professionals grasp the concept of value 'creators' and 'destroyers', along with the implications. He also provides tools to measure the success (or failure) of major strategic and operational initiatives and enables corporate managers to understand how shareholder value is created, and then directs behaviour toward 'value-based' planning and action. Although mainly aimed at the professional market, 'Shareholder Value' will also be of use to students of business and finance as it is intended to provide a comprehensive foundation for important elements of business strategy and acquisition valuation, corporate financial analysis, capital investments, corporate financing and economic value based metrics.AUTHOR'S REVIEW:When developing this book, I strived to achieve the following: Provide the finance professional and student of finance with a comprehensive template of shareholder value concepts and techniques - geared toward use in a corporate setting Give the non-financial professional an understanding of the underpinnings and behavioural aspects of economic value management Outline and provide details of an effective process for implementing a value-based financial performance system within a corporation ...And, combine learning with enjoyable reading by presenting technical material through a story. The "story" and "characters" are unique features of Shareholder Value - A Business Experience. The reader can get an appreciation of the environment surrounding value-based management, along with challenges that arise when transitioning from traditional "accounting" performance (where earnings and earnings per share reign supreme) to "economic" performance (where cash flow and return on investment are emphasized). Characters occupying operating and staff roles have been created to represent people that those working inside companies (large, medium and small) may encounter and, also, to invoke some humour. Insights into how to function in different corporate roles can be gained by following the characters through the story.

  • Managing Downside Risk in Financial Markets

    • 1 Edición
    • Frank A. Sortino + 1 más
    • Inglés
    Quantitative methods have revolutionized the area of trading, regulation, risk management, portfolio construction, asset pricing and treasury activities, and governmental activity such as central banking to name but some of the applications. Downside-risk, as a quantitative method, is an accurate measurement of investment risk, because it captures the risk of not accomplishing the investor's goal.'Downside Risk in Financial Markets' demonstrates how downside-risk can produce better results in performance measurement and asset allocation than variance modelling. Theory, as well as the practical issues involved in its implementation, is covered and the arguments put forward emphatically show the superiority of downside risk models to variance models in terms of risk measurement and decision making. Variance considers all uncertainty to be risky. Downside-risk only considers returns below that needed to accomplish the investor's goal, to be risky.Risk is one of the biggest issues facing the financial markets today. 'Downside Risk in Financial Markets' outlines the major issues for Investment Managers and focuses on "downside-risk" as a key activity in managing risk in investment/portfolio management. Managing risk is now THE paramount topic within the financial sector and recurring losses through the 1990s has shocked financial institutions into placing much greater emphasis on risk management and control.Free Software Enclosed To help you implement the knowledge you will gain from reading this book, a CD is enclosed that contains free software programs that were previously only available to institutional investors under special licensing agreement to The pension Research Institute. This is our contribution to the advancement of professionalism in portfolio management.The Forsey-Sortino model is an executable program that:1. Runs on any PC without the need of any additional software.2. Uses the bootstrap procedure developed by Dr. Bradley Effron at Stanford University to uncover what could have happened, instead of relying only on what did happen in the past. This is the best procedure we know of for describing the nature of uncertainty in financial markets. 3. Fits a three parameter lognormal distribution to the bootstrapped data to allow downside risk to be calculated from a continuous distribution. This improves the efficacy of the downside risk estimates.4. Calculates upside potential and downside risk from monthly returns on any portfolio manager. 5. Calculates upside potential and downside risk from any user defined distribution.Forsey-... Source Code:1. The source code, written in Visual Basic 5.0, is provided for institutional investors who want to add these calculations to their existing financial services. 2. No royalties are required for this source code, providing institutions inform clients of the source of these calculations. A growing number of services are now calculating downside risk in a manner that we are not comfortable with. Therefore, we want investors to know when downside risk and upside potential are calculated in accordance with the methodology described in this book. Riddles Spreadsheet:1. Neil Riddles, former Senior Vice President and Director of Performance Analysis at Templeton Global Advisors, now COO at Hansberger Global Advisors Inc., offers a free spreadsheet in excel format.2. The spreadsheet calculates downside risk and upside potential relative to the returns on an index

  • Advances in Investment Analysis and Portfolio Management

    • 1 Edición
    • Volumen 8
    • Cheng-Few Lee
    • Inglés
    This research annual publication intends to bring together investment analysis and portfolio theory and their implementation to portfolio management. It seeks theoretical and empirical research manuscripts with high quality in the area of investment and portfolio analysis. The contents will consist of original research on: The principles of portfolio management of equities and fixed-income securities. The evaluation of portfolios (or mutual funds) of common stocks, bonds, international assets, and options. The dynamic process of portfolio management. Strategies of international investments and portfolio management. The applications of useful and important analytical techniques such as mathematics, econometrics, statistics, and computers in the field of investment and portfolio management. Theoretical research related to options and futures. In addition, it also contains articles that present and examine new and important accounting, financial, and economic data for managing and evaluating portfolios of risky assets.

  • An Introduction to Wavelets and Other Filtering Methods in Finance and Economics

    • 1 Edición
    • Ramazan Gençay + 2 más
    • Inglés
    An Introduction to Wavelets and Other Filtering Methods in Finance and Economics presents a unified view of filtering techniques with a special focus on wavelet analysis in finance and economics. It emphasizes the methods and explanations of the theory that underlies them. It also concentrates on exactly what wavelet analysis (and filtering methods in general) can reveal about a time series. It offers testing issues which can be performed with wavelets in conjunction with the multi-resolution analysis. The descriptive focus of the book avoids proofs and provides easy access to a wide spectrum of parametric and nonparametric filtering methods. Examples and empirical applications will show readers the capabilities, advantages, and disadvantages of each method.

  • Transportation After Deregulation

    • 1 Edición
    • Volumen 6
    • B Starr McMullen
    • Inglés
    Several of the papers in this volume are concerned with assessing both the timing and the impacts of deregulation and regulatory reform in the US transportation sector. Of increasing interest is the importance of productivity growth and the role played by new technologies in a more competitive market environment. Four of the papers in this volume deal directly with these issues in the context of motor carriers and railroads, two sectors which have been operating under substantially reduced regulatory constraints for the past twenty years in the US. Although the financial condition of US railroads has improved since 1980, there is still some concern regarding their long run viability as private enterprises. Accordingly, one of the papers considers the potential for further reductions in railroad costs through transcontinental mergers, a controversial issue due to the small number of railroads that remain in the industry.

  • The International Timber Trade

    • 1 Edición
    • Tim Peck
    • Inglés
    Wood and wood products are essential to large areas of the world economy and yet there has until now been no single definitive reference source to which those new to or requiring a strategic overview of the industry could turn for a comprehensive picture of the market chain from forest to consumer. The international timber trade provides a detailed overview of the entire timber and timber products business.It is arranged in three sections:Chapters 1 to 3 provide a background starting with an historical perspective, an overview of the worldwide forest resource and going to examine the properties of wood, types of products, trends in production and consumption and uses.Chapters 4,5 and 6 examine the role of wood industries and wood products in the global economy and provide an overview of world trade both by commodity groups and by country, as well as a detailed analysis of the main trading patterns and the trends, both at the inter-continental and inter-regional levels.The third section, chapters 7 to 10, looks at the structure of trade, market and market-related features, environmental factors such as forestry management, sustainability and certification, waste and recycling and energy and climate change, as well as offering an outlook for the industry in the 21st century.Written by one of the leading international authorities on the timber trade, The international timber trade is essential reading for a wide range of interested groups including managers in the timber industry and trade, the financial community with interests in the sector, academics and students in forestry management and related studies, government agencies and their advisers in helping to develop policies for the sector and international trade, and finally those working in international development organisations and in national and international non-governmental bodies.

  • Gas Trading Manual

    A Comprehensive Guide to the Gas Markets
    • 2 Edición
    • David Long + 2 más
    • Inglés
    Since its launch in 2001, Gas Trading Manual (GTM) has established itself as the leading information source on the international gas market. Compiled from the contributions of some of the most senior and widely respected figures in the trade, this edition provides detailed and accurate analysis on all aspects of this complex business from the geography of gas through to the markets, trading instruments, contracts, gas pricing, accounting and taxation. This edition further enhances its reputation as the indispensable practical companion for all those involved in the trading of gas.

  • Cross-Border Exposures and Country Risk

    Assessment and Monitoring
    • 1 Edición
    • Thomas Krayenbuehl
    • Inglés
    The international financial system has come under strain several times in recent years, and analysis has shown that most crises originated from the risks built into cross-border exposures.Assessment and monitoring of cross-border exposures and country risk are essential activities for international lending agencies such as government bodies, banks, multinational corporations and other investors. Inadequate risk management could have a destabilising effect on both lender and borrower and could result in a major international financial crisis.This completely revised edition of Thomas E Krayenbuehl's classic handbook clearly shows how the various players can quantify and manage the complex factors involved in order to minimise the risk and avoid potentially catastrophic consequences. It provides both a rigorous analysis of the current situation and a guide to meeting the challenges of the future.Just some of the things you'll discover…How to succeed in cross-border lending and investment through good assessment, monitoring and hedging of country riskHow the Tequila and Asian crises came about, and the lessons learnedThe likelihood of future crises and the potential causesThe latest problems to beset the international financial systemThe recent developments in cross-border financingWhy the problem of contagion occurs between seemingly unrelated marketsThe enormous need for global capital to bring about sustainable economic development in the developing world, and the role of the major players in fulfilling itThe numerous factors that constitute and influence a specific country riskThe responsibilities of all the parties involved, from the IMF and the World Bank to the industrialised and developing nations, the regulators and the rating agenciesHow this study helps you: This lucid and authoritative handbook will help you to:Understand the problems facing the international financial systemIdentify and assess new investment opportunitiesOptimis... risk composition of cross-border lending or investmentMake sound decisions, minimise risk and achieve better outcomes

  • Transfer Pricing for Financial Institutions

    • 1 Edición
    • John Smullen
    • Inglés
    Establishing and maintaining effective transfer pricing policies is a key challenge in today's increasingly competitive international financial services sector. There are numerous issues involved, from the requirements of shareholders and risk management to the allocation of capital. There are also many different techniques for establishing efficient transfer pricing systems within an organisation.This illuminating handbook provides a thorough introduction to transfer pricing and its uses within financial organisations, as well as a clear analysis of all the issues involved. Transfer pricing is so complex and variable that there can be no definitive blueprint for success: however, in this book John Smullen has provided a vital contribution to the debate and a much-needed clarification of this important topic.Some of the areas covered:What transfer pricing is and why it is usedWhy transfer prices are so appropriate for financial institutionsWhy each organisation needs to approach the introduction of transfer prices differentlyHow transfer pricing works in commercial organisationsThe different types of transfer priceSpecific analysis of the transfer pricing of funds, capital and derivativesHow to evaluate risk adjusted performance measuresThe complexities of estimating marginal costs and revenuesA framework for understanding the motivation of shareholders, managers and regulatorsHow transfer pricing works as part of management information strategyThis lucid and authoritative handbook will help you to:Understand the different techniques used in transfer pricingEstablish transfer prices in line with your organisation's strategy and objectivesMake sound decisions, minimise risk and achieve better outcomesThis is a book for people involved in raising and loaning funds in today's global markets who wants to understand the issues involved in transfer pricing and the techniques required. It will be used by banking, investment, insurance and other financial organisations worldwide.

  • Structured Trade and Commodity Finance in Emerging Markets

    What Can Go Wrong and How to Avoid It
    • 1 Edición
    • John MacNamara
    • Inglés
    John MacNamara’s timely report looks at the principles and practice of structured trade and commodity finance deals and what can go wrong. It is supported by invaluable case study material.

  • The International Scrap and Recycling Industry Handbook

    • 1 Edición
    • Vincent Rich
    • Inglés
    A definitive reference source to the scrap and recycling industry worldwide. It covers the major recyclable materials, from metals to plastics, paper and pulp, rubber and glass.For each material SRH provides an analysis of its physical characteristics, a description of its properties, products and end uses and information on production processes and technologies. In-depth coverage of the structure and operation of its scrap recovery and recycling sector is also included.Each material is treated in a consistent style so that the right information is quickly found and comparisons across the various materials are easy to make.SRH provides a comprehensive overview of the international scrap and recycling business at the turn of the millennium. Its clearly presented information, analysis and statistics bring the industry into sharp focus.Read SRH and find out about: How the recycling industry is developing; The economics of recycling and recovery; How markets are made and what drives them; The role of recycled materials; How regulation and legislation are affecting the future of the industry; The impact of environmental policies on the recycling industrySRH is essential reading for: Recovery and recycling industry executives; Professionals whose businesses participate in, supply or buy from, any part of the scrap and recycling industry; The finance community with investment interests in the metals or raw materials industries; Professionals concerned with the environmental impact of recycling and its regulation and legislation; Government policy makers, agencies and all those needing an introduction to the industry or a training resource for new entrants

  • The International Spirits Industry

    • 1 Edición
    • John Wakely
    • Inglés
    Although consumption of spirits on a global scale is vast, the spirits industry derives its profits from a relatively small number of countries and product lines. This valuable book provides an overview of all aspects of the industry, covering all major categories of spirits, and contains a wealth of information on trading statistics, regulations and consumption patterns. It discusses the challenges facing the giant companies, profiling the leading companies in detail, and assesses whether their structure is appropriate to long-term success in the industry.The international spirits industry offers the most comprehensive picture currently available of the dynamics and structure of this fascinating business and shows:How spirits fit into the global business in alcoholic beveragesWhy the image and popular perception of the alcohol business is so importantHow health concerns are likely to affect the future of the businessHow spirits are produced, regulated, distributed and taxedHow consumption patterns are changing and why women are becoming more important to the industryWhat strategies companies can adopt for building brandsHow profitable the industry is and how the major players are adapting themselves to new challenges such as the InternetDespite the age of alcohol production, the business is in a state of flux with little agreement as to its future. This book provides a valuable insight into this changeable situation and is a unique resource for analysts and economists and all those involved in the production, distribution and sales of spirits worldwide.

  • Bond and Money Markets: Strategy, Trading, Analysis

    • 1 Edición
    • Moorad Choudhry
    • Inglés
    Bond and Money Markets: Strategy, Trading, Analysis explains and analyses all aspects of the bond and money markets and is both an introduction for newcomers and an advanced text for experienced market practitioners and graduate students. Those with experience of the industry at all levels will find the book invaluable as a standard reference work.The book features coverage of: Government and Corporate bonds, Eurobonds, callable bonds, convertibles Asset-backed bonds including mortgages and CDOs Derivative instruments including bond futures, swaps, options, structured products, and option valuation models Interest-rate risk, duration analysis, convexity, and the convexity bias The money markets, repo markets, basis trading, and asset / liability management Term structure models, estimating and interpreting the yield curve Portfolio management, including total return framework, portfolio strategies, and constructing bond indices and valuable insight into: Trading and hedging strategy Charting and technical analysis The latest market developments, such as value-at-risk, and credit derivatives Emerging markets and the benefits of international investment The Bond and Money Markets: Strategy, Trading, Analysis is aimed at a wide readership including bond salespersons, traders, corporate financiers and graduate trainees, as well as risk managers, operations professionals and business analysts. Other market participants including fund managers, corporate treasurers, management consultants, regulators and financial journalists will also find the content useful.

  • An Introduction to High-Frequency Finance

    • 1 Edición
    • Ramazan Gençay + 4 más
    • Inglés
    Liquid markets generate hundreds or thousands of ticks (the minimum change in price a security can have, either up or down) every business day. Data vendors such as Reuters transmit more than 275,000 prices per day for foreign exchange spot rates alone. Thus, high-frequency data can be a fundamental object of study, as traders make decisions by observing high-frequency or tick-by-tick data. Yet most studies published in financial literature deal with low frequency, regularly spaced data. For a variety of reasons, high-frequency data are becoming a way for understanding market microstructure. This book discusses the best mathematical models and tools for dealing with such vast amounts of data.This book provides a framework for the analysis, modeling, and inference of high frequency financial time series. With particular emphasis on foreign exchange markets, as well as currency, interest rate, and bond futures markets, this unified view of high frequency time series methods investigates the price formation process and concludes by reviewing techniques for constructing systematic trading models for financial assets.

  • Elsevier's Economics Dictionary

    In English, French, Spanish, Italian, Portuguese and German
    • 1 Edición
    • J.L. De Lucca
    • Inglés
    This dictionary contains terms covering the following fields and subfields: Business economics, economic development and growth, economic history, economic systems, economic thought, financial economics, general economics, industrial organization, international economics, labor and demographic economics, law and economics, macroeconomics and monetary economics, mathematical an quantitative methods, microeconomics, natural resource economics, public economics, social economics, urban, rural and regional economics, welfare.The dictionary is supplemented by an exhaustive list of abbreviations in several languages. It will be an essential reference tool for business people operating within a new economic world order, who wish to understand global trade relations. The wide variety of economic terms presented makes this dictionary unique in the field.

  • The Fertilizer Industry

    • 1 Edición
    • Murray Park
    • Inglés
    This is the first comprehensive guide to the workings of an industry of crucial importance to the world’s agricultural economy. Published in association with the International Fertilizer Industry Association, The fertilizer industry looks at the structure of the industry for all the key categories of fertilizer products including nitrogen, phosphate and potash fertilizers. It covers their production and end use, their implications for the environment and considers the patterns and future of the international trade.

  • Ocean Circulation and Climate

    Observing and Modelling the Global Ocean
    • 1 Edición
    • Volumen 103
    • Inglés
    The book represents all the knowledge we currently have on ocean circulation. It presents an up-to-date summary of the state of the science relating to the role of the oceans in the physical climate system.The book is structured to guide the reader through the wide range of World Ocean Circulation Experiment (WOCE) science in a consistent way. Cross-references between contributors have been added, and the book has a comprehensive index and unified reference list.The book is simple to read, at the undergraduate level. It was written by the best scientists in the world who have collaborated to carry out years of experiments to better understand ocean circulation.

  • Balance Sheet Structures

    • 1 Edición
    • Anthony N Birts
    • Inglés
    Balance sheet structures is a practical and comprehensive guide to balance sheet issues. The book begins by covering the financial theory necessary for an understanding of the debt versus equity issue and then focuses on real world issues by discussing answers to the questionsWhy do companies have balance sheets structured as they are?Do industry differences rule the structure?Does a multinational differ greatly from a domestic company?Does management's attitude to risk have any effect?These questions are looked at through a series of case studies, mostly written by those who are responsible for the balance sheet structures they are living with. The book also aims to help the reader understand the interrelationship between debt and equity in terms of the overall value of the company and the impact on the company's cost of capital. It covers the various elements that make up the balance sheet, and the costs and benefits that attach to each and goes on to analyse the interrelationship between the business that the company is in, the maximisation of cash flows and the balance sheet that matches the business reality.Balance sheet structures is an invaluable and concise guide intended for a wide range of interested parties, treasurers, bankers, directors and students of business and economics.

  • Research in Social Stratification and Mobility

    • 1 Edición
    • Volumen 18
    • Kevin T Leicht
    • Inglés
    This text reflects the growing diversity of perspectives, methods and insights currently used in social stratification research. Authors discuss the following broad themes from an international perspective: the changing real and symbolic boundaries of social stratification; who benefits from rapidly changing markets; immigration, marginalization and exclusion; and modelling occupational mobility. The contributions demonstrate the changing nature of social stratification systems in today's global and fragmented economy.

  • Advances in Investment Analysis and Portfolio Management

    • 1 Edición
    • Volumen 7
    • Cheng-Few Lee
    • Inglés

  • Return Distributions in Finance

    • 1 Edición
    • Stephen Satchell + 1 más
    • Inglés
    Quantitative methods have revolutionised the area of trading, regulation, risk management, portfolio construction, asset pricing and treasury activities, and governmental activity such as central banking. One of the original contributions in this area is the classic by Cootner entitled 'The Random Nature of Stock Market Prices'. This work investigated the statistical properties of asset prices and was one of the first works to investigate this area in a rigorous manner. Much has happened in this field in the last 35 years and 'Return Distributions in Finance' contains much new information that reflects this huge growth. The authors combined experience reflects not only the new theory but also the new practice in this fascinating area. The rise of financial engineering now allows us to change the nature of asset returns to whatever pattern we desire, albeit at a cost. Benefits and costs can only be understood if we understand the underlying processes. 'Return Distributions in Finance' allows us to gain that understanding.

  • Gallium Arsenide, Electronics Materials and Devices. A Strategic Study of Markets, Technologies and Companies Worldwide 1999-2004

    • 3 Edición
    • R. Szweda
    • Inglés
    The third edition of this highly respected market study provides a detailed insight into the global developments of the GaAs industry to 2004, and the implications for both suppliers and users of GaAs technology.The report has been completely revised and updated with a new chapter added on competitive technologies. The report also supplies market analysis by component type and application sectors.For a PDF version of the report please call Tina Enright on +44 (0) 1865 843008 for price details.

  • Financial Performance

    • 1 Edición
    • Rory Knight + 1 más
    • Inglés
    Financial Performance presents the foundation concepts underlying the Senior Executive Programmes the Authors have taught together and separately over the last 15 years in Europe, Asia and North America.These programmes includeThe Oxford Advanced Management ProgrammeThe Oxford Senior Executive Finance ProgrammeThe INSEAD Advanced Management ProgrammeThe IMI, Geneva, Advanced Management ProgrammeThe Harvard Advanced Management ProgrammeThe Oxford International Executive Programme, SingaporeThe IMI International Finance Programme, Singapore The book is intended as a reference manual as well as a textbook and will be of value to anyone with an interest in financial performance - particularly senior executives. The developments in modern finance over the last two decades have considerable implications for the way senior executives think about the finance discipline. It is no longer enough to have a rudimentary knowledge of basic finance and a heavy reliance on financial specialists. CEOs of course need excellent financial professionals - however they need to go beyond this and provide strategic leadership. This requires a conceptual framework for dealing with financial matters. This book provides a description of the underlying ideas and will be of value to anyone with an interest in financial performance - particularly senior executives. This book revolves around the concept of value and it is organised into two parts.Part I Performance MeasurementConsists of three chapters, all of which focus on the real and fairly complex set of financial statements of DaimlerChrysler AG. The first two chapters provide a detailed guided tour of the financial statements which deconstruct the complexity and then reconstruct the financials to provide a clearer base for analysis. These chapters have been arranged to deal with each line item of financial statements which have been highlighted in such a way to allow the reader to treat the materials as a reference as well as a sequential read. Chapter three presents a framework for evaluating financial health and introduces a cash flow based model for understanding the short and medium term constraints on a firm's growth. This exposition revolves around the concept of sustainable growth. Part 2 ValuationIn the second part of the book chapter 4 introduces the cost of capital concept followed by chapter 5 which provides a general source of reference for valuation and a variety of difference applications.Chapter 6 concludes the book with a review of concept of shareholder value from a European perspective.Rory Knight MA(Oxon), MCom, PhD, CADean (Emeritus), Templeton College, University of Oxford For the last five years Rory has been Dean of Templeton College, the University of Oxford's business college. During this time he led the Oxford Advanced Management Programme and he created the Oxford Senior Executive Finance Programme. He has considerable experience in business and management development. He is actively involved in briefing the senior executives of leading companies on issues in Finance and Strategy. Prior to coming to Oxford Dr Knight was the deputy director of a foundation within the Swiss National Bank (SNB) and previously a Professor in Finance at IMI, Geneva & IMD, Lausanne.Marc Bertoneche MA, MBA, DBA, PhdVisiting Professor, Harvard Business School Marc is a Professor in Business Administration at the University of Bordeaux and has been on the faculty at INSEAD, the European Institute of Business Administration in Fontainebleau France for more than twenty years. His areas of interest include corporate and financial strategy, mergers and acquisitions, venture capital, financial markets, corporate ownership and governance, risk management and international finance. He is currently visiting professor at the Harvard Business School. Marc and Rory have worked as a team for over fifteen years in teaching senior executives and academic research.

  • Inflation, Employment and Business Fluctuations

    • 1 Edición
    • Volumen 35C
    • Bozzano G Luisa
    • Inglés
    A Textbook on Macroeconomic Knowledge and Analysis

  • Operational Risk and Resilience

    Understanding and Minimising Operational Risk to Secure Shareholder Value
    • 1 Edición
    • Chris Frost + 3 más
    • Inglés
    Well publicised failures in risk management have appeared with shocking frequency over the past few years. Affected firms can suffer significant commercial damage or even bankruptcy as a result. Only now is there a growing realisation that risk management is a key management responsibility. This book will help turn your firm into a 'risk aware' organization which will be able to avoid catastrophic loss. It will also enable senior management to make better strategic and operational decisions, thanks to an informed understanding of business hazards. Case studies from a wide cross section of different firms and markets are used to explain how to define, analyse and control operational risk.

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