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Praise for SAFELY PROSPEROUS or REALLY RICH? "Howard's brilliant concept that the roads to Prosperity and Riches are very different is very liberating. In most financial books, the author would never do what Howard has done-recount with unflinching honesty the big financial mistakes he and his subscribers have made over the years so readers can avoid the same stumbling blocks and pitfalls. Only a very secure man would have the guts to do that." -Robert Allen author of Multiple Streams of Income and Nothing Down "Howard Ruff is back, offering a wealth of powerful new financial advice for America's middle class. In his new manual, Safely Prosperous or Really Rich?, he challenges you to choose between two roads. The older I get, the more I favor 'Safely Prosperous,' but you make the call. I also love Howard's old-fashioned moral perspectives on money." -Mark Skousen editor of Forecasts and Strategies "Safely Prosperous or Really Rich? is destined to be one of the most influential books of the early twenty-first century, just as his mega bestseller, How to Prosper During the Coming Bad Years, changed millions of lives in the late '70s. Welcome back, Howard." -John Mauldin author of Bull's Eye Investing
With an emphasis on models and techniques, this textbook introduces many of the fundamental concepts of stochastic modeling that are now a vital component of almost every scientific investigation. In particular, emphasis is placed onlaying the foundationfor solvingproblemsin reliability, insurance, finance, and credit risk.
The material has been carefully selected to cover the basic concepts and techniques on each topic, making this an ideal introductory gateway to more advanced learning. With exercises and solutions to selected problems accompanying each chapter, this textbook is for a wide audience including advanced undergraduate and beginning-level graduate students, researchers, and practitioners in mathematics, statistics, engineering, and economics."
Michael Erkens analyzes the determinants and consequences of information disclosure. He presents an empirical investigation of corporate risk management disclosures of nearly 400 firms from 20 European countries. The results show that countries' institutional settings and cultural values are predominant factors why firms disclose information on their risk management practices. In another study, the author analyzes the economic consequences associated with the publication of an annual report in English by European firms from non-English speaking countries. He finds that the release of English annual reports attracts more analysts and foreign investors to the firm, and decreases information asymmetries between insiders and outsiders of the firm.
Discovered in the seventies, Black-Scholes formula continues to play a central role in Mathematical Finance. We recall this formula. Let (B ,t? 0; F ,t? 0, P) - t t note a standard Brownian motion with B = 0, (F ,t? 0) being its natural ?ltra- 0 t t tion. Let E := exp B? ,t? 0 denote the exponential martingale associated t t 2 to (B ,t? 0). This martingale, also called geometric Brownian motion, is a model t to describe the evolution of prices of a risky asset. Let, for every K? 0: + ? (t) :=E (K?E ) (0.1) K t and + C (t) :=E (E?K) (0.2) K t denote respectively the price of a European put, resp. of a European call, associated with this martingale. Let N be the cumulative distribution function of a reduced Gaussian variable: x 2 y 1 ? 2 ? N (x) := e dy. (0.3) 2? ?? The celebrated Black-Scholes formula gives an explicit expression of? (t) and K C (t) in terms ofN : K ? ? log(K) t log(K) t ? (t)= KN ? + ?N ? ? (0.4) K t 2 t 2 and ? ?
First published in 1923, Reminiscences of a Stock Operator is the fictionalized biography of Jesse Livermore, one of the greatest speculators who ever lived. Now, more than 80 years later, it remains the most widely read, highly recommended investment book ever written. Generations of investorshave found that it has more to teach them about themselves and other investors than years of experience in the market. They have also discovered that its trading advice and keen analyses of market price movements ring as true today as in 1923.
Jesse Livermore won and lost tens of millions of dollars playing the stock and commodities markets during the early 1900s. So potent a market force was he in his day that, in 1929, he was widely believed to be the man responsible for causing the Crash.
Originally reviewed in The New York Times as a nonfiction book, Reminiscences of a Stock Operator vividly recounts Livermore's mastery of the markets from the age of 14. Always good at figures, he learns, early on, that he can predict which way the numbers will go. Starting out with an investment of five dollars, he amasses a fortune by his early twenties and establishes himself as a major player on the Street. Bullish in bear markets, and bearish among bulls, he claims that only suckers gamble on the market. The trick, he advises, is to protect yourself by balancing your investments, and selling big on the way down. Livermore goes broke three times, but he comes back each time feeling richer for the learning experience.
Offering profound insights into the motivations, attitudes, and feelings shared by every investor, Reminiscences of a Stock Operator is a timeless instructional tale that will enrich the lives - and the portfolios - of today's traders as it has those of generations past.
ACCA Approved and valid for exams from 01 Sept 2017 up to 30 June 2018 - Becker's Revision Question Bank has been approved and quality assured by the ACCA's examining team and includes: the most recent ACCA examinations with suggested answers, past examination questions - updated where relevant, model answers and suggested solutions and tutorial notes.
How to use financial reporting to create shareholder value.
Creating shareholder value is fundamental to management performance and performance evaluation. Speaking to current and future executives, this is the first text to combine this essential concept with the financial reporting process--the primary provider of the measures of shareholder value creation and its determinants.
Thoughtful, creative, and easy to understand. "Financial Reporting for Managers: A Value-Creation Perspective" links shareholder value creation and the financial accounting statements to the market value of the firm in a way that can easily be understood by beginners and professionals alike. In simple, powerful terms, the book lays out the pathways leading from good decisions by management to strong financial statements, and higher shareholder value and stock prices.
With this book, you will learn about: Shareholder value and its importance to a company's long-term success Financial statements and how to use them to measure, identify, and encourage value creation ROE (Return on Equity), its determinants, and its relationship to the market value of the firm Earnings management Revenues, expenses, and working capital Long-term producing assets and investments in equity securities
With real-world cases illustrating each chapter and integrated global coverage, "Financial Reporting for Managers" ensures that you not only master the fundamentals of financial reporting, but then apply your knowledge to build strong long-term value for your organization.
Indispensible for all those working on late medieval Spain, and also for those scholars and students who are interested in the economic and monetary history of late medieval Europe.
The aim of this book is to examine how technical and institutional factors affect the responsiveness of public and private organisations to a change in accreditation standards, with specific reference to the vocational educational and training (VET) sector and ethical standards. In particular, the authors analyse the Italian experience regarding a new accreditation standard recently adopted in the Region of Lombardy. Although based on a national experience, this innovative approach to accreditation systems in the educational sector provides a more general framework of analysis of how ethics and compliance can be applied in business organisation worldwide.
As well as highlighting how corporations and enterprises -- national or multinational -- can be effectively engaged in entrepreneurship and innovation as a means of fulfilling corporate social responsibility goals and objectives, this book aims to propose means whereby auditors (and particularly, external auditors) could more effectively fulfil corporate governance roles through implementation of local, regional, national and internationally recognised codes, regulations, and standards. Whether it is advantageous to regulate both securities investments and consumer financial instruments through a single entity (as is accomplished by the Financial Conduct Authority in the United Kingdom), or through various specialised agencies (as is accomplished in the United States through the Securities and Exchange Commission and the Consumer Financial Protection Bureau) depends on the structure of the "single entity" and whether such an entity is still working as part of a larger entity whose effectiveness is primarily determined by the extent and level of coordination and cooperation with other entities in the supervisory process. As the tripartite arrangement between the Financial Services Authority, Bank of England and the Treasury has revealed, even well-designed regulatory structures are prone to flaws and shortcomings, where resources are inadequately allocated and where the necessary level of communication and coordination is lacking. The structure of financial regulation is hence not only crucial to the success of the attainment of regulatory objectives, but also the extent of involvement, coordination, and cooperation between involved supervisory authorities. Further, the allocation of appropriate tools and resources to those authorities who are best endowed, equipped with the expertise to carry out the required level of monitoring and supervision, as well as clear allocation of such responsibilities, would ensure resources of time and expertise are not wasted, and that responsibilities are not duplicated. As well as highlighting the impact of asymmetric information on levels of monitoring procedures and how conflicts of interests could arise between corporations and their shareholders or between governments and the firms being regulated by the regulator, this book also aims at accentuating the need for the operation of certain vital safeguards, given the merits that are and could be derived from self-governance and self-regulation. Several safeguards that are aimed at bolstering the agent's objectives and actions are closely monitored, as well as aligned with firm investors' desires, encompass and relate to the encouragement of longer term firm economic performance. This also includes increasing shareholder voting power, and the implementation of legislative tools and financial reporting standards as means of determining how effectively executives and management are to be compensated. Finally, this book is also aimed at exploring how these safeguards could be applied, particularly within the context of insider trading and the rationale behind several jurisdictions to adopt or not adopt insider trading regulations. The author seeks to provide the readers with a better understanding of how corporate governance structures can assist businesses.
This book covers key discussions involving major US and European multinational companies (MNCs) that source products from suppliers in developing countries. Due to the transfer of production from developed to developing nations, there is an urgent need to establish social compliance as a new form of Corporate Social Responsibility (CSR) and a means by which MNCs can meet expected social standards. The cases described are internationally relevant and can be seen to reflect or represent the behavior of many MNCs and their suppliers in developing nations. The discussion offers essential insights into how different levels of social compliance risk and pressure (including broader stakeholder concerns) move managers to adopt or embrace particular social compliance accounting, reporting and auditing strategies. The book will help readers to understand the major concerns, challenges and dilemmas faced by management in the supply chains of MNCs, and proposes measures that can be taken to resolve those dilemmas. Most importantly, it develops a systematic method of assessing the social compliance performance of suppliers to MNCs. This includes highly detailed accounts of the social compliance performance of suppliers within the clothing industry (in a developing nation) that supply goods to the extensive US and European markets. The book offers a valuable guide, not only for corporate managers but also for practitioners, researchers, academics, and undergraduate and postgraduate business students.
A perspective from Asia on the global financial crisis as it unfolded in real time, and, in the process redefined several prevailing macro-economic paradigms. Written by a policy maker with a good knowledge of economics and history who participated in G20 debates on crisis management, it is addressed primarily to the interested layperson, including students who feel their textbooks do not adequately explain the real world. It should also be of interest to subject specialists. The anomalies in the process of fitting fact to theory are littered liberally throughout. Although the central theme is the recent global financial crisis, the book is very broad in sweep with the overarching objective of locating the crisis amidst the broad sweep of economic history, a changing world and policy debates. Structured in a manner that sits easy on the reader, it need not be read from beginning to end. The reader can complete the book without breaking into a sweat, with the big picture in its rich, full detail falling into place frame by frame.
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