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Finance
Finance is the application of the principles of financial economics to an inter-related set of monetary problems. Its aim is in the optimal use of financial instruments. In the case of a company, this generally involves balancing risk and profitability and is typically called managerial finance or corporate finance. Investment management is concerned with the identification of an optimal portfolio of assets, given a set of objectives and constraints, as well as with the valuation of assets. Finance can also be used by individuals (called personal finance), and by governments (called public finance). Finance can be used by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above disciplines are achieved through the use of appropriate financial instruments, with consideration to their institutional setting.
Finance involves:
- Financial institutions and regulation
- Financial markets and instruments
- Commodities - topics
- Stocks - topics
- Bonds - topics
- Money market instruments- topics
- Derivative securities- topics
- Valuation
- Determination of the fair value of an asset
- How risky is the asset? (identification of the asset appropriate discount rate)
- What cash flows will it produce? (discounting of relevant cash flows)
- How does the market price compare to similar assets? (relative valuation)
- Are the cash flows dependent on some other asset or event? (derivatives, contingent claim valuation)
- Corporate and Managerial finance
- Capital investment decisions - generally relating to a corporation's long term (fixed) assets and capital structure
- Working capital management - relating to current assets and short term financing
- Investment management
- Identify relevant objectives and constraints: institution or individual - goals - time horizon - risk aversion - tax considerations
- Identify the appropriate portfolio: what to invest in - how much to invest - when to invest
- Identify the appropriate strategy: active vs passive - hedging strategy
- Measure the portfolio performance
- Wealth management and personal finance
- How much money will be needed by an individual (or a family) at various points in the future?
- How is that need to be funded?
- Public finance
- Identification of required expenditure of a public sector entity
- Source(s) of that entity's revenue
- The budgeting process
Finding Finance Articles
There are over 250 finance articles in Wikipedia.
See list of finance topics or List of finance topics (alphabetical).
Finding related topics
External links
- For an in-depth finance glossary, see Glyn A. Holton's riskglossary
- For a Hypertextual Finance Glossary, see Prof. Campbell R. Harvey
- For material covering three areas in finance - corporate finance, valuation and investment management, see Prof. Aswath Damodaran
- For an an interactive corporate finance environment, see Prof. Rock Mathis
- For articles on current corporate finance and investment issues, visit Oaktree Research, a financial education portal
- For illustrative (simpler) worked examples covering several of these topics see teachmefinance
- For introductory articles covering mathematical finance see quantnotes
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Global Macroeconomic and Financial Policy Site
Research on contagion, Asia's currency crisis, and international finance. Provides many links to news, data sources, and other resources. Provided by Nouriel Roubini.
http://www.stern.nyu.edu/~nroubini/asia/AsiaHomepage.html
Financial Economics -- WebEc
Contains links to and descriptions of Internet resources related to Financial Economics
http://netec.wustl.edu/WebEc/webecg.html
Finance Site List
Comprehensive list of finance-related sites organized by category. Maintained by The Journal of Finance.
http://www.cob.ohio-state.edu/dept/fin/journal/jofsites.htm
EDIRC - Financial Economics Institutes
Directory of links for Economics Departments, Institutes and Research Centers around the World.
http://ideas.uqam.ca/EDIRC/finecon.html
Mechanisms for Financial Markets
Various papers on a new auction mechanism that breaks auctions into auctionettes, and on a new design of an exchange rate mechanism.
http://www.jdawiseman.com/papers/finmkts.html
Vinod Kothari's Securitization Website
Comprehensive source of information and articles on securitization.
http://www.vinodkothari.com/
Emerging Finance
Provides transcripts of interviews with experts in finance.
http://www.emergingfinance.ch/
Encyclopedia of Corporate Governance (Encycogov)
Provides papers and brief tutorials on many areas of corporate governance.
http://www.encycogov.com/
FINWeb
Directory of finance-related resources and links.
http://www.finweb.com/
Credit Derivatives
Offers an introductory primer, detailed reference, and current news on this financial instrument. By Vinod Kothari.
http://www.credit-deriv.com/
Interest Rate Swaps
Provides information on and discussion of interest rate swaps including actual ISDA contracts and articles on swap topics.
http://www.interestrateswaps.info
Real Options .org
Provides research paper abstracts, book reviews, conference information, links, and downloads relevant to the theory and practice of investment under uncertainty often referred to as real options valuation.
http://www.real-options.org/
Finance Research
Provides directory and download of user-submitted working papers in finance. Requires registration.
http://www.finance-research.net
Investment Performance Analysis
Explains concepts and provides sample calculations of returns, measuring risk and performance attribution.
http://www.andreassteiner.net/performanceanalysis/
Financial Crises
Research articles from the World Bank regarding the crises initiated in Mexico 1994, Thailand 1997, and Russia 1998.
http://www.worldbank.org/research/projects/fincrises.htm
Derivatives-on-line
Overview of financial derivatives modelling with focus on option pricing.
http://www.theponytail.net/DOL/DOL.htm
Policy Analysis, Inc.
Develops computer models to simulate the impact of government policies on U.S. industries. We are specialized in the modeling of the U.S. auto industry.
http://www.policyanalysis-inc.com/
Utech Economics, Inc.
Utech Economics is a private, independent economic consulting firm located in Southeastern Michigan, USA
http://www.utechecon.com
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