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Books in Investment management

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Performance Measurement in Finance

  • 1st Edition
  • July 10, 2002
  • John Knight + 1 more
  • English
  • eBook
    9 7 8 - 0 - 0 8 - 0 4 9 7 6 3 - 1
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

  • 1st Edition
  • June 25, 2002
  • Ken Standfield
  • English
  • eBook
    9 7 8 - 0 - 0 8 - 0 5 0 8 8 6 - 3
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.

Return Distributions in Finance

  • 1st Edition
  • December 8, 2000
  • Stephen Satchell + 1 more
  • English
  • eBook
    9 7 8 - 0 - 0 8 - 0 5 1 6 2 4 - 0
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.

Managing Operational Risk in Financial Markets

  • 1st Edition
  • May 1, 2000
  • Amanat Hussain
  • English
  • eBook
    9 7 8 - 0 - 0 8 - 0 4 9 1 7 4 - 5
Risk Management is one of the biggest issues facing the financial markets today. 'Managing Operational Risk in Financial Markets' outlines the major issues for risk management and focuses on operational risk as a key activity in managing risk on an enterprise-wide basis. While risk management had always been an integral part of financial activity, the 1990s has seen the requirement for risk management establish itself as a key function within banks and other financial institutions. With greater emphasis on ensuring that money is not lost through adverse market conditions, counterparty failure or inappropriate controls, systems or people, risk management has become a discipline in its own right. Managing risk is now THE paramount topic within the financial sector. Recurring major losses through the 1990s has shocked financial institutions into placing much greater emphasis on risk management and controls. The collapse of Barings and losses made by Metallgescellschaft, Orange County, Diawa and Sumitomo as a result of a lack of procedures, systems or managerial control has demonstrated to organisations the need to broaden the scope of their risk management activity from merely looking at market and credit risk. This has brought into focus the need for managing operational risk. Operational risk can only be managed on an enterprise wide basis as it includes the entire process of policies, culture, procedures, expertise and systems that an institution needs in order to manage all the risks resulting from its financial transactions. In fact, in order to effectively manage market and credit risks it is necessary to have the relevant skills and expertise in the staff, technical and organisational infrastructure, as well as monitoring and control systems. As all of these are components of operational risk, it then becomes apparent that an integrated risk management approach needs to focus on operational risk.

Professional's Handbook of Financial Risk Management

  • 1st Edition
  • February 25, 2000
  • Lev Borodovsky + 1 more
  • English
  • Hardback
    9 7 8 - 0 - 7 5 0 6 - 4 1 1 1 - 1
  • eBook
    9 7 8 - 0 - 0 8 - 0 4 8 0 4 4 - 2
Professional's Handbook of Financial Risk Management is a major reference work in finance. A complete practical reference book covering all aspects of financial risk management including an in-depth look at operational risk management, regulation, risk-based capital, and risk adjusted performance measurement. The book focuses on practical financial risk management techniques and solutions, and is designed to guide the risk professional step-by-step through the implementation of a firm-wide risk management framework. This book covers the various roles of the risk management function. Rather than describing every possible role in exhaustive detail, the authors have provided a story line for each of the discussed topics, including practical issues that a risk manager needs to consider when tackling the subject, possible solutions to difficulties that might be encountered, background knowledge that is essential to know, and more intricate practices and techniques that are being used. By providing these fundamentals, the novice risk professional can gain a thorough understanding of the topic in question while the more experienced professional can use some of the more advanced concepts within the book. Thus the book can be used to broaden your own knowledge of the risk world, both by familiarizing yourself with areas in which you lack experience and by enhancing your knowledge in areas that you already have expertise. All authors are leaders in their field who between them have the expertise and knowledge, both practical and theoretical, to produce this definitive risk management guide. The editors of this book, Marc Lore and Lev Borodovsky, are senior financial risk managers at Sanwa Bank (International) London, and Credit Suisse First Boston, USA respectively. They also run The Global Association of Risk Professionals (GARP), the industry association for financial risk management practitioners and researchers.

Foreign Exchange Options

  • 2nd Edition
  • May 29, 1998
  • Alan Hicks
  • English
  • Hardback
    9 7 8 - 1 - 8 5 5 7 3 - 2 5 3 - 7
  • eBook
    9 7 8 - 1 - 8 4 5 6 9 - 9 0 1 - 7
Since the first edition of Foreign Exchange Options in 1993, trading in foreign exchange options has undergone rapid expansion and now accounts for a daily turnover of some $100 billion world-wide. This revised and expanded second edition takes into account recent changes in both market practice and regulatory requirements and contains many new explanatory diagrams and practical examples.As with the first edition, the emphasis is on practicality, taking the reader through the basics, clarifying jargon when and where appropriate. This book will be invaluable for accountants, auditors, experienced practitioners and those entering the world of currency options for the first time.

Managing Banking Risks

  • 1st Edition
  • June 24, 1997
  • Eddie Cade
  • English
  • eBook
    9 7 8 - 1 - 8 4 5 6 9 - 9 0 6 - 2
This book fills a gap in banking literature by providing a professional and sophisticated 'risk' primer for bank directors, executives and staff at every level as well as students, analysts and commentators on the banking scene. The breadth of focus is exceptional in covering the full range of banking risks, rather than the customary specialist segment.The book begins by defining risk itself and discussing how it can be approached in a banking context. It goes on to examine the concepts of volatility, expected and unexpected loss, the role of risk capital, rate of return and the required reward for risk (the 'cost of capital'). The author identifies five generic types of primary banking risk and one universal secondary type. Each of these is explored in turn from solvency and liquidity risks to credit risk, interest rate risk, price risks and operating risks. This treatment gives the reader an insight into modern risk management and hedging techniques, and many other relevant topics. Legal and regulatory issues and constraints are considered within an international frame of reference. The book offers practical guidance on the role of a bank's board and executive management, organisation and co-ordination of risk management.

Investment Performance Measurement

  • 1st Edition
  • February 28, 1996
  • William Bain
  • English
  • Hardback
    9 7 8 - 1 - 8 5 5 7 3 - 1 9 5 - 0
  • eBook
    9 7 8 - 0 - 8 5 7 0 9 - 9 9 7 - 6
This book is split into four distinct sections to provide a complete account of investment performance measurement. The first section examines the development of the concept of performance measurement with the evolution of benchmarks and the increasing sophistication of performance analysis. The practical implications of performance measurement are tackled in the second section, with particular emphasis on the calculations that can be used to derive a rate of return for a fund and risk is also examined in detail. The third section covers the performance measurement of pension funds over the last 25 years and the lessons that can be learned about the investment performance and measurement process. The final section considers the future prospects for performance measurement and proposes potential future directions for the measurement of investment performance.

The ACT Guide to Ethical Conflicts in Finance

  • 1st Edition
  • January 1, 1994
  • Andreas Prindl + 1 more
  • English
  • eBook
    9 7 8 - 1 - 8 5 5 7 3 - 9 7 4 - 1
This book provides, for the first time, a broad analysis of the whole range of potential conflicts in finance, based on both academic research and the views of professionals on how these issues are faced in practice. It will be essential reading for students of finance and banking, as well as for finance professionals.