Finance:Outline of finance
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Short description: Overview of finance and finance-related topics
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The following outline provides an overview and topical guide to finance:
Finance – the field concerned with how individuals, businesses, and organizations raise, allocate, and manage monetary resources over time, while accounting for the risks associated with their activities and investments.
Overview
The term finance may incorporate any of the following:
- The study of money and other assets
- The management and control of those assets
- Profiling and managing related risks
Fundamental financial concepts
- Finance
- Arbitrage – Capitalisation of risk-free opportunities in financial markets
- Capital (economics)
- Capital asset pricing model
- Cash flow
- Cash flow matching
- Debt
- Asset types
- Discounted cash flow
- Financial capital
- Entrepreneur
- Fixed income analysis
- Gap financing
- Global financial system
- Hedge
- Interest rate
- Short-rate model
- Vasicek model
- Cox–Ingersoll–Ross model – Stochastic model for the evolution of financial interest rates
- Hull–White model
- Chen model
- Black–Derman–Toy model
- Interest
- Effective interest rate
- Nominal interest rate
- Interest rate basis
- Fisher equation
- Crowding out
- Annual percentage rate
- Interest coverage ratio, also known as Times interest earned
- Investment
- Leverage
- Long (finance)
- Liquidity
- Margin (finance)
- Mark to market
- Market impact
- Medium of exchange
- Microcredit
- Money
- Portfolio
- Reference rate
- Return
- Risk
- Financial risk
- Risk management – Identification, evaluation and control of risks
- Risk measure – Concept in financial mathematics
- Coherent risk measure – Concept in financial economics
- Deviation risk measure
- Distortion risk measure
- Spectral risk measure
- Value at risk – Estimated potential loss for an investment under a given set of conditions
- Expected shortfall – Measure of financial risk
- Entropic value at risk
- Scenario analysis
- Short (finance)
- Speculation
- Position trader
- Spread trade
- Standard of deferred payment
- Store of value
- Time horizon, also known as planning horizon
- Time value of money – Better to receive money now than later
- Discounting – When a creditor delays payments from a debtor in exchange for a fee
- Present value, also known as Present Discounted Value (PDV)
- Future value
- Net present value
- Internal rate of return
- Modified internal rate of return
- Annuity
- Perpetuity
- Trade
- Unit of account
- Volatility
- Yield
- Yield curve
- Equated monthly installment
- Down payment
History
- History of finance
- History of banking
- History of insurance
- Stock market bubble
- Vix pervenit 1745, on usury and other dishonest profit
- Panic of 1837
- Erie War
- Long Depression
- Post-World War I hyperinflation; see
- Wall Street Crash of 1929
- Great Depression
- Bretton Woods Accord
- 1973 oil crisis
- 1979 energy crisis
- Savings and Loan Crisis
- Black Monday
- 1997 Asian financial crisis
- Stock market downturn of 2002
- 2008 financial crisis
- Great Recession
Finance terms by field
Accounting (financial record keeping)
- Auditing
- Accounting software
- Book keeping
- FASB
- Financial accountancy
- Management accounting
- Philosophy of Accounting
- Hedge accounting
Banking
- See articles listed under: Bank § See also
Corporate finance
- Balance sheet analysis
- Business plan
- Corporate action
- (Strategic) Financial management
- Mergers and acquisitions
- Real option
- Return on investment
- Loan covenant
- Cash conversion cycle
- Cash management
- Inventory optimization
- Supply chain management
- Just In Time
- Economic order quantity, also known as Optimum Batch Quantity
- Economic production quantity
- Economic batch quantity
- Credit (finance)
- Credit scoring
- Default risk
- Discounts and allowances
- Factoring (trade)
- Supply chain finance, also known as supplier finance or reverse factoring
- Corporate budget
Investment management
- Active management
- Efficient market hypothesis
- Portfolio
- Modern portfolio theory
- Arbitrage pricing theory
- Passive management
- Activist shareholder
- Mutual fund
- Financial engineering
- Hedge fund
- Hedge
- Quantitative investing
Personal finance
- 529 plan
- ABLE account
- Asset allocation – Investment strategy
- Budget
- Coverdell Education Savings Account
- Credit and debt
- Debit card – Card used for financial transactions, usually without a credit line
- Direct deposit
- Employment contract
- Financial literacy
- Insurance
- Predatory lending
- Retirement plan
- Superannuation in Australia
- Canada
- Nippon individual savings account
- KiwiSaver
- United Kingdom
- United States
- Pension
- Simple living
- Social security
- Tax advantage
- Wealth
- Comparison of accounting software
- Personal financial management
- Investment club
- Collective investment scheme
Public finance
- Central bank
- Federal Reserve
- Fractional-reserve banking
- Tax
- Crowding out
- Industrial policy
- Agricultural policy
- Currency union
- Monetary reform
Risk management
- Asset and liability management
- Asset–liability mismatch
- Capital Requirements Regulation 2013
- Credit Institutions Directive 2013
- Capital Requirements Directives
- Cash flow hedge
- Cash management
- Corporate governance
- Climate-related asset stranding – Former physical asset, now a liability
- Credit risk – Type of financial risk
- Default (finance)
- Discounted maximum loss – Measure of worst-case loss discounted to present value
- Downside risk & Upside risk
- Duration gap
- Enterprise risk management – Business methods and processes
- Financial engineering
- Financial risk
- Financial risk management
- Foreign exchange hedge
- Fuel price risk management
- Gordon–Loeb model – Method for optimizing information security investments
- Interest rate risk
- Insurance
- Investment risk
- Irrational exuberance
- Kelly criterion – Bet sizing formula for long-term growth
- Liquidity risk
- Market risk – Risks arising from movements in market variables
- Operational risk
- Risk accounting
- Risk adjusted return on capital
- Risk aversion – Economics theory
- Risk-based internal audit
- Risk measure – Concept in financial mathematics
- Coherent risk measure – Concept in financial economics
- Deviation risk measure
- Distortion risk measure
- Spectral risk measure
- Risk modeling
- Risk of ruin – Concept in gambling, insurance, and finance
- Risk pool
- Risk register – Document used as risk management tool, acting as a repository for all identified risks
- Risk return ratio
- Risk–return spectrum
- Security management – Computer security procedure
- Settlement risk
- Shadow banking system
- Specific risk
- St. Petersburg paradox – Paradox involving a game with repeated coin flipping
- Systematic risk
- Three lines of defence
- Treasury management
- Uncompensated risk
- Valuation risk
- Value at risk – Estimated potential loss for an investment under a given set of conditions
- Computation
- Historical simulation (finance)
- Monte Carlo
- variance-covariance – Estimated potential loss for an investment under a given set of conditions
- Greeks (finance)
- Alternate measures
- Entropic value at risk
- Expected shortfall, also known as Conditional value-at-risk – Measure of financial risk
- Tail value at risk, also known as Tail Conditional Expectation – Risk measure
- Extensions
- Profit at risk – Risk management quantity used in electricity
- Margin at risk – Measure estimating potential margin shortfalls under adverse market moves
- Liquidity at risk – Measure of potential liquidity shortfall in a financial portfolio
- Earnings at risk, also known as Cash flow at risk – Estimate of the potential impact of market movements on a firm's earnings
- Liquidity-adjusted VaR
- Computation
- Volatility risk
- Volume risk
- Wrong way risk – Concept in risk management
Constraint finance
- Environmental finance
- Feminist economics
- Green economics
- Islamic economics
- Uneconomic growth
- Value of Earth
- Value of life
Insurance
- Actuarial science – Statistics applied to risk in insurance and other financial products
- Annuities
- Catastrophe modeling – Computer-assisted risk analysis
- Earthquake loss
- Extended coverage
- Financial risk management § Insurance
- Insurable interest
- Insurable risk
- Insurance
- Health insurance
- Life insurance
- Property insurance
- Auto insurance
- Boiler insurance
- Business interruption insurance
- Earthquake insurance
- Home insurance, also known as Condo insurance
- Title insurance
- Pet insurance
- Renters' insurance
- Casualty insurance
- Credit insurance
- Mid-term adjustment
- Reinsurance
- Self insurance
- Travel insurance
- Niche insurance
- Insurance contract
- Loss payee clause
- Risk Retention Group
Economics and finance
Finance-related areas of economics
- Financial economics
- Financial econometrics
- Monetary economics
- Mathematical economics – Branch of applied mathematics
- Managerial economics
- Economic growth
- Decision theory – Branch of applied probability theory
- Game theory – Mathematical models of strategic interactions
- Experimental economics
- Experimental finance
- Behavioral economics
- Behavioral finance
Corporate finance theory
- Fisher separation theorem
- Modigliani–Miller theorem
- Theory of the firm
- The Theory of Investment Value
- Agency theory
- Agency costs
- Contract theory – Economic analysis of contracts
- Managerial finance
- Capital structure
- Dividend policy
- Capital budgeting
- Risk management
- Corporate finance § Financial risk management
- Financial risk management § Corporate finance
- Hedging irrelevance proposition
- Risk modeling
- Risk-adjusted return on capital – Profitability measurement framework
Asset pricing theory
- Value (economics)
- Fair value
- Intrinsic value
- Market price
- Expected value – Average value of a random variable
- Opportunity cost
- Risk premium – Measure of excess
- Underlying theory below
- Financial markets
- Stylized fact
- Regulatory economics
- Market microstructure
- Market design
- Agent-based model – Type of computational models
- General equilibrium theory – Theory of equilibrium between supply and demand
- Equilibrium price
- Arbitrage-free price
- Utility
- Risk aversion – Economics theory
- Expected utility hypothesis – Concept in economics
- Utility maximization problem – Problem of allocation of money by consumers in order to most benefit themselves
- Marginal utility
- Quasilinear utility
- Generalized expected utility
- Economic efficiency
- Efficient-market hypothesis
- efficient frontier
- Production–possibility frontier
- Allocative efficiency
- Pareto efficiency – Concept in studies of efficiency
- Productive efficiency
- Dumb agent theory
- Stochastic discount factor – Concept in financial economics
- Pricing kernel
- Marginal rate of substitution
- Hansen–Jagannathan bound – Theorem in financial economics
- Girsanov theorem – Theorem on changes in stochastic processes
- Radon–Nikodym derivative
- State prices
- Arrow–Debreu model – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Application:
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- Fundamental theorem of asset pricing – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Rational pricing – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
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- Self-financing portfolio – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Stochastic dominance – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Marginal conditional stochastic dominance – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Martingale pricing – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Brownian model of financial markets – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
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Asset pricing models
- Equilibrium pricing
- Equities; foreign exchange and commodities
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- Consumption-based CAPM – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
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- Single-index model – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Multiple factor models – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
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- Arbitrage pricing theory – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Bonds; other interest rate instruments
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- Cox–Ingersoll–Ross – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
- Equities; foreign exchange and commodities
- Risk neutral pricing
- Equities; foreign exchange and commodities; interest rates
- Black–Scholes – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
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- Bonds; other interest rate instruments
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- Brace–Gatarek–Musiela – Lua error: Internal error: The interpreter has terminated with signal "24". – Lua error: Internal error: The interpreter has terminated with signal "24".
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- Equities; foreign exchange and commodities; interest rates
Mathematics and finance
Time value of money
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Financial mathematics
Mathematical tools
- Probability
- Stochastic calculus
- Brownian motion
- Cameron–Martin theorem
- Feynman–Kac formula
- Girsanov's theorem
- Itô's lemma
- Martingale representation theorem
- Radon–Nikodym derivative
- Stochastic differential equations
- Stochastic process
- Monte Carlo methods
- Partial differential equations
- Volatility
Derivatives pricing
- Underlying logic (see also #Economics and finance above)
- Rational pricing
- Risk-neutral measure
- Arbitrage-free pricing
- Brownian model of financial markets
- Martingale pricing
- Rational pricing
- Forward contract
- Futures
- Options (incl. Real options and ESOs)
- Valuation of options
- Black–Scholes formula
- Approximations for American options
- Black model
- Binomial options model
- Finite difference methods for option pricing
- Garman–Kohlhagen model
- The Greeks
- Lattice model
- Margrabe's formula
- Monte Carlo methods for option pricing
- Monte Carlo methods in finance
- Quasi-Monte Carlo methods in finance
- Least Square Monte Carlo for American options
- Trinomial tree
- Volatility
- Swaps
- Swap valuation
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- Swap valuation
- Interest rate derivatives (bond options, swaptions, caps and floors, and others)
- Black model
- Short-rate models (generally applied via lattice based- and specialized simulation-models, although "Black like" formulae exist in some cases.)
- Forward rate / Forward curve -based models (Application as per short-rate models)
- LIBOR market model (also called: Brace–Gatarek–Musiela Model, BGM)
- Heath–Jarrow–Morton Model (HJM)
- Cheyette model
- Valuation adjustments
- Yield curve modelling
- Multi-curve framework
- Bootstrapping
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- Nelson-Siegel
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Portfolio mathematics
- Mathematical techniques below
- Quantitative investing below
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- Portfolio optimization
- Merton's portfolio problem
- Kelly criterion
- Roy's safety-first criterion
- Specific applications:
Financial markets
Market and instruments
- Capital markets
- Securities
- Financial markets
- Primary market
- Initial public offering
- Aftermarket
- Free market
- Bull market
- Bear market
- Bear market rally
- Market maker
- Dow Jones Industrial Average
- Nasdaq
- List of stock exchanges
- List of stock market indices
- List of corporations by market capitalization
- Value Line Composite Index
Equity market
- Stock market
- Stock
- Common stock
- Preferred stock
- Treasury stock
- Equity investment
- Index investing
- Private Equity
- Financial reports and statements
- Fundamental analysis
- Dividend
- Dividend yield
- Stock split
Equity valuation
- Dow theory
- Elliott wave principle
- Economic value added
- Fibonacci retracement
- Gordon model
- Growth stock
- PEG ratio
- PVGO
- Mergers and acquisitions
- Leveraged buyout
- Takeover
- Corporate raid
- PE ratio
- Market capitalization
- Income per share
- Stock valuation
- Technical analysis
- Chart patterns
- V-trend
- Paper valuation
Investment theory
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- Behavioral finance
- Dead cat bounce
- Efficient market hypothesis
- Market microstructure
- Stock market crash
- Stock market bubble
- January effect
- Mark Twain effect
- Quantitative behavioral finance
- Quantitative analysis
- Statistical arbitrage
Bond market
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- Bond
- Zero-coupon bond
- Junk bonds
- Convertible bond
- Accrual bond
- Municipal bond
- Sovereign bond
- Bond valuation
- Fixed income
Money market
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- Repurchase agreement
- International Money Market
- Currency
- Exchange rate
- International currency codes
- Table of historical exchange rates
Commodity market
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- Commodity
- Asset
- Commodity Futures Trading Commission
- Commodity trade
- Drawdowns
- Forfaiting
- Fundamental analysis
- Futures contract
- Fungibility
- Gold as an investment
- Hedging
- Jesse Lauriston Livermore
- List of traded commodities
- Ownership equity
- Position trader
- Risk (Futures)
- Seasonal traders
- Seasonal spread trading
- Slippage
- Speculation
- Spread trade
- Technical analysis
- Breakout
- Bear market
- Bottom (technical analysis)
- Bull market
- MACD
- Moving average
- Open Interest
- Parabolic SAR
- Point and figure charts
- Resistance
- RSI
- Stochastic oscillator
- Stop loss
- Support
- Top (technical analysis)
- Trade
- Trend
Derivatives market
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- Derivative
- (see also Financial mathematics topics; Derivatives pricing)
- Underlying instrument
Forward markets and contracts
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Futures markets and contracts
- Backwardation
- Contango
- Futures contract
- Financial future
- Futures exchange
Option markets and contracts
- Options
- Stock option
- Box spread
- Call option
- Put option
- Strike price
- Put–call parity
- The Greeks
- Black–Scholes formula
- Black model
- Binomial options model
- Implied volatility
- Option time value
- Moneyness
- At-the-money
- In-the-money
- Out-of-the-money
- Straddle
- Option style
- Vanilla option
- Exotic option
- Binary option
- European option
- Interest rate floor
- Interest rate cap
- Bermudan option
- American option
- Quanto option
- Asian option
- Employee stock option
- Warrants
- Foreign exchange option
- Interest rate options
- Bond options
- Real options
- Options on futures
- Stock option
Swap markets and contracts
Derivative markets by underlyings
Equity derivatives
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- Contract for difference (CFD)
- Exchange-traded fund (ETF)
- Closed-end fund
- Inverse exchange-traded fund
- Equity options
- Equity swap
- Real estate investment trust (REIT)
- Warrants
Interest rate derivatives
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- LIBOR
- Forward rate agreement
- Interest rate swap
- Interest rate cap
- Exotic interest rate option
- Bond option
- Interest rate future
- Money market instruments
- Range accrual Swaps/Notes/Bonds
- In-arrears Swap
- Constant maturity swap (CMS) or Constant Treasury Swap (CTS) derivatives (swaps, caps, floors)
- Interest rate Swaption
- Bermudan swaptions
- Cross currency swaptions
- Power Reverse Dual Currency note (PRDC or Turbo)
- Target redemption note (TARN)
- CMS steepener
- Snowball
- Inverse floater
- Strips of Collateralized mortgage obligation
- Interest only (IO)
- Principal only (PO)
- Ratchet caps and floors
Credit derivatives
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- Credit default swap
- Collateralized debt obligation
- Credit default option
- Total return swap
- Securitization
Foreign exchange derivative
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- Basis swap
- Currency future
- Currency swap
- Foreign exchange binary option
- Foreign exchange forward
- Foreign exchange option
- Forward exchange rate
- Foreign exchange swap
- Foreign exchange hedge
- Non-deliverable forward
- Power reverse dual-currency note
Financial regulation
Designations and accreditation
- Certified Financial Planner
- Chartered Financial Analyst
- CFA Institute
- Chartered Alternative Investment Analyst
- Professional risk manager
- Chartered Financial Consultant
- Canadian Securities Institute
- Independent financial adviser
- Chartered Insurance Institute
- Financial Risk Manager
- Chartered Market Technician
- Certified Financial Technician
Litigation
- Liabilities Subject to Compromise
Fraud
- Forex scam
- Insider trading
- Legal origins theory
- Petition mill
- Ponzi scheme
Industry bodies
- International Swaps and Derivatives Association
- National Association of Securities Dealers
Regulatory and supervisory bodies
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International
- Bank for International Settlements
- International Organization of Securities Commissions
- Security Commission
- Basel Committee on Banking Supervision
- Basel Accords – Basel I, Basel II, Basel III
- International Association of Insurance Supervisors
- International Accounting Standards Board
European Union
- European Securities Committee (EU)
- Committee of European Securities Regulators (EU)
Regulatory bodies by country
United Kingdom
- Financial Conduct Authority
- Prudential Regulation Authority (United Kingdom)
United States
- Commodity Futures Trading Commission
- Federal Reserve
- Federal Trade Commission
- Municipal Securities Rulemaking Board
- Office of the Comptroller of the Currency
- Securities and Exchange Commission
United States legislation
- Glass–Steagall Act (US)
- Gramm–Leach–Bliley Act (US)
- Sarbanes–Oxley Act (US)
- Securities Act of 1933 (US)
- Securities Exchange Act of 1934 (US)
- Investment Advisers Act of 1940 (US)
- USA PATRIOT Act
Actuarial topics
- Actuarial topics
Valuation
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Underlying theory
- Value (economics)
- Valuation and specifically § Valuation overview
- "The Theory of Investment Value"
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- Valuation risk
- Real versus nominal value (economics)
- Real prices and ideal prices
- Fair value
- Fair value accounting
- Intrinsic value
- Market price
- Value in use
- Fairness opinion
- Asset pricing (see also #Asset pricing theory above)
- Equilibrium price
- market efficiency
- economic equilibrium
- rational expectations
- Arbitrage-free price
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- Equilibrium price
Context
- (Corporate) Bonds
- Bond valuation
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- Equity valuation
- #Equity valuation above
- Fundamental analysis
- Stock valuation
- Capital Markets
- Business valuation
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- Capital budgeting and Lua error: Internal error: The interpreter has terminated with signal "24".
- The Theory of Investment Value
- Real estate valuation
- Real estate appraisal
- Real estate economics
Considerations
- Bonds
- Equity
- Minimum acceptable rate of return
- Margin of safety (financial)
- Enterprise value
- Sum-of-the-parts analysis
- Minority discount
- Control premium
- Accretion/dilution analysis
- Certainty equivalent
- Haircut
- Paper valuation
Discounted cash flow valuation
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- Bond valuation
- Modeling
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- embedded options:
- Pull to par
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- Results
- Cash flows
- Principal
- Coupon (bond)
- Fixed rate bond
- Floating rate note
- Zero-coupon bond
- Accrual bond
- sinking fund provisions
- Modeling
- Real estate valuation
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- Income approach
- Net Operating Income
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- German income approach
- Equity valuation
- Results
- Net present value
- Adjusted present value
- Equivalent Annual Cost
- Payback period
- Discounted payback period
- Internal rate of return
- Modified Internal Rate of Return
- Return on investment
- Profitability index
- Specific models and approaches
- Cash flows
- Cash flow forecasting
- EBIDTA
- NOPAT
- Free cash flow
- Free cash flow to firm
- Free cash flow to equity
- Dividends
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- Results
Relative valuation
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- Bonds
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- Yield spread
- Credit spread (bond)
- Real estate
- Capitalization rate
- Gross rent multiplier
- Sales comparison approach
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- Cash on cash return
- Equity
- Financial ratio
- Market-based valuation
- Valuation using multiples
- Comparable company analysis
- Dividend yield
- Return on equity
- PE ratio
- P/B ratio
- Price to cash based earnings
- Price to Sales
- EV/EBITDA
- EV/Sales
- Stock image
- Valuation using the Market Penetration Model
- Graham number
- Tobin's q
Contingent claim valuation
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- Valuation techniques
- general
- Valuation of options
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- Derivatives pricing above
- as typically employed
- Real options valuation
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- Monte Carlo methods in finance
- general
- Applications
- Corporate investments and projects
- Real options
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- Contingent value rights
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- structured finance investments (funding dependent)
- special purpose entities (funding dependent)
- Balance sheet assets and liabilities
- warrants and other convertible securities
- securities with embedded options such as callable bonds
- employee stock options
- Corporate investments and projects
Other approaches
- "Fundamentals"-based (relying on accounting information)
Financial modeling
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- Cash flow
- Cash flow forecasting
- Cash flow statement
- Operating cash flow
- EBIDTA
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- NOPAT
- Free cash flow
- Free cash flow to firm
- Free cash flow to equity
- Dividends
- Cash is king
- Mid-year adjustment
- Owner earnings
- Required return (i.e. discount rate)
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- Cost of capital
- Weighted average cost of capital
- Cost of equity
- Cost of debt
- Capital asset pricing model
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- Hamada's equation
- Pure play method
- Arbitrage pricing theory
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- T-model
- Terminal value
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- Forecast period
- long term growth rate
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- Forecasted financial statements
- Financial forecast
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- Revenue
- Revenue model
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- Net sales
- Costs
- Profit margin
- Gross margin
- Net margin
- Cost of goods sold
- Operating expenses
- Cost driver
- Fixed cost
- Variable cost
- Overhead cost
- Value chain
- activity based costing
- common-size analysis
- Profit model
- Profit margin
- Capital
- Capital structure
- common-size analysis
- Equity
- Financial capital
- Long term asset / Fixed asset
- Long-term liabilities
- Working capital
- Current asset
- Current liability
- Inventory turnover / Days in inventory
- Cost of goods sold
- Debtor & Creditor days
- Days sales outstanding
- Days payable outstanding
Portfolio theory
General concepts
- Portfolio
- Portfolio manager
- Investment management
- Active management
- Passive management (Buy and hold)
- Core & Satellite
- Smart beta
- Expense ratio
- Investment style
- Investment strategy
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- Investor profile
- Rate of return on a portfolio / Investment performance
- Risk return ratio
- Risk factor
- Portfolio optimization
- Diversification
- Asset classes
- Asset allocation
- Sector rotation
- Correlation & covariance
- Risk-free interest rate
- Leverage
- Utility function
- Intertemporal portfolio choice
- Portfolio insurance
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- Quantitative investment / Quantitative fund (see below)
- Uncompensated risk
Modern portfolio theory
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- Portfolio optimization
- Theory and results (derivation of the CAPM)
- Equilibrium price
- Market price
- Systematic risk
- Idiosyncratic risk / Specific risk
- Mean-variance analysis (Two-moment decision model)
- Efficient frontier (Mean variance efficiency)
- Feasible set
- Mutual fund separation theorem
- Tangent portfolio
- Market portfolio
- Beta
- Fama–MacBeth regression
- Hamada's equation
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- Capital allocation line
- Capital market line
- Security characteristic line
- Capital asset pricing model
- Security market line
- Roll's critique
- Related measures
- Optimization models
- Equilibrium pricing models (CAPM and extensions)
Post-modern portfolio theory
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- Approaches
- Optimization considerations
- Pareto efficiency
- Bayesian efficiency
- Multiple-criteria decision analysis
- Multi-objective optimization
- Stochastic dominance
- Downside risk
- Volatility skewness
- Semivariance
- Expected shortfall (ES; also called conditional value at risk (CVaR), average value at risk (AVaR), expected tail loss (ETL))
- Tail value at risk
- Statistical dispersion
- Discounted maximum loss
- Indifference price
- Measures
- Optimization models
Performance measurement
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- Alpha
- Beta
- Performance attribution
- Fixed-income attribution
- Benchmark
- Lipper average
- Returns-based style analysis
- Rate of return on a portfolio
- Holding period return
- Tracking error
- Style drift
- Simple Dietz method
- Modified Dietz method
- Modigliani risk-adjusted performance
- Upside potential ratio
- Maximum Downside Exposure
- Maximum drawdown
- Sharpe ratio
- Treynor ratio
- Jensen's alpha
- Bias ratio
- V2 ratio
- Calmar ratio (hedge fund specific)
Mathematical techniques
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- Quadratic programming
- Nonlinear programming
- Mixed integer programming
- Stochastic programming (§ Multistage portfolio optimization)
- Copula (probability theory) (§ Quantitative finance)
- Principal component analysis (§ Quantitative finance)
- Deterministic global optimization
- Extended Mathematical Programming (§ EMP for stochastic programming)
- Genetic algorithm (Lua error: Internal error: The interpreter has terminated with signal "24".)
- Artificial intelligence:
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- Machine learning (§ Applications)
- Artificial neural network (§ Finance)
Quantitative investing
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- Quantitative investing
- Quantitative fund
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- Trading:
- Automated trading
- High-frequency trading
- Algorithmic trading
- Program trading
- Systematic trading
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- Trading strategy
- Mirror trading
- Copy trading
- Social trading
- VWAP
- TWAP
- Electronic trading platform
- Statistical arbitrage
- Portfolio optimization:
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- Black–Litterman model
- Universal portfolio algorithm
- Markowitz model
- Treynor–Black model
- other models
- Factor investing
- Alpha generation platform
- Kelly criterion
- Roy's safety-first criterion
- Online portfolio selection
- Risks:
- Best execution
- Implementation shortfall
- Trading curb
- Market impact
- Market depth
- Slippage
- Transaction costs
- Discussion:
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- 2010 flash crash
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- Leading companies (see Lua error: Internal error: The interpreter has terminated with signal "24".):
- Prediction Company
- Renaissance Technologies
- D. E. Shaw & Co
- AQR Capital
- Barclays Investment Bank
- Cantab Capital Partners
- Robeco
- Jane Street Capital
Financial software tools
- Financial software
- Financial management systems
- Financial data vendor
- Accounting software
- Banking software
- Treasury management system
- Strategic planning software
- Technical Analysis Software
- Algorithmic trading
- Electronic trading platform
- Numerical-analysis software (comparison)
Financial modeling applications
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Corporate Finance
- Business valuation / stock valuation – especially via discounted cash flow, but including other valuation approaches
- Scenario planning and management decision making ("what is"; "what if"; "what has to be done"[1])
- Capital budgeting, including cost of capital (i.e. WACC) calculations
- Financial statement analysis / ratio analysis (including of operating- and finance leases, and R&D)
- Revenue related: forecasting, analysis
- Project finance modeling
- Cash flow forecasting
- Credit decisioning: Credit analysis, Consumer credit risk; impairment- and provision-modeling
- Working capital- and treasury management; asset and liability management
- Management accounting: Activity-based costing, Profitability analysis, Cost analysis, Whole-life cost
Quantitative finance
- Option pricing and calculation of their "Greeks"
- Other derivatives, especially interest rate derivatives, credit derivatives and exotic derivatives
- Modeling the term structure of interest rates (bootstrapping / multi-curves, short-rate models, HJM framework) and credit spreads
- Credit valuation adjustment, CVA, as well as the various XVA
- Credit risk, counterparty credit risk, and regulatory capital: EAD, PD, LGD, PFE
- Structured product design and manufacture
- Portfolio optimization[2] and Quantitative investing more generally; see further re optimization methods employed.
- Financial risk modeling: value at risk (parametric- and / or historical, CVaR, EVT), stress testing, "sensitivities" analysis
Financial institutions
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Education
- For the typical finance career path and corresponding education requirements see:
- Financial analyst generally, and esp. § Qualification, discussing various investment, banking, and corporate roles (i.e. financial management, corporate finance, investment banking, securities analysis & valuation, portfolio & investment management, credit analysis, working capital & treasury management; see Lua error: Internal error: The interpreter has terminated with signal "24".)
- Quantitative analyst, Lua error: Internal error: The interpreter has terminated with signal "24". and Lua error: Internal error: The interpreter has terminated with signal "24"., specifically re roles in quantitative finance (i.e. derivative pricing & hedging, interest rate modeling, financial risk management, financial engineering, computational finance; also, the mathematically intensive variant on the banking roles; see Lua error: Internal error: The interpreter has terminated with signal "24".)
- Business education lists undergraduate degrees in business, commerce, accounting and economics; "finance" may be taken as a major in most of these, whereas "quantitative finance" is almost invariably postgraduate, following a math-focused Bachelors; the most common degrees for (entry level) investment, banking, and corporate roles are:
- Bachelor of Business Administration (BBA)
- Bachelor of Commerce (BCom)
- Bachelor of Accountancy (B.Acc)
- Bachelor of Economics (B.Econ)
- Bachelor of Finance – the undergraduate version of the MSF below
- The tagged BS / BA "in Finance", or less common, "in Investment Management" or "in Personal Finance"
- At the postgraduate level, the MBA, MCom and MSM (and recently the Master of Applied Economics) similarly offer training in finance generally; at this level there are also the following specifically focused master's degrees, with MSF the broadest – see Lua error: Internal error: The interpreter has terminated with signal "24". for their focus and inter-relation:
- Master of Applied Finance (M.App.Fin)
- Master of Commerce in Finance (MCom)
- Master of Computational Finance
- Master's in Corporate Finance
- Master of Finance (M.Fin, MIF)
- Master's in Financial Analysis
- Master of Financial Economics
- Master of Financial Engineering (MFE)
- Master of Financial Planning
- Master's in Financial Management
- Master of Financial Mathematics
- Master's in Financial Risk Management
- Master's in Investment Management
- Master of Mathematical Finance
- Master of Quantitative Finance (MQF)
- Master of Science in Finance (MSF, MSc Finance)
- MS in Fintech
- Doctoral-training in finance is usually a requirement for academia, but not relevant to industry
- quants often enter the profession with PhDs in disciplines such as physics, mathematics, engineering, and computer science, and learn finance "on the job”
- as an academic field, finance theory is studied and developed within the disciplines of management, (financial) economics, accountancy, and applied / financial mathematics.
- For specialized roles, there are various Professional Certifications in financial services (see #Designations and accreditation above); the best recognized are arguably:
- Association of Corporate Treasurers (MCT / FCT)
- Certificate in Quantitative Finance (CQF)
- Certified Financial Planner (CFP)
- Certified International Investment Analyst (CIIA)
- Certified Treasury Professional (CTP)
- Chartered Alternative Investment Analyst (CAIA)
- Chartered Financial Analyst (CFA)
- Chartered Wealth Manager (CWM)
- CISI Diploma in Capital Markets (MCSI)
- Financial Risk Manager (FRM)
- Professional Risk Manager (PRM)
- Various organizations offer executive education, CPD, or other focused training programs, including:
- Amsterdam Institute of Finance
- Canadian Securities Institute
- Chartered Institute for Securities & Investment
- GARP
- Global Risk Institute
- ICMA Centre
- The London Institute of Banking & Finance
- New York Institute of Finance
- PRMIA
- South African Institute of Financial Markets
- Swiss Finance Institute
- See also qualifications in related fields:
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- Actuarial credentialing and exams
- Business education
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- Economics education
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See also
Related lists
- Index of accounting articles
- Outline of business management
- Outline of marketing
- Outline of economics
- Outline of production
- Index of international trade articles
- Outline of commercial law
- List of business theorists
- Outline of actuarial science
References
- ↑ Joel G. Siegel; Jae K. Shim; Stephen Hartman (1 November 1997). Schaum's quick guide to business formulas: 201 decision-making tools for business, finance, and accounting students. McGraw-Hill Professional. ISBN 978-0-07-058031-2. https://books.google.com/books?id=4JpojQPk8YsC. Retrieved 12 November 2011. §39 "Corporate Planning Models". See also, §294 "Simulation Model".
- ↑ See for example: Low, R.K.Y.; Faff, R.; Aas, K. (2016). "Enhancing mean–variance portfolio selection by modeling distributional asymmetries". Journal of Economics and Business 85: 49–72. doi:10.1016/j.jeconbus.2016.01.003. https://espace.library.uq.edu.au/view/UQ:377912/UQ377912_OA.pdf.; Low, R.K.Y.; Alcock, J.; Faff, R.; Brailsford, T. (2013). "Canonical vine copulas in the context of modern portfolio management: Are they worth it?". Journal of Banking & Finance 37 (8): 3085–3099. doi:10.1016/j.jbankfin.2013.02.036. https://espace.library.uq.edu.au/view/UQ:297895/EC15UQ297895.pdf.
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External links
- Prof. Aswath Damodaran – financial theory, with a focus in Corporate Finance, Valuation and Investments. Updated Data, Excel Spreadsheets.
- Web Sites for Discerning Finance Students (Prof. John M. Wachowicz) -Links to finance web sites, grouped by topic
- studyfinance.com – introductory finance web site at the University of Arizona
- SECLaw.com – law of the financial markets
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