Risk Budgeting: Portfolio Problem Solving with Value-at-Risk
Covers the hottest topic in investment for multitrillion pension market and institutional investors Institutional investors and fund managers understand they must take risks to generate superior investment returns, but the question is how much. Enter the concept of risk budgeting, using quantitative risks measurements, including VaR, to solve the problem. VaR, or value at risk, is a concept first introduced by bank dealers to establish parameters for their market short-term risk exposure.
This book aims to provide an insight into how entrepreneurship has evolved and emerged as an independent field of research. The authors base their discussion on articles which are considered to be seminal works in the field, and present a blend of theoretical and empirical evidence. Consequently, each chapter provides a solid knowledge-based and structured overview of the selected theme and demonstrates the scope of conflicting and complementary theories.
This book's approach is decidedly interdisciplinary and practical. It is designed as a laboratory, skills-based course where students develop, practice, and refine decision-making and problem-solving strategies that they will carry with them into the world of business practice.
Credit Models and the Crisis: A Journey into CDOs, Copulas, Correlations and Dynamic Models
The recent financial crisis has highlighted the need for better valuation models and risk management procedures, better understanding of structured products, and has called into question the actions of many financial institutions. It has become commonplace to blame the inadequacy of credit risk models, claiming that the crisis was due to sophisticated and obscure products being traded, but practitioners have for a long time been aware of the dangers and limitations of credit models.
Finally, here is the first accurate & beautiful translation of Richard Cantillon’s 1755 masterpiece on economics. This treatise is widely credited with being the first to describe the market process as one driven by entrepreneurship. William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, "the cradle of political economy."
