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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-The_financial_system" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#The_financial_system"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>The financial system</span> </div> </a> <ul id="toc-The_financial_system-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Areas_of_finance" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Areas_of_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Areas of finance</span> </div> </a> <button aria-controls="toc-Areas_of_finance-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Areas of finance subsection</span> </button> <ul id="toc-Areas_of_finance-sublist" class="vector-toc-list"> <li id="toc-Personal_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Personal_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Personal finance</span> </div> </a> <ul id="toc-Personal_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Corporate_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Corporate_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Corporate finance</span> </div> </a> <ul id="toc-Corporate_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Public_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Public_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Public finance</span> </div> </a> <ul id="toc-Public_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_management" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investment_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Investment management</span> </div> </a> <ul id="toc-Investment_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Risk_management" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Risk_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Risk management</span> </div> </a> <ul id="toc-Risk_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Quantitative_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Quantitative_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Quantitative finance</span> </div> </a> <ul id="toc-Quantitative_finance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Financial_theory" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Financial_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Financial theory</span> </div> </a> <button aria-controls="toc-Financial_theory-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Financial theory subsection</span> </button> <ul id="toc-Financial_theory-sublist" class="vector-toc-list"> <li id="toc-Managerial_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Managerial_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Managerial finance</span> </div> </a> <ul id="toc-Managerial_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Financial economics</span> </div> </a> <ul id="toc-Financial_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_mathematics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_mathematics"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Financial mathematics</span> </div> </a> <ul id="toc-Financial_mathematics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Experimental_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Experimental_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Experimental finance</span> </div> </a> <ul id="toc-Experimental_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Behavioral_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Behavioral_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Behavioral finance</span> </div> </a> <ul id="toc-Behavioral_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Quantum_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Quantum_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Quantum finance</span> </div> </a> <ul id="toc-Quantum_finance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-History_of_finance" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History_of_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>History of finance</span> </div> </a> <ul id="toc-History_of_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Finance</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 95 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-95" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">95 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Finansies" title="Finansies – Afrikaans" lang="af" hreflang="af" data-title="Finansies" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D9%85%D9%88%D9%8A%D9%84" title="تمويل – Arabic" lang="ar" hreflang="ar" data-title="تمويل" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-an mw-list-item"><a href="https://an.wikipedia.org/wiki/Finanzas" title="Finanzas – Aragonese" lang="an" hreflang="an" data-title="Finanzas" data-language-autonym="Aragonés" data-language-local-name="Aragonese" class="interlanguage-link-target"><span>Aragonés</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Finances" title="Finances – Asturian" lang="ast" hreflang="ast" data-title="Finances" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Maliyy%C9%99" title="Maliyyə – Azerbaijani" lang="az" hreflang="az" data-title="Maliyyə" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%DB%8C%D9%87" title="مالییه – South Azerbaijani" lang="azb" hreflang="azb" data-title="مالییه" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%B8%E0%A6%82%E0%A6%B8%E0%A7%8D%E0%A6%A5%E0%A6%BE%E0%A6%A8" title="অর্থসংস্থান – Bangla" lang="bn" hreflang="bn" data-title="অর্থসংস্থান" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Kim-hi%C3%B4ng" title="Kim-hiông – Minnan" lang="nan" hreflang="nan" data-title="Kim-hiông" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D1%82%D0%B0%D1%80" title="Финанстар – Bashkir" lang="ba" hreflang="ba" data-title="Финанстар" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%A4%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D1%8B" title="Фінансы – Belarusian" lang="be" hreflang="be" data-title="Фінансы" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%A4%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D1%8B" title="Фінансы – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Фінансы" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bh mw-list-item"><a href="https://bh.wikipedia.org/wiki/%E0%A4%AB%E0%A4%BE%E0%A4%87%E0%A4%A8%E0%A5%87%E0%A4%82%E0%A4%B8" title="फाइनेंस – Bhojpuri" lang="bh" hreflang="bh" data-title="फाइनेंस" data-language-autonym="भोजपुरी" data-language-local-name="Bhojpuri" class="interlanguage-link-target"><span>भोजपुरी</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8" title="Финанси – Bulgarian" lang="bg" hreflang="bg" data-title="Финанси" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Finansije" title="Finansije – Bosnian" lang="bs" hreflang="bs" data-title="Finansije" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Finances" title="Finances – Catalan" lang="ca" hreflang="ca" data-title="Finances" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Finance" title="Finance – Czech" lang="cs" hreflang="cs" data-title="Finance" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-sn mw-list-item"><a href="https://sn.wikipedia.org/wiki/Muduso" title="Muduso – Shona" lang="sn" hreflang="sn" data-title="Muduso" data-language-autonym="ChiShona" data-language-local-name="Shona" class="interlanguage-link-target"><span>ChiShona</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Arianneg" title="Arianneg – Welsh" lang="cy" hreflang="cy" data-title="Arianneg" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Finansiering" title="Finansiering – Danish" lang="da" hreflang="da" data-title="Finansiering" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Finanzen" title="Finanzen – German" lang="de" hreflang="de" data-title="Finanzen" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Rahandus" title="Rahandus – Estonian" lang="et" hreflang="et" data-title="Rahandus" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A7%CF%81%CE%B7%CE%BC%CE%B1%CF%84%CE%BF%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AC" title="Χρηματοοικονομικά – Greek" lang="el" hreflang="el" data-title="Χρηματοοικονομικά" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Finanzas" title="Finanzas – Spanish" lang="es" hreflang="es" data-title="Finanzas" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Financoj" title="Financoj – Esperanto" lang="eo" hreflang="eo" data-title="Financoj" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Finantzak" title="Finantzak – Basque" lang="eu" hreflang="eu" data-title="Finantzak" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AF%D8%A7%D9%86%D8%B4_%D9%85%D8%A7%D9%84%DB%8C" title="دانش مالی – Persian" lang="fa" hreflang="fa" data-title="دانش مالی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Finance" title="Finance – French" lang="fr" hreflang="fr" data-title="Finance" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-fur mw-list-item"><a href="https://fur.wikipedia.org/wiki/Finance" title="Finance – Friulian" lang="fur" hreflang="fur" data-title="Finance" data-language-autonym="Furlan" data-language-local-name="Friulian" class="interlanguage-link-target"><span>Furlan</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Airgeadas" title="Airgeadas – Irish" lang="ga" hreflang="ga" data-title="Airgeadas" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gv mw-list-item"><a href="https://gv.wikipedia.org/wiki/Argidys" title="Argidys – Manx" lang="gv" hreflang="gv" data-title="Argidys" data-language-autonym="Gaelg" data-language-local-name="Manx" class="interlanguage-link-target"><span>Gaelg</span></a></li><li class="interlanguage-link interwiki-hak mw-list-item"><a href="https://hak.wikipedia.org/wiki/K%C3%AEm-y%C3%B9ng" title="Kîm-yùng – Hakka Chinese" lang="hak" hreflang="hak" data-title="Kîm-yùng" data-language-autonym="客家語 / Hak-kâ-ngî" data-language-local-name="Hakka Chinese" class="interlanguage-link-target"><span>客家語 / Hak-kâ-ngî</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B8%88%EC%9C%B5" title="금융 – Korean" lang="ko" hreflang="ko" data-title="금융" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%96%D5%AB%D5%B6%D5%A1%D5%B6%D5%BD%D5%B6%D5%A5%D6%80" title="Ֆինանսներ – Armenian" lang="hy" hreflang="hy" data-title="Ֆինանսներ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4" title="वित्त – Hindi" lang="hi" hreflang="hi" data-title="वित्त" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Financije" title="Financije – Croatian" lang="hr" hreflang="hr" data-title="Financije" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Financo" title="Financo – Ido" lang="io" hreflang="io" data-title="Financo" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Keuangan" title="Keuangan – Indonesian" lang="id" hreflang="id" data-title="Keuangan" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ie mw-list-item"><a href="https://ie.wikipedia.org/wiki/Financie" title="Financie – Interlingue" lang="ie" hreflang="ie" data-title="Financie" data-language-autonym="Interlingue" data-language-local-name="Interlingue" class="interlanguage-link-target"><span>Interlingue</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Fj%C3%A1rm%C3%A1l" title="Fjármál – Icelandic" lang="is" hreflang="is" data-title="Fjármál" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Finanza" title="Finanza – Italian" lang="it" hreflang="it" data-title="Finanza" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%99%D7%9E%D7%95%D7%9F" title="מימון – Hebrew" lang="he" hreflang="he" data-title="מימון" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B9%E0%B2%A3%E0%B2%95%E0%B2%BE%E0%B2%B8%E0%B3%81" title="ಹಣಕಾಸು – Kannada" lang="kn" hreflang="kn" data-title="ಹಣಕಾಸು" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A4%E1%83%98%E1%83%9C%E1%83%90%E1%83%9C%E1%83%A1%E1%83%94%E1%83%91%E1%83%98" title="ფინანსები – Georgian" lang="ka" hreflang="ka" data-title="ფინანსები" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D2%9A%D0%B0%D1%80%D0%B6%D1%8B" title="Қаржы – Kazakh" lang="kk" hreflang="kk" data-title="Қаржы" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-gcr mw-list-item"><a href="https://gcr.wikipedia.org/wiki/Finans" title="Finans – Guianan Creole" lang="gcr" hreflang="gcr" data-title="Finans" data-language-autonym="Kriyòl gwiyannen" data-language-local-name="Guianan Creole" class="interlanguage-link-target"><span>Kriyòl gwiyannen</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%9A%D0%B0%D1%80%D0%B6%D1%8B" title="Каржы – Kyrgyz" lang="ky" hreflang="ky" data-title="Каржы" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Finanses" title="Finanses – Latvian" lang="lv" hreflang="lv" data-title="Finanses" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Finansai" title="Finansai – Lithuanian" lang="lt" hreflang="lt" data-title="Finansai" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-li mw-list-item"><a href="https://li.wikipedia.org/wiki/Finanse" title="Finanse – Limburgish" lang="li" hreflang="li" data-title="Finanse" data-language-autonym="Limburgs" data-language-local-name="Limburgish" class="interlanguage-link-target"><span>Limburgs</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/P%C3%A9nz%C3%BCgy" title="Pénzügy – Hungarian" lang="hu" hreflang="hu" data-title="Pénzügy" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%A7%E0%B4%A8%E0%B4%95%E0%B4%BE%E0%B4%B0%E0%B5%8D%E0%B4%AF%E0%B4%82" title="ധനകാര്യം – Malayalam" lang="ml" hreflang="ml" data-title="ധനകാര്യം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-xmf mw-list-item"><a href="https://xmf.wikipedia.org/wiki/%E1%83%A4%E1%83%98%E1%83%9C%E1%83%90%E1%83%9C%E1%83%A1%E1%83%94%E1%83%A4%E1%83%98" title="ფინანსეფი – Mingrelian" lang="xmf" hreflang="xmf" data-title="ფინანსეფი" data-language-autonym="მარგალური" data-language-local-name="Mingrelian" class="interlanguage-link-target"><span>მარგალური</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kewangan" title="Kewangan – Malay" lang="ms" hreflang="ms" data-title="Kewangan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%A1%D0%B0%D0%BD%D1%85%D2%AF%D2%AF" title="Санхүү – Mongolian" lang="mn" hreflang="mn" data-title="Санхүү" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-new mw-list-item"><a href="https://new.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4" title="वित्त – Newari" lang="new" hreflang="new" data-title="वित्त" data-language-autonym="नेपाल भाषा" data-language-local-name="Newari" class="interlanguage-link-target"><span>नेपाल भाषा</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%87%91%E8%9E%8D" title="金融 – Japanese" lang="ja" hreflang="ja" data-title="金融" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-frr mw-list-item"><a href="https://frr.wikipedia.org/wiki/Finansen" title="Finansen – Northern Frisian" lang="frr" hreflang="frr" data-title="Finansen" data-language-autonym="Nordfriisk" data-language-local-name="Northern Frisian" class="interlanguage-link-target"><span>Nordfriisk</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Finans" title="Finans – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Finans" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Finans" title="Finans – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Finans" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Moliya" title="Moliya – Uzbek" lang="uz" hreflang="uz" data-title="Moliya" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%B5%E0%A8%BF%E0%A9%B1%E0%A8%A4" title="ਵਿੱਤ – Punjabi" lang="pa" hreflang="pa" data-title="ਵਿੱਤ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D9%87" title="مالیه – Pashto" lang="ps" hreflang="ps" data-title="مالیه" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-jam mw-list-item"><a href="https://jam.wikipedia.org/wiki/Finans" title="Finans – Jamaican Creole English" lang="jam" hreflang="jam" data-title="Finans" data-language-autonym="Patois" data-language-local-name="Jamaican Creole English" class="interlanguage-link-target"><span>Patois</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Finanse" title="Finanse – Polish" lang="pl" hreflang="pl" data-title="Finanse" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Finan%C3%A7as" title="Finanças – Portuguese" lang="pt" hreflang="pt" data-title="Finanças" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Finan%C8%9Be" title="Finanțe – Romanian" lang="ro" hreflang="ro" data-title="Finanțe" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D1%8B" title="Финансы – Russian" lang="ru" hreflang="ru" data-title="Финансы" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D2%AE%D0%BF" title="Үп – Yakut" lang="sah" hreflang="sah" data-title="Үп" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Financa" title="Financa – Albanian" lang="sq" hreflang="sq" data-title="Financa" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-scn mw-list-item"><a href="https://scn.wikipedia.org/wiki/Finanza" title="Finanza – Sicilian" lang="scn" hreflang="scn" data-title="Finanza" data-language-autonym="Sicilianu" data-language-local-name="Sicilian" class="interlanguage-link-target"><span>Sicilianu</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Finance" title="Finance – Simple English" lang="en-simple" hreflang="en-simple" data-title="Finance" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Financovanie" title="Financovanie – Slovak" lang="sk" hreflang="sk" data-title="Financovanie" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Finance" title="Finance – Slovenian" lang="sl" hreflang="sl" data-title="Finance" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%B2%D8%A7%D9%86%DB%8C%D8%A7%D8%B1%DB%8C_%D9%85%D8%A7%DA%B5%DB%8C" title="زانیاری ماڵی – Central Kurdish" lang="ckb" hreflang="ckb" data-title="زانیاری ماڵی" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Finansije" title="Finansije – Serbian" lang="sr" hreflang="sr" data-title="Finansije" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Financije" title="Financije – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Financije" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Rahoitus" title="Rahoitus – Finnish" lang="fi" hreflang="fi" data-title="Rahoitus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Finans" title="Finans – Swedish" lang="sv" hreflang="sv" data-title="Finans" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Pananalapi_(disiplina)" title="Pananalapi (disiplina) – Tagalog" lang="tl" hreflang="tl" data-title="Pananalapi (disiplina)" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A8%E0%AE%BF%E0%AE%A4%E0%AE%BF%E0%AE%AF%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D" title="நிதியியல் – Tamil" lang="ta" hreflang="ta" data-title="நிதியியல்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99" title="การเงิน – Thai" lang="th" hreflang="th" data-title="การเงิน" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-chr mw-list-item"><a href="https://chr.wikipedia.org/wiki/%E1%8E%A0%E1%8E%B5%E1%8F%8D%E1%8F%95%E1%8E%B8%E1%8F%99%E1%8F%97_%E1%8E%A0%E1%8F%95%E1%8E%B8_%E1%8E%AC%E1%8F%97" title="ᎠᎵᏍᏕᎸᏙᏗ ᎠᏕᎸ ᎬᏗ – Cherokee" lang="chr" hreflang="chr" data-title="ᎠᎵᏍᏕᎸᏙᏗ ᎠᏕᎸ ᎬᏗ" data-language-autonym="ᏣᎳᎩ" data-language-local-name="Cherokee" class="interlanguage-link-target"><span>ᏣᎳᎩ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Finans" title="Finans – Turkish" lang="tr" hreflang="tr" data-title="Finans" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A4%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%B8" title="Фінанси – Ukrainian" lang="uk" hreflang="uk" data-title="Фінанси" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%81%D9%86%D8%A7%D9%86%D8%B3" title="فنانس – Urdu" lang="ur" hreflang="ur" data-title="فنانس" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vec mw-list-item"><a href="https://vec.wikipedia.org/wiki/Finansa" title="Finansa – Venetian" lang="vec" hreflang="vec" data-title="Finansa" data-language-autonym="Vèneto" data-language-local-name="Venetian" class="interlanguage-link-target"><span>Vèneto</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%C3%A0i_ch%C3%ADnh" title="Tài chính – Vietnamese" lang="vi" hreflang="vi" data-title="Tài chính" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-classical mw-list-item"><a href="https://zh-classical.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E5%AD%B8" title="金融學 – Literary Chinese" lang="lzh" hreflang="lzh" data-title="金融學" data-language-autonym="文言" data-language-local-name="Literary Chinese" class="interlanguage-link-target"><span>文言</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Finanza" title="Finanza – Waray" lang="war" hreflang="war" data-title="Finanza" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E9%87%91%E8%9E%8D" title="金融 – Wu" lang="wuu" hreflang="wuu" data-title="金融" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%A4%D7%99%D7%A0%D7%90%D7%A0%D7%A5" title="פינאנץ – Yiddish" lang="yi" hreflang="yi" data-title="פינאנץ" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-yo mw-list-item"><a href="https://yo.wikipedia.org/wiki/%C3%8Cn%C3%A1w%C3%B3" title="Ìnáwó – Yoruba" lang="yo" hreflang="yo" data-title="Ìnáwó" data-language-autonym="Yorùbá" data-language-local-name="Yoruba" class="interlanguage-link-target"><span>Yorùbá</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E5%AD%B8" title="金融學 – Cantonese" lang="yue" hreflang="yue" data-title="金融學" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-diq mw-list-item"><a href="https://diq.wikipedia.org/wiki/Finans" title="Finans – Zazaki" lang="diq" hreflang="diq" data-title="Finans" data-language-autonym="Zazaki" data-language-local-name="Zazaki" class="interlanguage-link-target"><span>Zazaki</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%87%91%E8%9E%8D" title="金融 – Chinese" lang="zh" hreflang="zh" data-title="金融" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q43015#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div 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//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/500px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_market" title="Financial market">Markets</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_asset" title="Financial asset">Assets</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Bond_market" title="Bond market">Bond</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a></li> <li><a href="/wiki/Domain_name_speculation" title="Domain name speculation">Domains</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><span class="nowrap"><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></span></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Spot_market" title="Spot market">Spot</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planner</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a> <ul><li><a href="/wiki/Institutional_investor" title="Institutional investor">institutional</a></li></ul></li> <li><a href="/wiki/Retail" title="Retail">Retail</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculator</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Financial_centre" title="Financial centre">Locations</a></th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_instrument" title="Financial instrument">Instruments</a></div><div class="sidebar-list-content mw-collapsible-content" style="padding-left:2.0em;padding-right:2.0em;"><div class="hlist"> <ul><li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Collateralised_debt_obligation" class="mw-redirect" title="Collateralised debt obligation">Collateralised debt obligation</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swap</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit</a> (<a href="/wiki/Certificate_of_deposit" title="Certificate of deposit">certificate of deposit</a>)</li> <li><a href="/wiki/Line_of_credit" title="Line of credit">Credit line</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative</a></li> <li><a href="/wiki/Futures_contract" title="Futures contract">Futures contract</a></li> <li><a href="/wiki/Indemnity" title="Indemnity">Indemnity</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance</a></li> <li><a href="/wiki/Letter_of_credit" title="Letter of credit">Letter of credit</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mortgage" title="Mortgage">Mortgage</a></li></ul> <div class="hlist"><ul><li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a> (<a href="/wiki/Call_option" title="Call option">call</a></li><li><a href="/wiki/Exotic_option" title="Exotic option">exotic</a></li><li><a href="/wiki/Put_option" title="Put option">put</a>)</li></ul></div> <ul><li><a href="/wiki/Performance_bonds" class="mw-redirect" title="Performance bonds">Performance bonds</a></li> <li><a href="/wiki/Repurchase_agreement" title="Repurchase agreement">Repurchase agreement</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security</a></li> <li><a href="/wiki/Syndicated_loan" title="Syndicated loan">Syndicated loan</a></li> <li><a href="/wiki/Synthetic_CDO" title="Synthetic CDO">Synthetic CDO</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Accounting" title="Accounting">Accounting</a></li> <li><a href="/wiki/Audit" title="Audit">Audit</a></li> <li><a href="/wiki/Capital_budgeting" title="Capital budgeting">Capital budgeting</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Credit_rating_agency" title="Credit rating agency">Credit rating agency</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Financial_risk_management" title="Financial risk management">Risk management</a></li> <li><a href="/wiki/Financial_statement" title="Financial statement">Financial statements</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Transactions</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture capital</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Corporate_tax" title="Corporate tax">Taxation</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS)</li> <li><a href="/wiki/Corporate_tax_haven" class="mw-redirect" title="Corporate tax haven">Corporate tax haven</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax haven</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Personal_finance" title="Personal finance">Personal</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">Credit</a> / <a href="/wiki/Consumer_debt" title="Consumer debt">Debt</a></li> <li><a href="/wiki/Employment_contract" title="Employment contract">Employment contract</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">Financial planning</a></li> <li><div class="hlist"><ul><li><a href="/wiki/Retirement" title="Retirement">Retirement</a></li><li><a href="/wiki/Student_loan" title="Student loan">Student loan</a></li></ul></div></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Public_finance" title="Public finance">Public</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;;display:block;margin-top:0.15em;"> <a href="/wiki/Government_spending" title="Government spending">Government spending</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Government_final_consumption_expenditure" title="Government final consumption expenditure">Final consumption expenditure</a></li> <li><div class="hlist"><ul><li><a href="/wiki/Government_operations" class="mw-redirect" title="Government operations">Operations</a></li><li><a href="/wiki/Redistribution_of_income_and_wealth" title="Redistribution of income and wealth">Redistribution</a></li></ul></div></li> <li><a href="/wiki/Transfer_payment" title="Transfer payment">Transfer payment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> <a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;;padding-left:0.5em;padding-right:0.5em;"> <ul><li><div class="hlist"><ul><li><a href="/wiki/Tax" title="Tax">Taxation</a></li><li><a href="/wiki/Deficit_spending" title="Deficit spending">Deficit spending</a></li></ul></div></li> <li><div class="hlist"><ul><li><a href="/wiki/Government_budget" title="Government budget">Budget</a> (<a href="/wiki/Government_budget_balance" title="Government budget balance">balance</a>)</li><li><a href="/wiki/Government_debt" title="Government debt">Debt</a></li></ul></div></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Warrant_of_payment" title="Warrant of payment">Warrant of payment</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank" title="Bank">Banking</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li></ul> </div> <ul><li><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></li></ul> <table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;;display:block;margin-top:0.15em;"> <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Banking_license" title="Banking license">Banking license</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a></li> <li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a></li> <li><a href="/wiki/Deposit_insurance" title="Deposit insurance">Deposit insurance</a></li> <li><a href="/wiki/Separation_of_investment_and_retail_banking" title="Separation of investment and retail banking">Separation of investment and retail banking</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a> <b>·</b> <a href="/wiki/Financial_law" title="Financial law">Financial law</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content"> <ul><li><a href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</a></li> <li><a href="/wiki/ISO_31000" title="ISO 31000">ISO 31000</a></li> <li><a href="/wiki/Professional_certification_in_financial_services" title="Professional certification in financial services">Professional certification</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Economic_history" title="Economic history">Economic history</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">Private equity and venture capital</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li> <li><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></li> <li><a href="/wiki/Accounting_scandals" title="Accounting scandals">Accounting scandals</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Outline_of_finance" title="Outline of finance">Outline</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_Economics" class="mw-redirect" title="Portal:Business and Economics">Business and Economics portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Finance_sidebar" title="Template:Finance sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Finance_sidebar" title="Template talk:Finance sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Finance_sidebar" title="Special:EditPage/Template:Finance sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Finance</b> refers to monetary resources and to the study and <a href="/wiki/Academic_discipline" title="Academic discipline">discipline</a> of <a href="/wiki/Money" title="Money">money</a>, <a href="/wiki/Currency" title="Currency">currency</a>, <a href="/wiki/Asset" title="Asset">assets</a> and <a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">liabilities</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> As a subject of study, it is related to but distinct from <a href="/wiki/Economics" title="Economics">economics</a>, which is the study of the <a href="/wiki/Production_(economics)" title="Production (economics)">production</a>, <a href="/wiki/Distribution_(economics)" title="Distribution (economics)">distribution</a>, and <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a> of <a href="/wiki/Goods_and_services" title="Goods and services">goods and services</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>b<span class="cite-bracket">]</span></a></sup> Based on the scope of financial activities in <a href="/wiki/Financial_system" title="Financial system">financial systems</a>, the discipline can be divided into <a href="/wiki/Personal_finance" title="Personal finance">personal</a>, <a href="/wiki/Corporate_finance" title="Corporate finance">corporate</a>, and <a href="/wiki/Public_finance" title="Public finance">public finance</a>. </p><p>In these financial systems, assets are bought, sold, or traded as <a href="/wiki/Financial_instrument" title="Financial instrument">financial instruments</a>, such as <a href="/wiki/Currency" title="Currency">currencies</a>, <a href="/wiki/Loan" title="Loan">loans</a>, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a>, <a href="/wiki/Stock" title="Stock">stocks</a>, <a href="/wiki/Option_(finance)" title="Option (finance)">options</a>, <a href="/wiki/Futures_contract" title="Futures contract">futures</a>, etc. Assets can also be <a href="/wiki/Bank" title="Bank">banked</a>, <a href="/wiki/Investment" title="Investment">invested</a>, and <a href="/wiki/Insurance" title="Insurance">insured</a> to maximize value and minimize loss. In practice, <a href="/wiki/Financial_risk" title="Financial risk">risks</a> are always present in any financial action and entities. </p><p>Due to its wide scope, a broad range of subfields exists within finance. <a href="/wiki/Asset_management" title="Asset management">Asset-</a>, <a href="/wiki/Money_management" class="mw-redirect" title="Money management">money-</a>, <a href="/wiki/Financial_risk_management" title="Financial risk management">risk-</a> and <a href="/wiki/Investment_management" title="Investment management">investment management</a> aim to maximize value and minimize <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a>. <a href="/wiki/Financial_analysis" title="Financial analysis">Financial analysis</a> assesses the viability, stability, and profitability of an action or entity. Some fields are multidisciplinary, such as <a href="/wiki/Mathematical_finance" title="Mathematical finance">mathematical finance</a>, <a href="/wiki/Financial_law" title="Financial law">financial law</a>, <a href="/wiki/Financial_economics" title="Financial economics">financial economics</a>, <a href="/wiki/Financial_engineering" title="Financial engineering">financial engineering</a> and <a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">financial technology</a>. These fields are the foundation of <a href="/wiki/Business" title="Business">business</a> and <a href="/wiki/Accounting" title="Accounting">accounting</a>. In some cases, <a href="/wiki/Financial_economics" title="Financial economics">theories in finance</a> can be tested using the <a href="/wiki/Scientific_method" title="Scientific method">scientific method</a>, covered by <a href="/wiki/Experimental_finance" title="Experimental finance">experimental finance</a>. </p><p>The early history of finance parallels the early <a href="/wiki/History_of_money" title="History of money">history of money</a>, which is <a href="/wiki/Prehistory" title="Prehistory">prehistoric</a>. Ancient and medieval civilizations incorporated basic functions of finance, such as banking, trading and accounting, into their economies. In the late 19th century, the <a href="/wiki/Global_financial_system" title="Global financial system">global financial system</a> was formed. </p><p>In the middle of the 20th century, finance emerged as a distinct academic discipline,<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>c<span class="cite-bracket">]</span></a></sup> separate from economics.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The earliest doctoral programs in finance were established in the 1960s and 1970s.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Today, finance is also <a href="/wiki/Outline_of_finance#Education" title="Outline of finance">widely studied</a> through <a href="/wiki/Career" title="Career">career</a>-focused undergraduate and <a href="/wiki/Master_of_Finance" title="Master of Finance">master's level</a> programs.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="The_financial_system">The financial system</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=1" title="Edit section: The financial system"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:1925.B%26O.Railroad.Stock.Louis.Brandeis.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e0/1925.B%26O.Railroad.Stock.Louis.Brandeis.jpg/220px-1925.B%26O.Railroad.Stock.Louis.Brandeis.jpg" decoding="async" width="220" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e0/1925.B%26O.Railroad.Stock.Louis.Brandeis.jpg/330px-1925.B%26O.Railroad.Stock.Louis.Brandeis.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e0/1925.B%26O.Railroad.Stock.Louis.Brandeis.jpg/440px-1925.B%26O.Railroad.Stock.Louis.Brandeis.jpg 2x" data-file-width="1024" data-file-height="737" /></a><figcaption><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a> issued by The Baltimore and Ohio Railroad. Bonds are a form of borrowing used by corporations to finance their operations.</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Radium_Hill_share_certificate.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/68/Radium_Hill_share_certificate.jpg/220px-Radium_Hill_share_certificate.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/68/Radium_Hill_share_certificate.jpg/330px-Radium_Hill_share_certificate.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/6/68/Radium_Hill_share_certificate.jpg 2x" data-file-width="400" data-file-height="300" /></a><figcaption><a href="/wiki/Share_certificate" class="mw-redirect" title="Share certificate">Share certificate</a> dated 1913 issued by the Radium Hill Company</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/220px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/330px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/440px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 2x" data-file-width="4537" data-file-height="3004" /></a><figcaption>NYSE's stock exchange <a href="/wiki/Trader_(finance)" title="Trader (finance)">traders</a> floor c 1960, before the introduction of electronic readouts and computer screens</figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Chicago_bot.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Chicago_bot.jpg/250px-Chicago_bot.jpg" decoding="async" width="250" height="183" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Chicago_bot.jpg/375px-Chicago_bot.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Chicago_bot.jpg/500px-Chicago_bot.jpg 2x" data-file-width="600" data-file-height="439" /></a><figcaption><a href="/wiki/Chicago_Board_of_Trade" title="Chicago Board of Trade">Chicago Board of Trade</a> <a href="/wiki/Maize#Commodity" title="Maize">Corn Futures</a> market, 1993</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:A1_Houston_Office_Oil_Traders_on_Monday.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/A1_Houston_Office_Oil_Traders_on_Monday.jpg/220px-A1_Houston_Office_Oil_Traders_on_Monday.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/A1_Houston_Office_Oil_Traders_on_Monday.jpg/330px-A1_Houston_Office_Oil_Traders_on_Monday.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f1/A1_Houston_Office_Oil_Traders_on_Monday.jpg/440px-A1_Houston_Office_Oil_Traders_on_Monday.jpg 2x" data-file-width="2580" data-file-height="1932" /></a><figcaption><a href="/wiki/Price_of_oil#Speculative_trading_and_crude_oil_futures" title="Price of oil">Oil traders</a>, Houston, 2009</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Financial_system" title="Financial system">Financial system</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Financial_services" title="Financial services">Financial services</a>, <a href="/wiki/Financial_market" title="Financial market">financial market</a>, and <a href="/wiki/Circular_flow_of_income" title="Circular flow of income">Circular flow of income</a></div> <p>As outlined, the financial system consists of the flows of capital that take place between individuals and households (<a href="/wiki/Personal_finance" title="Personal finance">personal finance</a>), governments (<a href="/wiki/Public_finance" title="Public finance">public finance</a>), and businesses (<a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a>). "Finance" thus studies the process of channeling money from savers and investors to entities that need it.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>d<span class="cite-bracket">]</span></a></sup> Savers and investors have money available which could earn interest or dividends if put to productive use. Individuals, companies and governments must obtain money from some external source, such as loans or credit, when they lack sufficient funds to run their operations. </p><p>In general, an entity whose income exceeds its <a href="/wiki/Expense" title="Expense">expenditure</a> can lend or invest the excess, intending to earn a fair return. Correspondingly, an entity where income is less than expenditure can raise capital usually in one of two ways: (i) by borrowing in the form of a loan (private individuals), or by selling <a href="/wiki/Bond_(finance)" title="Bond (finance)">government or corporate bonds</a>; (ii) by a corporation selling <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity</a>, also called stock or shares (which may take various forms: <a href="/wiki/Preferred_stock" title="Preferred stock">preferred stock</a> or <a href="/wiki/Common_stock" title="Common stock">common stock</a>). The owners of both bonds and stock may be <i><a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a></i>—financial institutions such as investment banks and <a href="/wiki/Pension_funds" class="mw-redirect" title="Pension funds">pension funds</a>—or private individuals, called <i><a href="/wiki/Private_investors" class="mw-redirect" title="Private investors">private investors</a></i> or <i>retail investors.</i> (See <a href="/wiki/Financial_market_participants" title="Financial market participants">Financial market participants</a>.) </p><p>The <a href="/wiki/Lender" class="mw-redirect" title="Lender">lending</a> is often indirect, through a <a href="/wiki/Financial_intermediary" title="Financial intermediary">financial intermediary</a> such as a <a href="/wiki/Bank" title="Bank">bank</a>, or via the purchase of notes or <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> (<a href="/wiki/Corporate_bonds" class="mw-redirect" title="Corporate bonds">corporate bonds</a>, <a href="/wiki/Government_bond" title="Government bond">government bonds</a>, or mutual bonds) in the <a href="/wiki/Bond_market" title="Bond market">bond market</a>. The lender receives interest, the <a href="/wiki/Debtor" title="Debtor">borrower</a> pays a higher interest than the lender receives, and the financial intermediary earns the difference for arranging the loan.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. </p><p>Investing typically entails the purchase of <a href="/wiki/Equity_(finance)" title="Equity (finance)">stock</a>, either individual securities or via a <a href="/wiki/Mutual_fund" title="Mutual fund">mutual fund</a>, for example. Stocks are usually sold by corporations to investors so as to raise required capital in the form of "<a href="/wiki/Equity_financing" class="mw-redirect" title="Equity financing">equity financing</a>", as distinct from the <i>debt financing</i> described above. The financial intermediaries here are the <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment banks</a>. The investment banks <a href="/wiki/Investment_banking#Corporate_finance" title="Investment banking">find the initial investors</a> and facilitate the listing of the securities, typically shares and bonds. Additionally, they facilitate the <a href="/wiki/Securities_exchange" class="mw-redirect" title="Securities exchange">securities exchanges</a>, which allow their trade thereafter, as well as the various service providers which manage the performance or risk of these investments. These latter include <a href="/wiki/Mutual_funds" class="mw-redirect" title="Mutual funds">mutual funds</a>, <a href="/wiki/Pension_funds" class="mw-redirect" title="Pension funds">pension funds</a>, <a href="/wiki/Wealth_management" title="Wealth management">wealth managers</a>, and <a href="/wiki/Stock_brokers" class="mw-redirect" title="Stock brokers">stock brokers</a>, typically servicing <a href="/wiki/Security_(finance)#Type_of_holder" title="Security (finance)">retail investors</a> (private individuals). </p><p>Inter-institutional trade and investment, and <a href="/wiki/Investment_management" title="Investment management">fund-management at this scale</a>, is referred to as "wholesale finance". Institutions here <a href="/wiki/Structured_finance" title="Structured finance">extend the products offered</a>, with related trading, to include bespoke <a href="/wiki/Option_(finance)" title="Option (finance)">options</a>, <a href="/wiki/Swap_(finance)" title="Swap (finance)">swaps</a>, and <a href="/wiki/Structured_products" class="mw-redirect" title="Structured products">structured products</a>, as well as <a href="/wiki/Special-purpose_entity#Types" title="Special-purpose entity">specialized financing</a>; this "<a href="/wiki/Financial_engineering" title="Financial engineering">financial engineering</a>" is <a href="/wiki/Outline_of_finance#Mathematical_tools" title="Outline of finance">inherently mathematical</a>, and these institutions are then the major employers of <a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">"quants"</a> (see <a href="#Financial_mathematics">below</a>). In these institutions, <a href="/wiki/Financial_risk_management" title="Financial risk management">risk management</a>, <a href="/wiki/Capital_requirement" title="Capital requirement">regulatory capital</a>, and <a href="/wiki/Regulatory_compliance" title="Regulatory compliance">compliance</a> play major roles. </p> <div class="mw-heading mw-heading2"><h2 id="Areas_of_finance">Areas of finance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=2" title="Edit section: Areas of finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As outlined, finance comprises, broadly, the three areas of personal finance, corporate finance, and public finance. These, in turn, overlap and employ various activities and sub-disciplines—chiefly <a href="/wiki/Investment" title="Investment">investments</a>, risk management, and <a href="/wiki/Quantitative_finance" class="mw-redirect" title="Quantitative finance">quantitative finance</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Personal_finance">Personal finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=3" title="Edit section: Personal finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Wealth_Management_Consultation.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Wealth_Management_Consultation.jpg/220px-Wealth_Management_Consultation.jpg" decoding="async" width="220" height="141" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Wealth_Management_Consultation.jpg/330px-Wealth_Management_Consultation.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/00/Wealth_Management_Consultation.jpg/440px-Wealth_Management_Consultation.jpg 2x" data-file-width="4608" data-file-height="2956" /></a><figcaption><a href="/wiki/Wealth_management" title="Wealth management">Wealth management</a> consultation—here, the <a href="/wiki/Financial_planner" title="Financial planner">financial advisor</a> counsels the client on an appropriate <a href="/wiki/Investment_strategy" title="Investment strategy">investment strategy</a>.</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Financial_planner" title="Financial planner">Financial planner</a> and <a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></div> <p>Personal finance refers to the practice of budgeting to ensure enough funds are available to meet basic needs, while ensuring there is only a reasonable level of risk to lose said capital. Personal finance may involve paying for education, financing <a href="/wiki/Durable_good" title="Durable good">durable goods</a> such as <a href="/wiki/Real_estate" title="Real estate">real estate</a> and cars, buying <a href="/wiki/Insurance" title="Insurance">insurance</a>, investing, and saving for <a href="/wiki/Retirement" title="Retirement">retirement</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Personal finance may also involve paying for a loan or other debt obligations. The main areas of personal finance are considered to be income, spending, saving, investing, and protection. The following steps, as outlined by the Financial Planning Standards Board,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> suggest that an individual will understand a potentially secure personal finance plan after: </p> <ul><li>Purchasing insurance to ensure protection against unforeseen personal events;</li> <li>Understanding the effects of tax policies, subsidies, or penalties on the management of personal finances;</li> <li>Understanding the effects of credit on individual financial standing;</li> <li>Developing a savings plan or financing for large purchases (auto, education, home);</li> <li>Planning a secure financial future in an environment of economic instability;</li> <li>Pursuing a checking or a savings account;</li> <li>Preparing for retirement or other long term expenses.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Corporate_finance">Corporate finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=4" title="Edit section: Corporate finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a> and <a href="/wiki/Financial_management" title="Financial management">Financial management</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></div> <p>Corporate finance deals with the actions that managers take to increase the value of the firm to the shareholders, the sources of funding and the <a href="/wiki/Capital_structure" title="Capital structure">capital structure</a> of corporations, and the tools and analysis used to allocate financial resources. While corporate finance is in principle different from <a href="/wiki/Managerial_finance" title="Managerial finance">managerial finance</a>, which studies the <a href="/wiki/Financial_management" title="Financial management">financial management</a> of all firms rather than corporations alone, the concepts are applicable to the financial problems of all firms,<sup id="cite_ref-Drake_Fabozzi_16-0" class="reference"><a href="#cite_note-Drake_Fabozzi-16"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> and this area is then often referred to as "business finance". </p><p>Typically, "corporate finance" relates to the <i>long term</i> objective of maximizing the value of the <a href="/wiki/Enterprise_value" title="Enterprise value">entity's assets</a>, its <a href="/wiki/Stock" title="Stock">stock</a>, and its <a href="/wiki/Return_on_equity" title="Return on equity">return to shareholders</a>, while also <a href="/wiki/Risk%E2%80%93return_spectrum" title="Risk–return spectrum">balancing risk and profitability</a>. This entails<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> three primary areas: </p> <ol><li><a href="/wiki/Capital_budgeting" title="Capital budgeting">Capital budgeting</a>: selecting which projects to invest in—here, accurately <a href="/wiki/Corporate_finance#Investment_and_project_valuation" title="Corporate finance">determining value</a> is crucial, as judgements about asset values can be "make or break".<sup id="cite_ref-Irons_18-0" class="reference"><a href="#cite_note-Irons-18"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Dividend_policy" title="Dividend policy">Dividend policy</a>: the use of "excess" funds—these are to be reinvested in the business or returned to shareholders.</li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a>: deciding on the mix of funding to be used—here attempting to find the <a href="/wiki/Capital_structure#Optimal_capital_structure" title="Capital structure">optimal capital mix</a> re debt-commitments vs <a href="/wiki/Cost_of_capital" title="Cost of capital">cost of capital</a>.</li></ol> <p>The latter <a href="/wiki/Investment_banking#Corporate_finance" title="Investment banking">creates the link</a> with <a href="/wiki/Investment_banking" title="Investment banking">investment banking</a> and <a href="/wiki/Securities_trading" class="mw-redirect" title="Securities trading">securities trading</a>, as above, in that the capital raised will generically comprise debt, i.e. <a href="/wiki/Corporate_bond" title="Corporate bond">corporate bonds</a>, and <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity</a>, often <a href="/wiki/Stock_(finance)" class="mw-redirect" title="Stock (finance)">listed shares</a>. Re risk management within corporates, see <a href="#Risk_management">below</a>. </p><p>Financial managers—i.e. as distinct from corporate financiers—focus more on the <i>short term</i> elements of profitability, cash flow, and "<a href="/wiki/Working_capital_management" class="mw-redirect" title="Working capital management">working capital management</a>" (<a href="/wiki/Inventory" title="Inventory">inventory</a>, credit and <a href="/wiki/Debtor" title="Debtor">debtors</a>), ensuring that the firm can <a href="/wiki/Corporate_finance#Working_capital_management" title="Corporate finance">safely and profitably</a> carry out its financial <i>and operational</i> objectives; i.e. that it: (1) can service both maturing short-term debt repayments, and scheduled long-term debt payments, and (2) has sufficient cash flow for ongoing and upcoming <a href="/wiki/Operations_management" title="Operations management">operational expenses</a>. (See <a href="/wiki/Financial_management" title="Financial management">Financial management</a> and <a href="/wiki/FP%26A" title="FP&A">Financial planning and analysis</a>.) </p> <div class="mw-heading mw-heading3"><h3 id="Public_finance">Public finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=5" title="Edit section: Public finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:20071203-Bush_speech_on_budget_Rose_Garden.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/20071203-Bush_speech_on_budget_Rose_Garden.jpg/220px-20071203-Bush_speech_on_budget_Rose_Garden.jpg" decoding="async" width="220" height="152" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/20071203-Bush_speech_on_budget_Rose_Garden.jpg/330px-20071203-Bush_speech_on_budget_Rose_Garden.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/20071203-Bush_speech_on_budget_Rose_Garden.jpg/440px-20071203-Bush_speech_on_budget_Rose_Garden.jpg 2x" data-file-width="514" data-file-height="354" /></a><figcaption>President <a href="/wiki/George_W._Bush" title="George W. Bush">George W. Bush</a>, speaking on the <a href="/wiki/United_States_federal_budget" title="United States federal budget">Federal Budget</a> in 2007, <a href="https://en.wikinews.org/wiki/US_Congress_debates_Iraq_funding" class="extiw" title="n:US Congress debates Iraq funding">requesting additional funds</a> from <a href="/wiki/United_States_Congress" title="United States Congress">Congress</a></figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:2023-federal-budget-breakdown.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/2023-federal-budget-breakdown.png/322px-2023-federal-budget-breakdown.png" decoding="async" width="322" height="215" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/77/2023-federal-budget-breakdown.png/483px-2023-federal-budget-breakdown.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/77/2023-federal-budget-breakdown.png/644px-2023-federal-budget-breakdown.png 2x" data-file-width="918" data-file-height="612" /></a><figcaption>CBO: 2023 US Federal Budget Infographic</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Public_finance" title="Public finance">Public finance</a></div> <p>Public finance describes finance as related to sovereign states, sub-national entities, and related public entities or agencies. It generally encompasses a long-term strategic perspective regarding investment decisions that affect public entities.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> These long-term strategic periods typically encompass five or more years.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Public finance is primarily concerned with:<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Identification of <a href="/wiki/Government_expenditures" class="mw-redirect" title="Government expenditures">required expenditures</a> of a public sector entity;</li> <li>Source(s) of that <a href="/wiki/Government_revenue" title="Government revenue">entity's revenue</a>;</li> <li>The <a href="/wiki/Government_budget" title="Government budget">budgeting process</a>;</li> <li>Sovereign <a href="/wiki/Government_bond" title="Government bond">debt issuance</a>, or <a href="/wiki/Municipal_bond" title="Municipal bond">municipal bonds</a> for <a href="/wiki/Public_works" title="Public works">public works</a> projects.</li></ul> <p>Central banks, such as the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> banks in the <a href="/wiki/United_States" title="United States">United States</a> and the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, are strong players in public finance. They act as <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lenders of last resort</a> as well as strong influences on monetary and credit conditions in the economy.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Development_finance" class="mw-redirect" title="Development finance">Development finance</a>, which is related, concerns investment in <a href="/wiki/Economic_development" title="Economic development">economic development</a> projects provided by a <a href="/wiki/Development_finance_institution#Typology" title="Development finance institution">(quasi) governmental institution</a> on a non-commercial basis; these projects would otherwise not be able <a href="/wiki/Public_utility#Finance" title="Public utility">to get financing</a>. A <a href="/wiki/Public%E2%80%93private_partnership" title="Public–private partnership">public–private partnership</a> is primarily used for <a href="/wiki/Infrastructure" title="Infrastructure">infrastructure</a> projects: a private sector corporate provides the financing up-front, and then draws profits from taxpayers or users. <a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a>, and the related <a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a>, address the financial strategies, resources <a href="/wiki/Climate_finance#Financial_instruments" title="Climate finance">and instruments</a> used in <a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">climate change mitigation</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Investment_management">Investment management</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=6" title="Edit section: Investment management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Stock_Price_Listing_Numbers_on_a_Korean_Newspaper.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Stock_Price_Listing_Numbers_on_a_Korean_Newspaper.jpg/220px-Stock_Price_Listing_Numbers_on_a_Korean_Newspaper.jpg" decoding="async" width="220" height="211" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Stock_Price_Listing_Numbers_on_a_Korean_Newspaper.jpg/330px-Stock_Price_Listing_Numbers_on_a_Korean_Newspaper.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Stock_Price_Listing_Numbers_on_a_Korean_Newspaper.jpg/440px-Stock_Price_Listing_Numbers_on_a_Korean_Newspaper.jpg 2x" data-file-width="3582" data-file-height="3441" /></a><figcaption><a href="/wiki/Share_price" title="Share price">Share prices</a> listed in a Korean newspaper</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Stock_ticker.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/2/2c/Stock_ticker.jpg" decoding="async" width="208" height="271" class="mw-file-element" data-file-width="208" data-file-height="271" /></a><figcaption>"The excitement before the bubble burst"—viewing prices via <a href="/wiki/Ticker_tape" title="Ticker tape">ticker tape</a>, shortly before the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:E-ticker.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/E-ticker.jpg/220px-E-ticker.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/E-ticker.jpg/330px-E-ticker.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/E-ticker.jpg/440px-E-ticker.jpg 2x" data-file-width="1024" data-file-height="768" /></a><figcaption>A modern price-ticker. This infrastructure underpins contemporary exchanges, evidencing prices and related ticker symbols. The ticker symbol is represented by a unique set of characters used to identify the subject of the financial transaction.</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Investment_management" title="Investment management">Investment management</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Active_management" title="Active management">Active management</a> and <a href="/wiki/Passive_management" title="Passive management">Passive management</a></div> <p>Investment management<sup id="cite_ref-Drake_Fabozzi_16-1" class="reference"><a href="#cite_note-Drake_Fabozzi-16"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> is the professional asset management of various securities—typically shares and bonds, but also other assets, such as real estate, commodities and <a href="/wiki/Alternative_investment" title="Alternative investment">alternative investments</a>—in order to meet specified investment goals for the benefit of investors. </p><p>As above, investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts or, more commonly, via collective investment schemes like mutual funds, <a href="/wiki/Exchange-traded_funds" class="mw-redirect" title="Exchange-traded funds">exchange-traded funds</a>, or <a href="/wiki/REIT" class="mw-redirect" title="REIT">REITs</a>. </p><p>At the heart of investment management<sup id="cite_ref-Drake_Fabozzi_16-2" class="reference"><a href="#cite_note-Drake_Fabozzi-16"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> is <a href="/wiki/Asset_allocation" title="Asset allocation">asset allocation</a>—<a href="/wiki/Diversification_(finance)" title="Diversification (finance)">diversifying the exposure</a> among these <a href="/wiki/Asset_classes" title="Asset classes">asset classes</a>, and among individual securities within each asset class—as appropriate to the client's <a href="/wiki/Investment_policy" title="Investment policy">investment policy</a>, in turn, a function of risk profile, investment goals, and investment horizon (see <a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a>). Here: </p> <ul><li><a href="/wiki/Portfolio_optimization" title="Portfolio optimization">Portfolio optimization</a> is the process of selecting the best portfolio given the client's objectives and constraints.</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a> is the approach typically applied in <a href="/wiki/Valuation_(finance)" title="Valuation (finance)">valuing</a> and evaluating the individual securities.</li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a> is about forecasting future asset prices with past data.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li></ul> <p>Overlaid is the portfolio manager's <a href="/wiki/Investment_style" title="Investment style">investment style</a>—broadly, <a href="/wiki/Active_management" title="Active management">active</a> vs <a href="/wiki/Passive_management" title="Passive management">passive</a>, <a href="/wiki/Value_investing" title="Value investing">value</a> vs <a href="/wiki/Growth_investing" title="Growth investing">growth</a>, and <a href="/wiki/Small_cap_company" title="Small cap company">small cap</a> vs. <a href="/wiki/Large_cap" class="mw-redirect" title="Large cap">large cap</a>—and <a href="/wiki/Investment_strategy" title="Investment strategy">investment strategy</a>. </p><p>In a well-diversified portfolio, achieved <a href="/wiki/Investment_performance" title="Investment performance">investment performance</a> will, in general, largely be a function of the asset mix selected, while the individual securities are less impactful. The specific approach or philosophy will also be significant, depending on the extent to which it is complementary with the <a href="/wiki/Stock_market_cycles" class="mw-redirect" title="Stock market cycles">market cycle</a>. Risk management here is discussed immediately below. </p><p>A <a href="/wiki/Quantitative_fund" title="Quantitative fund">quantitative fund</a> is managed using <a href="/wiki/Quantitative_fund#Investment_process" title="Quantitative fund">computer-based mathematical techniques</a> (increasingly, <a href="/wiki/Machine_learning" title="Machine learning">machine learning</a>) instead of human judgment. The actual trading <a href="/wiki/Automated_trading_system" title="Automated trading system">is typically automated</a> via <a href="/wiki/Algorithmic_trading" title="Algorithmic trading">sophisticated algorithms</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Risk_management">Risk management</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=7" title="Edit section: Risk management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Crowds_gathering_outside_New_York_Stock_Exchange_(4).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Crowds_gathering_outside_New_York_Stock_Exchange_%284%29.jpg/220px-Crowds_gathering_outside_New_York_Stock_Exchange_%284%29.jpg" decoding="async" width="220" height="162" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Crowds_gathering_outside_New_York_Stock_Exchange_%284%29.jpg/330px-Crowds_gathering_outside_New_York_Stock_Exchange_%284%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Crowds_gathering_outside_New_York_Stock_Exchange_%284%29.jpg/440px-Crowds_gathering_outside_New_York_Stock_Exchange_%284%29.jpg 2x" data-file-width="2000" data-file-height="1472" /></a><figcaption>Crowds gathering outside the New York Stock Exchange after the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Northern_Rock_Queue.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Northern_Rock_Queue.jpg/220px-Northern_Rock_Queue.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Northern_Rock_Queue.jpg/330px-Northern_Rock_Queue.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Northern_Rock_Queue.jpg/440px-Northern_Rock_Queue.jpg 2x" data-file-width="2592" data-file-height="1944" /></a><figcaption>Customers queuing outside a <a href="/wiki/Northern_Rock" title="Northern Rock">Northern Rock</a> branch in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> to withdraw their savings during the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Financial_risk_management" title="Financial risk management">Financial risk management</a></div> <p><a href="/wiki/Risk_management" title="Risk management">Risk management</a>, in general, is the study of how to control risks and balance the possibility of gains; it is the process of measuring risk and then developing and implementing strategies to manage that risk. <a href="/wiki/Financial_risk_management" title="Financial risk management">Financial risk management</a><sup id="cite_ref-Christoffersen2011_24-0" class="reference"><a href="#cite_note-Christoffersen2011-24"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Malz2011_25-0" class="reference"><a href="#cite_note-Malz2011-25"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> is the practice of protecting <a href="/wiki/Enterprise_value" title="Enterprise value">corporate value</a> against <a href="/wiki/Financial_risk" title="Financial risk">financial risks</a>, often by <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">"hedging"</a> exposure to these using financial instruments. The focus is particularly on credit and market risk, and in banks, through regulatory capital, includes operational risk. </p> <ul><li><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a> is the risk of <a href="/wiki/Default_(finance)" title="Default (finance)">default on a debt</a> that may arise from a borrower failing to make required payments;</li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a> relates to losses arising from movements in market variables such as prices and exchange rates;</li> <li><a href="/wiki/Operational_risk" title="Operational risk">Operational risk</a> relates to failures in internal processes, people, and systems, or to external events.</li></ul> <p>Financial risk management is <a href="/wiki/Corporate_finance#Financial_risk_management" title="Corporate finance">related to corporate finance</a><sup id="cite_ref-Drake_Fabozzi_16-3" class="reference"><a href="#cite_note-Drake_Fabozzi-16"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> in two ways. Firstly, firm exposure to market risk is a direct result of previous capital investments and funding decisions; while credit risk arises from the business's credit policy and is often addressed through <a href="/wiki/Trade_credit_insurance" title="Trade credit insurance">credit insurance</a> and <a href="/wiki/Bad_debt#Doubtful_debt_reserve" title="Bad debt">provisioning</a>. Secondly, both disciplines share the goal of enhancing or at least preserving, the firm's <a href="/wiki/Economic_value" class="mw-redirect" title="Economic value">economic value</a>, and in this context<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> overlaps also <a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">enterprise risk management</a>, typically the domain of <a href="/wiki/Strategic_management" title="Strategic management">strategic management</a>. Here, businesses devote much time and effort to <a href="/wiki/Financial_forecast" title="Financial forecast">forecasting</a>, <a href="/wiki/FP%26A" title="FP&A">analytics</a> and <a href="/wiki/Managerial_finance#Managerial_accounting_techniques" title="Managerial finance">performance monitoring</a>. (See <a href="/wiki/Asset_and_liability_management" title="Asset and liability management">ALM</a> and <a href="/wiki/Treasury_management" title="Treasury management">treasury management</a>.) </p><p><a href="/wiki/Financial_risk_management#Banking" title="Financial risk management">For banks</a> and other wholesale institutions,<sup id="cite_ref-DeMeo_27-0" class="reference"><a href="#cite_note-DeMeo-27"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> risk management <a href="/wiki/Quantitative_analysis_(finance)#Risk_management" title="Quantitative analysis (finance)">focuses on</a> managing, and as necessary hedging, the various positions held by the institution—both <a href="/wiki/Trading_book" class="mw-redirect" title="Trading book">trading positions</a> and <a href="/wiki/Banking_book" class="mw-redirect" title="Banking book">long term exposures</a>—and on calculating and monitoring the resultant <a href="/wiki/Economic_capital" title="Economic capital">economic capital</a>, and <a href="/wiki/Regulatory_capital" class="mw-redirect" title="Regulatory capital">regulatory capital</a> under <a href="/wiki/Basel_III" title="Basel III">Basel III</a>. The calculations here are mathematically sophisticated, and within the domain of <a href="/wiki/Quantitative_finance" class="mw-redirect" title="Quantitative finance">quantitative finance</a> as below. Credit risk is inherent in the business of banking, but additionally, these institutions are exposed to <a href="/wiki/Counterparty_credit_risk" class="mw-redirect" title="Counterparty credit risk">counterparty credit risk</a>. Banks typically employ <a href="/wiki/Middle_office" title="Middle office">Middle office</a> <a href="/wiki/Investment_banking#Risk_management" title="Investment banking">"Risk Groups"</a>, whereas <a href="/wiki/Front_office" title="Front office">front office</a> risk teams provide risk "services" (or "solutions") to customers. </p><p>Additional to <a href="/wiki/Diversification_(finance)" title="Diversification (finance)">diversification</a>, the fundamental risk mitigant here, <a href="/wiki/Financial_risk_management#Investment_management" title="Financial risk management">investment managers will apply</a> various hedging techniques as appropriate,<sup id="cite_ref-Drake_Fabozzi_16-4" class="reference"><a href="#cite_note-Drake_Fabozzi-16"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> these may relate to the <a href="/wiki/Portfolio_insurance" title="Portfolio insurance">portfolio as a whole</a> or <a href="/wiki/Hedge_(finance)#Hedging_a_stock_price" title="Hedge (finance)">to individual stocks</a>. <a href="/wiki/Bond_fund" title="Bond fund">Bond portfolios</a> are often (instead) managed via <a href="/wiki/Cashflow_matching" title="Cashflow matching">cash flow matching</a> or <a href="/wiki/Immunization_(finance)" title="Immunization (finance)">immunization</a>, while for derivative portfolios and positions, traders use <a href="/wiki/Greeks_(finance)#Use_of_the_Greeks" title="Greeks (finance)">"the Greeks"</a> to measure and then offset sensitivities. In parallel, managers — <a href="/wiki/Active_management" title="Active management">active</a> and <a href="/wiki/Passive_management" title="Passive management">passive</a> — <a href="/wiki/Performance_attribution" title="Performance attribution">will monitor</a> <a href="/wiki/Tracking_error" title="Tracking error">tracking error</a>, thereby minimizing and preempting any underperformance <a href="/wiki/Investment_management#Risk-adjusted_performance_measurement" title="Investment management">vs their "benchmark"</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Quantitative_finance">Quantitative finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=8" title="Edit section: Quantitative finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Dojima-Rice-Exchange-Osaka-by-Yoshimitsu-Sasaki.png" class="mw-file-description"><img alt="Dōjima Rice Exchange, the world's first futures exchange, established in Osaka in 1697." src="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Dojima-Rice-Exchange-Osaka-by-Yoshimitsu-Sasaki.png/220px-Dojima-Rice-Exchange-Osaka-by-Yoshimitsu-Sasaki.png" decoding="async" width="220" height="95" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Dojima-Rice-Exchange-Osaka-by-Yoshimitsu-Sasaki.png/330px-Dojima-Rice-Exchange-Osaka-by-Yoshimitsu-Sasaki.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/87/Dojima-Rice-Exchange-Osaka-by-Yoshimitsu-Sasaki.png/440px-Dojima-Rice-Exchange-Osaka-by-Yoshimitsu-Sasaki.png 2x" data-file-width="2500" data-file-height="1082" /></a><figcaption><a href="/wiki/D%C5%8Djima_Rice_Exchange" title="Dōjima Rice Exchange">Dōjima Rice Exchange</a>, the world's first <a href="/wiki/Futures_exchange" title="Futures exchange">futures exchange</a>, established in <a href="/wiki/Osaka" title="Osaka">Osaka</a> in 1697</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">Quantitative analysis (finance)</a></div> <p>Quantitative finance—also referred to as "mathematical finance"—includes those finance activities where <a href="/wiki/Financial_modeling#Quantitative_finance" title="Financial modeling">a sophisticated mathematical model</a> is required,<sup id="cite_ref-SIAM_28-0" class="reference"><a href="#cite_note-SIAM-28"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> and thus overlaps several of the above. </p><p>As a specialized practice area, quantitative finance comprises primarily three sub-disciplines; the underlying theory and techniques <a href="#Financial_mathematics">are discussed</a> in the next section: </p> <ol><li>Quantitative finance is often synonymous with <a href="/wiki/Financial_engineering" title="Financial engineering">financial engineering</a>. This area generally underpins a bank's <a href="/wiki/Investment_banking#Sales_and_trading" title="Investment banking">customer-driven derivatives business</a>—delivering bespoke <a href="/wiki/Over-the-counter_(finance)#Contracts" title="Over-the-counter (finance)">OTC-contracts</a> and <a href="/wiki/Exotic_derivative" title="Exotic derivative">"exotics"</a>, and <a href="/wiki/Structured_product#Product_design_and_manufacture" title="Structured product">designing</a> the various structured products and solutions mentioned—and encompasses <a href="/wiki/Financial_modeling#Quantitative_finance" title="Financial modeling">modeling and programming</a> in support of the initial trade, and its subsequent hedging and management.</li> <li>Quantitative finance also significantly overlaps <a href="/wiki/Financial_risk_management" title="Financial risk management">financial risk management</a> in banking, as <a href="#Risk_management">mentioned</a>, both as regards this hedging, and as regards economic capital as well as compliance with regulations and <a href="/wiki/Basel_III" title="Basel III">the Basel capital / liquidity requirements</a>.</li> <li>"Quants" are also responsible for building and deploying the investment strategies at the quantitative funds <a href="#Investment_management">mentioned</a>; they are also involved in <a href="/wiki/Outline_of_finance#Quantitative_investing" title="Outline of finance">quantitative investing</a> more generally, in areas such as <a href="/wiki/Trading_strategy" title="Trading strategy">trading strategy</a> formulation, and in <a href="/wiki/Automated_trading" class="mw-redirect" title="Automated trading">automated trading</a>, <a href="/wiki/High-frequency_trading" title="High-frequency trading">high-frequency trading</a>, <a href="/wiki/Algorithmic_trading" title="Algorithmic trading">algorithmic trading</a>, and <a href="/wiki/Program_trading" title="Program trading">program trading</a>.</li></ol> <div class="mw-heading mw-heading2"><h2 id="Financial_theory">Financial theory</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=9" title="Edit section: Financial theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable floatright" width="250"> <tbody><tr style="text-align:left;"> <td><div style="font-size:85%;"> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \sum _{t=1}^{n}{\frac {FCFF_{t}}{(1+WACC_{t})^{t}}}+{\frac {\left[{\frac {FCFF_{n+1}}{(WACC_{n+1}-g_{n+1})}}\right]}{(1+WACC_{n})^{n}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <munderover> <mo>∑</mo> <mrow class="MJX-TeXAtom-ORD"> <mi>t</mi> <mo>=</mo> <mn>1</mn> </mrow> <mrow class="MJX-TeXAtom-ORD"> <mi>n</mi> </mrow> </munderover> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi>F</mi> <mi>C</mi> <mi>F</mi> <msub> <mi>F</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>t</mi> </mrow> </msub> </mrow> <mrow> <mo stretchy="false">(</mo> <mn>1</mn> <mo>+</mo> <mi>W</mi> <mi>A</mi> <mi>C</mi> <msub> <mi>C</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>t</mi> </mrow> </msub> <msup> <mo stretchy="false">)</mo> <mrow class="MJX-TeXAtom-ORD"> <mi>t</mi> </mrow> </msup> </mrow> </mfrac> </mrow> <mo>+</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mo>[</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi>F</mi> <mi>C</mi> <mi>F</mi> <msub> <mi>F</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>n</mi> <mo>+</mo> <mn>1</mn> </mrow> </msub> </mrow> <mrow> <mo stretchy="false">(</mo> <mi>W</mi> <mi>A</mi> <mi>C</mi> <msub> <mi>C</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>n</mi> <mo>+</mo> <mn>1</mn> </mrow> </msub> <mo>−</mo> <msub> <mi>g</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>n</mi> <mo>+</mo> <mn>1</mn> </mrow> </msub> <mo stretchy="false">)</mo> </mrow> </mfrac> </mrow> <mo>]</mo> </mrow> <mrow> <mo stretchy="false">(</mo> <mn>1</mn> <mo>+</mo> <mi>W</mi> <mi>A</mi> <mi>C</mi> <msub> <mi>C</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>n</mi> </mrow> </msub> <msup> <mo stretchy="false">)</mo> <mrow class="MJX-TeXAtom-ORD"> <mi>n</mi> </mrow> </msup> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \sum _{t=1}^{n}{\frac {FCFF_{t}}{(1+WACC_{t})^{t}}}+{\frac {\left[{\frac {FCFF_{n+1}}{(WACC_{n+1}-g_{n+1})}}\right]}{(1+WACC_{n})^{n}}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/a22b05672cab39b95519d0347e9a4892559f1531" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -3.005ex; width:40.417ex; height:8.676ex;" alt="{\displaystyle \sum _{t=1}^{n}{\frac {FCFF_{t}}{(1+WACC_{t})^{t}}}+{\frac {\left[{\frac {FCFF_{n+1}}{(WACC_{n+1}-g_{n+1})}}\right]}{(1+WACC_{n})^{n}}}}"></span></dd></dl></div> <p><span style="font-size:85%;"><a href="/wiki/Valuation_using_discounted_cash_flows#Basic_formula_for_firm_valuation_using_DCF_model" title="Valuation using discounted cash flows">DCF valuation formula</a> widely applied in business and finance, since articulated <a href="/wiki/The_Theory_of_Investment_Value" class="mw-redirect" title="The Theory of Investment Value">in 1938</a>. Here, to get the <a href="/wiki/Business_valuation" title="Business valuation">value of the firm</a>, its forecasted <a href="/wiki/Free_cash_flow" title="Free cash flow">free cash flows</a> are discounted to the present using the <a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">weighted average cost of capital</a> for the discount factor. For <a href="/wiki/Stock_valuation" title="Stock valuation">share valuation</a> investors use the related <a href="/wiki/Dividend_discount_model" title="Dividend discount model">dividend discount model</a>.</span> </p> </td></tr></tbody></table> <p>Financial theory is studied and developed within the disciplines of <a href="/wiki/Management#Training_and_education" title="Management">management</a>, <a href="/wiki/Financial_economics" title="Financial economics">(financial)</a> <a href="/wiki/Economics" title="Economics">economics</a>, <a href="/wiki/Accountancy" class="mw-redirect" title="Accountancy">accountancy</a> and <a href="/wiki/Applied_mathematics" title="Applied mathematics">applied mathematics</a>. Abstractly,<sup id="cite_ref-Drake_Fabozzi_16-5" class="reference"><a href="#cite_note-Drake_Fabozzi-16"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Fama_and_Miller_29-0" class="reference"><a href="#cite_note-Fama_and_Miller-29"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> <i>finance</i> is concerned with the investment and deployment of <a href="/wiki/Asset" title="Asset">assets</a> and <a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">liabilities</a> over "space and time"; i.e., it is about performing <a href="/wiki/Valuation_(finance)" title="Valuation (finance)">valuation</a> and <a href="/wiki/Asset_allocation" title="Asset allocation">asset allocation</a> today, based on the risk and uncertainty of future outcomes while appropriately incorporating the <a href="/wiki/Time_value_of_money" title="Time value of money">time value of money</a>. Determining the <a href="/wiki/Present_value" title="Present value">present value</a> of these future values, "discounting", must be at the <a href="/wiki/Required_rate_of_return" class="mw-redirect" title="Required rate of return">risk-appropriate discount rate</a>, in turn, a major focus of finance-theory.<sup id="cite_ref-freedictionary_30-0" class="reference"><a href="#cite_note-freedictionary-30"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> As financial theory has roots in many disciplines, including mathematics, statistics, economics, physics, and psychology, it can be considered a mix of an <a href="/wiki/Art" title="Art">art</a> and <a href="/wiki/Science" title="Science">science</a>,<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> and there are ongoing related efforts to organize a <a href="/wiki/List_of_unsolved_problems_in_finance" class="mw-redirect" title="List of unsolved problems in finance">list of unsolved problems in finance</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Managerial_finance">Managerial finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=10" title="Edit section: Managerial finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Manual_decision_tree.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Manual_decision_tree.jpg/220px-Manual_decision_tree.jpg" decoding="async" width="220" height="260" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Manual_decision_tree.jpg/330px-Manual_decision_tree.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/c/c6/Manual_decision_tree.jpg 2x" data-file-width="400" data-file-height="473" /></a><figcaption><a href="/wiki/Decision_tree" title="Decision tree">Decision trees</a>, a more sophisticated valuation-approach, sometimes applied to corporate finance <a href="/wiki/Corporate_finance#Investment_and_project_valuation" title="Corporate finance">"project" valuations</a> (and a standard<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> in <a href="/wiki/Business_school" title="Business school">business school</a> curricula); various scenarios are considered, and their discounted cash flows are probability weighted.</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Managerial_finance" title="Managerial finance">Managerial finance</a></div> <p>Managerial finance <sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> is the branch of finance that deals with the financial aspects of the <a href="/wiki/Management" title="Management">management</a> of a company, and the financial dimension of managerial decision-making more broadly. It provides the <a href="/wiki/Management#Theoretical_scope" title="Management">theoretical underpin</a> for the practice <a href="#Corporate_finance">described above</a>, concerning itself with the <a href="/wiki/Management#Implementation_of_policies_and_strategies" title="Management">managerial application</a> of the various <a href="/wiki/Financial_analysis" title="Financial analysis">finance techniques</a>. Academics working in this area are typically based in <a href="/wiki/Business_school" title="Business school">business school</a> finance departments, in <a href="/wiki/Accounting" title="Accounting">accounting</a>, or in <a href="/wiki/Management_science" title="Management science">management science</a>. </p><p>The tools addressed and developed relate in the main to <a href="/wiki/Managerial_accounting" class="mw-redirect" title="Managerial accounting">managerial accounting</a> and <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a>: the former allow management to better understand, and hence act on, financial information relating to <a href="/wiki/Profitability" class="mw-redirect" title="Profitability">profitability</a> and performance; the latter, as above, are about optimizing the overall financial structure, including its impact on working capital. Key aspects of managerial finance thus include: </p> <ol><li>Financial planning and forecasting</li> <li>Capital budgeting</li> <li>Capital structure</li> <li>Working capital management</li> <li>Risk management</li> <li>Financial analysis and reporting.</li></ol> <p>The discussion, however, extends to <a href="/wiki/Business_strategy" class="mw-redirect" title="Business strategy">business strategy</a> more broadly, emphasizing alignment with the company's overall strategic objectives; and similarly incorporates the <a href="/wiki/Management#Theoretical_scope" title="Management">managerial perspectives</a> of planning, directing, and controlling. </p> <div class="mw-heading mw-heading3"><h3 id="Financial_economics">Financial economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=11" title="Edit section: Financial economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Markowitz_frontier.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Markowitz_frontier.jpg/220px-Markowitz_frontier.jpg" decoding="async" width="220" height="121" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Markowitz_frontier.jpg/330px-Markowitz_frontier.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/e/e1/Markowitz_frontier.jpg 2x" data-file-width="434" data-file-height="239" /></a><figcaption>The "<a href="/wiki/Efficient_frontier" title="Efficient frontier">efficient frontier</a>", a prototypical concept in portfolio optimization. Introduced <a href="/wiki/Markowitz_model" title="Markowitz model">in 1952</a>, it remains "a mainstay of investing and finance".<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> An "efficient" portfolio, i.e. combination of assets, has the best possible expected return for its level of risk (represented by the standard deviation of return).</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:MM2.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/74/MM2.png/220px-MM2.png" decoding="async" width="220" height="167" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/74/MM2.png/330px-MM2.png 1.5x, //upload.wikimedia.org/wikipedia/commons/7/74/MM2.png 2x" data-file-width="336" data-file-height="255" /></a><figcaption><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a>, a foundational element of finance theory, introduced in 1958; it forms the basis for modern thinking on <a href="/wiki/Capital_structure" title="Capital structure">capital structure</a>. Even if <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> (<a href="/wiki/Debt_to_equity_ratio" class="mw-redirect" title="Debt to equity ratio">D/E</a>) increases, the <a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">WACC</a> (k0) stays constant.</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Financial_economics" title="Financial economics">Financial economics</a></div> <p>Financial economics<sup id="cite_ref-Sharpe_35-0" class="reference"><a href="#cite_note-Sharpe-35"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> is the branch of <a href="/wiki/Economics" title="Economics">economics</a> that studies the interrelation of financial <a href="/wiki/Variable_(mathematics)" title="Variable (mathematics)">variables</a>, such as <a href="/wiki/Price" title="Price">prices</a>, <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> and shares, as opposed to <a href="/wiki/Real_vs._nominal_in_economics" class="mw-redirect" title="Real vs. nominal in economics">real</a> economic variables, i.e. <a href="/wiki/Goods_and_services" title="Goods and services">goods and services</a>. It thus centers on pricing, decision making, and risk management in the <a href="/wiki/Financial_market" title="Financial market">financial markets</a>,<sup id="cite_ref-Sharpe_35-1" class="reference"><a href="#cite_note-Sharpe-35"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Fama_and_Miller_29-1" class="reference"><a href="#cite_note-Fama_and_Miller-29"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> and produces many of the commonly employed <a href="/wiki/Financial_model" class="mw-redirect" title="Financial model">financial models</a>. (<a href="/wiki/Financial_econometrics" title="Financial econometrics">Financial econometrics</a> is the branch of financial economics that uses econometric techniques to parameterize the relationships suggested.) </p><p>The discipline has two main areas of focus:<sup id="cite_ref-Fama_and_Miller_29-2" class="reference"><a href="#cite_note-Fama_and_Miller-29"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Asset_pricing" title="Asset pricing">asset pricing</a> and corporate finance; the first being the perspective of providers of capital, i.e. investors, and the second of users of capital; respectively: </p> <ul><li>Asset pricing theory develops the models used in determining the risk-appropriate discount rate, and in pricing derivatives; and includes the <a href="/wiki/Outline_of_finance#Portfolio_theory" title="Outline of finance">portfolio-</a> and <a href="/wiki/Investment_theory" class="mw-redirect" title="Investment theory">investment theory</a> applied in asset management. The analysis essentially explores how <a href="/wiki/Homo_economicus" title="Homo economicus">rational investors</a> would apply risk and return to the problem of <a href="/wiki/Investment" title="Investment">investment</a> under uncertainty, producing the key "<a href="/wiki/Fundamental_theorem_of_asset_pricing" title="Fundamental theorem of asset pricing">Fundamental theorem of asset pricing</a>". Here, the twin assumptions of <a href="/wiki/Rational_pricing" title="Rational pricing">rationality</a> and <a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">market efficiency</a> lead to <a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">modern portfolio theory</a> (the <a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">CAPM</a>), and to the <a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes</a> theory for <a href="/wiki/Valuation_of_options" title="Valuation of options">option valuation</a>. At more advanced levels—and often in response to <a href="/wiki/Financial_crisis" title="Financial crisis">financial crises</a>—the study <a href="/wiki/Financial_economics#Extensions" title="Financial economics">then extends</a> these <a href="/wiki/Neoclassical_economics#Rational_Behavior_Assumptions" title="Neoclassical economics">"neoclassical" models</a> to incorporate phenomena where their assumptions do not hold, or to more general settings.</li> <li>Much of <a href="/wiki/Outline_of_finance#Corporate_finance_theory" title="Outline of finance">corporate finance theory</a>, by contrast, considers investment under "<a href="/wiki/Certainty" title="Certainty">certainty</a>" (<a href="/wiki/Fisher_separation_theorem" title="Fisher separation theorem">Fisher separation theorem</a>, <a href="/wiki/The_Theory_of_Investment_Value" class="mw-redirect" title="The Theory of Investment Value">"theory of investment value"</a>, and <a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a>). Here, theory and methods are developed for the decisioning about funding, dividends, and capital structure discussed above. A recent development is <a href="/wiki/Financial_economics#Corporate_finance_theory" title="Financial economics">to incorporate uncertainty</a> and <a href="/wiki/Contingent_claim_valuation" class="mw-redirect" title="Contingent claim valuation">contingency</a>—and thus various elements of asset pricing—into these decisions, employing for example <a href="/wiki/Real_options_analysis" class="mw-redirect" title="Real options analysis">real options analysis</a>.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Financial_mathematics">Financial mathematics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=12" title="Edit section: Financial mathematics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable floatright" width="250"> <tbody><tr style="text-align:left;"> <td><div style="font-size:85%;"> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\begin{aligned}C(S,t)&=N(d_{1})S-N(d_{2})Ke^{-r(T-t)}\\d_{1}&={\frac {1}{\sigma {\sqrt {T-t}}}}\left[\ln \left({\frac {S}{K}}\right)+\left(r+{\frac {\sigma ^{2}}{2}}\right)(T-t)\right]\\d_{2}&=d_{1}-\sigma {\sqrt {T-t}}\\\end{aligned}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mtable columnalign="right left right left right left right left right left right left" rowspacing="3pt" columnspacing="0em 2em 0em 2em 0em 2em 0em 2em 0em 2em 0em" displaystyle="true"> <mtr> <mtd> <mi>C</mi> <mo stretchy="false">(</mo> <mi>S</mi> <mo>,</mo> <mi>t</mi> <mo stretchy="false">)</mo> </mtd> <mtd> <mi></mi> <mo>=</mo> <mi>N</mi> <mo stretchy="false">(</mo> <msub> <mi>d</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> <mo stretchy="false">)</mo> <mi>S</mi> <mo>−</mo> <mi>N</mi> <mo stretchy="false">(</mo> <msub> <mi>d</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> <mo stretchy="false">)</mo> <mi>K</mi> <msup> <mi>e</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>−</mo> <mi>r</mi> <mo stretchy="false">(</mo> <mi>T</mi> <mo>−</mo> <mi>t</mi> <mo stretchy="false">)</mo> </mrow> </msup> </mtd> </mtr> <mtr> <mtd> <msub> <mi>d</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mtd> <mtd> <mi></mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mn>1</mn> <mrow> <mi>σ</mi> <mrow class="MJX-TeXAtom-ORD"> <msqrt> <mi>T</mi> <mo>−</mo> <mi>t</mi> </msqrt> </mrow> </mrow> </mfrac> </mrow> <mrow> <mo>[</mo> <mrow> <mi>ln</mi> <mo>⁡</mo> <mrow> <mo>(</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mi>S</mi> <mi>K</mi> </mfrac> </mrow> <mo>)</mo> </mrow> <mo>+</mo> <mrow> <mo>(</mo> <mrow> <mi>r</mi> <mo>+</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <msup> <mi>σ</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msup> <mn>2</mn> </mfrac> </mrow> </mrow> <mo>)</mo> </mrow> <mo stretchy="false">(</mo> <mi>T</mi> <mo>−</mo> <mi>t</mi> <mo stretchy="false">)</mo> </mrow> <mo>]</mo> </mrow> </mtd> </mtr> <mtr> <mtd> <msub> <mi>d</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> </mtd> <mtd> <mi></mi> <mo>=</mo> <msub> <mi>d</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> <mo>−</mo> <mi>σ</mi> <mrow class="MJX-TeXAtom-ORD"> <msqrt> <mi>T</mi> <mo>−</mo> <mi>t</mi> </msqrt> </mrow> </mtd> </mtr> </mtable> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\begin{aligned}C(S,t)&=N(d_{1})S-N(d_{2})Ke^{-r(T-t)}\\d_{1}&={\frac {1}{\sigma {\sqrt {T-t}}}}\left[\ln \left({\frac {S}{K}}\right)+\left(r+{\frac {\sigma ^{2}}{2}}\right)(T-t)\right]\\d_{2}&=d_{1}-\sigma {\sqrt {T-t}}\\\end{aligned}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/f6ed0aef39b1aee3a602de0faf6224848c506363" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -6.005ex; width:52.205ex; height:13.176ex;" alt="{\displaystyle {\begin{aligned}C(S,t)&=N(d_{1})S-N(d_{2})Ke^{-r(T-t)}\\d_{1}&={\frac {1}{\sigma {\sqrt {T-t}}}}\left[\ln \left({\frac {S}{K}}\right)+\left(r+{\frac {\sigma ^{2}}{2}}\right)(T-t)\right]\\d_{2}&=d_{1}-\sigma {\sqrt {T-t}}\\\end{aligned}}}"></span></dd></dl> <a href="/wiki/Black%E2%80%93Scholes_model#Black–Scholes_formula" title="Black–Scholes model">The Black–Scholes formula</a> for the value of a <a href="/wiki/Call_option" title="Call option">call option</a>. Although lately its use is <a href="/wiki/Financial_economics#Departures_from_normality" title="Financial economics">considered naive</a>, it has underpinned the development of derivatives-theory, and financial mathematics more generally, since its introduction in 1973.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup></div> </td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:OAS_valuation_tree_(es).png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/OAS_valuation_tree_%28es%29.png/220px-OAS_valuation_tree_%28es%29.png" decoding="async" width="220" height="189" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/89/OAS_valuation_tree_%28es%29.png/330px-OAS_valuation_tree_%28es%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/89/OAS_valuation_tree_%28es%29.png/440px-OAS_valuation_tree_%28es%29.png 2x" data-file-width="640" data-file-height="550" /></a><figcaption><a href="/wiki/Lattice_model_(finance)" title="Lattice model (finance)">"Trees"</a> are widely applied in mathematical finance; here used in calculating an <a href="/wiki/Option_adjusted_spread" class="mw-redirect" title="Option adjusted spread">OAS</a>. Other common pricing-methods are <a href="/wiki/Monte_Carlo_methods_in_finance#Overview" title="Monte Carlo methods in finance">simulation</a> and <a href="/wiki/Finite_difference_methods_for_option_pricing" title="Finite difference methods for option pricing">PDEs</a>. These are used for settings beyond <a href="/wiki/Black%E2%80%93Scholes_model#Fundamental_hypotheses" title="Black–Scholes model">those envisaged</a> by Black-Scholes. <a href="/wiki/Valuation_of_options#Post_crisis" title="Valuation of options">Post crisis</a>, even in those settings, banks use <a href="/wiki/Local_volatility" title="Local volatility">local</a> and <a href="/wiki/Stochastic_volatility" title="Stochastic volatility">stochastic volatility</a> models to incorporate the <a href="/wiki/Volatility_surface" class="mw-redirect" title="Volatility surface">volatility surface</a>; the <a href="/wiki/XVA" title="XVA">xVA</a> adjustments accommodate <a href="/wiki/Counterparty_credit_risk" class="mw-redirect" title="Counterparty credit risk">counterparty</a> and capital considerations.</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Financial_mathematics" class="mw-redirect" title="Financial mathematics">Financial mathematics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">Quantitative analysis (finance)</a> and <a href="/wiki/Financial_modeling#Quantitative_finance" title="Financial modeling">Financial modeling § Quantitative finance</a></div> <p>Financial mathematics<sup id="cite_ref-SIAM2_37-0" class="reference"><a href="#cite_note-SIAM2-37"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> is the field of <a href="/wiki/Applied_mathematics" title="Applied mathematics">applied mathematics</a> concerned with <a href="/wiki/Financial_market" title="Financial market">financial markets</a>; <a href="/wiki/Louis_Bachelier#The_doctoral_thesis" title="Louis Bachelier">Louis Bachelier's doctoral thesis</a>, defended in 1900, is considered to be the first scholarly work in this area. The field is largely focused on the <a href="/wiki/Outline_of_finance#Derivatives_pricing" title="Outline of finance">modeling of derivatives</a>—with much emphasis on <a href="/wiki/Interest_rate_derivative" title="Interest rate derivative">interest rate-</a> and <a href="/wiki/Credit_derivative" title="Credit derivative">credit risk modeling</a>—while other important areas include <a href="/wiki/Actuarial_science" title="Actuarial science">insurance mathematics</a> and <a href="/wiki/Outline_of_finance#Mathematical_techniques" title="Outline of finance">quantitative portfolio management</a>. Relatedly, the techniques developed <a href="/wiki/Contingent_claim_analysis" class="mw-redirect" title="Contingent claim analysis">are applied</a> to pricing and hedging a wide range of <a href="/wiki/Asset-backed_security" title="Asset-backed security">asset-backed</a>, <a href="/wiki/Government_bond" title="Government bond">government</a>, and <a href="/wiki/Capital_structure" title="Capital structure">corporate</a>-securities. </p><p>As <a href="#Quantitative_finance">above</a>, in terms of practice, the field is referred to as quantitative finance and / or mathematical finance, and comprises primarily the three areas discussed. The <a href="/wiki/Outline_of_finance#Mathematical_tools" title="Outline of finance">main mathematical tools</a> and techniques are, correspondingly: </p> <ul><li>for derivatives,<sup id="cite_ref-Mastro_38-0" class="reference"><a href="#cite_note-Mastro-38"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> <a href="/wiki/It%C3%B4_calculus" title="Itô calculus">Itô's stochastic calculus</a>, <a href="/wiki/Monte_Carlo_methods_in_finance" title="Monte Carlo methods in finance">simulation</a>, and <a href="/wiki/Partial_differential_equation" title="Partial differential equation">partial differential equations</a>; see aside boxed discussion re the prototypical <a href="/wiki/Black-Scholes" class="mw-redirect" title="Black-Scholes">Black-Scholes</a> and <a href="/wiki/Valuation_of_options#Pricing_models" title="Valuation of options">the various numeric techniques</a> now applied</li> <li>for risk management,<sup id="cite_ref-DeMeo_27-1" class="reference"><a href="#cite_note-DeMeo-27"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Value_at_risk" title="Value at risk">value at risk</a>, <a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">stress testing</a> and <a href="/wiki/PnL_Explained#Sensitivities_method" class="mw-redirect" title="PnL Explained">"sensitivities" analysis</a> (applying the "greeks"); the underlying mathematics comprises <a href="/wiki/Mixture_model#A_financial_model" title="Mixture model">mixture models</a>, <a href="/wiki/Principal_component_analysis#Quantitative_finance" title="Principal component analysis">PCA</a>, <a href="/wiki/Volatility_clustering" title="Volatility clustering">volatility clustering</a> and <a href="/wiki/Copula_(probability_theory)#Quantitative_finance" class="mw-redirect" title="Copula (probability theory)">copulas</a>.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup></li> <li>in both of these areas, and particularly for portfolio problems, quants employ <a href="/wiki/Outline_of_finance#Mathematical_techniques" title="Outline of finance">sophisticated optimization techniques</a></li></ul> <p>Mathematically, these separate into <a href="/wiki/Mathematical_finance#History:_Q_versus_P" title="Mathematical finance">two analytic branches</a>: derivatives pricing uses <a href="/wiki/Risk-neutral_measure" title="Risk-neutral measure">risk-neutral probability</a> (or <a href="/wiki/Rational_pricing" title="Rational pricing">arbitrage-pricing</a> probability), denoted by "Q"; while risk and portfolio management generally use physical (or actual or actuarial) probability, denoted by "P". These are interrelated through the above "<a href="/wiki/Fundamental_theorem_of_asset_pricing" title="Fundamental theorem of asset pricing">Fundamental theorem of asset pricing</a>". </p><p>The subject has a close relationship with financial economics, which, as outlined, is concerned with much of the underlying theory that is involved in financial mathematics: generally, financial mathematics will derive and extend the <a href="/wiki/Mathematical_model" title="Mathematical model">mathematical models</a> suggested. <a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a> is the branch of (applied) <a href="/wiki/Computer_science" title="Computer science">computer science</a> that deals with problems of practical interest in finance, and especially<sup id="cite_ref-SIAM2_37-1" class="reference"><a href="#cite_note-SIAM2-37"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> emphasizes the <a href="/wiki/Numerical_methods" class="mw-redirect" title="Numerical methods">numerical methods</a> applied here. </p> <div class="mw-heading mw-heading3"><h3 id="Experimental_finance">Experimental finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=13" title="Edit section: Experimental finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a></div> <p><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a><sup id="cite_ref-ssrn_40-0" class="reference"><a href="#cite_note-ssrn-40"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> aims to establish different market settings and environments to experimentally observe and provide a lens through which science can analyze agents' behavior and the resulting characteristics of trading flows, information diffusion, and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions and therefore prove them, as well as attempt to discover new principles on which such theory can be extended and be applied to future financial decisions. Research may proceed by conducting trading simulations or by establishing and studying the behavior of people in artificial, competitive, market-like settings. </p> <div class="mw-heading mw-heading3"><h3 id="Behavioral_finance">Behavioral finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=14" title="Edit section: Behavioral finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></div> <p><a href="/wiki/Behavioral_finance" class="mw-redirect" title="Behavioral finance">Behavioral finance</a> studies how the <i><a href="/wiki/Psychology" title="Psychology">psychology</a></i> of investors or managers affects financial decisions and markets<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> and is relevant when making a decision that can impact either negatively or positively on one of their areas. With more in-depth research into behavioral finance, it is possible to bridge what actually happens in financial markets with analysis based on financial theory.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Behavioral finance has grown over the last few decades to become an integral aspect of finance.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>Behavioral finance includes such topics as: </p> <ol><li>Empirical studies that demonstrate significant deviations from classical theories;</li> <li>Models of how psychology affects and impacts trading and prices;</li> <li>Forecasting based on these methods;</li> <li>Studies of experimental asset markets and the use of models to forecast experiments.</li></ol> <p>A strand of behavioral finance has been dubbed <a href="/wiki/Quantitative_behavioral_finance" title="Quantitative behavioral finance">quantitative behavioral finance</a>, which uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation. </p><p><br /> </p> <div class="mw-heading mw-heading3"><h3 id="Quantum_finance">Quantum finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=15" title="Edit section: Quantum finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Finance" title="Special:EditPage/Finance">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">June 2023</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Quantum_finance" title="Quantum finance">Quantum finance</a></div> <p>Quantum finance involves applying quantum mechanical approaches to financial theory, providing novel methods and perspectives in the field.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> <i>Quantum</i> <i>finance</i> is an interdisciplinary field, in which theories and methods developed by <i>quantum</i> physicists and economists are applied to solve financial problems. It represents a branch known as econophysics. Although <i>quantum</i> computational methods have been around for quite some time and use the basic principles of physics to better understand the ways to implement and manage cash flows, it is mathematics that is actually important in this new scenario<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> Finance theory is heavily based on financial instrument pricing such as <a href="/wiki/Stock_option" class="mw-redirect" title="Stock option">stock option</a> pricing. Many of the problems facing the finance community have no known analytical solution. As a result, numerical methods and computer simulations for solving these problems have proliferated. This research area is known as <a href="/wiki/Computational_finance" title="Computational finance">computational finance</a>. Many computational finance problems have a high degree of computational complexity and are slow to converge to a solution on classical computers. In particular, when it comes to option pricing, there is additional complexity resulting from the need to respond to quickly changing markets. For example, in order to take advantage of inaccurately priced stock options, the computation must complete before the next change in the almost continuously changing stock market. As a result, the finance community is always looking for ways to overcome the resulting performance issues that arise when pricing options. This has led to research that applies alternative computing techniques to finance. Most commonly used quantum financial models are quantum continuous model, quantum binomial model, multi-step quantum binomial model etc. </p> <div class="mw-heading mw-heading2"><h2 id="History_of_finance">History of finance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=16" title="Edit section: History of finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/History_of_money" title="History of money">History of money</a>, <a href="/wiki/History_of_banking" title="History of banking">History of banking</a>, <a href="/wiki/History_of_investment" class="mw-redirect" title="History of investment">History of investment</a>, <a href="/wiki/Financial_centre#History" title="Financial centre">Financial centre § History</a>, <a href="/wiki/Corporate_finance#History" title="Corporate finance">Corporate finance § History</a>, <a href="/wiki/Quantitative_analysis_(finance)#History" title="Quantitative analysis (finance)">Quantitative analysis (finance) § History</a>, <a href="/wiki/Financial_crisis#History" title="Financial crisis">Financial crisis § History</a>, and <a href="/wiki/Global_financial_system#History_of_international_financial_architecture" title="Global financial system">Global financial system § History of international financial architecture</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Category:History_of_finance" title="Category:History of finance">Category:History of finance</a></div> <p>The origin of finance can be traced to the beginning of state formation and trade during the <a href="/wiki/Bronze_Age" title="Bronze Age">Bronze Age</a>. The earliest historical evidence of finance is dated to around 3000 BCE. Banking originated in West Asia, where temples and palaces were used as safe places for the storage of valuables. Initially, the only valuable that could be deposited was grain, but cattle and precious materials were eventually included. During the same period, the Sumerian city of <a href="/wiki/Uruk" title="Uruk">Uruk</a> in <a href="/wiki/Mesopotamia" title="Mesopotamia">Mesopotamia</a> supported trade by lending as well as the use of interest. In Sumerian, "interest" was <i>mas</i>, which translates to "calf". In Greece and Egypt, the words used for interest, <i>tokos</i> and <i>ms</i> respectively, meant "to give birth". In these cultures, interest indicated a valuable increase, and seemed to consider it from the lender's point of view.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a> (1792–1750 BCE) included laws governing banking operations. The Babylonians were accustomed to charging interest at the rate of 20 percent per year. By 1200 BCE, <a href="/wiki/Cowrie" title="Cowrie">cowrie</a> shells were used as a form of money in <a href="/wiki/China" title="China">China</a>. </p><p>The use of coins as a means of representing money began in the years between 700 and 500 BCE.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> Herodotus mentions the use of crude coins in <a href="/wiki/Lydia" title="Lydia">Lydia</a> around 687 BCE and, by 640 BCE, the Lydians had started to use coin money more widely and opened permanent retail shops.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Shortly after, cities in <a href="/wiki/Classical_Greece" title="Classical Greece">Classical Greece</a>, such as <a href="/wiki/Aegina" title="Aegina">Aegina</a>, <a href="/wiki/Athens" title="Athens">Athens</a>, and <a href="/wiki/Corinth" title="Corinth">Corinth</a>, started minting their own coins between 595 and 570 BCE. During the <a href="/wiki/Roman_Republic" title="Roman Republic">Roman Republic</a>, interest was outlawed by the <i>Lex Genucia</i> reforms in 342 BCE, though the provision went largely unenforced. Under <a href="/wiki/Julius_Caesar" title="Julius Caesar">Julius Caesar</a>, a ceiling on interest rates of 12% was set, and much later under <a href="/wiki/Justinian" class="mw-redirect" title="Justinian">Justinian</a> it was lowered even further to between 4% and 8%.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p><p>The first exchange happened in Belgium in 1531.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> Since then, popular exchanges such as the London Stock Exchange (founded in 1773) and the New York Stock Exchange (founded in 1793) were created.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=17" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=18" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"> The following are definitions of <i>finance</i> as crafted by the authors indicated: <ul><li><a rel="nofollow" class="external text" href="https://faculty.chicagobooth.edu/eugene.fama/research/Theory%20of%20Finance/The%20Theory%20of%20Finance%20Preface%20and%20Table%20of%20Contents.pdf">Fama and Miller</a>: "The theory of finance is concerned with how individuals and firms allocate resources through time. In particular, it seeks to explain how solutions to the problems faced in allocating resources through time are facilitated by the existence of capital markets (which provide a means for individual economic agents to exchange resources to be available of different points In time) and of firms (which, by their production-investment decisions, provide a means for individuals to transform current resources physically into resources to be available in the future)."</li> <li><a rel="nofollow" class="external text" href="https://afajof.org/wp-content/uploads/files/historical-texts/guthmann-dougall-1940-ocr.pdf">Guthmann and Dougall</a>: "Finance is concerned with the raising and administering of funds and with the relationships between private profit-seeking enterprise on the one hand and the groups which supply the funds on the other. These groups, which include investors and speculators — that is, capitalists or property owners — as well as those who advance short-term capital, place their money in the field of commerce and industry and in return expect a stream of income."</li> <li><a rel="nofollow" class="external text" href="https://www.wiley.com/en-in/Finance:+Capital+Markets,+Financial+Management,+and+Investment+Management-p-9780470407356">Drake and Fabozzi</a>: "Finance is the application of economic principles to decision-making that involves the allocation of money under conditions of uncertainty."</li> <li><a rel="nofollow" class="external text" href="https://openlibrary.org/authors/OL1637242A/Frank_Walter_Paish">F.W. Paish</a>: "Finance may be defined as the position of money at the time it is wanted".</li> <li><a rel="nofollow" class="external text" href="https://openlibrary.org/authors/OL835181A/John_J._Hampton">John J. Hampton</a>: "The term finance can be defined as the management of the flows of money through an organisation, whether it will be a corporation, school, or bank or government agency".</li> <li><a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/976723372">Howard and Upton</a>: "Finance may be defined as that administrative area or set of administrative functions in an organisation which relates with the arrangement of each debt and credit so that the organisation may have the means to carry out the objectives as satisfactorily as possible".</li> <li><a rel="nofollow" class="external text" href="https://education.wbstraining.com/pluginfile.php/2808/mod_resource/content/1/PabloFernandez_Finance%20and%20Financial%20Economics.pdf">Pablo Fernandez</a>: "Finance is a profession that requires interdisciplinary training and can help the managers of companies make sound decisions about financing, investment, continuity and other issues that affect the inflows and outflows of money, and the risk of the company. It also helps people and institutions invest and plan money-related issues wisely."</li></ul> </span></li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">The discipline of <a href="/wiki/Financial_economics" title="Financial economics">financial economics</a> bridges the two fields.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">The first academic journal, <i><a href="/wiki/The_Journal_of_Finance" title="The Journal of Finance">The Journal of Finance</a></i>, began publication in 1946.</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">Finance thus allows production and consumption in society to operate independently from each other. Without the use of financial allocation, production would have to happen at the same time and space as consumption. Through finance, distances in <a href="/wiki/Spacetime" title="Spacetime">timespace</a> between production and consumption are then posible.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=19" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHayes" class="citation web cs1">Hayes, Adam. <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/f/finance.asp">"Finance"</a>. <i>Investopedia</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201219025012/https://www.investopedia.com/terms/f/finance.asp">Archived</a> from the original on 2020-12-19<span class="reference-accessdate">. Retrieved <span class="nowrap">2022-08-03</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Finance&rft.aulast=Hayes&rft.aufirst=Adam&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Ff%2Ffinance.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGippel2012" class="citation journal cs1">Gippel, Jennifer K (2012-11-07). <a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F0312896212461034">"A revolution in finance?"</a>. <i><a href="/wiki/Australian_Journal_of_Management" title="Australian Journal of Management">Australian Journal of Management</a></i>. <b>38</b> (1): 125–146. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F0312896212461034">10.1177/0312896212461034</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0312-8962">0312-8962</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154759424">154759424</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Australian+Journal+of+Management&rft.atitle=A+revolution+in+finance%3F&rft.volume=38&rft.issue=1&rft.pages=125-146&rft.date=2012-11-07&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154759424%23id-name%3DS2CID&rft.issn=0312-8962&rft_id=info%3Adoi%2F10.1177%2F0312896212461034&rft.aulast=Gippel&rft.aufirst=Jennifer+K&rft_id=https%3A%2F%2Fdoi.org%2F10.1177%252F0312896212461034&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.ucas.com/explore/subjects/finance">"Finance"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230131091501/https://www.ucas.com/explore/subjects/finance">Archived</a> 2023-01-31 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a href="/wiki/UCAS" title="UCAS">UCAS</a> Subject Guide.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Anthony P. Carnevale, Ban Cheah, Andrew R. Hanson (2015). <a rel="nofollow" class="external text" href="https://1gyhoq479ufd3yna29x7ubjn-wpengine.netdna-ssl.com/wp-content/uploads/The-Economic-Value-of-College-Majors-Full-Report-web-FINAL.pdf">"The Economic Value of College Majors"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221108144220/https://1gyhoq479ufd3yna29x7ubjn-wpengine.netdna-ssl.com/wp-content/uploads/The-Economic-Value-of-College-Majors-Full-Report-web-FINAL.pdf">Archived</a> 2022-11-08 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. <a href="/wiki/Georgetown_University" title="Georgetown University">Georgetown University</a>.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAllenPrice2000" class="citation journal cs1">Allen, Michael; Price, John (2000). <a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/abs/10.1080/030851400360497">"Monetized time-space: derivatives – money's 'new imaginary'?"</a>. <i>Economy and Society</i>. <b>29</b> (2): 264–284. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F030851400360497">10.1080/030851400360497</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:145739812">145739812</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220320050529/https://www.tandfonline.com/doi/abs/10.1080/030851400360497">Archived</a> from the original on 20 March 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">3 June</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economy+and+Society&rft.atitle=Monetized+time-space%3A+derivatives+%E2%80%93+money%27s+%27new+imaginary%27%3F&rft.volume=29&rft.issue=2&rft.pages=264-284&rft.date=2000&rft_id=info%3Adoi%2F10.1080%2F030851400360497&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A145739812%23id-name%3DS2CID&rft.aulast=Allen&rft.aufirst=Michael&rft.au=Price%2C+John&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Fabs%2F10.1080%2F030851400360497&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">See e.g., <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBank_of_Finland" class="citation web cs1"><a href="/wiki/Bank_of_Finland" title="Bank of Finland">Bank of Finland</a>. <a rel="nofollow" class="external text" href="https://www.suomenpankki.fi/en/financial-stability/the-financial-system-in-brief/">"Financial system"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200602105013/https://www.suomenpankki.fi/en/financial-stability/the-financial-system-in-brief/">Archived</a> from the original on 2020-06-02<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-05-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+system&rft.au=Bank+of+Finland&rft_id=https%3A%2F%2Fwww.suomenpankki.fi%2Fen%2Ffinancial-stability%2Fthe-financial-system-in-brief%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://courses.lumenlearning.com/boundless-economics/chapter/introducing-the-financial-system/">"Introducing the Financial System | Boundless Economics"</a>. <i>courses.lumenlearning.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200728111502/https://courses.lumenlearning.com/boundless-economics/chapter/introducing-the-financial-system/">Archived</a> from the original on 2020-07-28<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-05-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=courses.lumenlearning.com&rft.atitle=Introducing+the+Financial+System+%7C+Boundless+Economics&rft_id=https%3A%2F%2Fcourses.lumenlearning.com%2Fboundless-economics%2Fchapter%2Fintroducing-the-financial-system%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecnmy.org/learn/your-money/banking-and-finance/what-is-the-financial-system/">"What is the financial system?"</a>. <i>Economy</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200731162128/https://www.ecnmy.org/learn/your-money/banking-and-finance/what-is-the-financial-system/">Archived</a> from the original on 2020-07-31<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-05-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Economy&rft.atitle=What+is+the+financial+system%3F&rft_id=https%3A%2F%2Fwww.ecnmy.org%2Flearn%2Fyour-money%2Fbanking-and-finance%2Fwhat-is-the-financial-system%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPublishing2015" class="citation book cs1">Publishing, Speedy (2015-05-25). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=DF7FCQAAQBAJ"><i>Finance (Speedy Study Guides)</i></a>. Speedy Publishing LLC. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-68185-667-4" title="Special:BookSources/978-1-68185-667-4"><bdi>978-1-68185-667-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Finance+%28Speedy+Study+Guides%29&rft.pub=Speedy+Publishing+LLC&rft.date=2015-05-25&rft.isbn=978-1-68185-667-4&rft.aulast=Publishing&rft.aufirst=Speedy&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DDF7FCQAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSnowdon2019" class="citation cs2">Snowdon, Michael, ed. (2019), "Financial Planning Standards Board", <i>Financial Planning Competency Handbook</i>, John Wiley & Sons, Ltd, pp. 709–735, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1002%2F9781119642497.ch80">10.1002/9781119642497.ch80</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781119642497" title="Special:BookSources/9781119642497"><bdi>9781119642497</bdi></a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:242623141">242623141</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Financial+Planning+Standards+Board&rft.btitle=Financial+Planning+Competency+Handbook&rft.pages=709-735&rft.pub=John+Wiley+%26+Sons%2C+Ltd&rft.date=2019&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A242623141%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1002%2F9781119642497.ch80&rft.isbn=9781119642497&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKenton" class="citation web cs1">Kenton, Will. <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/p/personalfinance.asp">"Personal Finance"</a>. <i>Investopedia</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20000818133538/https://www.investopedia.com/terms/p/personalfinance.asp">Archived</a> from the original on 2000-08-18<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-01-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Personal+Finance&rft.aulast=Kenton&rft.aufirst=Will&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fp%2Fpersonalfinance.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-Drake_Fabozzi-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-Drake_Fabozzi_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Drake_Fabozzi_16-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Drake_Fabozzi_16-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Drake_Fabozzi_16-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Drake_Fabozzi_16-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Drake_Fabozzi_16-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text">Pamela Drake and <a href="/wiki/Frank_Fabozzi" class="mw-redirect" title="Frank Fabozzi">Frank Fabozzi</a> (2009). <a rel="nofollow" class="external text" href="https://media.wiley.com/product_data/excerpt/52/04704073/0470407352.pdf">What Is Finance?</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230223003858/https://media.wiley.com/product_data/excerpt/52/04704073/0470407352.pdf">Archived</a> 2023-02-23 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">See <a href="/wiki/Aswath_Damodaran" title="Aswath Damodaran">Aswath Damodaran</a>, <a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~adamodar/New_Home_Page/AppldCF/other/Image2.gif">Corporate Finance: First Principles</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161017190714/http://pages.stern.nyu.edu/~adamodar/New_Home_Page/AppldCF/other/Image2.gif">Archived</a> 2016-10-17 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-Irons-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-Irons_18-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIrons2019" class="citation book cs1">Irons, Robert (July 2019). <a rel="nofollow" class="external text" href="https://play.google.com/store/books/details/Robert_Irons_The_Fundamental_Principles_of_Finance?id=tzr3DwAAQBAJ&hl=en_US&gl=US"><i>The Fundamental Principles of Finance</i></a>. Google Books: Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781000024357" title="Special:BookSources/9781000024357"><bdi>9781000024357</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211111150837/https://play.google.com/store/books/details/Robert_Irons_The_Fundamental_Principles_of_Finance?id=tzr3DwAAQBAJ&hl=en_US&gl=US">Archived</a> from the original on 11 November 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">3 April</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fundamental+Principles+of+Finance&rft.place=Google+Books&rft.pub=Routledge&rft.date=2019-07&rft.isbn=9781000024357&rft.aulast=Irons&rft.aufirst=Robert&rft_id=https%3A%2F%2Fplay.google.com%2Fstore%2Fbooks%2Fdetails%2FRobert_Irons_The_Fundamental_Principles_of_Finance%3Fid%3Dtzr3DwAAQBAJ%26hl%3Den_US%26gl%3DUS&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDossSumrallJones2012" class="citation book cs1">Doss, Daniel; Sumrall, William; Jones, Don (2012). <i>Strategic Finance for Criminal Justice Organizations</i> (1st ed.). Boca Raton, Florida: CRC Press. p. 23. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1439892237" title="Special:BookSources/978-1439892237"><bdi>978-1439892237</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Strategic+Finance+for+Criminal+Justice+Organizations&rft.place=Boca+Raton%2C+Florida&rft.pages=23&rft.edition=1st&rft.pub=CRC+Press&rft.date=2012&rft.isbn=978-1439892237&rft.aulast=Doss&rft.aufirst=Daniel&rft.au=Sumrall%2C+William&rft.au=Jones%2C+Don&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDossSumrallJones2012" class="citation book cs1">Doss, Daniel; Sumrall, William; Jones, Don (2012). <i>Strategic Finance for Criminal Justice Organizations</i> (1st ed.). Boca Raton, Florida: CRC Press. pp. 53–54. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1439892237" title="Special:BookSources/978-1439892237"><bdi>978-1439892237</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Strategic+Finance+for+Criminal+Justice+Organizations&rft.place=Boca+Raton%2C+Florida&rft.pages=53-54&rft.edition=1st&rft.pub=CRC+Press&rft.date=2012&rft.isbn=978-1439892237&rft.aulast=Doss&rft.aufirst=Daniel&rft.au=Sumrall%2C+William&rft.au=Jones%2C+Don&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKiokoMarlowe2016" class="citation book cs1">Kioko, Sharon; Marlowe, Justin (2016). <a rel="nofollow" class="external text" href="https://press.rebus.community/financialstrategy/"><i>Financial Strategy for Public Managers</i></a>. Rebus Foundation. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-927472-59-0" title="Special:BookSources/978-1-927472-59-0"><bdi>978-1-927472-59-0</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220615185910/https://press.rebus.community/financialstrategy/">Archived</a> from the original on 2022-06-15<span class="reference-accessdate">. Retrieved <span class="nowrap">2022-07-05</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Strategy+for+Public+Managers&rft.pub=Rebus+Foundation&rft.date=2016&rft.isbn=978-1-927472-59-0&rft.aulast=Kioko&rft.aufirst=Sharon&rft.au=Marlowe%2C+Justin&rft_id=https%3A%2F%2Fpress.rebus.community%2Ffinancialstrategy%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text">Board of Governors of Federal Reserve System of the United States. Mission of the Federal Reserve System. <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/aboutthefed/mission.htm">Federalreserve.gov</a> Accessed: 2010-01-16. (Archived by WebCite at <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100114154328/http://www.federalreserve.gov/aboutthefed/mission.htm">Archived</a> 2010-01-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>)</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHanLiuZhouZhu2021" class="citation journal cs1">Han, Yufeng; Liu, Yang; Zhou, Guofu; Zhu, Yingzi (2021-05-21). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/abstract=3850494">"Technical Analysis in the Stock Market: A Review"</a>. <i>SSRN Papers</i>. Rochester, NY. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.3850494">10.2139/ssrn.3850494</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:235195430">235195430</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3850494">3850494</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN+Papers&rft.atitle=Technical+Analysis+in+the+Stock+Market%3A+A+Review&rft.date=2021-05-21&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A235195430%23id-name%3DS2CID&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3850494%23id-name%3DSSRN&rft_id=info%3Adoi%2F10.2139%2Fssrn.3850494&rft.aulast=Han&rft.aufirst=Yufeng&rft.au=Liu%2C+Yang&rft.au=Zhou%2C+Guofu&rft.au=Zhu%2C+Yingzi&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fabstract%3D3850494&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-Christoffersen2011-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-Christoffersen2011_24-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPeter_F._Christoffersen2011" class="citation book cs1">Peter F. Christoffersen (22 November 2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=YkcMBGYbRasC"><i>Elements of Financial Risk Management</i></a>. Academic Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-12-374448-7" title="Special:BookSources/978-0-12-374448-7"><bdi>978-0-12-374448-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Elements+of+Financial+Risk+Management&rft.pub=Academic+Press&rft.date=2011-11-22&rft.isbn=978-0-12-374448-7&rft.au=Peter+F.+Christoffersen&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DYkcMBGYbRasC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-Malz2011-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-Malz2011_25-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAllan_M._Malz2011" class="citation book cs1">Allan M. Malz (13 September 2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=rFX2f6AxH1QC"><i>Financial Risk Management: Models, History, and Institutions</i></a>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-02291-7" title="Special:BookSources/978-1-118-02291-7"><bdi>978-1-118-02291-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Risk+Management%3A+Models%2C+History%2C+and+Institutions&rft.pub=John+Wiley+%26+Sons&rft.date=2011-09-13&rft.isbn=978-1-118-02291-7&rft.au=Allan+M.+Malz&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DrFX2f6AxH1QC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">John Hampton (2011). <i>The AMA Handbook of Financial Risk Management</i>. <a href="/wiki/American_Management_Association" title="American Management Association">American Management Association</a>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0814417447" title="Special:BookSources/978-0814417447">978-0814417447</a></span> </li> <li id="cite_note-DeMeo-27"><span class="mw-cite-backlink">^ <a href="#cite_ref-DeMeo_27-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-DeMeo_27-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">See generally, Roy E. DeMeo (N.D.) <a rel="nofollow" class="external text" href="https://mathfinance.charlotte.edu/sites/mathfinance.charlotte.edu/files/media/An%20Introduction%20to%20Value%20At%20Risk%20New.pdf">Quantitative Risk Management: VaR and Others</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211112082350/https://mathfinance.charlotte.edu/sites/mathfinance.charlotte.edu/files/media/An%20Introduction%20to%20Value%20At%20Risk%20New.pdf">Archived</a> 2021-11-12 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-SIAM-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-SIAM_28-0">^</a></b></span> <span class="reference-text">See discussion here: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.siam.org/Portals/0/Student%20Programs/Thinking%20of%20a%20Career/brochure.pdf">"Careers in Applied Mathematics"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/Society_for_Industrial_and_Applied_Mathematics" title="Society for Industrial and Applied Mathematics">Society for Industrial and Applied Mathematics</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190305095047/https://www.siam.org/Portals/0/Student%20Programs/Thinking%20of%20a%20Career/brochure.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2019-03-05.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Careers+in+Applied+Mathematics&rft.pub=Society+for+Industrial+and+Applied+Mathematics&rft_id=https%3A%2F%2Fwww.siam.org%2FPortals%2F0%2FStudent%2520Programs%2FThinking%2520of%2520a%2520Career%2Fbrochure.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-Fama_and_Miller-29"><span class="mw-cite-backlink">^ <a href="#cite_ref-Fama_and_Miller_29-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Fama_and_Miller_29-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Fama_and_Miller_29-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">See the discussion re finance theory by Fama and Miller under <a href="#Notes">§ Notes</a>.</span> </li> <li id="cite_note-freedictionary-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-freedictionary_30-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://financial-dictionary.thefreedictionary.com/finance">"Finance"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20191222201948/https://financial-dictionary.thefreedictionary.com/Finance">Archived</a> 2019-12-22 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Farlex Financial Dictionary. 2012</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/f/finance.asp">"Finance"</a>. <i>Investopedia</i>. May 23, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">July 1,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Finance&rft.date=2023-05-23&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Ff%2Ffinance.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">A. Pinkasovitch (2021). <a rel="nofollow" class="external text" href="https://www.investopedia.com/articles/financial-theory/11/decisions-trees-finance.asp">Using Decision Trees in Finance</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211210085522/https://www.investopedia.com/articles/financial-theory/11/decisions-trees-finance.asp">Archived</a> 2021-12-10 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sciencedirect.com/topics/economics-econometrics-and-finance/managerial-finance">"Managerial Finance"</a>. <i><a href="/wiki/ScienceDirect" title="ScienceDirect">ScienceDirect</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ScienceDirect&rft.atitle=Managerial+Finance&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Ftopics%2Feconomics-econometrics-and-finance%2Fmanagerial-finance&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text">W. Kenton (2021). <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/h/harrymarkowitz.asp">"Harry Markowitz"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211126113108/https://www.investopedia.com/terms/h/harrymarkowitz.asp">Archived</a> 2021-11-26 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, investopedia.com</span> </li> <li id="cite_note-Sharpe-35"><span class="mw-cite-backlink">^ <a href="#cite_ref-Sharpe_35-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Sharpe_35-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">For an overview, see <a rel="nofollow" class="external text" href="http://www.stanford.edu/~wfsharpe/mia/int/mia_int2.htm">"Financial Economics"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20040604105441/http://www.stanford.edu/~wfsharpe/mia/int/mia_int2.htm">Archived</a> 2004-06-04 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a href="/wiki/William_F._Sharpe" title="William F. Sharpe">William F. Sharpe</a> (Stanford University manuscript)</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://priceonomics.com/the-history-of-the-black-scholes-formula/">"The History of the Black-Scholes Formula"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211126125626/https://priceonomics.com/the-history-of-the-black-scholes-formula/">Archived</a> 2021-11-26 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, priceonomics.com</span> </li> <li id="cite_note-SIAM2-37"><span class="mw-cite-backlink">^ <a href="#cite_ref-SIAM2_37-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-SIAM2_37-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.siam.org/research-areas/detail/financial-mathematics-and-engineering#">Research Area: Financial Mathematics and Engineering</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220516114958/https://www.siam.org/research-areas/detail/financial-mathematics-and-engineering">Archived</a> 2022-05-16 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Society for Industrial and Applied Mathematics</span> </li> <li id="cite_note-Mastro-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-Mastro_38-0">^</a></b></span> <span class="reference-text">For a survey, see <a rel="nofollow" class="external text" href="https://catalogimages.wiley.com/images/db/pdf/9781118487716.excerpt.pdf">"Financial Models"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211113134700/https://catalogimages.wiley.com/images/db/pdf/9781118487716.excerpt.pdf">Archived</a> 2021-11-13 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, from Michael Mastro (2013). <i>Financial Derivative and Energy Market Valuation</i>, John Wiley & Sons. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1118487716" title="Special:BookSources/978-1118487716">978-1118487716</a>.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text">See for example III.A.3, in Carol Alexander, ed. (January 2005). <i>The Professional Risk Managers' Handbook</i>. PRMIA Publications. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0976609704" title="Special:BookSources/978-0976609704">978-0976609704</a></span> </li> <li id="cite_note-ssrn-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-ssrn_40-0">^</a></b></span> <span class="reference-text">Bloomfield, Robert and Anderson, Alyssa. <a rel="nofollow" class="external text" href="http://fasri.net/wp-content/uploads/2009/10/experimental-finance-chapter-_wiley_.pdf">"Experimental finance"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160304033849/http://fasri.net/wp-content/uploads/2009/10/experimental-finance-chapter-_wiley_.pdf">Archived</a> 2016-03-04 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. In Baker, H. Kent, and Nofsinger, John R., eds. Behavioral finance: investors, corporations, and markets. Vol. 6. John Wiley & Sons, 2010. pp. 113-131. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0470499115" title="Special:BookSources/978-0470499115">978-0470499115</a></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">Glaser, Markus and Weber, Martin and Noeth, Markus. (2004). <a rel="nofollow" class="external text" href="https://madoc.bib.uni-mannheim.de/2770/1/dp03_14.pdf">"Behavioral Finance"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230209093116/https://madoc.bib.uni-mannheim.de/2770/1/dp03_14.pdf">Archived</a> 2023-02-09 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, pp. 527–546 in <i>Handbook of Judgment and Decision Making</i>, Blackwell Publishers <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-405-10746-4" title="Special:BookSources/978-1-405-10746-4">978-1-405-10746-4</a></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZaheraBansal2018" class="citation journal cs1">Zahera, Syed Aliya; Bansal, Rohit (2018-05-08). <a rel="nofollow" class="external text" href="https://www.emerald.com/insight/content/doi/10.1108/QRFM-04-2017-0028/full/html">"Do investors exhibit behavioral biases in investment decision making? A systematic review"</a>. <i>Qualitative Research in Financial Markets</i>. <b>10</b> (2): 210–251. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1108%2FQRFM-04-2017-0028">10.1108/QRFM-04-2017-0028</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1755-4179">1755-4179</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220408144635/https://www.emerald.com/insight/content/doi/10.1108/QRFM-04-2017-0028/full/html">Archived</a> from the original on 2022-04-08<span class="reference-accessdate">. Retrieved <span class="nowrap">2022-04-08</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Qualitative+Research+in+Financial+Markets&rft.atitle=Do+investors+exhibit+behavioral+biases+in+investment+decision+making%3F+A+systematic+review&rft.volume=10&rft.issue=2&rft.pages=210-251&rft.date=2018-05-08&rft_id=info%3Adoi%2F10.1108%2FQRFM-04-2017-0028&rft.issn=1755-4179&rft.aulast=Zahera&rft.aufirst=Syed+Aliya&rft.au=Bansal%2C+Rohit&rft_id=https%3A%2F%2Fwww.emerald.com%2Finsight%2Fcontent%2Fdoi%2F10.1108%2FQRFM-04-2017-0028%2Ffull%2Fhtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShefrin2002" class="citation book cs1">Shefrin, Hersh (2002). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/beyondgreedfearu00shef"><i>Beyond greed and fear: Understanding behavioral finance and the psychology of investing</i></a></span>. New York: Oxford University Press. p. ix. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0195304213" title="Special:BookSources/978-0195304213"><bdi>978-0195304213</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2017</span>. <q>growth of behavioral finance.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Beyond+greed+and+fear%3A+Understanding+behavioral+finance+and+the+psychology+of+investing&rft.place=New+York&rft.pages=ix&rft.pub=Oxford+University+Press&rft.date=2002&rft.isbn=978-0195304213&rft.aulast=Shefrin&rft.aufirst=Hersh&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fbeyondgreedfearu00shef&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFocardiFabozziMazza2020" class="citation journal cs1">Focardi, Sergio; Fabozzi, Frank J.; Mazza, Davide (2020-08-31). <a rel="nofollow" class="external text" href="http://pm-research.com/lookup/doi/10.3905/jod.2020.1.111">"Quantum Option Pricing and Quantum Finance"</a>. <i>The Journal of Derivatives</i>. <b>28</b> (1): 79–98. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.3905%2Fjod.2020.1.111">10.3905/jod.2020.1.111</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1074-1240">1074-1240</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Derivatives&rft.atitle=Quantum+Option+Pricing+and+Quantum+Finance&rft.volume=28&rft.issue=1&rft.pages=79-98&rft.date=2020-08-31&rft_id=info%3Adoi%2F10.3905%2Fjod.2020.1.111&rft.issn=1074-1240&rft.aulast=Focardi&rft.aufirst=Sergio&rft.au=Fabozzi%2C+Frank+J.&rft.au=Mazza%2C+Davide&rft_id=http%3A%2F%2Fpm-research.com%2Flookup%2Fdoi%2F10.3905%2Fjod.2020.1.111&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRistic2021" class="citation journal cs1">Ristic, Kristijan (2–3 December 2021). <a rel="nofollow" class="external text" href="https://www.proquest.com/docview/2616890742">"New Financial Future: Digital Finance As a key Aspect of Financial Innovation"</a>. <i>75th International Scientific Conference on Economic and Social Development</i>: 283–288. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ProQuest" title="ProQuest">ProQuest</a> <a rel="nofollow" class="external text" href="https://search.proquest.com/docview/2616890742">2616890742</a> – via Proquest.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=75th+International+Scientific+Conference+on+Economic+and+Social+Development&rft.atitle=New+Financial+Future%3A+Digital+Finance+As+a+key+Aspect+of+Financial+Innovation&rft.pages=283-288&rft.date=2021-12-02%2F2021-12-03&rft.aulast=Ristic&rft.aufirst=Kristijan&rft_id=https%3A%2F%2Fwww.proquest.com%2Fdocview%2F2616890742&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFergusson" class="citation book cs1">Fergusson, Nial. <i>The Ascent of Money</i>. United States: Penguin Books.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Ascent+of+Money&rft.place=United+States&rft.pub=Penguin+Books&rft.aulast=Fergusson&rft.aufirst=Nial&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://babylon-coins.com/tast1.html">"babylon-coins.com"</a>. <i>babylon-coins.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210615134016/http://babylon-coins.com/tast1.html">Archived</a> from the original on 2021-06-15<span class="reference-accessdate">. Retrieved <span class="nowrap">2021-05-13</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=babylon-coins.com&rft.atitle=babylon-coins.com&rft_id=http%3A%2F%2Fbabylon-coins.com%2Ftast1.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.worldhistory.org/article/81/herodotus-on-lydia/">"Herodotus on Lydia"</a>. <i>World History Encyclopedia</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210513152131/https://www.worldhistory.org/article/81/herodotus-on-lydia/">Archived</a> from the original on 2021-05-13<span class="reference-accessdate">. Retrieved <span class="nowrap">2021-05-13</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=World+History+Encyclopedia&rft.atitle=Herodotus+on+Lydia&rft_id=https%3A%2F%2Fwww.worldhistory.org%2Farticle%2F81%2Fherodotus-on-lydia%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.islamicity.org/2773/history-of-usury-prohibition/">"History of Usury Prohibition - IslamiCity"</a>. <i>www.islamicity.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230409014040/https://www.islamicity.org/2773/history-of-usury-prohibition/">Archived</a> from the original on 2023-04-09<span class="reference-accessdate">. Retrieved <span class="nowrap">2023-04-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.islamicity.org&rft.atitle=History+of+Usury+Prohibition+-+IslamiCity&rft_id=https%3A%2F%2Fwww.islamicity.org%2F2773%2Fhistory-of-usury-prohibition%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://visit.antwerpen.be/info/handelsbeurs">"Handelsbeurs"</a> [Trade fair]. <i>Visit Antwerp</i> (in Dutch)<span class="reference-accessdate">. Retrieved <span class="nowrap">2 September</span> 2022</span>. <q>The 'Nieuwe Beurs' was built in 1531 because the 'Old Beurs' in Hofstraat had become too small. It was the first stock exchange ever built specifically for that purpose and later became the example for all stock exchange buildings in the world.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Visit+Antwerp&rft.atitle=Handelsbeurs&rft_id=https%3A%2F%2Fvisit.antwerpen.be%2Finfo%2Fhandelsbeurs&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.londonstockexchange.com/discover/lseg/our-history">"Our History"</a>. <i>London Stock Exchange</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220902213413/https://www.londonstockexchange.com/discover/lseg/our-history">Archived</a> from the original on 2 September 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">2 September</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=London+Stock+Exchange&rft.atitle=Our+History&rft_id=https%3A%2F%2Fwww.londonstockexchange.com%2Fdiscover%2Flseg%2Four-history&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://guides.loc.gov/wall-street-history/exchanges">"Research Guides: Wall Street and the Stock Exchanges: Historical Resources: Stock Exchanges"</a>. <i>Library of Congress</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220804230415/https://guides.loc.gov/wall-street-history/exchanges">Archived</a> from the original on 4 August 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">2 September</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Library+of+Congress&rft.atitle=Research+Guides%3A+Wall+Street+and+the+Stock+Exchanges%3A+Historical+Resources%3A+Stock+Exchanges&rft_id=https%3A%2F%2Fguides.loc.gov%2Fwall-street-history%2Fexchanges&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=20" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrahamJason_Zweig2003" class="citation book cs1"><a href="/wiki/Benjamin_Graham" title="Benjamin Graham">Graham, Benjamin</a>; <a href="/wiki/Jason_Zweig" title="Jason Zweig">Jason Zweig</a> (2003-07-08) [1949]. <a rel="nofollow" class="external text" href="https://archive.org/details/harrypotterhalfb00rowl_0"><i>The Intelligent Investor</i></a>. Warren E. Buffett (collaborator) (2003 ed.). <a href="/wiki/HarperCollins" title="HarperCollins">HarperCollins</a>. front cover. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-06-055566-1" title="Special:BookSources/0-06-055566-1"><bdi>0-06-055566-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Intelligent+Investor&rft.pages=front+cover&rft.edition=2003&rft.pub=HarperCollins&rft.date=2003-07-08&rft.isbn=0-06-055566-1&rft.aulast=Graham&rft.aufirst=Benjamin&rft.au=Jason+Zweig&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fharrypotterhalfb00rowl_0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrahamDodd1934" class="citation book cs1">Graham, Benjamin; <a href="/wiki/David_Dodd" title="David Dodd">Dodd, David LeFevre</a> (1934). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=wXlrnZ1uqK0C"><i>Security Analysis: The Classic 1934 Edition</i></a>. <a href="/wiki/McGraw-Hill_Education" class="mw-redirect" title="McGraw-Hill Education">McGraw-Hill Education</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-070-24496-2" title="Special:BookSources/978-0-070-24496-2"><bdi>978-0-070-24496-2</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/34023635">34023635</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Security+Analysis%3A+The+Classic+1934+Edition&rft.pub=McGraw-Hill+Education&rft.date=1934&rft_id=info%3Alccn%2F34023635&rft.isbn=978-0-070-24496-2&rft.aulast=Graham&rft.aufirst=Benjamin&rft.au=Dodd%2C+David+LeFevre&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DwXlrnZ1uqK0C&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></li> <li><i><a href="/wiki/Rich_Dad_Poor_Dad" title="Rich Dad Poor Dad">Rich Dad Poor Dad</a>: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!</i>, by <a href="/wiki/Robert_Kiyosaki" title="Robert Kiyosaki">Robert Kiyosaki</a> and <a href="/wiki/Sharon_Lechter" title="Sharon Lechter">Sharon Lechter</a>. <a href="/wiki/Warner_Business_Books" class="mw-redirect" title="Warner Business Books">Warner Business Books</a>, 2000. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-446-67745-0" title="Special:BookSources/0-446-67745-0">0-446-67745-0</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBogle2007" class="citation book cs1"><a href="/wiki/John_C._Bogle" title="John C. Bogle">Bogle, John Bogle</a> (2007). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/littlebookofcomm00bogl"><i>The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns</i></a></span>. John Wiley and Sons. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/littlebookofcomm00bogl/page/216">216</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780470102107" title="Special:BookSources/9780470102107"><bdi>9780470102107</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Little+Book+of+Common+Sense+Investing%3A+The+Only+Way+to+Guarantee+Your+Fair+Share+of+Stock+Market+Returns&rft.pages=216&rft.pub=John+Wiley+and+Sons&rft.date=2007&rft.isbn=9780470102107&rft.aulast=Bogle&rft.aufirst=John+Bogle&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Flittlebookofcomm00bogl&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBuffettCunningham2009" class="citation book cs1"><a href="/wiki/Warren_Buffett" title="Warren Buffett">Buffett, W.</a>; Cunningham, L.A. (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=njy3PQAACAAJ"><i>The Essays of Warren Buffett: Lessons for Investors and Managers</i></a>. <a href="/wiki/Wiley_(publisher)" title="Wiley (publisher)">John Wiley & Sons (Asia) Pte Limited</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-82441-2" title="Special:BookSources/978-0-470-82441-2"><bdi>978-0-470-82441-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Essays+of+Warren+Buffett%3A+Lessons+for+Investors+and+Managers&rft.pub=John+Wiley+%26+Sons+%28Asia%29+Pte+Limited&rft.date=2009&rft.isbn=978-0-470-82441-2&rft.aulast=Buffett&rft.aufirst=W.&rft.au=Cunningham%2C+L.A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dnjy3PQAACAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStanleyDanko1998" class="citation book cs1"><a href="/wiki/Thomas_J._Stanley" title="Thomas J. Stanley">Stanley, Thomas J.</a>; Danko, W.D. (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ldpaww5kkmoC"><i>The Millionaire Next Door</i></a>. <a href="/wiki/Gallery_Books" class="mw-redirect" title="Gallery Books">Gallery Books</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-671-01520-6" title="Special:BookSources/978-0-671-01520-6"><bdi>978-0-671-01520-6</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/98046515">98046515</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Millionaire+Next+Door&rft.pub=Gallery+Books&rft.date=1998&rft_id=info%3Alccn%2F98046515&rft.isbn=978-0-671-01520-6&rft.aulast=Stanley&rft.aufirst=Thomas+J.&rft.au=Danko%2C+W.D.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dldpaww5kkmoC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSoros,_George1988" class="citation book cs1"><a href="/wiki/George_Soros" title="George Soros">Soros, George</a> (1988). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=JDSii-QgejoC"><i>The Alchemy of Finance: Reading the Mind of the Market</i></a>. A Touchstone book. <a href="/wiki/Simon_%26_Schuster" title="Simon & Schuster">Simon & Schuster</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-671-66238-7" title="Special:BookSources/978-0-671-66238-7"><bdi>978-0-671-66238-7</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/87004745">87004745</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Alchemy+of+Finance%3A+Reading+the+Mind+of+the+Market&rft.series=A+Touchstone+book&rft.pub=Simon+%26+Schuster&rft.date=1988&rft_id=info%3Alccn%2F87004745&rft.isbn=978-0-671-66238-7&rft.au=Soros%2C+George&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DJDSii-QgejoC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFisher,_Philip_Arthur1996" class="citation book cs1"><a href="/wiki/Philip_Arthur_Fisher" title="Philip Arthur Fisher">Fisher, Philip Arthur</a> (1996). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=UES-QgAACAAJ"><i>Common Stocks and Uncommon Profits and Other Writings</i></a>. Wiley Investment Classics. <a href="/wiki/Wiley_(publisher)" title="Wiley (publisher)">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-11927-2" title="Special:BookSources/978-0-471-11927-2"><bdi>978-0-471-11927-2</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/95051449">95051449</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Common+Stocks+and+Uncommon+Profits+and+Other+Writings&rft.series=Wiley+Investment+Classics&rft.pub=Wiley&rft.date=1996&rft_id=info%3Alccn%2F95051449&rft.isbn=978-0-471-11927-2&rft.au=Fisher%2C+Philip+Arthur&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DUES-QgAACAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinance" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Finance&action=edit&section=21" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output 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screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-v2.svg"]{background-color:white}}</style><div role="navigation" aria-labelledby="sister-projects" class="side-box metadata side-box-right sister-box sistersitebox plainlinks"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-abovebelow"> <b>Finance</b> at Wikipedia's <a href="/wiki/Wikipedia:Wikimedia_sister_projects" title="Wikipedia:Wikimedia sister projects"><span id="sister-projects">sister projects</span></a></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/06/Wiktionary-logo-v2.svg/27px-Wiktionary-logo-v2.svg.png" decoding="async" width="27" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/06/Wiktionary-logo-v2.svg/41px-Wiktionary-logo-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/06/Wiktionary-logo-v2.svg/54px-Wiktionary-logo-v2.svg.png 2x" data-file-width="391" data-file-height="391" /></span></span></span><span class="sister-link"><a href="https://en.wiktionary.org/wiki/Special:Search/Finance" class="extiw" title="wikt:Special:Search/Finance">Definitions</a> from Wiktionary</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png" decoding="async" width="20" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/40px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></span><span class="sister-link"><a href="https://commons.wikimedia.org/wiki/Category:Finance" class="extiw" title="c:Category:Finance">Media</a> from Commons</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/27px-Wikinews-logo.svg.png" decoding="async" width="27" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/41px-Wikinews-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/24/Wikinews-logo.svg/54px-Wikinews-logo.svg.png 2x" data-file-width="759" data-file-height="415" /></span></span></span><span class="sister-link"><a href="https://en.wikinews.org/wiki/Special:Search/Finance" class="extiw" title="n:Special:Search/Finance">News</a> from Wikinews</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/23px-Wikiquote-logo.svg.png" decoding="async" width="23" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/35px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/46px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></span><span class="sister-link"><a href="https://en.wikiquote.org/wiki/Finance" class="extiw" title="q:Finance">Quotations</a> from Wikiquote</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/26px-Wikisource-logo.svg.png" decoding="async" width="26" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/39px-Wikisource-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/51px-Wikisource-logo.svg.png 2x" data-file-width="410" data-file-height="430" /></span></span></span><span class="sister-link"><a href="https://en.wikisource.org/wiki/1911_Encyclop%C3%A6dia_Britannica/Finance" class="extiw" title="s:1911 Encyclopædia Britannica/Finance">Texts</a> from Wikisource</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikibooks-logo.svg/27px-Wikibooks-logo.svg.png" decoding="async" width="27" height="27" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikibooks-logo.svg/41px-Wikibooks-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikibooks-logo.svg/54px-Wikibooks-logo.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span></span><span class="sister-link"><a href="https://en.wikibooks.org/wiki/Special:Search/Finance" class="extiw" title="b:Special:Search/Finance">Textbooks</a> from Wikibooks</span></li><li><span class="sister-logo"><span class="mw-valign-middle" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/27px-Wikiversity_logo_2017.svg.png" decoding="async" width="27" height="22" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/41px-Wikiversity_logo_2017.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/54px-Wikiversity_logo_2017.svg.png 2x" data-file-width="626" data-file-height="512" /></span></span></span><span class="sister-link"><a href="https://en.wikiversity.org/wiki/Special:Search/Finance" class="extiw" title="v:Special:Search/Finance">Resources</a> from Wikiversity</span></li></ul></div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/f/finance.asp">Finance Definition</a> (<a href="/wiki/Investopedia" title="Investopedia">Investopedia</a>)</li> <li><a rel="nofollow" class="external text" href="https://people.duke.edu/~charvey/Classes/wpg/glossary.htm">Hypertextual Finance Glossary</a> (<a href="/wiki/Campbell_Harvey" title="Campbell Harvey">Campbell Harvey</a>)</li> <li><a rel="nofollow" class="external text" href="http://www.vernimmen.com/Practice/Glossary.php">Finance Glossary</a> (Vernimmen <i>et. al.</i>)</li> <li><a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~adamodar/">Corporate finance resources</a> (<a href="/wiki/Aswath_Damodaran" title="Aswath Damodaran">Aswath Damodaran</a>)</li> <li><a rel="nofollow" class="external text" href="https://web.utk.edu/~jwachowi/wacho_world.html">Financial management resources</a> (<a href="/wiki/James_Van_Horne" title="James Van Horne">James Van Horne</a>)</li> <li><a rel="nofollow" class="external text" href="https://www.mymoney.gov/mymoneyfive">Personal finance resources</a> (<a href="/wiki/Financial_Literacy_and_Education_Commission" title="Financial Literacy and Education Commission">Financial Literacy and Education Commission</a>, mymoney.gov)</li> <li><a rel="nofollow" class="external text" href="https://gsdrc.org/professional-dev/public-financial-management/">Public finance resources</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230602184354/https://gsdrc.org/professional-dev/public-financial-management/">Archived</a> 2023-06-02 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (Governance and Social Development Resource Centre, gsdrc.org)</li> <li><a rel="nofollow" class="external text" href="https://globalriskinstitute.org/resources/">Risk management resources</a> (<a href="/wiki/Global_Risk_Institute" title="Global Risk Institute">Global Risk Institute</a>)</li></ul> <p><br /> </p> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="General_areas_of_finance" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Finance" title="Template:Finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Finance" title="Template talk:Finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Finance" title="Special:EditPage/Template:Finance"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="General_areas_of_finance" style="font-size:114%;margin:0 4em">General areas of <a class="mw-selflink selflink">finance</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_allocation" title="Asset allocation">Asset allocation</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_management" title="Capital management">Capital management</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a></li> <li><a class="mw-selflink selflink">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">deepening</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">inclusion</a></li> <li><a href="/wiki/Financial_institution" title="Financial institution">institutions</a></li> <li><a href="/wiki/Financial_management" title="Financial management">management</a></li> <li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li> <li><a href="/wiki/Financial_social_work" title="Financial social work">social work</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">Financial technology</a> (Fintech)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greater_fool_theory" title="Greater fool theory">Greater fool theory</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/History_of_money" title="History of money">History of money</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/International_finance" title="International finance">International finance</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Investment_performance" title="Investment performance">Investment performance</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Position_of_trust" title="Position of trust">Position of trust</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Quantitative_behavioral_finance" title="Quantitative behavioral finance">Quantitative behavioral finance</a></li> <li><a href="/wiki/Quantum_finance" title="Quantum finance">Quantum finance</a></li> <li><a href="/wiki/Risk-return_spectrum" class="mw-redirect" title="Risk-return spectrum">Risk-return spectrum</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_Development_Goals" title="Sustainable Development Goals">Sustainable Development Goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li> <li><a href="/wiki/Valuation_using_discounted_cash_flows" title="Valuation using discounted cash flows">Valuation using discounted cash flows</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q43015#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q43015#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q43015#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" 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