Academic Press - Finance - A Quantitative Introduc

文件名称: Academic Press - Finance - A Quantitative Introduction (2014).pdf

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详细说明：This textbook is the response to our students’ needs as communicated in our performance feedback (Thanks to you all!). Initially, it was dedicated to our international students on short-term student-exchange projects. At a later stage, we learned that a textbook on an introduction to finance, writteDEDICATION To Richard and igor ACKNOWLEDGMENTS We would like to express our gratitude to ProfE maczynska for her on going support. We are indebted to the seminar participants at Institute of Corporate Finance and Investment at Warsaw School of economics for their indications on the textbook proposal. Our students are an infi nite source of motivation, and we thank you all for all your comments remarks, and questions We are grateful for support at the initial stage of the project from Prof, K. Kuziak Dr hab,a, Adamska and m. encik csc. To prof m Gruszczynski, we extend our thanks for the immediate solution on formal matters We are indebted to the scientific promoters of Piotr's research: Prof. M. Piotrowska for showing the life-time path and prof. w. ostasiewicz for crucial questions on stochastic function The book substantially reflects the reviews and situations we work though with our co-workers in business and government. We would like to express our thanks to Dr K. Barborka, Dr P. Feith, and M. glapa as well as members of industry, CRD, and talent teams for all the business coaching, and education experience We owe our gratitude to the editors: Christine Minihane, J. Scott Bentley, PhD and the elsevier team: Mckenna Bailey, M. murray Anusha Sambamoorthy for their experience and professional support We would like to thank our anonymous reviewers for valuable comments on the book prospectus. Irrespective of all the support and comments we have received. all potential errors in the text remain our responsibility ucia piotr staszkiewicz OD This textbook is the response to our students needs as communicated in our performance feedback(Thanks to you all! Initially, it was dedicated to our international students on short-term student-exchange projects. At a later stage, we learned that a textbook on an introduction to finance written in simple English, clearly presenting the most important topics but providing examples and space for more advanced knowledge development may be a desired textbook to be used as a reference for various finance courses or as a self-study handbook for users of financial analytics We planned this textbook to be Practically referenced soft KIss Practical-focused on well-established high-level financial knowledge closely related to the practice Referenced- the content of the textbook builds up the "backbone for knowledge about finance or "set of bricks that may be modified by the users for their particular needs Soft-a part of the textbook is programming ready, helping users to learn and remem ber the solid practical and theoretical fundaments on finance KISS-"keep it short and simple"; the book has been written to be concise to impart the knowledge in an understandable, short form To meet this requirement, we imposed a page limit for each chapter We have introduced paragraph numbering for ease of navigation. We have left space between paragraphs to enable both students and lecturers to add their own contributions The book is aimed at a broad audience with differing levels of knowledge of finance and different international experience. For those students with advanced pre-knowledge about finance, the textbook should provide a reference and quick overview function. For those who are starting to build their knowledge, the more advanced parts of the book may be skipped over Each chapter of this textbook follows the same pattern. The chapter title is followed by a mind map, which shows a synthetic picture of the chapter content and its relation in one glance. Each chapter starts with keywords relevant to the topic discussed. The interline subtitles provide navigation Introduction through the chapter structure, interspersed with examples. At the end of each chapter, there is a short summary, a set of simple self-study questions, refer ences for further reading. and a case study with solution The case studies are a natural extension of the main text; consolidation of prior knowledge is advised before attempting them. Revisiting the content of chapters in groups or with classmates has provided enjoyment to the majority of our students For a quick overview of the book content, we advise looking at the introductory mind map together with the chapter summaries. This may allow the reader to quickly digest the entire book and focus on the issues of interest in more detail We plan for this book to not only provide knowledge, but at the same time develop professional and academic skills and competencies such as problem-solving, analytical interpretation and building of arguments review of documents, cross-cultural issue identification, and sensitivity or mental calculation This book is not intended to be a practical reference guide for financial decision-making. It presents an introduction to finance, and any professional application is not feasible with such a reduced scope and substantial theoretical assumptions. We resigned from real practice cases because in our opinion, the necessary simplification of the cases would significantly reduce their practical value. The situations and sce narios in the book are written for the purpose of this book in order to illustrate the discussed topics and to provide users with the opportunity to practice calculations and analysis The selection of topics discussed is based on our real-life experience As authors, we have together more than 33 years of professional and edu cational experience. During our careers, we have taken sets of academic examinations and courses at Slovak. Austrian Polish, and American Uni versities. Due to the international nature of our occupations and interests we have presented deliverables in Slovak, Polish, English, and German languages and have experienced ourselves the cultural differences. We are or have been exposed to the international consulting and auditing envi- ronment, local entrepreneurs issues, government budget verification, risk management staff requirement assessment, and remuneration processes We treated this mutual experience as our competitive advantage when selecting the context of this textbook. We aimed to achieve a balance between theoretical and academic content and real life relevance Introduction For comments on this book, please contact the authors on pstasza shg wawp The general structure of the book and its interconnectivity is shown in the mind map below E CHAPTER Introduction to finance and financial markets 。| cQ=mc 00E55L 058sL Finance:AQuantitativeIntroductionhttp://dx.doi.org/10.1016/b978-0-12-801584-1.00001-9 Copyright o 2015 Elsevier Inc. All rights reserved Finance: A Quantitative Introduction 1.1 FINANCE Finance is a study of how people allocate scarce resources over time Time is also a resource Finance can be divided into specific areas based on different criteria that are shown in the following table Subject Split Theoretical Ro OOtS Research focus Geographical Focus Profitability Public finance Financia Time series analysis Local finance economies organization finance Corporate Financial Financial instruments State finance Not-for-profit finance mathematics valuation organization finance Household Financial Risk analysis International Political parties finance econometrics finance finance Behavioral finance Global finance This book addresses the gray areas in the table for financial markets with minor elements of behavioral finance. Financial mathematics ap plies mainly quantitative and arithmetic tools. There are some references to other areas indicated in the table for perspective enhancement Corporate finance can be split in the following divisions Industry finance Banking finance Insurance finance The term corporate finance is often used to describe industry finance whereas banking and insurance are treated separately The theoretical roots of finance are linked to general economic models adapted for financial issues (financial economics)or to abstract concepts applied for financial modeling(financial mathematics). They can also be used to fit actual data to a specific model type(financial econometrics) The linkage between human behavior and financial decision-making is an area of research for behavioral finance. At the same time the finan cial behavior of a country is an area of interest of public finance, and the behavior of business entities falls under corporate finance. Household finance or personal finance focuses on the wealth decisions of anindividual person. International finance deals with relationships between separate countries and global finance is concerned with the relationship between multinational organizations and global issues. The most developed Introduction to finance and Financial Markets research areas are the development of the price returns and other parameters over time(time series analysis), the value of the instrument at a given point in time(instruments valuation), and risk measurement assessment and appraisal (risk analysis). Not all organizations are profit oriented, and there are differences in financial aspects between for profit and nonprofit organizations 1.2 INTERACTION BETWEEN FINANCE AND OTHER BRANCHES OF SCIENCE Finance puzzle is shown in this figure Mathematics Econometrics Statistics Reporting Law Accounter ng Central Finance banking ke eeping Supervision Macroeconomics Microeconomics Psychology Product an market Sociology Marketin Monopol The gray scale represents the relative intensity of relation Example What is the link between monopoly and supervision in the context of finance? Solution Some companies, for example, banks, broker dealers, and insurance companies must have a license from the supervisor in order to operate a business in major jurisdictions. This means that the market is monopo lized by the state and access to it is restricted Financial system: the set of markets and other institutions used for financing, contracting, and the exchange of assets and risks 1.3 PLAYERS ON MACROECONOMIC SCALE 1.3.1 Households, Companies, government, and fx Types of households, companies(corporate, noncorporate), govern- ments(Democracy or other), FX-foreign entities, countries, and so on

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