Designed for MBA and advanced undergraduate students taking a course in investments/introduction to finance/financial markets. These courses aim to introduce students to the financial markets and instruments (including money markets, fixed income, equities and FX markets). ´´Investments´´ provides an introduction to risk management and provides a real world flavour throughout. The authors include a lot of pedagogy, namely: chapter objectives summaries; end of chapter exercises; numerous real-world examples and case vignettes; Excel spreadsheets providing simulations for the reader; a glossary of terms; clear, simple and consistent mathematical notation.
Getreu dem trivialen Motto: ´´There ain´t no such thing as a free lunch´´, vermuten immer noch viele Anleger, dass ökologische bzw. nachhaltige Kapitalanlagen einen negativen Einfluss auf die Renditeperformance besitzen und somit Rendite kosten. Der Autor Patrick El-Sayed untersucht ausgewählte wissenschaftliche Studien, die den Einfluss nachhaltiger Kriterien auf den Unternehmenswert bzw. auf die Renditeperformance analysieren. Hierbei müssen, neben den üblichen Fondsanalysen und Eventstudien zu diesem Themenkomplex, wissenschaftliche Studien eine Anwendung finden, die möglichst mehrere erklärende Variablen für eine Steigerung der Unternehmensperformance in ihrer Analyse mit einfließen lassen. Deshalb wird in der hiesigen Arbeit der Fokus verstärkt auf ökonometrische Untersuchungen gelegt. Hat die Variable Nachhaltigkeit einen negativen oder gar positiven Einfluss auf die Renditeerwartung? Sollte die Nachhaltigkeit keinen negativen Einfluss auf die Rendite besitzen, so könnten alternative Investments nicht nur aus prinzipientreuen, sondern auch aus finanziellen Gesichtspunkten eine lukrative Alternative zu konventionellen Investments darstellen.
This book examines what lies behind the uncertainties surrounding the fuel and power markets. Exploring the role of renewables and how they potentially disrupt or create opportunities, it challenges widely accepted wisdoms in investment. The author asks questions such as: Are ´´business as usual´´ strategies that favour fossil fuels the best route to future prosperity? What prospects do firms face when their competitors diversify into renewables? Why do generous subsidies to renewables often fail to achieve wide-scale deployment? Illustrating how real options and option games reasoning yield vastly different insights from those gained from NPVs, Energy Investments offers case studies and simulations to demonstrate how firms can benefit from the methods it showcases.
Wenn Sie sich ein zeit- und kostenintensives MBA-Programm nicht leisten wollen oder können: Hier erfahren Sie alles, was Sie über Investment wissen müssen, und zwar von namhaften Profis der Branche! Die adaptierte Version von ´The portable MBA in Investment´ enthält Übungsaufgaben am jeweiligen Kapitelende und ein Handbuch für Ausbilder. (06/98) Investment Management provides a powerful package of systematic principles and cutting-edge applications for intelligent-and profitable-investing in the new world of finance. Its authoritative approach to the investment process is indispensable for coming to grips with today s rapidly changing investment environment-an environment that bombards the investor with an oversupply of information, with novel and complex strategies, with a globalized trading arena in a constant state of flux, and with radical innovations in the development of new financial instruments. Traditional investment methods no longer suffice for investors managing their own funds or for professionals entrusted with the wealth of individual and fiduciary institutions. Edited by Peter Bernstein and Aswath Damodaran, widely respected experts in the field, this authoritative resource brings together an all-star team that combines Wall Street savvy with profound theoretical skills. The hands-on professionals who have contributed to this volume command high respect among academics in finance; the academic contributors, in turn, are also experienced in the rough-and-tumble of the Wall Street scene. Together, they have designed the book to look at investing as a process-a series of steps, taken in the proper sequence, that provides the tools and strategies for optimal balancing of the interaction of risk and return. The analysis is at all points comprehensive and lucid as it moves from setting investment objectives to the best methods for selecting securities, from explaining how to measure risk to how to measure performance, from understanding derivatives to minimizing taxes, and from providing the essentials of portfolio strategy to the basic principles of asset allocation. In a unique chapter, the book also offers a searching evaluation of management and governance structures in the modern corporation. One form of risk management is to make such successful investments that losses do not matter. Only luck can achieve that result; the real world requires decisions whose outcomes are never known in advance. That is what risk is all about. Every stage of the investment process-from executing a trade to optimizing diversification-must focus on making rational choices under conditions of uncertainty. The successful investor s toolkit has more inside of it than just the essential apparatus for selecting securities and allocating assets. The successful investor is also the one who has the knowledge, the confidence, and the necessary control systems to deal with the inevitable moments when forecasts go wrong. Investment Management explores the investment process from precisely this viewpoint. It is a comprehensive and accessible introduction to investing in today s challenging marketplace-an ideal resource for serious investors and students. A state-of-the-art program in investment principles and applications from topflight professionals. Edited by Peter Bernstein and Aswath Damodaran, who are widely respected throughout the world of finance, this authoritative text brings together an all-star team to provide both a hands-on and theoretical overview of investing in today s challenging financial environment. Once upon a time, Wall Street lived off little homilies like, buy low and sell high, nothing ventured, nothing gained, and don t put all your eggs in one basket. Like all sayings that endure, these simple proverbs contain a lot of truth, even if not the whole truth. When wrapped into a body of theory that supports them with logic and a systematic set of principles, these elementary wisdoms pack a great deal of power. Yet if the theory is so consistent, logical, and powerful, another fabled Wall Street saying comes to mind: If you re so smart, how come you re not rich? The answer is disarmingly simple: The essence of investment theory is that b
Representing a true breakthrough in the organization of finance topics, Investment Science will be an indispensable tool in teaching modern investment theory. It presents sound fundamentals and shows how real problems can be solved with modern, yet simple, methods. David Luenberger gives thorough yet highly accessible mathematical coverage of the standard and recent topics of introductory investments: fixed-income securities, modern portfolio theory and capital asset pricing theory, derivatives (futures, options, and swaps), and innovations in optimal portfolio growth and valuation of multiperiod risky investments. Throughout the book, he uses mathematics to present essential ideas of investments and their applications in business practice. The creative use of binomial lattices to formulate and solve a wide variety of important finance problems is a special feature of the book. In moving from fixed-income securities to derivatives, Luenberger increases naturally the level of mathematical sophistication, but never goes beyond algebra, elementary statistics/probability, and calculus. He includes appendices on probability and calculus at the end of the book for student reference. Creative examples and end-of-chapter exercises are also included to provide additional applications of principles given in the text.
The definitive source of information on all topics related to investment valuation tools and techniques Valuation is at the heart of any investment decision, whether that decision is buy, sell or hold. But the pricing of many assets has become a more complex task in modern markets, especially after the recent financial crisis. In order to be successful at this endeavor, you must have a firm understanding of the proper valuation techniques. One valuation book stands out as withstanding the test of time among investors and students of financial markets, Aswath Damodaran´sInvestment Valuation. Now completely revised and updated to reflect changing market conditions, this third edition comprehensively introduces investment professionals and students to the range of valuation models available and how to chose the right model for any given asset valuation scenario. This edition includes valuation techniques for a whole host of real options, start-up firms, unconventional assets, distressed companies and private equity, and real estate. All examples have been updated and new material has been added. * Fully revised to incorporate valuation lessons learned from the last five years, from the market crisis and emerging markets to new types of equity investments * Includes valuation practices across the life cycle of companies and emphasizes value enhancement measures, such as EVA and CFROI * Contains a new chapter on probabilistic valuation techniques such as decision trees and Monte Carlo Simulation * Author Aswath Damodaran is regarded as one of the best educators and thinkers on the topic of investment valuation This indispensable guide is a must read for anyone wishing to gain a better understanding of investment valuation and its methods. With it, you can take the insights and advice of a recognized authority on the valuation process and immediately put them to work for you.
This text provides a focused introduction to the main elements of investment appraisal and decision making. Written in a style appropriate for the non-specialist, the main emphasis of the book is practical relevance using a variety of examples and questions to reinforce the principles. It should proove useful for anyone in business who faces any type of financial or financial-related decision making.
Investment Banking, UNIVERSITY EDITION is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work at the core of the financial world. This body of work builds on Rosenbaum and Pearl´s combined 30+ years of experience on a multitude of transactions, as well as input received from numerous investment bankers, investment professionals at private equity firms and hedge funds, attorneys, corporate executives, peer authors, and university professors. This book fills a noticeable gap in contemporary finance literature, which tends to focus on theory rather than practical application. It focuses on the primary valuation methodologies currently used on Wall Street--comparable companies, precedent transactions, DCF, and LBO analysis--as well as M&A analysis. The ability to perform these methodologies is especially critical for those students aspiring to gain full-time positions at investment banks, private equity firms, or hedge funds. This is the book Rosenbaum and Pearl wish had existed when we were trying to break into Wall Street. Written to reflect today´s dynamic market conditions, Investment Banking, UNIVERSITY EDITION skillfully: * Introduces students to the primary valuation methodologies currently used on Wall Street * Uses a step-by-step how-to approach for each methodology and builds a chronological knowledge base * Defines key terms, financial concepts, and processes throughout * Provides a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process * Presents new coverage of M&A buy-side analytical tools--which includes both qualitative aspects, such as buyer motivations and strategies, along with technical financial and valuation assessment tools * Includes a comprehensive merger consequences analysis, including accretion/(dilution) and balance sheet effects * Contains challenging end-of-chapter questions to reinforce concepts covered A perfect guide for those seeking to learn the fundamentals of valuation, M&A , and corporate finance used in investment banking and professional investing, this UNIVERSITY EDITION--which includes an instructor´s companion site--is an essential asset. It provides students with an invaluable education as well as a much-needed edge for gaining entry to the ultra-competitive world of professional finance.
This work provides a thorough grounding in investment mathematics together with applications in the investment area. The book is designed for students of finance and investment, and will prove an essential source of reference for practitioners within the securities and investment industry worldwide. Investment Mathematics is divided into three parts. Part I looks at the fundamental analysis of investments from a mathematical viewpoint, relying heavily on compound interest techniques which are developed in the first chapter. The material is presented in such a way that those without formal training in mathematics will be able to follow the text without difficulty. Part II provides the necessary statistical background for investment specialists. Like Part I, the approach assumes little formal mathematical training. Finally, the book deals with a number of specialist topics which are applications of the material covered earlier, including modern portfolio theory and asset pricing, market indices, portfolio performance measurement, stochastic investment models and the theoretical pricing of options. Investment Mathematics is an accessible text which will provide readers with a sound analytical framework within which the valuation of investments and investment in a wider context may be studied.
Investment provides an examination of the key macroeconomic theories which underpin fixed asset investment. It would make ideal reading for an intermediate level macroeconomics course or a module on fixed asset investment taking an applied macroeconomic perspective.
Wall Street Legende Jim Rogers ist bekannt dafür, daß er aus einem ganz anderen Holz geschnitzt ist. Zusammen mit George Soros hat er in den 70er Jahren den Quantum Fund gemanagt und damit mehr Geld gemacht als er sich je vorstellen konnte. Rogers ist ein Querdenker mit Wagemut. Schon immer träumte er von einer Reise um die Welt mit dem Fahrrad - und genau das hat er auch getan. Er machte sich auf den Weg, um die Entwicklungsländer und ihre Finanzmärkte kennenzulernen. Nach 22 Monaten, 6 Kontinenten und mehr als 65.000 zurückgelegten Meilen auf dem Landweg plus weiteren zigtausend Meilen auf dem See- und Luftweg, hatte Rogers Berge von Informationen zusammengetragen, die man in dieser Form in keinem Finanzblatt findet. ´´Investment Biker´´ erzählt die Geschichte dieser rekordverdächtigen Weltreise und enthüllt Wissenswertes über Volkswirtschaft und Gesellschaft der bereisten Länder. Sie erfahren, wer untergeht und wer schwimmt, welche Länder im Aufwärtstrend sind und welche vor dem wirtschaftlichen Zusammenbruch stehen und - wo sie eine Million machen und wo sie eine verlieren können. Eine spannende Lektüre, die das Budget für Ihre Weltreise gleich mitliefert - vorausgesetzt Sie machen regen Gebrauch von den vielen interessanten Finanztipps, die Rogers gibt.