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Financial Risk Manager Handbook 5th Edition with CD
by Philippe Null JorionThe essential reference for financial risk management Filled with in-depth insights and practical advice, the Financial Risk Manager Handbook is the core text for risk management training programs worldwide. Presented in a clear and consistent fashion, this completely updated Fifth Edition-which comes with an interactive CD-ROM containing hundreds of multiple-choice questions from previous FRM exams-is one of the best ways to prepare for the Financial Risk Manager (FRM) exam. Financial Risk Manager Handbook, Fifth Edition supports candidates studying for the Global Association of Risk Professional's (GARP) annual FRM exam and prepares you to assess and control risk in today's rapidly changing financial world. Authored by renowned risk management expert Philippe Jorion-with the full support of GARP-this definitive guide summarizes the core body of knowledge for financial risk managers. Offers valuable insights on managing market, credit, operational, and liquidity risk Examines the importance of structured products, futures, options, and other derivative instruments Identifies regulatory and legal issues Addresses investment management and hedge fund risk Financial Risk Manager Handbook is the most comprehensive guide on this subject, and will help you stay current on best practices in this evolving field. The FRM Handbook is the official reference book for GARP's FRM® certification program. Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
Financial Statement Analysis
by Martin S. Fridson Fernando AlvarezAn updated guide to the essential discipline of financial statement analysisIn Financial Statement Analysis, Fourth Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition.This fully revised and up-to-date Fourth Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy, and allow you to get past the sometimes biased portrait of a company's performance.Reflects changes in the financial reporting landscape, including issues related to the financial crisis of 2008-2009Provides guidelines on how to interpret balance sheets, income statements, and cash flow statementsOffers information for maximizing the accuracy of forecasts and a structured approach to credit and equity evaluationFilled with real-life examples and expert advice, Financial Statement Analysis, Fourth Edition will help you gain a firm understanding of the techniques that will help you interpret financial statements, which are designed to conceal more than reveal.
Financial Statement Fraud
by Gerard M. ZackValuable guidance for staying one step ahead of financial statement fraudFinancial statement fraud is one of the most costly types of fraud and can have a direct financial impact on businesses and individuals, as well as harm investor confidence in the markets. While publications exist on financial statement fraud and roles and responsibilities within companies, there is a need for a practical guide on the different schemes that are used and detection guidance for these schemes. Financial Statement Fraud: Strategies for Detection and Investigation fills that need.Describes every major and emerging type of financial statement fraud, using real-life cases to illustrate the schemesExplains the underlying accounting principles, citing both U.S. GAAP and IFRS that are violated when fraud is perpetratedProvides numerous ratios, red flags, and other techniques useful in detecting financial statement fraud schemesAccompanying website provides full-text copies of documents filed in connection with the cases that are cited as examples in the book, allowing the reader to explore details of each case furtherStraightforward and insightful, Financial Statement Fraud provides comprehensive coverage on the different ways financial statement fraud is perpetrated, including those that capitalize on the most recent accounting standards developments, such as fair value issues.
Financial Valuation
by James R. HitchnerReal world applications and professional consensus by nationally recognized valuation experts Filled with a wealth of detail, practice tips, and examples, Financial Valuation: Applications and Models, Third Edition brings together thirty nationally recognized names in the valuation industry hailing from a variety of professional specializations-including accounting, business appraisal, and financial analysis-to provide practitioners with an indispensable reference on various valuation issues. Assembled by valuation authority James Hitchner, these contributors analyze, explain, and collaborate on the most effective valuation procedures to share real-world applications in the field of financial valuations. Written by 30 top experts in business valuations field Provides the valuation theory, the consensus view on application, and then the tools to apply it An all-encompassing valuation handbook that presents the application of financial valuation theory for business appraisers and consultants New chapters on Assessing Risk and Expert Witness Testimony Expands chapter on Cost of Capital Comprehensive in coverage and authoritative in treatment, James Hitchner's Financial Valuation, Third Edition provides trusted, complete business valuation information for CPAs, appraisers, analysts, attorneys, and corporate executives.
Financial Valuation Workbook
by James R. Hitchner Michael J. MardThe resource that cuts the learning curve in half for valuation professionals Now valuation professionals can master almost every function for most valuation situations. The Financial Valuation Workbook, Third Edition guides readers through a complete business valuation with essential tools for quick reference. Updated and expanded chapter on The Process of Preparing a Valuation- Client Workflow Procedures from initial phone call to delivery of the report Expanded case study and exercises with solutions and explanations Over 300 exercises organized by major areas to increase the learning process This Workbook is organized by standard, easily identifiable sections that allow for easy reference by all professionals.
Fixed Income Securities
by Bruce Tuckman Angel SerratFixed income practitioners need to understand the conceptual frameworks of their field; to master its quantitative tool-kit; and to be well-versed in its cash-flow and pricing conventions. Fixed Income Securities, Third Edition by Bruce Tuckman and Angel Serrat is designed to balance these three objectives. The book presents theory without unnecessary abstraction; quantitative techniques with a minimum of mathematics; and conventions at a useful level of detail. The book begins with an overview of global fixed income markets and continues with the fundamentals, namely, arbitrage pricing, interest rates, risk metrics, and term structure models to price contingent claims. Subsequent chapters cover individual markets and securities: repo, rate and bond forwards and futures, interest rate and basis swaps, credit markets, fixed income options, and mortgage-backed-securities. Fixed Income Securities, Third Edition is full of examples, applications, and case studies. Practically every quantitative concept is illustrated through real market data. This practice-oriented approach makes the book particularly useful for the working professional. This third edition is a considerable revision and expansion of the second. Most examples have been updated. The chapters on fixed income options and mortgage-backed securities have been considerably expanded to include a broader range of securities and valuation methodologies. Also, three new chapters have been added: the global overview of fixed income markets; a chapter on corporate bonds and credit default swaps; and a chapter on discounting with bases, which is the foundation for the relatively recent practice of discounting swap cash flows with curves based on money market rates. [FOR THE UNIVERSITY EDITION] This university edition includes problems which students can use to test and enhance their understanding of the text.
Foreign Exchange Operations
by David F. DerosaThe ultimate nuts-and-bolts guide to foreign exchange operationsThe foreign exchange landscape is particularly risky since so much of the world is unregulated and takes place over the counter (off exchange). Brilliant traders and money managers who are profitable may find themselves underperforming, or worse, losing, simply because they failed to establish strong operations. In this book, David DeRosa provides industry players with everything they need for strong operational functions from all the types of trades to execution, master trading agreements, documentation, settlement, margin and collateral, and prime brokerage services.Contains vital work flow solutions for trading in the volatile foreign exchange marketplace Offers information for mastering the operational aspect of foreign exchange trading to help determine best partners such as prime brokers and othersWritten by David DeRosa a leading foreign exchange expert who has consulted to hundreds of financial institutionsForeign Exchange Operations helps traders mitigate risks and offers a guide to all aspects of trading operations from mastering trading agreements to margin documentation.
Forex Essentials in 15 Trades
by Archer Michael Duane Bland John Meisler JayTraders are constantly learning their craft. Those who do not share information, discuss tactics and review prior trades are doomed for failure. Global-View. com knows this. It is the leading destination for Forex traders looking to learn and discuss trading. With over 33,000 registered users from 125 countries, Global-View. com exposes its users to an incredible base of knowledge. In this book, the authors dissect each of 15 chosen trades, using the material to expose some of the best (and worst) practices of a Forex trader. The book weaves a plethora of Global-View. com information into the detailed dissection. Each description will include how the trade was selected and why it was made, as well as money management and psychological aspects of the trade. Entertaining anecdotal stories are interspersed throughout each trade story.
Fraud Analytics
by Delena D. SpannProven guidance for expertly using analytics in fraud examinations, financial analysis,auditing and fraud prevention Fraud Analytics thoroughly reveals the elements of analysis that are used in today'sfraudexaminations, fraud investigations, and financial crime investigations. This valuable resourcereviews the types of analysis that should be considered prior to beginning an investigation andexplains how to optimally use data mining techniques to detect fraud. Packed with examples andsample cases illustrating pertinent concepts in practice, this book also explores the two majordata analytics providers: ACL and IDEA. Looks at elements of analysis used in today's fraud examinations Reveals how to use data mining (fraud analytic) techniques to detect fraud Examines ACL and IDEA as indispensable tools for fraud detection Includes an abundance of sample cases and examples Written by Delena D Spann, Board of Regent (Emeritus) for the Association of CertifiedFraud Examiners (ACFE), who currently serves as Advisory Board Member of the Association ofCertified Fraud Examiners, Board Member of the Education Task Force of the Association ofCertified Anti-Money Laundering Specialists ASIS International (Economic Crime Council) andAdvisory Board Member of the Robert Morris University (School of Business), FraudAnalyticsequips you with authoritative fraud analysis techniques you can put to use right away.
Free Cash Flow
by Christy George C.The purpose of this book is to explain Free Cash Flow and how to use it to increase investor return. The author explains the differences between Free Cash Flow and GAAP earnings and lays out the disadvantages of GAAP EPS as well as the advantages of Free Cash Flow. After taking the reader step-by-step through the author's Free Cash Flow statement, the book illustrates with formulas how each of the four deployments of Free Cash Flow can enhance or diminish shareholder return. The book applies the conceptual building blocks of Free Cash Flow and investor return to an actual company: McDonald's. The reader is taken line-by-line through the author's investor return spreadsheet model: (1) three years of McDonald's historical financial statements are modeled; (2) a one-year projection of McDonald's Free Cash Flow and investor return is modeled. Five other restaurant companies are compared to McDonald's and each other using both Free Cash Flow and GAAP metrics.
Frontiers in Quantitative Finance
by Rama ContThe Petit D'euner de la Finance-which author Rama Cont has been co-organizing in Paris since 1998-is a well-known quantitative finance seminar that has progressively become a platform for the exchange of ideas between the academic and practitioner communities in quantitative finance. Frontiers in Quantitative Finance is a selection of recent presentations in the Petit D'euner de la Finance. In this book, leading quants and academic researchers cover the most important emerging issues in quantitative finance and focus on portfolio credit risk and volatility modeling.
Frontiers of Modern Asset Allocation
by Laurence B. Siegel Paul D. KaplanInnovative approaches to putting asset allocation into practiceBuilding on more than 15 years of asset-allocation research, Paul D. Kaplan, who led the development of the methodologies behind the Morningstar Rating(TM) and the Morningstar Style Box(TM), tackles key challenges investor professionals face when putting asset-allocation theory into practice. This book addresses common issues such as:How should asset classes be defined?Should equities be divided into asset classes based on investment style, geography, or other factors?Should asset classes be represented by market-cap-weighted indexes or should other principles, such as fundamental weights, be used?How do actively managed funds fit into asset-class mixes?Kaplan also interviews industry luminaries who have greatly influenced the evolution of asset allocation, including Harry Markowitz, Roger Ibbotson, and the late Benoit Mandelbrot. Throughout the book, Kaplan explains allocation theory, creates new strategies, and corrects common misconceptions, offering original insights and analysis. He includes three appendices that put theory into action with technical details for new asset-allocation frameworks, including the next generation of portfolio construction tools, which Kaplan dubs "Markowitz 2.0."
Fund of Funds Investing
by Richard S. Strachman Daniel A. BookbinderValuable guidance on fund of funds investing While capital markets have become more complex, investors are still looking to increase portfolio performance without increasing risk. Fund of funds investing is one such avenue to pursue. This practical guide provides you with the tools needed to understand and evaluate your investments in this often opaque area of finance. In Fund of Funds Investing, hedge fund expert Daniel Strachman and fund of funds manager Richard Bookbinder offer valuable insights into this world through an industry overview and review of essential issues including due diligence, risk and portfolio management, and multi-strategy funds. Outlines strategies that will help you invest directly in a wide range of hedge funds Other titles by Strachman: The Fundamentals of Hedge Fund Management, Essential Stock Picking Strategies, The Long and Short of Hedge Funds, Julian Robertson, and Getting Started in Hedge Funds, Second Edition Based on extensive interviews by the authors as well as their experiences in this field Funds of Funds Investing is an important guide to one of the most misunderstood areas of modern finance.
Global Pension Crisis
by Robert H. Frank Richard A. MarinA comprehensive look at the crisis of unfunded pension liabilities and what must be done to avoid the same problem in the futureAs the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are underfunded, and medical costs rise, the United States alone can expect unfunded liabilities to exceed $4 trillion.Even while the American economy shows signs of sustained recovery, states and local governments will still experience sharp increases in pension fund payments through the next year or longer. Global Pension Crisis looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining how to strengthen pensions and prevent similar crises in the future.Offers a clear and comprehensive explanation of the current pension crisis for retirement fund managers, financial advisors, and economistsIncludes prescriptive guidance on how to strengthen the pension fund system and prevent another similar crisisWritten by venture capitalist, entrepreneur, and former senior Wall Street executive Rich Marin
Global Securities Markets
by George W. Arnett IIIThe quick guide to understanding the global securities markets Investing in the global securities markets poses challenges far beyond simply choosing a security that's likely to provide a decent return. Global Securities Markets provides a framework for navigating through these highly diverse and complex markets, covering all the basics of global investing. Packed with tables and listings to help investors of all types easily locate the information they need to make the right choices, the book is an indispensible index for working the securities markets to their fullest extent. The book covers: The mechanics of execution, clearing, settlement, custody, regulation, and practice in the US, UK, and European markets Margin, short selling, prime brokerage, and the evolving disciplines of risk management, anti-money laundering, and international compliance With 110 securities exchanges and 40 derivatives exchanges, it is more important than ever for the savvy investor to understand the global securities markets, and Global Securities Markets illustrates the rich history of the markets, how they work, and relevant contemporary legal concepts.
Governance Reimagined
by David R. KoenigA timely guide for companies needing to grow equity and human capital after the recent economic turmoil. Written for leaders and students of for-profit, non-profit, political, and social organizations who are looking for a way to do their work more effectively. Most organizational leaders only partially understand the factors that affect the amount of value created by the activities of their organization and thus greatly under-deliver on the potential to achieve their objectives and serve their target audiences. Governance Reimagined has been written to fill in the missing pieces of this puzzle. It will help put your organization on the path toward re-governing, or redesigning how it works, to unlock its hidden value. Page by page, it will show you how to generate new and better processes and improve the value of those processes by altering the external perception of their risk. Addresses various issues that affect corporate value, from management and systems theory to governance science, risk management, and traditional finance Reveals how to recognize internal processes and external events that affect value creation Highlights how to create resilient organizations that generate greater value from their processes Governance Reimagined offers corporate leaders a new way to think about value, and will help you understand some of the factors that destroy value within organizations, but most importantly how new value can be created and how missions can more ably be fulfilled. This is an important book for these dynamic economic times.
Hedge Fund Analysis
by Frank J. TraversA detailed, step-by-step book covering the entire hedge fund evaluation process Investing in hedge funds is different from investing in other asset classes. There is much less publicly available information about hedge funds performance than there is about mutual funds or individual stocks. Consequently, investing in this class requires more sophisticated investment knowledge, greater due diligence, and, in many cases, a better-developed ability to evaluate investment managers. Hedge Fund Analysis provides a broad framework of how to approach this endeavor, from initial screening to analytical techniques, interviewing skills, and legal and contract negotiations. Along the way, it demonstrates a variety of mechanisms for monitoring and tracking hedge funds and the underlying hedge fund portfolios--explaining each stage of the process in minute detail and providing specific examples which fully explain the opportunities and challenges you'll face each step of the way. Provides a detailed look at how to source hedge funds, screen through them, and rank their strengths and weaknesses Lays out a thorough process for evaluating funds, from initial interviews to performance analysis to onsite meetings Reveals what questions to ask by strategy in order to understand the underlying risk factors associated with each Highlights non-investment analysis, including operational due diligence and risk management, as integral elements in the process Written by a financial professional with over twenty years of experience conducting investment manager due diligence, this book will put you in a position to make more informed decisions when investing in hedge funds.
Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance
by Kevin R. MirabileThe most up-to-date look at how to understand, and invest in, hedge funds Hedge funds are an essential part of the alternative investing arena, and will continue to be so for the foreseeable future. It's important that those investing, or thinking about investing, with hedge funds know exactly what they are about. That's why Kevin Mirabile-a financial professional with over twenty years of business development, regulatory, financing, trading, and sales experience in the hedge fund sector-has created Understanding Hedge Fund Investing. Page-by-page, this reliable resource offers valuable insights into one of the most competitive parts of the investment world. Along the way, you'll become familiar with the evolution of hedge funds and their structure as well as discover what types of individuals and institutions invest using hedge funds. Mirable also takes the time to examine the risks of investing in hedge funds and talks about hedge fund financial statements and taxation. Provides complete coverage of this important investment vehicle, from its different types of investing strategies and styles to what it takes to be a hedge fund manager Multiple-choice questions follow each chapter to assess your comprehension of the topics covered A companion Website contains portfolio models that can be uploaded for use as well as supplementary material that allows you to learn in a hands-on fashion long after closing the book Hedge funds offer investors opportunities that aren't usually found elsewhere. But to benefit from them, you first must understand them. This book has the information you need to succeed at this difficult endeavor.
Hedge Fund Operational Due Diligence
by Jason A. ScharfmanHow to diagnose and monitor key hedge fund operational risksWith the various scandals taking place with hedge funds, now more than ever, both financial and operational risks must be examined. Revealing how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds, such as multi-jurisdictional regulatory coordination, organizational nesting, and vaporware, Hedge Fund Operational Due Diligence includes real-world examples drawn from the author's experiences dealing with the operational risks of a global platform of over 80 hedge funds, fundsof hedge funds, private equity, and real estate managers.
Hedge Funds
by Greg N. Gregoriou Fabrice D. Rouah Georges Hübner Nicolas PapageorgiouWhether already experienced with hedge funds or just thinking about investing in them, readers need a firm understanding of this unique investment vehicle in order to achieve maximum success. Hedge Funds unites over thirty of the top practitioners and academics in the hedge fund industry to provide readers with the latest findings in this field. Their analysis deals with a variety of topics, from new methods of performance evaluation to portfolio allocation and risk/return matters. Although some of the information is technical in nature, an understanding and applicability of the results as well as theoretical developments are stressed. Filled with in-depth insight and expert advice, Hedge Funds helps readers make the most of this flexible investment vehicle.
Hedging Market Exposures
by Oleg V. Bychuk Brian HaugheyIdentify and understand the risks facing your portfolio, how to quantify them, and the best tools to hedge themThis book scrutinizes the various risks confronting a portfolio, equips the reader with the tools necessary to identify and understand these risks, and discusses the best ways to hedge them.The book does not require a specialized mathematical foundation, and so will appeal to both the generalist and specialist alike. For the generalist, who may not have a deep knowledge of mathematics, the book illustrates, through the copious use of examples, how to identify risks that can sometimes be hidden, and provides practical examples of quantifying and hedging exposures. For the specialist, the authors provide a detailed discussion of the mathematical foundations of risk management, and draw on their experience of hedging complex multi-asset class portfolios, providing practical advice and insights.Provides a clear description of the risks faced by managers with equity, fixed income, commodity, credit and foreign exchange exposuresElaborates methods of quantifying these risksDiscusses the various tools available for hedging, and how to choose optimal hedging instrumentsIlluminates hidden risks such as counterparty, operational, human behavior and model risks, and expounds the importance and instability of model assumptions, such as market correlations, and their attendant dangersExplains in clear yet effective terms the language of quantitative finance and enables a non-quantitative investment professional to communicate effectively with professional risk managers, "quants", clients and othersProviding thorough coverage of asset modeling, hedging principles, hedging instruments, and practical portfolio management, Hedging Market Exposures helps portfolio managers, bankers, transactors and finance and accounting executives understand the risks their business faces and the ways to quantify and control them.
High Probability Trading Strategies
by Robert C. MinerIn High Probability Trading Strategies, author and well-known trading educator Robert Miner skillfully outlines every aspect of a practical trading plan-from entry to exit-that he has developed over the course of his distinguished twenty-plus-year career. The result is a complete approach to trading that will allow you to trade confidently in a variety of markets and time frames. Written with the serious trader in mind, this reliable resource details a proven approach to analyzing market behavior, identifying profitable trade setups, and executing and managing trades-from entry to exit.
High-Probability Trade Setups
by Timothy KnightA comprehensive volume of today's most profitable trade set-upsA key element of trading is identifying situations in the financial markets that can produce a profitable trade. Fundamental analysts search for situations where a stock is undervalued or if a stock's prospective earnings growth is underestimated by a majority of investors. Technical analysts look at patterns in the market that historically indicate the direction of the markets next move. High Probability Trade Set-Ups catalogs the best trading situations from a variety of technical approaches. Engaging and informative, High Probability Trade Set-Ups provides a detailed explanation of twenty powerful, recurring tradable situations in the financial markets. Each pattern is thoroughly described, including its strengths and drawbacks, ease of identification, and the degree to which it produces profitable trades. Most importantly, the author provides entry and exit points for each set up. Examples of the set-ups include chart patterns such as ascending triangles, diamonds, gaps, pennants, and channels.Features many new technical tools for tracking individual stocksContains a resource guide, which will help to monitor the market for the trade set-ups discussed throughout the bookReveals how to use ProphetCharts to perform advanced intermarket technical studies and identify the best opportunitiesWritten in a straightforward and accessible style, High Probability Trade Set-Ups covers a lot of ground with respect to this approach and shows you how to use it to make the most of your time in today's dynamic markets.
How to Be an Investment Banker
by Andrew GutmannA top-notch resource for anyone who wants to break into the demanding world of investment bankingFor undergraduates and MBA students, this book offers the perfect preparation for the demanding and rigorous investment banking recruitment process. It features an overview of investment banking and careers in the field, followed by chapters on the core accounting and finance skills that make up the necessary framework for success as a junior investment banker. The book then moves on to address the kind of specific technical interview and recruiting questions that students will encounter in the job search process, making this the ideal resource for anyone who wants to enter the field.The ideal test prep resource for undergraduates and MBA students trying to break into investment bankingBased on author Andrew Gutmann's proprietary 24 to 30-hour courseFeatures powerful learning tools, including sample interview questions and answers and online resources For anyone who wants to break into investment banking, How to Be an Investment Banker is the perfect career-making guide.
How to Make a Living Trading Foreign Exchange
by Courtney SmithSolid Forex strategies for capturing profits in today's volatile marketsHow to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex, including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels, Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game.Reveals the secrets of the Forex market and how to create a lifetime of income trading itOffers advice on maximizing profits during the volatile swings that have increasingly become the normOther titles by Smith: Option Strategies, Third Edition, Seasonal Charts For Futures Traders, Commodity Spreads, and Profits Through Seasonal TradingMake more from today's Forex market with How to Make a Living Trading Foreign Exchange.