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This class-tested undergraduate textbook covers the entire syllabus for Exam C of the Society of Actuaries (SOA).
This book provides a thorough understanding of the fundamental concepts of financial mathematics essential for the evaluation of any financial product and instrument. Mastering concepts of present and future values of streams of cash flows under different interest rate environments is core for actuaries and financial economists. This book covers the body of knowledge required by the Society of Actuaries (SOA) for its Financial Mathematics (FM) Exam.The third edition includes major changes such as an addition of an 'R Laboratory' section in each chapter, except for Chapter 9. These sections provide R codes to do various computations, which will facilitate students to apply conceptual knowledge. Additionally, key definitions have been revised and the theme structure has been altered. Students studying undergraduate courses on financial mathematics for actuaries will find this book useful. This book offers numerous examples and exercises, some of which are adapted from previous SOA FM Exams. It is also useful for students preparing for the actuarial professional exams through self-study.
This important book consists of surveys of high-frequency financial data analysis and econometric forecasting, written by pioneers in these areas including Nobel laureate Lawrence Klein. Some of the chapters were presented as tutorials to an audience in the Econometric Forecasting and High-Frequency Data Analysis Workshop at the Institute for Mathematical Science, National University of Singapore in May 2006. They will be of interest to researchers working in macroeconometrics as well as financial econometrics. Moreover, readers will find these chapters useful as a guide to the literature as well as suggestions for future research. Sample Chapter(s). Foreword (32 KB). Chapter 1: Forecast Uncertainty, Its Representation and Evaluation* (97 KB). Contents: Forecasting Uncertainty, Its Representation and Evaluation (K F Wallis); The University of Pennsylvania Models for High-Frequency Macroeconomic Modeling (L R Klein & S Ozmucur); Forecasting Seasonal Time Series (P H Franses); Car and Affine Processes (C Gourieroux); Multivariate Time Series Analysis and Forecasting (M Deistler). Readership: Professionals and researchers in econometric forecasting and financial data analysis.
This book discusses the basic principles of interest rate measurements, with a view to helping readers understand and acquire actual know-how in the calculation of returns on investments and the effective rate of interest of various types of loans. Written with the non-technical lay reader in mind, it nevertheless goes beyond the descriptive and should cater to both professionals and students as well as members of the general public wishing to do their own calculations for personal investment and financial management.
The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
Financial Enterprise Risk Management provides all the tools needed to build and maintain a comprehensive ERM framework. As well as outlining the construction of such frameworks, it discusses the internal and external contexts within which risk management must be carried out. It also covers a range of qualitative and quantitative techniques that can be used to identify, model and measure risks, and describes a range of risk mitigation strategies. Over 100 diagrams are used to help describe the range of approaches available, and risk management issues are further highlighted by various case studies. A number of proprietary, advisory and mandatory risk management frameworks are also discussed, including Solvency II, Basel III and ISO 31000:2009. This book is an excellent resource for actuarial students studying for examinations, for risk management practitioners and for any academic looking for an up-to-date reference to current techniques.
This book makes meaningful and startling comparisons between the four tiger economies in Asia (Hong Kong, South Korea, Taiwan, and Singapore) and the Philippines. The book reflects a fourteen-year study and looks into the demographics, land areas, population densities, and other social data that sometimes make for what now contributes to the composition of the 'human misery index.' The figures presented in this study will shatter much of the established knowledge about these countries. The book also explores the conventional economic data of the five countries, pinpointing differences and commonalities. Focus points include the size of income per head, their GNPs and their growth rates durin...
Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
This book provides an in-depth exploration of one of the most significant success stories of the development of an entrepreneurial university in recent times as well as its role within society and the economy. Written by leading business school Dean and scholar, Howard Thomas, and Alex Wilson and Michelle Lee, the book tracks the genesis of the idea of a third local university in Singapore to its fruition as Singapore Management University (SMU). It provides important insight and lessons for senior university and business school leaders, as well as regional and national governments. The increasing emphasis on the importance of innovative, entrepreneurial universities for social and economic ...