Dictionary of Accounting Terms
Author: Joel Siegel
The updated edition of this quick-reference short-entry dictionary defines more than 2,500 accounting, bookkeeping, and tax-related terms. General areas covered include financial accounting, managerial and cost accounting, auditing and financial statement analysis, and information technology (IT) terms. Also included are many terms from related business disciplines that the accountant must know, such as finance, personal finance, investments, Internet, economics, quantitative tools, and international business.
Read also The E Myth Revisited or The Little Book That Builds Wealth
A Demon of Our Own Design: Markets, Hedge Funds, and the Risks of Financial Innovation
Author: Richard Bookstaber
Inside markets, innovation, and risk
Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of some of the world’s largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man’s attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.
The New York Times
Mr. Bookstaber is one of Wall Street's 'rocket scientists' . . . In the book, he makes a simple point: The turmoil in the financial markets today comes less from changes in the economy ... and more from some of the financial instruments (derivatives) that were designed to control risk.
Newsweek
A risk-management maven who's been on Wall Street for decades . . . Bookstaber's book shows us some complex strategies that very smart people followed to seemingly reduce risk--but that led to huge losses.
The Economist
Bright sparks like Mr. Bookstaber ushered in a revolution that fuelled the boom in financial derivatives and Byzantine 'structured products.' The problem, he argues, is that this wizardry has made markets more crisis-prone, not less so.
The Wall Street Journal
Like many pessimistic observers, Richard Bookstaber thinks financial derivatives, Wall Street innovation and hedge funds will lead to a financial meltdown. What sets Mr. Bookstaber apart is that he has spent his career designing derivatives, working on Wall Street and running a hedge fund.
What People Are Saying
Peter L. Bernstein
"This book is powerful stuff. When the hero of the story is a cockroach, you are assured of a controversial, illuminating, and fascinating discovery of where the financial risks really lurk and how to avoid them. Bookstaber knows whereof he speaks: I have read every word of his sophisticated essays on why market crises are inevitable, why investors are their own worst enemies, and how regulators should keep out of their way."--(Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk)
Mark Rubinstein
"Are you ready for the real deal? An insider, everysider view of the Wall street calamities that have kept investing tantalizingly hot and frighteningly volatile since the crash of '87. For an in-depth, curtains-open, and coolly written exposition of Wall Street, Bookstaber is my man."--(Mark Rubinstein, Professor of Finance, UC Berkeley)
Emanuel Derman
"Rick Bookstaber was at the nexus of many of the financial crises of the past twenty-five years. His recollections and smart analyses of markets, meltdowns, and the people who caused them make for a genuine thriller."--(Emanuel Derman, author of My Life as a Quant)
H. "Woody" Brock
"Exactly HWY do markets misbehave? Rick Bookstaber draws on his extensive knowledge of today's complex financial markets to set forth many of the reasons endogenous risk is so large AND so ominous. He understands one of the most sobering aspects of this risk: its sources are far too complex to be meaningfully assessed. This gives lie to current regulatory bromides that 'everything will be OK provided that we better assess and mange risk,' for the risks that matter most are non-assessable!"--(H. "Woody" Brock, President, Strategic Economic Decisions, Inc.)
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