This innovative text presents the theoretical foundations of security analysis and investment strategy, and explores the practical applications of these theories. After establishing an historical foundation, the book examines fixed income securities, equity analysis and investment strategy. Assesses a range of approaches to investment analysis and strategy Develops an advanced treatment of the subject throughout, while remaining focused on the practical concerns of security analysts Features end-of-chapter questions, case studies and references Integrates history, theory, technique, and application This text is an indispensable resource for any serious student of finance. Online material to accompany this book can be found at www.blackwellpublishing.com/poitras
Capitalism is historically pervasive. Despite attempts through the centuries to suppress or control the private ownership of commercial assets, production and trade for profit has survived and, ultimately, flourished. Against this backdrop, accounting provides a fundamental insight: the ‘value’ of physical and intangible capital assets that are used in production is identically equal to the sum of the debt liabilities and equity capital that are used to finance those assets. In modern times, this appears as the balance sheet relationship. In determining the ‘value’ of items on the balance sheet, equity capital appears as a residual calculated as the difference between the ‘value’ of assets and liabilities. Through the centuries, the organization of capitalist activities has changed considerably, dramatically impacting the methods used to value, trade and organize equity capital. To reflect these changes, this book is divided into four parts that roughly correspond to major historical changes in equity capital organization. The first part of this book examines the rudimentary commercial ventures that characterized trading for profit from ancient times until the contributions of the medieval scholastics that affirmed the moral value of equity capital. The second part deals with the evolution of equity capital organization used in seaborne trade of the medieval and Renaissance Italian city states and in the early colonization ventures of western European powers and ends with the emergence in the market for tradeable equity capital shares during the 17th century. The third part begins with the 1719-1720 Mississippi scheme and South Sea bubbles in northern Europe and continues to cover the transition from joint stock companies to limited liability corporations with autonomous shares in England, America and France during the 19th century. This part ends with a fundamental transition in the social conception of equity capital from a concern with equity capital organization to the problem of determining value. The final part is concerned with the evolving valuation and management of equity capital from the 1920s to the present. This period includes the improvement corporate accounting for publicly traded shares engendered by the Great Depression that has facilitated the use of ‘value investing’ techniques and the conflicting emergence of portfolio management methods of modern Finance. Equity Capital is aimed at providing material relevant for academic presentations of equity valuation history and methods, and is targeted at researchers, academics, students and professionals alike.
Commodity Risk Management goes beyond just an introductory treatment of derivative securities, dealing with more advanced topics and approaching the subject matter from a unique perspective. At its core lies the concept that commodity risk management decisions require an in-depth understanding of speculative strategies, and vice versa. The book offers readers a unified treatment of important concepts and techniques that are useful in applying derivative securities in the management of risk in commodity markets. While some of these techniques are well known and fairly common, Poitras offers applications to specific situations and links to speculative trading strategies - extensions of the material that not only are hard to come by, but helpful to both the academic and the practitioner. The book is divided into three parts. The first part deals with the general framework for commodity risk management, the second part focuses on the use of derivative security contracts in commodity risk management, and the third part deals with applications to three specific situations. As a textbook, this book is designed to appeal to classes at a senior undergraduate/MBA/MA levelof training in Finance, financial economics, actuarial science, management science, agriculturaleconomics and accounting. There will also be interest for the book as: a monograph for research libraries, a handbook for individuals working in the commodity risk management industry, and a guidebook for those in the general public interested in topics like farm risk management or the assessment of hedging practices of publicly-traded commodity producers.
Presenting an integrated explanation of speculative trading and risk management from the practitioner's point of view, "Risk Management, Speculation, and Derivative Securities" is a standard text on financial risk management that departs from the perspective of an agent whose main concerns are pricing and hedging derivatives.
Taxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth and income.
Taxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth and income.
This book provides a comprehensive and rigorous treatment of academic and practitioner approaches to equity security valuation. Guided by historical and philosophical insights, conventional academic wisdom surrounding the ergodic properties of stochastic processes is challenged. In addition, the implications of a general stochastic interpretation of equity security valuation are provided. Valuation of Equity Securities will also be a good reference source for students and professionals interested in the theoretical and practical applications of equity securities.
Provides a treatment of academic and practitioner approaches to equity security valuation. This book challenges conventional academic wisdom surrounding the ergodic properties of stochastic processes, guided by historical and philosophical insights. It presents the implications of a general stochastic interpretation of equity security valuation.
Its unified treatment of derivative security applications to both risk management and speculative trading separates this book from others. Presenting an integrated explanation of speculative trading and risk management from the practitioner's point of view, Risk Management, Speculation, and Derivative Securities is the only standard text on financial risk management that departs from the perspective of an agent whose main concerns are pricing and hedging derivatives. After offering a general framework for risk management and speculation using derivative securities, it explores specific applications to forward contracts and options. Not intended as a comprehensive introduction to derivative securities, Risk Management, Speculation, and Derivative Securities is the innovative, useful approach that addresses new developments in derivatives and risk management. *The only standard text on financial risk management that departs from the perspective of an agent whose main concerns are pricing and hedging derivatives*Examines speculative trading and risk management from the practitioner's point of view*Provides an innovative, useful approach that addresses new developments in derivatives and risk management
The main strength of this book is the international exchange of ideas that will not only highlight many of these crucial bioethical issues but will strengthen the discipline of bioethics both nationally and globally. A critical exchange of ideas allows everyone to learn and benefit from the insights gained through others experiences. Analyzing and understanding real medical-ethical issues and cases and how they are resolved is the basis of education in bioethics for those who will have to make these decisions in the future. The more we examine, analyze, and debate these bioethical issues and cases, the more knowledge will be gained and hopefully, we will all gain more practical wisdom.
The purchase of this ebook edition does not entitle you to receive access to the Connected eBook on CasebookConnect. You will need to purchase a new print book to get access to the full experience including: lifetime access to the online ebook with highlight, annotation, and search capabilities, plus an outline tool and other helpful resources. National Security Law and the Constitution provides a comprehensive examination and analysis of the inherent tension between the Constitution and select national security policies, and it explores the multiple dimensions of that conflict. Specifically, the Second Edition comprehensively explores the constitutional foundation for the development of national security policy and the exercise of a wide array of national security powers. Each chapter focuses on critically important precedents, offering targeted questions following each case to assist students in identifying key concepts to draw from the primary sources. Offering students a comprehensive yet focused treatment of key national security law concepts, National Security Law and the Constitution is well suited for a course that is as much an advanced “as applied” constitutional law course as it is a national security law or international relations course. New to the Second Edition: New author Gary Corn is the program director for the Tech, Law and Security Program at American University Washington College of Law, and most recently served as the Staff Judge Advocate to U.S. Cyber Command, the capstone to a distinguished career spanning over twenty-seven years as a military lawyer Two new chapters: Chapter 1 (An Introduction to the “National Security” Constitution), and Chapter 17 (National Security in the Digital Age) Professors and students will benefit from: An organizational structure tailored to present these national powers as a coherent “big picture,” with the aim of understanding their interrelationship with each other, and the legal principles they share A comprehensive treatment of the relationship between constitutional, statutory, and international law, and the creation and implementation of policies to regulate the primary tools in the government’s national security arsenal Targeted case introductions and follow-on questions, enabling students to maximize understanding of the text Text boxes illustrating key principles with historical events, and highlight important issues, rules, and principles closely related to the primary sources Chapters that focus on primary or key authorities with limited diversion into secondary sources A text structure generally aligned to fit a three-hour, one-semester course offering
An introduction to text analysis using computer-assisted interpretive practices, accompanied by example essays that illustrate the use of these computational tools. The image of the scholar as a solitary thinker dates back at least to Descartes' Discourse on Method. But scholarly practices in the humanities are changing as older forms of communal inquiry are combined with modern research methods enabled by the Internet, accessible computing, data availability, and new media. Hermeneutica introduces text analysis using computer-assisted interpretive practices. It offers theoretical chapters about text analysis, presents a set of analytical tools (called Voyant) that instantiate the theory, and provides example essays that illustrate the use of these tools. Voyant allows users to integrate interpretation into texts by creating hermeneutica—small embeddable “toys” that can be woven into essays published online or into such online writing environments as blogs or wikis. The book's companion website, Hermeneuti.ca, offers the example essays with both text and embedded interactive panels. The panels show results and allow readers to experiment with the toys themselves. The use of these analytical tools results in a hybrid essay: an interpretive work embedded with hermeneutical toys that can be explored for technique. The hermeneutica draw on and develop such common interactive analytics as word clouds and complex data journalism interactives. Embedded in scholarly texts, they create a more engaging argument. Moving between tool and text becomes another thread in a dynamic dialogue.
With its sweeping coverage of core knowledge across all orthopaedic specialties, AAOS Comprehensive Orthopaedic Review 4 helps you prepare for exams, retain information, and master the knowledge you need for success in clinical practice. Edited by Geoffrey S. Marecek, MD, FAAOS and a team of board-certified section editors, this 3-volume study set effectively prepares you for the Orthopaedic In-Training Examination® (OITE®), the American Board of Orthopaedic Surgery (ABOS) Board Certification exam, and other tests, all in a convenient, user-friendly format. Organized by specialty, each of the 151 chapters in volumes 1 and 2 is packed with color images, illustrations, tables, and charts to support the material and help you retain the information. Volume 3 contains more than 450 multiple-choice companion study questions, including the preferred response with additional discussion and explanation of the topics.
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