Headed by Bernstein, the quantitative equity and equity derivatives strategies group at Merrill Lynch is noted for their proprietary research on market segmentation and style investing. In this book, he highlights the macroeconomic, microeconomic and expectational factors that can affect equity market segment performance.

Completely updated, this volume clarifies and simplifies the financial instruments currently available. It explains the latest financial innovations and techniques, including variations in the different types of financial markets and the potential risks or rewards associated with each one.

Until now, market timing as it applies to successful investment decision-making has been an elusive, at times vague instrument. This book provides a clear, relevant model for using the business cycle as a tool for timing investments.

Investment Management provides a powerful package of systematic principles and cutting-edge applications for intelligent-and profitable-investing in the new world of finance. Its authoritative approach to the investment process is indispensable for coming to grips with today's rapidly changing investment environment-an environment that bombards the investor with an oversupply of information, with novel and complex strategies, with a globalized trading arena in a constant state of flux, and with radical innovations in the development of new financial instruments. Traditional investment methods...

This comprehensive new book explains and clarifies the essential building blocks underlying the pricing and risk analysis of fixed-income securities and derivatives - using mathematics lightly, to make things easier, not harder. The emphasis throughout is on how-to-do, on building operational knowledge from the ground up. There are more than 300 examples and exhibits based on current market data. You will find essential information on:
* The global money market
* Foreign exchange transaction and foreign exchange derivatives
* Bonds and zero coupon bonds - including a risk...

In response to intense competition and higher market volatility, players in the fixed-income market now demand increasingly sophisticated valuation tools. Until recently, a basic understanding of duration and convexity or the ability to use simple, one-factor term structure models was enough to distinguish one from the crowd. Now, this knowledge is practically de rigueur. Cutting-edge players today need a deep understanding of how convexity and risk premia affect bond yields and returns; of how multi-factor term structure models can improve hedging performance; of how to improve the accuracy...

The Equity Risk Premium is the difference between the required rate of return on common stock and the return on a risk-free government bond. The extra return on stocks is the premium one receives in exchange for owning a riskier, more volatile instrument. Though simple in theory, it is complex in practice. Understanding the Equity Risk Premium and being able to implement that understanding are of the utmost importance when making capital decisions. This work presents an overview of the fundamentals of this principle.

Risk management plays an important role in the life of a financial institution. Aimed at both the asset management industry and academia, this book applies financial modelling techniques to the challenges of managing risk in fixed income markets. Written by two senior practitioners supporting the risk management function of a global money management firm, it blends finance, economics, mathematics, and common sense.

Since the beginning of the 1990s enormous changes have reshaped the foreign exchange markets; the swaps markets has grown significantly, the euro looms large, and derivative instruments are increasing daily. These considerable developments have drastically changed the way international business will be conduced over the next decade. In this revised and expanded guide, foreign exchange and money markets expert Julian Walmsley provides investors and corporate officers with practical and accessible guidance on every important market around the world.

Recent years have seen enormous energy expended by bankers, regulators and academics, in an attempt to develop new approaches to measuring and managing risk. Credit risk management, one of the cutting edge topics in the contemporary world of finance, is the result of an explosion of aggressive development of new techniques. Saunders, editor of the Journal of Banking and Finance and the Journal of Financial Markets, Instruments and Institutions, has produced this up-to-date, technically orientated overview of many of these models of credit risk.