Financial Engineering. The Evolution of a Profession

The Capital Markets: evolution of the financial ecosystem is the new standard providing practical text book style coverage of this dynamic market and its products. Written by the former President of BNY Mellon Capital Markets, LLC for both financial professionals and novices, The Capital Markets provides a comprehensive macro view of the marketplace and how its products operate. This book is the definitive resource and the companion text to The Capital Markets website. The subject matter offers an authoritative discussion of the fundamentals of both, the fixed income and equity markets, underwriting, securitizations, derivatives, currency among other products through the lens of leading industry practitioners. Key Learning Concepts Understand the impact of both global and domestic regulatory changes Learn about the products that holistically make up the capital markets Explore the components of the infrastructure that underpins these markets Examine the tools used for trading and managing risk Review new product innovations

A whole is worth the sum of its parts. Even the most complex structured bond, credit arbitrage strategy or hedge trade can be broken down into its component parts, and if we understand the elemental components, we can then value the whole as the sum of its parts. We can quantify the risk that is hedged and the risk that is left as the residual exposure. If we learn to view all financial trades and securities as engineered packages of building blocks, then we can analyze in which structures some parts may be cheap and some may be rich. It is this relative value arbitrage principle that drives all modern trading and investment. This book is an easy-to-understand guide to the complex world of today’s financial markets teaching you what money and capital markets are about through a sequence of arbitrage-based numerical illustrations and exercises enriched with institutional detail. Filled with insights and real life examples from the trading floor, it is essential reading for anyone starting out in trading. Using a unique structural approach to teaching the mechanics of financial markets, the book dissects markets into their common building blocks: spot (cash), forward/futures, and contingent (options) transactions. After explaining how each of these is valued and settled, it exploits the structural uniformity across all markets to introduce the difficult subjects of financially engineered products and complex derivatives. The book avoids stochastic calculus in favour of numeric cash flow calculations, present value tables, and diagrams, explaining options, swaps and credit derivatives without any use of differential equations.

This book presents the main valuation approaches that can be used to value financial institutions. By sketching 1) the different business models of banks (both commercial and investment banks) and insurance companies (life, property and casualty and reinsurance); 2) the structure and peculiarities of financial institutions’ reporting and financial statements; and 3) the main features of regulatory capital frameworks for banking and insurance (ie Basel III, Solvency II), the book addresses why such elements make the valuation of financial institutions different from the valuation of non-financial companies. The book then features the valuation models that can be used to determine the value of banks and insurance companies including the Discounted Cash Flow, Dividend Discount Model, and Residual Income Model (with the appropriate estimation techniques for the cost of capital and cash flow in financial industries). The main techniques to perform the relative valuation of financial institutions are then presented: along the traditional multiples (P/E, P/BV, P/TBV, P/NAV), the multiples based on industry-specific value drivers are discussed (for example, P/Pre Provision Profit, P/Deposits, P/Premiums, P/Number of branches). Further valuation tools such as the “Value Maps” or the “Warranted Equity Method” will be explained and discussed. The closing section of the book will briefly focus on the valuation of specific financial companies/vehicles such as closed-end funds, private equity funds, leasing companies, etc.

This book explores the future of the financial services industry, giving readers an idea of the kinds of institutions and services that will survive in the early twenty-first century. An informative and provocative exploration of the future of the financial services industry. Focuses on likely changes in the near future, such as greater use of the Internet for banking transactions and the increasing globalization of financial services. Points to the probable disappearance of the insurance sector as a separate industry. Describes changing conditions in key financial centres, especially the US, the UK, Germany, Japan and Switzerland.

Round out your technical engineering abilities with the business know-how you need to succeed Technical competency, the «hard side» of engineering and other technical professions, is necessary but not sufficient for success in business. Young engineers must also develop nontechnical or «soft-side» competencies like communication, marketing, ethics, business accounting, and law and management in order to fully realize their potential in the workplace. This updated edition of Engineering Your Future is the go-to resource on the nontechnical aspects of professional practice for engineering students and young technical professionals alike. The content is explicitly linked to current efforts in the reform of engineering education including ABET's Engineering Criteria 2000, ASCE's Body of Knowledge, and those being undertaken by AAEE, AIChE and ASME. The book treats essential nontechnical topics you'll encounter in your career, like self-management, interpersonal relationships, teamwork, project and total quality management, design, construction, manufacturing, engineering economics, organizational structures, business accounting, and much more. Features new to this revised edition include: A stronger emphasis on management and leadership A focus on personal growth and developing relationships Expanded treatment of project management Coverage of how to develop a quality culture and ways to encourage creative and innovative thinking A discussion of how the results of design, the root of engineering, come to fruition in constructing and manufacturing, the fruit of engineering New information on accounting principles that can be used in your career-long financial planning An in-depth treatment of how engineering students and young practitioners can and should anticipate, participate in, and ultimately effect change If you're a student or young practitioner starting your engineering career, Engineering Your Future is essential reading.

The Practice of Engineering Dynamics is a textbook that takes a systematic approach to understanding dynamic analysis of mechanical systems. It comprehensively covers dynamic analysis of systems from equilibrium states to non-linear simulations and presents frequency analysis of experimental data. It divides the practice of engineering dynamics into three parts: Part 1 – Modelling: Deriving Equations of Motion; Part 2 – Simulation: Using the Equations of Motion; and Part 3- Experimental Frequency Domain Analysis. This approach fulfils the need to be able to derive the equations governing the motion of a system, to then use the equations to provide useful design information, and finally to be able to analyze experimental data measured on dynamic systems. The Practice of Engineering Dynamics includes end of chapter exercises and is accompanied by a website hosting a solutions manual.

A timely update to one of the most well-received books on project financing As an effective alternative to conventional direct financing, project financing has become one of the hottest topics in corporate finance. It's being used more and more frequently—and more successfully—on a wide variety of high-profile corporate projects, and has long been used to fund large-scale natural resource projects. But the challenges of successful project financing are immense, and the requirements of the process can easily be misunderstood. That's why John Finnerty has returned with the Third Edition of Project Financing. Drawing on his vast experience in the field, Finnerty takes you through the process step by step. Using updated examples and case studies that illustrate how to apply the analytical techniques described in the book, he covers the rationale for project financing, how to prepare the financial plan, assess the risks, design the financing mix, raise the funds, and much more. Includes completely new chapters that cover the financing of sustainable projects as well as Sharia-compliant (Islamic) project financing New material has been added to the discussion of financial modeling and international debt financing Explores today's most innovative financing techniques and analyzes the shortcomings of unsuccessful project financing attempts Whether you're a corporate finance professional, project planner, or private investor, Project Financing, Third Edition demystifies the complexities of project financing and provides an invaluable guide for anyone who wants to master innovation in corporate finance today.

The essential guide to the history, current trends, and the future of meteorology This comprehensive review explores the evolution of the field of meteorology, from its infancy in 3000 bc, through the birth of fresh ideas and the naming of the field as a science, to the technology boom, to today. The Evolution of Meteorology reveals the full story of where meteorology was then to where it is now, where the field is heading, and what needs to be done to get the field to levels never before imagined. Authored by experts of the topic, this book includes information on forecasting technologies, organizations, governmental agencies, and world cooperative projects. The authors explore the ancient history of the first attempts to understand and predict weather and examine the influence of the very early birth of television, computers, and technologies that are useful to meteorology. This modern-day examination of meteorology is filled with compelling research, statistics, future paths, ideas, and suggestions. This vital resource: Examines current information on climate change and recent extreme weather events Starts with the Ancient Babylonians and ends with the largest global agreement of any kind with the Paris Agreement Includes current information on the most authoritative research in the field of meteorology Contains data on climate change theories and understanding, as well as extreme weather statistics and histories This enlightening text explores in full the history of the study of meteorology in order to bring awareness to the overall path and future prospects of meteorology.

The ultimate reference on wireless technology—now updated and revised Fully updated to incorporate the latest developments and standards in the field, A Guide to the Wireless Engineering Body of Knowledge, Second Edition provides industry professionals with a one-stop reference to everything they need to design, implement, operate, secure, and troubleshoot wireless networks. Written by a group of international experts, the book offers an unmatched breadth of coverage and a unique focus on real-world engineering issues. The authors draw upon extensive experience in all areas of the technology to explore topics with proven practical applications, highlighting emerging areas such as Long Term Evolution (LTE) in wireless networks. The new edition is thoroughly revised for clarity, reviews wireless engineering fundamentals, and features numerous references for further study. Based on the areas of expertise covered in the IEEE Wireless Communication Engineering Technologies (WCET) exam, this book explains: Wireless access technologies, including the latest in mobile cellular technology Core network and service architecture, including important protocols and solutions Network management and security, from operations process models to key security issues Radio engineering and antennas, with specifics on radio frequency propagation and wireless link design Facilities infrastructure, from lightning protection to surveillance systems With this trusted reference at their side, wireless practitioners will get up to speed on advances and best practices in the field and acquire the common technical language and tools needed for working in different parts of the world.

The Profession and Practice of Adult Education is a timely book and an excellent introduction to the field. Drawing from an extensive volume of literature, it provides comprehensive coverage and a clear guide. Graduate students will benefit from it and practitioners will be kept abreast of changes that are occurring. —Peter Jarvis, professor of continuing education and senior research professor, University of Surrey, United Kingdom