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Financial Economics: A Simple Introduction
Financial Economics: A Simple Introduction offers an accessible guide to the central ideas and methods of financial economics, with examples and calculations, empirical evidence, and over 20 diagrams to support the analysis. Understand consumption and investment decisions, intertemporal choice, indifference curves and the marginal rate of substitution, production possibilities and the marginal rate of transformation, rates of return, the financial market line, borrowing and lending, and the Fisher Separation Theorem. Portfolio theory examines expected returns, standard deviation and variance risk, covariance, correlation, asset diversification, market portfolio, a risk-free asset, the capital market line, and the Tobin Separation Theorem. The capital asset pricing model (CAPM) explores diversifiable and non-diversifiable risk, the beta risk factor, calculation of an asset’s expected return, the security market line, asset evaluation, and empirical evidence on the CAPM. Market efficiency looks at the efficient market hypothesis (EMH), weak, semi-strong, and strong form efficiency, and the literature on technical and fundamental analysis strategies to beat the market.
Game Theory: A Simple Introduction
Game Theory: A Simple Introduction offers an accessible and enjoyable guide to the basic principles and extensive applications of game theory. Understand a game matrix, the prisoners’ dilemma, dominant and mixed strategies, zero-sum games, Pareto efficiency, the Nash equilibrium, and the power of asymmetric information. Calculate payoffs and outcomes in games involving characters such as Jack and Jill, or friend and stranger. Look at the effects of altruism and hatred on games, and see how games can change over time. Explore examples looking at gang members, free riders, global governance, a long-term relationship, competing corporations, advertisers and their customers, along with familiar hawk-dove and chicken games. See game players use every trick in the book to get what they want, with over 50 images to guide through the steps they use to play the game.
Financial Risk Management: A Simple Introduction
Financial Risk Management: A Simple Introduction presents a detailed guide to some of the central ideas and tools of financial risk management, with theory, examples, formulas, and calculations to illustrate the analysis. Calculate leverage, duration, modified duration, and convexity to find the risk exposure and interest rate risk sensitivity of an asset. Understand bond immunization to manage risk, and assess non-vanilla bond risk using both effective duration and effective convexity. Use value at risk to forecast maximum losses over a period, with detailed step by step instructions provided to using the variance-covariance, historical simulation, and Monte Carlo methods. Learn how to perform autocorrelation and unit root tests to test the square root of time rule. Conduct time-varying volatility analysis, using detailed steps to create an exponentially weighted moving average and then backtest it for robustness. Apply financial risk management tools to the empirical 1994 bankruptcy of Orange County, California to determine if it could have been avoided, and assess a number of financial derivative hedge instruments.
Investment Appraisal: A Simple Introduction
Investment Appraisal: A Simple Introduction offers an accessible guide to the methods and uses of investment appraisal, with examples and calculations throughout. Understand the accounting rate of return (ARR), the payback period (PP), the net present value (NPV), and the internal rate of return (IRR). Work through four extended example studies for each approach, and learn how to easily find the NPV or IRR with Excel. Compare the strengths and weaknesses of each of the four appraisal methods, and examine potential errors, risk management, and project management.
International Relations: A Simple Introduction
International Relations: A Simple Introduction offers an accessible guide to the central ideas and tools of international relations, with theory, empirical evidence, examples, and diagrams to support the analysis. Examine gains from trade theory, using the concepts of absolute efficiency, relative efficiency, opportunity cost, comparative advantage, and the terms of trade to learn why countries get involved with international trade. Explore trade liberalization, as the role of power and interdependence in states’ liberalization policies is assessed with realist and liberal theories of international relations, and the case studies of India and Mexico. Apply game theory to the problem of glo...
Corporate Finance: A Simple Introduction
Corporate Finance: A Simple Introduction provides an accessible guide to the principles and methods of corporate finance, with equations and examples, empirical evidence, and diagrams to illustrate the analysis. Examine the traditional theory of optimal debt and equity financing, how Modigliani and Miller’s theory on capital structure differs, and the impact corporate and personal taxes or market imperfections may have on the optimal capital structure. Understand dividend irrelevance theory, the factors driving the dividend decision, and why companies may prefer share repurchases to paying dividends. Explore option theory with long and short calls and puts explained, and the Black-Scholes ...
Economics: A Simple Introduction
Economics: A Simple Introduction offers an accessible guide to the principles and methods of economics, with calculations and over 25 diagrams to support the analysis. Understand the four dimensional nature of economics, and how its learning process differs from other subjects. Use data points, read graphs, and learn to create your own graphs and how to plot a trend curve. Evaluate the laws of diminishing marginal utility and diminishing returns exhibited by these trend curves, and assess the impact on consumers and producers. Turn curves into lines to find the relationship between two variables using an intercept and slope. Find the equilibrium outcome where all sides are balanced and under...
Corporate Finance Formulas: A Simple Introduction
Corporate Finance Formulas: A Simple Introduction includes over 75 formulas in the field of corporate finance, alongside relevant definitions and explanations. The formulas cover the topics of return and risk, cost of equity, cost of capital, capital structure, payout policy, valuation, and mergers.
Choice Theory: A Simple Introduction
Choice Theory: A Simple Introduction offers an accessible guide to the central theories and methods of choice theory, with examples and calculations, empirical evidence, and over 20 diagrams to support the analysis. Examine expected value theory, with the two envelopes problem and St. Petersburg paradox which challenge it. Understand expected utility theory and learn how to create a utility function, and assess the Ellsberg paradox, Allais paradox, and preference reversal phenomenon. Look at risk neutral, risk seeking and risk averse attitudes, explore original, cumulative and third generation prospect theory, and the role of risk sensitivity and loss aversion. Evaluate zero-sum games, minimax and maximin strategies, and see how a mixed minimax strategy can overcome game outcome cycles. Understand auction theory, with the revenue equivalence theorem for English, Dutch, and sealed bid private value auctions, and how bidders may avoid the winner’s curse in common value auctions. Examine voting theory, with voter preferences, the median voter theorem, Condorcet winner, and Condorcet voting cycles. See how voters or government can manipulate the voting system.
Econometrics: A Simple Introduction
Econometrics: A Simple Introduction offers an accessible guide to the principles and methods of econometrics, with data samples, regressions, equations and diagrams to illustrate the analysis. Examine a linear and multiple regression model, ordinary least squares method, and the Gauss-Markov conditions for a best linear unbiased estimator. Understand hypothesis testing, with a null hypothesis, t, F or chi-square test statistics and distributions, and interpret regression results. Dummy variables model qualitative data and Chow tests assess regression equivalence. Explore heteroscedasticity with the White method and with generalized least squares, Goldfeld-Quandt, Breusch-Pagan, and White tests. Assess autocorrelation with Durbin-Watson, Durbin h, and Breusch-Godfrey tests, lagged variables and auxiliary regressions. Assess the impact of omitted variables, incorrect variables or functional form, and a non-normal distribution with Ramsey RESET and Jarque-Bera tests. Model random variables with the Method of Moments’ estimators, instrumental variables and Hausman test.
