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978-1-57660-349-9 Hardcover • $29.95
978-1-57660-316-1Hardcover • $29.95
The Evolutionof Technical Analysis
Andrew W. LoJasmina Hasanhodzic
F I N A N C I A L P R E D I C T I O N F R O M B A BY LO N I A N
TA B L E T S T O B LO O M B E R G T E R M I N A L S
“Where there is a price, there is a market, then analysis, and ultimately a study of the analyses. You don’t want to enter this circle without a copy of this book to guide you through the bazaar and fl ash.”
—Dean LeBaron, founder and former chairman of Batterymarch Financial Management, Inc.
“The urge to fi nd order in the chaos of market prices is as old as civilization itself. This excellent volume traces the development of the tools and insights of technical analysis over the entire span of human history; beginning with the commodity price and astronomical charts of Mesopotamia, through the Dow Theory or the early twentieth century—which forecast the Crash of 1929—to the analysis of the high-speed electronic marketplace of today. The account is particularly refreshing for academics steeped in statistical models, as technical analysis relies upon a substantially different analytical language: graphs, trends, and complex structures. An excellent overview of an important topic.”
—William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Yale School of Management
“This book will fascinate anyone interested in technical analysis. Lo and Hasanhodzic are the fi rst to compile this history and they present it with clear, good-humored prose that moves swiftly. And the book has a larger message. By charting the history of organized trading through the millennia—even Babylon!—it points out the timelessness of the human endeavor we presently know as Wall Street.”
—Carol Osler, Director, Lemberg Masters Program in International Economics and Finance, Brandeis International Business School, Brandeis University
“This book is an exhaustive study of technical analysis history and development from Babylon to the present, another classic by Lo and Hasanhodzic. Using multiple sources, the authors provide a persuasive argument for the origin, rationale, growth, and future of technical analysis. I found the information and logic compelling, and I highly recommend this book to anyone interested in the analysis of trading markets.”
—Charles D. Kirkpatrick II, CMT, President, Kirkpatrick & Company, Inc., coauthor of Technical Analysis: The Complete Resource for Financial Market Technicians, and Adjunct Professor, Brandeis University
The fascinating history of technical analysis and its role in shaping the behavioral theory of modern fi nancial markets.
The Evolution of Technical Analysis explores the history of technical analysis from ancient Babylon through the Internet Age, and highlights the successes and failures of the pioneers—the famous and the forgot-ten—who played a pivotal role in the evolution of this fascinating craft. Today, thanks to their contribu-tions, technical analysis has evolved from “voodoo fi nance” into a more scientifi c endeavor, emerging as a respectable discipline that commands the attention of all serious students of fi nancial markets. This sweeping history will surprise skeptics and open the door for more constructive dialogue between techni-cians and proponents of modern fi nance.
ANDREW W. LO is the Harris & Harris Group Professor of Finance at MIT Sloan School of Management and the director of MIT’s Laboratory for Financial Engineering. He has
published numerous papers in leading academic and practitioner journals, and his books include The Econometrics of Financial Markets, A Non-Random Walk Down Wall Street, and Hedge Funds: An Analytic Perspective. His awards include the Alfred P. Sloan Foundation Fellowship, the Paul A. Samuelson Award, the Graham and Dodd Award, the James R. Vertin Award, and the American Association of Individual Investors Award. He is also Chairman and Chief Investment Strategist of AlphaSimplex Group, LLC.
JASMINA HASANHODZIC is a research scientist at Alpha-Simplex Group, LLC, where she develops quantitative investment strategies and benchmarks. She
received her PhD from MIT’s Department of Electrical Engineering and Computer Science. Her works on alternative market betas and technical analysis have appeared in leading publications, such as the Journal of Investment Management, and she is the coauthor with Andrew Lo of the book The Heretics of Finance. She also serves on the Board of Directors of the Market Technicians Association Educational Foundation.
Jacket Design: Fleur de Lis Design
$29.95 USA / $35.95 CAN
“A movement is over when the news is out,” so goes the Wall Street maxim. For thousands of years, tech-nical analysis—marred with common misconcep-tions likening it to gambling or magic and dismissed by many as “voodoo fi nance”—has sought methods for spotting trends in what the market’s done and what it’s going to do. After all, if you don’t learn from history, how can you profi t from it?
In The Evolution of Technical Analysis, the director of MIT’s Laboratory for Financial Engineering, Andrew Lo, and coauthor Jasmina Hasanhodzic present an engaging account of the origins and development of this mysterious “black art,” trac-ing its evolution from ancient Babylon to the rise of Wall Street as the world’s fi nancial center. Along the way, the practices of Eastern technical analysts like Munehisa Homma (“the god of the markets”) are compared and contrasted with those of their Western counterparts, such as Humphrey Neill, William Gann, and Charles Dow (“the father of technical analysis”).
With deep roots in antiquity, technical analysis is part art and part science, seeking to divine trends, reversals, cycles, and other predictable patterns in historical market prices. While the techniques for capturing such regularities have evolved consider-ably over the centuries, the all-too-human predilec-tion to extrapolate into the future using the past has been a constant driving force throughout history.
The authors chronicle the fascinating and un-expected path of charting that likely began with simple superstitions and coincidences, and has de-veloped into widespread practices in many markets and instruments, involving sophisticated computa-tional algorithms and visualization techniques. The Evolution of Technical Analysis is the story of how some early technicians failed miserably, how others succeeded beyond their wildest dreams, and what it means for traders today.
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Photo: John Melanson
Photo: MIT
978-0-470-54086-2Hardcover • $27.95
978-0-470-64604-5Paper • $16.95
S T E P H E N R O A C H O N
S T E P H E N S . R O A C H
“Stephen Roach’s prescient collection of insights and analyses, from his
many years in Asia as one of the most experienced decoders of China’s
political and economic trends, are cogent, valuable, and immensely helpful.”
— H E N RY A . K I S S I N G E R
O P P O R T U N I T I E S A N D C H A L L E N G E S
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PR AI SE FOR STE PH E N ROAC H ON THE NEXT AS IA
“Stephen Roach’s penetrating insights into the linkages between Asia and globalization—past,present, and future—should be required reading for policymakers, economists, and anyone else who has an interest in the future of the world economy.” — JEFFREY E. GARTEN, Professor and former dean, Yale School of Management, and former
Undersecretary of Commerce for International Trade, Clinton administration
“If policymakers from the United States and China heed [Roach’s] words, the world will be a safer, more prosperous place.”—BILL BRADLEY, former United States Senator
“This book presents a fresh Asian perspective in understanding the root cause of the globalfi nancial crisis.”—LIU MINGKANG, Chairman, China Banking Regulatory Commission
“Stephen Roach’s articles on Asia give the reader an authoritative and highly readable overview of the many fascinating aspects of Asia’s new emergence on the global scene.”—MONTEK AHLUWALIA, Deputy Chairman, Planning Commission, Government of India
“Debate rages over whether Asia has become the new engine of growth in a post-crisis global economy. Stephen Roach challenges this presumption and provides timely insight as to whatChina and the rest of Asia need to accomplish in order to step into this important role.” — LAURA D’ANDREA TYSON, Professor, Haas School of Business, UC Berkeley, and former
chair, White House National Economic Council, Clinton administration
“Roach has enjoyed a ringside seat in Asia through the crisis. The combination of economic andbusiness analysis gives him a unique perspective.”— HOWARD DAVIES, Director, London School of Economics, and former executive chairman,
UK Financial Services Authority
STEPHEN S. ROACH has been a thought leader on Wall Street for over thirty years. He is cur-rently a member of the faculty of Yale University and Non-Executive Chairman of Morgan Stanley Asia. For the bulk of his career, he served as Morgan Stanley’s chief economist, heading up a highly regarded team of economists around the world. His recent research on globalization, the emergence of China and India, trade policy, and the capital market implications of global imbal-ances has appeared widely in the international media and in testimony before the U.S. Congress. Prior to joining Morgan Stanley in 1982, he worked in senior capacities at Morgan Guaranty Trust Company and the Federal Reserve Board in Washington D.C. He holds a PhD in economics from New York University and was a research fellow at the Brookings Institution. He is currently recovering from chronic jet lag syndrome after having logged 1.2 million air miles during his recent three-year stint as Hong Kong–based Chairman of Morgan Stanley Asia.
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$16.95 USA | $19.95 CAN
978-0-470-95090-6Hardcover • $27.95
978-0-470-48159-2Hardcover • $34.95
INTOODEEP
Bloomberg News
B P A N D T H E D R I L L I N G R A C E
T H A T T O O K I T D O W N
S T A N L E Y R E E D
A L L I S O N F I T Z G E R A L D
EDWIN LEFÈVRE
Stock Operatorof a
Reminiscences
With New Commentary and Insights on the Life and Times ofJESSE LIVERMORE
annotated edition by jon d. markman
fore word by paul tudor jones
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978-0-470-50514-4Hardcover • $24.95
978-0-470-97611-1Hardcover • $27.95
FOREWORD BY JONATHAN CLEMENTS
978-0-470-07394-0Hardcover • $29.95
978-0-470-55373-2Hardcover • $27.95
978-0-470-60527-1Hardcover • $39.95
THEE MADOFF WHISTLEBLOWWER
978-0-470-76877-8Hardcover • $49.95
R E G U L A T I N G
the dodd-frank act
and The NEW ARCHITECTURE
of global fi nance
VIRAL V. ACHARYA l THOMAS F. COOLEY l
MATTHEW P. RICHARDSON l INGO WALTERE D I T O R S
ACHARYA l COOLEY lRICHARDSON l W
ALTER REGULATING WALL STREET
T he Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is everywhere described as the most ambitious and far-reaching overhaul of fi nancial
regulation since the 1930s. The Act was born of the severe fi nancial crisis of 2007–2009 and the Great Recession that followed. It attempts to fi x parts of the fi nancial architecture that failed in the crisis. The Act is already being denounced by some for not going far enough to curb the risky behavior of fi nancial institutions, and condemned by others for going too far and hampering innovation and effi ciency in fi nancial markets.
Following Restoring Financial Stability: How to Repair a Failed System, a forensic analysis of the fi nancial crisis of 2007–2009, forty NYU Stern faculty have produced this in-depth analysis of the Dodd-Frank Act. It provides a comprehensive description of the important parts of the Act and a balanced assessment of its likely success as the new regulatory architecture for the fi nancial system.
The Dodd-Frank Act, together with other regulatory reforms introduced by the Securities and Exchange Commission (SEC), the Federal Reserve, and other regulators as well as fi nancial sector reforms being put in place in Europe, is going to alter the structure of fi nancial markets in profound ways. The editors argue that the Dodd-Frank Act provides much-needed improvements in fi nancial regulation but falls far short of what could have been achieved.
Today, it seems that everyone’s taking credit for predicting the near collapse of America’s fi nancial system that started in 2007. But, rather than looking to the past at what went wrong and who was right, in Regulating Wall Street: The Dodd-Frank
Act and the New Architecture of Global Finance, leading academics from New York University’s Stern School of Business—each a specialist in a relevant discipline—turn their attentions to the new legislation to regulate Wall Street in the future, and whether the resulting regulations will promote growth and prevent another near collapse of our fi nancial system, or contribute to its catastrophic failure.
Edited by Viral Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter, this book is essential reading for policymakers, business executives, and anyone who can benefi t from having a clear, coherent, and rigorous framework for thinking about the future of global fi nance.
VIRAL V. ACHARYA is Professor of Finance at New York University Stern School of Business.
THOMAS F. COOLEY is Dean Emeritus and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science.
MATTHEW P. RICHARDSON is the Charles E. Simon Professor of Applied Financial Economics at New York University Stern School of Business.
INGO WALTER is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics and Vice Dean of Faculty at New York University Stern School of Business.
J a c k e t Im a g e s : © J u p i t e r Im a g e s
$ 4 9 . 9 5 U S A / $ 5 9 . 9 5 C A N
Independent analysis of newly enacted financial legislation—and what it might mean for the world economy
F O R E W O R D B Y M Y R O N S C H O L E S , 19 9 7 N O B E L P R I Z E L A U R E AT E I N E C O N O M I C S
“A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the fi nancial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of fi nance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Act—and where the potential challenges to the fi nancial system still lie.” —Gillian Tett, U.S. Managing Editor, Financial Times
“The crisis of 2008 confronted even well-educated Americans with a fl ood of incomprehensible fi nancial vocabulary, describing novel fi nancial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion.” —Robert E. Lucas, University of Chicago, 1995 Nobel Laureate
“Take the faculty of one of the best fi nance departments in the world. Ask them to analyze the new U.S. legislation on fi nancial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the fi nancial system. With a bit of luck, you get this very impressive book. An absolute must-read.” —Olivier Blanchard, Chief Economist, International Monetary Fund
“Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex fi nancial reality.” — Paul Volcker, Chairman of the Economic Recovery Advisory Board and former
Chairman of the Federal Reserve (1979–1987)
[ c o n t i n u e d f r o m f r o n t f l a p ]
[ c o n t i n u e d o n b a c k f l a p ]
11_55959_JOIMConf_Brochure_kl.indd 1 9/22/10 2:46 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Crisis and CrashNew and Topical
978-0-470-64036-4Hardcover • $24.95
H O W WA S H I N GT O N FA I L E D A M E R I C A
W I L L I A M M . I SA AC with P H I L I P C . M E Y E R
SENSELESS PANIC
F O R E W O R D B Y P A U L V O L C K E R
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978-1-57660-355-0Hardcover • $49.95
978-0-470-44221-0Hardcover • $24.95
978-0-470-92238-5Hardcover • $95.00
FINANCIAL CONTAGION
Robert W. Kolb, Editor
The Viral Threat to the Wealth of Nations
KOLB SERIES IN FINANCEEssential Perspectives
978-0-470-92239-2Hardcover • $95.00
SOVEREIGNDEBT
Robert W. Kolb, Editor
From Safety to Default
KOLB SERIES IN FINANCEEssential Perspectives
978-0-470-53212-6Hardcover • $29.95
978-0-470-49934-4Hardcover • $49.95
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978-0-470-11232-8Hardcover • $27.95
978-0-470-52423-7Paper • $14.95
True Measures of
Money, Business,
and Life
“Not a great fi nance book. Not a great business book.A great book. Period.”
forerewordd by
WWWWilllliammm JJefffeerssoonn CCClinnttoonn
A New York Times
Bestseller
prologue by
Tom Peters, In Search of Excellence
978-0-470-39375-8Paper • $16.95
978-0-470-60336-9Hardcover • $39.95
Savingthe MarketWhen It Can't Save Itself
WHENFREEMARKETS FAIL
S COT T M c C L ES K E Y
978-0-470-68915-8Hardcover • $27.95
978-0-470-44213-5Hardcover • $29.95
JOHN BASCHAB • JON PIOT
I N S I D E T H E
INVESTMENT STR ATEGYO F
BILLION DOLLARENDOWMENTS
978-0-470-48176-9Hardcover • $75.00
The EndowmentModel ofInvesting
Return, Risk, and Diversification
Martin L. Leibowitz MORGAN STANLEY
Anthony BovaMORGAN STANLEY
P. Brett HammondTIAA-CREF ASSET MANAGEMENT
978-0-470-53740-4Hardcover • $80.00
Risk Management in a Multi-Asset World
THE NEW SCIENCE OF
ASSETALLOCATION
THOMAS SCHNEEWEIS GARRY B. CROWDER HOSSEIN KAZEMI
978-0-470-40093-7Hardcover • $95.00
THE FRANK J. FABOZZI SERIES
PROBABILITY and STATISTICS for
FINANCESVETLOZAR T. RACHEV • MARKUS HÖCHSTÖTTERFRANK J. FABOZZI • SERGIO M. FOCARDI
978-0-470-54358-0Hardcover • $39.95
RICHARD L . PETERSON FRANK F. MURTHA
HOW TO MANAGE FEAR AND BUILD YOUR INVESTOR IDENTITY
978-0-470-59636-4Hardcover • $39.95
978-1-57660-368-0Hardcover • $85.00
ALTERNATIVE ASSETS &STRATEGIC ALLOCATION
{ }R e t h i n k i n g t h eI n s t i t u t i o n a l
A p p r o a c h
J o h n B . A b b i n k
978-0-470-56177-5Hardcover • $95.00
Robert W. Kolb, Editor
KOLB SERIES IN FINANCEEssential Perspectives
LESSONS fromthe FINANCIALCRISISCauses, Consequences, and Our Economic Future
978-0-470-50129-0Hardcover • $60.00
978-0-470-48156-1Hardcover • $27.95
FROM T HE AU T HORS WHO PREDIC T ED T HE F IRS T F IN A NCI A L MELT DOWN
“Their fi rst book, America’s Bubble Economy, not only predicted the subprime credit meltdown well in advance, it offered Main Street investors
a winning strategy. Now they’ve done it again.”
—PAUL B. FARRELL, columnist, Dow Jones/MarketWatch
978-0-471-26760-7Hardcover • $49.95
978-0-470-05756-8Hardcover • $1,100.00
11_55959_JOIMConf_Brochure_kl.indd 2-3 9/22/10 2:47 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Crisis and CrashNew and Topical
978-0-470-64036-4Hardcover • $24.95
H O W WA S H I N GT O N FA I L E D A M E R I C A
W I L L I A M M . I SA AC with P H I L I P C . M E Y E R
SENSELESS PANIC
F O R E W O R D B Y P A U L V O L C K E R
978-0-470-47453-2Hardcover • $27.95
978-0-470-52670-5Hardcover • $19.95
978-1-57660-355-0Hardcover • $49.95
978-0-470-44221-0Hardcover • $24.95
978-0-470-92238-5Hardcover • $95.00
FINANCIAL CONTAGION
Robert W. Kolb, Editor
The Viral Threat to the Wealth of Nations
KOLB SERIES IN FINANCEEssential Perspectives
978-0-470-92239-2Hardcover • $95.00
SOVEREIGNDEBT
Robert W. Kolb, Editor
From Safety to Default
KOLB SERIES IN FINANCEEssential Perspectives
978-0-470-53212-6Hardcover • $29.95
978-0-470-49934-4Hardcover • $49.95
978-0-470-59633-3Hardcover • $49.95
978-0-470-45258-5Paper • $16.95
978-0-470-97611-1Hardcover • $27.95
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LLLYYYNNNNNN
978-0-470-11232-8Hardcover • $27.95
978-0-470-52423-7Paper • $14.95
True Measures of
Money, Business,
and Life
“Not a great fi nance book. Not a great business book.A great book. Period.”
forerewordd by
WWWWilllliammm JJefffeerssoonn CCClinnttoonn
A New York Times
Bestseller
prologue by
Tom Peters, In Search of Excellence
978-0-470-39375-8Paper • $16.95
978-0-470-60336-9Hardcover • $39.95
Savingthe MarketWhen It Can't Save Itself
WHENFREEMARKETS FAIL
S COT T M c C L ES K E Y
978-0-470-68915-8Hardcover • $27.95
978-0-470-44213-5Hardcover • $29.95
JOHN BASCHAB • JON PIOT
I N S I D E T H E
INVESTMENT STR ATEGYO F
BILLION DOLLARENDOWMENTS
978-0-470-48176-9Hardcover • $75.00
The EndowmentModel ofInvesting
Return, Risk, and Diversification
Martin L. Leibowitz MORGAN STANLEY
Anthony BovaMORGAN STANLEY
P. Brett HammondTIAA-CREF ASSET MANAGEMENT
978-0-470-53740-4Hardcover • $80.00
Risk Management in a Multi-Asset World
THE NEW SCIENCE OF
ASSETALLOCATION
THOMAS SCHNEEWEIS GARRY B. CROWDER HOSSEIN KAZEMI
978-0-470-40093-7Hardcover • $95.00
THE FRANK J. FABOZZI SERIES
PROBABILITY and STATISTICS for
FINANCESVETLOZAR T. RACHEV • MARKUS HÖCHSTÖTTERFRANK J. FABOZZI • SERGIO M. FOCARDI
978-0-470-54358-0Hardcover • $39.95
RICHARD L . PETERSON FRANK F. MURTHA
HOW TO MANAGE FEAR AND BUILD YOUR INVESTOR IDENTITY
978-0-470-59636-4Hardcover • $39.95
978-1-57660-368-0Hardcover • $85.00
ALTERNATIVE ASSETS &STRATEGIC ALLOCATION
{ }R e t h i n k i n g t h eI n s t i t u t i o n a l
A p p r o a c h
J o h n B . A b b i n k
978-0-470-56177-5Hardcover • $95.00
Robert W. Kolb, Editor
KOLB SERIES IN FINANCEEssential Perspectives
LESSONS fromthe FINANCIALCRISISCauses, Consequences, and Our Economic Future
978-0-470-50129-0Hardcover • $60.00
978-0-470-48156-1Hardcover • $27.95
FROM T HE AU T HORS WHO PREDIC T ED T HE F IRS T F IN A NCI A L MELT DOWN
“Their fi rst book, America’s Bubble Economy, not only predicted the subprime credit meltdown well in advance, it offered Main Street investors
a winning strategy. Now they’ve done it again.”
—PAUL B. FARRELL, columnist, Dow Jones/MarketWatch
978-0-471-26760-7Hardcover • $49.95
978-0-470-05756-8Hardcover • $1,100.00
11_55959_JOIMConf_Brochure_kl.indd 2-3 9/22/10 2:47 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
978-0-470-48502-6Hardcover • $90.00
978-0-470-62683-2Hardcover • $75.00
Strategies, Tranche Warfare, and Prospects for Recovery
Stephen B. Meister
Commercial Real Estate RestructuringRevolution
978-0-470-58462-0Hardcover • $90.00
Reverse Mortgages and Linked SecuritiesThe Complete Guide to Risk, Pricing and Regulation
Vishaal B. BhuyanVB Bhuyan & Co .
978-0-471-74517-4Hardcover • $65.00
978-0-470-62682-5Hardcover • $49.95
TheCommercialReal EstateTsunami
TONY WOOD Foreword by Matthew Anderson, Foresight Analytics
A Survival Guide for Lenders, Owners, Buyers, and Brokers
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978-1-57660-359-8Hardcover • $29.95
978-0-470-39853-1Hardcover • $95.00
978-0-470-18074-7Hardcover • $60.00
The
Transformation of
Financial Services
E. Denby Br andon Jr.H. Oliver Welch
F O R E W O R D B Y M A R V I N W . T U T T L E J R .
978-0-470-55682-5Hardcover • $75.00
ETFHow to Value and Trade Exchange Traded Funds
DAVID J. ABNER
H A N D B O O K
THE
CompanionWeb siteIncluded
978-0-470-48233-9Hardcover • $85.00
978-0-470-53746-6Hardcover • $29.95
978-0-470-49915-3Hardcover • $95.00
Fund Types, Risks and Returns,and Regulation
Douglas Cumming, Editor
PRIVATE EQUITY
KOLB SERIES IN FINANCEEssential PerspectivesEssential Perspectives
978-0-470-49914-6Hardcover • $95.00
VENTURECAPITAL
Douglas Cumming, Editor
KOLB SERIES IN FINANCEEssential Perspectives
Investment Strategies, Structures, and Policies
978-1-57660-159-4Hardcover • $39.95
978-0-470-50370-6Hardcover • $80.00
978-0-470-28894-8Hardcover • $90.00
978-1-57660-138-9Hardcover • $75.00
978-0-470-37190-9Hardcover • $80.00
978-0-471-06317-9Hardcover • $80.00
978-1-57660-334-5Hardcover • $95.00
FIXED-INCOME
SECURITIES AND
DERIVATIVES
HANDBOOK
ANALYSIS AND
VALUATION
MOORAD CHOUDHRY
S E C O N D E D I T I O N
978-0-470-57213-9Hardcover • $100.00
FABOZZIMANN
To remain a competitive fi xed income investor, both seasoned professionals and newcomers must stay up to date and
knowledgeable about this continually evolving fi eld.
Nobody understands this better than fi xed income experts Frank Fabozzi and Steven Mann. And now, with the revised and updated Introduction to Fixed Income Analytics, Second Edition, they provide complete coverage of the most important issues in this area. Following in the footsteps of the popular fi rst edition, this reliable resource skillfully details the key analytical concepts used in the fi xed income market and illustrates how they are computed.
This book addresses everything from the valuation of fi xed income securities with embedded options to the features of structured products—such as mortgage-backed securities and asset-backed securities—while also offering insights on basic principles like the time value of money. Updated to refl ect current market trends, Introduction to Fixed Income Analytics, Second Edition will help practicing investment professionals invest wisely in this new era, as well as assist those aspiring to enter the fi eld. Along the way, this practical guide:
• Outlines approaches to bond valuation based on the discounted cash fl ow framework as well as relative value analysis
• Ties in analytical concepts with what is available on the Bloomberg Terminal and walks you through relevant Bloomberg functions
• Explains a superior metric for quantifying a portfolio’s risk exposure: conditional value-at-risk (VaR)
• Describes the various issues associated with interest rate swaps—from counterparties and risk-return profi le to economic interpretation—and illustrates how to value them
Each chapter includes end-of-chapter questions so readers can test their knowledge of the concepts discussed as well as refi ne any computational skills needed to succeed.
Understanding fi xed income analytics is essential in today’s dynamic fi nancial environment. The Second Edition of Introduction to Fixed Income Analytics will help you build a solid foundation in this fi eld.
FRANK J. FABOZZI, PHD, CFA, CPA, is Professor in the Practice of Finance and Becton Fellow at the Yale School of Management and Editor of the Journal of Portfolio Management. He is an Affi liated Professor at the University of Karlsruhe’s Institute of Statistics, Econometrics, and Mathematical Finance and on the Advisory Council for the Department of Operations Research and Financial Engineering at Princeton University.
STEVEN V. MANN, PHD, is Professor of Finance at the Moore School of Business, University of South Carolina. He has published over seventy articles in fi nance journals and many books on fi xed income and derivatives topics, including The Global Money Markets, Measuring and Controlling Interest Rate and Credit Risk, Securities Finance (as a coeditor), and The Handbook of Fixed Income Securities (as an assistant editor). Mann is an active consultant to clients that include some of the largest investment/commercial banks in the world as well as a number of Fortune 500 companies.
Jacket Image: iStockphoto
With the Second Edition of Introduction to Fixed Income Analytics, Frank Fabozzi
and Steven Mann return with a fully updated guide to the discipline of fi xed
income analysis. Written for both fi nancial professionals and fi xed income
newcomers, this essential resource carefully covers the crucial elements of today’s
complex bond marketplace—from the various issues associated with investing
in fi xed income securities to the fundamentals of valuation and interest rate risk.
Fabozzi and Mann offer invaluable fi xed income insights, with discussions of
relative value analysis and value-at-risk measures; analysis of mortgage-backed
and asset-backed securities, convertible fi xed income securities, and volatility
estimation; and information on instruments like Treasury infl ation-protected
securities (TIPS). They also highlight one of the most popular systems relied
upon by fi xed income professionals—the Bloomberg Terminal—and tie in
important analytics and functionality.
The fi xed income market is one of the largest in the world. It spans many
sectors, from Treasuries to mortgages to high yield bonds. If you want to gain a
fi rm understanding of the tools and techniques needed to succeed in this fi eld,
look no further than Introduction to Fixed Income Analytics, Second Edition.
$100.00 USA / $120.00 CAN
( c o n t i n u e d o n b a c k f l a p )
( c o n t i n u e d f r o m f r o n t f l a p ) THE FRANK J. FABOZZI SERIES
INTRODUCTION to FIXED INCOMEANALYTICS
INTRODUCTION to FIXED INCOME ANALYTICS
INTR
OD
UCTIO
N to F
IXED IN
COM
E AN
ALYTICS
Relative Value A
nalysis, Risk M
easures, and Valuation
377c
FRANK J. FABOZZI • STEVEN V. MANN
Relative Value Analysis,Risk Measures, and Valuation
SE C ON D E DI T ION
S E C O N D E D I T I O N
S E C O N DE D I T I O N
978-0-470-47835-6Hardcover/Website • $125.00
978-0-470-68724-6Paper • $60.00
MOORAD CHOUDHRY
AN INTRODUCTION TO
BONDMARKETSFOURTH EDITION
Investment Management and StrategyCFA Institute Investment Series
978-0-470-90339-1Hardcover • $95.00
978-0-470-38113-7Hardcover • $95.00
978-0-470-39502-8Hardcover • $95.00
978-0-470-10493-4Paper • $39.95
978-0-470-19768-4Hardcover • $95.95
978-0-470-91582-0Paper • $39.95
978-0-470-39521-9Paper • $39.95
I N V E S T M E N T S E R I E S
S E C O N D E D I T I O N
Jerald E. Pinto, CFA/Elaine Henry, CFA/Thomas R. Robinson, CFA/ John B. Stowe, CFA
EQUITYASSET
VALUATIONW O R K B O O K
978-0-470-28766-8Hardcover • $95.00
978-0-470-06918-9Paper • $44.95
978-0-470-28243-4Paper • $39.95
978-0-470-05220-4Hardcover • $95.00
978-0-470-57143-9Hardcover • $95.00
978-0-470-06919-6Paper • $44.95
978-0-470-08014-6Hardcover • $95.00
978-0-470-91580-6 Hardcover • $95.00
INVESTMENTS
I N V E S T M E N T S E R I E S
Michael G. McMillan, CFA/ Jerald E. Pinto, CFA/ Wendy L. Pirie, CFA/ Gerhard Van de Venter, CFA
principles of portfolioand equity analysis
978-0-470-05221-1Hardcover • $95.00
978-0-470-28767-5Paper • $39.95
978-0-470-62400-5Hardcover • $95.00
THE NEWWEALTH
MANAGEMENTThe FINANCIAL ADVISOR’S GUIDE TO
MANAGING AND INVESTING CLIENT ASSETS
Harold Evensky, CFA / Stephen M. Horan, CFA / Thomas R. Robinson, CFA
I N V E S T M E N T S E R I E S
INVESTMENTS
I N V E S T M E N T S E R I E S
Michael G. McMillan, CFA/ Jerald E. Pinto, CFA/ Wendy L. Pirie, CFA/ Gerhard Van de Venter, CFA
principles of portfolioand equity analysis
W O R K B O O K
CFA Institute Investment Perspective Series
11_55959_JOIMConf_Brochure_kl.indd 4-5 9/22/10 2:47 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
978-0-470-48502-6Hardcover • $90.00
978-0-470-62683-2Hardcover • $75.00
Strategies, Tranche Warfare, and Prospects for Recovery
Stephen B. Meister
Commercial Real Estate RestructuringRevolution
978-0-470-58462-0Hardcover • $90.00
Reverse Mortgages and Linked SecuritiesThe Complete Guide to Risk, Pricing and Regulation
Vishaal B. BhuyanVB Bhuyan & Co .
978-0-471-74517-4Hardcover • $65.00
978-0-470-62682-5Hardcover • $49.95
TheCommercialReal EstateTsunami
TONY WOOD Foreword by Matthew Anderson, Foresight Analytics
A Survival Guide for Lenders, Owners, Buyers, and Brokers
978-1-57660-190-7Hardcover • $39.95
978-0-470-28231-1Hardcover • $85.00
978-1-57660-183-9Hardcover • $50.00
978-1-57660-359-8Hardcover • $29.95
978-0-470-39853-1Hardcover • $95.00
978-0-470-18074-7Hardcover • $60.00
The
Transformation of
Financial Services
E. Denby Br andon Jr.H. Oliver Welch
F O R E W O R D B Y M A R V I N W . T U T T L E J R .
978-0-470-55682-5Hardcover • $75.00
ETFHow to Value and Trade Exchange Traded Funds
DAVID J. ABNER
H A N D B O O K
THE
CompanionWeb siteIncluded
978-0-470-48233-9Hardcover • $85.00
978-0-470-53746-6Hardcover • $29.95
978-0-470-49915-3Hardcover • $95.00
Fund Types, Risks and Returns,and Regulation
Douglas Cumming, Editor
PRIVATE EQUITY
KOLB SERIES IN FINANCEEssential PerspectivesEssential Perspectives
978-0-470-49914-6Hardcover • $95.00
VENTURECAPITAL
Douglas Cumming, Editor
KOLB SERIES IN FINANCEEssential Perspectives
Investment Strategies, Structures, and Policies
978-1-57660-159-4Hardcover • $39.95
978-0-470-50370-6Hardcover • $80.00
978-0-470-28894-8Hardcover • $90.00
978-1-57660-138-9Hardcover • $75.00
978-0-470-37190-9Hardcover • $80.00
978-0-471-06317-9Hardcover • $80.00
978-1-57660-334-5Hardcover • $95.00
FIXED-INCOME
SECURITIES AND
DERIVATIVES
HANDBOOK
ANALYSIS AND
VALUATION
MOORAD CHOUDHRY
S E C O N D E D I T I O N
978-0-470-57213-9Hardcover • $100.00
FABOZZIMANN
To remain a competitive fi xed income investor, both seasoned professionals and newcomers must stay up to date and
knowledgeable about this continually evolving fi eld.
Nobody understands this better than fi xed income experts Frank Fabozzi and Steven Mann. And now, with the revised and updated Introduction to Fixed Income Analytics, Second Edition, they provide complete coverage of the most important issues in this area. Following in the footsteps of the popular fi rst edition, this reliable resource skillfully details the key analytical concepts used in the fi xed income market and illustrates how they are computed.
This book addresses everything from the valuation of fi xed income securities with embedded options to the features of structured products—such as mortgage-backed securities and asset-backed securities—while also offering insights on basic principles like the time value of money. Updated to refl ect current market trends, Introduction to Fixed Income Analytics, Second Edition will help practicing investment professionals invest wisely in this new era, as well as assist those aspiring to enter the fi eld. Along the way, this practical guide:
• Outlines approaches to bond valuation based on the discounted cash fl ow framework as well as relative value analysis
• Ties in analytical concepts with what is available on the Bloomberg Terminal and walks you through relevant Bloomberg functions
• Explains a superior metric for quantifying a portfolio’s risk exposure: conditional value-at-risk (VaR)
• Describes the various issues associated with interest rate swaps—from counterparties and risk-return profi le to economic interpretation—and illustrates how to value them
Each chapter includes end-of-chapter questions so readers can test their knowledge of the concepts discussed as well as refi ne any computational skills needed to succeed.
Understanding fi xed income analytics is essential in today’s dynamic fi nancial environment. The Second Edition of Introduction to Fixed Income Analytics will help you build a solid foundation in this fi eld.
FRANK J. FABOZZI, PHD, CFA, CPA, is Professor in the Practice of Finance and Becton Fellow at the Yale School of Management and Editor of the Journal of Portfolio Management. He is an Affi liated Professor at the University of Karlsruhe’s Institute of Statistics, Econometrics, and Mathematical Finance and on the Advisory Council for the Department of Operations Research and Financial Engineering at Princeton University.
STEVEN V. MANN, PHD, is Professor of Finance at the Moore School of Business, University of South Carolina. He has published over seventy articles in fi nance journals and many books on fi xed income and derivatives topics, including The Global Money Markets, Measuring and Controlling Interest Rate and Credit Risk, Securities Finance (as a coeditor), and The Handbook of Fixed Income Securities (as an assistant editor). Mann is an active consultant to clients that include some of the largest investment/commercial banks in the world as well as a number of Fortune 500 companies.
Jacket Image: iStockphoto
With the Second Edition of Introduction to Fixed Income Analytics, Frank Fabozzi
and Steven Mann return with a fully updated guide to the discipline of fi xed
income analysis. Written for both fi nancial professionals and fi xed income
newcomers, this essential resource carefully covers the crucial elements of today’s
complex bond marketplace—from the various issues associated with investing
in fi xed income securities to the fundamentals of valuation and interest rate risk.
Fabozzi and Mann offer invaluable fi xed income insights, with discussions of
relative value analysis and value-at-risk measures; analysis of mortgage-backed
and asset-backed securities, convertible fi xed income securities, and volatility
estimation; and information on instruments like Treasury infl ation-protected
securities (TIPS). They also highlight one of the most popular systems relied
upon by fi xed income professionals—the Bloomberg Terminal—and tie in
important analytics and functionality.
The fi xed income market is one of the largest in the world. It spans many
sectors, from Treasuries to mortgages to high yield bonds. If you want to gain a
fi rm understanding of the tools and techniques needed to succeed in this fi eld,
look no further than Introduction to Fixed Income Analytics, Second Edition.
$100.00 USA / $120.00 CAN
( c o n t i n u e d o n b a c k f l a p )
( c o n t i n u e d f r o m f r o n t f l a p ) THE FRANK J. FABOZZI SERIES
INTRODUCTION to FIXED INCOMEANALYTICS
INTRODUCTION to FIXED INCOME ANALYTICS
INTR
OD
UCTIO
N to F
IXED IN
COM
E AN
ALYTICS
Relative Value A
nalysis, Risk M
easures, and Valuation
377c
FRANK J. FABOZZI • STEVEN V. MANN
Relative Value Analysis,Risk Measures, and Valuation
SE C ON D E DI T ION
S E C O N D E D I T I O N
S E C O N DE D I T I O N
978-0-470-47835-6Hardcover/Website • $125.00
978-0-470-68724-6Paper • $60.00
MOORAD CHOUDHRY
AN INTRODUCTION TO
BONDMARKETSFOURTH EDITION
Investment Management and StrategyCFA Institute Investment Series
978-0-470-90339-1Hardcover • $95.00
978-0-470-38113-7Hardcover • $95.00
978-0-470-39502-8Hardcover • $95.00
978-0-470-10493-4Paper • $39.95
978-0-470-19768-4Hardcover • $95.95
978-0-470-91582-0Paper • $39.95
978-0-470-39521-9Paper • $39.95
I N V E S T M E N T S E R I E S
S E C O N D E D I T I O N
Jerald E. Pinto, CFA/Elaine Henry, CFA/Thomas R. Robinson, CFA/ John B. Stowe, CFA
EQUITYASSET
VALUATIONW O R K B O O K
978-0-470-28766-8Hardcover • $95.00
978-0-470-06918-9Paper • $44.95
978-0-470-28243-4Paper • $39.95
978-0-470-05220-4Hardcover • $95.00
978-0-470-57143-9Hardcover • $95.00
978-0-470-06919-6Paper • $44.95
978-0-470-08014-6Hardcover • $95.00
978-0-470-91580-6 Hardcover • $95.00
INVESTMENTS
I N V E S T M E N T S E R I E S
Michael G. McMillan, CFA/ Jerald E. Pinto, CFA/ Wendy L. Pirie, CFA/ Gerhard Van de Venter, CFA
principles of portfolioand equity analysis
978-0-470-05221-1Hardcover • $95.00
978-0-470-28767-5Paper • $39.95
978-0-470-62400-5Hardcover • $95.00
THE NEWWEALTH
MANAGEMENTThe FINANCIAL ADVISOR’S GUIDE TO
MANAGING AND INVESTING CLIENT ASSETS
Harold Evensky, CFA / Stephen M. Horan, CFA / Thomas R. Robinson, CFA
I N V E S T M E N T S E R I E S
INVESTMENTS
I N V E S T M E N T S E R I E S
Michael G. McMillan, CFA/ Jerald E. Pinto, CFA/ Wendy L. Pirie, CFA/ Gerhard Van de Venter, CFA
principles of portfolioand equity analysis
W O R K B O O K
CFA Institute Investment Perspective Series
11_55959_JOIMConf_Brochure_kl.indd 4-5 9/22/10 2:47 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Investment Management and Strategy
978-0-470-37234-0Hardcover • $90.00
978-1-57660-363-5Paper • $16.95
978-0-470-64827-8Hardcover • $27.95
BILL ACKMAN, THE BOND INSURERS, AND THE MOSTCONTENTIOUS BATTLE OF THE CREDIT CRISIS
CONFIDENCEGAME
HOW A HEDGE FUND MANAGER CALLED WALL STREET’S BLUFF
CHRISTINE S. RICHARDBLOOMBERG NEWS
978-0-471-22488-4Hardcover • $110.00
978-0-470-44702-4Hardcover • $195.00
Chartered Alternative Investment Analyst Series
Mark J. P. Anson
CAlALEVEL 1An Introduction toCore Topics in Alternative Investments
978-0-470-69426-8Hardcover • $160.00
CAlALEVEL 1 1Advanced Core Topics in Alternative Investments
Melissa Donohue Urbi Garay Ernest JaffarianFrancois Lhabitant Pierre-Yves Mathonet
Thomas Meyer Richard Spurgin Simon Stevenson
Chartered Alternative Investment Analyst Series
Edited by Kathryn Wilkens-Christopher
978-1-57660-355-0Hardcover • $49.95
978-0-471-71544-3Paper • $19.95
978-0-470-13977-6Hardcover/Website • $75.00
978-1-57660-184-6Hardcover • $34.95
978-1-57660-124-2Hardcover • $65.00
978-0-470-04357-8Hardcover • $95.00
978-0-470-52063-5Hardcover • $75.00
978-0-470-60973-6Hardcover • $90.00
THE FRANK J. FABOZZI SERIES
MARK J. ANSON, FRANK J. FABOZZI, FRANK J. JONES
Investment Characteristics and Strategies
THE HANDBOOK of TRADITIONAL and ALTERNATIVE INVESTMENT VEHICLES
978-0-470-56046-4Hardcover • $95.00
The Hedge Fund FraudCasebook
Hedge Funds
978-0-471-40915-1Hardcover • $80.00
978-0-470-11764-4Hardcover • $95.00
978-0-470-48178-3Hardcover • $95.00
Neil S. Grigg
The Business of Infrastructurefor a Sustainable Future
INFRASTRUCTURE FINANCE
978-0-470-53731-2Hardcover • $95.00
Investing Infrastructure
Managing Risks & Rewards for Pensions, Insurance
Companies & Endowments
Rajeev J. Sawant
978-0-470-24367-1Hardcover • $95.00
InfrastructureTheHandbook of
Investing
Michael D. Underhill, Editor
978-0-470-68570-9Hardcover • $75.00
BARBARA WEBERHANS WILHELM ALFEN
Infrastructureas anAsset Class
Investment Strategies,Project Finance and PPP
978-0-471-75768-9Hardcover • $95.00
978-1-57660-189-1Hardcover • $65.00
978-1-57660-302-4Hardcover • $75.00
978-0-471-77056-5Hardcover • $100.00
978-0-470-60438-0Hardcover • $49.95
Profiting from the TimelessValue Approach
TheCONSCIOUSINVESTOR
John Price, Ph.D.
Includes access tokey functions in Conscious Investor®, software based on the methods ofWarren Buffett
978-0-470-55681-8Hardcover • $80.00
RetirementPortfolios
Theory, Construction, and Management
Michael J. Zwecher
978-0-470-55300-8Hardcover • $85.00
MANAGINGYOUR FIRM’S401(k) PLANA COMPLETE ROAD MAP TO MANAGING TODAY’S RETIREMENT PLANS
978-0-470-40094-4Hardcover • $95.00
THE FRANK J. FABOZZI SERIES
INSTITUTIONALINVESTMENTMANAGEMENT
FRANK J. FABOZZI
Equity and Bond PortfolioStrategies and Applications
978-0-470-05315-7Hardcover • $55.00
978-0-470-55987-1Paper • $39.95
RetirementPortfolios
WORKBOOKTheory, Construction, and Management
Michael J. Zwecher
978-0-470-25876-7Hardcover • $95.00
DD AA NN II EE LL SS TT RR AA CC HH MMMMMMMMMM AA NN // RR II CC HH AA RR DD BB OO OO KK BB II NN DD EE RR
978-0-470-43540-3Hardcover • $60.00
INVESTMENT
BRIAN SINGERGREG FEDORINCHIK
LEADERSHIP and PORTFOLIOMANAGEMENTThe Path to Successful Stewardship
for Investment Firms
978-0-471-46339-9Paper • $19.95
978-0-470-12233-4Hardcover • $60.00
978-0-470-37734-5Hardcover • $75.00
Marida Bertocchi Sandra L. Schwartz William T. Ziemba
Optimizing theAging, Retirement, and PensionsDilemma
978-0-471-12410-8Hardcover • $140.00
978-0-470-68359-0Hardcover • $39.95
“... READABLE, THOUGHT- PROVOKING AND, ABOVE ALL, CORRECT.”
- EDWARD CHANCELLOR
WITH A FOREWORD BY BRUCE GREENWALD
978-0-470-28489-6Hardcover • $49.95
978-0-470-49909-2Hardcover • $95.00
MUTUALFUNDS
John A. Haslem, Editor
Portfolio Structures, Analysis,Management, and Stewardship
KOLB SERIES IN FINANCEEssential PerspectivesEssential Perspectives
978-0-470-45594-4Hardcover • $135.00
11_55959_JOIMConf_Brochure_kl.indd 6-7 9/22/10 2:47 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Investment Management and Strategy
978-0-470-37234-0Hardcover • $90.00
978-1-57660-363-5Paper • $16.95
978-0-470-64827-8Hardcover • $27.95
BILL ACKMAN, THE BOND INSURERS, AND THE MOSTCONTENTIOUS BATTLE OF THE CREDIT CRISIS
CONFIDENCEGAME
HOW A HEDGE FUND MANAGER CALLED WALL STREET’S BLUFF
CHRISTINE S. RICHARDBLOOMBERG NEWS
978-0-471-22488-4Hardcover • $110.00
978-0-470-44702-4Hardcover • $195.00
Chartered Alternative Investment Analyst Series
Mark J. P. Anson
CAlALEVEL 1An Introduction toCore Topics in Alternative Investments
978-0-470-69426-8Hardcover • $160.00
CAlALEVEL 1 1Advanced Core Topics in Alternative Investments
Melissa Donohue Urbi Garay Ernest JaffarianFrancois Lhabitant Pierre-Yves Mathonet
Thomas Meyer Richard Spurgin Simon Stevenson
Chartered Alternative Investment Analyst Series
Edited by Kathryn Wilkens-Christopher
978-1-57660-355-0Hardcover • $49.95
978-0-471-71544-3Paper • $19.95
978-0-470-13977-6Hardcover/Website • $75.00
978-1-57660-184-6Hardcover • $34.95
978-1-57660-124-2Hardcover • $65.00
978-0-470-04357-8Hardcover • $95.00
978-0-470-52063-5Hardcover • $75.00
978-0-470-60973-6Hardcover • $90.00
THE FRANK J. FABOZZI SERIES
MARK J. ANSON, FRANK J. FABOZZI, FRANK J. JONES
Investment Characteristics and Strategies
THE HANDBOOK of TRADITIONAL and ALTERNATIVE INVESTMENT VEHICLES
978-0-470-56046-4Hardcover • $95.00
The Hedge Fund FraudCasebook
Hedge Funds
978-0-471-40915-1Hardcover • $80.00
978-0-470-11764-4Hardcover • $95.00
978-0-470-48178-3Hardcover • $95.00
Neil S. Grigg
The Business of Infrastructurefor a Sustainable Future
INFRASTRUCTURE FINANCE
978-0-470-53731-2Hardcover • $95.00
Investing Infrastructure
Managing Risks & Rewards for Pensions, Insurance
Companies & Endowments
Rajeev J. Sawant
978-0-470-24367-1Hardcover • $95.00
InfrastructureTheHandbook of
Investing
Michael D. Underhill, Editor
978-0-470-68570-9Hardcover • $75.00
BARBARA WEBERHANS WILHELM ALFEN
Infrastructureas anAsset Class
Investment Strategies,Project Finance and PPP
978-0-471-75768-9Hardcover • $95.00
978-1-57660-189-1Hardcover • $65.00
978-1-57660-302-4Hardcover • $75.00
978-0-471-77056-5Hardcover • $100.00
978-0-470-60438-0Hardcover • $49.95
Profiting from the TimelessValue Approach
TheCONSCIOUSINVESTOR
John Price, Ph.D.
Includes access tokey functions in Conscious Investor®, software based on the methods ofWarren Buffett
978-0-470-55681-8Hardcover • $80.00
RetirementPortfolios
Theory, Construction, and Management
Michael J. Zwecher
978-0-470-55300-8Hardcover • $85.00
MANAGINGYOUR FIRM’S401(k) PLANA COMPLETE ROAD MAP TO MANAGING TODAY’S RETIREMENT PLANS
978-0-470-40094-4Hardcover • $95.00
THE FRANK J. FABOZZI SERIES
INSTITUTIONALINVESTMENTMANAGEMENT
FRANK J. FABOZZI
Equity and Bond PortfolioStrategies and Applications
978-0-470-05315-7Hardcover • $55.00
978-0-470-55987-1Paper • $39.95
RetirementPortfolios
WORKBOOKTheory, Construction, and Management
Michael J. Zwecher
978-0-470-25876-7Hardcover • $95.00
DD AA NN II EE LL SS TT RR AA CC HH MMMMMMMMMM AA NN // RR II CC HH AA RR DD BB OO OO KK BB II NN DD EE RR
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INVESTMENT
BRIAN SINGERGREG FEDORINCHIK
LEADERSHIP and PORTFOLIOMANAGEMENTThe Path to Successful Stewardship
for Investment Firms
978-0-471-46339-9Paper • $19.95
978-0-470-12233-4Hardcover • $60.00
978-0-470-37734-5Hardcover • $75.00
Marida Bertocchi Sandra L. Schwartz William T. Ziemba
Optimizing theAging, Retirement, and PensionsDilemma
978-0-471-12410-8Hardcover • $140.00
978-0-470-68359-0Hardcover • $39.95
“... READABLE, THOUGHT- PROVOKING AND, ABOVE ALL, CORRECT.”
- EDWARD CHANCELLOR
WITH A FOREWORD BY BRUCE GREENWALD
978-0-470-28489-6Hardcover • $49.95
978-0-470-49909-2Hardcover • $95.00
MUTUALFUNDS
John A. Haslem, Editor
Portfolio Structures, Analysis,Management, and Stewardship
KOLB SERIES IN FINANCEEssential PerspectivesEssential Perspectives
978-0-470-45594-4Hardcover • $135.00
11_55959_JOIMConf_Brochure_kl.indd 6-7 9/22/10 2:47 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
A Synthesis of Theory, Research,and Practice
CORPORATEGOVERNANCE
H. Kent Baker, Ronald Anderson, Editors
KOLB SERIES IN FINANCEEssential Perspectives
M C K I NN SS E YYY & CC OO MM PP A NN Y
T I M K O L L E R • M A R C G O E D H A R T • D AV I D W E S S E L S
Updatedand Revised withNew Insights intoBusiness Strategyand Investor
Behavior
VA L U AT I O NM e a s u r i n g a n d M a n a g i n g t h e
V a l u e o f C o m p a n i e s
T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
STUART C. GILSON
SECOND ED I T ION
CORPORATE RESTRUCTURING
Creating Value through
Case Studies in Bankruptcies, Buyouts, and Breakups
Foreword by EDWARD ALTMAN, Max L. Heine Professor of Finance, NYU Stern School of Business
M c K I NN SS E YYY & CC OO MM PP A NN Y
T I M K O L L E R • M A R C G O E D H A R T • D AV I D W E S S E L S
VA L U AT I O NM e a s u r i n g a n d M a n a g i n g t h e
V a l u e o f C o m p a n i e s
T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
+ DCF Model Download
Updatedand Revised withNew Insights intoBusiness Strategyand Investor
Behavior
WEALTHCREATION
A Systems Mindset forBuilding and Investing inBusinesses for the Long Term
BARTLEY J. MADDEN
Wall StreetSECONDEDIT ION
JEFFREY C. HOOKE
A Comprehensive Guide to Today’s Valuation Methods
Security Analysisand BusinessValuation on
+Website
FF I F TT HH E DDD I TT II OO NN
MM cc K II NN S E YYY & CC OO MM PP A NN YY
T I M KO L L E R • M A R C G O E D H A R T • DAV I D W E S S E L S
VA L U A T I O ND e s i g ne d t o He lp You
Me a s u r e a n d M a n a g e t h e
Va lu e o f C omp a n i e s
C O M P A N I O N T O T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
DCF Model CD-ROM
VENTURECAPITAL
Douglas Cumming, Editor
KOLB SERIES IN FINANCEEssential Perspectives
Investment Strategies, Structures, and Policies
M c K I NN SS E YYY & CC OO MM PP A NN Y
T I M K O L L E R • M A R C G O E D H A R T • D AV I D W E S S E L S
VA L U AT I O NM e a s u r i n g a n d M a n a g i n g t h e
V a l u e o f C o m p a n i e s
T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
Updatedand Revised withNew Insights intoBusiness Strategyand Investor
Behavior
U N I V E R S I T Y E D I T I O N
Juan Pablo Stegmann
STRATEGIC VALUE MANAGEMENT
Stock Value Creationand the Management of the Firm
Includes Strategy-
Value Model CD
FF I F TT HH E DDD I TT II OO NN
MM c KK I NN S EE YYY & CC OO MM P AA N YY
T IM KOL LER • M ARC G OED HART • DAV ID WESSELS
VA L U A T I O ND e s i g ne d t o He lp You
Me a s u r e a n d M a n a g e t h e
Va lu e o f C omp a n i e s
C O M P A N I O N T O T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
DCF Model Download
978-0-470-49913-9Hardcover • $95.00
978-0-470-42460-5Hardcover • $29.95
978-0-470-42465-0Hardcover • $95.00
978-0-470-50352-2Hardcover • $95.00
978-0-470-44220-3Hardcover • $80.00
978-0-470-42469-8Hardcover/CD • $200.00
978-0-470-48868-3Hardcover • $75.00
978-0-470-27734-8Hardcover • $95.00
978-0-470-42457-5CD • $165.00
978-0-470-39015-3Hardcover • $95.00
978-0-470-49914-6Hardcover • $95.00
978-0-470-42470-4Paper/Website • $85.00
Rawley Thomas Benton E. Gup
ValuationHandbook
The
VA LUAT ION T EC H N IQU E S F ROM
TODAY ’ S TOP PR AC T I T ION E R SThe Critical Quantitative
Methods and Tools in Finance
Corporate Finance
Essentials
Stuart A. McCrary
Mastering
978-0-470-38579-1Hardcover • $85.00
978-0-471-39505-8Hardcover • $100.00
978-0-471-39595-9Hardcover • $34.95
978-1-57660-340-6Hardcover • $79.95
978-0-470-39333-8Hardcover • $49.95
• Expanded chapters on cost of capital for distressed companies
• Expanded discussions on the Morningstar SBBI data on supply-side equity risk premium and size premium
• Updated chapter on the cost of capital in transfer pricing related to the valuation of intangible assets under the new cost-sharing regulations
The landmark book corporate treasurers, business appraisers, CPAs, and valuation experts have come to rely on, Cost of Capital lays out the basic tools to use immediately when estimating cost of capital or when reviewing an estimate. This dynamic author team also analyzes criticism of major models for developing estimates of the cost of capital in use today, and also presents procedures for a number of alternative models.
This definitive text is an indispensable reference tool for professional valuation practitioners as well as attorneys and judges, investment bankers, CFOs, academicians and students, and CPAs.
SHANNON P. PRATT, CFA, FASA, ARM, MCBA, CM&AA, referred to as the father of business valuations, is the author of several bestselling Wiley business valuation books and a
sought-after speaker at business valuation industry conferences. He is the managing owner of Shannon Pratt Valuations, Inc., and has served as supervisory analyst for over 3,000 business valuation engage-ments in forty years and as an expert witness in numerous state and federal courts on contested
business valuations.
ROGER J. GRABOWSKI is manag-ing director of Duff & Phelps LLC. Roger has testified in court as an expert witness on the value of closely
held businesses and business interests, matters of solvency, valuation, and amortization of intangible assets, and other valuation issues. He testified in the Northern Trust case, the first U.S. Tax Court decision that adopted the discounted cash flow method to value the stock of a closely held busi-ness with the discount rate based on the capital asset pricing model. Grabowski authors the annual Duff & Phelps Risk Premium Report.
(continued from front flap)
Cost of CapitalApplications and
Examples
Shannon P. PrattRoger J. Grabowski
FOURTH EDITION
Pratt
Grab
owski
FOURTHEDITION
Cost of C
apital
Ap
plica
tion
s an
d E
xam
ples
PMS 280 PMS 319 GLOSSY
(continued on back flap)
Praise for Cost of CapitalFourth Edition
“This book is the most incisive and exhaustive treatment of this critical subject to date.”
— From the Foreword by Stephen P. Lamb, Esq., Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and former vice chancellor, Delaware Court of Chancery
“Cost of Capital, Fourth Edition treats both the theory and the practical applications from the view of corporate management and investors. It contains in-depth guidance to assist corporate executives and their staffs in estimating cost of capital like no other book does. This book will serve corporate practitioners as a comprehensive reference book on this challenging topic in these most challenging economic times.”
— Robert L. Parkinson Jr., Chairman and Chief Executive Office, Baxter International Inc., and former dean, School of Business Administration and Graduate School of Business, Loyola University of Chicago
“Shannon Pratt and Roger Grabowski have consolidated information on both the theoretical framework and the practical applications needed by corporate executives and their staffs in estimating cost of capital in these ever-changing economic times. It provides guidance to assist corporate practitioners from the corporate management point of view. For example, the discussions on measuring debt capacity is especially timely in this changing credit market environment. The book serves corporate practitioners as a solid reference.”
— Franco Baseotto, Executive Vice President, Chief Financial Officer, and Treasurer, Foster Wheeler AG
“When computing the cost of capital for a firm, it can be fairly said that for every rule, there are a hundred exceptions. Shannon Pratt and Roger Grabowski should be credited with not only defining the basic rules that govern the computation of the cost of capital, but also a road map to navigate through the hundreds of exceptions. This belongs in every practitioner’s collection of must-have valuation books.”
—Aswath Damodaran, Professor, Stern School of Business, New York University
“Pratt and Grabowski have done it again. Just when you thought they couldn’t possibly do a better job, they did. Cost of Capital, Fourth Edition is a terrific resource. It is without a doubt the most comprehensive book on this subject today. What really distinguishes this book from other such texts is the fact that it is easy to read—no small feat given the exhaustive and detailed research and complicated subject matter. This book makes you think hard about all the alternative views out there and helps move the valuation profession forward.”
— James R. Hitchner, CPA/ABV/CFF, ASA, Managing Director, Financial Valuation Advisors; CEO, Valuation Products and Services; Editor in Chief, Financial Valuation and Litigation Expert; and President, Financial Consulting Group
“The Fourth Edition of Cost of Capital continues to be a ‘one-stop shop’ for background and current thinking on the development and uses of rates of return on capital. While it will have an appeal for a wide variety of constituents, it should serve as required reading and as a reference volume for students of finance and practitioners of business valuation. Readers will continue to find the volume to be a solid foundation for continued debate and research on the topic for many years to come.” — Anthony V. Aaron, Americas Leader, Quality and Risk Management,
Ernst & Young Transaction Advisory Services
with WEBSITE
Cost of CapitalApplications and Examples
FOURTH EDITION
Cost of capital estimation has long been recognized as one of the most critical ele-ments in business valuation, capital bud-
geting, feasibility studies, and corporate finance decisions and is also the most difficult procedure to assess and perform. Now in its fourth edition, Cost of Capital: Applications and Examples address-es the most controversial issues and problems in estimating the cost of capital.
Renowned valuation experts and authors Shannon Pratt and Roger Grabowski present both the theo-retical development of cost of capital estimation and its practical application to valuation, capital budgeting, and forecasting of expected invest-ment returns encountered in current practice. In this learning text/handy reference, Pratt and Grabowski deftly review and explore the theory of what drives the cost of capital, the models cur-rently in use to estimate cost of capital, and the data available as inputs to the models to estimate cost of capital.
In this thoroughly updated and comprehensive fourth edition, Cost of Capital summarizes the results and practical implications of the latest research—much of which is gleaned from unpub-lished academic working papers—and includes scores of formulas and elucidating examples throughout to enhance readers’ insights.
Pratt and Grabowski have updated their text to include a host of new material, including:
• A new chapter reconciling various forms of the income approach
• Expanded material on estimating the equity risk premium, chronicling the impact of the crisis of 2008–2010 and its impact on the cost of equity capital
• Expanded material on estimating the cost of debt capital and the impact of deleveraging on the debt capacity of businesses
• An updated chapter covering cost of capital for financial reporting under SFAS 141R, 142, and 144 (with full cross-referencing to the new FASB Accounting Codification), with examples of inferring rates of return for underlying assets from cost of capital of reporting units
• Expanded chapters on risk measures and their relationship to cost of capital and company-specific risk
with WEBSITE
Chris M. MellenFrank C. Evans
Building Value inPrivate Companies
Valuation for
M & A
SECOND EDITION
978-0-470-11875-7Hardcover • $95.00
978-0-471-28332-4Hardcover • $173.95
978-0-471-41488-9Hardcover • $95.00
978-0-470-47605-5Hardcover • $160.00
978-0-470-60441-0Hardcover • $85.00
978-0-470-46710-7Hardcover/CD • $90.00
978-1-57660-317-8Hardcover • $90.00
978-0-470-89455-2Downloadable content • $165.00
Valuation/M&A/Corporate Finance
MM cc K I NN SS EE YY & CC O MM P A NN YY
TIM KOLLER • R ICHARD DOBBS • BILL HU YETT
T h eF o u r C o r n e r s t o n e s
o fC o r p o r a t e F i n a n c e
V A L U E
Derivatives/Quantitative Finance
978-0-470-74735-3Hardcover • $90.00
978-0-471-78632-0Hardcover/CD • $150.00
978-1-57660-263-8Hardcover • $79.95
978-0-470-72522-1Hardcover • $39.95
MOHAMED BOUZOUBAAADEL OSSEIRAN
Exotic Optionsand Hybrids
A Guide to Structuring,Pricing and Trading
978-0-470-68803-8Hardcover • $95.00
978-0-471-15280-4Hardcover • $110.00
978-0-470-37189-3Hardcover/Website • $125.00
978-0-470-22908-8Hardcover/CD • $75.00
THE FRANK J. FABOZZI SERIES
DESSISLAVA A. PACHAMANOVA • FRANK J. FABOZZI
SIMULATION ANDOPTIMIZATIONIN FINANCE + Web Site
Modeling with MATLAB,@RISK, or VBA
978-0-470-18199-7Hardcover/CD • $70.00
978-0-470-26247-4Hardcover • $95.00
978-0-470-82488-7Hardcover • $49.95
THE FRANK J. FABOZZI SERIES
QUANTITATIVEEQUITYINVESTING
FRANK J. FABOZZI, SERGIO M. FOCARDI, PETTER N. KOLM
Techniques and Strategies
978-0-470-49910-8Hardcover • $95.00
978-0-470-49710-4Hardcover • $70.00
978-0-470-38754-2Hardcover/Website • $75.00
DERIVATIVES
Robert W. Kolb, James A. Overdahl, Editors
Pricing and Risk Management
KOLB SERIES IN FINANCEEssential PerspectivesEssential Perspectives
Includes
MetaStock® and
TradeStation®
Code
STRATEGIES FOR TRADING THE INVISIBLE+ COMPANION WEB SITE
VOLATILITY-BASED
978-0-470-40093-7Hardcover • $95.00
978-0-470-84885-2Hardcover • $155.00
978-0-470-13844-1Hardcover • $95.00
THE FRANK J. FABOZZI SERIES
PROBABILITY and STATISTICS for
FINANCESVETLOZAR T. RACHEV • MARKUS HÖCHSTÖTTERFRANK J. FABOZZI • SERGIO M. FOCARDI
11_55959_JOIMConf_Brochure_kl.indd 8-9 9/22/10 2:48 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
A Synthesis of Theory, Research,and Practice
CORPORATEGOVERNANCE
H. Kent Baker, Ronald Anderson, Editors
KOLB SERIES IN FINANCEEssential Perspectives
M C K I NN SS E YYY & CC OO MM PP A NN Y
T I M K O L L E R • M A R C G O E D H A R T • D AV I D W E S S E L S
Updatedand Revised withNew Insights intoBusiness Strategyand Investor
Behavior
VA L U AT I O NM e a s u r i n g a n d M a n a g i n g t h e
V a l u e o f C o m p a n i e s
T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
STUART C. GILSON
SECOND ED I T ION
CORPORATE RESTRUCTURING
Creating Value through
Case Studies in Bankruptcies, Buyouts, and Breakups
Foreword by EDWARD ALTMAN, Max L. Heine Professor of Finance, NYU Stern School of Business
M c K I NN SS E YYY & CC OO MM PP A NN Y
T I M K O L L E R • M A R C G O E D H A R T • D AV I D W E S S E L S
VA L U AT I O NM e a s u r i n g a n d M a n a g i n g t h e
V a l u e o f C o m p a n i e s
T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
+ DCF Model Download
Updatedand Revised withNew Insights intoBusiness Strategyand Investor
Behavior
WEALTHCREATION
A Systems Mindset forBuilding and Investing inBusinesses for the Long Term
BARTLEY J. MADDEN
Wall StreetSECONDEDIT ION
JEFFREY C. HOOKE
A Comprehensive Guide to Today’s Valuation Methods
Security Analysisand BusinessValuation on
+Website
FF I F TT HH E DDD I TT II OO NN
MM cc K II NN S E YYY & CC OO MM PP A NN YY
T I M KO L L E R • M A R C G O E D H A R T • DAV I D W E S S E L S
VA L U A T I O ND e s i g ne d t o He lp You
Me a s u r e a n d M a n a g e t h e
Va lu e o f C omp a n i e s
C O M P A N I O N T O T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
DCF Model CD-ROM
VENTURECAPITAL
Douglas Cumming, Editor
KOLB SERIES IN FINANCEEssential Perspectives
Investment Strategies, Structures, and Policies
M c K I NN SS E YYY & CC OO MM PP A NN Y
T I M K O L L E R • M A R C G O E D H A R T • D AV I D W E S S E L S
VA L U AT I O NM e a s u r i n g a n d M a n a g i n g t h e
V a l u e o f C o m p a n i e s
T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
Updatedand Revised withNew Insights intoBusiness Strategyand Investor
Behavior
U N I V E R S I T Y E D I T I O N
Juan Pablo Stegmann
STRATEGIC VALUE MANAGEMENT
Stock Value Creationand the Management of the Firm
Includes Strategy-
Value Model CD
FF I F TT HH E DDD I TT II OO NN
MM c KK I NN S EE YYY & CC OO MM P AA N YY
T IM KOL LER • M ARC G OED HART • DAV ID WESSELS
VA L U A T I O ND e s i g ne d t o He lp You
Me a s u r e a n d M a n a g e t h e
Va lu e o f C omp a n i e s
C O M P A N I O N T O T H E # 1 B E S T S E L L I N G G U I D E T O
C O R P O R A T E V A L U A T I O N
DCF Model Download
978-0-470-49913-9Hardcover • $95.00
978-0-470-42460-5Hardcover • $29.95
978-0-470-42465-0Hardcover • $95.00
978-0-470-50352-2Hardcover • $95.00
978-0-470-44220-3Hardcover • $80.00
978-0-470-42469-8Hardcover/CD • $200.00
978-0-470-48868-3Hardcover • $75.00
978-0-470-27734-8Hardcover • $95.00
978-0-470-42457-5CD • $165.00
978-0-470-39015-3Hardcover • $95.00
978-0-470-49914-6Hardcover • $95.00
978-0-470-42470-4Paper/Website • $85.00
Rawley Thomas Benton E. Gup
ValuationHandbook
The
VA LUAT ION T EC H N IQU E S F ROM
TODAY ’ S TOP PR AC T I T ION E R SThe Critical Quantitative
Methods and Tools in Finance
Corporate Finance
Essentials
Stuart A. McCrary
Mastering
978-0-470-38579-1Hardcover • $85.00
978-0-471-39505-8Hardcover • $100.00
978-0-471-39595-9Hardcover • $34.95
978-1-57660-340-6Hardcover • $79.95
978-0-470-39333-8Hardcover • $49.95
• Expanded chapters on cost of capital for distressed companies
• Expanded discussions on the Morningstar SBBI data on supply-side equity risk premium and size premium
• Updated chapter on the cost of capital in transfer pricing related to the valuation of intangible assets under the new cost-sharing regulations
The landmark book corporate treasurers, business appraisers, CPAs, and valuation experts have come to rely on, Cost of Capital lays out the basic tools to use immediately when estimating cost of capital or when reviewing an estimate. This dynamic author team also analyzes criticism of major models for developing estimates of the cost of capital in use today, and also presents procedures for a number of alternative models.
This definitive text is an indispensable reference tool for professional valuation practitioners as well as attorneys and judges, investment bankers, CFOs, academicians and students, and CPAs.
SHANNON P. PRATT, CFA, FASA, ARM, MCBA, CM&AA, referred to as the father of business valuations, is the author of several bestselling Wiley business valuation books and a
sought-after speaker at business valuation industry conferences. He is the managing owner of Shannon Pratt Valuations, Inc., and has served as supervisory analyst for over 3,000 business valuation engage-ments in forty years and as an expert witness in numerous state and federal courts on contested
business valuations.
ROGER J. GRABOWSKI is manag-ing director of Duff & Phelps LLC. Roger has testified in court as an expert witness on the value of closely
held businesses and business interests, matters of solvency, valuation, and amortization of intangible assets, and other valuation issues. He testified in the Northern Trust case, the first U.S. Tax Court decision that adopted the discounted cash flow method to value the stock of a closely held busi-ness with the discount rate based on the capital asset pricing model. Grabowski authors the annual Duff & Phelps Risk Premium Report.
(continued from front flap)
Cost of CapitalApplications and
Examples
Shannon P. PrattRoger J. Grabowski
FOURTH EDITION
Pratt
Grab
owski
FOURTHEDITION
Cost of C
apital
Ap
plica
tion
s an
d E
xam
ples
PMS 280 PMS 319 GLOSSY
(continued on back flap)
Praise for Cost of CapitalFourth Edition
“This book is the most incisive and exhaustive treatment of this critical subject to date.”
— From the Foreword by Stephen P. Lamb, Esq., Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and former vice chancellor, Delaware Court of Chancery
“Cost of Capital, Fourth Edition treats both the theory and the practical applications from the view of corporate management and investors. It contains in-depth guidance to assist corporate executives and their staffs in estimating cost of capital like no other book does. This book will serve corporate practitioners as a comprehensive reference book on this challenging topic in these most challenging economic times.”
— Robert L. Parkinson Jr., Chairman and Chief Executive Office, Baxter International Inc., and former dean, School of Business Administration and Graduate School of Business, Loyola University of Chicago
“Shannon Pratt and Roger Grabowski have consolidated information on both the theoretical framework and the practical applications needed by corporate executives and their staffs in estimating cost of capital in these ever-changing economic times. It provides guidance to assist corporate practitioners from the corporate management point of view. For example, the discussions on measuring debt capacity is especially timely in this changing credit market environment. The book serves corporate practitioners as a solid reference.”
— Franco Baseotto, Executive Vice President, Chief Financial Officer, and Treasurer, Foster Wheeler AG
“When computing the cost of capital for a firm, it can be fairly said that for every rule, there are a hundred exceptions. Shannon Pratt and Roger Grabowski should be credited with not only defining the basic rules that govern the computation of the cost of capital, but also a road map to navigate through the hundreds of exceptions. This belongs in every practitioner’s collection of must-have valuation books.”
—Aswath Damodaran, Professor, Stern School of Business, New York University
“Pratt and Grabowski have done it again. Just when you thought they couldn’t possibly do a better job, they did. Cost of Capital, Fourth Edition is a terrific resource. It is without a doubt the most comprehensive book on this subject today. What really distinguishes this book from other such texts is the fact that it is easy to read—no small feat given the exhaustive and detailed research and complicated subject matter. This book makes you think hard about all the alternative views out there and helps move the valuation profession forward.”
— James R. Hitchner, CPA/ABV/CFF, ASA, Managing Director, Financial Valuation Advisors; CEO, Valuation Products and Services; Editor in Chief, Financial Valuation and Litigation Expert; and President, Financial Consulting Group
“The Fourth Edition of Cost of Capital continues to be a ‘one-stop shop’ for background and current thinking on the development and uses of rates of return on capital. While it will have an appeal for a wide variety of constituents, it should serve as required reading and as a reference volume for students of finance and practitioners of business valuation. Readers will continue to find the volume to be a solid foundation for continued debate and research on the topic for many years to come.” — Anthony V. Aaron, Americas Leader, Quality and Risk Management,
Ernst & Young Transaction Advisory Services
with WEBSITE
Cost of CapitalApplications and Examples
FOURTH EDITION
Cost of capital estimation has long been recognized as one of the most critical ele-ments in business valuation, capital bud-
geting, feasibility studies, and corporate finance decisions and is also the most difficult procedure to assess and perform. Now in its fourth edition, Cost of Capital: Applications and Examples address-es the most controversial issues and problems in estimating the cost of capital.
Renowned valuation experts and authors Shannon Pratt and Roger Grabowski present both the theo-retical development of cost of capital estimation and its practical application to valuation, capital budgeting, and forecasting of expected invest-ment returns encountered in current practice. In this learning text/handy reference, Pratt and Grabowski deftly review and explore the theory of what drives the cost of capital, the models cur-rently in use to estimate cost of capital, and the data available as inputs to the models to estimate cost of capital.
In this thoroughly updated and comprehensive fourth edition, Cost of Capital summarizes the results and practical implications of the latest research—much of which is gleaned from unpub-lished academic working papers—and includes scores of formulas and elucidating examples throughout to enhance readers’ insights.
Pratt and Grabowski have updated their text to include a host of new material, including:
• A new chapter reconciling various forms of the income approach
• Expanded material on estimating the equity risk premium, chronicling the impact of the crisis of 2008–2010 and its impact on the cost of equity capital
• Expanded material on estimating the cost of debt capital and the impact of deleveraging on the debt capacity of businesses
• An updated chapter covering cost of capital for financial reporting under SFAS 141R, 142, and 144 (with full cross-referencing to the new FASB Accounting Codification), with examples of inferring rates of return for underlying assets from cost of capital of reporting units
• Expanded chapters on risk measures and their relationship to cost of capital and company-specific risk
with WEBSITE
Chris M. MellenFrank C. Evans
Building Value inPrivate Companies
Valuation for
M & A
SECOND EDITION
978-0-470-11875-7Hardcover • $95.00
978-0-471-28332-4Hardcover • $173.95
978-0-471-41488-9Hardcover • $95.00
978-0-470-47605-5Hardcover • $160.00
978-0-470-60441-0Hardcover • $85.00
978-0-470-46710-7Hardcover/CD • $90.00
978-1-57660-317-8Hardcover • $90.00
978-0-470-89455-2Downloadable content • $165.00
Valuation/M&A/Corporate Finance
MM cc K I NN SS EE YY & CC O MM P A NN YY
TIM KOLLER • R ICHARD DOBBS • BILL HU YETT
T h eF o u r C o r n e r s t o n e s
o fC o r p o r a t e F i n a n c e
V A L U E
Derivatives/Quantitative Finance
978-0-470-74735-3Hardcover • $90.00
978-0-471-78632-0Hardcover/CD • $150.00
978-1-57660-263-8Hardcover • $79.95
978-0-470-72522-1Hardcover • $39.95
MOHAMED BOUZOUBAAADEL OSSEIRAN
Exotic Optionsand Hybrids
A Guide to Structuring,Pricing and Trading
978-0-470-68803-8Hardcover • $95.00
978-0-471-15280-4Hardcover • $110.00
978-0-470-37189-3Hardcover/Website • $125.00
978-0-470-22908-8Hardcover/CD • $75.00
THE FRANK J. FABOZZI SERIES
DESSISLAVA A. PACHAMANOVA • FRANK J. FABOZZI
SIMULATION ANDOPTIMIZATIONIN FINANCE + Web Site
Modeling with MATLAB,@RISK, or VBA
978-0-470-18199-7Hardcover/CD • $70.00
978-0-470-26247-4Hardcover • $95.00
978-0-470-82488-7Hardcover • $49.95
THE FRANK J. FABOZZI SERIES
QUANTITATIVEEQUITYINVESTING
FRANK J. FABOZZI, SERGIO M. FOCARDI, PETTER N. KOLM
Techniques and Strategies
978-0-470-49910-8Hardcover • $95.00
978-0-470-49710-4Hardcover • $70.00
978-0-470-38754-2Hardcover/Website • $75.00
DERIVATIVES
Robert W. Kolb, James A. Overdahl, Editors
Pricing and Risk Management
KOLB SERIES IN FINANCEEssential PerspectivesEssential Perspectives
Includes
MetaStock® and
TradeStation®
Code
STRATEGIES FOR TRADING THE INVISIBLE+ COMPANION WEB SITE
VOLATILITY-BASED
978-0-470-40093-7Hardcover • $95.00
978-0-470-84885-2Hardcover • $155.00
978-0-470-13844-1Hardcover • $95.00
THE FRANK J. FABOZZI SERIES
PROBABILITY and STATISTICS for
FINANCESVETLOZAR T. RACHEV • MARKUS HÖCHSTÖTTERFRANK J. FABOZZI • SERGIO M. FOCARDI
11_55959_JOIMConf_Brochure_kl.indd 8-9 9/22/10 2:48 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Sixth Edition
FINANCIAL RISK MANAGERHANDBOOK+ TEST BANKReference Materials for FRM® Part I and Part II Exams
Philippe Jorion
Sixth Edition
|FIN
AN
CIA
L RISK
MA
NA
GE
R H
AN
DB
OO
K|
Jorion
The essential reference for financial risk managementRisk professionals looking to earn the Financial Risk Manager (FRM®) certification, as well as corporate training programs, professors,and graduate students all rely on the Financial Risk Manager Handbook for the most comprehensive and up-to-date information on financial risk management.
Filled with in-depth insight and practical advice, the Financial Risk Manager Handbook is the core text for risk management training programs worldwide. Presented in a clear and consistent fashion, this completely updated Fifth Edition—which comes with an interactiveCD-ROM containing hundreds of multiple-choice questions from previous FRM exams—is one of the best ways to prepare for the Financial Risk Manager (FRM) exam.
Financial Risk Manager Handbook, Fifth Edition, supports candidates studying for the Global Association of Risk Professional’s (GARP)FRM exam, the global benchmark examination for financial risk management professionals, and prepares you to assess and control riskin today’s rapidly changing financial world. Authorized by renowned risk management expert Phillipe Jorion—with the full support ofGARP—the definitive guide summarizes the core body of knowledge for financial risk managers, covering such topics as:
• Market, credit, operational, liquidity, and integrated risk management• Quantitative methods• Capital markets• Investment management and hedge fund risk• Relevant regulatory and legal issues essential to risk professionals.
The FRM is recognized as the world’s most prestigious global certification program—created to measure a financial risk manager’s capa-bilities. Since the FRM exam is an essential requirement for risk managers around the world, the Financial Risk Manager Handbook,Fifth Edition focuses on practical financial risk management techniques and solutions that are emphasized on the test—and are also essential in the real world. Questions from previous exams are explained through tutorials so that you may prepare yourself or your employees for this comprehensive exam and for the risk management challenges you will undoubtedly face at some point in your career.
Phillippe Jorion is Professor of Finance at the Paul Merage School of Business at the University of California at Irvine. He has alsotaught at Columbia, Northwestern, the University of Chicago, and the University of British Columbia. He holds an MBA and a Ph.D. from the University of Chicago and a degree in engineering from the University of Brussels. Dr. Jorion has authored more than ninetypublications—directed towards academics and practitioners—on the topic of risk management and international finance. He is on the editorial board of a number of financial journals and was editor of the Journal of Risk. His work has received several prizes for research.Dr. Jorion has written the first four editions of Financial Risk Manager Handbook (Wiley) as well as Financial Risk Management: Domestic and International Dimensions; Big Bets Gone Bad; Derivatives and Bankruptcy in Orange County, and Value at Risk; The NewBenchmark for Managing Financial Risk. He is also a managing director at Pacific Alternative Asset Management Company (PAAMCO),a global fund of hedge funds.
FINANCE
www.garp.orgSubscribe to our free Finance and Investing eNewsletter at wiley.com/enewsletters
Visit wileyfinance.com
wiley.comwileyfinance.com
FRM Handbook Cvr-spread_Layout 1 7/14/10 5:21 PM Page 1
The CMe GROUP Risk ManaGeMenT
handbOOkPROdUCTs and aPPliCaTiOns
foreword by leo melamed
John w. labuszewski, John e. Nyhoff,richard Co and Paul e. Peterson
978-0-470-09139-5Hardcover • $155.00
978-0-470-90401-5Paper/Website App • $175.00
978-0-470-13771-0Hardcover • $95.00
978-0-471-43000-1Hardcover • $90.00
ENTERPRISERISK MANAGEMENT
John Fraser and Betty J. Simkins, Editors
Today’s Leading Research and Best Practices for Tomorrow’s Executives
KOLB SERIES IN FINANCEEssential Perspectives
Applying Monte Carlo Risk Simulation, Strategic Real Options, Stochastic Forecasting, and Portfolio Optimization
S E C O N D E D I T I O N
Johnathan Mun
MODELINGRISK+DVDDVD Contains: ROV Risk Simulator andReal Options SLS trial software plus case studies,models, and training videos
978-0-471-10400-1Hardcover • $100.00
978-0-470-49908-5Hardcover • $95.00
978-0-470-59221-2Hardcover/DVD • $125.00
978-0-470-39014-6Hardcover • $95.00
GEOFF CHAPLIN
Creditderivatives
Trading, Investing,and Risk Management
SECOND EDITION
978-0-470-68644-7Hardcover/CD • $95.00
978-0-470-41571-9Paper • $19.95
978-0-470-54946-9Hardcover • $95.00
Coherent StreSS testingA Bayesian Approach to the Analysis of Financial risk
riccArdo reBonAto
978-0-470-66601-2Hardcover • $75.00
978-0-470-82537-2Hardcover • $80.00
978-0-470-38795-5Hardcover • $45.00
Understand the major categories of risk that all organizations face and how they impact one another
Utilize the latest risk management tools and technologies for making informed business decisions
Learn how to apply practical, cutting-edge risk strategies that work in multiple industries and nationalities
Understand why most anti-fraud and corruptionprograms fail and how you can succeed.
Explore commonly used risk approaches in theBanking, Insurance, and Brokerage industries.
Anthony Tarantino
RiskManagement in Finance
ESSENTIALSof
978-0-470-63528-5Paper • $45.00
ALLAN M. MALZ
Financial
ManagementRISKModels, History, and Institutions
FOUNDATIONS OF BANKING RISK
RICHARD APOSTOLIK
CHRISTOPHER DONOHUE
PETER WENT
AN OVERVIEW OF BANKING, BANKING RISKS AND RISK-BASED BANKING REGULATION
978-0-471-21977-4Hardcover/CD • $100.00
978-0-470-48180-6Hardcover • $95.00
978-0-470-44219-7Paper • $95.00
978-0-470-90339-1Hardcover • $95.00
Risk Management
ANTHONY SAUNDERSLINDA ALLEN
New Approaches to Value at Risk and Other Paradigms
Credit RiskMeasurementIn and Out of the Financial Crisis
T H I R D E D I T I O N
978-0-470-11872-6Hardcover • $95.00
978-0-470-37189-3Hardcover/Website • $125.00
978-0-470-47834-9Hardcover • $95.00
T O M A S Z B I E L E C K I
D A M I A N O B R I G O
F R E D E R I C P A T R A S
T H E L A T E S T A D V A N C E S I N
T H E O R Y A N D P R A C T I C E
THE HANDBOOK OF
CREDITDERIVATIVES
978-1-57660-358-1Hardcover • $60.00
THE FRANK J. FABOZZI SERIES
DESSISLAVA A. PACHAMANOVA • FRANK J. FABOZZI
SIMULATION ANDOPTIMIZATIONIN FINANCE + Web Site
Modeling with MATLAB,@RISK, or VBA
978-0-470-27560-3Paper/CD • $150.00
FINANCIALANALYSIS AND
MODELINGUsing Excel® and VBA
FINANCIALANALYSIS AND
C H A N D A N S E N G U P T A
SECOND EDITION + CD-ROM
CoversExcel 2007 andearlier versions
for XP andVista
978-0-470-17921-5Hardcover/DVD • $150.00
978-0-471-79464-6Paper/CD • $100.00
978-0-471-78908-6Paper/CD • $125.00
978-0-471-66103-0Hardcover/CD • $55.00
978-0-470-05316-4Hardcover • $95.00
978-0-470-04290-8Paper/CD • $80.00
978-0-470-48179-0Paper/CD • $95.00
Keith A. Allman
A Step-by-Step Guide
+CD
VALUATIONMODELING
CORPORATE
CD-ROM includes modeling exercises and afinal version of the model discussed in the text
978-0-470-11766-8Hardcover/CD • $85.00
978-0-471-73714-8Hardcover/CD • $95.00
978-0-470-71220-7Hardcover • $85.00
NICK WEBBER
models offinancial
derivatives
Implementing
Object Orientated Applicationswith VBA
978-0-470-48235-3Hardcover • $110.00
THE FRANK J. FABOZZI SERIES
FINANCIALMODELS WITHLEVY PROCESSESAND VOLATILITYCLUSTERINGSVETZOLAR T. RACHEV, YOUNG SHIM KIM,MICHELE LEONARDO BIANCHI, FRANK J. FABOZZI
´
978-0-471-42724-7Hardcover/CD • $89.95
978-0-471-92083-0Hardcover • $95.00
978-0-470-59221-2Hardcover/DVD • $125.00
Applying Monte Carlo Risk Simulation, Strategic Real Options, Stochastic Forecasting, and Portfolio Optimization
S E C O N D E D I T I O N
Johnathan Mun
MODELINGRISK+DVDDVD Contains: ROV Risk Simulator andReal Options SLS trial software plus case studies,models, and training videos
Financial Modeling
11_55959_JOIMConf_Brochure_kl.indd 10-11 9/22/10 2:48 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Sixth Edition
FINANCIAL RISK MANAGERHANDBOOK+ TEST BANKReference Materials for FRM® Part I and Part II Exams
Philippe Jorion
Sixth Edition
|FIN
AN
CIA
L RISK
MA
NA
GE
R H
AN
DB
OO
K|
Jorion
The essential reference for financial risk managementRisk professionals looking to earn the Financial Risk Manager (FRM®) certification, as well as corporate training programs, professors,and graduate students all rely on the Financial Risk Manager Handbook for the most comprehensive and up-to-date information on financial risk management.
Filled with in-depth insight and practical advice, the Financial Risk Manager Handbook is the core text for risk management training programs worldwide. Presented in a clear and consistent fashion, this completely updated Fifth Edition—which comes with an interactiveCD-ROM containing hundreds of multiple-choice questions from previous FRM exams—is one of the best ways to prepare for the Financial Risk Manager (FRM) exam.
Financial Risk Manager Handbook, Fifth Edition, supports candidates studying for the Global Association of Risk Professional’s (GARP)FRM exam, the global benchmark examination for financial risk management professionals, and prepares you to assess and control riskin today’s rapidly changing financial world. Authorized by renowned risk management expert Phillipe Jorion—with the full support ofGARP—the definitive guide summarizes the core body of knowledge for financial risk managers, covering such topics as:
• Market, credit, operational, liquidity, and integrated risk management• Quantitative methods• Capital markets• Investment management and hedge fund risk• Relevant regulatory and legal issues essential to risk professionals.
The FRM is recognized as the world’s most prestigious global certification program—created to measure a financial risk manager’s capa-bilities. Since the FRM exam is an essential requirement for risk managers around the world, the Financial Risk Manager Handbook,Fifth Edition focuses on practical financial risk management techniques and solutions that are emphasized on the test—and are also essential in the real world. Questions from previous exams are explained through tutorials so that you may prepare yourself or your employees for this comprehensive exam and for the risk management challenges you will undoubtedly face at some point in your career.
Phillippe Jorion is Professor of Finance at the Paul Merage School of Business at the University of California at Irvine. He has alsotaught at Columbia, Northwestern, the University of Chicago, and the University of British Columbia. He holds an MBA and a Ph.D. from the University of Chicago and a degree in engineering from the University of Brussels. Dr. Jorion has authored more than ninetypublications—directed towards academics and practitioners—on the topic of risk management and international finance. He is on the editorial board of a number of financial journals and was editor of the Journal of Risk. His work has received several prizes for research.Dr. Jorion has written the first four editions of Financial Risk Manager Handbook (Wiley) as well as Financial Risk Management: Domestic and International Dimensions; Big Bets Gone Bad; Derivatives and Bankruptcy in Orange County, and Value at Risk; The NewBenchmark for Managing Financial Risk. He is also a managing director at Pacific Alternative Asset Management Company (PAAMCO),a global fund of hedge funds.
FINANCE
www.garp.orgSubscribe to our free Finance and Investing eNewsletter at wiley.com/enewsletters
Visit wileyfinance.com
wiley.comwileyfinance.com
FRM Handbook Cvr-spread_Layout 1 7/14/10 5:21 PM Page 1
The CMe GROUP Risk ManaGeMenT
handbOOkPROdUCTs and aPPliCaTiOns
foreword by leo melamed
John w. labuszewski, John e. Nyhoff,richard Co and Paul e. Peterson
978-0-470-09139-5Hardcover • $155.00
978-0-470-90401-5Paper/Website App • $175.00
978-0-470-13771-0Hardcover • $95.00
978-0-471-43000-1Hardcover • $90.00
ENTERPRISERISK MANAGEMENT
John Fraser and Betty J. Simkins, Editors
Today’s Leading Research and Best Practices for Tomorrow’s Executives
KOLB SERIES IN FINANCEEssential Perspectives
Applying Monte Carlo Risk Simulation, Strategic Real Options, Stochastic Forecasting, and Portfolio Optimization
S E C O N D E D I T I O N
Johnathan Mun
MODELINGRISK+DVDDVD Contains: ROV Risk Simulator andReal Options SLS trial software plus case studies,models, and training videos
978-0-471-10400-1Hardcover • $100.00
978-0-470-49908-5Hardcover • $95.00
978-0-470-59221-2Hardcover/DVD • $125.00
978-0-470-39014-6Hardcover • $95.00
GEOFF CHAPLIN
Creditderivatives
Trading, Investing,and Risk Management
SECOND EDITION
978-0-470-68644-7Hardcover/CD • $95.00
978-0-470-41571-9Paper • $19.95
978-0-470-54946-9Hardcover • $95.00
Coherent StreSS testingA Bayesian Approach to the Analysis of Financial risk
riccArdo reBonAto
978-0-470-66601-2Hardcover • $75.00
978-0-470-82537-2Hardcover • $80.00
978-0-470-38795-5Hardcover • $45.00
Understand the major categories of risk that all organizations face and how they impact one another
Utilize the latest risk management tools and technologies for making informed business decisions
Learn how to apply practical, cutting-edge risk strategies that work in multiple industries and nationalities
Understand why most anti-fraud and corruptionprograms fail and how you can succeed.
Explore commonly used risk approaches in theBanking, Insurance, and Brokerage industries.
Anthony Tarantino
RiskManagement in Finance
ESSENTIALSof
978-0-470-63528-5Paper • $45.00
ALLAN M. MALZ
Financial
ManagementRISKModels, History, and Institutions
FOUNDATIONS OF BANKING RISK
RICHARD APOSTOLIK
CHRISTOPHER DONOHUE
PETER WENT
AN OVERVIEW OF BANKING, BANKING RISKS AND RISK-BASED BANKING REGULATION
978-0-471-21977-4Hardcover/CD • $100.00
978-0-470-48180-6Hardcover • $95.00
978-0-470-44219-7Paper • $95.00
978-0-470-90339-1Hardcover • $95.00
Risk Management
ANTHONY SAUNDERSLINDA ALLEN
New Approaches to Value at Risk and Other Paradigms
Credit RiskMeasurementIn and Out of the Financial Crisis
T H I R D E D I T I O N
978-0-470-11872-6Hardcover • $95.00
978-0-470-37189-3Hardcover/Website • $125.00
978-0-470-47834-9Hardcover • $95.00
T O M A S Z B I E L E C K I
D A M I A N O B R I G O
F R E D E R I C P A T R A S
T H E L A T E S T A D V A N C E S I N
T H E O R Y A N D P R A C T I C E
THE HANDBOOK OF
CREDITDERIVATIVES
978-1-57660-358-1Hardcover • $60.00
THE FRANK J. FABOZZI SERIES
DESSISLAVA A. PACHAMANOVA • FRANK J. FABOZZI
SIMULATION ANDOPTIMIZATIONIN FINANCE + Web Site
Modeling with MATLAB,@RISK, or VBA
978-0-470-27560-3Paper/CD • $150.00
FINANCIALANALYSIS AND
MODELINGUsing Excel® and VBA
FINANCIALANALYSIS AND
C H A N D A N S E N G U P T A
SECOND EDITION + CD-ROM
CoversExcel 2007 andearlier versions
for XP andVista
978-0-470-17921-5Hardcover/DVD • $150.00
978-0-471-79464-6Paper/CD • $100.00
978-0-471-78908-6Paper/CD • $125.00
978-0-471-66103-0Hardcover/CD • $55.00
978-0-470-05316-4Hardcover • $95.00
978-0-470-04290-8Paper/CD • $80.00
978-0-470-48179-0Paper/CD • $95.00
Keith A. Allman
A Step-by-Step Guide
+CD
VALUATIONMODELING
CORPORATE
CD-ROM includes modeling exercises and afinal version of the model discussed in the text
978-0-470-11766-8Hardcover/CD • $85.00
978-0-471-73714-8Hardcover/CD • $95.00
978-0-470-71220-7Hardcover • $85.00
NICK WEBBER
models offinancial
derivatives
Implementing
Object Orientated Applicationswith VBA
978-0-470-48235-3Hardcover • $110.00
THE FRANK J. FABOZZI SERIES
FINANCIALMODELS WITHLEVY PROCESSESAND VOLATILITYCLUSTERINGSVETZOLAR T. RACHEV, YOUNG SHIM KIM,MICHELE LEONARDO BIANCHI, FRANK J. FABOZZI
´
978-0-471-42724-7Hardcover/CD • $89.95
978-0-471-92083-0Hardcover • $95.00
978-0-470-59221-2Hardcover/DVD • $125.00
Applying Monte Carlo Risk Simulation, Strategic Real Options, Stochastic Forecasting, and Portfolio Optimization
S E C O N D E D I T I O N
Johnathan Mun
MODELINGRISK+DVDDVD Contains: ROV Risk Simulator andReal Options SLS trial software plus case studies,models, and training videos
Financial Modeling
11_55959_JOIMConf_Brochure_kl.indd 10-11 9/22/10 2:48 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
978-0-470-08624-7Hardcover • $95.00
978-0-471-22884-4Paper • $27.50
978-0-470-75005-6Hardcover • $27.95
Finance & Banking
978-0-470-44765-9Hardcover • $95.00
978-0-471-44549-4Paper • $21.95
MicroMarkets A Market Structure
Approach to Microeconomic Analysis
Robert A. Schwartz
978-0-470-49911-5Hardcover • $95.00
978-0-470-40735-6Hardcover • $125.00
978-0-470-44766-6Paper • $39.95
COMMUNITY BANKING STRATEGIES
Vincent Boberski
Steady Growth, Safe Portfolio Management, and Lasting Client Relationships
978-1-57660-369-7Hardcover • $60.00
978-0-470-04256-4Hardcover • $900.00
Foreword by Professor FRANK J. FABOZZI
Moorad Choudhry Gino Landuyt
The FUTUREof FINANCEA NEW MODEL FOR BANKING AND INVESTMENT
978-0-470-57229-0Hardcover • $80.00
978-0-470-82387-3Hardcover • $45.00
THE FRANK J. FABOZZI SERIES
MODERNFINANCIALSYSTEMS
EDWIN H. NEAVE, PHD
Theory and Applications
978-0-470-41973-1Hardcover • $110.00
R O B E RT A . S C H WA RT ZG R EG O RY M . S I P R E S S
B RU C E W. W E B E R
MASTERING THE ART OF
EQUITY TRADING THROUGH SIMULATION
THE TRADEREX COURSE
+ WEB-BASED SOFTWARE
978-0-470-46485-4Paper/Website • $75.00
ISLAMICBANKING
HOW TO MANAGE RISK ANDIMPROVE PROFITABILITY
Amr Mohamed El Tiby
978-0-470-88023-4Hardcover • $70.00
978-0-470-40530-7Paper • $19.95
978-0-470-49916-0Hardcover • $95.00
978-0-470-60971-2Hardcover • $100.00
THE FRANK J. FABOZZI SERIES
THE BASICSOF FINANCE
+ Web Site
PAMELA PETERSON DRAKE • FRANK J. FABOZZI
An Introduction toFinancial Markets, Business Finance,and Portfolio Management
Quantitative and Technical Analysis
978-0-471-79251-2Hardcover • $65.00
978-0-470-52940-9Hardcover • $60.00
Increasing Alpha
with OptionsTrading Strategies Using Technical Analysis
and Market Indicators
Scott H. Fullman, CMT
978-1-57660-365-9Hardcover • $55.00
978-0-470-28488-9Hardcover • $60.00
IR ENE A LDR IDGE / STEV EN KR AW CI W
A R O A D M A P T O I NV E S T I N G
THE QUANT INVESTOR’SALMANAC 2011
978-0-470-63561-2Paper • $49.95
978-1-57660-316-1Hardcover • $29.95
978-0-471-66826-8Hardcover • $120.00
TRADER’SA L M A N A C2 O 1 1
CO M M O D I T Y
For Active Traders of Futures, Forex, Stocks, and ETFs
978-0-470-55745-7Hardcover • $39.95
TheSimple TruthAboutQuantitative Trading
rishi k narang
INSIDE THE
B L ACK BOX
978-0-470-43206-8Hardcover • $49.95
978-1-57660-133-4Hardcover • $39.95
978-0-470-00874-4Hardcover • $100.00
TRADER’SA L M A N A C
S T O C K
2 O 1 1
978-0-470-55744-0Hardcover • $39.95
978-0-470-63373-1Hardcover • $80.00
978-1-57660-314-7Hardcover • $29.95
978-1-57660-249-2Paper • $39.95
978-1-57660-300-0Hardcover • $29.95
978-1-57660-242-3Hardcover • $60.00
978-0-470-18199-7Hardcover/CD • $70.00
TRADING
Irene Aldridge
A Practical Guide
to Algorithmic Strategies and
Trading Systems
HIGH-FREQUENCY
978-0-470-56376-2Hardcover • $70.00
978-1-57660-349-9Hardcover • $29.95
978-0-470-18166-9Hardcover/CD • $70.00
978-0-470-61653-6Hardcover • $60.00
978-1-57660-360-4Hardcover • $50.00
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SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
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SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
978-0-470-08624-7Hardcover • $95.00
978-0-471-22884-4Paper • $27.50
978-0-470-75005-6Hardcover • $27.95
Finance & Banking
978-0-470-44765-9Hardcover • $95.00
978-0-471-44549-4Paper • $21.95
MicroMarkets A Market Structure
Approach to Microeconomic Analysis
Robert A. Schwartz
978-0-470-49911-5Hardcover • $95.00
978-0-470-40735-6Hardcover • $125.00
978-0-470-44766-6Paper • $39.95
COMMUNITY BANKING STRATEGIES
Vincent Boberski
Steady Growth, Safe Portfolio Management, and Lasting Client Relationships
978-1-57660-369-7Hardcover • $60.00
978-0-470-04256-4Hardcover • $900.00
Foreword by Professor FRANK J. FABOZZI
Moorad Choudhry Gino Landuyt
The FUTUREof FINANCEA NEW MODEL FOR BANKING AND INVESTMENT
978-0-470-57229-0Hardcover • $80.00
978-0-470-82387-3Hardcover • $45.00
THE FRANK J. FABOZZI SERIES
MODERNFINANCIALSYSTEMS
EDWIN H. NEAVE, PHD
Theory and Applications
978-0-470-41973-1Hardcover • $110.00
R O B E RT A . S C H WA RT ZG R EG O RY M . S I P R E S S
B RU C E W. W E B E R
MASTERING THE ART OF
EQUITY TRADING THROUGH SIMULATION
THE TRADEREX COURSE
+ WEB-BASED SOFTWARE
978-0-470-46485-4Paper/Website • $75.00
ISLAMICBANKING
HOW TO MANAGE RISK ANDIMPROVE PROFITABILITY
Amr Mohamed El Tiby
978-0-470-88023-4Hardcover • $70.00
978-0-470-40530-7Paper • $19.95
978-0-470-49916-0Hardcover • $95.00
978-0-470-60971-2Hardcover • $100.00
THE FRANK J. FABOZZI SERIES
THE BASICSOF FINANCE
+ Web Site
PAMELA PETERSON DRAKE • FRANK J. FABOZZI
An Introduction toFinancial Markets, Business Finance,and Portfolio Management
Quantitative and Technical Analysis
978-0-471-79251-2Hardcover • $65.00
978-0-470-52940-9Hardcover • $60.00
Increasing Alpha
with OptionsTrading Strategies Using Technical Analysis
and Market Indicators
Scott H. Fullman, CMT
978-1-57660-365-9Hardcover • $55.00
978-0-470-28488-9Hardcover • $60.00
IR ENE A LDR IDGE / STEV EN KR AW CI W
A R O A D M A P T O I NV E S T I N G
THE QUANT INVESTOR’SALMANAC 2011
978-0-470-63561-2Paper • $49.95
978-1-57660-316-1Hardcover • $29.95
978-0-471-66826-8Hardcover • $120.00
TRADER’SA L M A N A C2 O 1 1
CO M M O D I T Y
For Active Traders of Futures, Forex, Stocks, and ETFs
978-0-470-55745-7Hardcover • $39.95
TheSimple TruthAboutQuantitative Trading
rishi k narang
INSIDE THE
B L ACK BOX
978-0-470-43206-8Hardcover • $49.95
978-1-57660-133-4Hardcover • $39.95
978-0-470-00874-4Hardcover • $100.00
TRADER’SA L M A N A C
S T O C K
2 O 1 1
978-0-470-55744-0Hardcover • $39.95
978-0-470-63373-1Hardcover • $80.00
978-1-57660-314-7Hardcover • $29.95
978-1-57660-249-2Paper • $39.95
978-1-57660-300-0Hardcover • $29.95
978-1-57660-242-3Hardcover • $60.00
978-0-470-18199-7Hardcover/CD • $70.00
TRADING
Irene Aldridge
A Practical Guide
to Algorithmic Strategies and
Trading Systems
HIGH-FREQUENCY
978-0-470-56376-2Hardcover • $70.00
978-1-57660-349-9Hardcover • $29.95
978-0-470-18166-9Hardcover/CD • $70.00
978-0-470-61653-6Hardcover • $60.00
978-1-57660-360-4Hardcover • $50.00
11_55959_JOIMConf_Brochure_kl.indd 12-13 9/22/10 2:48 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
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SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Notable Reads
978-0-470-50514-4Hardcover • $24.95
FOREWORD BY JONATHAN CLEMENTS
978-0-470-64396-9Hardcover • $29.95
COUNT
JOHN C. BOGLE
DON’T
ON IT
Foreword by DR. ALAN S. BLINDERCo-Director, Princeton Center for Economic Policy Studies and
Former Vice-Chairman, Federal Reserve Board
RRefleccttions on INVVEESTMENTT IILLUSSIIONSS,,
IINDEEXINGG, CAAPITALLISM, “MUTTUAL”” FUNNDS,
EENTRREPRENNEURRSHIPP, IIDDEEALISMM, anndd Morre
978-0-470-54086-2Hardcover • $27.95
978-0-470-52849-5Hardcover • $19.95
Bestselling author of A Random Walk Down Wall Street
Bestselling author of Winning the Loser’s Game
T H E
E L E ME N T SO F
INVESTING
978-0-470-63242-0Paper • $16.95
Wall Street
Omaha
Dear Mr. BuffettWhat an Investor Learns 1,269 Miles from Wall Street
Janet Tavakoli
“A clear and pacy run through the multitude of sins and sinners in the modern fi nancial world . . . Tavakoli makes for an attractive pundit—she knows her stuff, has strong opinions, and turns a colorful quote.” —Financial Times
978-0-470-28535-0Hardcover • $27.95
From New York Times bestselling author
KEN FISHERwith Lara Hoffmans
Learn It, Do It,and Profit From It–
Seeing Through Wall Street’sMoney-Killing Myths
978-0-470-13813-7Hardcover • $29.95
JOHN C. BOGLEN a t i o n a l B e s t s e l l i n g A u t h o r
F O R E W O R D B Y D A V I D S W E N S E NC h i e f I n v e s t m e n t O f f i c e r , Y a l e U n i v e r s i t y
Fully Updated10th
Anniversary Edition
978-0-470-61954-4Hardcover • $27.95
978-0-470-64604-5Paper • $16.95
IR ENE A LDR IDGE / STEV EN KR AW CI W
A R O A D M A P T O I NV E S T I N G
THE QUANT INVESTOR’SALMANAC 2011
978-0-470-63561-2Paper • $49.95
978-0-470-45257-8Paper • $16.95
978-0-470-07394-0Hardcover • $29.95
978-0-471-77089-3Paper • $19.95
978-0-470-19273-3Paper • $16.95
978-0-471-74367-5Paper • $14.95
978-0-471-36946-2Hardcover • $39.95
978-0-471-38197-6Hardcover • $27.95
MM cc K I NN SS EE YY & CC O MM P A NN YY
TIM KOLLER • R ICHARD DOBBS • BILL HUYETT
T h eF o u r C o r n e r s t o n e s
o fC o r p o r a t e F i n a n c e
V A L U E
978-0-470-42460-5Hardcover • $29.95
978-0-470-40675-5Hardcover • $29.95
978-0-471-71692-1Paper • $16.95
Notable Reads
Peter L. Bernstein Classics
978-0-471-29563-1Paper • $19.95
978-0-471-73173-3Hardcover • $29.95
978-0-470-28758-3Paper • $19.95
978-0-470-28757-6Paper • $19.95
978-0-470-28759-0Paper • $19.95
978-0-471-00378-6Paper • $18.95
11_55959_JOIMConf_Brochure_kl.indd 14-15 9/22/10 2:48 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
Wiley and the Wiley logo are registered trademarks of John Wiley & Sons, Inc.
Notable Reads
978-0-470-50514-4Hardcover • $24.95
FOREWORD BY JONATHAN CLEMENTS
978-0-470-64396-9Hardcover • $29.95
COUNT
JOHN C. BOGLE
DON’T
ON IT
Foreword by DR. ALAN S. BLINDERCo-Director, Princeton Center for Economic Policy Studies and
Former Vice-Chairman, Federal Reserve Board
RRefleccttions on INVVEESTMENTT IILLUSSIIONSS,,
IINDEEXINGG, CAAPITALLISM, “MUTTUAL”” FUNNDS,
EENTRREPRENNEURRSHIPP, IIDDEEALISMM, anndd Morre
978-0-470-54086-2Hardcover • $27.95
978-0-470-52849-5Hardcover • $19.95
Bestselling author of A Random Walk Down Wall Street
Bestselling author of Winning the Loser’s Game
T H E
E L E ME N T SO F
INVESTING
978-0-470-63242-0Paper • $16.95
Wall Street
Omaha
Dear Mr. BuffettWhat an Investor Learns 1,269 Miles from Wall Street
Janet Tavakoli
“A clear and pacy run through the multitude of sins and sinners in the modern fi nancial world . . . Tavakoli makes for an attractive pundit—she knows her stuff, has strong opinions, and turns a colorful quote.” —Financial Times
978-0-470-28535-0Hardcover • $27.95
From New York Times bestselling author
KEN FISHERwith Lara Hoffmans
Learn It, Do It,and Profit From It–
Seeing Through Wall Street’sMoney-Killing Myths
978-0-470-13813-7Hardcover • $29.95
JOHN C. BOGLEN a t i o n a l B e s t s e l l i n g A u t h o r
F O R E W O R D B Y D A V I D S W E N S E NC h i e f I n v e s t m e n t O f f i c e r , Y a l e U n i v e r s i t y
Fully Updated10th
Anniversary Edition
978-0-470-61954-4Hardcover • $27.95
978-0-470-64604-5Paper • $16.95
IR ENE A LDR IDGE / STEV EN KR AW CI W
A R O A D M A P T O I NV E S T I N G
THE QUANT INVESTOR’SALMANAC 2011
978-0-470-63561-2Paper • $49.95
978-0-470-45257-8Paper • $16.95
978-0-470-07394-0Hardcover • $29.95
978-0-471-77089-3Paper • $19.95
978-0-470-19273-3Paper • $16.95
978-0-471-74367-5Paper • $14.95
978-0-471-36946-2Hardcover • $39.95
978-0-471-38197-6Hardcover • $27.95
MM cc K I NN SS EE YY & CC O MM P A NN YY
TIM KOLLER • R ICHARD DOBBS • BILL HUYETT
T h eF o u r C o r n e r s t o n e s
o fC o r p o r a t e F i n a n c e
V A L U E
978-0-470-42460-5Hardcover • $29.95
978-0-470-40675-5Hardcover • $29.95
978-0-471-71692-1Paper • $16.95
Notable Reads
Peter L. Bernstein Classics
978-0-471-29563-1Paper • $19.95
978-0-471-73173-3Hardcover • $29.95
978-0-470-28758-3Paper • $19.95
978-0-470-28757-6Paper • $19.95
978-0-470-28759-0Paper • $19.95
978-0-471-00378-6Paper • $18.95
11_55959_JOIMConf_Brochure_kl.indd 14-15 9/22/10 2:48 PM
SAVE 30%! Take advantage of the special JOIM conference discount when you use the code JOIM3 at www.wiley.com (Offer ends 1/31/2011)
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Little Books Big Profits Series
978-0-470-64399-0Hardcover • $19.95
PETER D. SCHIFFNew York Times bestselling author
$
of
BULLMOVES
THE LITTLE BOOK
How to Keep Your Portfolio UpWhen the Market Is Up, Down, or Sideways
U P D A T E D A N D E X P A N D E D
978-0-470-62166-0Hardcover • $19.95
GREG IP
ECONOMICS
$
How the Economy Worksin the Real World
F O R E W O R D B Y MOHAMED EL-ERIANC EO of P I MC O
THE LITTLE BOOKof
978-0-470-62415-9Hardcover • $19.95
JOEL GR EENBLAT TF O R E W O R D B Y A N D R E W T O B I A S
Updated with New Introduction and Afterword
NEW YORK TIMES
BESTSELLER
NEW YORK TIMES
BESTSELLER
“The best book on the subject in years.” —Financial Times
“ The Little Book [That Beats the Market ] is one of the best, clearest guides to value investing out there.”
—The Wall Street Journal
$
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CURRENCYTRADING
$
THE LITTLE BOOKof
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978-0-470-13772-7Hardcover • $19.95
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VITALIY N. KATSENELSON
SIDEWAYSMARKETS
$
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How to Make Money inMarkets that Don’t Move
F O R E W O R D B Y JOHN MAULDIN
THE LITTLE BOOK
978-0-470-10210-7Hardcover • $19.95
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$
JAMES MONTIERForeword by JOH N M AU L DI N, Bestsel l i ng Au t hor of Bull’s Eye Investing
BEHAVIORALINVESTING
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THE LITTLE BOOK
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978-0-470-22651-3Hardcover • $19.95
11_55959_JOIMConf_Brochure_kl.indd 16 9/22/10 2:49 PM