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Global Derivative Debacles

Author: Laurent L Jacque
Publisher: World Scientific
ISBN: 9814663271
Size: 65.64 MB
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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. Contents:Derivatives and the Wealth of NationsForwards:Showa Shell Sekiyu K KCitibank's Forex LossesBank Negara MalaysiaFutures:Amaranth Advisors LLCMetallgesellschaftSumitomoOptions: Allied LyonsAllied Irish BanksBaringsSociété GénéraleSwaps:Procter & GambleGibson Greeting CardsOrange CountyLong-Term Capital ManagementAIGJP Morgan Chase London WhaleFrom Theory to Malpractice: Lessons Learned Readership: Economists; undergraduates and graduates majoring in finance, economics and business administration; professionals, financial managers and CPAs in the financial service industry. Key Features:Includes simple graphs or numerical illustrations to enhance readers' understanding of the complex world of derivatives and financial engineering step-by-step, story-by-storyUses actual case studies to introduce college students, finance professionals and general readers to the world of high finance which shapes their day-to-day livesDemystifies the mysterious world of financial derivativesBrings alive difficult concepts by profiling the protagonists in each debacle and the corporate setting within which the derivative debacle unfoldedProvides a glossary of key concepts to discuss the respective derivatives product, how it is valued, trading strategies, and the workings of the market where it is tradedKeywords:Derivatives;Debacles;Options;Swaps;Futures;Forwards;Financial Engineering;Market Manipulation;Rogue Traders;Speculation;London WhaleReview: Reviews of the First Edition: “This timely and well-written book is a ‘must read’ for anyone directly or indirectly involved in financial markets and instruments as well as risk management. By telling actual stories of how rogue traders and incompetent managers put their firms at risk, the author demystifies the complex world of financial derivatives. His incisive and in-depth analysis of all major derivatives debacles should help the reader understand what happened and avoid future disasters.” Gabriel Hawawini The Henry Grunfeld Professor of Investment Banking INSEAD “The author has written a book whose clarity makes it accessible to a wide range of practitioners and executives, and he brings the technical subject matter to life through the concrete examples of the highest profile failures in the use of derivatives” B Craig Owens Senior Vice President and Chief Financial Officer Campbell Soup “The book is a timely contribution to a subject that has been at the epicenter of the current financial crisis … Learning from past mistakes and applying the lessons is what sets this book apart and should make it a useful guide for practitioners.” Dr Oliver S Kratz Head of Global Thematic Equities Deutsche Bank

Financial Engineering

Author: Tanya S. Beder
Publisher: John Wiley & Sons
ISBN: 0470455810
Size: 30.77 MB
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The purpose of this book is to provide a comprehensive view of financial engineering by describing the current state of financial research and practices, including timeless techniques. There will be a focus on the future of financial engineering and a discussion of several techniques that were created to exploit specific opportunities as they developed. The book is intended for senior managers, board members, regulators, finance professionals, as well as advanced undergraduate and graduate students. The book is separated into four parts. The first part maps out a timeline of financial engineering, detailing the history of this topic and its different players, developments and products. The second parts details each market, from fixed income, equity and derivatives to foreign exchange and securitized and structured products, and discusses how financial engineering has played a role in each. The third part is a series of case studies in financial engineering, including a look at the subprime crisis and how financial engineering tools and techniques were used there. Finally, the fourth section discusses the future of financial engineering where the authors ask: Where do we go from here?

International Corporate Finance

Author: Laurent L. Jacque
Publisher: John Wiley & Sons
ISBN: 111878362X
Size: 18.89 MB
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A thorough introduction to corporate finance from a renowned professor of finance and banking As globalization redefines the field of corporate finance, international and domestic finance have become almost inseparably intertwined. It's increasingly difficult to understand what is happening in capital markets without a firm grasp of currency markets, the investment strategies of sovereign wealth funds, carry trade, and foreign exchange derivatives products. International Corporate Finance offers thorough coverage of the international monetary climate, including Islamic finance, Asian banking, and cross-border mergers and acquisitions. Additionally, the book offers keen insight on global capital markets, equity markets, and bond markets, as well as foreign exchange risk management and how to forecast exchange rates. Offers a comprehensive discussion of the current state of international corporate finance Provides simple rules and pragmatic answers to key managerial questions and issues Includes case studies and real-world decision-making situations For anyone who wants to understand how finance works in today's hyper-connected global economy, International Corporate Finance is an insightful, practical guide to this complex subject.

Hermeneutik Der Literatur Und Theorie Des Geistes

Author: Wolfgang Detel
Publisher: Verlag Vittorio Klostermann
ISBN: 9783465042563
Size: 34.45 MB
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Wolfgang Detel hat in den vergangenen Jahren viel beachtete Grundsatze einer allgemeinen Hermeneutik formuliert, die er nun in diesem Buch auf die Interpretation literarischer Texte anwendet. In detaillierten Interpretationen ausgewahlter Beispiele aus Lyrik, Novelle und Roman zeigt sich, dass ein von der Theorie des Geistes angeleiteter Blick auf Literatur neue Interpretationslinien offnen kann. Ferner wird die Rolle des Parsens (des schnellen automatischen Verstehens) in Literaturinterpretationen unter Ruckgriff auf die Theorie der verkorperlichten Kognition untersucht. Im Fokus steht jedoch die Psychologie seelischer Entwicklungen und Handlungen literarischer Figuren. Dafur werden das geist-theoretische Konzept der kausal-rationalen Erklarung sowie die neueste Variante der kognitiven Emotionentheorie eingesetzt. Auch literaturtheoretische Fragen wie das Paradox der interpretativen Beschaftigung mit, und die Frage der Wahrheit von, fiktionaler Literatur werden mit neuen Instrumentarien behandelt.

Der Echte Jesus

Author: Gerd Lüdemann
Publisher: zu Klampen Verlag GbR
ISBN: 3866742940
Size: 57.81 MB
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Jesus von Nazareth ist für das christliche Abendland die zentrale Person. Über ihn sind Bibliotheken zusammengeschrieben worden. Die meisten Jesus-Bücher sind jedoch nur von begrenztem Wert, da sie den verkündeten Jesus mit dem geschichtlichen Jesus gleichsetzen und sich zugleich weigern, die historisch-kritische Methode in vollem Umfang anzuwenden. Inzwischen ist sich die internationale kritische Forschung darüber einig, dass die meisten Worte Jesu nachträgliche Zuschreibungen und das Gros seiner Taten Projektionen sind. In seinem großen analytischen Werk »Jesus nach 2000 Jahren« legte Gerd Lüdemann vor mehr als einem Jahrzehnt den Stand der exegetischen Forschung zugrunde und fand nur wenige echte Jesustaten und -worte in den Evangelien. Er präsentiert nun diese Minderheit der echten Taten und Worte Jesu in einem neuen, handlichen Buch, das sich auf einen breiten wissenschaftlichen Konsens berufen kann, und hofft, auf diese Weise dem Mann aus Nazareth historisch näher zu kommen.

Die Kunst Der Freiheit

Author: Juliane Rebentisch
Publisher: Suhrkamp Verlag
ISBN: 3518756508
Size: 40.77 MB
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Der Begriff der demokratischen Freiheit meint nicht nur diejenige Freiheit, die sich in politischen Institutionen und Verfahren verwirklicht. Vielmehr kann demokratische Freiheit in einem politischen Sinn nur dann angemessen verstanden werden, wenn sie als Ausdruck einer Kultur der Freiheit begriffen wird, die die Lebensführung im ganzen betrifft. In einer systematisch angelegten Theoriegeschichte zeigt Juliane Rebentisch, daß sich für das Verständnis der demokratischen Freiheitskultur besonders viel von ihren philosophischen Kritikern lernen läßt. Von Platon bis Carl Schmitt artikuliert sich die Kritik an der demokratischen Kultur als eine Kritik an deren »Ästhetisierung«. Die demokratische Kultur der Freiheit zu verteidigen heißt daher, ihre Ästhetisierung zu rechtfertigen.

Das Geheimnis Des Schmerzes

Author: Phil Rickman
Publisher: Rowohlt Verlag GmbH
ISBN: 3644505713
Size: 53.42 MB
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«Gruselig – Rickman war noch nie so gut.» (Daily Mail) Ein reicher Landwirt wird in Ledwardine auf seinem eigenen Hof grausam abgeschlachtet: die Geburtsstunde von «Das Land wehrt sich», einer rechten Bewegung, welche alles Übel auf dem nicht mehr idyllischen Lande den vielen osteuropäischen Landarbeitern anlastet. Wenig später findet man zwei junge Frauen tot auf einem Parkplatz. Sie kamen aus Rumänien. Zufall? Merrily Watkins stolpert über diese Fälle, als sie einem Priesterkollegen nachforscht, der kurz vor seinem rätselhaften Ableben ein beunruhigendes Interesse an Exorzismus entwickelte. Die Spuren weisen in die Vergangenheit: in die der Toten, aber auch viel, viel weiter zurück – bis in die Zeiten, als sich Römer und Kelten in der Region Schlachten lieferten und der blutige Mithras-Kult seine Opfer forderte ... «Äußerst originell und durchgehend faszinierend ... ein packender und nachdenklich machender Pageturner.» (Guardian)