Автор: David C. M. Dickson, Howard R. Waters, Mary R. Hardy Название: Actuarial mathematics for life contingent risks ISBN: 1108478085 ISBN-13(EAN): 9781108478083 Издательство: Cambridge Academ Рейтинг: Цена: 87650.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This new edition, designed as a primary text for undergraduate and graduate students, covers the mathematics of life and long-term health insurance and pensions. Exam-style questions build up students` confidence in applying the material to real-world situations, and prepares them for professional exams such as the Society of Actuaries` LTAM Exam.
Автор: Jan De Spiegeleer; Ine Marquet; Wim Schoutens Название: The Risk Management of Contingent Convertible (CoCo) Bonds ISBN: 3030018237 ISBN-13(EAN): 9783030018238 Издательство: Springer Рейтинг: Цена: 51230.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This book provides an overview of the risk components of CoCo bonds. CoCos are hybrid financial instruments that convert into equity or suffer a write-down of the face value upon the appearance of a trigger event. The loss-absorption mechanism is automatically enforced either via the breaching of a particular accounting ratio, typically in terms of the Common Equity Tier 1 (CET1) ratio, or via a regulatory trigger. CoCos are non-standardised instruments with different loss-absorption and trigger mechanisms. They might also contain additional features such as the cancellation of coupon payments.Different pricing models are discussed in detail. These models use market data such as share prices, CDS levels and implied volatility in order to calculate the theoretical price of a CoCo bond and its sensitivities, providing the investor with insides to hedge from adverse changes in the market conditions.The audience are professionals as well as academics who want to learn how to risk manage CoCo bonds using cutting edge techniques as well as all the risk involved in CoCo bonds.
Автор: David C. M. Dickson, Mary R. Hardy, Howard R. Waters Название: Solutions Manual for Actuarial Mathematics for Life Contingent Risks ISBN: 1108747612 ISBN-13(EAN): 9781108747615 Издательство: Cambridge Academ Рейтинг: Цена: 44350.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This must-have manual provides solutions to all exercises in the Third Edition of the authors` groundbreaking text, which is required reading for the Society of Actuaries` (SOA) LTAM Exam. Over 300 solutions give insight as well as exam preparation. Companion spreadsheets are freely available online.
The study of heavy-tailed distributions allows researchers to represent phenomena that occasionally exhibit very large deviations from the mean. The dynamics underlying these phenomena is an interesting theoretical subject, but the study of their statistical properties is in itself a very useful endeavor from the point of view of managing assets and controlling risk. In this book, the authors are primarily concerned with the statistical properties of heavy-tailed distributions and with the processes that exhibit jumps. A detailed overview with a Matlab implementation of heavy-tailed models applied in asset management and risk managements is presented. The book is not intended as a theoretical treatise on probability or statistics, but as a tool to understand the main concepts regarding heavy-tailed random variables and processes as applied to real-world applications in finance. Accordingly, the authors review approaches and methodologies whose realization will be useful for developing new methods for forecasting of financial variables where extreme events are not treated as anomalies, but as intrinsic parts of the economic process.
Автор: Jacque Laurent L Название: Global Derivative Debacles: From Theory To Malpractice (Second Edition) ISBN: 9814699896 ISBN-13(EAN): 9789814699891 Издательство: World Scientific Publishing Цена: 54910.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This book analyzes in depth all major derivatives debacles of the last half century including the multi-billion losses and/or bankruptcy of Metallgesellschaft (1994), Barings Bank (1995), Long Term Capital Management (1998), Amaranth (2006), Societe Generale (2008) , AIG (2008) and JP Morgan-Chase (2012).
Автор: Roggi Oliviero Название: Risk, Value And Default ISBN: 9814641715 ISBN-13(EAN): 9789814641715 Издательство: World Scientific Publishing Рейтинг: Цена: 92930.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Scholars and practitioners have known for a long time that risk plays an important, indeed central, role in determining the appropriate discount rate to be used in a sophisticated valuation model.
Автор: Rao Ramesh K S Et Al Название: Corporate Policies In A World With Information Asymmetry ISBN: 9814551309 ISBN-13(EAN): 9789814551304 Издательство: World Scientific Publishing Рейтинг: Цена: 93990.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание:
A corporate manager typically oversees several ongoing projects and has the opportunity to invest in new projects that add wealth to the stockholders. Such new projects include expanding the corporation's existing business, entering into a new line of business, acquiring another business, and so on. If the firm does not have sufficient internal capital (cash) to finance the initial investment, the manager must enter into a transaction with outside investors to raise additional funds.
In this situation, the manager of a public corporation faces two key decisions:
Should he transact with outside investors and raise the necessary capital to invest in the project? The answer to this question determines the firm's investment policy.
If the manager decides to raise external capital how should the investment be financed -- with debt, with equity, or with some other security? The answer determines the firm's financing policy.
Modern corporate finance theory, originating with the seminal work of Merton Miller and Franco Modigliani, has demonstrated that these decisions depend on the information that the manager and investors have about the firm's future cash flows.
In this book, the authors examine these decisions by assuming that the manager has private information about the firm's future cash flows. They provide a unified framework that yields new theoretical insights and explains many empirical anomalies documented in the literature.
Автор: Dempsey Michael Название: Stock Markets, Investments and Corporate Behavior ISBN: 1783266996 ISBN-13(EAN): 9781783266999 Издательство: World Scientific Publishing Рейтинг: Цена: 132000.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Stock Markets, Investments and Corporate Behavior examines the nature of stock market growth and decline, the function of financial markets, and their implications for commercial companies.
Автор: Phanish Puranam Название: Corporate Strategy: Tools for Analysis and Decision-making ISBN: 1107544041 ISBN-13(EAN): 9781107544048 Издательство: Cambridge Academ Рейтинг: Цена: 36950.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This concise textbook arms students and managers with the tools needed to make good decisions on corporate strategy issues and to perform sound analysis of the corporate strategy decisions of others. A rich companion website with downloadable tools, case materials and current examples from the media is also included.
Автор: Dickson, David C. M. Название: Actuarial Mathematics for Life Contingent Risks ISBN: 1107044073 ISBN-13(EAN): 9781107044074 Издательство: Cambridge Academ Рейтинг: Цена: 83430.00 T Наличие на складе: Поставка под заказ. Описание: Actuarial Mathematics for Life Contingent Risks, 2nd edition, is the sole required text for the Society of Actuaries Exam MLC Fall 2015 and Spring 2016. It covers the entire syllabus for the SOA Exam MLC, including new sections for Spring 2016. It is ideal for university courses and for individuals preparing for professional actuarial examinations - especially the new, long-answer exam questions. Three leaders in actuarial science balance rigor with intuition and emphasize practical applications using computational techniques to provide a modern perspective on life contingencies and equip students for the products and risk structures of the future. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. The 210 exercises provide meaningful practice with both long-answer and multiple choice questions. Furthermore: • the book has been updated to include new material on discrete time Markov processes, on models involving joint lives, and on universal life insurance and participating traditional insurance • the Solutions Manual (ISBN 9781107620261), available for separate purchase, provides detailed solutions to the text's exercises.
Автор: Von Furstenberg George M Название: Contingent Convertibles [Cocos]: A Potent Instrument For Financial Reform ISBN: 9814619892 ISBN-13(EAN): 9789814619899 Издательство: World Scientific Publishing Рейтинг: Цена: 95040.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание:
Contingent Convertibles (CoCos) represent debt that is subject to being converted automatically into common equity under pre-specified terms of conversion if the chosen regulatory capital ratio falls to a level triggering conversion. CoCos are that subspecies of contingent capital that references regulatory (Basel III) concepts in its triggers. From 2014, trigger points are set by common equity (Common Equity Tier 1 [CET1]) in percent of risk-weighted assets [RWA] or of more complicated measures of total exposure to a variety of risks, particularly credit risk. This is the first comprehensive book on CoCos, an innovative instrument that has attracted growing attention since it was first issued in 2009.
The book is mostly concerned with going-concern 'recovery-' rather than 'resolution-' CoCos, because avoiding failure and costly disruption of financial networks without government financing is the first order of business. CoCos hold a high promise of providing fully loss-absorbing equity capital when it is most needed and least available to financial institutions. Yet, having grown out of the 2007-2009 financial crisis, they are still an 'infant' reform instrument in many respects. Few of the instrument's design features (or even the rating, regulatory, and tax treatments) are entirely settled. This book seeks to move the discussion toward, and then past, the main decision points so that CoCos can prove their value for contingency planning and self-insurance all over the world. It is intended to increase the ability of issuers and investors to analyze and understand the different kinds of CoCos.
Автор: Liberadzki, Marcin Liberadzki, Kamil Название: Contingent convertible bonds, corporate hybrid securities and preferred shares ISBN: 3319925008 ISBN-13(EAN): 9783319925004 Издательство: Springer Рейтинг: Цена: 65210.00 T Наличие на складе: Поставка под заказ. Описание: This book is a comprehensive guide to the new generation of hybrid securities: subordinated and perpetual bonds with deferrable coupon first issued around 2003, and the youngest member of the hybrids family named CoCos (contingent convertibles) being a product of Basel III or European Union CRD IV regime (2014). Contingent capital constitutes a contractual recapitalization mechanism for troubled financial institutions. An increasing number of European banks have issued CoCo bonds in order to bolster their capital ratios. Following the EU pattern, CoCos issues have become increasingly popular within banks in Asia and the Pacific. The EU regulatory treatment of the contingent convertibles issued by banks and insurers together with bank bail-in instruments is at the forefront of the book. Furthermore, the book provides an overview of hybrids pricing and risk assessment approach and covers the non-voting preferred stocks as another hybrids class.
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