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Author : Lorenzo Peccati
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (878 download)
Download or read book Seller's and Buyer's Certainty Equivalent of a Random Cash-flow written by Lorenzo Peccati and published by . This book was released on 1999 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Graeme Alexander Guthrie
Publisher : OUP Us
ISBN 13 : 0195380630
Total Pages : 433 pages
Book Rating : 4.1/5 (953 download)
Download or read book Real Options in Theory and Practice written by Graeme Alexander Guthrie and published by OUP Us. This book was released on 2009 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Decision makers face a staggering array of problems in business and economics. Managers of growing firms have to decide when to exercise growth options and expand their business. Governments have to decide whether to undertake large infrastructure investments. Managers of oil firms must decide how rapidly to deplete their reserves. Owners of land must decide when and how to develop their asset. Operators of power plants must decide when to start them up and when to shut them down. While these problems seem quite diverse, they share many important features. In each case, the decision maker must choose when to take a particular action that will be difficult, if not impossible, to reverse. In each case, the consequences of taking (or not taking) that action are uncertain. And in each case, the timing and nature of the actions taken by the decision makers directly affect the cash flows generated by the entities they manage. Real options that arise in the real world often vary radically from one problem to another. These differences may arise due to the particular real options embedded in the projects and the order in which they can be exercised. They may arise due to different underlying sources of uncertainty (with possibilities ranging from easily observable commodity prices to almost unquantifiable factors such as the technological viability of a project. The possibilities are almost endless. This book focuses on building a general approach to solving real options problems from the ground up to show readers how real options can be assembled in a way appropriate to the individual problem being analyzed. The book, part of the Financial Management Association Survey and Synthesis Series, will be a valuable asset to practitioners who want to develop their analytical techniques and also graduate students who will eventually become practitioners. It presents building blocks needed to carry out successful real options analysis and shows how these can be assembled in a way that is appropriate to a wide variety of problems in business and economics. The book contains a CD with spreadsheets that can be to fit the wide variety of real-world problems that readers will confront.
Author : John Asmus Christensen
Publisher : Irwin/McGraw-Hill
ISBN 13 :
Total Pages : 488 pages
Book Rating : 4.E/5 ( download)
Download or read book Accounting Theory written by John Asmus Christensen and published by Irwin/McGraw-Hill. This book was released on 2003 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text covers both financial and managerial accounting theory with a strong emphasis on accounting information systems. It examines the challenges faced by accounting information users and preparers, and the role accounting information systems play.
Author : Lutz Kruschwitz
Publisher : Springer Nature
ISBN 13 : 303037081X
Total Pages : 256 pages
Book Rating : 4.0/5 (33 download)
Download or read book Stochastic Discounted Cash Flow written by Lutz Kruschwitz and published by Springer Nature. This book was released on 2020-02-28 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses firm valuation, which is of interest to economists, particularly those working in finance. Firm valuation comes down to the calculation of the discounted cash flow, often only referred to by its abbreviation, DCF. There are, however, different coexistent versions, which seem to compete against each other, such as entity approaches and equity approaches. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), two concepts classified as entity approaches. This book explains why there are several procedures and whether they lead to the same result. It also examines the economic differences between the methods and indicates the various purposes they serve. Further it describes the limits of the procedures and the situations they are best applied to. The problems this book addresses are relevant to theoreticians and practitioners alike.
Author : John O.S. Kennedy
Publisher : Springer Science & Business Media
ISBN 13 : 9400941919
Total Pages : 343 pages
Book Rating : 4.4/5 (9 download)
Download or read book Dynamic Programming written by John O.S. Kennedy and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: Humans interact with and are part of the mysterious processes of nature. Inevitably they have to discover how to manage the environment for their long-term survival and benefit. To do this successfully means learning something about the dynamics of natural processes, and then using the knowledge to work with the forces of nature for some desired outcome. These are intriguing and challenging tasks. This book describes a technique which has much to offer in attempting to achieve the latter task. A knowledge of dynamic programming is useful for anyone interested in the optimal management of agricultural and natural resources for two reasons. First, resource management problems are often problems of dynamic optimization. The dynamic programming approach offers insights into the economics of dynamic optimization which can be explained much more simply than can other approaches. Conditions for the optimal management of a resource can be derived using the logic of dynamic programming, taking as a starting point the usual economic definition of the value of a resource which is optimally managed through time. This is set out in Chapter I for a general resource problem with the minimum of mathematics. The results are related to the discrete maximum principle of control theory. In subsequent chapters dynamic programming arguments are used to derive optimality conditions for particular resources.
Author : Aswath Damodaran
Publisher : Now Publishers Inc
ISBN 13 : 1601980140
Total Pages : 102 pages
Book Rating : 4.6/5 (19 download)
Download or read book Valuation Approaches and Metrics written by Aswath Damodaran and published by Now Publishers Inc. This book was released on 2005 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Author : Joël Bessis
Publisher : John Wiley & Sons
ISBN 13 : 0470689854
Total Pages : 1050 pages
Book Rating : 4.4/5 (76 download)
Download or read book Risk Management in Banking written by Joël Bessis and published by John Wiley & Sons. This book was released on 2011-12-01 with total page 1050 pages. Available in PDF, EPUB and Kindle. Book excerpt: Never before has risk management been so important. Now in its third edition, this seminal work by Joël Bessis has been comprehensively revised and updated to take into account the changing face of risk management. Fully restructured, featuring new material and discussions on new financial products, derivatives, Basel II, credit models based on time intensity models, implementing risk systems and intensity models of default, it also includes a section on Subprime that discusses the crisis mechanisms and makes numerous references throughout to the recent stressed financial conditions. The book postulates that risk management practices and techniques remain of major importance, if implemented in a sound economic way with proper governance. Risk Management in Banking, Third Edition considers all aspects of risk management emphasizing the need to understand conceptual and implementation issues of risk management and examining the latest techniques and practical issues, including: Asset-Liability Management Risk regulations and accounting standards Market risk models Credit risk models Dependencies modeling Credit portfolio models Capital Allocation Risk-adjusted performance Credit portfolio management Building on the considerable success of this classic work, the third edition is an indispensable text for MBA students, practitioners in banking and financial services, bank regulators and auditors alike.
Author : René Carmona
Publisher : Princeton University Press
ISBN 13 : 0691138834
Total Pages : 427 pages
Book Rating : 4.6/5 (911 download)
Download or read book Indifference Pricing written by René Carmona and published by Princeton University Press. This book was released on 2009-01-18 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book about the emerging field of utility indifference pricing for valuing derivatives in incomplete markets. René Carmona brings together a who's who of leading experts in the field to provide the definitive introduction for students, scholars, and researchers. Until recently, financial mathematicians and engineers developed pricing and hedging procedures that assumed complete markets. But markets are generally incomplete, and it may be impossible to hedge against all sources of randomness. Indifference Pricing offers cutting-edge procedures developed under more realistic market assumptions. The book begins by introducing the concept of indifference pricing in the simplest possible models of discrete time and finite state spaces where duality theory can be exploited readily. It moves into a more technical discussion of utility indifference pricing for diffusion models, and then addresses problems of optimal design of derivatives by extending the indifference pricing paradigm beyond the realm of utility functions into the realm of dynamic risk measures. Focus then turns to the applications, including portfolio optimization, the pricing of defaultable securities, and weather and commodity derivatives. The book features original mathematical results and an extensive bibliography and indexes. In addition to the editor, the contributors are Pauline Barrieu, Tomasz R. Bielecki, Nicole El Karoui, Robert J. Elliott, Said Hamadène, Vicky Henderson, David Hobson, Aytac Ilhan, Monique Jeanblanc, Mattias Jonsson, Anis Matoussi, Marek Musiela, Ronnie Sircar, John van der Hoek, and Thaleia Zariphopoulou. The first book on utility indifference pricing Explains the fundamentals of indifference pricing, from simple models to the most technical ones Goes beyond utility functions to analyze optimal risk transfer and the theory of dynamic risk measures Covers non-Markovian and partially observed models and applications to portfolio optimization, defaultable securities, static and quadratic hedging, weather derivatives, and commodities Includes extensive bibliography and indexes Provides essential reading for PhD students, researchers, and professionals
Author : Jian Li
Publisher : Springer Science & Business Media
ISBN 13 : 1461405114
Total Pages : 216 pages
Book Rating : 4.4/5 (614 download)
Download or read book Risk Management of Supply and Cash Flows in Supply Chains written by Jian Li and published by Springer Science & Business Media. This book was released on 2011-09-15 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk management has become an essential issue in supply chain management, from the modeling of the decision maker's risk preference, and the studies on uncertain elements such as demand, supply, price, lead time, etc., to the consideration of more practical background including cash flow constraints, inventory financing and delayed cash payment. In this new volume, the authors provide a framework to study the interaction of various factors related to risk and their influence on supply chain management. The scope of areas covered includes operations management, decision analysis, and business administration. This book focuses on several key issues of risk management in supply chains. Specifically, an analysis framework is presented for studying the supplier selection problem and identifying the optimal sourcing strategy in a one-retailer two-suppliers supply chain with random yields. The optimal sourcing strategy of a retailer and the pricing strategies of two suppliers under an environment of supply disruption are investigated. Besides, the authors study the dynamic inventory control problems with cash flow constraints, financing decisions as well as delayed cash payment. In addition, originating from the annual international iron ore price negotiation, the authors model the bargaining process to deal with the risk of wholesale price in the game analysis context. Within the three perspectives of risk management in supply chains, the modeling of decision maker's risk preference has been extensively studied and many results have been obtained to guide the practice. However, the analysis on the other two kinds of topics is still in its infancy, and needs more efforts from academia. It is thus the ambition and innovation for this book to contribute on risk management in supply chains in the following ways: (1) characterizing the explicit sourcing strategy (i.e., single sourcing or dual sourcing) to deal with supply disruption risk; (2) introducing the concepts of financial risk measurement by incorporating cash flow constraints, inventory financing and delayed cash payment into inventory management models; and (3) providing insights for the iron ore price negotiation to help steel manufacturers handle the risk of price increase.
Author : Jean-Pierre Danthine
Publisher : Elsevier
ISBN 13 : 0080509029
Total Pages : 391 pages
Book Rating : 4.0/5 (85 download)
Download or read book Intermediate Financial Theory written by Jean-Pierre Danthine and published by Elsevier. This book was released on 2005-07-25 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of this authoritative textbook continues the tradition of providing clear and concise descriptions of the new and classic concepts in financial theory. The authors keep the theory accessible by requiring very little mathematical background. First edition published by Prentice-Hall in 2001- ISBN 0130174467.The second edition includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor."This book does admirably what it sets out to do - provide a bridge between MBA-level finance texts and PhD-level texts....many books claim to require little prior mathematical training, but this one actually does so. This book may be a good one for Ph.D students outside finance who need some basic training in financial theory or for those looking for a more user-friendly introduction to advanced theory. The exercises are very good." --Ian Gow, Student, Graduate School of Business, Stanford University - Completely updated edition of classic textbook that fills a gap between MBA level texts and PHD level texts - Focuses on clear explanations of key concepts and requires limited mathematical prerequisites - Updates includes new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, as well as a new chapter on asset management for the long term investor
Author : David Besanko
Publisher : John Wiley & Sons
ISBN 13 : 0470373601
Total Pages : 595 pages
Book Rating : 4.4/5 (73 download)
Download or read book Economics of Strategy written by David Besanko and published by John Wiley & Sons. This book was released on 2009-09-22 with total page 595 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's global recession, strong management of firms and organizations are of the utmost importance. Best-selling Economics of Strategy focuses on the key economic concepts students must master in order to develop a sound business strategy. Bringing economic theory and strategic analysis to life in an engaging and uniquely modern way, Besanko et al. have collaborated for over 15 years to build an introductory business course that combines basic concepts from economic theory of the firm and industrial organization with ideas from modern strategy literature. The newly revised 5th edition offers more real-world applications to make materials studied in undergraduate Managerial Economics, Business Strategy, and Industrial Organization courses relevant. Armed with general principles, today's students—tomorrow's future managers—will be prepared to adjust their firms' business strategies to the demands of the ever-changing environment.
Author : Kimberly Kempf-Leonard
Publisher : Elsevier
ISBN 13 :
Total Pages : 1002 pages
Book Rating : 4.:/5 (321 download)
Download or read book Encyclopedia of Social Measurement written by Kimberly Kempf-Leonard and published by Elsevier. This book was released on 2005 with total page 1002 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia of Social Measurement captures the data, techniques, theories, designs, applications, histories, and implications of assigning numerical values to social phenomena. Responding to growing demands for transdisciplinary descriptions of quantitative and qualitative techniques, measurement, sampling, and statistical methods, it will increase the proficiency of everyone who gathers and analyzes data. Covering all core social science disciplines, the 300+ articles of the Encyclopedia of Social Measurement not only present a comprehensive summary of observational frameworks and mathematical models, but also offer tools, background information, qualitative methods, and guidelines for structuring the research process. Articles include examples and applications of research strategies and techniques, highlighting multidisciplinary options for observing social phenomena. The alphabetical arrangement of the articles, their glossaries and cross-references, and the volumes' detailed index will encourage exploration across the social sciences. Descriptions of important data sets and case studies will help readers understand resources they can often instantly access. Also available online via ScienceDirect - featuring extensive browsing, searching, and internal cross-referencing between articles in the work, plus dynamic linking to journal articles and abstract databases, making navigation flexible and easy. For more information, pricing options and availability visit www.info.sciencedirect.com. Introduces readers to the advantages and potential of specific techniques and suggests additional sources that readers can then consult to learn more Conveys a range of basic to complex research issues in sufficient detail to explain even the most complicated statistical technique. Readers are provided with references for further information Eleven substantive sections delineate social sciences and the research processes they follow to measure and provide new knowledge on a wide range of topics Authors are prominent scholars and methodologists from all social science fields Within each of the sections important components of quantitative and qualitative research methods are dissected and illustrated with examples from diverse fields of study Actual research experiences provide useful examples
Author : D. Bosworth
Publisher : Edward Elgar Publishing
ISBN 13 : 1847201555
Total Pages : 342 pages
Book Rating : 4.8/5 (472 download)
Download or read book The Management of Intellectual Property written by D. Bosworth and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book will be a useful resource for those studying or teaching the management of IP. . . a welcome addition on the reading list for all good IP management courses. Duncan Bucknell, Journal of Intellectual Property Law and Practice This book brings together innovative contributions on the management of intellectual property (IP) and intellectual property rights by an esteemed and multi-disciplinary group of economists, management scientists, accountants and lawyers. Offering a broad and enlightening picture of the measurement and management of IP, the contributors argue that the shift towards a knowledge-based economy has increased the importance of IP and more generally, intangible assets, as a focus for company decision-making behaviour. The book explores these intangible assets, which are driven by investments in R&D, marketing, education and training, management information systems and organizational structure. The inherent risk in the development of such assets born from the involvement of creativity and innovation is also discussed. The Management of Intellectual Property should prove of use to both students of management and managers in the field who have to make decisions with regard to investments in, and the protection of, IP and other intangible assets.
Author : Noureddine Krichene
Publisher : John Wiley & Sons
ISBN 13 : 1118247167
Total Pages : 632 pages
Book Rating : 4.1/5 (182 download)
Download or read book Islamic Capital Markets written by Noureddine Krichene and published by John Wiley & Sons. This book was released on 2012-11-28 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive look at the essentials of Islamic capital markets Bringing together theoretical and practical aspects of capital markets, Islamic Capital Markets offers readers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise Islamic capital markets. Also exploring ideas about money, central banking, and economic growth theory and their role in Islamic capital markets, the book provides students and practitioners with essential information about the analytical tools of Islamic capital markets, serves as a guide to investing in Islamic assets, and examines risk management and the structure of Islamic financial products. Author and Islamic finance expert Noureddine Krichene examines the development of leading Islamic capital markets, including Malaysia, looking at sukuks and stocks in detail and emphasizing valuation, duration, convexity, immunization, yield curves, forward rates, swaps, and risks. Analyzing stock markets, stock valuation, price-earnings ratio, market efficiency hypothesis, and equity premiums, the book addresses uncertainty in capital markets, portfolio diversification theory, risk-return trade-off, pricing of assets, cost of capital, derivatives and their role in hedging and speculation, the principle of arbitrage and replication, Islamic structured products, the financing of large projects, and more. Emphasizes both theoretical and practical aspects of capital markets, covering analytical concepts such as the theory of arbitrage, pricing of assets, capital market pricing model, Arrow-Debreu state prices, risk-neutral pricing, derivatives markets, hedging and risk management, and structured products Provides students and practitioners of finance with must-have information about the analytical tools employed in Islamic capital markets Examines all the most recent developments in major Islamic capital markets, including Malaysia Discussing the advantages of Islamic capital markets and the prospects for their development, Islamic Capital Markets gives readers a fundamental grounding in the subject, with an emphasis on financial theory and real world practice.
Author : Don Dayananda
Publisher : Cambridge University Press
ISBN 13 : 113943487X
Total Pages : 290 pages
Book Rating : 4.1/5 (394 download)
Download or read book Capital Budgeting written by Don Dayananda and published by Cambridge University Press. This book was released on 2002-10-17 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains the financial appraisal of capital budgeting projects. The coverage extends from the development of basic concepts, principles and techniques to the application of them in increasingly complex and real-world situations. Identification and estimation (including forecasting) of cash flows, project appraisal formulae, and the application of net present value (NPV), internal rate of return (IRR) and other project evaluation criteria are illustrated with a variety of calculation examples. Risk analysis is extensively covered by the use of risk adjusted discount rate, certainty equivalent, sensitivity, simulation and Monte Carlo analysis. The NPV and IRR models are further applied to forestry, property and international investments. Resource constraints are introduced to the capital budgeting decisions with a variety of worked examples using linear programming technique. All calculations are extensively supported by Excel workbooks on the Web, and each chapter is well reviewed by end of chapter questions.
Author : John J. Clark
Publisher :
ISBN 13 :
Total Pages : 648 pages
Book Rating : 4.3/5 (97 download)
Download or read book Capital Budgeting written by John J. Clark and published by . This book was released on 1989 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laurent Gauthier
Publisher : Springer Nature
ISBN 13 : 3030503267
Total Pages : 494 pages
Book Rating : 4.0/5 (35 download)
Download or read book Securitization Economics written by Laurent Gauthier and published by Springer Nature. This book was released on 2020-07-31 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securitization is widely used around the world, and structured products are one of the largest fixed-income asset classes. This textbook guides readers through the complexity of this financial technique and first introduces them to the mechanics of securitization and makes the key concepts, techniques and logic of this field accessible for teachers and students alike. Further, the textbook presents a systematic economic analysis of securitization, asking and answering why it exists, how it works, why it has failed, how complex structures operate, why they are so complex, and many other related questions. The author offers a unique approach, and combines detailed discussions of theoretical economics models with advanced empirical research in order to confront them to the perspective of an experienced practitioner in this market.
