Financial Engineering von Tanya S/Marshall Beder

A comprehensive guide to the essential aspects of financial engineering Divided into four informative parts, this resource puts financial engineering in perspective and gives readers a better understanding of how it can be applied in real-world situations. Readers will gain familiarity with the different players, developments, and products of various markets-from fixed income, equity, and derivatives to foreign exchange-and learn about the role financial engineering has played in each one. Financial engineering is widely accepted around the globe, and this book has the information and insights that will allow readers to enhance their understanding of such a complex field. Part of the Robert W. Kolb Series in Finance, this book will be the essential guide to this complex and ever-evolving topic. Tanya S. Beder (New York, NY) is currently Chairman of SBCC in New York. She has written numerous articles in the financial area that have been published. Cara M. Marshall (Port Jefferson, NY) co-founded Marshall, Tucker & Associates, which has served the financial services industry since the 1980s as a derivatives consulting and financial engineering firm. Robert W. Kolb (Chicago, IL) is the Frank W. Considine Chair of Applied Ethics and Professor of Finance at Loyola University, Chicago.

InhaltsangabeFinancial engineering is poised for a great shift in the years ahead. Everyone from investors and borrowers to regulators and legislators will need to determine what works, what doesn't, and where to go from here. Financial Engineering-part of the Robert W. Kolb Series in Finance-has been designed to help you do just this. Comprised of contributed chapters by distinguished experts from industry and academia, this reliable resource will help you focus on established activities in the field, developing trends and changes, as well as areas of opportunity. Divided into five comprehensive parts, Financial Engineering begins with an informative overview of the discipline, chronicling its complete history and profiling potential career paths. From here, Part II quickly moves on to discuss the evolution of financial engineering in major markets-fixed income, foreign exchange, equities, commodities and credit-and offers important commentary on what has worked and what will change. Part III then examines a number of recent innovative applications of financial engineering that have made news over the past decade-such as the advent of securitized and structured products and highly quantitative trading strategies for both equities and fixed income. Thoughts on how risk management might be retooled to reflect what has been learned as a result of the recent financial crisis are also included. Part IV of the book is devoted entirely to case studies that present valuable lessons for active practitioners and academics. Several of the cases explore the risk that has instigated losses across multiple markets, including the global credit crisis. You'll gain in-depth insights from cases such as Countrywide, Société Générale, Barings, Long-Term Capital Management, the Florida Local Government Investment Pool, AIG, Merrill Lynch, and many more. The demand for specific and enterprise risk managers who can think outside the box will be substantial during this decade. Much of Part V presents new ways to be successful in an era that demands innovation on both sides of the balance sheet. Chapters that touch upon this essential topic include Musings About Hedging; Operational Risk; and The No-Arbitrage Condition in Financial Engineering: Its Use and Mis-Use. This book is complemented by a companion website that includes details from the editors' survey of financial engineering programs around the globe, along with a glossary of key terms from the book. This practical guide puts financial engineering in perspective, and will give you a better idea of how it can be effectively utilized in real-world situations.

Introduction (Tanya Beder and Cara Marshall). Part I: Overview. Chapter 1: The History of Financial Engineering from Inception to Today (Tanya Beder). Chapter 2: Careers in Financial Engineering (Spencer Jones). Chapter 3: A Profile of Programs and Curricula with a Financial Engineering Component (John Cornish). Part II: Financial Engineering and the Evolution of Major Markets. Chapter 4: The Fixed Income Market (Peruvemba Satish). Chapter 5: The U.S. Mortgage Market (Bruce McNevin). Chapter 6: The Equity Market (Gary L. Gastineau and John F. Marshall). Chapter 7: The Foreign Exchange Market (Laurent L. Jacque). Chapter 8: The Commodity Market (Helen Lu and Cara M. Marshall). Chapter 9: The Credit Market (Frank Iacono). Part III: Key Applications of Financial Engineering. Chapter 10: Securitized Products (Konstantin Braun). Chapter 11: Structured Products (Timothy A. Day). Chapter 12: Thoughts on Retooling Risk Management (Tanya Beder and Spencer Jones). Chapter 13: Financial Engineering and Macroeconomic Innovation (Cara Marshall and John O''Connell). Chapter 14: Independent Valuation for Financially Engineered Products (Cindy Ma and Andrew MacNamara). Chapter 15: Quantitative Trading in Equities (Kun Gao). Chapter 16: Quantitative Trading in Foreign Currencies (Chris Attfield and Mel Mayne). Part IV: Case Studies in Financial Engineering. Chapter 17: Case Studies Introduction (Penny Cagan). Chapter 18: Mortgage Case Studies: Countrywide and Northern Rock (Algorithmics Software LLC). Chapter 19: Derivatives Case Studies: SocGen, Barings, and Allied Irish/Allfirst (Algorithmics Software LLC). Chapter 20: Fixed Income Case Study, Swap Market: The Allstate Corporation (Algorithmics Software LLC). Chapter 21: Lessons from Funds: LTCM, Florida, and Orange County (Algorithmics Software LLC). Chapter 22: Credit Derivatives Case Studies: AIG and Merrill Lynch (Algorithmics Software LLC). Part V: Special Topics in Financial Engineering. Chapter 23: Performance Fees (Mark P. Kritzman Chapter 24: Musings about Hedging (Ira Kawaller). Chapter 25: Operational Risk (Monique Miller). Chapter 26: Legal Risk (Jordana Krohley). Chapter 27: Portable Alpha (Tanya Beder and Giovanni Beliossi). Chapter 28: The No-Arbitrage Condition in Financial Engineering: Its Use and Misuse (Andrew Aziz). Chapter 29: Influencing Financial Innovation: The Management of Systemic Risks and the Role of the Public Sector (Todd Groome, John Kiff, and Paul Mills). Part VI: Appendices. Appendix A: IT Tools for Financial Asset Management and Engineering (Lucas Bernard). Appendix B: About the Companion Website. About the Editors. Index.