Book Description
This book explores the intuitive appeal of neural networks and the genetic algorithm in finance. It demonstrates how neural networks used in combination with evolutionary computation outperform classical econometric methods for accuracy in forecasting, classification and dimensionality reduction.
McNelis utilizes a variety of examples, from forecasting automobile production and corporate bond spread, to inflation and deflation processes in Hong Kong and Japan, to credit card default in Germany to bank failures in Texas, to cap-floor volatilities in New York and Hong Kong.
* Offers a balanced, critical review of the neural network methods and genetic algorithms used in finance
* Includes numerous examples and applications
* Numerical illustrations use MATLAB code and the book is accompanied by a website
Download Description
This book explores the intuitive appeal of neural networks and the genetic algorithm in finance. It demonstrates how neural networks used in combination with evolutionary computation outperform classical econometric methods for accuracy in forecasting, classification and dimensionality reduction. McNelis utilizes a variety of examples, from forecasting automobile production and corporate bond spread, to inflation and deflation processes in Hong Kong and Japan, to credit card default in Germany to bank failures in Texas, to cap-floor volatilities in New York and Hong Kong.
Customer Reviews:
More Mathematical than Technical.......2006-06-13
Defiantly more of a math book than a programming guide, but that was what I was expecting. This book explains how to use neural networks in the field of finance. It does so very logically and mathematically. You are shown how to apply neural networks to many different financial problems. But you are mostly left to yourself to actually implement the neural networks on a computer system. Some example source code is provided for MathCad, which is an expensive software package you can buy separately.
If you are already comfortable with neural network programming, and are looking to learn to apply neural networks to finance, this book is great. Being a Java programmer I used the open source JOONE package to implement some of the book's examples in Java. Though JOONE is not suited to all examples in the book, it is a good start for a Java programmer.
The book shows how neural networks can be applied to many real world financial problems. The book pays particular interest to international finance. The book examines Hong Kong and Japan, examining inflation, deflation, currency volatility, and other issues.
I found the book to be very useful in giving me an introduction to neural networks in finance.
The table of contents follows:
Chapter 1: Introduction
Part 1: Econometric Foundations
Chapter 2: What Are Neural Networks?
Chapter 3: Estimation of a Network with Evolutionary Computation
Chapter 4: Evaluation of Network Estimation
Part 2: Applications and Examples
Chapter 5: Estimating and Forecasting with Artificial Data
Chapter 6: Time Series: Examples from Industry and Finance
Chapter 7: Inflation and Deflation: Hong Kong and Japan
Chapter 8: Classification: Credit Card Default and Bank Failures
Chapter 9: Dimensionality Reduction and Implied Volatility Forecasting
Book Description
The Triple Bottom Line is the groundbreaking book that charts the rise of sustainability within the business world and shows how and why financial success increasingly goes hand in hand with social and environmental achievement. Andrew Savitz chronicles both the real problems that companies face and the innovative solutions that can come from sustainability. His is a hard-line approach to bottom-line fundamentals that is re-making companies around the globe.
Customer Reviews:
If You Want To Get Fluent Fast, Read This Book.......2007-02-20
This book is for interested general consumption rather than a technical practitioners' text book and as such is more than successful in teaching the basics of the triple bottom line. I'm not quite sure why some of the Amazon reviewers seem so testy about this, as the majority of American business management (mid-baby boom and above) never encountered much if anything about corporate responsibility (or ethics) in the curricula they studied on their way up. To consider what that means for concepts like the triple bottom line, pretend that for 25 years today's generation of senior managers had never been told to maximize shareholder value and now in 2007 were expected to internalize the concept and reflexively apply it to everything they do. Particularly from that point of view, Savitz' book is a superb tool to help people become intelligently informed on basic issues of corporate responsibility and sustainability. What individuals do with that is up to that is up to them, but the writing's good, the ideas are clear, the concepts are thought-provoking, and it's the kind of book that drives one to want to learn more. The graphics are particularly useful and uncluttered.
OK as an "Appetizer" not as the "Main Course" for Sustainability.......2007-01-11
While the book's title intrigued me, the amount of coverage in each topic left me hungry for more. As a noted Big Six Consultant, I was sure that Mr. Savitz would have had more to offer, but feel that he fell short. Here are my reasons.
Specifically, his use of specific examples were noteworthy, but the level of detail he provided left me asking more questions than he had answeres for. He also fell short in following through on specific tangental areas, such as describing more about emerging EU directives, as some of his competitors describe in their books.
Other examples include his description of the Maine power company struggle as well as the issues related to Hershey Foods, which could have benefited from more detail and expansive information and then closing with a "lessons learned" to captivate the reader. Perhaps the fault could lie in his choice of a co-author, someone who may be a writer, but is not a subject matter expert - you need someone in that capacity to help pull it all together.
Practical guide for sustainability planning.......2007-01-05
Savitz does a nice job laying the foundation for sustainability thinking in the first part of the book and then provides a "how to" guide in the second part. Almost to a fault for intellectual thinkers the author appears to intentionally avoid complex and underlying theories associated with sustainability concepts. The result is a well written and straight forward practical book rich with examples which makes it easy for just about anyone to read and understand.
Preaching To The Choir.......2006-12-14
The book is divided into two parts -- a lecture on sustainability and then some general things to think about. The book's first half was a lesson to which a reader would have likely already bought into. The second half promises to deliver on "how to make it happen," but really is more general information than meaningful tools.
Given the author's prior work at PricewaterhouseCoopers, it is understandable that the book reads like a macro-level consultant's report. The book could have carried more weight with the inclusion of science and hard numbers of how to actually measure environmental and social value.
An alternative book for readers looking for more solid advice could be "Green to Gold."
Engaging guide to better fiscal, environmental, and social performance........2006-12-11
Sustainability is "the art of doing business in an interdependent world" according to consultant Andrew W. Savitz, who urges companies to focus on the "triple bottom line": solid profit, environmental quality and improved human welfare. Drawing on his experience as head of PricewaterhouseCoopers' sustainability practice, Savitz (writing with Karl Weber) makes a compelling case for moving your business toward "a sustainability sweet spot" where shareholders, environmental interests and other stakeholders can all feel satisfied. Sound like reheated corporate responsibility leftovers? Don't worry. This book offers much more than soft-headed "birdies and butterflies" rhetoric or a few threadbare anecdotes. Savitz marshals truly compelling arguments based on widely accepted demographic, regulatory and cultural trends. Even robber barons will feel the pull of his message, partly because the book is so engaging and well-paced that it reads like a novel, and partly because his prescriptions are so clear, coherent and actionable that they seem like common sense. We highly recommend this sustainability guidebook to those who want to begin the journey on which such companies as Toyota, GE, PepsiCo, Nike and Unilever have already embarked. Bottom line: you can't afford to ignore sustainability.
Amazon.com
Why do so many otherwise rational individuals make irrational decisions when it comes to money? Financial journalist Gary Belsky and Cornell University psychology professor Thomas Gilovich contend the answers can be found--and the deficiencies remedied--with help from a relatively new science called behavioral economics. Still largely unknown outside academic circles, the field can be traced to research on the impact of rewards and punishments on human judgment and decision- making that first were undertaken at Jerusalem's Hebrew University some 30 years ago. In Why Smart People Make Big Money Mistakes , Belsky and Gilovich update this pioneering work and show readers how to understand exactly why they invest, spend, and save as they do. More importantly, using examples that everyone can identify with and language that anyone can understand, the authors offer dozens of workable suggestions that can help readers manage their money better. "We believe that by identifying the psychological causes behind many types of financial decisions," they write, "you can effectively change your behavior in ways that will ultimately put more money in your pocket and help you keep more of what you already have." --Howard Rothman
Book Description
Why do so many otherwise smart people make foolish financial choices? Why do investors sell stocks just before they skyrocket -- and cling to others as they plummer? Why do shoppers overspend when using credit cards rather than cash? What do our habits of tipping or buying lottery tickets indicate about our relationship with money?
In this fascinating investigation of the ways we spend, invest, save, borrow, and waste money, Gary Belsky and Thomas Gilovich reveal the psychological causes -- the patterns of thinking and decision making -- of irrational behavior. Most important, they focus on the decisions we make every day and, using entertaining examples, provide invaluable tips on avoiding the financial faux pas that can cost thousands of dollars each year.
Download Description
Why do so many otherwise smart people make foolish financial choices? Why do investors sell stocks just before they sky rocket -- and cling to others as they plummet? Why do shoppers overspend when using credit cards rather than cash? What do our habits of tipping or buying lottery tickets indicate about our relationship with money? In this fascinating investigation of the ways we spend, invest, save, borrow, and waste money, Gary, Belsky and Thomas Gilovich reveal the psychological causes -- the patterns of thinking and decision-making -- that result in irrational behavior. Most importantly they focus on the decisions we make everyday and, using entertaining examples, provide invaluable tips on avoiding the financial faux pas that can cost thousands of dollars each year.
Customer Reviews:
Great Introduction to Behavioral Finance.......2007-07-21
For more than 20 years I have been fascinated why so many people make financial decisions which defy rationality. Unfortunately, I find it extremely difficult to read and comprehend most of the research papers that has been done in the field of behavioral finance. The last 5 years have seen several good books explaining the results of the emerging field of behavioral finance. This book is one of those good books.
As a fan of index funds, I enjoyed reading this book's explanation and recommendation for suggesting index funds.
This book is very readable and is an excellent primer on the major concepts which are emerging from behavioral finance research.
Socrates was right when he uttered his famous quote "Know Thy Self". One of the hardest things to do is to understand why we do what we do sometimes. This book helps explain some of this natural human behavior, and how we can manage it to make more rational financial decisions.
I would suggest companion books to supplement this book including:
Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pro's
How to Use Psychology to Achieve Your Financial Goals
Are You Using the Right Rules to Plan Your Retirement?
The Richest Man in Babylon
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
The Millionaire Next Door
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
The Bogleheads' Guide to Investing
Entertaining and good stuff.......2007-07-03
The book is easy to read and it also covers a lot of interesting topics. Highly recommended.
One of my favorite personal finance books.......2007-05-15
It's been years since I first read this book, but I still reference it often when talking about money decisions. It's readable, fun, and informative. I also enjoy the situational questions that begin each chapter. Even when you can see what point they're getting it, it's easy to see yourself making the same mistake in a moment of decision.
Out of the ivory tower and into your real life.......2007-01-09
this book is an easy well-written guide to understanding the academic field of behavioral economics and to bring it into the real world of our lives. The original research studies are really dry and hard to read even for a psychologist (I am one).....this is reader friendly and practical. Helped me understand some of the errors I made and still fall into....like noticing the stocks I have really done well with and forgetting about the ones that did not do so well so I think I have done really well in the market the past year..but then I look at the cold hard numbers and guess what? I did not do nearly as well I thought. Very helpful to use with patients who are having credit card woes (future dollars are so cheap). Dr. Mary Gresham Atlanta Ga
Are you mentally fit to make money decisions?.......2006-12-21
This book helps to show you some of the common pitfalls that people make when making decisions involving money. While there are topics related to investing, there are also general "money-decision" topics. There were actually some mistakes that I did not even think of but when I read them I realized that many of my friends made these mistakes. For me the biggest lesson that I learned was the part about mental accounting. This is one of those books that you think is all common sense but when you think about it, you realize that you too make these mistakes.
Average customer rating:
- Not a new theory,but a new way of solving Keynes's theory
- real options
- Not For The Faint-Hearted
- dealing with uncertainty
- State of the art -- but math is a required subject
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Investment under Uncertainty
Avinash K. Dixit , and
Robert S. Pindyck
Manufacturer: Princeton University Press
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Similar Items:
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Real Options and Investment under Uncertainty: Classical Readings and Recent Contributions
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Real Options, Revised Edition: A Practitioner's Guide
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Real Options: Managerial Flexibility and Strategy in Resource Allocation
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ASIN: 0691034109 |
Book Description
How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending.
This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Customer Reviews:
Not a new theory,but a new way of solving Keynes's theory.......2004-07-23
Dixit and Pindyck(DP)have not come up with a new theory of investment. The three aspects that they deal with in their theory are the irreversibility of costly fixed plant and equipment,the uncertainty of the information base upon which the probabilities will be estimated,and the timing of the investment project over a series of future time periods.DP correctly point out that the NPV rule does not deal with the uncertainty of the information base upon which the probabilities will be calculated while also ignoring the question of the timing of a project,given that additional new relevant information on the potential expected profitability of a project may be forthcoming in future time periods.Thus, there is a value that can be assigned to waiting for this additional relevant evidence to occur in the future.The Net Present Value( NPV) rule or the Capital Asset Pricing Model (CAPM)only deals with risk,not uncertainty.Both of these rules assume the existence of a unique,well defined probability distribution that satisfies the law of large numbers.A decision maker need only concern himself with the variability of the outcomes over time. This is measured by the standard deviation.DP demonstrate that the standard approach to investment theory discounts only for time and risk while ignoring uncertainty or conflating uncertainty with risk.DP advocate an additional discount for uncertainty.DP obtain this result using the calculus of variations, optimal control theory,stochastic control theory and dynamic programming.These techniques,while interesting ,are not necessary in order to obtain the given result.A much less advanced mathematical approach was used by John Maynard Keynes to obtain approximately the same result.A criticism of this book would be the failure on the part of DP to mention the similarities between their theory and that of Keynes.Keynes's theory is covered in chapters 11,12 and 17 of Keynes's 1936 book ,titled the General Theory(GT).In chapter 17 ,Keynes makes a very important addition to the theory of the previously mentioned chapters on pages 239-241 where Keynes points out that the decision maker must also discount for uncertainty as well as for risk and time preference.Keynes's footnote on page 240 of the GT directs the reader to his technical model contained in chapter 26 of A Treatise on Probability, called a conventional coefficient of weight and risk c.In order to obtain approximately the same result as obtained by DP,one needed only multiply Keynes's NPV model of chapter 11 of the GT by the c coefficient.
real options.......2004-05-03
ok, i found this book is very important and give a new vision to understant the world of investement under uncertainty , further it demonstrate a new application nommed real options, by this new model we can making same decision with integrating the notion of flexibility in procesus of investement
Not For The Faint-Hearted.......2000-01-28
Investment Under Undertainty by Avinash Dixit and Robert Pindyck has been an important book in the 1990's because it introduced a relatively new subject to a new and eager audience when there was little else available outside of original research papers. Many of us are grateful to the authors for this introduction. However, newcomers should be aware that they omit large and crucial details of implementation [example: chapter 4, section 1H, pages 110-112 including the graphs on page 111: a newcomer will be lost; if you wait until the appendix to chapter 10, on numerical solution, then you may or may not note the printing errors]. The book is not for the faint-hearted beginner; even the simplest material, such as valuation of a perpetuity (see Corporate Finance by Brealey & Myers - very easy) occurs in a form which the beginner or skim-reading manager might not readily recognise (chapter 5, section 1A, pages 138-139); but then this book is not for them.
See also Real Options by Lenos Trigeorgis, who writes as if he keenly wants you to have fast access to his subject. For someone writing purely on the mathematical finance aspects, read anything by Paul Wilmott, who is clearly both clever and an exceptional educator
dealing with uncertainty.......2000-01-06
When searching for a framework for my PhD, I encountered Dixit's 1991 exposition on investmetn under uncertainty, in Journal of Economic Perspective. I was immeadiately hooked on option theory and its applications. Both authors of this splendid book are authorities in this field. The book is ideal for advanced MBA students with some mathamatics background. It is also suitable for PhD students in economics and finance. However students with math or engineering backgrounds may also benefit from reading this book.
As this book has repeatedly demonstrate, investmet in a uncertain world involves exercising an option. I mat asure the readers and buyers alike, investing in this book will yield high returns for your time and money.
State of the art -- but math is a required subject.......1999-08-24
Let me say that this is not a book for those looking for investment advice or get-rich-quick schemes. It is also not a book for those who think that an MBA and an HP12C are all you need to understand the basic theory behind investments, options, etc.
It is a mathematical subject...and to those with a good mathematical background, the book is remarkably well-organized and easy to understand. I found this book to be very helpful in my research.
Book Description
Reviews basic principles and presents techniques for evaluating and making decisions about investments and the acquisition of capital projects in industry and the private sector. Provides management and control techniques for construction of facilities or installation and operation of machinery and equipment. Covers sensitivity analysis and methods for ranking projects. Discusses the limitations of various methods. Explains how to carry out economic studies for the proper allocation of capital spending.
Customer Reviews:
Excellent Concepts.......2004-05-04
While there is no disagreeing that this book is written at an advanced level, it does clearly present key concepts that are often difficult to understand apart from each other. I used a newer version of this book in Merino's class, and it really is the best book in its class.
Some of the more complex topics like multi-attribute analysis and risk management are presented well. After-tax analysis is not presented in as much depth as I would have liked, but after going through the examples the topic becomes clear.
Overall this book is excellent. It is a must read for those aspiring to go into management or get an MBA one day.
This book does not live up to its name!.......1998-06-21
Having used the book in the course taught by Merino, I have noticed that the examples given at the end of each chapter are erroneous in nature. Many a time, I have found that the book lacks the basic elements of engineering economics. This book is definitely not for undergraduates.
Book Description
Investment pros know: skyrocket stocks and high-flying money managers come and go, but you only achieve superior long-term results by sticking with a sound, prudent, well-conceived investment plan. In The Management of Investment Decisions, pioneering financial consultant Donal Trone, along with William R. Allbright and Philip R. Traylor, presents the proper ways to: Analyze your client's current position and potential; Develop an Investment Policy Statement that all involved will read and, more importantly, understand; Approach, understand and build the portfolios of high net worth families.
Customer Reviews:
An Excellent Resource for Investment Consultants.......2005-11-06
This book helps an investment consultant to develop a disciplined approach to investment management. The concepts addressed in this book provide the investment professional with guidance in the development of prudent investment practices.
What Fiduciaries, Trustees, and Professionals need to know.......2000-08-18
This book is excellent. If you are responsible for investing other people's money as a professional, on the board of a foundation or endowment or are someone who is a trustee on an account, this book is for you. This book goes over important guidelines that should be followed to protect the funds and yourself.
Sound Advice on Prudent Asset Allocation.......1999-09-19
The text was clear, concise, and provided valuable practical insight into the role of an investment advisor with respect to a well-developed investment policy statement and asset allocation methodology. The reading will be of great value to any portfolio consultant looking to manage funds prudently and with success.
Book Description
"Pompian is handing you the magic book, the one that reveals your behavioral flaws and shows you how to avoid them. The tricks to success are here. Read and do not stop until you are one of very few magicians."
—Arnold S. Wood, President and Chief Executive Officer, Martingale Asset Management
Fear and greed drive markets, as well as good and bad investment decision-making. In
Behavioral Finance and Wealth Management, financial expert Michael Pompian shows you, whether you're an investor or a financial advisor, how to make better investment decisions by employing behavioral finance research. Pompian takes a practical approach to the science of behavioral finance and puts it to use in the real world. He reveals 20 of the most prominent individual investor biases and helps you properly modify your asset allocation decisions based on the latest research on behavioral anomalies of individual investors.
Download Description
""Pompian is handing you the magic book, the one that reveals your behavioral flaws and shows you how to avoid them. The tricks to success are here. Read and do not stop until you are one of very few magicians."" Arnold S. Wood, President and Chief Executive Officer, Martingale Asset Management Fear and greed drive markets, as well as good and bad investment decision-making. In Behavioral Finance and Wealth Management, financial expert Michael Pompian shows you, whether you're an investor or a financial advisor, how to make better investment decisions by employing behavioral finance research. Pompian takes a practical approach to the science of behavioral finance and puts it to use in the real world. He reveals 20 of the most prominent individual investor biases and helps you properly modify your asset allocation decisions based on the latest research on behavioral anomalies of individual investors.
Customer Reviews:
Changing thinking & reconsidering behavior.......2007-07-11
As a private investor, I have found Mr. Pompian's book to have a meaningful influence on my investing behavior. Through reading the book, I have learned from past mistakes and learned what to avoid in future investing activities. He is effective in blending theoretical behavioral finance ideas with practical application. I found it particularly useful because the book was written by practitioner of wealth management who has sat across the table from many clients. This is a must read for investor and advisors.
Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases.......2007-06-16
Michael Pompian has written a book that will prove invaluable to wealth advisors serious about "getting it right" for their clients.
The hardest task a wealth advisor faces is determining the "real" risk tolerance of his or her client. Behavioral finance, when it began to be discussed in the journals, promised the wealth advisor great help in this regard. However, applying its academic principles to real-world situations was challenging for the practicing wealth advisor. Mr. Pompian's book gives real help in meeting this challenge.
Mr. Pompian describes the various biases investors possess and how they affect investment choices and the investor's reaction to the various consequences that flow from those choices. Of greatest value, in my opinion, are the practical assessment tools Mr. Pompian provides.
It took some time for Modern Portfolio Theory to have an impact on real portfolios. Important, practical books along the way helped. The same can be said of Behavioral Finance; Mr. Pompian's book is the first of what we practioners hope is a long list of practical books that will allow Behavioral Finance to have the great impact it surely will.
This book is a "must-read" for the conscientious wealth advisor. I hope that a second edition provides either an interactive website access or a CD with an assessment instrument.
Tremendous Resource.......2007-06-08
This book provides tremendous insights into the mindset of investors. Pompian explains relatively complex behavioral finance topics in a very fluid and easy to understand manner. This book is a "must have" for advisors who really want to understand the emotional biases that influence their client's investment decisions.
Great help for Investment Consultants.......2007-06-05
As an investment consultant working with high net worth private wealth clients I have found Mr. Pompian's book invaluable. Understanding clients' views and the bias they bring to the table is crucial to helping them overcome their emotions in order to create a sound and diversified institutional quality portfolio. The best finance book I have read since Benjamin Graham's classic, The Intelligent Investor.
Excellent information, well synthesized.......2007-05-14
In a remarkably lucid book, Pompian provides an excellent overview of different cognitive and emotional biases that affect investor behavior other researchers have shown to exist or have characterized well. In this book, each of the biases (over 20 of them) are succinctly defined. Then, the author presents the ramifications of that bias with respect to investor behavior and how it can manifest itself. Further, he provides a brief discussion on how the effect of that bias can be addressed (in this section, he writes as if he is talking only to financial advisers, though the discussion is apt for any investor). In addition, each chapter contains some self-tests that can indicate whether that bias exists or not. Overall, an excellent book for a serious investor and any novice researcher in this field. A must-have. In addition to these books, the reader may be interested in the two books written by Brett N. Steenbarger.
Product Description
As commodities move into the realm of respectable investments and with research continually demonstrating their attractiveness in an overall portfolio, this book provides institutional investors with a framework for intelligent commodity investing.
With the booming interest in commodity investment as investors seek alternatives to more traditional investments there is a growing demand for up-to-date investment information. This book provides timely and intelligent insights from a broad range of institutional investors, consultants, hedge funds, commodity index providers, risk managers as well as research from academia.
This is the only multi-contributor book on commodity investment offering a breadth of opinions for sophisticated investors. It looks at commodity investment from the following perspectives:
- The Investor
- The Active Manager
- The Commodity Index Provider
- The Risk Manager
- The Researcher
The size of the global commodities derivatives market is now estimated to be around $750 billion. This growth is evident by the increased investment in commodity indexes and the growth of commodity hedge funds. Further evidence of growth is also seen in the increasing size of natural-resources mutual funds. China and other fast-growing countries are snapping up raw materials at a pace that, at times, is faster than mines and oil wells can produce them.
In response to the rapid growth in the market, this timely publication will bring you up to speed on the trends and challenges of commodity investment, providing you with a practical investment framework.
Recommended reading for hedge fund managers, pension fund consultants, mutual fund portfolio managers, endowment chief investment officers, futures traders, family office investors, commodity trading advisers, brokers, dealers and MBA students researching this important subject.
Book Description
This book has two themes: Private Banking and investment decisions regarding Structural Financial Products. Dr. Dimitris Chorafas examines in a rigorous way whether structured financial products are advisable investments for retail and institutional investors and, if yes, which risks they entail. As our society becomes increasingly affluent, and state-supported pension schemes find it difficult to survive, a growing number of high net-worth individuals, and families, have become retail investors looking for ways and means to optimize wealth management, and Private Banking deals with these sorts of clients. Private banking also deals with clients that are institutional investors, such as pension funds, mutual funds, and insurance companies, as well as not-for-profits, foundations and companies explicitly set up for wealth management. Both institutional and retail investors are being offered by the banks they work with structured products. Typically, these are securities that provide them with a redemption amount, with may be either with full or partial capital protection, and some type of return. The book examines structured financial products, their polyvalent nature, and the results which could be expected from them.
Return on structural instruments, which are essentially derivatives, is paid in function of a specific investment strategy on selected underlying asset(s). This essentially means on the performance of the underlyings, obtained by asset managers, which may be banks or hedge funds, through purchase or sale of embedded options. But there are risks. Both risk and return from structured products are related to three main issues: the volatility of future value of an underlying, the uncertainty of future events, and the exposure of the product. Every type of investment is subject to market forces, and the more leveraged a portfolio is, the greater will probably be both the assumed risk and the expected reward. The fact that structured financial products appeal, or at least are being marketed, to both retail investors and institutional investors makes the dual approach deliberately chosen in this book most advisable. This book addresses all these issues in a practical manner with numerous case studies and real-world examples drawn from the authors intensive research.
*Because it is based on intensive research, the book is rich in practical examples and case studies
*Addresses the growing trend towards the use of structured financial instruments in private banking
*Thorough treatment of structured financial products that keeps maths to a minimum
Books:
- Newton's Cannon: Book One of THE AGE OF UNREASON (The Age of Unreason)
- Options, Futures and Other Derivatives (6th Edition)
- Peter and the Shadow Thieves
- Product Strategy for High Technology Companies
- Programming a Multiplayer FPS in DirectX (Game Development Series)
- Public Administration: Understanding Management, Politics, and Law in the Public Sector
- Ready...Set...Retire!: Financial Strategies for the Rest of Your Life
- Real Estate Development: Principles and Process 3rd Edition
- Reflective Practice to Improve Schools: An Action Guide for Educators
- Risk Management and Derivatives
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- Managing Risk in the Foreign Exchange, Money and Derivative Markets
- Real Exchange Rates, Devaluation, and Adjustment: Exchange Rate Policy in Developing Countries
- Ravenor Rogue
- The Herbal Medicine Maker's Handbook: A Home Manual
- The Concise Columbia Encyclopedia: Third Edition
- The Casual Structure of Long-Term Supply Relationships: An Emperical Test of a Generalized Transacti
- Russia in the 21st Century: The Prodigal Superpower
- The Baby Trail: A Novel
Neural Networks and the Financial Markets: Predicting, Combining and Portfolio Optimisation (Perspectives in Neural Computing)
Genetic Algorithms and Investment Strategies (Wiley Finance)
Trading on the Edge: Neural, Genetic, and Fuzzy Systems for Chaotic Financial Markets (Wiley Finance)
Practical Neural Network Recipes in C++
Analysis of Financial Time Series, 2nd Edition (Wiley Series in Probability and Statistics)
