• Source: Outline of finance

The following outline is provided as an overview of and topical guide to finance:
Finance – addresses the ways in which individuals and organizations raise and allocate monetary resources over time, taking into account the risks entailed in their projects.




Overview


The term finance may incorporate any of the following:

The study of money and other assets
The management and control of those assets
Profiling and managing related risks




Fundamental financial concepts


Finance
Arbitrage
Capital (economics)
Capital asset pricing model
Cash flow
Cash flow matching
Debt
Default
Consumer debt
Debt consolidation
Debt settlement
Credit counseling
Bankruptcy
Debt diet
Debt-snowball method
Debt of developing countries
Asset types
Real estate
Securities
Commodities
Futures
Cash
Discounted cash flow
Financial capital
Funding
Entrepreneur
Entrepreneurship
Fixed income analysis
Gap financing
Global financial system
Hedge
Basis risk
Interest rate
Risk-free interest rate
Term structure of interest rates
Short-rate model
Vasicek model
Cox–Ingersoll–Ross model
Hull–White model
Chen model
Black–Derman–Toy model
Interest
Effective interest rate
Nominal interest rate
Interest rate basis
Fisher equation
Crowding out
Annual percentage rate
Interest coverage ratio
Investment
Foreign direct investment
Gold as an investment
Over-investing
Leverage
Long (finance)
Liquidity
Margin (finance)
Mark to market
Market impact
Medium of exchange
Microcredit
Money
Money creation
Currency
Coin
Banknote
Counterfeit
History of money
Monetary reform
Portfolio
Modern portfolio theory
Mutual fund separation theorem
Post-modern portfolio theory
Reference rate
Reset
Return
Absolute return
Investment performance
Relative return
Risk
Financial risk
Risk management
Financial risk management
Uncompensated risk
Risk measure
Coherent risk measure
Deviation risk measure
Distortion risk measure
Spectral risk measure
Value at risk
Expected shortfall
Entropic value at risk
Scenario analysis
Short (finance)
Speculation
Day trading
Position trader
Spread trade
Standard of deferred payment
Store of value
Time horizon
Time value of money
Discounting
Present value
Future value
Net present value
Internal rate of return
Modified internal rate of return
Annuity
Perpetuity
Trade
Free trade
Free market
Fair trade
Unit of account
Volatility
Yield
Yield curve
Equated monthly installment
Down payment big rupees




History


History of finance
History of banking
History of insurance
Tulip mania (Dutch Republic), 1620s/1630s
South Sea Bubble (UK) & Mississippi Company (France), 1710s; see also Stock market bubble
Vix pervenit 1745, on usury and other dishonest profit
Panic of 1837 (US)
Railway Mania (UK), 1840s
Erie War (US), 1860s
Long Depression, 1873–1896 (mainly US and Europe, though other parts of the world were affected)
Post-World War I hyperinflation; see Hyperinflation and Inflation in the Weimar Republic
Wall Street Crash of 1929
Great Depression 1930s
Bretton Woods Accord 1944
1973 oil crisis
1979 energy crisis
Savings and Loan Crisis 1980s
Black Monday 1987
Asian financial crisis 1990s
Dot-com bubble 1995-2001
Stock market downturn of 2002
United States housing bubble
Financial crisis of 2007–08, followed by the Great Recession




Finance terms by field






= Accounting (financial record keeping)

=

Auditing
Accounting software
Book keeping
FASB
Financial accountancy
Financial statements
Balance sheet
Cash flow statement
Income statement
Management accounting
Philosophy of Accounting
Hedge accounting
IFRS 9
Fair value accounting




= Banking

=
See articles listed under: Bank § See also




= Corporate finance

=

Balance sheet analysis
Financial ratio
Business plan
Investment policy
Business valuation
Stock valuation
Fundamental analysis
Real options
Valuation topics
Fisher separation theorem
Sources of financing
Securities
Debt
Initial public offering
Capital structure
Cost of capital
Weighted average cost of capital
Modigliani–Miller theorem
Hamada's equation
Dividend policy
Dividend
Dividend tax
Dividend yield
Modigliani–Miller theorem
Corporate action
(Strategic) Financial management
Capital management
Capital budgeting
Working capital
Current assets
Current liabilities
Managerial finance
Management accounting
Mergers and acquisitions
Leveraged buyout
Takeover
Corporate raid
Contingent value rights
Real options
Return on investment
Return on capital
Return on assets
Return on equity
Loan covenant
Cash conversion cycle
Cash management
Strategic financial management § Cash management
Inventory optimization
Supply chain management
Just In Time (JIT)
Economic order quantity (EOQ)
Economic production quantity (EPQ)
Economic batch quantity
Credit (finance)
Credit scoring
Default risk
Discounts and allowances
Factoring (trade) & Supply chain finance
Corporate budget




= Investment management

=

Active management
Efficient market hypothesis
Portfolio
Modern portfolio theory
Capital asset pricing model
Arbitrage pricing theory
Passive management
Index fund
Activist shareholder
Mutual fund
Open-end fund
Closed-end fund
List of mutual-fund families
Financial engineering
Long-Term Capital Management
Hedge fund
Hedge
#Quantitative investing, below




= Personal finance

=

529 plan (US college savings)
ABLE account (US plan for benefit of individuals with disabilities)
Asset allocation
Asset location
Budget
Coverdell Education Savings Account (Coverdell ESAs, formerly known as Education IRAs)
Credit and debt
Credit card
Debt consolidation
Mortgage loan
Continuous-repayment mortgage
Debit card
Direct deposit
Employment contract
Commission
Employee stock option
Employee or fringe benefit
Health insurance
Paycheck
Salary
Wage
Financial literacy
Insurance
Predatory lending
Retirement plan
Australia – Superannuation in Australia
Canada
Registered retirement savings plan
Tax-free savings account
Japan – Nippon individual savings account
New Zealand – KiwiSaver
United Kingdom
Individual savings account
Self-invested personal pension
United States
401(a)
401(k)
403(b)
457 plan
Keogh plan
Individual retirement account
Roth IRA
Traditional IRA
SEP IRA
SIMPLE IRA
Pension
Simple living
Social security
Tax advantage
Wealth
Comparison of accounting software
Personal financial management
Investment club
Collective investment scheme




= Public finance

=

Central bank
Federal Reserve
Fractional-reserve banking
Deposit creation multiplier
Tax
Capital gains tax
Estate tax (and inheritance tax)
Gift tax
Income tax
Inheritance tax
Payroll tax
Property tax (including land value tax)
Sales tax (including value added tax, excise tax, and use tax)
Transfer tax (including stamp duty)
Tax advantage
Tax, tariff and trade
Tax amortization benefit
Crowding out
Industrial policy
Agricultural policy
Currency union
Monetary reform




= Risk management

=

Asset and liability management
Asset liability mismatch
Capital Requirements Regulation 2013 & Credit Institutions Directive 2013 (Capital Requirements Directives)
Cash flow hedge
Cash management
Corporate governance
Climate-related asset stranding
Credit risk
Default (finance)
Downside risk & Upside risk
Duration gap
Enterprise risk management
Financial engineering
Financial risk
Financial risk management
Foreign exchange hedge
Fuel price risk management
Gordon–Loeb model for cyber security investments
Interest rate risk
Insurance
Investment risk
Irrational exuberance
Kelly criterion
Liquidity risk
Market risk
Operational risk
Risk accounting
Risk adjusted return on capital
Risk aversion
Risk-based internal audit
Risk measure
Coherent risk measure
Deviation risk measure
Distortion risk measure
Spectral risk measure
Risk modeling
Risk of ruin
Risk pool
Risk register
Risk return ratio
Risk–return spectrum
Security management
Settlement risk
Shadow banking system
Specific risk
St. Petersburg paradox
Systematic risk
Three lines of defence
Treasury management
Uncompensated risk
Valuation risk
Value at risk
Computation
Historical
Monte Carlo
variance-covariance
delta-gamma
Alternate measures
Entropic value at risk
Conditional value-at-risk / Expected shortfall
Tail value at risk
Extensions
Profit at risk
Margin at risk
Liquidity at risk
Earnings at risk
Cash flow at risk
Liquidity-adjusted VaR
Volatility risk
Volume risk
Wrong way risk




= Constraint finance

=
Environmental finance
Feminist economics
Green economics
Islamic economics
Uneconomic growth
Value of Earth
Value of life




Insurance



Actuarial science
Annuities
Catastrophe modeling
Earthquake loss
Extended coverage
Insurable interest
Insurable risk
Insurance
Health insurance
Disability insurance
Accident insurance
Flexible spending account
Health savings account
Long term care insurance
Medical savings account
Life insurance
Life insurance tax shelter
Permanent life insurance
Term life insurance
Universal life insurance
Variable universal life insurance
Whole life insurance
Property insurance
Auto insurance
Boiler insurance
Business interruption insurance
Condo insurance
Earthquake insurance
Home insurance
Title insurance
Pet insurance
Renters' insurance
Casualty insurance
Fidelity bond
Liability insurance
Political risk insurance
Surety bond
Terrorism insurance
Credit insurance
Trade credit insurance
Payment protection insurance
Credit derivative
Mid-term adjustment
Reinsurance
Self insurance
Travel insurance
Niche insurance
Insurance contract
Loss payee clause
Risk Retention Group




Economics and finance






= Finance-related areas of economics

=
Financial economics
Financial econometrics
Monetary economics
Mathematical economics
Managerial economics
Economic growth theory
Decision theory
Game theory
Experimental economics / Experimental finance
Behavioral economics / Behavioral finance




= Corporate finance theory

=

Fisher separation theorem
Modigliani–Miller theorem
Theory of the firm
The Theory of Investment Value
Agency theory
Managerial finance
Capital structure
Corporate finance § Capitalization structure
Capital structure substitution theory
Pecking order theory
Market timing hypothesis
Trade-off theory of capital structure
Merton model
Tax shield
Dividend policy
Corporate finance § Dividend policy
Walter model
Gordon model
Lintner model
Residuals theory
Signaling hypothesis
Clientele effect
Dividend puzzle
Treasury stock § Buying back shares
Dividend tax
Capital budgeting (valuation)
Corporate finance § Investment and project valuation
Clean surplus accounting
Residual income valuation
Economic value added / Market value added
T-model
Adjusted present value
Uncertainty
Penalized present value
Expected commercial value
Risk-adjusted net present value
Contingent claim valuation
Real options
Monte Carlo methods
Risk management
Corporate finance § Financial risk management
Financial risk management § Corporate finance
Hedging irrelevance proposition
Risk modeling
Risk-adjusted return on capital




= Asset pricing theory

=

Value (economics)
Fair value
Intrinsic value
Market price
Expected value
Opportunity cost
Risk premium
#Underlying theory below
Financial markets
Stylized fact
Regulatory economics
Macroprudential regulation § Theoretical rationale
Market microstructure
Walrasian auction
Fisher market
Arrow-Debreu market
Matching market
Market design
Agent-based model
Representative agent
Aggregation problem
Heterogeneity in economics
Heterogeneous agent model
Agent-based model § In economics and social sciences
Artificial financial market
General equilibrium theory
Supply and demand
Competitive equilibrium
Economic equilibrium
Partial equilibrium
Equilibrium price
Market efficiency
Economic equilibrium
Rational expectations
Risk factor (finance)
Arbitrage-free price
Rational pricing
§ Arbitrage free pricing
§ Risk neutral valuation
Contingent claim analysis
Brownian model of financial markets
Complete market & Incomplete markets
Utility
Risk aversion
Expected utility hypothesis
Utility maximization problem
Marginal utility
Quasilinear utility
Generalized expected utility
Economic efficiency
Efficient-market hypothesis
efficient frontier
Production–possibility frontier
Allocative efficiency
Pareto efficiency
Productive efficiency
Dumb agent theory
State prices
Arrow–Debreu model
Stochastic discount factor
Pricing kernel
Application:
Arrow–Debreu model § Economics of uncertainty: insurance and finance
State prices § Application to financial assets
Fundamental theorem of asset pricing
Rational pricing
Arbitrage-free
No free lunch with vanishing risk
Self-financing portfolio
Stochastic dominance
Marginal conditional stochastic dominance
Martingale pricing
Brownian model of financial markets
Random walk hypothesis
Risk-neutral measure
Martingale (probability theory)
Sigma-martingale
Semimartingale
Quantum finance



Asset pricing models

Equilibrium pricing
Equities; foreign exchange and commodities
Capital asset pricing model
Consumption-based CAPM
Intertemporal CAPM
Single-index model
Multiple factor models
Fama–French three-factor model
Carhart four-factor model
Arbitrage pricing theory
Bonds; other interest rate instruments
Vasicek
Rendleman–Bartter
Cox–Ingersoll–Ross
Risk neutral pricing
Equities; foreign exchange and commodities; interest rates
Black–Scholes
Black
Garman–Kohlhagen
Heston
CEV
SABR
Bonds; other interest rate instruments
Ho–Lee
Hull–White
Black–Derman–Toy
Black–Karasinski
Kalotay–Williams–Fabozzi
Longstaff–Schwartz
Chen
Rendleman–Bartter
Heath–Jarrow–Morton
Cheyette
Brace–Gatarek–Musiela
LIBOR market model




Mathematics and finance






= Time value of money

=

Present value
Future value
Discounting
Net present value
Internal rate of return
Annuity
Perpetuity




= Financial mathematics

=



Mathematical tools

Probability
Probability distribution
Binomial distribution
Log-normal distribution
Poisson distribution
Stochastic calculus
Brownian motion
Geometric Brownian motion
Cameron–Martin theorem
Feynman–Kac formula
Girsanov's theorem
Itô's lemma
Martingale representation theorem
Radon–Nikodym derivative
Stochastic differential equations
Stochastic process
Jump process
Lévy process
Markov process
Ornstein–Uhlenbeck process
Wiener process
Monte Carlo methods
Low-discrepancy sequence
Monte Carlo integration
Quasi-Monte Carlo method
Random number generation
Partial differential equations
Finite difference method
Heat equation
Numerical partial differential equations
Crank–Nicolson method
Volatility
ARCH model
GARCH model
Stochastic volatility
Stochastic volatility jump



Derivatives pricing


Underlying logic (see also #Economics and finance above)
Rational pricing
Risk-neutral measure
Arbitrage-free pricing
Brownian model of financial markets
Martingale pricing
Forward contract
Forward contract pricing
Futures
Futures contract pricing
Options (incl. Real options and ESOs)
Valuation of options
Black–Scholes formula
Approximations for American options
Barone-Adesi and Whaley
Bjerksund and Stensland
Black's approximation
Optimal stopping
Roll–Geske–Whaley
Black model
Binomial options model
Finite difference methods for option pricing
Garman–Kohlhagen model
The Greeks
Lattice model (finance)
Margrabe's formula
Monte Carlo methods for option pricing
Monte Carlo methods in finance
Quasi-Monte Carlo methods in finance
Least Square Monte Carlo for American options
Trinomial tree
Volatility
Implied volatility
Historical volatility
Volatility smile (& Volatility surface)
Stochastic volatility
Constant elasticity of variance model
Heston model
SABR volatility model
Local volatility
Implied binomial tree
Implied trinomial tree
Edgeworth binomial tree
Johnson binomial tree
Swaps
Swap valuation
Asset swap § Computing the asset swap spread
Credit default swap § Pricing and valuation
Currency swap § Valuation and pricing
Interest rate swap § Valuation and pricing
Multi-curve framework
Variance swap § Pricing and valuation
Interest rate derivatives (bond options, swaptions, caps and floors, and others)
Black model
caps and floors
swaptions
Bond options
Short-rate models (generally applied via lattice based- and specialized simulation-models, although "Black like" formulae exist in some cases.)
Rendleman–Bartter model
Vasicek model
Ho–Lee model
Hull–White model
Cox–Ingersoll–Ross model
Black–Karasinski model
Black–Derman–Toy model
Kalotay–Williams–Fabozzi model
Longstaff–Schwartz model
Chen model
Forward rate / Forward curve -based models (Application as per short-rate models)
LIBOR market model (also called: Brace–Gatarek–Musiela Model, BGM)
Heath–Jarrow–Morton Model (HJM)
Cheyette model
Valuation adjustments
Credit valuation adjustment
XVA
Yield curve modelling
Multi-curve framework
Bootstrapping (finance)
Yield curve § Construction of the full yield curve from market data
Fixed-income attribution § Modeling the yield curve
Nelson-Siegel
Principal component analysis § Quantitative finance



Portfolio mathematics

#Mathematical techniques below
#Quantitative investing below
Modern portfolio theory § Mathematical model
Portfolio optimization
§ Optimization methods
§ Mathematical tools
Merton's portfolio problem
Kelly criterion
Roy's safety-first criterion
Specific applications:
Black–Litterman model
Universal portfolio algorithm
Markowitz model
Treynor–Black model




Financial markets






= Market and instruments

=
Capital markets
Securities
Financial markets
Primary market
Initial public offering
Aftermarket
Free market
Bull market
Bear market
Bear market rally
Market maker
Dow Jones Industrial Average
Nasdaq
List of stock exchanges
List of stock market indices
List of corporations by market capitalization
Value Line Composite Index




= Equity market

=

Stock market
Stock
Common stock
Preferred stock
Treasury stock
Equity investment
Index investing
Private Equity
Financial reports and statements
Fundamental analysis
Dividend
Dividend yield
Stock split



Equity valuation


Dow theory
Elliott wave principle
Economic value added
Fibonacci retracement
Gordon model
Growth stock
PEG ratio
PVGO
Mergers and acquisitions
Leveraged buyout
Takeover
Corporate raid
PE ratio
Market capitalization
Income per share
Stock valuation
Technical analysis
Chart patterns
V-trend
Paper valuation



Investment theory


Behavioral finance
Dead cat bounce
Efficient market hypothesis
Market microstructure
Stock market crash
Stock market bubble
January effect
Mark Twain effect
Quantitative behavioral finance
Quantitative analysis (finance)
Statistical arbitrage




= Bond market

=

Bond (finance)
Zero-coupon bond
Junk bonds
Convertible bond
Accrual bond
Municipal bond
Sovereign bond
Bond valuation
Yield to maturity
Bond duration
Bond convexity
Fixed income




= Money market

=

Repurchase agreement
International Money Market
Currency
Exchange rate
International currency codes
Table of historical exchange rates




= Commodity market

=

Commodity
Asset
Commodity Futures Trading Commission
Commodity trade
Drawdowns
Forfaiting
Fundamental analysis
Futures contract
Fungibility
Gold as an investment
Hedging
Jesse Lauriston Livermore
List of traded commodities
Ownership equity
Position trader
Risk (Futures)
Seasonal traders
Seasonal spread trading
Slippage
Speculation
Spread trade
Technical analysis
Breakout
Bear market
Bottom (technical analysis)
Bull market
MACD
Moving average
Open Interest
Parabolic SAR
Point and figure charts
Resistance
RSI
Stochastic oscillator
Stop loss
Support
Top (technical analysis)
Trade
Trend




= Derivatives market

=

Derivative (finance)
(see also Financial mathematics topics; Derivatives pricing)
Underlying instrument



Forward markets and contracts


Forward contract



Futures markets and contracts


Backwardation
Contango
Futures contract
Financial future
Currency future
Interest rate future
Single-stock futures
Stock market index future
Futures exchange



Option markets and contracts

Options
Stock option
Box spread
Call option
Put option
Strike price
Put–call parity
The Greeks
Black–Scholes formula
Black model
Binomial options model
Implied volatility
Option time value
Moneyness
At-the-money
In-the-money
Out-of-the-money
Straddle
Option style
Vanilla option
Exotic option
Binary option
European option
Interest rate floor
Interest rate cap
Bermudan option
American option
Quanto option
Asian option
Employee stock option
Warrants
Foreign exchange option
Interest rate options
Bond options
Real options
Options on futures



Swap markets and contracts


Swap (finance)
Interest rate swap
Basis swap
Asset swap
Forex swap
Stock swap
Equity swap
Currency swap
Variance swap



Derivative markets by underlyings




= Equity derivatives
=

Contract for difference (CFD)
Exchange-traded fund (ETF)
Closed-end fund
Inverse exchange-traded fund
Equity options
Equity swap
Real estate investment trust (REIT)
Warrants
Covered warrant



= Interest rate derivatives
=

LIBOR
Forward rate agreement
Interest rate swap
Interest rate cap
Exotic interest rate option
Bond option
Interest rate future
Money market instruments
Range accrual Swaps/Notes/Bonds
In-arrears Swap
Constant maturity swap (CMS) or Constant Treasury Swap (CTS) derivatives (swaps, caps, floors)
Interest rate Swaption
Bermudan swaptions
Cross currency swaptions
Power Reverse Dual Currency note (PRDC or Turbo)
Target redemption note (TARN)
CMS steepener
Snowball
Inverse floater
Strips of Collateralized mortgage obligation
Interest only (IO)
Principal only (PO)
Ratchet caps and floors



= Credit derivatives
=

Credit default swap
Collateralized debt obligation
Credit default option
Total return swap
Securitization
Strip financing



= Foreign exchange derivative
=

Basis swap
Currency future
Currency swap
Foreign exchange binary option
Foreign exchange forward
Foreign exchange option
Forward exchange rate
Foreign exchange swap
Foreign exchange hedge
Non-deliverable forward
Power reverse dual-currency note




Financial regulation


Corporate governance
Financial regulation
Bank regulation
Banking license
License




= Designations and accreditation

=

Certified Financial Planner
Chartered Financial Analyst
CFA Institute
Chartered Alternative Investment Analyst
Professional risk manager
Chartered Financial Consultant
Canadian Securities Institute
Independent financial adviser
Chartered Insurance Institute
Financial risk manager
Chartered Market Technician
Certified Financial Technician




= Litigation

=
Liabilities Subject to Compromise




= Fraud

=
Forex scam
Insider trading
Legal origins theory
Petition mill
Ponzi scheme




= Industry bodies

=
International Swaps and Derivatives Association
National Association of Securities Dealers




= Regulatory bodies

=



International

Bank for International Settlements
International Organization of Securities Commissions
Security Commission
Basel Committee on Banking Supervision
Basel Accords – Basel I, Basel II, Basel III
International Association of Insurance Supervisors
International Accounting Standards Board



European Union

European Securities Committee (EU)
Committee of European Securities Regulators (EU)



Regulatory bodies by country




= United Kingdom
=
Financial Conduct Authority
Prudential Regulation Authority (United Kingdom)



= United States
=
Commodity Futures Trading Commission
Federal Reserve
Federal Trade Commission
Municipal Securities Rulemaking Board
Office of the Comptroller of the Currency
Securities and Exchange Commission




= United States legislation

=
Glass–Steagall Act (US)
Gramm–Leach–Bliley Act (US)
Sarbanes–Oxley Act (US)
Securities Act of 1933 (US)
Securities Exchange Act of 1934 (US)
Investment Advisers Act of 1940 (US)
USA PATRIOT Act




Actuarial topics


Actuarial topics




Valuation






= Underlying theory

=
Value (economics)
Valuation (finance) and specifically § Valuation overview
"The Theory of Investment Value"
Financial economics § Corporate finance theory
Valuation risk
Real versus nominal value (economics)
Real prices and ideal prices
Fair value
Fair value accounting
Intrinsic value
Market price
Value in use
Fairness opinion
Asset pricing (see also #Asset pricing theory above)
Equilibrium price
market efficiency
economic equilibrium
rational expectations
Arbitrage-free price
Rational pricing § Arbitrage free pricing
Rational pricing § Risk neutral valuation




= Context

=
(Corporate) Bonds
Bond valuation
Bond (finance) § Bond valuation
Corporate bond § Valuation
Equity valuation
#Equity valuation above
Fundamental analysis
Stock valuation
Capital Markets
Business valuation
Equity (finance) § Valuation
Intrinsic value (finance) § Equity
Capital budgeting and Corporate finance § Investment and project valuation
The Theory of Investment Value
Real estate valuation
Real estate appraisal
Real estate economics




= Considerations

=
Bonds
covenants and indentures
secured / unsecured debt
senior / subordinated debt
embedded options
Equity
Minimum acceptable rate of return
Margin of safety (financial)
Enterprise value
Sum-of-the-parts analysis
Conglomerate discount
Minority discount
Control premium
Accretion/dilution analysis
Certainty equivalent
Haircut (finance)
Paper valuation




= Discounted cash flow valuation

=

Bond valuation
Modeling
Present value § PV of a bond
Bond valuation § Present value approach
Bond valuation § Arbitrage-free pricing approach
embedded options:
Pull to par
Lattice model (finance) § Hybrid securities
Results
Clean price
Dirty price
Yield to maturity
Coupon yield
Current yield
Duration
Convexity
embedded options:
Option-adjusted spread
effective duration
effective convexity
Cash flows
Principal (finance)
Coupon (bond)
Fixed rate bond
Floating rate note
Zero-coupon bond
Accrual bond
sinking fund provisions
Real estate valuation
Intrinsic value (finance) § Real estate
Income approach
Net Operating Income
Real estate appraisal § The income approach
German income approach
Equity valuation
Results
Net present value
Adjusted present value
Equivalent Annual Cost
Payback period
Discounted payback period
Internal rate of return
Modified Internal Rate of Return
Return on investment
Profitability index
Specific models and approaches
Dividend discount model
Gordon growth model
Market value added / Economic value added
Residual income valuation
First Chicago Method
rNPV
Fed model
Sum of perpetuities method
Benjamin Graham formula
LBO valuation model
Goldman Sachs asset management factor model
Cash flows
Cash flow forecasting
EBIDTA
NOPAT
Free cash flow
Free cash flow to firm
Free cash flow to equity
Dividends
Valuation using discounted cash flows § Determine cash flow for each forecast period




= Relative valuation

=

Bonds
Bond valuation § Relative price approach
Yield spread
I-spread
Option-adjusted spread
Z-spread
Asset swap spread
Credit spread (bond)
Bond credit rating
Altman Z-score
Ohlson O-score
Book value
Debt-to-equity ratio
Debt-to-capital ratio
Current ratio
Quick ratio
Debt ratio
Real estate
Capitalization rate
Gross rent multiplier
Sales comparison approach
Real estate appraisal § The sales comparison approach
Cash on cash return
Equity
Financial ratio
Market-based valuation
Valuation using multiples
Comparable company analysis
Dividend yield
Yield gap
Return on equity
DuPont analysis
PE ratio
PEG ratio
Cyclically adjusted price-to-earnings ratio
PVGO
P/B ratio
Price to cash based earnings
Price to Sales
EV/EBITDA
EV/Sales
Stock image
Valuation using the Market Penetration Model
Graham number
Tobin's q




= Contingent claim valuation

=

Valuation techniques
general
Valuation of options
Option (finance) § Valuation
#Derivatives pricing above
as typically employed
Real options valuation
Rational pricing § The replicating portfolio
Financial economics § Corporate finance theory
Lattice model (finance) § Hybrid securities
Monte Carlo methods in finance
Applications
Corporate investments and projects
Real options
Corporate finance § Valuing flexibility
Contingent value rights
Business valuation § Option pricing approaches
structured finance investments (funding dependent)
special purpose entities (funding dependent)
Balance sheet assets and liabilities
warrants and other convertible securities
securities with embedded options such as callable bonds
employee stock options




= Other approaches

=
"Fundamentals"-based (relying on accounting information)
T-model
Residual income valuation
Clean surplus accounting
Net asset value method
Excess earnings method
Historical earnings valuation
Future maintainable earnings valuation
Graham number




= Financial modeling

=

Cash flow
Cash flow forecasting
Cash flow statement
Operating cash flow
EBIDTA
Depreciation § Effect on cash
NOPAT
Free cash flow
Free cash flow to firm
Free cash flow to equity
Dividends
Cash is king
Mid-year adjustment
Owner earnings
Required return (i.e. discount rate)
Valuation using discounted cash flows § Determine discount factor / rate
Cost of capital
Weighted average cost of capital
Cost of equity
Cost of debt
Capital asset pricing model
Beta (finance) § Empirical estimation
Hamada's equation
Pure play method
Arbitrage pricing theory
Business valuation § Build-up method
Total Beta
T-model
cash-flow T-model
Terminal value
Valuation using discounted cash flows § Determine the continuing value
Forecast period (finance)
long term growth rate
Sustainable growth rate § From a financial perspective
Stock valuation § Growth rate
Forecasted financial statements
Financial forecast
Financial modeling § Accounting
Pro forma § Financial statements
Revenue
Revenue model
Revenue § Financial statement analysis
Revenue management § Forecasting
Net sales
Costs
Profit margin
Gross margin
Net margin
Cost of goods sold
Operating expenses
Operating ratio
Cost driver
Fixed cost
Variable cost
Overhead cost
Value chain
activity based costing
common-size analysis
Profit model
Capital
Capital structure
common-size analysis
Equity (finance)
Shareholders' equity
Book value
Retained earnings
Financial capital
Long term asset / Fixed asset
Fixed-asset turnover
Long-term liabilities
Debt-to-equity ratio
Debt-to-capital ratio
Working capital
Current asset
Current liability
Inventory turnover / Days in inventory
Cost of goods sold
Debtor & Creditor days
Days sales outstanding
Days payable outstanding




Portfolio theory






= General concepts

=
Portfolio (finance)
Portfolio manager
Investment management
Active management
Passive management (Buy and hold)
Index fund
Core & Satellite
Smart beta
Expense ratio
Investment style
Value investing
Contrarian investing
Growth investing
CAN SLIM
Index investing
Magic formula investing
Momentum investing
Quality investing
Style investing
Factor investing
Investment strategy
Benchmark-driven investment strategy
Liability-driven investment strategy
Financial risk management § Investment management
Investor profile
Rate of return on a portfolio / Investment performance
Risk return ratio
Risk–return spectrum
Risk factor (finance)
Portfolio optimization
Diversification (finance)
Asset classes
Exter's Pyramid
Asset allocation
Tactical asset allocation
Global tactical asset allocation
Cyclical tactical asset allocation
Strategic asset allocation
Dynamic asset allocation
Sector rotation
Correlation & covariance
Covariance matrix
Correlation matrix
Risk-free interest rate
Leverage (finance)
Utility function
Intertemporal portfolio choice
Portfolio insurance
Constant proportion portfolio insurance
Mathematical finance § Risk and portfolio management: the P world
Quantitative investment / Quantitative fund (see below)
Uncompensated risk




= Modern portfolio theory

=

Portfolio optimization
Risk return ratio
Risk–return spectrum
Economic efficiency
Efficient-market hypothesis
Random walk hypothesis
Utility maximization problem
Markowitz model
Merton's portfolio problem
Kelly criterion
Roy's safety-first criterion
Theory and results (derivation of the CAPM)
Equilibrium price
Market price
Systematic risk
Risk factor (finance)
Idiosyncratic risk / Specific risk
Mean-variance analysis (Two-moment decision model)
Efficient frontier (Mean variance efficiency)
Feasible set
Mutual fund separation theorem
Separation property (finance)
Tangent portfolio
Market portfolio
Beta (finance)
Fama–MacBeth regression
Hamada's equation
Capital structure substitution theory § Beta
Capital allocation line
Capital market line
Security characteristic line
Capital asset pricing model
Single-index model
Security market line
Roll's critique
Related measures
Alpha (finance)
Sharpe ratio
Treynor ratio
Jensen's alpha
Optimization models
Markowitz model
Treynor–Black model
Equilibrium pricing models (CAPM and extensions)
Capital asset pricing model (CAPM)
Consumption-based capital asset pricing model (CCAPM)
Intertemporal CAPM (ICAPM)
Single-index model
Multiple factor models (see Risk factor (finance))
Fama–French three-factor model
Carhart four-factor model
Arbitrage pricing theory (APT)




= Post-modern portfolio theory

=

Approaches
Behavioral portfolio theory
Stochastic portfolio theory
Chance-constrained portfolio selection
Maslowian portfolio theory
Dedicated portfolio theory (fixed income specific)
Risk parity
Tail risk parity
Optimization considerations
Pareto efficiency
Bayesian efficiency
Multiple-criteria decision analysis
Multi-objective optimization
Stochastic dominance
Second-order Stochastic dominance
Marginal conditional stochastic dominance
Downside risk
Volatility skewness
Semivariance
Expected shortfall (ES; also called conditional value at risk (CVaR), average value at risk (AVaR), expected tail loss (ETL))
Tail value at risk
Statistical dispersion
Discounted maximum loss
Indifference price
Measures
Dual-beta
Downside beta
Upside beta
Upside potential ratio
Upside risk
Downside risk
Sortino ratio
Omega ratio
Bias ratio
Information ratio
Active return
Active risk
Deviation risk measure
Distortion risk measure
Spectral risk measure
Optimization models
Black–Litterman model
Universal portfolio algorithm
Resampled efficient frontier




= Performance measurement

=

Alpha (finance)
Beta (finance)
Performance attribution
Market timing
Stock selection
Fixed-income attribution
Benchmark
Lipper average
Returns-based style analysis
Rate of return on a portfolio
Holding period return
Tracking error
Attribution analysis
Style drift
Returns-based style analysis
Simple Dietz method
Modified Dietz method
Modigliani risk-adjusted performance
Upside potential ratio
Maximum Downside Exposure
Maximum drawdown
Sterling ratio
Sharpe ratio
Treynor ratio
Jensen's alpha
Bias ratio
V2 ratio
Calmar ratio (hedge fund specific)




= Mathematical techniques

=
Modern portfolio theory § Mathematical model
Quadratic programming
Critical line method
Nonlinear programming
Mixed integer programming
Stochastic programming (§ Multistage portfolio optimization)
Copula (probability theory) (§ Quantitative finance)
Principal component analysis (§ Quantitative finance)
Deterministic global optimization
Extended Mathematical Programming (§ EMP for stochastic programming)
Genetic algorithm (List of genetic algorithm applications § Finance and Economics)
Artificial intelligence:
Applications of artificial intelligence § Trading and investment
Machine learning (§ Applications)
Artificial neural network (§ Finance)




Quantitative investing



Quantitative investing
Quantitative fund
Quantitative analysis (finance) § Quantitative investment management
Quantitative analysis (finance) § Algorithmic trading quantitative analyst
Applications of artificial intelligence § Trading and investment
Trading:
Automated trading
High-frequency trading
Algorithmic trading
Program trading
Systematic trading
Technical analysis § Systematic trading
Trading strategy
Mirror trading
Copy trading
Social trading
VWAP
TWAP
Electronic trading platform
Statistical arbitrage
Portfolio optimization:
Portfolio optimization § Optimization methods
Portfolio optimization § Mathematical tools
Black–Litterman model
Universal portfolio algorithm
Markowitz model
Treynor–Black model
other models
Factor investing
low-volatility investing
value investing
momentum investing
Alpha generation platform
Kelly criterion
Roy's safety-first criterion
Risks:
Best execution
Implementation shortfall
Trading curb
Market impact
Market depth
Slippage (finance)
Transaction costs
Discussion:
Automated trading system § Market disruption and manipulation
High-frequency trading § Risks and controversy
Algorithmic trading § Issues and developments
Positive feedback § Systemic risk
2010 flash crash
Black Monday (1987) § Causes
Statistical arbitrage § StatArb and systemic risk: events of summer 2007
Leading companies (see Quantitative fund § List of notable quantitative funds):
Prediction Company
Renaissance Technologies
D. E. Shaw & Co
AQR Capital
Barclays Investment Bank
Cantab Capital Partners
Robeco
Jane Street Capital




Financial software tools


Straight Through Processing Software
Technical Analysis Software
Algorithmic trading
Electronic trading platform
List of numerical-analysis software
Comparison of numerical-analysis software




Financial modeling applications






= Corporate Finance

=
Business valuation / stock valuation - especially via discounted cash flow, but including other valuation approaches
Scenario planning and management decision making ("what is"; "what if"; "what has to be done")
Capital budgeting, including cost of capital (i.e. WACC) calculations
Financial statement analysis / ratio analysis (including of operating- and finance leases, and R&D)
Revenue related: forecasting, analysis
Project finance modeling
Cash flow forecasting
Credit decisioning: Credit analysis, Consumer credit risk; impairment- and provision-modeling
Working capital- and treasury management; asset and liability management
Management accounting: Activity-based costing, Profitability analysis, Cost analysis, Whole-life cost




= Quantitative finance

=
Option pricing and calculation of their "Greeks"
Other derivatives, especially interest rate derivatives, credit derivatives and exotic derivatives
Modeling the term structure of interest rates (bootstrapping / multi-curves, short-rate models, HJM framework) and credit spreads
Credit valuation adjustment, CVA, as well as the various XVA
Credit risk, counterparty credit risk, and regulatory capital: EAD, PD, LGD, PFE
Structured product design and manufacture
Portfolio optimization and Quantitative investing more generally; see further re optimization methods employed.
Financial risk modeling: value at risk (parametric- and / or historical, CVaR, EVT), stress testing, "sensitivities" analysis




Financial institutions


Financial institutions

Bank
List of banks
List of banks in the Arab World
List of banks in Africa
List of banks in the Americas
List of banks in Asia
List of banks in Europe
List of banks in Oceania
List of international banking institutions
Advising bank
Central bank
List of central banks
Commercial bank
Community development bank
Cooperative bank
Custodian bank
Depository bank
Ethical bank
Investment bank
Islamic banking
Merchant bank
Microcredit
Mutual savings bank
Offshore bank
Private bank
Savings bank
Swiss bank
Bank holding company
Building society
Broker
Broker-dealer
Brokerage firm
Commodity broker
Insurance broker
Prime brokerage
Retail broker
Stockbroker
Clearing house
Commercial lender
Community development financial institution
Credit rating agency
Credit union
Diversified financial
Edge Act Corporation
Export Credit Agencies
Financial adviser
Financial intermediary
Financial planner
Futures exchange
List of futures exchanges
Government sponsored enterprise
Hard money lender
Independent financial adviser
Industrial loan company
Insurance company
Investment adviser
Investment company
Investment trust
Large and Complex Financial Institutions
Mutual fund
Non-banking financial company
Savings and loan association
Stock exchange
List of stock exchanges
Trust company




Education


For the typical finance career path and corresponding education requirements see:
Financial analyst generally, and esp. § Qualification, discussing various investment, banking, and corporate roles (i.e. financial management, corporate finance, investment banking, securities analysis & valuation, portfolio & investment management, credit analysis, working capital & treasury management; see Financial modeling § Accounting)
Quantitative analyst, Quantitative analysis (finance) § Education and Financial engineering § Education, specifically re roles in quantitative finance (i.e. derivative pricing & hedging, interest rate modeling, financial risk management, financial engineering, computational finance; also, the mathematically intensive variant on the banking roles; see Financial modeling § Quantitative finance)
Business education lists undergraduate degrees in business, commerce, accounting and economics; "finance" may be taken as a major in most of these, whereas "quantitative finance" is almost invariably postgraduate, following a math-focused Bachelors; the most common degrees for (entry level) investment, banking, and corporate roles are:
Bachelor of Business Administration (BBA)
Bachelor of Commerce (BCom)
Bachelor of Accountancy (B.Acc)
Bachelor of Economics (B.Econ)
Bachelor of Finance - the undergraduate version of the MSF below
The tagged BS / BA "in Finance", or less common, "in Investment Management" or "in Personal Finance"
At the postgraduate level, the MBA, MCom and MSM (and recently the Master of Applied Economics) similarly offer training in finance generally; at this level there are also the following specifically focused master's degrees, with MSF the broadest - see Master of Finance § Comparison with other qualifications for their focus and inter-relation:
Master of Applied Finance (M.App.Fin)
Master of Commerce in Finance (MCom)
Master of Computational Finance
Master's in Corporate Finance
Master of Finance (M.Fin, MIF)
Master's in Financial Analysis
Master of Financial Economics
Master of Financial Engineering (MFE)
Master of Financial Planning
Master's in Financial Management
Master of Financial Mathematics
Master's in Financial Risk Management
Master's in Investment Management
Master of Mathematical Finance
Master of Quantitative Finance (MQF)
Master of Science in Finance (MSF, MSc Finance)
MS in Fintech
Doctoral-training in finance is usually a requirement for academia, but not relevant to industry
quants often enter the profession with PhDs in disciplines such as physics, mathematics, engineering, and computer science, and learn finance "on the job”
as an academic field, finance theory is studied and developed within the disciplines of management, (financial) economics, accountancy, and applied / financial mathematics.
For specialized roles, there are various Professional Certifications in financial services (see #Designations and accreditation above); the best recognized are arguably:
Association of Corporate Treasurers (MCT / FCT)
Certificate in Quantitative Finance (CQF)
Certified Financial Planner (CFP)
Certified International Investment Analyst (CIIA)
Certified Treasury Professional (CTP)
Chartered Alternative Investment Analyst (CAIA)
Chartered Financial Analyst (CFA)
Chartered Wealth Manager (CWM)
CISI Diploma in Capital Markets (MCSI)
Financial Risk Manager (FRM)
Professional Risk Manager (PRM)
Various organizations offer executive education, CPD, or other focused training programs, including:
Amsterdam Institute of Finance
Canadian Securities Institute
Chartered Institute for Securities & Investment
GARP
Global Risk Institute
ICMA Centre
The London Institute of Banking & Finance
New York Institute of Finance
PRMIA
South African Institute of Financial Markets
Swiss Finance Institute
See also qualifications in related fields:
Accounting § Education, training and qualifications
Actuarial credentialing and exams
Business education
Credit analyst § Education
Economics education
Management § Training and education
Chief financial officer § Qualifications




See also


Capitalism
Financial law




Related lists


Index of accounting articles
Outline of business management
Outline of marketing
Outline of economics
Outline of production
Index of international trade articles
Outline of commercial law
List of business theorists
Outline of actuarial science




References






External links



Prof. Aswath Damodaran - financial theory, with a focus in Corporate Finance, Valuation and Investments. Updated Data, Excel Spreadsheets.
Web Sites for Discerning Finance Students (Prof. John M. Wachowicz) -Links to finance web sites, grouped by topic
studyfinance.com - introductory finance web site at the University of Arizona
SECLaw.com - law of the financial markets

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