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Praise for Robust Portfolio Optimization and Management "In the half century since Harry Markowitz introduced his elegant theory for selecting portfolios, investors and scholars have extended and refined its application to a wide range of real-world problems, culminating in the contents of this masterful book. Fabozzi, Kolm, Pachamanova, and Focardi deserve high praise for producing a technically rigorous yet remarkably accessible guide to the latest advances in portfolio construction." --Mark Kritzman, President and CEO, Windham Capital Management, LLC "The topic of robust optimization (RO) has become 'hot' over the past several years, especially in real-world financial applications. This interest has been sparked, in part, by practitioners who implemented classical portfolio models for asset allocation without considering estimation and model robustness a part of their overall allocation methodology, and experienced poor performance. Anyone interested in these developments ought to own a copy of this book. The authors cover the recent developments of the RO area in an intuitive, easy-to-read manner, provide numerous examples, and discuss practical considerations. I highly recommend this book to finance professionals and students alike." --John M. Mulvey, Professor of Operations Research and Financial Engineering, Princeton University
Pinedo is a major figure in the scheduling area (well versed in both stochastics and combinatorics) , and knows both the academic and practitioner side of the discipline. This book includes the integration of case studies into the text. It will appeal to engineering and business students interested in operations research.
Bayesian Methods in Finance provides a detailed overview of the theory of Bayesian methods and explains their real-world applications to financial modeling. While the principles and concepts explained throughout the book can be used in financial modeling and decision making in general, the authors focus on portfolio management and market risk management—since these are the areas in finance where Bayesian methods have had the greatest penetration to date.
In years past, the keywords for leaders were confidence, single-minded purpose, and strategic planning. But today’s vastly complex, globalized, and fast-evolving world requires a different kind of leadership. This game-changing book details a new approach—entrepreneurial leadership—developed at Babson College, the number-one school for entrepreneurship in the world. Entrepreneurial leadership is inspired by, but is separate from, entrepreneurship. It can be applied in any organizational situation, not just start-ups. Based on two years of extensive research, it embraces three principles that add up to a fundamentally new worldview of business and a new logic of decision making. First, rapid change and increasing uncertainty require leaders to be “cognitively ambidextrous,” able to shift between traditional “prediction logic” (choosing actions based on analysis) and “creation logic” (taking action despite considerable unknowns). Guiding this different way of thinking and acting is a new view of business, where simultaneous creation of social, environmental, and economic value is the order of the day. Finally, entrepreneurial leaders leverage their understanding of themselves and their social context to guide effective action. Each chapter offers concrete examples of how educators across all disciplines are integrating these ideas into their courses—and even their entire curricula. The New Entrepreneurial Leader lays out a comprehensive new paradigm for reinventing management education in order to mold leaders who will shape social and economic opportunity.
This book offers a cross disciplinary treatment of the rapidly growing field of integrated approaches in risk assessment in mountainous areas. All major aspects related to hazard and risk assessment, risk management, and governance are illustrated with a wide range of case studies. The first part of the book focuses on new techniques for assessing the natural hazards of different types of mass movements. State-of-the-art techniques for morphological characterization and monitoring of displacements are described. Computational advances are covered to explain the process systems and to quantify the hazards of fast and slow-moving landslides. In the second part of the book methodologies are included for assessing the impact of these natural hazards on the society in terms of risks. In this part, methodologies for defining the vulnerability of the elements at risk are shown and the use of run-out models for risk assessment of the dangerous rapid mass movements are evaluated. The third part of the book focuses on the response of society towards the problems of hazard and risk. It highlights the role of spatial planning, early warning systems and evacuation plans for risk management. It establishes practical thresholds for acceptable and tolerable risks and emphasizes the importance of education and communication to society. Audience The book is of interest to a wide range of experts from related disciplines, practitioners and stakeholders to demonstrate the importance of an integrated approach for all aspects of risks in mountainous areas.
“Groundbreaking.” —Washington Examiner Economics is primed for—and in desperate need of—a revolution, respected economic forecaster John D. Mueller shows in this eye-opening book. To make the leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, economic theory has been unable to account for a fundamental aspect of human experience: the relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to exchanges, modern economists have forgotten how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying the economic thought of Aristotle, Augustine, and Aquinas.
FINANCE Financial managers and investment professionals need a solid foundation in finance principles and applications in order to make the best decisions in today's ever-changing financial world. Written by the experienced author team of Frank Fabozzi and Pamela Peterson Drake, Finance examines the essential elements of this discipline and makes them understandable to a wide array of individuals, from seasoned professionals looking to fine-tune their financial skills to newcomers seeking genuine guidance through the dynamic world of finance. Divided into four comprehensive parts, this reliable resource opens with an informative introduction to the basic tools of investing and financing decision-making financial mathematics and financial analysis (Part I). From here, you'll become familiar with the fundamentals of capital market theory, including financial markets, financial intermediaries, and regulators of financial activities (Part II). You'll also gain a better understanding of interest rates, bond and stock valuation, asset pricing theory, and derivative instruments in this section. Part III moves on to detail decision-making within a business enterprise. Topics touched upon here include capital budgeting that is, whether or not to invest in specific long-lived projects and capital structure. Management of current assets and risk management are also addressed. By covering the basics of investment decision-making, Part IV skillfully wraps up this accessible overview of finance. Beginning with the determination of an investment objective, this part proceeds to demonstrate portfolio theory and performance evaluation, and also takes the time to outline techniques for managing equity and bond portfolios as well as discuss the best ways to use derivatives in the portfolio management process. Filled with in-depth insights and practical advice, Finance puts this field in perspective. And while a lot of ground is covered in this book, this information will help you appreciate and understand the complex financial issues that today's companies and investors constantly face.
"The Handbook of Finance is a comprehensive 3-Volume Set that covers both established and cutting-edge theories and developments in finance and investing. Edited by Frank Fabozzi, this set includes valuable insights from global financial experts as well as academics with extensive experience in this field. Organized by topic, this comprehensive resource contains complete coverage of essential issues—from portfolio construction and risk management to fixed income securities and foreign exchange—and provides readers with a balanced understanding of today’s dynamic world of finance. A brief look at each volume: Volume I: Financial Markets and Instruments skillfully covers the general characteristics of different asset classes, derivative instruments, the markets in which financial instruments trade, and the players in those markets. Volume II: Investment Management and Financial Management focuses on the theories, decisions, and implementations aspects associated with both financial management and investment management. Volume III Valuation, Financial Modeling, and Quantitative Tools contains the most comprehensive coverage of the analytical tools, risk measurement methods, and valuation techniques currently used in the field of finance."
This synthesis summarizes the findings of the Global Natural Disaster Risk Hotspots project. The Hotspots project generated a global disaster risk assessment and a set of more localized or hazard-specific case studies. The synthesis draws primarily from the results of the global assessment. Full details on the data, methods and results of the global analysis can be found in volume one of Natural Disaster Hotspots: A Global Risk Analysis. The case studies are contained in volume two (forthcoming).
Why the traditional “pledge and review” climate agreements have failed, and how carbon pricing, based on trust and reciprocity, could succeed. After twenty-five years of failure, climate negotiations continue to use a “pledge and review” approach: countries pledge (almost anything), subject to (unenforced) review. This approach ignores everything we know about human cooperation. In this book, leading economists describe an alternate model for climate agreements, drawing on the work of the late Nobel laureate Elinor Ostrom and others. They show that a “common commitment” scheme is more effective than an “individual commitment” scheme; the latter depends on altruism while the former involves reciprocity (“we will if you will”). The contributors propose that global carbon pricing is the best candidate for a reciprocal common commitment in climate negotiations. Each country would commit to placing charges on carbon emissions sufficient to match an agreed global price formula. The contributors show that carbon pricing would facilitate negotiations and enforcement, improve efficiency and flexibility, and make other climate policies more effective. Additionally, they analyze the failings of the 2015 Paris climate conference. Contributors Richard N. Cooper, Peter Cramton, Ottmar Edenhofer, Christian Gollier, Éloi Laurent, David JC MacKay, William Nordhaus, Axel Ockenfels, Joseph E. Stiglitz, Steven Stoft, Jean Tirole, Martin L. Weitzman