TABLE OF CONTENTS Chapter 1: The Basics of Risk ManagementThis 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 RAROCChapter 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 StatisticsChapter 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 InstrumentsThis 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 MeasurementThis 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 RiskValue 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 ContributionThe 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 MeasurementThis 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 RiskVaR 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 LimitationsAlthough 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 ManagementAsset 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 ALMThis chapter discussed the primary techniques used to measure interest rate risk: Gap reports, Rate shift scenarios and Simulations Chapter 14: Funding Liquidity Risk in ALMThe 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 RisksA 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 RiskThis chapter discusses the sources of credit risk and how measurement is used to manage the risks Chapter 17: Types of Credit StructureFor 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 FacilityThis 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 FacilitiesOne 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 OneTo 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 TwoThis 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 LoansKnowing 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 RiskThe 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 riskThe 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 RAROCThis 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.

《现代投资组合理论和投资分析》(第6版)在简要介绍证券与市场的基本概念之后，一步步引导读者了解现代投资组合理论的内涵，包括其强势和弱点以及近年来取得的突破。随着内容的一步步展开，你将了解如何评价单个证券，如何将证券构成表现优异的投资组合，以及如何应用诸如均衡理论的现代工具来更有效的管理组合。《现代投资组合理论和投资分析》(第6版)是一本介绍现代投资理论和组合管理的教材，适用于组合管理，投资分析，证券分析等课程的本科和研究生。《现代投资组合理论和投资分析》(第6版)既包括了对单个证券的分析，也涵盖了优化组合证券选择问题。主要涉及到对金融市场和证券的介绍，对资本资产定价模型和套利定价的介绍，对国际基金表现的分析，对债券管理的分析，以及对组合评价的多级模型的探讨，此外，《现代投资组合理论和投资分析》(第6版)还介绍了许多现代投资理论的前言观点。《现代投资组合理论和投资分析》(第6版)作为投资组合理论课程和偏重组合理论的投资分析课程的教材，我们已在纽约大学进行了多年的实践。对组合分析课程来说，书中充分地向学生介绍了现代投资组合理论和一般均衡模型（资本资产定价模型和套利定价模型）。 《现代投资组合理论和投资分析》(第6版)也将对从业的证券分析师和组合经理人有所帮助。现代投资组合理论应用到投资实践中的速度令人惊异。投资经理人如果希望较全面地了解现代投资组合理论和投资分析，《现代投资组合理论和投资分析》(第6版)部分章节介绍了这些问题，且易于读懂。那些关注应用的专家将会发现为他们提供了最为现代的工具。

《投资银行：估值、杠杆收购、兼并与收购》（原书第2版）源自两位作者各自经历大量交易项目后的经验汇总，以及众多投行分析师、私募股权公司和对冲基金的投资专业人士、律师、公司高管和大学教授们提供的意见。作者通过总结自己的交易经验和课堂培训经验，以及专业人士和学界专家的经验，弥合了学术界和业界在金融理论与现实应用之间的差距，提供了一种独特的，华尔街非正规教室里的现实场景案例式教育，可作为投行分析师和金融专业人士的使用技能工具和培训指南。

Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. Applied Mergers and Acquisitions, University Editionaddresses the key factors of M&A success and failure. Readers will learn the art and science of M&A valuation, deal negotiation and bargaining, and a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.

跨国并购是国际投资的一种重要形式，国际投资是外向型经济发展的必然趋势。本书作者拥有近二十年的在纽约、香港、上海等地从事国际金融和并购方面的法律工作经验，亲身参与了许多大型公司并购、融资和上市的过程。本书围绕中国企业的并购实例讲述并购的知识，同时详述并购案例发生时各方的战略、目的、所拥有的信息和受到的制约条件，使读者身临其境体会并购各方做决策时的惊心动魄和从并购开始到结束及后续发展的波澜壮阔。本书逻辑体系严谨，案例丰富生动，语言简洁明晰，是了解学习跨国并购知识的必备佳作。

In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work--namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street. "Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions" is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Street--comparable companies, precedent transactions, DCF, and LBO analysis. These methodologies are used to determine valuation for public and private companies within the context of MandA transactions, LBOs, IPOs, restructurings, and investment decisions. Using a step-by-step how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. They also provide a comprehensive overview of the fundamentals of LBOs and an organized MandA sale process. In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is perpetually evolving in accordance with market developments and conditions. In this sense, this book is particularly topical--in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.

《收购、兼并和重组：过程、工具、案例与解决方案（原书第7版）》有两个清晰的特点。第一个是每个主题都清晰地展示了兼并收购发生的相关内容和承接关系。学生们可以从不同视角进行了解，并且学习如何结合重组环境看到公司的重组问题。第二个特点是选用了大量的当前事件。全书有72个案例，其中有75%是全新更新的。

"Lots of entrepreneurs make money.Lots of entrepreneurs who make money write books.Few of those books make you glad they did. This one does." The New York Times Book Review A provocative autobiography by the visionary leader of the worlds fastest-growing media empire "A classic tale of a nimble, customer-focused, entrepreneurial David outsmarting bureaucratic, ossified, corporate Goliaths." Business Week "Michael Bloomberg is the most creative media entrepreneur of our time and, with Bill Gates, perhaps the most successful." Rupert Murdoch, Chairman & Chief Executive, News Corporation "Entertaining, engaging, and informative, Bloomberg by Bloomberg is packed with great advice about how to start a lean, hungry companyand how to keep it that way." Bryan Burrough, coauthor, Barbarians at the Gate "The man with Wall Streets best known generic name has written an autobiography that keeps you up late to finish.The book is full of wonderful insights about Wall Street and about starting and growing a new business." Julian H. Robertson Jr., Chairman, Tiger Management LLC "This is the best insight yet on how one man shook up the entire financial information industry." Richard Branson, Chairman, Virgin Group of Companies 点击链接进入中文版： 我是布隆伯格

《计量经济学导论：现代观点（第五版）/经济科学译丛；“十一五”国家重点图书出版规划项目》是一本经典的初级计量经济学教材，语言通俗易懂，且辅以恰到好处的案例指导学生学习和运用计量方法。与传统的教材不同，本书在陈述和解释假定时，作者完全放弃了非随机的或在重复样本中加以固定的回归元假定。这种方法更便于读者对计量经济学的理解和应用，是对传统计量经济学教学和研究的一个突破。本书的主要特点是： （1）不需要具备高深的数学知识，读者只要掌握大学所学的线性代数和概率统计基础知识即可。 （2）强调计量经济学在实际问题中的应用。 （3）含有大量例题和练习题。章末习题和计算机习题多着重于经验研究而非复杂的推导。要求学生能根据所学知识仔细地推理。 （4）课程安排比较灵活。教师可以根据教学需要合理挑选章节进行讲授，而不会影响教学的连续性。 （5）本书英文原版书配有内容丰富的网络教学资源，包括教学手册、多媒体教学课件、试题库等。 《计量经济学导论：现代观点（第五版）/经济科学译丛；“十一五”国家重点图书出版规划项目》适合各高等院校经济管理类专业本科生作为计量经济学教材，还可供经济管理类教师及科研人员作为参考书使用。

这是钱德尔自《谎言堂》后回归主演Showtime剧集，讲述1987年10月19日，华尔街遭遇史上最剧烈的股市暴跌，一队外来人士摧毁了华尔街那由蓝血贵族长期把握的财政体系。钱德尔饰演自学成才的股市大佬，兰内斯饰演股票交易神童，豪尔饰演一名操盘手主管。《嫁给我》编剧搭档David Caspe和Jordan Cahan写剧本并担任主创，明年1月开播。

本书综合考察了从中世纪到近代早期欧洲的代表大会制度与公债借贷的共同发展，这在同类研究中尚属首次。这本开创性著作指出，政治代表制度的独特优势为一些欧洲国家获取早期优惠信贷创造了条件，然而活跃的政治代表制度本身，还有赖于两个潜在因素：内部联系紧密的地理疆域，以及商人的得势。通过探索欧洲早期的政治代表制度与国家借贷之间的联系，本书对欧洲国家形成以及欧洲经济兴盛等问题的研究做出了贡献。

风险管理是企业经营、股市投资、金融保险、星际探险等一切行为成功的要素，也使人类好睹的天性得以转化为经济增长、生活提高和科技发展的能量。 该书是一部轰动世界金融界的畅销书。作者通过考察人类探索风险的艰难历程，使用一个个精心整理的真实故事，描述了希腊哲学家和阿拉伯数学家、商人和科学家、举世闻名的思想家和虽名不见经传但颇有灵感的业余学者在帮助发现使将来为今天服务、用选择和决策替代在命运面前束手无策等现代手段过程中的趣闻佚事，旨在向我们说明：风险不仅是可以认识的，也是可以控制和掌握的；风险并不可怕，在现代社会里，承受有效的风险往往可以得到高额的回报，管理风险已经成为挑战与机遇的同义词。所有这些对于我们更好地了解风险、认识风险以至最终控制风险会有很大帮助。 本书考察了人类探索风险的艰难历程。历史上一直存在两种意见：一派人坚持认为最好的决策应以过去的模式和数据为基础，另一派人则认为决策应基于对不确定的未来更大程度的主观判断。作者从古希腊、古罗马时代及文艺复兴时代一直讲述到现在，精妙地将复杂的投资理念诠释成风格清新的故事，描述了哲学家、数学家、科学家、思想家、商人、业余学者等是如何努力让未来服务于现在的。风险与其说是一种命运，不如说是一种选择，它取决于我们选择的自由程度。全书尽管涉及不少概率问题，但却仍能写得生动有趣，极为人性化，足见作者之功力。 本书适合高等院校经济管理类师生及广大普通读者阅读、参考。

Writing in the June 1965 issue of the "Economic Journal", Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: 'The long-awaited "Monetary History of the United States" by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement - monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small ...monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues'.Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy - steady control of the money supply - matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, "The Great Contraction" - which Princeton published in 1965 as a separate paperback - they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: 'If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger.' Milton Friedman won the Nobel Prize in Economics in 2000 for work related to "A Monetary History " as well as to his other Princeton University Press book, "A Theory of the Consumption Function" (1957).

《从资本家手中拯救资本主义》认为，自由竞争的市场经济制度是人类社会迄今为止发现的最不坏的经济体制。一个真正自由的、竞争性的市场处在缺乏规则和过分管制之间的某个适当尺度，这个中间地带并不宽裕，所以好的形式的资本主义是非常不稳定的，很容易退化成既得利益集团所统治、拥有和享受的制度。既得利益集团，即资本家们，为维护其既得利益免受竞争威胁，常常成为资本主义的敌人。两位作者继而从政治经济学、历史、金融与发展的关系、制度的作用，以及治理等视角，就如何巩固市场经济的政治基础，建立真正自由的竞争性市场，从资本家手中拯救资本主义，提出了超过传统认识的答案。 《从资本家手中拯救资本主义》既有学术上的严谨，又不失论证的通俗易懂，因此不但对广大经济学专业人士是难得之作，同时对所有关心市场经济以及希望获得平等发展机会的人都有阅读价值。

· 吴敬琏、刘明康、斯坦利·费希尔等人倾力推荐 · 新增股灾之后作者作为资深金融监管者的最新思考 “只要新兴市场一出问题，理论家们便归咎于政策缺陷及监管不力。他们从来不批评糟糕的理论及无脑的政策建议。但是当那些最富裕国度里最强大、最先进、最复杂且处于最专业监管者监督之下的金融市场同样发生问题时，这肯定不只是人的纰漏，而一定是基本理论出了问题。”——沈联涛 从历史上看，大致每十年，金融危机就会冲击一次世界——1987年的拉美债务危机，1997年的亚洲金融危机，2007年的美国次贷危机、随后的欧债危机，以及在2017年可能发生的另一场全球金融危机。 作为亚洲及全球金融界的资深监管者，作者曾亲身参与过有关监管政策和国际金融体系设计的重要讨论。在本书中，他结合自身经历，从制度及其演进的角度，在历史、宏观、微观三个层面审视了导致20世纪90年代后期和 2007~2009年全球危机的种种原因：陈旧的思维模式、市场原教旨主义、宽松的货币政策、利差交易、松懈的监管、贪婪、裙带关系以及金融工程等。 本书部分描写了历史事件，部分用20世纪的理论进行了分析。亚洲金融危机主要是一个地区性危机，但是有着全球性根源。我们需要从21世纪的视角去关注21世纪的问题。而亚洲拥有全世界55%的人口，无论是好是坏，对世界的影响力都是巨大的。要观察世界，仅从西方的视角出发远远不够。 本书披露了相当多的重要文献，并涉及国际金融界的许多重要人物，他们在历史重要时刻的言行堪称本书的一大看点。

日本失去的20年，是谁？做了什么？究竟是哪儿出了问题？政权与经济的博弈，真实还原日本政府及金融部门的经济政策思路。 《日本的迷失·崩溃：1996~1998》关注了负责金融行政的大藏省和日银的负责人，探讨了1996~1998年日本经济政策的展开、官僚主导的经济失策，以及之后官僚机构的失权，结果导致政策选择的迷航。 1997年11月，三洋证券、北海道拓殖银行、山一证券等大型证券和银行接连破产，陷入未曾有过的金融危机。两位作者就财政结构改革路线的选择、财政通缩政策的采用和金融机构处理不良债权问题、大型证券和大银行的破产等，向金融行政和中央银行的负责人进行采访和追问。当时，据传总理大臣桥本龙太郎在读该书时发表了名言：“是这样的吗？” 《日本的迷失·崩溃：1996~1998》作者跟踪了泡沫经济后20世纪90年代金融混乱时的日本政府、日银、政治家的动向。通过采访各个官员，还原了当时权力机构最真实的内部情况，阐述了这种博弈和不作为如何导致了更大的金融危机。

在全球金融危机发生10年后，世界最大对冲基金——桥水基金创始人达利欧也发出了自己的感慨。达利欧称，10年前的9月份，全球金融体系几乎陷于瘫痪，这令很多人的生活彻底改变。但是纵观历史，这种危机已经出现过很多次，而且未来还会继续出现。 达利欧认为，世界上的一切都在往复循环，如果对重复出现的事件仔细研究，就能发现其中的规律，从而得出正确处理这些事件的原则。他提到，早在2008年前，他就和桥水的其他同事共同研究历次债务危机的规律，而正是因为对这些规律的把握，桥水才得以在其他人艰难挣扎之际安然度过危机。 达利欧对于债务危机规律的理解全都收录进了这本新书之中——《理解大型债务危机的模板》（A Template for Understanding Big Debt Crises），如今希望陆续以短篇文章的形式，分享其中提到的一些想法。 这本书总共471页，达利欧介绍，其中包括三大部分： 第一部分是对模板的解释，告诉读者债务周期是如何运作，同时提出应对债务周期的原则。 第二部分详细介绍历史上三次大型债务危机的情况——2008年金融危机，1930年代美国大萧条，1920年代德国高通胀叠加的经济萧条。 第三部分简要介绍过去100年中发生过的一般性债务危机，总共是48次，以便观察这一模板如何适用于所有这些案例

在过去的200年间，一共发生过五次技术革命；每一次技术革命都形成了与其相适应的技术一经济范式。按照作者佩蕾丝的观点，一个技术一经济范式包括一套通用的技术和组织原则，是一种最优的惯行模式。技术经济范式的存在意味着一套强大的包容排斥机制，它像生物界的自然选择 一样保留那些适应新范式的企业，淘汰掉那些没有采纳新范式的企业。每次技术革命在资本主义核心国家大约会持续五六十年，这段时间可以划分为两大时期。头二三十年称为“导入期”，后二三十年称作“拓展期”。 在每次技术革命及其扩散的过程中，金融和信用制度起到了关键作用。《技术革命与金融资本》一书的后半部分重点论述了作为金融资本与一场新技术革命两者之间的互动关系，强调了金融资本对于重大技术创新的发生和扩散的重要意义。 在本书理论的背后有着两位经济学巨人马克思和熊彼特的影子。如果说技术创新与技术一经济范式等概念得到了马克思的生产方式概念的启发，那么有关企业家和金融资本作用的阐释则无疑受惠于熊彼特。本书为理解技术革命和资本主义经济动态的关系提出了一个便利的解释框架， 书中许多阐释发人之所未发，可供研究者、政府决策者、企业界人士阅读。

Season three finds Chuck Rhoades and Bobby Axelrod in a world that has shifted on its axis. Both men are still determined to destroy the other, but must also battle for their own survival amid new forces and powerful enemies. Wendy Rhoades—Chuck's wife and Axe's performance coach—is all in for both of them, an uneasy and dangerous position for her, and one that ultimately puts her to a decision that could alter the direction of her life irrevocably.

Free markets are not to be blamed for the Great Recession. On the contrary, its origins rest upon the deep government and central bank intervention in the economy. Through fraudulent mechanisms, this causes recurrent boom and bust cycles: bad policies create phases of irrational exuberance, which are then followed by economic recessions, a result that every citizen ends up suffering from.