History: Fiction or Science? (Chronology, No. 1)

Book Description

Recorded history is a finely-woven magic fabric of intricate lies about events predating the sixteenth century. There is not a single piece of evidence that can be reliably and independently traced back earlier than the eleventh century. This book details events that are substantiated by hard facts and logic, and validated by new astronomical research and statistical analysis of ancient sources.

Customer Reviews:

Calculations are only as good as your numbers.......2007-08-03

Yes, we can all agree that mainstream history is nearly 100% BS due to politics, economics, ego, problems with dating techniques, and various conspiracies. Agreed. But, I've been researching the distinct possibility that human history (in terms of civilizations) are much more ancient than we've been told, so coming across this book was very interesting to me. I wondered how Fomenko could be wrong (if at all) because he is very persuasive in his presentations. Then it dawned on me. If at previous times in prehistory, due to the various catastrophies that are well documented (comets, asteroids, planetary disruptions, plasma discharge, pole reversals, etc) the Earth was in a different position in relation to the sun, different tilt on its axis, different orbit, different rotation (in terms of velocity and DIRECTION), and the continents were in different positions, then would this not cause the ancients to see the sky (constellations) differently? In other words, is Fomenko making erronious assumptions about the physics of the Earth in pre-history, which then corrupt his data with regards to dating the relevant astrology? The last event to seriously disrupt our planet occured roughly 3500 years ago, according to other good researchers, so is it possible Fomenko has been confused by this? The vastly different physics of our planet in the not so distant past may explain this confusion, which is not to say the "mainstream" version of history is correct; on the contrary. I am not an expert in these fields, but wanted to see if this idea could spark discussion.

Pants on fire?.......2007-07-19

Will people ever read before spamming? Yes, Jesuits could not rewrite world history alone, they had help. Anyway, Dr Prof Acad A.Fomenko does not point to jesuits as the driving force of world wide history manipulation in published volumes 1,2,3;, actually he barely mentions the poor devils. Check it with 'Search inside' feature, please. China is rarely mentioned either, in fact, Dr Fomenko is completely eurocentric. Right, his theory contradicts all mainstream schools of history, because in their actual state they are all built on blatantly erroneus chronology. You don't need a mysterious cabal (conspiracy) to falsify history, the falsification is its modus operandi. It is inherent to history(ians) to falsify (distort) events, as it is inherent to humans to boast as it is inherent to power (authority) to legimize itself by referrring to glorious past made to its own order. Dr Prof Fomenko and team have identified scores of instances of such manipulation in Russian, European, etc.. history, and delivered valid statistical proof thereof. His own 'reconstruction' is completely another story. Forget c14 as a valid method of dating. W.Libby has initially discovered a brilliant method of INDEPENDENT dating. Too bad, c14 method has become a joke after a forced marrige with dendrochronology with consensual chronological scale inbuilt. Radiocarbon method can't stand blind tests, but is so very productive as a rubberstamp.

Accepted History & Chronology Must Be Changed. .......2007-04-09

There is no doubt that history as most know it is a sham, & institution's version of History both University & Church is fradulent & inaccurate. Everything was established with an agenda, The real "Dark Ages" are now when we have access to incredible amounts of information past authorities & more important 'common folk' didn't have but our institutions & educators are slow to evolve because of what has ignorantly & arrogantly been taught for too long. This is on many subjects not just Chronology.

For anyone to question "Why would a Mathematician have anything credible to say of History?" The answer is from Dr. Fomenko's preface in the book: "It would be worthwhile to remind the reader that in the XVI-XVII century Chronology was considered to be a subdivision of Mathematics." These volumes could possibly be some of the most important works to date & should be read by everyone with an interest in History, especially professors & educators who have a duty to the public. I have read both books & must say that 'Chronology 1' has some very eye opening & revolutionary information. Even if these volumes are part true the implications are profound & opens the doors to further investigations & questions which must be done. I speak several different lanquages & must say the logic Dr. Fomenko uses with "inflection" of words & words being read from left to right in one region & right to left in another then written backwards, the removal of vowels & get down to basics of words, or different cities & locations having the same name etc. is correct. Vowel usage has always been optional & varied, actually complicating linquistics & study. The first thing one has to understand is that words never had a fixed spelling in history like we do now, the spelling of words was mutable & regional, as well as names & titles of people were vast, varied & changed, NOTHING WAS FIXED or understood linear. Matters of Life & Death as well as financial profiteering yesterday & today were & are made with ignorant, illogical & conspiratorial views of history & reality, it's time people get closer to the Truth & society collectively grow up.

Very Interesting.......2007-03-07

It is a good proposal and I believe it will mature into something even better in the future. I think it deserves to be read.

History as Science Fiction.......2007-01-10

Anatoly Fomenko has written a very intriguing book, full of pictures, charts, and computer 'proof' of his thesis: backwards of AD900 we don't really know what happened or when. Between AD900 and AD1600 there is more certainty, but there is still a lot of fuzzy ground, and things don't get reliable until we get past the 1600's where the printing press made it very difficult for the perpetrators of this timeline manipulation to change anything that had been committed to print. The Dark Ages did not happen. Books were burned for a reason. One organization has doubled the actual length of its existence by expanding the real chronology. Read why.

I had always wondered why Christ died about AD33 and yet men waited until the 11th century to form the Knights Templar, the Cathars, etc and go after the Holy Land by force. Why the 1000 year gap? Turns out there wasn't more than a 10-12 year gap and he proves it using astronomy. This also implies that the planet is not as old as we have been told, and current Christian and other creationist scientists are already championing that idea without being aware of Fomenko's book. The two groups, creationist scientists and the Russian mathematical analysts corroborate each other. Fascinating.

Of course, all this flies in the face of what we have been told traditionally is the 'proper' chronology of western civilization, and most readers will experience 'cognitive dissonance' in reading this book. It means that our history going backwards from AD1600 becomes progressively more incorrect and unreliable until it cannot be trusted at all... in the space of 700-800 years.

Naturally, the curious, open-minded reader will want to know WHO did this, WHY, and did any of the events we think of as really ancient ever happen?
Dr. Fomenko is a respected scientist/mathematician at Moscow State University who has already answered these questions to the satisfaction of his initially skeptical colleagues. Most of them are now believers, a few still refuse to believe (the usual diehards), and of course the western press has ignored Fomenko's work -- for obvious reasons when you read the book. The ones who perpetrated this chronology ruse have a lot to answer for. They are still with us. That's why this book is a well-kept secret.

I gave the book a 4-star rating because I was unable to check out some of his claims; those I checked were as he said. But if even 1/3 of his claims are true, this punches a big hole in what we think is our history, the meaning of western civilization, our educational process (for repeating the ruse as gospel), and the trustworthiness of the organization that perpetrated this ruse, well-intentioned or not.

This book relates to current research into a Young Earth paradigm, to John Keel's discoveries about our planet, and Fr Malachi Martin's insights (in his now out-of-print books). We are indeed sheep who are manipulated and kept ignorant -- for a reason. While knowing what these men have to say may be the "booby prize" (as in: 'what can you do with this knowledge?'), it will provide interesting reading. Didn't someone say: "...and the Truth will set you free."?? For you to judge if this book contains the truth.

Average customer rating:

Excellent overview of bank risk management
Nice Overview
Fantastic book
One of the Best Books for Risk Management
A great primer

The Fundamentals of Risk Measurement
Christopher Marrison
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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ASIN: 0071386270

Book Description

TABLE OF CONTENTS

Chapter 1: The Basics of Risk Management This chapter introduces how banks work. It describes how they make money, how they often lose money, and how they try to manage their losses. It includes thirteen short case studies showing how banks have lost money.

Chapter 2: Risk Measurement at the Corporate Level: Economic Capital and RAROC Chapter Two discusses the meaning of capital and how the risks that a bank faces are related to the amount of capital that the bank should hold. It then describes the two fundamental building blocks of integrated risk measurement: Economic Capital and Risk Adjusted Return on Capital (RAROC).

Chapter 3: Review of Statistics Chapter Three is useful for those readers who do not have a recent working knowledge of statistics. It reviews the statistical relationships that are commonly used in risk measurement and provides reference material for the rest of the book. Examples are provided using financial loss data.

MARKET RISK SECTION

Chapter 4: Background on Traded Instruments This chapter gives an overview of the main types of traded instruments: bonds, equities and derivatives. It gives a qualitative description of the instrument, examples of calculating the instrument’s value and the basic risk metrics such as duration and the Greeks. This chapter is useful for those readers who are new to the finance industry.

Chapter 5: Market Risk Measurement This chapter describes the most common ways to measure market risks: Sensitivity analysis, Stress testing, Scenario testing, Sharpe Ratio and Value at Risk. It gives detailed examples of using each of the metrics.

Chapter 6: The Three Common Approaches for Calculating Value at Risk Value at Risk (VaR) has become the standard approach for measuring market risk. This chapter is devoted to explaining the details of the three common approaches to calculating VaR: Parametric VaR, Historical VaR and Monte Carlo VaR. We work though increasingly complex examples and compare the strengths of each approach. (Note: many readers will be particularly interested in this chapter because the name “VaR” is well known and has a certain mystery)

Chapter 7: Value at Risk Contribution The Value at Risk Contribution (VaRC) is a useful way of pinpointing the source of the portfolio’s risk. VaRC can break down the risk by instrument, trading desk or market risk factor. Examples are given for several types of VaRC.

Chapter 8: Testing VaR Results to Ensure Proper Risk Measurement This chapter discusses the procedures required by regulators to backtest VaR calculators to check that their predictions of losses are consistent with market events.

Chapter 9: Calculating Capital for Market Risk VaR is used as the basis for calculating both Regulatory Capital and Economic Capital for Market Risks. In this chapter VaR also extended to measure the risk of Asset Management operations.

Chapter 10: Overcoming VaR Limitations Although VaR is the best single metric for market risks, is has several limitations. The limitations and typical solutions are discussed in this chapter.

Chapter 11: The Management of Market Risk This chapter concludes the market risk section by describing how the results of risk measurement are used by management to identify the sources of risk. It also describes the process of setting VaR Limits. (Note: readers should be particularly interested in VaR Limits because it is difficult and an important element in controlling a bank’s risk).

ASSET/LIABILITY MANGEMENT SECTION

Chapter 12: Introduction to Asset Liability Management Asset Liability Management (ALM) is primarily concerned with the interest rate and liquidity risks that are created when commercial banks take in short term deposits from customers and give out long term loans. This chapter describes how those risks arise and the risk characteristics of different types of deposits and loans.

Chapter 13: Measurement of Interest Rate Risk for ALM This chapter discussed the primary techniques used to measure interest rate risk: Gap reports, Rate shift scenarios and Simulations

Chapter 14: Funding Liquidity Risk in ALM The measurement of liquidity risk is broken into three groups: expected, unusual and crisis events. Measurement techniques are given for each group.

Chapter 15: Funds Transfer Pricing and the Management of ALM Risks A key use of asset/liability measurement is the calculation of the fair price at which funds should be lent from one department to another within a bank. This is one of the keys to integrated risk measurement and is a critical component in measuring risk-adjusted profitability and setting prices to customers. A typical balance sheet is used to illustrate how transfer pricing works in detail.

CREDIT RISK SECTION

Chapter 16: Introduction to Credit Risk This chapter discusses the sources of credit risk and how measurement is used to manage the risks

Chapter 17: Types of Credit Structure For readers who are unfamiliar with lending operations, we discuss the ways that credit exposures are structured in commercial and retail lending. It also describes the calculation of credit exposure for derivatives trading operations and gives an overview of credit derivatives.

Chapter 18: Risk Measurement for a Single Facility This chapter shows how the Expected Loss and Unexpected Loss for a loan can be calculated from the Probability of Default, Loss In the Event of Default, Exposure at Default and the Grade Migration Matrix.

Chapter 19: Estimating Parameter Values for Single Facilities One of the main difficulties in credit risk measurement is the estimation of values for Probability of Default, Loss Given Default and Exposure at Default. This chapter discusses estimation techniques such as Discriminant Analysis and the Merton Model. It also gives parameter values that can be used as the basis for the reader’s own models. The parameter values are used in examples to demonstrate how the credit risk calculations are used.

Chapter 20: Risk Measurement For A Credit Portfolio: Part One To estimate the overall risk for a portfolio many credit instruments, we must examine the correlation between losses. This chapter describes the Covariance Credit Portfolio Model and the different approaches available for estimating default correlations. It also describes how the correlations can be used to estimate the Unexpected Loss Contribution and the Economic Capital for a single facility within a portfolio.

Chapter 21: Risk Measurement For A Credit Portfolio: Part Two This chapter describes the four other widely used approaches for estimating the risk of credit portfolios: the actuarial model, the Merton-based simulation model, the macro economic default model and the macro economic cashflow model used for structured and project finance. It concludes with a section describing how the models can be combined in a unified framework to create an integrated simulation of all the bank’s risks

Chapter 22: Risk Adjusted Performance and Pricing for Loans Knowing the economic capital for a loan, this chapter shows how to calculate the minimum price that should be charged to a loan customer. The analysis shows how to include multi-year effects such as grade migration. Illustrative examples are included. (Note: this chapter should be of interest to readers because loan pricing is another difficult and important subject that is rarely discussed in other books)

Chapter 23: Regulatory Capital for Credit Risk The Basel Committee on Banking Supervision (often called the BIS) is planning fundamental changes to the way that banks must calculate the capital that they hold. The new calculations will be very similar to the calculations described in the rest of this book for economic capital. This chapter summarizes the history of the Capital Accords then compares the different approaches that the BIS will allow. It also gives a standard plan for implementing the new Accords. (Note: this should be of interest to readers because the shift to BIS measurement is of major importance, it will be difficult for most banks, and it must be completed by 2005)

OPERATING RISK SECTION

Chapter 24: Operating risk The quantification of Operating Risks is on the frontier of the industry’s understanding of risk measurement. The risk estimation approaches can be categorized as either qualitative, structural or actuarial. These approaches are described including Key Risk Indicators and the BIS approaches.

INTEGRATED RISK SECTION

Chapter 25: Inter-risk Diversification and Bank-Level RAROC This chapter describes how all the models are linked to calculate Economic Capital and Risk Adjusted Profitability for the Bank as a whole. It concludes with of the steps normally required to implement the bank-wide measurement of Economic Capital and RAROC.pital and RAROC.

Customer Reviews:

Excellent overview of bank risk management.......2005-10-21

I really can't say enough about this book. From the perspective of a banker who wants to understand the fundamentals it is comprehensive, well organized and presented in a style that makes understanding the materials easy (or as easy as can be expected given the topic).

I recently took a copy to an Fx class I presented to the central bank staff in Azerbaijan. They liked the book so much that I was forced (not literally - maybe 'encouraged' would be a better word) to leave my copy behind. I promptly ordered another on my return.

While there are certainly more advanced texts on this same topic, I have yet to see one that does a better job of communicating the core concepts.

Great job!

Nice Overview.......2004-08-30

It was a nice overview of some existing models but it lacked the drill down needed for the next step. I did not find that it allowed you to handle actual data.

Fantastic book.......2003-05-23

Moving from academia to the real world is made much smoother with this great text by Dr. Marrison. This book integrates interest rate, liquidity and credit risk with bank management perfectly. Anyone interested in gaining a strong economic background with a quantitative degree like myself will find this book extremely useful.

One of the Best Books for Risk Management.......2002-10-23

Marrison has written an outstanding book on risk management. What is attractive about the treatment is the fact that it covers all aspects of risk management for financial institutions. Lots of books focus only on "new" techniques (VaR, portfolio credit risk models) or only on "traditional" techniques (credit analysis, ALM). Marrison treats them all, and uses capital allocation as a unifying theme.

Two previous reviews that suggest Marrison is too basic or merely repeats other authors are, in my humble opinion, dishonest. Marrison is a sophisticated book for sophisticated readers who are new to risk management. This includes MBA students taking courses on the capital markets or risk management. It also includes professionals working in their first risk management position. Marrison did not invent VaR or ALM, but authors of other books did not invent these concepts either. An author's task is to describe established concepts in a manner that is accessible to and useful for his audience. In this respect, Marrison's book is a dramatic step forward. His choice of topics, organization and writing are superb.

One of those previous reviews recommended that you read books by certain other authors instead of Marrison. Of those books, the only one that Marrison competes with is Jorion's Value-at-Risk. Marrison is an order of magnitude better than that book. The other books cover unrelated topics or are more advanced treatises on specific topics. You might graduate to such books from Marrison, but they are not alternatives to Marrison.

Finally, you can't beat the price on this book. Marrison simultaneously offers a bargain AND one of the best books available on risk management.

A great primer.......2002-09-11

Chris Marrison's book is something I have been seeking for a very long time. It is well organized and easy to read. I have spent several years in strategic financial services consulting, wherein a strong foundation in risk measurement concepts and tools is essential for consultants across experience levels. Though having studied undergraduate finance and statistics, I ended up developing my rudimentary (and incomplete) knowledge of risk measurement in a very ad-hoc, context-specific and inefficent fashion. Now an MBA student at Harvard, I come across peers also seeking to understand the business, technical and practical aspects of risk measurement, as conceptually, 'risk management' is a common idea but an abstract practice for many professionals. There is no other textbook I've come across that addresses the essentials of risk measurement in as tangible a manner. I will not hesitate to recommend this book as a great primer to fellow students. The only caveat I offer is that this book is for those truly interested in jumping into the practical applications of risk measurement - for more of an overview of risk management theory, or esoterica for that matter, you're better off looking elsewhere.

Managing Bank Capital: Capital Allocation and Performance Measurement, 2nd Edition

Average customer rating:

Excellent overview and detail on economic capital for banks
Helpful Concepts, Lacking Implementatin Steps
A Must-Read Book for Shareholder Value Management
Excellent only book on the economic allocation of capital.
Great book, but watch out for typos

Managing Bank Capital: Capital Allocation and Performance Measurement, 2nd Edition
Chris Matten
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471851965

Book Description

Managing Bank Capital explains proven techniques available in the management of bank capital that will help maximize shareholder value. This second edition has been fully updated to incorporate significant developments, such as the modeling of credit risk, and includes new sections with more technical information and advanced analysis.

Customer Reviews:

Excellent overview and detail on economic capital for banks.......2006-09-06

I bought this book hoping it would quickly bring me up to speed on key concepts in Economic Capital in the financial institutions industry. This book was simple enough for a relative novice to follow, and went into enough detail that I think most people would get something out of it. I also thought the book was well organized-- each section had a summary chapter that explained what the subsequent chapters in that section would cover so you could quickly skim or deep dive on various topics. The book was a bit dated in the sections on Basel, since it was written before Basel II was completed. Overall, an excellent introduction to Economic Capital and I was happy with my purchase.

Helpful Concepts, Lacking Implementatin Steps.......2002-07-30

With all the attention paid to bank capital management, this book is helpful in describing the concepts. However, it is not quantitative enough. The step-by-step of capital allocation for a given asset class of varying risk levels is lacking. For example, how should the bank treat the sub-prime portion of its credit card or auto loans in the capital allocation? I wish it were more specific. Could Providian or Capital One have directed the capital away from high risk loans, had they followed the advice of the book?

A Must-Read Book for Shareholder Value Management.......1999-06-05

Chris Matten provides a comprehensive guide to applications of RAROC and shareholder value for managing bank capital and compensating bank executives and traders. The author provides particularly good sections on how EVA, shareholder value, and other earnings based measures can be manipulated and abused. This is not the sort of book which the corporate finance shareholder value crowd would likely read, but is one which they need to read.

Excellent only book on the economic allocation of capital........1998-04-26

Mr. Matten's insightful work highlights how rigid appliction of the Basle Accords can lead to capital misallocation. He then provides insightful suggestions, with good examples, on how to better allocate bank capital by discriminating between borrowers on the basis of risk, all the while remaining within the basle guidelines. Mr. Matten points to the need for sophisticated mathematical-statistical analysis but does not dwell on the technicalities, making the book accessible to non-rocket scientists. All in all, a highly recommended book.

Great book, but watch out for typos.......1997-12-16

For a comprehensive approach that brings the reader from Cooke through RAROC, this book is very good and has no competition . What basic explanations of statistics theory you need in order to follow the main 'story' is included discreetly, so advanced readers shouldn't be bothered by them. This being said, beware the errors -- they exist throughout: for the price that Wiley Press is able to get in light of the lack of competition from another good RAROC capital allocation book ($69 last year, $95 now), it hopefully has caught and corrected them. Caveat emptor.

Internal Credit Risk Models: Capital Allocation and Performance Measurement

Average customer rating:

A great credit risk modelling book!
Internal Credit Risk Models
A Clear approach to a complex subject

Internal Credit Risk Models: Capital Allocation and Performance Measurement
Michael K. Ong
Manufacturer: Risk Books
ProductGroup: Book
Binding: Hardcover

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ASIN: 1899332030

Book Description

The authoritative guide on internal credit risk measurement and management for financial institutions.

With unequalled conviction, Ong shows how an internal model can be properly implemented by explaining the fundamentals of the quantitative building blocks that apply. With accessible mathematics and highly illustrative explanations he removes the obstacles to provide practical solutions that will inspire you to greater confidence.

In tandem with a historical overview of the market response to regulatory directives, discussion of the inadequacies of the current regulatory framework is of key concern throughout the book. Calling on more concise, global standardisation for the measurement of credit risk the author clarifies the ambiguity inherent in current regulation to arm you with the required tools for effective internal modelling.

Internal Credit Risk Models provides you with methods of approaches in order to ascertain credible credit loss accounts in the event of an extreme market occurrence. What's more it discusses default probabilities, expected and unexpected losses, time effects, default correlations and extreme value theory.

Customer Reviews:

A great credit risk modelling book!.......2003-01-20

Detailed, but not overly mathematic.

Good coverage of all the main points required of any good credit risk measurement, management, and reporting system. Would recommend this book to anyone who might be using KMV's Portfolio Manager product, or for someone who's creating/programming a new credit risk management/reporting system and needs a good framework from which to copy from.

Internal Credit Risk Models.......2000-09-27

This book is the most comprehensive literature I have seen for credit risk modeling. It covers from the basic BIS regulatory capital framework to the state-of-the-art credit risk models. Numerous worked examples demonstrate the calculation for different risk weighted capitals with or without netting clearly. Well-known credit models such as KMV, CreditMetric and CreditRisk+ are rigorously explained. Advanced issues like default correlation, joint credit migration and loss tail events are also addressed appropriately. With the general framework, economic capital and risk adjusted performance measurement can be quantified. This book is full of concise but descriptive flow charts and diagrams for implementation purpose. I strongly recommend this book to those who want to understand and implement an internal credit model for capital regulatory and allocation purpose.

A Clear approach to a complex subject.......2000-09-21

It provides a coherent framework for thinking about and modeling bank credit risk. It describes how to model default probabilities, expected and unexpected losses, time effects, default correlation, loss distribution and RAROC measures. The writer is a practioner and makes simple and important observations about the important issues. The text is clear and mathematics is used as example, not as explanation.

Economic Capital Modelling: Concepts, Measurement and Implementation

Average customer rating:

Overpriced for the Content

Economic Capital Modelling: Concepts, Measurement and Implementation

Manufacturer: Risk Books
ProductGroup: Book
Binding: Hardcover

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ASIN: 1904339395

Product Description

Playing a key role in both the second pillar of the new Basel framework and the Solvency II project, economic capital models are becoming increasingly important. Economic Capital Models provides you with an overview of the current state of play for these cutting edge models from three angles: * A theoretical overview of risk measurement, diversification and aggregation; * A survey of the current state of implementation; and * A supervisory view on the use of these models. The combination of these three angles is unique and provides you with truly multi-faceted view of this subject. All aspects of economic capital for financial conglomerates are incorporated. Moreover, this book is set apart from any other in its field because it provides you with a balanced overview from the perspective of both risk managers within institutions and supervisors. Practitioners, risk managers, policymakers and academics are brought together with their insights combined into a single volume. As the practitioners view is not that of a single institution, consultant or vendor you are able to reflect on the combined insights of a number of institutions that have cutting edge economic capital frameworks. Economic Capital Models Provides information for institutions to implement economic capital models and lead you to improved risk management and more accurate pricing. Discusses the requirements for an economic capital model on a more theoretical level. Shows you what a feasible implementation target is and which difficulties might be encountered by examining the current state of implementation of economic capital methodology at large mixed financial conglomerates. This book is recommended for practitioners, supervisors in both the industry and supervisory communities and academics. It gives you an important update on industry best practice in a rapidly developing field and offers you a comprehensive and impartial overview from all viewpoints.

Customer Reviews:

Overpriced for the Content.......2007-09-23

This book provides a very good and full overview of Economic Capital concepts and key topics. But the book is for beginners and it is quite overpriced.

I give the book one star simply because if you take time to Google the phrase "Economic Capital", the free papers you can download from the Net are just as good, comprehensive, and readable as the content of this book. I was hoping that for $194+tax, the book would provide some insights or information that is not available on the World-Wide Web. I was wrong.

Risk Management and Shareholders' Value in Banking: From Risk Measurement Models to Capital Allocation Policies (The Wiley Finance Series)

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Risk Management and Shareholders' Value in Banking: From Risk Measurement Models to Capital Allocation Policies (The Wiley Finance Series)
Andrea Sironi , and Andrea Resti
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0470029781

Book Description

This book presents an integrated framework for risk measurement, capital management and value creation in banks. Moving from the measurement of the risks facing a bank, it defines criteria and rules to support a corporate policy aimed at maximizing shareholders' value.

Parts I - IV discuss different risk types (including interest rate, market, credit and operational risk) and how to assess the amount of capital they absorb by means of up-to-date, robust risk-measurement models. Part V surveys regulatory capital requirements: a special emphasis is given to the Basel II accord, discussing its economic foundations and managerial implications. Part VI presents models and techniques to calibrate the amount of economic capital at risk needed by the bank, to fine-tune its composition, to allocate it to risk-taking units, to estimate the "fair" return expected by shareholders, to monitor the value creation process. Risk Management and Shareholders' Value in Banking includes:

* Value at Risk, Monte Carlo models, Creditrisk+, Creditmetrics and much more
* formulae for risk-adjusted loan pricing and risk-adjusted performance measurement
* extensive, hands-on Excel examples are provided on the companion website www.wiley.com/go/rmsv
* a complete, up-to-date introduction to Basel II
* focus on capital allocation, Raroc, EVA, cost of capital and other value-creation metrics

In Action: Measuring Intellectual Capital (In Action Case Study Series)

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In Action: Measuring Intellectual Capital (In Action Case Study Series)
Patricia Pulliam
Manufacturer: ASTD
ProductGroup: Book
Binding: Paperback

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ASIN: 1562862952

Book Description

Not all approaches to measuring the value of intellectual capital are valid, but here a set of case studies that guides you in using the models and strategies that have proven successful across many organizations and companies.

Essentials of Corporate Performance Measurement

Average customer rating:

Book provides excellent discussion of measures and ROI

Essentials of Corporate Performance Measurement
George T. Friedlob , Lydia L. F. Schleifer , and Franklin J., Jr. Plewa
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

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ASIN: 0471203750

Book Description

Shows how managers can structure their activities and investment base to obtain the highest possible ROI.
* Examines essential concepts of ROI, including the advantages of using certain techniques and the limitations associated with them.
* Shows how to calculate and use EVA, MVA and other residual measures.
* Suggests procedures to evaluate ROIT and other high-tech investment options.
* Written in a user-friendly style with many real-world examples and best practices.

Customer Reviews:

Book provides excellent discussion of measures and ROI.......2002-05-03

This is the second Essentials book I purchased in the series and I can't rave enough about them. In my management position in one of the top financial industries, I need to understand what is going on but I don't need the technical details so many other books get into. These book provide great coverage on important topics -- they really help be to understand. I heard about and had a slight grasp on the use of ROI and other measures from my work, but I didn't really understand it until I read this book. A must have for any professional--I'm recommending it to my colleagues too!

The Analysis of Structured Securities: Precise Risk Measurement and Capital Allocation

Average customer rating:

a comprehensive structured finance
An effective introduction
Mandatory reading for those interested in structured finance
An integrated, optimizing way to evaluate ABS's
Good overview of structured finance field

The Analysis of Structured Securities: Precise Risk Measurement and Capital Allocation
Sylvain Raynes , and Ann Rutledge
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover

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ASIN: 0195152735

Book Description

The Analysis of Structured Securities presents the first intellectually defensible framework for systematic assessment of the credit quality of structured securities. It begins with a detailed description and critique of methods used to rate asset-backed securities, collateralized debt obligations and asset-backed commercial paper. The book then proposes a single replacement paradigm capable of granular, dynamic results. It offers extensive guidance on using numerical methods in cash flow modeling, as well as a groundbreaking section on trigger optimization. Casework on applying the method to automobile ABS, CDOs-of-ABS and aircraft-lease securitizations is also presented. This book is essential reading for practitioners who seek higher precision, efficiency and control in managing their structured exposures.

Customer Reviews:

a comprehensive structured finance.......2006-07-04

This book is suitable for who has quantitative background, the authors have hands-on experiences in both Rating agency and in investment -bank, This book unveil the secret of how rating agency rate structured finance and how should originator to better control their risk and in what dimention.

An effective introduction.......2005-11-19

Written for financial engineers, this book nevertheless can also be read profitably by anyone interested in mathematical modeling or mathematical finance. The authors discuss in fair detail the science of structured securities, which are financial products that are becoming more important as investors and financial firms continue to find more intricate ways of dealing with risk. For non-experts (such as this reviewer) in the field of structured finance, the book requires careful reading and attention to detail. Readers are expected to have an understanding of various mathematical topics such as Markov chains, linear algebra, Monte Carlo simulation, and probability and statistics.

As an investment strategy, the authors describe structured securities as performing best in "controlled" environments. This involves the use of `transaction documents', which are used to keep their performance within an expected range, and also `macro-level' controls to assist in dealing with event shocks. The basic idea of a structured security is to assemble a credit or investment package from a variety of sources and allow them to be administered by third parties. This entails that the sources (the transferors) be completely decoupled from the transferee, the latter of which is called a `special purpose entity' (SPE), and which has an extremely low likelihood of becoming insolvent by its own activities. The SPE is an analogue of the obligor, and is also shielded from the consequences of the insolvency of a related party. Its assets are thus `perfected' against the claims of the transferor.

Early in the book the authors describe what they consider to be the two types of structured securities. The first, called the `long-term transaction model' applies to asset-backed, mortgage-backed, and collateralized debt issues with maturity at least one year. The second, called the `short-term transaction model' applies to asset-backed commercial paper markets.

If structured securities are to be used as an investment strategy, their value must be assessed in as fine a detail as possible. This assessment is of course the main goal behind the authors' book, and they therefore spend a fair amount of time in explaining why the usual credit rating strategies are inadequate for structured securities. One of those discussed is `benchmark pool analysis' which does not require a large volume of data and uses a microeconomic model of the obligors in a collateral pool to simulate the financial impact of economic shocks. Others discussed include the actuarial method, used for asset-backed and mortgage-backed transactions, and the default method, which is used for collateralized debt obligations.

The most interesting discussions take place when the authors attempt to formulate a more exact, analytical notion of rating for structured securities than what is available with the usual corporate rating model. Essentially the authors are advocating a "unification" of credit and market risk in structured finance in their attempt to replace the alphanumeric scale of the usual corporate credit rating by a numerical scale (they motivate this interestingly by discussion involving the `continuum hypothesis' from set theory). Most important in their approach is to view the pricing of structured securities as a nonlinear problem: rating and pricing are entangled with each other, in that to obtain the rating the promised yield must be known; but to find the yield, the rating must be known. There is of course a paucity of exact solutions to nonlinear problems, and so numerical techniques must be used. The authors spend a fair amount of time discussing these techniques in the book, and in formulating the problem of structured pools as one involving (Markovian and non-stationary) stochastic processes.

As a warm-up to the complications of asset behavior, the authors first discuss the modeling of liabilities. The collection and distribution of cash to various parties is contained in the `pooling and servicing agreement' (P&S), which is a legally binding document that contains a collection of payment instructions called a `waterfall' or `structure.' A waterfall codifies the payment prioritization taken from the funds that are available. Examples are given that illustrate their analysis.

For those not familiar with Markov chains, the authors give a short review, and argue that they are important to structured finance due to their ability to eliminate long-term static pool data requirements. The Markov chains used in structured finance are finite-state Markov chains, where the states correspond to recognized delinquency states of an issuer in some asset class. The transition matrices of the associated asset pools represent the credit dynamics of structured securities. The authors give three very detailed examples of their formalism, the first one of these, dealing with automobile receivable securitizations, should be familiar to most readers.

The last chapter of the book deals with `triggers', which generalizes the earlier discussion on liability modeling. The authors describe triggers as being the most `intricate' aspect of the analysis of structured securities. If one views them in terms of their physics analogy as control structures, they are fairly straightforward to understand. `Cash flow triggers' which allow a reallocation of cash but it does so without being too disruptive or expensive, are the only types considered in this chapter. The cash reallocation is obtained through the use of a `trigger index', which is usually dependent on transaction variables such as delinquencies or tranche principal balances. A trigger is `breached' if its trigger index is higher than a pre-selected threshold on any determination date.

The authors discuss four basic types of triggers, all of which are defined mathematically in terms of the proportion P(x(t)) of excess spread to be reallocated and some variable function x(t) of the trigger index: `binary', in which all excess cash is reallocated to the spread account when there is a breach at time t; `proportional', which allows a kind of "ramping up" of the triggering; `differential', where the excess spread is proportional to the first derivative of x(t); and `integral', where P(x(t)) is proportional to the integral of x(t) over a time interval with lower bound the breaching time and the upper bound the current time. Monte Carlo simulations are used to optimize trigger mechanisms.

Mandatory reading for those interested in structured finance.......2005-08-17

Prof Raynes, who is a well known practitioner in this field has distilled his knowledge and insight to publish this book. I am a student in the class that he teaches at Baruch College, CUNY and the classnotes which are so well written have been incorporated in the book. Prof Raynes emphasizes why structured finance is so different from corporate finance and that realization is critical to understand the flaw in the methodology followed by rating agencies while rating structured securities. The book also has considerable and necessary numerical procedures required in the analysis. My only comment that while the book is invaluable as a reference, it would be more useful as a textbook if future versions include end of chapter exercises.

An integrated, optimizing way to evaluate ABS's.......2004-07-22

I became aware of the authors through a colleague who was taking one of their classes at NYU. The homework assignments (on which I ?uh- consulted) were interesting, comprehensive, and touched on a number of important subjects, so I bought their book.

The Analysis of Structured Securities - Precise Risk Measurement and Capital Allocation provides reference and background material on a number of quantitative ABS analytic tools, some of which I was familiar with and some which I should have been. Matrix math, eigenvalues and eigenvectors, Markov chains, Cholesky decomposition, Tchebychev polynomials, covariance and correlation and numerous other statistical techniques are addressed as ABS analytical techniques and not as mathematically rarefied numerical analysis procedures.

But what I found most valuable was the focus on reduction-in-yield as the benchmark metric for ABS credit quality. Rather than credit ratings being an ex ante, handed-down-from-on-high, assumed-to-be-valid-within-a-notch-or-two inputs (which, I blush to admit, is how I too often think of them), the book points out how credit ratings should be thought of as a continuous, dynamic variable, interacting with the coupon, yield, prepayment vector, default vector, and triggers. The interactions are determined by cash flow modeling and Monte Carlo simulations, using the techniques mentioned above.

Given this framework and tools, the book discusses how to efficiently optimize the structured security. I have had ABS issuers ask if there were not a way to optimize securitizations beyond what they suspiciously perceived as Wall Street cookie cutter structures. Previously, I have just shrugged. Now I know how to help them.

Good overview of structured finance field.......2004-02-24

I liked this book because it's useful for people with various levels of structured finance knowledge. The first few chapters explain the thought process behind the rating process and provide an introduction into the structured finance world of thinking. The second half goes into more depth about actual rating processes. The third part addresses asset specific issues (auto, airlines, etc...) While the last few chapters of the book review more advanced methods of analysis.

For people with little or no knowledge of the structured finance field, the first half of the book will provide a good understanding of the subject, the 2nd half of the book will probably required more time and effort to fully appreciate its value.

Average customer rating:

A useful framework for HR Measurement

Hard Measures Are The Cost Of Admission

Excellent !!

Great For All Audiences

The Human Resources Scorecard (Improving Human Performance)
Jack J. Phillips , Ron Stone , and Patricia Phillips
Manufacturer: Butterworth-Heinemann
ProductGroup: Book
Binding: Hardcover

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ASIN: 0877193673

Book Description

'The Human Resources Scorecard: measuring the return on investment' is the first book to provide a comprehensive, step-by-step process for measuring return on investment in human resources programs. Based on the classic ROI definition of earnings divided by investment, the ROI Process developed 20 years ago by co-author Jack J Phillips aids managers in determining and improving the bottom-line impact that human resource programs have on an organization. The ROI Process provides six additional measures in the form of a scorecard to track and monitor the total impact of the human resource programs.

'The Human Resources Scorecard' is essential for human resource executives, professionals, CEOs, CFOs, consultants, professors and other managers concerned with their businesses' bottom lines.
Jack J. Phillips, Ph.D. is a renowned expert of measurement and evaluation. He provides consulting services for Fortune 500 companies and workshops for major conference providers throughout the world. He is also an author or editor of more than 20 books and 100 articles.
Ron D. Stone is vice president and chief consulting officer for Performance Resources Organization. He is also director of the company's consulting practices in measurement and accountability. He has published numerous articles on the subject of ROI.
Patricia Pulliam Phillips is chairman and CEO of the Chelsea Group, a consulting and publishing organization that focuses on accountability issues in organizations. She works with organizations to implement measurement and evaluation processes.

Customer Reviews:

A useful framework for HR Measurement.......2006-01-26

Written for HR Professionals, this book will help you to measure the results of HR initiatives and communicate them effectively to executives. In the world of Human Resources, this book is well organized and useful. This book is practical and tactical, and contains interesting case studies and useful templates. Phillips adapts his ROI methodology for corporate training and applies it more generally to all Human Resources initiatives. Measuring so called "soft" subjects like training and HR has been a difficult and ongoing issue for practitioners who need to convince executives that their work contributes to the bottom line and adds value to the organization. Phillips provides a framework for measurement which, while not perfect, will give you results that executives can understand and help you build the case for why money spent on developing employees is not money thrown away.

Hard Measures Are The Cost Of Admission.......2001-05-29

As a former director or vice president of human resources in three different large companies over 14 years, I can't remember the number of times my bosses and peers challenged me to provide the business case for one hr program or another, either when developing a budget for the coming fiscal year, or defending a budget during hard times. For years, I lost more of those arguments than I won because I didn't always hold myself accountable to the same standards to which other functions were held, nor was I expected to. Over time, my staffs and I got better at measuring the impact of our strategies on various measures of organizational performance, and with that came budgetary "victories" and greater respect as business partners. That's what The Human Resources Scorecard is all about, and by reading and using the wisdom it contains, newcomers to the hr function and late adapters of hr measurement, can enjoy in relatively short order success and respect, which are the "price of admission" to the "executive suite". Having achieved that credibility, we then have the challenge of elevating our conversations with our bosses, peers and clients regarding the intangible dimensions of human and organizational soul, but that's another book in this series.

Excellent !!.......2001-04-09

Super reference guide. Case studies are well organized and meaningful.

Great For All Audiences.......2001-03-30

This is a comprehensive guide for evaluating any type of Human Resource Development (HRD) program. Even if you do not have a background in measurement and evaluation, you would be able to pick up this book and begin to understand the important aspects to consider in evaluation and how to plan and conduct an effective evaluation. The case studies in this book are valuable because they go into detail - you feel you have been a part of the program described. The authors are experienced practitioners who have alot to share and they do a terrific job providing the reader with the benefits of their experience.

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