Insurance From Underwriting To Derivatives
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| Author | : Eric Briys |
| Publisher | : John Wiley & Sons |
| Total Pages | : 184 |
| Release | : 2001-06-29 |
| Genre | : Business & Economics |
| ISBN | : |
An in-depth look at the increasingly significant convergence between the insurance industry and the capital markets. This important publication, by two premier financial experts, explores the unique convergence of finance and insurance. The book covers the basics of property-casualty insurance, securitizing insurance risks, looks at life insurance in the United States and ALM in insurance. It addresses the questions and concerns of investment banks, brokerage firms and the insurance/reinsurance sector itself, examines ongoing trends and issues, and how current market pressures on insurance companies do not just create challenges but actually point the way to future promising developments.
| Author | : Laurent L. Jacque |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 364 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1461516234 |
The central question addressed in Financial Innovations and the Welfare of Nations is how the transfer of financial innovations from developed to developing economies can nurture the dynamics of emerging capital markets. National capital markets can be positioned along a continuum ranging from embryonic to mature and emerged markets according to a decreasing "national cost of capital" criterion. In the introductory chapter Laurent Jacque argues that newly emerging countries are handicapped by a high cost of capital due to "incomplete" and inefficient financial markets. As capital markets graduate to higher level of "emergedness", their national firms avail themselves of a lower cost of capital that makes them more competitive in the global economy and spurs economic growth. Skillful transfer of financial innovations to emerging markets often encourages the deregulation of the country's financial services sector. This results into new conduits for a more efficient capital allocation process such as commercial paper, securitized consumer finance and other disintermediated modes of financing which out-compete traditional financial intermediaries (mostly commercial banks), reduce households' cost of living and conjointly fuel the dynamics of emerging markets. Our response to the central question of how the transfer of financial innovations can enhance the Wealth of Nations is to show that it reduces the cost of capital while not unduly increasing systemic risk. Part I examines the relationship between financial innovations and systemic risk of the international financial system.
| Author | : Gordon F. Peery |
| Publisher | : John Wiley & Sons |
| Total Pages | : 348 |
| Release | : 2012-01-04 |
| Genre | : Business & Economics |
| ISBN | : 1118205421 |
An in-depth look at the best ways to navigate the post-reform world of derivatives and futures The derivatives market is one of the largest, and most important financial markets in the world. It's also one of the least understood. Today we are witnessing the unprecedented reform and reshaping of this market, and along with these events, the entire life cycle of a derivatives transaction has been affected. Accordingly, nearly all market participants in the modern economy need to view the handling of risk by derivatives in a very different way. Many aspects of financial services reform are based on a belief that derivatives caused the Great Recession of 2008. While the difficulties we now face cannot be blamed solely on derivatives, the need to understand this market, and the financial products that trade within it, has never been greater. The Post-Reform Guide to Derivatives and Futures provides straightforward descriptions of these important investment products, the market in which they trade, and the law that now, after July 16, 2011, governs their use in America and creates challenges for investors throughout the world. Author Gordon Peery is an attorney who works exclusively in the derivatives markets and specializes in derivatives and futures reform and market structure. Since representing clients in Congressional hearings involving Enron Corp., he has developed extensive experience in this field. With this guide, he reveals how derivatives law, and market practice throughout the world, began to change in historic ways beginning in 2011, and what you must do to keep up with these changes. Explains what derivatives and futures are, who trades them, and what must be done to manage risk in the post reform world Accurately reflects the futures and derivatives markets as they exist today and how they will be transformed by the Dodd-Frank Wall Street Reform and Consumer Protection Act Highlights the risks and common disputes regarding derivatives and futures, and offers recommendations for best practices in light of the evolving law governing derivatives The financial crisis has changed the rules of Wall Street, especially when it comes to derivatives and futures. The Post-Reform Guide to Derivatives and Futures will help you navigate this evolving field and put you in a better position to make the most informed decisions within it.
| Author | : Laurent L Jacque |
| Publisher | : World Scientific |
| Total Pages | : 367 |
| Release | : 2015-05-28 |
| Genre | : Business & Economics |
| ISBN | : 9814663271 |
This book analyzes in depth all major derivatives debacles of the last half century including the multi-billion losses and/or bankruptcy of Metallgesellschaft (1994), Barings Bank (1995), Long Term Capital Management (1998), Amaranth (2006), Société Générale (2008) , AIG (2008) and JP Morgan-Chase (2012). It unlocks the secrets of derivatives by telling the stories of institutions which played in the derivative market and lost big. For some of these unfortunate organizations it was daring but flawed financial engineering which brought them havoc. For others it was unbridled speculation perpetrated by rogue traders whose unchecked fraud brought their house down.Should derivatives be feared 'as financial weapons of mass destruction' or hailed as financial innovations which through efficient risk transfer are truly adding to the Wealth of Nations? By presenting a factual analysis of how the malpractice of derivatives played havoc with derivative end-user and dealer institutions, a case is made for vigilance not only to market and counter-party risk but also operational risk in their use for risk management and proprietary trading. Clear and recurring lessons across the different stories in this volume call not only for a tighter but also 'smarter' control system of derivatives trading and should be of immediate interest to financial managers, bankers, traders, auditors and regulators who are directly or indirectly exposed to financial derivatives.The book groups cases by derivative category, starting with the simplest and building up to the most complex — namely, Forwards, Futures, Options and Swaps in that order, with applications in commodities, foreign exchange, stock indices and interest rates. Each chapter deals with one derivative debacle, providing a rigorous and comprehensive but non-technical elucidation of what happened.What is new in the second edition? A new chapter on JP Morgan-Chase's London Whale, an in-depth discussion of credit-default swaps, and an update of the revamped regulatory framework with Basel 2.5 and Basel III against the backdrop of the Euro crisis, along with a revised and expanded discussion of the AIG debacle.
| Author | : Karen A. Horcher |
| Publisher | : John Wiley & Sons |
| Total Pages | : 155 |
| Release | : 2011-08-02 |
| Genre | : Business & Economics |
| ISBN | : 1118160975 |
A concise introduction to financial risk management strategies, policies, and techniques This ideal guide for business professionals focuses on strategic and management issues associated with financial risk. Essentials of Financial Risk Management identifies risk-mitigation policies and strategies; suggestions for determining an organization's risk tolerance; and sources of risk associated with currency exchange rates, interest rates, credit exposure, commodity prices, and other related events. Examples illustrate risk scenarios and offer tips on an array of management alternatives, including changes in the way business is conducted and hedging strategies involving derivatives.
| Author | : Philip Booth |
| Publisher | : CRC Press |
| Total Pages | : 734 |
| Release | : 1998-10-20 |
| Genre | : Mathematics |
| ISBN | : 9780849303883 |
In the last two decades, there has been a significant shift in thinking and in the approach taken to actuarial practice: moving from deterministic methods (with implicit or explicit margins to protect against variability) to fully stochastic methods. Important international developments are currently being made in actuarial education, with radical changes being implemented in Australia and North America, and evolutionary changes planned in the UK. At the same time, the Consultative Group of Actuarial Associations within the EU and the International Forum of Actuarial Associations are both actively considering the international harmonization of professional qualifications. Modern Actuarial Theory and Practice matches the philosophy of those international developments, and the manner in which actuarial qualifications are changing and are likely to continue to change. It describes the traditional areas of actuarial activity with an emphasis on the fundamental principles, as well as the economic, financial, and statistical foundations of actuarial theory and practice. Information is presented in five interconnected sections: Investment Life Insurance General Insurance Pensions Actuarial Models which can be read separately or taken as part of the integrated whole. This text will be an invaluable aid for final-year undergraduates, MSc students, research students preparing for an MPhil or Ph. D degree, and to student actuaries preparing for the professional actuarial examinations of a number of professional bodies. Practicing actuaries will also find this a useful guide to current methodologies and models.
| Author | : Robert L. Tortoriello |
| Publisher | : |
| Total Pages | : |
| Release | : |
| Genre | : Bank holding companies |
| ISBN | : |
| Author | : Luis Suarez-Villa |
| Publisher | : State University of New York Press |
| Total Pages | : 380 |
| Release | : 2014-12-09 |
| Genre | : Political Science |
| ISBN | : 1438454872 |
The largest, wealthiest corporations have gained unprecedented power and influence in contemporary life. From cradle to grave the decisions made by these entities have an enormous impact on how we live and work, what we eat, our physical and psychological health, what we know or believe, whom we elect, and how we deal with one another and with the natural world around us. At the same time, government seems ever more subservient to the power of these oligopolies, providing numerous forms of corporate welfare—tax breaks, subsidies, guarantees, and bailouts—while neglecting the most basic needs of the population. In Corporate Power, Oligopolies, and the Crisis of the State, Luis Suarez-Villa employs a multidisciplinary perspective to provide unprecedented documentation of a growing crisis of governance, marked by a massive transfer of risk from the private sector to the state, skyrocketing debt, great inequality and economic insecurity, along with an alignment of the interests of politicians and a new, minuscule but immensely wealthy and influential corporate elite. Thanks to this dysfunctional environment, Suarez-Villa argues, stagnation and a vanishing public trust have become the hallmarks of our time.
| Author | : |
| Publisher | : |
| Total Pages | : 848 |
| Release | : 2004 |
| Genre | : Trademarks |
| ISBN | : |
| Author | : Kazem Falahati |
| Publisher | : Routledge |
| Total Pages | : 226 |
| Release | : 2012-11-27 |
| Genre | : Business & Economics |
| ISBN | : 1136221530 |
The recent global financial crisis has made the inadequacies of the scientific state of economics and finance glaringly obvious, as these disciplines gave the false reassurance that such a self-destructive phenomenon could not happen. A similar phenomenon arose in the 1930’s, when the pitfalls of the dominant economic theories were sharply exposed. Since then, the same analytical framework, in its new versions, has revealed a huge number of other empirical and experimental failures. On the other hand, the founders of the currently dominant theories in economics and finance (i.e. the standard paradigm) such as Walras (1834-1910), Modigliani (1918-2003) and Miller (1923-2000) have identified mathematical contradictions within their own foundational models, the root cause of which no one has yet discovered. The standard paradigm has thus lost the reason for its existence in the light of experience, experiments and logical rigour. This book identifies the heuristic cause of these external and internal contradictions of the standard paradigm and remedies these problems by offering a new paradigm which can explain and predict observed economic behaviour, and resolve the extant behavioural, empirical and experimental puzzles. The new paradigm offers a dramatically improved understanding of economic behaviour at the micro as well as macro level of the economy within an over-arching framework comprising the real and the financial sectors. It does so in a rigorous but simple and clear way, using an axiomatic approach. It also offers policy recommendations on how the economy should be managed to avoid severe swings. It therefore is of great interest to scholars and practitioners in economics and finance.
