This book teaches the basics of fixed-income securities in a way that, unlike competitive texts, requires a minimum of prerequisites. While other books focus heavily on institutional details of the bond market, all of which could easily be learned “on the job,” Jarrow is more concerned with presenting a coherent theoretical framework for understanding all basic models. His unified approach―the Heath Jarrow Morton model―under which all other models are presented as special cases, enhances understanding while avoiding repetition. The author’s pricing model is widely used in today’s securities industry. In this revised edition, the author has added new chapters to enrich coverage, and has modified the order of chapters slightly to smooth the progression of material from simple to complex. Online material will be available with the text, replacing the diskette included in the first edition; lecture notes for instructors will be available on PowerPoint slides. MathWorks has provided a free online, limited version of the MATLAB’s financial derivatives toolbox, with which users of the book can apply the theory presented in each chapter.

Modelling Fixed Income Securities and Interest Rate Options (2nd Edition)

Business & Money

Jarrow, Robert

Economics

Stanford Economics and Finance

What do the following events have in common? In 2000, the election between George W. Bush and Al Gore was a virtual tie. The 1989 and 1990 vintages have turned out to be two of the best ever for Bordeaux wines. In 2001, the Federal Reserve lowered the interest rate eleven times. The decade of the 1970s was one of the worst on record for U.S. inflation. In 2001, the author of this book, at age 59, ran a marathon in 3 hours and 30 minutes, but should have been able to do it in 3 hours and 15 minutes. This book shows clearly and simply how these diverse events can be explained by using the tools of the social sciences and statistics. It moves from a discussion of formulating theories about real world phenomena to lessons on how to analyze data, test theories, and make predictions. Through the use of a rich array of examples, the book demonstrates the power and range of social science and statistical methods. In addition to “big” topics―presidential elections, Federal Reserve behavior, and inflation―and “not quite so big” topics―wine quality―the book takes on questions of more direct, personal interest. Who of your friends is most likely to have an extramarital affair? How important is class attendance for academic performance in college? How fast can you expect to run a race or perform some physical task at age 55, given your time at age 30? (In other words, how fast are you slowing down?) As the author works his way through an incredibly broad range of questions and topics, demonstrating the usefulness of statistical theory and method, he gives the reader a new way of thinking about many age-old concerns in public and private life.

Predicting Presidential Elections and Other Things

Fair, Ray

Whether you are a pension plan sponsor rethinking investment objectives or conducting an asset allocation study, an investor interested in evaluating asset-liability value-at-risk, or an investor who wants the latest techniques to evaluate investment management skills, Innovations in Pension Fund Management gives state-of-the-art guidance on how to implement investment strategy with cutting-edge financial theory and current best practices of plan sponsors and investment managers. All aspects of fund management will be seen in a fresh light, as professionals read about current practical and theoretical twists and turns in asset allocation, risk management, and performance evaluation and implementation. For example, they will understand why asset liability management decision-making must be fully integrated; have a framework for the use of derivatives in their fund and recognize the benefits of leverage; study unique insights on how to measure risk and techniques to manage it; and learn why plan sponsors worldwide are evaluating the M3 measure and the "luck or skill" measure as a result of research cited here. These are only a few reasons why Innovations in Pension Fund Management is a must-read for any plan sponsor, investor, academic researcher, or student of the field who wants concepts explained non-technically, primarily by reliance on case studies. Readers who want coverage of analytic foundations are referred to appropriate technical appendices within the book. The author also looks at advances in human financial resource management, and management control through performance attribution, performance evaluation, and peer comparison. In short, he describes how the management process of planning, implementing, staffing, and control applies to employees within a wide spectrum of financial institutions, including private and government pension systems, endowments, life and casualty insurance programs, and central banks.

Innovations in Pension Fund Management

Muralidhar, Arun S.

In recent decades, the economic approach to law has developed into a mainstream field of study for both legal scholars and economists. This book provides a textbook treatment of the subject, primarily directed toward undergraduate economics students. It presumes a basic familiarity with economic principles, but little knowledge of the law. An effort is made to show both how economic principles can explain the actual structure of the law, and how they can help to make the law more efficient. The book emphasizes unifying themes and methodologies rather than an exhaustive coverage of legal topics. To that end, the scope of analysis is limited to the basic common law areas of torts, contracts, and property, as well as the legal process and criminal law. The hope is that after reading the book, students can apply the basic principles to other areas of law.

The Economic Approach to Law

Miceli, Thomas

Your financial health is more than a mere collection of debits and credits on a balance sheet. In fact, the numbers on a financial statement represent a series of decisions that, if made strategically, can ensure that each of us maintains our desired standard of living at every age and stage of life. Many people think that key financial choices are too complicated to make on their own. However, with the right information and guidance, we can all secure our own financial future. Your Money and Your Life is more than your average guide to financial planning and retirement. Acclaimed author and speaker Robert Z. Aliber helps readers to make efficient and effective financial decisions at key moments throughout their lives, such as where to go to college; if and when to buy a home; how much insurance, if any, to buy; how to manage savings and retirement; when the time is right to approach a professional advisor; and how to proceed with estate planning. With an eye toward the issues that are most pressing in today's economy, Aliber clearly explains the sophisticated concepts that underpin everyday money management―with the goal of making this guide the go-to reference in your financial planning library, regardless of your age or wealth. Readers of this book will come away with the sense that Aliber is their own financial planner, offering strategies that will help to guide them toward security in the present and the future. Your Money and Your Life is filled with examples to which readers will be able to relate, as well as checklists of "actionables" to help make their plans realities.

Your Money and Your Life: A Lifetime Approach to Money Management

Aliber, Robert

Personal Finance

Mention of the American West usually evokes images of rough and tumble cowboys, ranchers, and outlaws. In contrast, The Not So Wild, Wild West casts America's frontier history in a new framework that emphasizes the creation of institutions, both formal and informal, that facilitated cooperation rather than conflict. Rather than describing the frontier as a place where heroes met villains, this book argues that everyday people helped carve out legal institutions that tamed the West. The authors emphasize that ownership of resources evolves as those resources become more valuable or as establishing property rights becomes less costly. Rules evolving at the local level will be more effective because local people have a greater stake in the outcome. This theory is brought to life in the colorful history of Indians, fur trappers, buffalo hunters, cattle drovers, homesteaders, and miners. The book concludes with a chapter that takes lessons from the American frontier and applies them to our modern "frontiers"―the environment, developing countries, and space exploration.

The Not So Wild, Wild West: Property Rights on the Frontier (Stanford Economics & Finance)

Terry L. Anderson

Peter J. Hill

This collection of essays explores the most relevant developments at the interface of economics and psychology, giving special attention to models of irrational behavior, and draws the relevant implications of such models for the design of legal rules and institutions. The application of economic models of irrational behavior to law is especially challenging because specific departures from rational behavior differ markedly from one another.  Furthermore, the analytical and deductive instruments of economic theory have to be reshaped to deal with the fragmented and heterogeneous findings of psychological research, turning towards a more experimental and inductive methodology. This volume brings together pioneering scholars in this area, along with some of the most exciting developments in the field of legal and economic theory. Areas of application include criminal law and sentencing, tort law, contract law, corporate law, and financial markets.

The Law and Economics of Irrational Behavior (Stanford Economics & Finance)

Keeping the Promise of Social Security in Latin America (Latin American Development Forum)

Empirical analysis of two decades of pioneering pension and social security reform in Latin America and the Caribbean shows that much has been achieved, but that critical challenges remain. In tackling the unfinished agenda, a great deal can be learned from the reform experience of countries in the region. Keeping the Promise, produced by the chief economist's office in the Latin America and Caribbean Region at the World Bank, evaluates policy reforms in twelve countries, points to successes and shortcomings, and proposes priorities and options for future reform. The authors argue that poverty in old age can be prevented by relentless efforts to extend coverage to broader segments of society, and by encouraging personal savings.

Gill, Indermit S.

Packard, Truman

Yermo, Juan

Lessons from NAFTA: for Latin America and the Caribbean (Latin American Development Forum)

Analyzing the experience of Mexico under the North American Free Trade Agreement (NAFTA), the authors draw lessons for other countries considering free trade agreements with the United States. The authors conclude that NAFTA raised external trade and foreign investment inflows and had a modest effect on Mexico’s average income per person. It is likely that NAFTA also helped achieve a modest reduction in poverty and an improvement in job quality. However, major obstacles remain to Mexico’s long term development―NAFTA is not enough. The main lesson for other countries is that free trade agreements offer opportunities to accelerate economic growth, but do not guarantee it.

Lederman, Daniel

Maloney, William F.

Servén, Luis

See the best price to sell, buy or rent books by the Stanford Economics and Finance publisher. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Stanford Economics and Finance

See the best price to sell, buy or rent books by the Stanford Economics and Finance publisher. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Modelling Fixed Income Securities and Interest Rate Options (2nd Edition)

Predicting Presidential Elections and Other Things

Innovations in Pension Fund Management

The Economic Approach to Law

Your Money and Your Life: A Lifetime Approach to Money Management

The Not So Wild, Wild West: Property Rights on the Frontier (Stanford Economics & Finance)

The Law and Economics of Irrational Behavior (Stanford Economics & Finance)

Keeping the Promise of Social Security in Latin America (Latin American Development Forum)

Keeping the Promise of Social Security in Latin America (Latin American Development Forum)

Lessons from NAFTA: for Latin America and the Caribbean (Latin American Development Forum)