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By:Malcolm Kemp
Published on 2009-09-10 by John Wiley & Sons

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Achieving market consistency can be challenging, even for the most established finance practitioners. In Market Consistency: Model Calibration in Imperfect Markets, leading expert Malcolm Kemp shows readers how they can best incorporate market consistency across all disciplines. Building on the author's experience as a practitioner, writer and speaker on the topic, the book explores how risk management and related disciplines might develop as fair valuation principles become more entrenched in finance and regulatory practice. This is the only text that clearly illustrates how to calibrate risk, pricing and portfolio construction models to a market consistent level, carefully explaining in a logical sequence when and how market consistency should be used, what it means for different financial disciplines and how it can be achieved for both liquid and illiquid positions. It explains why market consistency is intrinsically difficult to achieve with certainty in some types of activities, including computation of hedging parameters, and provides solutions to even the most complex problems. The book also shows how to best mark-to-market illiquid assets and liabilities and to incorporate these valuations into solvency and other types of financial analysis; it indicates how to define and identify risk-free interest rates, even when the creditworthiness of governments is no longer undoubted; and it explores when practitioners should focus most on market consistency and when their clients or employers might have less desire for such an emphasis. Finally, the book analyses the intrinsic role of regulation and risk management within different parts of the financial services industry, identifying how and why market consistency is key to these topics, and highlights why ideal regulatory solvency approaches for long term investors like insurers and pension funds may not be the same as for other financial market participants such as banks and asset managers.

This Book was ranked at 22 by Google Books for keyword Financial Services Industry.

Book ID of Market Consistency's Books is gVKFoOO7TOoC, Book which was written byMalcolm Kemphave ETAG "c4cJ/KF6xvY"

Book which was published by John Wiley & Sons since 2009-09-10 have ISBNs, ISBN 13 Code is 9780470684894 and ISBN 10 Code is 0470684895

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Book which have "376 Pages" is Printed at BOOK under CategoryBusiness and Economics

Book was written in en

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