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Private Equity Investing in Emerging Markets: Opportunities for Value Creation (Global Financial Markets) by Roger Leeds : the book

Private equity is a financing tool uniquely suited to unlocking value in and strengthening the performance of businesses in emerging market countries. Professionally managed private equity funds invest in companies of all sizes, which investors perceive as undervalued and ripe for restructuring, while private equity investors offer their portfolio companies their business expertise. These professionals have the experience and the financial incentives to be active, hands-on partners with a company's management and to strengthen long-term company performance. It is the application of this scarce non-financial, performance enhancing know-how, combined with the injection of capital that makes private equity unique and especially compelling in developing countries. Drawing heavily on the author's almost four decades of experience as both a practitioner and academician working with private equity investors, entrepreneurs and policymakers in over 100 developing countries around the world, Private Equity Investing in Emerging Markets uses anecdotes and case studies to illustrate and reinforce the key arguments for private equity investment in emerging economies.
 

"Modern Portfolio Theory and Investment Analysis" by Edwin J. Elton, Martin J. Gruber, Stephen J. Brown, William N. Goetzmann : the book

This book examines the characteristics and analysis of individual securities, as well as the theory and practice of optimally combining securities into portfolios. It stresses the economic intuition behind the subject matter while presenting advanced concepts of investment analysis and portfolio management. An excellent resource for investors.

The authors present material that captures the state of modern portfolio analysis, general equilibrium theory, and investment analysis in an accessible and intuitive manner.

A chapter on behavioral finance is included, aimed to explore the nature of individual decision making.

A chapter on forecasting expected returns, a key input to portfolio management, is also included.

In addition, investors will find material on value at risk and the use of simulation to enhance their understanding of the field.

Advantage:

• Real-world examples are integrated throughout the pages to reinforce important concepts.

• The text demonstrates how to apply modern tools such as equilibrium theory to the management of a portfolio.

• Up-to-date with the rapidly changing environment of modern portfolio theory and investment analysis.

• Mathematical proofs can be found in the footnotes, appendices, and specially noted sections of the text in order to enhance student application.

Contents

Dedication

About the Authors

New to the 9th Edition

Preface

Part 1: Introduction

1: Introduction

2: Financial Securities

3: Financial Markets

Part 2: Portfolio Analysis

Section 1: Mean Variance Portfolio Theory

4: The Characteristics of the Opportunity Set under Risk

5: Delineating Efficient Portfolios

6: Techniques for Calculating the Efficient Frontier

Section 2: Simplifying the Portfolio Selection Process

7: The Correlation Structure of Security Returns—the Single-Index Model

8: The Correlation Structure of Security Returns—Multi-Index Models and Grouping Techniques

9: Simple Techniques for Determining the Efficient Frontier

Section 3: Selecting the Optimum Portfolio

10: Estimating Expected Returns

11: How to Select among the Portfolios in the Opportunity Set

Section 4: Widening the Selection Universe

12: International Diversification

Part 3: Models of Equilibrium in The Capital Markets

13: The Standard Capital Asset Pricing Model

14: Nonstandard Forms of Capital Asset Pricing Models

15: Empirical Tests of Equilibrium Models

16: The Arbitrage Pricing Model APT—A Multifactor Approach to Explaining Asset Prices

Part 4: Security Analysis and Portfolio Theory

17: Efficient Markets

18: The Valuation Process

19: Earnings Estimation

20: Behavioral Finance, Investor Decision Making, and Asset Prices

21: Interest Rate Theory and the Pricing of Bonds

22: The Management of Bond Portfolios

23: Option Pricing Theory

24: The Valuation and Uses of Financial Futures

Part 5: Evaluating The Investment Process

25: Mutual Funds

26: Evaluation of Portfolio Performance

27: Evaluation of Security Analysis

28: Portfolio Management Revisited

Index
 

Interest Rate Derivatives Explained: Volume 1: Products and Markets (Financial Engineering Explained) by Jörg Kienitz : the book

The interest rate derivatives markets underwent significant change in the wake of the global financial crisis, change that included the adoption of multi-curve modelling frameworks and market data. Furthermore, even for simple financial instruments significant effort for pricing and risk management can be necessary due to collateral agreements and the consideration of xVA. The latter are adjustments due to credit or liquidity issues. We not only cover multiple yield curve construction but we also consider volatility surfaces for different underlyings.

Interest Rate Derivatives Explained provides a technical but practical guide to the post-crisis fixed income markets, examining the business, products and structures and modeling of interest rate instruments. Written in a highly practical manner, it provides a foundation of knowledge and a solid understanding of the current market practice for financial engineering, risk management and trading of interest rate products.

The book begins by outlining the new, post-crisis market infrastructure along with the regulations that are reshaping the industry. This includes clearing mechanisms, collateral, and then an introduction to the basis notions of interest rates. In this light we discuss all necessary steps to cover linear instruments such as swaps. To this end we consider the building of yield curves in detail. Further to these considerations we discuss the notion of volatility and cover the standard options Caps/Floors and Swaptions but also advanced products including Constant Maturity Swaps are considered. Here we detail the pricing, the risk factors and the proper management for trading, controlling and for Treasury departments.

Interest Rate Derivatives Explained will provide both new and seasoned practitioners with a concise but thorough guide to the fundamentals of interest rate products, markets, pricing and risk management, and will be a valuable reference for anyone studying or researching the field.
 

Susan Will, Stephen Handelman, David C. Brotherton, "How They Got Away With It: White Collar Criminals and the Financial Meltdown" : the book

A team of scholars with backgrounds in criminology, sociology, economics, business, government regulation, and law examine the historical, social, and cultural causes of the 2008 economic crisis. Essays probe the workings of the toxic subprime loan industry, the role of external auditors, the consequences of Wall Street deregulation, the manipulations of alpha hedge fund managers, and the "Ponzi-like" culture of contemporary capitalism. They unravel modern finance's complex schematics and highlight their susceptibility to corruption, fraud, and outright racketeering. They examine the involvement of enablers, including accountants, lawyers, credit rating agencies, and regulatory workers, who failed to protect the public interest and enforce existing checks and balances. While the United States was "ground zero" of the meltdown, the financial crimes of other countries intensified the disaster. Internationally-focused essays consider bad practices in China and the European property markets and draw attention to the far-reaching consequences of transnational money laundering and tax evasion schemes. By approaching the 2008 crisis from the perspective of white collar criminology, contributors build a more general understanding of the collapse and crystallize the multiple human and institutional factors preventing capture of even the worst offenders.
 

The Stock Market (Simple Economics) by Rowan Barnes-Murphy : the book

Introduces the stock market and related issues such as shares, investing, and dividends; features a glossary; and lists resources to explore the subject further.

 

Quantitative Finance: Back to Basic Principles By Adil Reghai : the book

The series of recent financial crises have thrown open the world of quantitative finance and financial modeling. The era of stochastic calculus is over and the time of Ito derivation is at an end. Today, quants need a broad modeling skillset – one that transcends mathematics to price and hedge financial products safely and effectively, but that also takes into account that we now live in a world of more frequent crises, fatter tail risk and the optimized search for alpha.

This book brings together proven and new methodologies from finance, physics and engineering, along with years of industry and academic experience to provide a cookbook of models for dealing with the challenges of today's markets. It begins by looking at approaches to vanilla and exotic options – including barrier, binary and American options. It then addresses the Black-Scholes conundrum – is it effective? The book then progresses to look at other pricing and valuation models commonly used in the industry, including Terminal Smile, stochastic volatility and more before confronting all the key challenges in model calibration and implementation.

Written for quantitative practitioners in banks and asset managers, Quantitative Finance provides a toolkit and robust methodology to confront new and unforeseen pricing and valuation challenges in the light of the new paradigm.
 

The Futures: The Rise of the Speculator and the Origins of the World's Biggest Markets by Emily Lambert : the book

In The Futures, Emily Lambert, senior writer at Forbes magazine, tells us the rich and dramatic history of the Chicago Mercantile Exchange and Chicago Board of Trade, which together comprised the original, most bustling futures market in the world. She details the emergence of the futures business as a kind of meeting place for gamblers and farmers and its subsequent transformation into a sophisticated electronic market where contracts are traded at lightning-fast speeds. Lambert also details the disastrous effects of Wall Street's adoption of the futures contract without the rules and close-knit social bonds that had made trading it in Chicago work so well. Ultimately Lambert argues that the futures markets are the real "free" markets and that speculators, far from being mere parasites, can serve a vital economic and social function given the right architecture. The traditional futures market, she explains, because of its written and cultural limits, can serve as a useful example for how markets ought to work and become a tonic for our current financial ills.
 

Steven G. Mandis, "What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences" : the book

This is an insider's take on the shift at Goldman Sachs from a private partnership to a publicly traded company. A banker, investor, and Columbia Business School professor offers an insider's take on what happened to Goldman Sachs - informed by his own experience, interviews with others who worked at or with the firm, and previously unreleased research. Readers and business leaders will also learn about what Steven G. Mandis calls "organizational drift" - and how to avoid it in their own firms.
 

Charles P. Kindleberger, Robert Z., Aliber, "Manias, Panics and Crashes: A History of Financial Crises, 6th Edition" : the book

Selected as one of the best investment books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence of the financial world in perspective. Here is a vivid and entertaining account of how reckless decisions and a poor handling of money have led to financial explosions over the centuries. Covering topics such as the history and anatomy of crises, speculative manias, and the lender of last resort, this book has been hailed as "a true classic . . . both timely and timeless." In this new, updated sixth edition, Kindleberger and Aliber expand upon the ideas presented in the previous edition to bring the history of the financial crisis up-to-date. It now includes two new chapters that provide an in-depth analysis of the causes, consequences and policy responses to the first global crisis of the 21st century, the Financial Crisis of 2007-2008. In addition, these new chapters also cover significant crises of the last fifteen years. The authors offer valuable lessons that will allow the reader to successfully navigate the financial crises of today and ones that lie ahead.
 

Financial Risk Management with Bayesian Estimation of GARCH Models: Theory and Applications : the book

This book presents methodologies for the Bayesian estimation of GARCH models and their application to financial risk management. The study of these models from a Bayesian viewpoint is relatively recent and can be considered very promising due to the advantages of the Bayesian approach, in particular the possibility of obtaining small-sample results and integrating these results in a formal decision model. The first two chapters introduce the work and give an overview of the Bayesian paradigm for inference. The next three chapters describe the estimation of the GARCH model with Normal innovations and the linear regression models with conditionally Normal and Student-t-GJR errors. The sixth chapter shows how agents facing different risk perspectives can select their optimal Value at Risk Bayesian point estimate and documents that the differences between individuals can be substantial in terms of regulatory capital. The last chapter proposes the estimation of a Markov-switching GJR model.
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