financial modelling
金融工程经典书籍
金融工程经典书籍1.Futures, Options and other derivatives--John Hull这本书被称为“华尔街圣经”,不管是找工作还是senior quant都会用到。
John Hull 非常厉害,各个方面都有开创性的成果。
2.Arbitrage theory in continuous time--Tomas Bjork这本书非常适合数学/物理背景的人读,注重数学理论的培养。
3.Financial Calculus--Martin Baxter& Rennie非常薄但是elegant的一本书,1996年,算是比较早了,但是和Hull的书齐名。
4.Financial calculus for finance I II--ShreveShreve的书,非常elegant,非常仔细,适合有数学背景的人读。
I是讲离散模型,II是讲连续模型。
5.Martingale methods in Financial modelling--Musiela & Rutkovski6. Brownian motion and stochastic calculus--Shreve& Karasatz7.Stochastic differential equations--Oksendal8.Stochastic integration and differential equations--Protter9.Numerical analysisJunior quant:10.Concepts and practice of Mathematical Finance--Mark Joshi非常适合刚入行的quant,对于学生不推荐。
非常实用,作者非常聪明。
11. C++ design patterns and derivatives pricing--Mark Joshi对于懂得C++基础的人来说很重要,更重要的是教你学会Monte Carlo。
FINC6019_Financial Modelling_2010 Semester 1_FINC6019_Financial Modelling_UoSOutline
FINC6019Financial ModelingSemester 1, 2010 Unit of Study OutlineCoordinator: Mr. Hamish MallochPhone: 02 9036 6273,Email:hamish.malloch@.auOffice:Merewether, Room 458Consultation Times:Thursday 4-5 pm. Other times by appointment (e-mail preferred).Classes:Time:Wednesdays 6-9 pm Venue:Carslaw Room 2511.Unit of study information1.1.Faculty Handbook descriptionIt is important for practitioners of finance, at all levels, to be able to evaluate the applicability of a range of models for a given problem and to effectively implement and use the model that is selected. This unit will present methods for model design, implementation and evaluation in the context two fundamental financial models; the discounted cash flow valuation model and the portfolio selection model. Spreadsheet engineering methods for designing, building, and testing spreadsheet models and for performing model-based analysis will be presented. There will be a concise coverage of optimization, sensitivity analysis and simulation featuring a strong spreadsheet orientation and a modelling emphasis.1.2.Aims and contextThe aims of this unit are for students to develop a deeper understanding of financial models, specifically corporate valuation, portfolio and options pricing models. The students will also obtain an understanding of good model design, model implementation and spreadsheet engineering skills, issues with financial data and its impact on the modelling procedure, and the use of techniques such as simulation to test and validate models. Emphasis throughout the course will also be placed on the appropriateness of models used.2.Learning outcomes, learning and teaching activities & assessment2.1.Intended learning outcomesAt the end of this course the student will be able to:∙Apply the principles of model building and implementation to solve problems related to corporate valuation, portfolio construction and options pricing.∙Ascertain the appropriateness of a particular model for its application.∙Understand and be able to deal with issues pertaining to the use of financial data.∙Develop spreadsheet skills.∙Work effectively in a group environment.2.2. Learning and teaching activitiesClass sessions will typically involve a 2-hour lecture followed by a 1-hour workshop/tutorial session. The lectures will introduce and explain the material and highlight important concepts. You are expected to have made a serious attempt at all workshop questions prior to classes and participation in class discussions is encouraged. You may find some of the workshop questions quite challenging. Struggling with this challenge is a necessary part of gaining real understanding.Required text:“Financial Modeling” (3rd edition) by Simon Benninga. Published 2008 by MIT Press.It is important that the 3rd edition is used as older editions will not be up to date with features of excel and finance theory.Recommended texts (purchase not required):“Valuation: The Art and Science of Corporate Investment Decisions” by Sheridan Titman and John D. Martin. Published 2008 by Pearson-Addison Wesley.“Principles of Finance with Excel” by Simon Benninga. Published 2006 by MIT Press.“Excel Modeling and Estimation in Corporate Finance” (3rd Edition) by Craig W. Holden. Published 2009 by Pearson-Prentice-Hall.“Options, Futures and Other Derivatives” (4th Edition) by John Hull, Published 2000 by Prentice Hall.2.3. AssessmentWorkshop questions will be posted on Blackboard prior to class. Questions will be related to the previous weeks lecture. It is important to attempt questions before class – solutions and feedback will be provided in labs.2.4. Assessment detailsThere are three assessments in this subject:∙ A laboratory exam covering the modelling of free cash flows and portfolio construction from the first 6 weeks of the course. This will take place in the laboratory after the lecture in teaching week7. Students will be required to submit their spreadsheets for marking electronically.∙ A group assignment covering material from the second half of the course which is to be completed by the end of semester. Students are to form groups of 4-5. Material covered will include options valuation, portfolio construction and simulation.∙The final exam covers all material in the course. It will be based around theory and some numerical analysis learned throughout the course.2.5. Workload and minimum requirementsAcademic Board guidelines state that one credit point equates to approximately 1.5 to 2 hours of student effort per week for a typical 13 week semester. This means that if you are an average student seeking to get an average result for this unit then you should plan to spend at least 9 hours each week on learning. The minimum requirement for completion of the unit is to attempt all assessable activities and achieve a pass grade overall.Criteria for the overall assessment and your final total grade for the course:PASS – Demonstrate knowledge and understanding of facts and principles. Be able to apply concepts and principles in new situations.CREDIT – All criteria for a pass in course, plus: demonstrate analytical skills, that is be able to distinguish, classify and relate the assumptions, hypotheses, evidence, or structure of statements and questions within the framework of the subject matter.DISTINCTION – All criteria for a credit plus: demonstrate the ability to originate, integrate and combine ideas into work that constructs a unique view of the subject matter.HIGH DISTINCTION – All criteria for a distinction, plus: students show the ability to appraise, assess or critique ideas and evidence in the subject area using reasoned judgement against articulated standards.2.6. FeedbackStudents will receive feedback on all assessments before the final exam. Suggested answers to the laboratory presentation and group assignment will be placed on Blackboard. General feedback regardingcourse content and other student queries will be provided in lectures. Students are strongly encouraged to use the discussion forum on Blackboard to correspond with the lecturer and each other. This will be checked regularly. Consultation with the lecturer is also available at the allotted time or by appointment.2.7. Academic honesty, plagiarism, legitimate cooperation and group workCommencing students should complete the academic honesty module available via Blackboard before their first assessment submission. Students should refer to Faculty and University policies on academic dishonesty and plagiarism(.au/business/currentstudents/student_information/student_administration_manual), copyright .au/senate/policies/Intellectual_Property_Rule.pdf and the …All your own wo rk website‟ (.au/secretariat/students/plagiarism_index.shtml) for information about legitimate cooperation, group work, how to reference correctly and how to avoid plagiarism.Academic honesty is important to protect students' right to receive due credit for work submitted for assessment. It is clearly unfair for students to submit work for assessment that dishonestly represents the work of others as their own and gain marks and degrees, which are not based on their own efforts and abilities. Deliberate breaches of academic honesty constitute academic misconduct. These breaches include: plagiarism, fabrication of data, recycling previously submitted material, engaging someone else to complete an assessment on one‟s behalf and misconduct during supervised assessments.The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade in the unit of study, additional assessment (including an unseen exam), and reference of the matter to the University Registrar.All assessments will be checked for plagiarism. Where plagiarism is suspected, the assessment will be fully checked and monitored using manual process, google checks and also electronic plagiarism detectors. In order to do this, the Faculty may reproduce the assessment, provide a copy to another member of faculty, and/or communicate a copy of this assignment to a plagiarism checking service (which may then retain a copy of the assignment on its database for the purpose of future plagiarism checking).Academic dishonesty involves more than just copying material. Cooperation and helping other students may at times trigger academic dishonesty proceedings if it appears you have worked too closely with another studentIndividual assignments must be written and prepared alone. You may consult with other students about ideas and possible research sources but the analysis and writing of the assignment must be done alone. Group assignments should be prepared within the group. Students should contribute fully to the group and take part in all group activities, contributing ideas, analysis and writing to the final product. While students within the group should assist each other freely, students should not carry this level of cooperation out side the group. One group may cooperation and help another group about ideas and possible research sources but the analysis and writing of the assignment must be done by the group alone.3.Student feedback and evaluation3.1 Feedback received from previous studentsStudent feedback from previous semesters included more emphasis on electronic learning and more practical problems to be attempted in workshops. Students also requested less overlapping material with other finance subjects – and more focus on the role of financial analysts. Students also requested earlier posting of lecture notes and additional reading material on blackboard.3.2 Improvements madeLecture notes will now be posted at least one day prior to the lecture. There will be less focus on theory already covered in other finance subjects and more on applied techniques.3.3 Collection of feedback from current studentsFeedback will be collected via a Unit of Study Evaluation form at the end of the semester. Students may contact the lecturer with any concerns or suggestions for improvement throughout the semester (e-mail preferred).4.University policies and servicesAll students must comply with and follow all Faculty and University policies and procedures.Faculty policies are contained in the Administration Manual for Students at.au/business/currentstudents/student_information/student_administration_manual. It is crucial that you take the time to consult this manual early in your studies in order to familiariseyourself with policies and procedures relating to critical issues such as the Faculty‟s policy on sp ecial consideration (including requirements and timelines. e.g. lodging applications five working days after a missed assessment), appeals (lodge within 15 working days of the decision) and other policies such as enrolment, credit etc. Assistance is availa ble from the Faculty‟s Student Information Office at.au/business/student_information_officeUniversity policies at .au/policy Assistance is available from the University‟s Student Centre .au/current_students/student_administration/or the Student Affairs Unit.The code of conduct is an important policy which outlines the University‟s expectations about treating all staff employees and students with respect, dignity, impartiality, courtesy and sensitivity and refrain from acts of discrimination, harassment or bullying..au/ab/policies/Student_code_conduct.pdfLinks to other student services and resources are included on Blackboard and on the Faculty‟s Learning and Teaching website .au/business/learning.5.Topic and assessment scheduleFM: Benninga, Simon (2008) Financial Modeling, 3rd Edition, MIT Press, Cambridge, M.A.。
financial modeling prep介绍 -回复
financial modeling prep介绍-回复什么是Financial Modeling Prep？Financial modeling is a crucial component of financial analysis and decision-making in various industries. It involves constructing a mathematical model to simulate the performance of a financial asset, investment, or business. Financial Modeling Prep (FMP) is a platform that provides users with real-time and historical financial data, powerful financial modeling tools, and insightful analysis to facilitate informed decision-making.Founded in 2017, Financial Modeling Prep aims to democratize access to financial data and modeling tools, making them accessible to individuals, small businesses, and large corporations alike. Whether you are a financial analyst, investor, or business professional, FMP offers a range of features and services to support your financial analysis needs.One of the key features of FMP is its vast database of financial data. The platform provides access to real-time and historical stock prices, company financials, economic indicators, and more. The availability of such comprehensive and up-to-date data allowsusers to analyze market trends, conduct company valuations, and make informed investment decisions.In addition to its data offerings, FMP provides users with a suite of financial modeling tools. These tools enable users to build complex financial models, perform scenario analysis, and run simulations to evaluate the impact of various factors on financial performance. FMP's modeling tools are user-friendly and intuitive, making it easier for both novice and experienced users to create accurate and robust financial models.FMP also offers a range of pre-built financial models that users can customize to suit their specific needs. These pre-built models cover various financial analysis areas, such as portfolio optimization, valuation, risk management, and forecasting. By utilizing these pre-built models, users can save time and effort while benefiting from the expertise and insights of seasoned financial analysts.Furthermore, FMP provides users with a wide array of visualization and reporting capabilities. The platform allows users to create dynamic charts, graphs, and tables to visually represent their financial analysis findings. These visualizations enhance the clarityand impact of the analysis, making it easier to communicate complex financial concepts to stakeholders or clients.FMP's reporting capabilities enable users to generate professional-looking reports that summarize their analysis and findings. These reports can be exported in various formats, such as PDF or Excel, enabling users to share their work with others seamlessly. This feature is particularly valuable for professionals who need to present financial analysis outputs to clients, management teams, or other stakeholders.To cater to the diverse needs of its users, FMP offers flexible pricing options. The platform provides a free basic plan that includes limited data access and features. Additionally, FMP offers several paid subscription plans that provide access to premium features, such as extended data coverage, unlimited model customization, and priority support. This pricing flexibility ensures that users can choose the plan that best suits their requirements and budget.In conclusion, Financial Modeling Prep is a comprehensive platform that offers extensive financial data, powerful modeling tools, andinsightful analysis capabilities. Whether you are an individual investor, financial analyst, or business professional, FMP provides the resources you need to analyze markets, evaluate investments, and make informed financial decisions. With its user-friendly interface, pre-built models, visualization tools, and robust reporting capabilities, FMP empowers users to unlock the full potential of financial modeling and analysis.。
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
FINANCIAL MODELLING (2)
APV Implementation (Continued)
• The Hybrid APV approach combines the APV method of valuing equity free cash flows and interest tax savings but implements the EBITDA multiple approach to calculate terminal value.
FFCFt (1 + Terminal Growth Rate) _______________________________ Terminal = Value (Cost of Capital – Terminal Growth Rate)
Hybrid Approach to Enterprise Valuation
• Using the APV Model to Estimate Enterprise Value
– – – – WACC Assumptions and Problems Adjusted Present Value (APV) Approach to Enterprise Valuation APV Implementation Estimating the Value of Subsidized Debt Financing
Terminal = EBITDAt X EBITDA Multiple Value
Hybrid Approach to Enterprise Valuation (Continued)
• Using EBITDA to calculate terminal value is beneficial because it ties the analysis of distant cash flows back to recent market transactions involving similar firms • Used in establishing the enterprise value for IPO’s, LBO’s, spin-offs, carve-outs, and equity valuation for investment purposes • EBITDA multiple and Gordon growth model should generate very similar terminal value estimates when there are no extraordinary capital expenditures or investments in net working capital
FINC6019_Financial Modelling_2010 Semester 1_FINC6019_Lecture_1
Course Over-View
What topics are we going to study and what will be entailed?
Though some of the topics we will cover may seem familiar, we will approach them from a more applied perspective.
Two fund theorem Computing the market portfolio
Course Outline
Portfolio theory II:
Computing
the sample variance-covariance matrix Alternatives to the variance-covariance matrix
Course Outline
Basic financial calculations:
A
review of some basic financial maths NPV, IRR How to compute these with Excel
NPV, IRR functions
Adjustments
Analyse why this distribution is a “reasonable” model for asset prices Define the log-normal and relate it to the normal distribution Show that log-normal distributions are the result of a price process called a geometric Brownian motion (g.B.m.) Analytically solve the g.B.m. Simulate the log-normal distribution Obtain parameters for this distribution from data
FINANCIAL MODELLING (5)
Seek
final managerial and possibly board approval
Addressing the Possibility of Decision Bias
Project analysis team may be biased if they have incentives to get deals approved The strategic planning committee (investment proposal reviewers) should play the role of a sceptical boss – removing potential biases from the analysis Individuals with their own project ideas may be biased in favour of the project
Discounted Cash Flow (DCF) Analysis is widely used in industry.
M&A Valuations Equity
Analysts
Bringing Theory of Other Courses in a more practical setting.
Considering Investment?
The following five slides contain a few general principles of valuation We need to consider the purpose of the financial models that we construct
岗位年度工作计划英文怎么写
岗位年度工作计划英文怎么写IntroductionAs a financial analyst, it is essential to develop a comprehensive annual work plan to set clear goals, identify priorities, and establish strategies for achieving targets. This document outlines a detailed work plan for the financial analyst position for the upcoming year, focusing on key tasks, responsibilities, and performance indicators.Section 1: Goal Setting1.1 Short-Term Goals- Analyze and evaluate financial data to identify trends, risks, and opportunities.- Develop financial models and forecasts to support strategic decisions.- Provide accurate and timely financial reports to management and stakeholders.1.2 Long-Term Goals- Implement cost-saving initiatives and financial efficiencies to improve the company's financial performance.- Support the development and implementation of long-term financial strategies.- Enhance the financial reporting process and ensure compliance with regulations and standards.Section 2: Key Responsibilities2.1 Financial Analysis- Conduct in-depth financial analysis to assess the company's financial health and performance.- Identify and communicate financial trends, risks, and opportunities to support decision-making.- Provide financial analyses for new business opportunities, investments, and capital projects.2.2 Financial Reporting- Prepare and review monthly, quarterly, and annual financial reports for accuracy and completeness.- Ensure compliance with accounting principles, regulations, and internal policies.- Communicate financial results to management and stakeholders in a clear and effective manner.2.3 Budgeting and Forecasting- Assist in the development of annual budgets and forecasts based on business plans and financial projections.- Monitor and analyze budget variances and provide explanations for any deviations.- Suggest and implement improvements to the budgeting and forecasting process.2.4 Financial Modelling- Develop and maintain financial models to support decision-making and strategic planning. - Analyze and interpret financial data to provide insights and recommendations.- Assist in evaluating the financial impact of different scenarios and strategic initiatives. Section 3: Performance Indicators3.1 Accuracy of Financial Analyses - Achieve a 95% accuracy rate in financial analyses and reports.3.2 Timeliness of Financial Reporting - Submit all financial reports on time, with no delays.3.3 Budget Variances - Keep budget variances within 5% of the approved budget.3.4 Financial Model Reliability - Ensure that financial models accurately reflect the company's financial situation and performance.Section 4: Strategies and Action Plans4.1 Strengthen Financial Analysis Capabilities- Enroll in advanced financial analysis training courses to enhance skills and knowledge.- Implement new financial analysis tools and software to improve efficiency and effectiveness.- Collaborate with other departments to gain insights and information for more comprehensive financial analysis.4.2 Enhance Financial Reporting Processes- Conduct a review of current financial reporting processes and identify areas for improvement.- Implement updated procedures and controls to ensure the accuracy and reliability of financial reports.- Provide training to colleagues on best practices for financial reporting.4.3 Improve Budgeting and Forecasting Practices- Participate in budgeting and forecasting workshops to gain insights into best practices.- Develop a streamlined budgeting and forecasting process to improve efficiency and accuracy.- Communicate regularly with department heads to ensure the alignment of budgeting and forecasting with business objectives.Section 5: Resources and Support5.1 Training and Development- Attend at least two financial analysis training courses to enhance skills and knowledge.- Participate in budgeting and forecasting workshops to improve practices and processes. - Engage in continuous professional development opportunities to stay updated with industry best practices.5.2 Software and Tools- Invest in new financial analysis software to improve efficiency and accuracy.- Leverage existing financial modeling tools to develop more robust and reliable financial models.- Implement updated financial reporting software to enhance the reporting process.5.3 Team Collaboration- Collaborate with the finance team to share knowledge and insights for comprehensive financial analysis.- Engage with other departments to gather relevant information for financial modeling and reporting.- Support colleagues in improving their understanding and use of financial data and reports. ConclusionThis annual work plan outlines the comprehensive goals, responsibilities, performance indicators, strategies, and support for the financial analyst position. With a clear roadmap for the upcoming year, the financial analyst is well-positioned to contribute to thecompany's financial success. This work plan will be used as a guide and resource to track progress and ensure the achievement of targets.。
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Module Maintenance
Academic Information
Module Code Full Title College Department Module Type MN-M501 Financial Modelling Management Accounting and Finance Dissertation Level External Credit Level Credits ECTS Credits Formal Contact Hours Placement Hours Notional Hours Module Fee Location Contact Hours Description 30 0 150 0 PARK CAMPUS 10 X 3 Hour workshops in a computer lab M FHEQ 7 / HESA 6 15 7.50 Academic year 17/18
Component descriptions Individual coursework report with a word count of 3750 (100%)
In what ways will students receive feedback on assessed work, including formal examinations Examination: Generic feedback via Blackboard plus drop-in session for students who would like individual feedback on their performance. Coursework: Written feedback via Grademark Assessment provision for students with disabilities Where a need has been identified at recruitment, or at any later stage, an assessment will be made in conjunction with the student and the Disability Office. The School will make reasonable adjustments and/or develop alternative arrangements in conjunction with the student. Support material for this module will be available online. With the consent of the Module Co-ordinator students may record lectures for personal use. If necessary student note takers and support workers can attend classes. If access to a particular area is restrictive then the University will alter the venue for the course to allow full access. Alternative forms of assessment will be considered if appropriate. Provide details of how students would redeem failure in the module To redeem failure in this module students will be expected to resit the examination component and this will be weighted at 100%.
No
0%
On completion of this module students will be able to: •Interpret and synthesize information in a practical and quantitative manner. •Undertake in-depth detailed numerical analysis of financial data and information using EXCEL. •Apply sophisticated financial modelling techniques to critically examine financial statements and opportunities. •Critically evaluate the findings resulting from the application of financial modelling techniques. Transferable Skills Taking notes flexibly and with purpose; Reading flexibly and with purpose; Locate, retrieve and interpret information; Problem-analysis and problem-solving; Ability to present and evaluate analysis that involves complex ideas and information; Ability to engage in autonomous study and peer-group debate/discussion; Ability to interpret and manipulate data using advanced statistical skills. Syllabus An introduction to financial modelling. An introduction to the use of Excel functions in financial modelling. The modelling of financial statements. What if analysis. Modelling risk. Visual Basic Applications (VBA) in Excel. Are there any challenges which might affect a disabled student being able to satisfactorily undertake the teaching and learning methods of this module? Where a need has been identified at recruitment, or at any later stage, an assessment will be made in conjunction with the student and the Disability Office. The School will make reasonable adjustments and/or develop alternative arrangements in conjunction with the student. Support material for this module will be available online. With the consent of the Module Co-ordinator students may record lectures for personal use. If necessary student note takers and support workers can attend classes. If access to a particular area is restrictive then the University will alter the venue for the course to allow full access. Alternative forms of assessment will be considered if appropriate.