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href="https://fr.wikipedia.org/wiki/Mod%C3%A9lisation_financi%C3%A8re" title="Modélisation financière – French" lang="fr" hreflang="fr" data-title="Modélisation financière" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</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%A1%D5%AF%D5%A1%D5%B6_%D5%B4%D5%B8%D5%A4%D5%A5%D5%AC%D5%A1%D5%BE%D5%B8%D6%80%D5%B8%D6%82%D5%B4" title="Ֆինանսական մոդելավորում – Armenian" lang="hy" hreflang="hy" data-title="Ֆինանսական մոդելավորում" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Moliyaviy_modellashtirish" title="Moliyaviy modellashtirish – Uzbek" lang="uz" hreflang="uz" data-title="Moliyaviy modellashtirish" 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-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%BE%D0%B5_%D0%BC%D0%BE%D0%B4%D0%B5%D0%BB%D0%B8%D1%80%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D0%B5" title="Финансовое моделирование – Russian" lang="ru" hreflang="ru" data-title="Финансовое моделирование" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Financial_modelling" title="Financial modelling – Simple English" lang="en-simple" hreflang="en-simple" data-title="Financial modelling" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple 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<div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Modeling financial systems</div> <p class="mw-empty-elt"> </p><p><b>Financial modeling</b> is the task of building an <a href="/wiki/Abstraction" title="Abstraction">abstract representation</a> (a <a href="/wiki/Mathematical_model" title="Mathematical model">model</a>) of a real world <a href="/wiki/Finance" title="Finance">financial</a> situation.<sup id="cite_ref-iop_1-0" class="reference"><a href="#cite_note-iop-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This is a <a href="/wiki/Mathematical_model" title="Mathematical model">mathematical model</a> designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, <a href="/wiki/Project" title="Project">project</a>, or any other investment. </p><p>Typically, then, financial modeling is understood to mean an exercise in either asset pricing or corporate finance, of a quantitative nature. It is about translating a set of hypotheses about the behavior of markets or agents into numerical predictions.<sup id="cite_ref-sciencedirect.com_2-0" class="reference"><a href="#cite_note-sciencedirect.com-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> At the same time, "financial modeling" is a general term that means different things to different users; the reference usually relates either to accounting and <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a> applications or to <a href="/wiki/Quantitative_finance" class="mw-redirect" title="Quantitative finance">quantitative finance</a> applications. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Accounting">Accounting</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_modeling&action=edit&section=1" title="Edit section: Accounting"><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:Cash_Flow_Projection.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Cash_Flow_Projection.png/220px-Cash_Flow_Projection.png" decoding="async" width="220" height="106" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Cash_Flow_Projection.png/330px-Cash_Flow_Projection.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/23/Cash_Flow_Projection.png/440px-Cash_Flow_Projection.png 2x" data-file-width="1157" data-file-height="559" /></a><figcaption><a href="/wiki/Spreadsheet" title="Spreadsheet">Spreadsheet</a>-based <a href="/wiki/Cash_flow_forecasting" title="Cash flow forecasting">Cash Flow Projection</a> (click to view at full size)</figcaption></figure> <p>In <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a> and the <a href="/wiki/Accounting" title="Accounting">accounting</a> profession, <i>financial modeling</i> typically entails <a href="/wiki/Financial_forecast" title="Financial forecast">financial statement forecasting</a>; usually the preparation of detailed company-specific models used for <sup id="cite_ref-iop_1-1" class="reference"><a href="#cite_note-iop-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> decision making purposes, valuation and <a href="/wiki/Financial_analysis" title="Financial analysis">financial analysis</a>. </p><p>Applications include: </p> <ul><li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a>, <a href="/wiki/Stock_valuation" title="Stock valuation">stock valuation</a>, and <a href="/wiki/Corporate_finance#Investment_and_project_valuation" title="Corporate finance">project valuation</a> - especially via <a href="/wiki/Valuation_using_discounted_cash_flows" title="Valuation using discounted cash flows">discounted cash flow</a>, but including <a href="/wiki/Valuation_(finance)#Valuation_overview" title="Valuation (finance)">other valuation approaches</a></li> <li><a href="/wiki/Scenario_planning" title="Scenario planning">Scenario planning</a>, <a href="/wiki/FP%26A" title="FP&A">FP&A</a> and <a href="/wiki/Management_accounting#Role_within_a_corporation" title="Management accounting">management decision making</a> ("what is"; "what if"; "what has to be done"<sup id="cite_ref-SiegelShim1997_3-0" class="reference"><a href="#cite_note-SiegelShim1997-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>)</li> <li><a href="/wiki/Budget#Corporate_budget" title="Budget">Budgeting</a>: <a href="/wiki/Revenue_management#Forecasting" title="Revenue management">revenue forecasting</a> and <a href="/wiki/Revenue#Financial_statement_analysis" title="Revenue">analytics</a>; <a href="/wiki/Production_budget" title="Production budget">production budgeting</a>; <a href="/wiki/Operating_budget" title="Operating budget">operations budgeting</a></li> <li><a href="/wiki/Capital_budgeting" title="Capital budgeting">Capital budgeting</a>, including <a href="/wiki/Cost_of_capital" title="Cost of capital">cost of capital</a> (i.e. <a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">WACC</a>) calculations</li> <li><a href="/wiki/Cash_flow_forecasting" title="Cash flow forecasting">Cash flow forecasting</a>; <a href="/wiki/Working_capital_management" class="mw-redirect" title="Working capital management">working capital-</a> and <a href="/wiki/Treasury_management" title="Treasury management">treasury management</a>; <a href="/wiki/Asset_and_liability_management" title="Asset and liability management">asset and liability management</a></li> <li><a href="/wiki/Financial_statement_analysis" title="Financial statement analysis">Financial statement analysis</a> / <a href="/wiki/Financial_ratio" title="Financial ratio">ratio analysis</a> (including of <a href="/wiki/Operating_lease" title="Operating lease">operating-</a> and <a href="/wiki/Finance_lease" title="Finance lease">finance leases</a>, and <a href="/wiki/Research_and_development" title="Research and development">R&D</a>)</li> <li><a href="/wiki/Investment_banking#Corporate_finance" title="Investment banking">Transaction analytics</a>: <a href="/wiki/Mergers_and_acquisitions#Business_valuation" title="Mergers and acquisitions">M&A</a>, <a href="/wiki/Private_equity" title="Private equity">PE</a>, <a href="/wiki/Venture_capital" title="Venture capital">VC</a>, <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">LBO</a>, <a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a>, <a href="/wiki/Project_finance_model" title="Project finance model">Project finance</a>,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Public%E2%80%93private_partnership" title="Public–private partnership">P3</a></li> <li>Credit decisioning: <a href="/wiki/Credit_analysis" title="Credit analysis">Credit analysis</a>, <a href="/wiki/Consumer_credit_risk" title="Consumer credit risk">Consumer credit risk</a>; <a href="/wiki/Impairment_(financial_reporting)" title="Impairment (financial reporting)">impairment-</a> and <a href="/wiki/Provision_(accounting)" title="Provision (accounting)">provision</a>-modeling</li> <li>Management accounting: <a href="/wiki/Activity-based_costing" title="Activity-based costing">Activity-based costing</a>, <a href="/wiki/Profitability_analysis" title="Profitability analysis">Profitability analysis</a>, <a href="/wiki/Cost_analyst" title="Cost analyst">Cost analysis</a>, <a href="/wiki/Whole-life_cost" title="Whole-life cost">Whole-life cost</a>, <a href="/wiki/Managerial_risk_accounting" title="Managerial risk accounting">Managerial risk accounting</a></li> <li><a href="/wiki/Government_procurement" title="Government procurement">Public sector procurement</a><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></li></ul> <p>To generalize <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2011)">citation needed</span></a></i>]</sup> as to the nature of these models: firstly, as they are built around <a href="/wiki/Financial_statement" title="Financial statement">financial statements</a>, calculations and outputs are monthly, quarterly or annual; secondly, the inputs take the form of "assumptions", where the analyst <i>specifies</i> the values that will apply in each period for external / global variables (<a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a>, <a href="/wiki/Tax" title="Tax">tax</a> percentage, etc....; may be thought of as the model <i><a href="/wiki/Parameter" title="Parameter">parameters</a></i>), and for internal / company specific <i>variables</i> (<a href="/wiki/Wages" class="mw-redirect" title="Wages">wages</a>, <a href="/wiki/Unit_cost" title="Unit cost">unit costs</a>, etc....). Correspondingly, both characteristics are reflected (at least implicitly) in the <a href="/wiki/Mathematical_model#Model_classifications_in_mathematics" title="Mathematical model">mathematical form of these models</a>: firstly, the models are in <a href="/wiki/Discrete_time" class="mw-redirect" title="Discrete time">discrete time</a>; secondly, they are <a href="/wiki/Deterministic" class="mw-redirect" title="Deterministic">deterministic</a>. For discussion of the issues that may arise, see below; for discussion as to more sophisticated approaches sometimes employed, see <a href="/wiki/Corporate_finance#Quantifying_uncertainty" title="Corporate finance">Corporate finance § Quantifying uncertainty</a> and <a href="/wiki/Financial_economics#Corporate_finance_theory" title="Financial economics">Financial economics § Corporate finance theory</a>. </p><p>Modelers are often designated "<a href="/wiki/Financial_analyst" title="Financial analyst">financial analyst</a>" (and are sometimes referred to, <a href="/wiki/Tongue_in_cheek" class="mw-redirect" title="Tongue in cheek">tongue in cheek</a>, as "number crunchers"). Typically,<sup id="cite_ref-Fairhurst_6-0" class="reference"><a href="#cite_note-Fairhurst-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> the modeler will have completed an <a href="/wiki/MBA" class="mw-redirect" title="MBA">MBA</a> or <a href="/wiki/Master_of_science_in_finance" class="mw-redirect" title="Master of science in finance">MSF</a> with (optional) coursework in "financial modeling".<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Accounting qualifications and finance certifications such as the <a href="/wiki/Certified_International_Investment_Analyst" title="Certified International Investment Analyst">CIIA</a> and <a href="/wiki/Chartered_Financial_Analyst" title="Chartered Financial Analyst">CFA</a> generally do not provide direct or explicit training in modeling.<sup id="cite_ref-ft_8-0" class="reference"><a href="#cite_note-ft-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> At the same time, numerous commercial <a href="/wiki/Professional_development" title="Professional development">training courses</a> are offered, both through universities and privately. For the components and steps of business modeling here, see <a href="/wiki/Outline_of_finance#Financial_modeling" title="Outline of finance">Outline of finance § Financial modeling</a>; see also <a href="/wiki/Valuation_using_discounted_cash_flows#Determine_cash_flow_for_each_forecast_period" title="Valuation using discounted cash flows">Valuation using discounted cash flows § Determine cash flow for each forecast period</a> for further discussion and considerations. </p><p>Although purpose-built <a href="/wiki/Business_software" title="Business software">business software</a> does exist, the vast proportion of the market is <a href="/wiki/Spreadsheet" title="Spreadsheet">spreadsheet</a>-based; this is largely since the models are almost always company-specific. Also, analysts will each have their own criteria and methods for financial modeling.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Microsoft_Excel" title="Microsoft Excel">Microsoft Excel</a> now has by far the dominant position, having overtaken <a href="/wiki/Lotus_1-2-3" title="Lotus 1-2-3">Lotus 1-2-3</a> in the 1990s. Spreadsheet-based modelling can have its own problems,<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> and several standardizations and "<a href="/wiki/Best_practice" title="Best practice">best practices</a>" have been proposed.<sup id="cite_ref-EuSpRIG_11-0" class="reference"><a href="#cite_note-EuSpRIG-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Spreadsheets#Spreadsheet_risk" class="mw-redirect" title="Spreadsheets">"Spreadsheet risk"</a> is increasingly studied and managed;<sup id="cite_ref-EuSpRIG_11-1" class="reference"><a href="#cite_note-EuSpRIG-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> see <a href="/wiki/Model_audit" title="Model audit">model audit</a>. </p><p>One critique here, is that model <i>outputs</i>, i.e. <a href="/wiki/Chart_of_accounts" title="Chart of accounts">line items</a>, often inhere "unrealistic implicit assumptions" and "internal inconsistencies".<sup id="cite_ref-PalepuHealy2007_12-0" class="reference"><a href="#cite_note-PalepuHealy2007-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> (For example, a forecast for growth in revenue but without corresponding increases in <a href="/wiki/Working_capital" title="Working capital">working capital</a>, <a href="/wiki/Fixed_assets" class="mw-redirect" title="Fixed assets">fixed assets</a> and the associated financing, may imbed unrealistic assumptions about <a href="/wiki/Asset_turnover" title="Asset turnover">asset turnover</a>, <a href="/wiki/Debt_ratio" title="Debt ratio">debt level</a> and/or <a href="/wiki/Equity_(finance)" title="Equity (finance)">equity financing</a>. See <a href="/wiki/Sustainable_growth_rate#From_a_financial_perspective" title="Sustainable growth rate">Sustainable growth rate § From a financial perspective</a>.) What is required, but often lacking, is that all key elements are explicitly and consistently forecasted. Related to this, is that modellers often additionally "fail to identify crucial assumptions" relating to <i>inputs</i>, "and to explore what can go wrong".<sup id="cite_ref-BrealeyMyers2003_13-0" class="reference"><a href="#cite_note-BrealeyMyers2003-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Here, in general, modellers "use point values and simple arithmetic instead of probability distributions and statistical measures"<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> — i.e., as mentioned, the problems are treated as deterministic in nature — and thus calculate a single value for the asset or project, but without providing information on the range, variance and sensitivity of outcomes;<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> see <a href="/wiki/Valuation_using_discounted_cash_flows#Determine_equity_value" title="Valuation using discounted cash flows">Valuation using discounted cash flows § Determine equity value</a>. A further, more general critique relates to the lack of basic <a href="/wiki/Computer_programming" title="Computer programming">computer programming</a> concepts amongst modelers, <sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> with the result that their models are often poorly structured, and difficult to maintain. Serious criticism is also directed at the nature of budgeting, and its impact on the organization.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Quantitative_finance">Quantitative finance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_modeling&action=edit&section=2" title="Edit section: Quantitative 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: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>Visualization of an <a href="/wiki/Lattice_model_(finance)" title="Lattice model (finance)">interest rate "tree"</a> - usually returned by commercial derivatives software</figcaption></figure> <p>In <a href="/wiki/Quantitative_finance" class="mw-redirect" title="Quantitative finance">quantitative finance</a>, <i>financial modeling</i> entails the development of a sophisticated <a href="/wiki/Mathematical_model" title="Mathematical model">mathematical model</a>.<sup id="cite_ref-SIAM_19-0" class="reference"><a href="#cite_note-SIAM-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Models here deal with asset prices, market movements, portfolio returns and the like. </p><p>Relatedly, applications include: </p> <ul><li><a href="/wiki/Credit_valuation_adjustment" title="Credit valuation adjustment">Credit valuation adjustment</a>, CVA, as well as the various <a href="/wiki/XVA" title="XVA">XVA</a></li> <li><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a>, <a href="/wiki/Counterparty_credit_risk" class="mw-redirect" title="Counterparty credit risk">counterparty credit risk</a>, and <a href="/wiki/Regulatory_capital" class="mw-redirect" title="Regulatory capital">regulatory capital</a>: <a href="/wiki/Exposure_at_default" title="Exposure at default">EAD</a>, <a href="/wiki/Probability_of_default" title="Probability of default">PD</a>, <a href="/wiki/Loss_given_default" title="Loss given default">LGD</a>, <a href="/wiki/Potential_future_exposure" class="mw-redirect" title="Potential future exposure">PFE</a>, <a href="/wiki/Potential_future_exposure#Expected_exposure" class="mw-redirect" title="Potential future exposure">EE</a>; <a href="/wiki/Jarrow%E2%80%93Turnbull_model" title="Jarrow–Turnbull model">Jarrow–Turnbull model</a>, <a href="/wiki/Merton_model" title="Merton model">Merton model</a>, <a href="/wiki/KMV_model" class="mw-redirect" title="KMV model">KMV model</a></li> <li><a href="/wiki/Credit_scoring" class="mw-redirect" title="Credit scoring">Credit scoring</a> and <a href="/wiki/Bad_debt#Doubtful_debt_reserve" title="Bad debt">provisioning</a>; <a href="/wiki/Credit_scorecards" title="Credit scorecards">Credit scorecards</a> and <a href="/wiki/IFRS_9#Impairment" title="IFRS 9">IFRS 9 § Impairment</a></li> <li>Modeling the term structure of <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> (<a href="/wiki/Bootstrapping_(finance)" title="Bootstrapping (finance)">bootstrapping</a> / <a href="/wiki/Multi-curve_framework" class="mw-redirect" title="Multi-curve framework">multi-curves</a>, <a href="/wiki/Short-rate_model" title="Short-rate model">short-rate models</a>, <a href="/wiki/Heath%E2%80%93Jarrow%E2%80%93Morton_framework" title="Heath–Jarrow–Morton framework">HJM framework</a>) and any related <a href="/wiki/Credit_spread_(bond)" class="mw-redirect" title="Credit spread (bond)">credit spread</a></li> <li><a href="/wiki/Structured_product#Product_design_and_manufacture" title="Structured product">Structured product design and manufacture</a></li> <li><a href="/wiki/Portfolio_optimization" title="Portfolio optimization">Portfolio optimization</a><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Quantitative_investing" class="mw-redirect" title="Quantitative investing">Quantitative investing</a> more generally; see further re <a href="/wiki/Portfolio_optimization#Optimization_methods" title="Portfolio optimization">optimization methods employed</a>.</li> <li><a href="/wiki/Financial_risk_modeling" title="Financial risk modeling">Financial risk modeling</a>: <a href="/wiki/Value_at_risk" title="Value at risk">value at risk</a> (<a href="/wiki/Value_at_risk#Computation_methods" title="Value at risk">parametric-</a> and / or <a href="/wiki/Historical_simulation_(finance)" title="Historical simulation (finance)">historical</a>, <a href="/wiki/Conditional_value_at_risk" class="mw-redirect" title="Conditional value at risk">CVaR</a>, <a href="/wiki/Extreme_value_theory" title="Extreme value theory">EVT</a>), <a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">stress testing</a>, <a href="/wiki/PnL_Explained#Sensitivities_method" class="mw-redirect" title="PnL Explained">"sensitivities" analysis</a> (<a href="/wiki/Greeks_(finance)#Use_of_the_Greeks" title="Greeks (finance)">Greeks</a>, <a href="/wiki/Duration_(finance)" title="Duration (finance)">duration</a>, <a href="/wiki/Convexity_(finance)" title="Convexity (finance)">convexity</a>, <a href="/wiki/DV01" class="mw-redirect" title="DV01">DV01</a>, <a href="/wiki/Key_rate_duration" class="mw-redirect" title="Key rate duration">KRD</a>, <a href="/wiki/CS01" class="mw-redirect" title="CS01">CS01</a>, <a href="/wiki/Credit_default_swap#Risk" title="Credit default swap">JTD</a>)</li> <li>Corporate finance applications:<sup id="cite_ref-Shimko_21-0" class="reference"><a href="#cite_note-Shimko-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Cash_flow_forecasting#Corporate_finance" title="Cash flow forecasting">cash flow analytics</a>,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Asset_and_liability_management#Managing_gaps" title="Asset and liability management">corporate financing activity</a> prediction problems, and <a href="/wiki/Corporate_finance#Quantifying_uncertainty" title="Corporate finance">risk analysis in capital investment</a></li> <li><a href="/wiki/Valuation_of_options" title="Valuation of options">Option pricing</a> and calculation of <a href="/wiki/Greeks_(finance)" title="Greeks (finance)">their "Greeks"</a> ( <a href="/wiki/Valuation_of_options#Post_crisis" title="Valuation of options">accommodating</a> <a href="/wiki/Volatility_surface" class="mw-redirect" title="Volatility surface">volatility surfaces</a> - via <a href="/wiki/Local_volatility" title="Local volatility">local</a> / <a href="/wiki/Stochastic_volatility" title="Stochastic volatility">stochastic volatility</a> models - and <a href="/wiki/Multi-curve_framework" class="mw-redirect" title="Multi-curve framework">multi-curves</a>)</li> <li>Other <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>, especially <a href="/wiki/Interest_rate_derivative" title="Interest rate derivative">interest rate derivatives</a>, <a href="/wiki/Credit_derivative" title="Credit derivative">credit derivatives</a> and <a href="/wiki/Exotic_derivatives" class="mw-redirect" title="Exotic derivatives">exotic derivatives</a></li> <li><a href="/wiki/Real_options" class="mw-redirect" title="Real options">Real options</a></li> <li><a href="/wiki/Stochastic_modelling_(insurance)" title="Stochastic modelling (insurance)">Actuarial applications</a>: <a href="/wiki/Dynamic_financial_analysis" title="Dynamic financial analysis">Dynamic financial analysis</a> (DFA), <a href="/wiki/Benefit_financing_model" title="Benefit financing model">UIBFM</a>, <a href="/wiki/Wilkie_investment_model" title="Wilkie investment model">investment modeling</a></li></ul> <p>These problems are generally <a href="/wiki/Stochastic" title="Stochastic">stochastic</a> and <a href="/wiki/Discrete_time_and_continuous_time#Continuous_time_2" title="Discrete time and continuous time">continuous</a> in nature, and models here thus require <a href="/wiki/Algorithm" title="Algorithm">complex algorithms</a>, entailing <a href="/wiki/Monte_Carlo_methods_in_finance" title="Monte Carlo methods in finance">computer simulation</a>, advanced <a href="/wiki/Numerical_methods" class="mw-redirect" title="Numerical methods">numerical methods</a> (such as <a href="/wiki/Numerical_partial_differential_equations" class="mw-redirect" title="Numerical partial differential equations">numerical differential equations</a>, <a href="/wiki/Numerical_linear_algebra" title="Numerical linear algebra">numerical linear algebra</a>, <a href="/wiki/Dynamic_programming" title="Dynamic programming">dynamic programming</a>) and/or the development of <a href="/wiki/Optimization_(mathematics)" class="mw-redirect" title="Optimization (mathematics)">optimization models</a>. The general nature of these problems is discussed under <a href="/wiki/Mathematical_finance#History:_Q_versus_P" title="Mathematical finance">Mathematical finance § History: Q versus P</a>, while specific techniques are listed under <a href="/wiki/Outline_of_finance#Mathematical_tools" title="Outline of finance">Outline of finance § Mathematical tools</a>. For further discussion here see also: <a href="/wiki/Brownian_model_of_financial_markets" title="Brownian model of financial markets">Brownian model of financial markets</a>; <a href="/wiki/Martingale_pricing" title="Martingale pricing">Martingale pricing</a>; <a href="/wiki/Financial_models_with_long-tailed_distributions_and_volatility_clustering" title="Financial models with long-tailed distributions and volatility clustering">Financial models with long-tailed distributions and volatility clustering</a>; <a href="/wiki/Extreme_value_theory" title="Extreme value theory">Extreme value theory</a>; <a href="/wiki/Historical_simulation_(finance)" title="Historical simulation (finance)">Historical simulation (finance)</a>. </p><p>Modellers are generally referred to as "quants", i.e. <a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">quantitative analysts</a> (or <a href="/wiki/Rocket_science_(finance)" title="Rocket science (finance)">"rocket scientists"</a>) and typically have advanced (<a href="/wiki/Ph.D." class="mw-redirect" title="Ph.D.">Ph.D.</a> level) backgrounds in quantitative disciplines such as <a href="/wiki/Statistics" title="Statistics">statistics</a>, <a href="/wiki/Physics" title="Physics">physics</a>, <a href="/wiki/Engineering" title="Engineering">engineering</a>, <a href="/wiki/Computer_science" title="Computer science">computer science</a>, <a href="/wiki/Mathematics" title="Mathematics">mathematics</a> or <a href="/wiki/Operations_research" title="Operations research">operations research</a>. Alternatively, or in addition to their quantitative background, they complete a <a href="/wiki/Master_of_Finance" title="Master of Finance">finance masters</a> with a quantitative orientation,<sup id="cite_ref-Joshi_23-0" class="reference"><a href="#cite_note-Joshi-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> such as the <a href="/wiki/Master_of_Quantitative_Finance" title="Master of Quantitative Finance">Master of Quantitative Finance</a>, or the more specialized <a href="/wiki/Master_of_Computational_Finance" class="mw-redirect" title="Master of Computational Finance">Master of Computational Finance</a> or <a href="/wiki/Master_of_Financial_Engineering" class="mw-redirect" title="Master of Financial Engineering">Master of Financial Engineering</a>; the <a href="/wiki/Certificate_in_Quantitative_Finance" class="mw-redirect" title="Certificate in Quantitative Finance">CQF</a> certificate is increasingly common. </p><p>Although spreadsheets are widely used here also (almost always requiring extensive <a href="/wiki/Visual_Basic_for_Applications" title="Visual Basic for Applications">VBA</a>); custom <a href="/wiki/C%2B%2B" title="C++">C++</a>, <a href="/wiki/Fortran" title="Fortran">Fortran</a> or <a href="/wiki/Python_(programming_language)" title="Python (programming language)">Python</a>, or <a href="/wiki/List_of_numerical-analysis_software" title="List of numerical-analysis software">numerical-analysis software</a> such as <a href="/wiki/MATLAB" title="MATLAB">MATLAB</a>, are often preferred,<sup id="cite_ref-Joshi_23-1" class="reference"><a href="#cite_note-Joshi-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> particularly where stability or speed is a concern. MATLAB is often used at the research or prototyping stage <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (February 2013)">citation needed</span></a></i>]</sup> because of its intuitive programming, graphical and debugging tools, but C++/Fortran are preferred for conceptually simple but <a href="/wiki/Algorithmic_efficiency#Measures_of_resource_usage" title="Algorithmic efficiency">high computational-cost applications</a> where MATLAB is too slow; Python is increasingly used due to its simplicity, and large <a href="/wiki/Python_(programming_language)#Libraries" title="Python (programming language)">standard library</a> / <a href="/wiki/List_of_Python_software#Applications" title="List of Python software">available applications</a>, including <a href="/wiki/QuantLib" title="QuantLib">QuantLib</a>. Additionally, for many (of the standard) derivative and portfolio applications, <a href="/wiki/Commercial_software" title="Commercial software">commercial software</a> is available, and the choice as to whether the model is to be <a href="/wiki/In-House_Design" class="mw-redirect" title="In-House Design">developed in-house</a>, or whether existing products are to be deployed, will depend on the problem in question.<sup id="cite_ref-Joshi_23-2" class="reference"><a href="#cite_note-Joshi-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> See <a href="/wiki/Quantitative_analysis_(finance)#Library_quantitative_analysis" title="Quantitative analysis (finance)">Quantitative analysis (finance) § Library quantitative analysis</a>. </p><p>The complexity of these models may result in incorrect pricing or <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedging</a> or both. This <i><a href="/wiki/Model_risk" title="Model risk">Model risk</a></i> is the subject of ongoing research by finance academics, and is a topic of great, and growing, interest in the <a href="/wiki/Risk_management" title="Risk management">risk management</a> arena.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Criticism" title="Criticism">Criticism</a> of the discipline (often preceding the <a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">financial crisis of 2007–08</a> by several years) emphasizes the differences between the mathematical and physical sciences, and finance, and the resultant caution to be applied by modelers, and by traders and risk managers using their models. Notable here are <a href="/wiki/Emanuel_Derman" title="Emanuel Derman">Emanuel Derman</a> and <a href="/wiki/Paul_Wilmott" title="Paul Wilmott">Paul Wilmott</a>, authors of the <i><a href="/wiki/Financial_Modelers%27_Manifesto" title="Financial Modelers' Manifesto">Financial Modelers' Manifesto</a></i>. Some go further and question whether the <a href="/wiki/Mathematical_modeling" class="mw-redirect" title="Mathematical modeling">mathematical-</a> and <a href="/wiki/Statistical_modeling" class="mw-redirect" title="Statistical modeling">statistical modeling</a> techniques usually applied to finance are at all appropriate (see the assumptions made <a href="/wiki/Black%E2%80%93Scholes_model#Fundamental_hypotheses" title="Black–Scholes model">for options</a> and <a href="/wiki/Modern_portfolio_theory#Mathematical_model" title="Modern portfolio theory">for portfolios</a>). In fact, these may go so far as to question the "empirical and scientific validity... of <a href="/wiki/Financial_economics" title="Financial economics">modern financial theory</a>".<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Notable here are <a href="/wiki/Nassim_Nicholas_Taleb" title="Nassim Nicholas Taleb">Nassim Taleb</a> and <a href="/wiki/Benoit_Mandelbrot" title="Benoit Mandelbrot">Benoit Mandelbrot</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> See also <a href="/wiki/Mathematical_finance#Criticism" title="Mathematical finance">Mathematical finance § Criticism</a>, <a href="/wiki/Financial_economics#Challenges_and_criticism" title="Financial economics">Financial economics § Challenges and criticism</a> and <a href="/wiki/Financial_engineering#Criticisms" title="Financial engineering">Financial engineering § Criticisms</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Competitive_modeling">Competitive modeling</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_modeling&action=edit&section=3" title="Edit section: Competitive modeling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Several financial modeling competitions exist, emphasizing speed and accuracy in modeling. The <a href="/wiki/Microsoft" title="Microsoft">Microsoft</a>-sponsored ModelOff Financial Modeling World Championships were held annually from 2012 to 2019, with competitions throughout the year and a finals championship in New York or London. After its end in 2020, several other modeling championships have been started, including the <a href="/wiki/Financial_Modeling_World_Cup" title="Financial Modeling World Cup">Financial Modeling World Cup</a> and <a href="/wiki/Microsoft_Excel_Collegiate_Challenge" title="Microsoft Excel Collegiate Challenge">Microsoft Excel Collegiate Challenge</a>, also sponsored by <a href="/wiki/Microsoft" title="Microsoft">Microsoft</a>.<sup id="cite_ref-Fairhurst_6-1" class="reference"><a href="#cite_note-Fairhurst-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Philosophy_of_financial_modeling">Philosophy of financial modeling</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_modeling&action=edit&section=4" title="Edit section: Philosophy of financial modeling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Philosophy of financial modeling is a branch of philosophy concerned with the foundations, methods, and implications of modeling science. </p><p>In the philosophy of financial modeling, scholars have more recently begun to question the generally-held assumption that financial modelers seek to represent any "real-world" or actually ongoing investment situation. Instead, it has been suggested that the task of the financial modeler resides in demonstrating the possibility of a transaction in a prospective investment scenario, from a limited base of possibility conditions initially assumed in the model.<sup id="cite_ref-Mebius_27-0" class="reference"><a href="#cite_note-Mebius-27"><span class="cite-bracket">[</span>27<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=Financial_modeling&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 30em;"> <ul><li><a href="/wiki/All_models_are_wrong" title="All models are wrong">All models are wrong</a></li> <li><a href="/wiki/Asset_pricing_model" class="mw-redirect" title="Asset pricing model">Asset pricing model</a></li> <li><a href="/wiki/Economic_model" title="Economic model">Economic model</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">Financial engineering</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">Financial forecast</a></li> <li><a href="/wiki/Financial_Modelers%27_Manifesto" title="Financial Modelers' Manifesto">Financial Modelers' Manifesto</a></li> <li><a href="/wiki/Financial_models_with_long-tailed_distributions_and_volatility_clustering" title="Financial models with long-tailed distributions and volatility clustering">Financial models with long-tailed distributions and volatility clustering</a></li> <li><a href="/wiki/Financial_planning" class="mw-redirect" title="Financial planning">Financial planning</a></li> <li><a href="/wiki/Integrated_business_planning" title="Integrated business planning">Integrated business planning</a></li> <li><a href="/wiki/Model_audit" title="Model audit">Model audit</a></li> <li><a href="/wiki/Modeling_and_analysis_of_financial_markets" class="mw-redirect" title="Modeling and analysis of financial markets">Modeling and analysis of financial markets</a></li> <li><a href="/wiki/Outline_of_finance#Education" title="Outline of finance">Outline of finance § Education</a></li> <li><a href="/wiki/Pro_forma#Financial_statements" title="Pro forma">Pro forma § Financial statements</a></li> <li><a href="/wiki/Profit_model" title="Profit model">Profit model</a></li> <li><a href="/wiki/Return_on_modeling_effort" title="Return on modeling effort">Return on modeling effort</a></li> <li><a href="/wiki/Unreasonable_ineffectiveness_of_mathematics#Economics_and_finance" title="Unreasonable ineffectiveness of mathematics">Unreasonable ineffectiveness of mathematics § Economics and finance</a></li></ul> </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=Financial_modeling&action=edit&section=6" title="Edit section: References"><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"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-iop-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-iop_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-iop_1-1"><sup><i><b>b</b></i></sup></a></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="CITEREFInvestopedia_Staff2020" class="citation web cs1">Investopedia Staff (2020). <a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/f/financialmodeling.asp">"Financial Modeling"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+Modeling&rft.date=2020&rft.au=Investopedia+Staff&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Ff%2Ffinancialmodeling.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></span> </li> <li id="cite_note-sciencedirect.com-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-sciencedirect.com_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLowTan2016" class="citation journal cs1">Low, R.K.Y.; Tan, E. (2016). <a rel="nofollow" class="external text" href="https://espace.library.uq.edu.au/view/UQ:406166/UQ406166_OA.pdf">"The Role of Analysts' Forecasts in the Momentum Effect"</a> <span class="cs1-format">(PDF)</span>. <i>International Review of Financial Analysis</i>. <b>48</b>: <span class="nowrap">67–</span>84. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.irfa.2016.09.007">10.1016/j.irfa.2016.09.007</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Review+of+Financial+Analysis&rft.atitle=The+Role+of+Analysts%27+Forecasts+in+the+Momentum+Effect&rft.volume=48&rft.pages=%3Cspan+class%3D%22nowrap%22%3E67-%3C%2Fspan%3E84&rft.date=2016&rft_id=info%3Adoi%2F10.1016%2Fj.irfa.2016.09.007&rft.aulast=Low&rft.aufirst=R.K.Y.&rft.au=Tan%2C+E.&rft_id=https%3A%2F%2Fespace.library.uq.edu.au%2Fview%2FUQ%3A406166%2FUQ406166_OA.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></span> </li> <li id="cite_note-SiegelShim1997-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-SiegelShim1997_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFJoel_G._SiegelJae_K._ShimStephen_Hartman1997" class="citation book cs1">Joel G. Siegel; Jae K. Shim; Stephen Hartman (1 November 1997). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=4JpojQPk8YsC"><i>Schaum's quick guide to business formulas: 201 decision-making tools for business, finance, and accounting students</i></a>. McGraw-Hill Professional. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-058031-2" title="Special:BookSources/978-0-07-058031-2"><bdi>978-0-07-058031-2</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">12 November</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Schaum%27s+quick+guide+to+business+formulas%3A+201+decision-making+tools+for+business%2C+finance%2C+and+accounting+students&rft.pub=McGraw-Hill+Professional&rft.date=1997-11-01&rft.isbn=978-0-07-058031-2&rft.au=Joel+G.+Siegel&rft.au=Jae+K.+Shim&rft.au=Stephen+Hartman&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4JpojQPk8YsC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span> §39 "Corporate Planning Models". See also, §294 "Simulation Model".</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">See for example: <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.renewablesvaluationinstitute.com/pages/academy/financial-model-user-guide">"Renewable Energy Financial Model"</a>. <i>Renewables Valuation Institute</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-03-19</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Renewables+Valuation+Institute&rft.atitle=Renewable+Energy+Financial+Model&rft_id=https%3A%2F%2Fcourses.renewablesvaluationinstitute.com%2Fpages%2Facademy%2Ffinancial-model-user-guide&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" 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"><a href="/wiki/Confidentiality" title="Confidentiality">Confidential</a> disclosure of a financial model is often requested by purchasing organizations undertaking <a href="/wiki/Government_procurement" title="Government procurement">public sector procurement</a> in order that the government department can understand and if necessary challenge the pricing principles which underlie a bidder's costs. E.g. <a href="/wiki/First-tier_Tribunal" title="First-tier Tribunal">First-tier Tribunal</a>, <a rel="nofollow" class="external text" href="https://www.bailii.org/uk/cases/UKFTT/GRC/2010/2010_0073.html">Department for Works and Pensions v. Information Commissioner</a>, UKFTT EA_2010_0073, paragraph 58, decided 20 September 2010, accessed 11 January 2024</span> </li> <li id="cite_note-Fairhurst-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-Fairhurst_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Fairhurst_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFairhurst2022" class="citation book cs1">Fairhurst, Danielle Stein (2022). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=X_9REAAAQBAJ"><i>Financial Modeling in Excel for Dummies</i></a>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-119-84451-8" title="Special:BookSources/978-1-119-84451-8"><bdi>978-1-119-84451-8</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1264716849">1264716849</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Modeling+in+Excel+for+Dummies&rft.pub=John+Wiley+%26+Sons&rft.date=2022&rft_id=info%3Aoclcnum%2F1264716849&rft.isbn=978-1-119-84451-8&rft.aulast=Fairhurst&rft.aufirst=Danielle+Stein&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DX_9REAAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></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">Example course: <a rel="nofollow" class="external text" href="https://study.unisa.edu.au/courses/013613/2022">Financial Modelling</a>, <a href="/wiki/University_of_South_Australia" title="University of South Australia">University of South Australia</a></span> </li> <li id="cite_note-ft-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-ft_8-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/2/db7a4838-1352-11e5-ad26-00144feabdc0.html#ft-article-comments"><i>The MiF can offer an edge over the CFA</i></a> <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>, June 21, 2015.</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">See for example, <a rel="nofollow" class="external text" href="https://ssrn.com/abstract=256987">Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories</a>, Pablo Fernandez: University of Navarra - IESE Business School</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">Danielle Stein Fairhurst (2009). <a rel="nofollow" class="external text" href="http://www.fimodo.com/2009/11/six-reasons-your-spreadsheet-is-not-a-financial-model/">Six reasons your spreadsheet is NOT a financial model</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100407003951/http://www.fimodo.com/2009/11/six-reasons-your-spreadsheet-is-not-a-financial-model/">Archived</a> 2010-04-07 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, fimodo.com</span> </li> <li id="cite_note-EuSpRIG-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-EuSpRIG_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-EuSpRIG_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.eusprig.org/best-practice.htm">Best Practice</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180329184059/http://www.eusprig.org/best-practice.htm">Archived</a> 2018-03-29 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, European Spreadsheet Risks Interest Group</span> </li> <li id="cite_note-PalepuHealy2007-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-PalepuHealy2007_12-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFKrishna_G._PalepuPaul_M._HealyErik_PeekVictor_Lewis_Bernard2007" class="citation book cs1">Krishna G. Palepu; Paul M. Healy; Erik Peek; Victor Lewis Bernard (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=DPK43Sku2PsC&pg=261"><i>Business analysis and valuation: text and cases</i></a>. Cengage Learning EMEA. pp. 261–. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84480-492-4" title="Special:BookSources/978-1-84480-492-4"><bdi>978-1-84480-492-4</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">12 November</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Business+analysis+and+valuation%3A+text+and+cases&rft.pages=261-&rft.pub=Cengage+Learning+EMEA&rft.date=2007&rft.isbn=978-1-84480-492-4&rft.au=Krishna+G.+Palepu&rft.au=Paul+M.+Healy&rft.au=Erik+Peek&rft.au=Victor+Lewis+Bernard&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DDPK43Sku2PsC%26pg%3D261&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></span> </li> <li id="cite_note-BrealeyMyers2003-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-BrealeyMyers2003_13-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFRichard_A._BrealeyStewart_C._MyersBrattle_Group2003" class="citation book cs1">Richard A. Brealey; Stewart C. Myers; Brattle Group (2003). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=eKF8IBCwfy4C&pg=PA223"><i>Capital investment and valuation</i></a>. McGraw-Hill Professional. pp. 223–. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-138377-6" title="Special:BookSources/978-0-07-138377-6"><bdi>978-0-07-138377-6</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">12 November</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capital+investment+and+valuation&rft.pages=223-&rft.pub=McGraw-Hill+Professional&rft.date=2003&rft.isbn=978-0-07-138377-6&rft.au=Richard+A.+Brealey&rft.au=Stewart+C.+Myers&rft.au=Brattle+Group&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DeKF8IBCwfy4C%26pg%3DPA223&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" 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"><a href="/w/index.php?title=Peter_Coffee&action=edit&redlink=1" class="new" title="Peter Coffee (page does not exist)">Peter Coffee</a> (2004). <a rel="nofollow" class="external text" href="http://www.eweek.com/c/a/Database/Spreadsheets-25-Years-in-a-Cell/"><i>Spreadsheets: 25 Years in a Cell</i></a>, <a href="/wiki/EWeek" title="EWeek">eWeek</a>.</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">Prof. <a href="/wiki/Aswath_Damodaran" title="Aswath Damodaran">Aswath Damodaran</a>. <a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~adamodar/pdfiles/papers/probabilistic.pdf"><i>Probabilistic Approaches: Scenario Analysis, Decision Trees and Simulations</i></a>, NYU Stern Working Paper</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Blayney, P. (2009). <a rel="nofollow" class="external text" href="https://www.learntechlib.org/p/31495/">Knowledge Gap? Accounting Practitioners Lacking Computer Programming Concepts as Essential Knowledge</a>. In G. Siemens & C. Fulford (Eds.), Proceedings of World Conference on Educational Multimedia, Hypermedia and Telecommunications 2009 (pp. 151-159). Chesapeake, VA: AACE.</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">Loren Gary (2003). <a rel="nofollow" class="external text" href="http://hbswk.hbs.edu/item/3623.html"><i>Why Budgeting Kills Your Company</i></a>, Harvard Management Update, May 2003.</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><a href="/wiki/Michael_C._Jensen" title="Michael C. Jensen">Michael Jensen</a> (2001). <a rel="nofollow" class="external text" href="https://ssrn.com/abstract=321520"><i>Corporate Budgeting Is Broken, Let's Fix It</i></a>, <a href="/wiki/Harvard_Business_Review" title="Harvard Business Review">Harvard Business Review</a>, pp. 94-101, November 2001.</span> </li> <li id="cite_note-SIAM-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-SIAM_19-0">^</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%3AFinancial+modeling" 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">See for example: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLowFaffAas2016" class="citation journal cs1">Low, R.K.Y.; Faff, R.; Aas, K. (2016). <a rel="nofollow" class="external text" href="https://espace.library.uq.edu.au/view/UQ:377912/UQ377912_OA.pdf">"Enhancing mean–variance portfolio selection by modeling distributional asymmetries"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Economics and Business</i>. <b>85</b>: <span class="nowrap">49–</span>72. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jeconbus.2016.01.003">10.1016/j.jeconbus.2016.01.003</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economics+and+Business&rft.atitle=Enhancing+mean%E2%80%93variance+portfolio+selection+by+modeling+distributional+asymmetries&rft.volume=85&rft.pages=%3Cspan+class%3D%22nowrap%22%3E49-%3C%2Fspan%3E72&rft.date=2016&rft_id=info%3Adoi%2F10.1016%2Fj.jeconbus.2016.01.003&rft.aulast=Low&rft.aufirst=R.K.Y.&rft.au=Faff%2C+R.&rft.au=Aas%2C+K.&rft_id=https%3A%2F%2Fespace.library.uq.edu.au%2Fview%2FUQ%3A377912%2FUQ377912_OA.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span>; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLowAlcockFaffBrailsford2013" class="citation journal cs1">Low, R.K.Y.; Alcock, J.; Faff, R.; Brailsford, T. (2013). <a rel="nofollow" class="external text" href="https://espace.library.uq.edu.au/view/UQ:297895/EC15UQ297895.pdf">"Canonical vine copulas in the context of modern portfolio management: Are they worth it?"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Banking & Finance</i>. <b>37</b> (8): <span class="nowrap">3085–</span>3099. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jbankfin.2013.02.036">10.1016/j.jbankfin.2013.02.036</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:154138333">154138333</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Banking+%26+Finance&rft.atitle=Canonical+vine+copulas+in+the+context+of+modern+portfolio+management%3A+Are+they+worth+it%3F&rft.volume=37&rft.issue=8&rft.pages=%3Cspan+class%3D%22nowrap%22%3E3085-%3C%2Fspan%3E3099&rft.date=2013&rft_id=info%3Adoi%2F10.1016%2Fj.jbankfin.2013.02.036&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154138333%23id-name%3DS2CID&rft.aulast=Low&rft.aufirst=R.K.Y.&rft.au=Alcock%2C+J.&rft.au=Faff%2C+R.&rft.au=Brailsford%2C+T.&rft_id=https%3A%2F%2Fespace.library.uq.edu.au%2Fview%2FUQ%3A297895%2FEC15UQ297895.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></span> </li> <li id="cite_note-Shimko-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-Shimko_21-0">^</a></b></span> <span class="reference-text">See David Shimko (2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100717072252/http://www.qfinance.com/financial-risk-management-best-practice/quantifying-corporate-financial-risk?full">Quantifying Corporate Financial Risk</a>. archived 2010-07-17.</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">See for example <a rel="nofollow" class="external text" href="https://brainly.in/question/7072253">this problem</a> (from <a href="/wiki/John_C._Hull_(economist)" title="John C. Hull (economist)">John Hull's</a> <i>Options, Futures, and Other Derivatives</i>), discussing cash position modeled stochastically.</span> </li> <li id="cite_note-Joshi-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-Joshi_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Joshi_23-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Joshi_23-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Mark_S._Joshi" title="Mark S. Joshi">Mark S. Joshi</a>, <a rel="nofollow" class="external text" href="http://www.markjoshi.com/downloads/advice.pdf"><i>On Becoming a Quant</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120114045604/http://www.markjoshi.com/downloads/advice.pdf">Archived</a> 2012-01-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><a href="/wiki/Riccardo_Rebonato" title="Riccardo Rebonato">Riccardo Rebonato</a> (N.D.). <a rel="nofollow" class="external text" href="http://www.quarchome.org/ModelRisk.pdf"><i>Theory and Practice of Model Risk Management</i></a>.</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><a href="/wiki/Nassim_Taleb" class="mw-redirect" title="Nassim Taleb">Nassim Taleb</a> (2009).<a rel="nofollow" class="external text" href="http://www.fooledbyrandomness.com/Triana-fwd.pdf">"History Written By The Losers"</a>, Foreword to Pablo Triana's <i>Lecturing Birds How to Fly</i> <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/978-0470406755" title="Special:BookSources/978-0470406755">978-0470406755</a></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"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFNassim_Taleb_and_Benoit_Mandelbrot" class="citation web cs1">Nassim Taleb and Benoit Mandelbrot. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101207045925/http://www.fooledbyrandomness.com/fortune.pdf">"How the Finance Gurus Get Risk All Wrong"</a> <span class="cs1-format">(PDF)</span>. Archived from <a rel="nofollow" class="external text" href="http://www.fooledbyrandomness.com/fortune.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2010-12-07<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-06-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=How+the+Finance+Gurus+Get+Risk+All+Wrong&rft.au=Nassim+Taleb+and+Benoit+Mandelbrot&rft_id=http%3A%2F%2Fwww.fooledbyrandomness.com%2Ffortune.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></span> </li> <li id="cite_note-Mebius-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-Mebius_27-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMebius2023" class="citation journal cs1">Mebius, A. (2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F1350178X.2023.2172447">"On the epistemic contribution of financial models"</a>. <i>Journal of Economic Methodology</i>. <b>30</b> (1): <span class="nowrap">49–</span>62. <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/10.1080%2F1350178X.2023.2172447">10.1080/1350178X.2023.2172447</a></span>. <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:256438018">256438018</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Methodology&rft.atitle=On+the+epistemic+contribution+of+financial+models&rft.volume=30&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E49-%3C%2Fspan%3E62&rft.date=2023&rft_id=info%3Adoi%2F10.1080%2F1350178X.2023.2172447&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A256438018%23id-name%3DS2CID&rft.aulast=Mebius&rft.aufirst=A.&rft_id=https%3A%2F%2Fdoi.org%2F10.1080%252F1350178X.2023.2172447&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Bibliography">Bibliography</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_modeling&action=edit&section=7" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin refbegin-columns references-column-width" style="column-width: 30em"> <p><b>General</b> </p> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAvon,_Jack2017" class="citation book cs1">Avon, Jack (2017). <i>The Financial Modellers VBA Compendium</i>. London: <a href="/w/index.php?title=Begawans_Veranda_Publishing&action=edit&redlink=1" class="new" title="Begawans Veranda Publishing (page does not exist)">Begawans Veranda</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-9956-7254-3" title="Special:BookSources/978-0-9956-7254-3"><bdi>978-0-9956-7254-3</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+Financial+Modellers+VBA+Compendium&rft.place=London&rft.pub=Begawans+Veranda&rft.date=2017&rft.isbn=978-0-9956-7254-3&rft.au=Avon%2C+Jack&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBenninga,_Simon1997" class="citation book cs1">Benninga, Simon (1997). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/financialmodelin00benn"><i>Financial Modeling</i></a></span>. Cambridge, MA: <a href="/wiki/MIT_Press" title="MIT Press">MIT Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-585-13223-2" title="Special:BookSources/0-585-13223-2"><bdi>0-585-13223-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Modeling&rft.place=Cambridge%2C+MA&rft.pub=MIT+Press&rft.date=1997&rft.isbn=0-585-13223-2&rft.au=Benninga%2C+Simon&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ffinancialmodelin00benn&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBenninga,_Simon2006" class="citation book cs1">Benninga, Simon (2006). <i>Principles of Finance with Excel</i>. New York: <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-530150-1" title="Special:BookSources/0-19-530150-1"><bdi>0-19-530150-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Principles+of+Finance+with+Excel&rft.place=New+York&rft.pub=Oxford+University+Press&rft.date=2006&rft.isbn=0-19-530150-1&rft.au=Benninga%2C+Simon&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFabozzi2012" class="citation book cs1"><a href="/wiki/Frank_Fabozzi" class="mw-redirect" title="Frank Fabozzi">Fabozzi, Frank J.</a> (2012). <i>Encyclopedia of Financial Models</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-00673-3" title="Special:BookSources/978-1-118-00673-3"><bdi>978-1-118-00673-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Encyclopedia+of+Financial+Models&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=2012&rft.isbn=978-1-118-00673-3&rft.aulast=Fabozzi&rft.aufirst=Frank+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHoSang_Bin_Lee2004" class="citation book cs1"><a href="/wiki/Thomas_Ho_(finance)" class="mw-redirect" title="Thomas Ho (finance)">Ho, Thomas</a>; <a href="/wiki/Sang_Bin_Lee" class="mw-redirect" title="Sang Bin Lee">Sang Bin Lee</a> (2004). <i>The Oxford Guide to Financial Modeling</i>. New York: <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-516962-1" title="Special:BookSources/978-0-19-516962-1"><bdi>978-0-19-516962-1</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+Oxford+Guide+to+Financial+Modeling&rft.place=New+York&rft.pub=Oxford+University+Press&rft.date=2004&rft.isbn=978-0-19-516962-1&rft.aulast=Ho&rft.aufirst=Thomas&rft.au=Sang+Bin+Lee&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSengupta,_Chandan2009" class="citation book cs1">Sengupta, Chandan (2009). <i>Financial Analysis and Modeling Using Excel and VBA, 2nd Edition</i>. Hoboken, NJ: John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780470275603" title="Special:BookSources/9780470275603"><bdi>9780470275603</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+Analysis+and+Modeling+Using+Excel+and+VBA%2C+2nd+Edition&rft.place=Hoboken%2C+NJ&rft.pub=John+Wiley+%26+Sons&rft.date=2009&rft.isbn=9780470275603&rft.au=Sengupta%2C+Chandan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFWinston,_Wayne2014" class="citation book cs1">Winston, Wayne (2014). <i>Microsoft Excel 2013 Data Analysis and Business Modeling</i>. <a href="/wiki/Microsoft_Press" title="Microsoft Press">Microsoft Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0735669130" title="Special:BookSources/978-0735669130"><bdi>978-0735669130</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Microsoft+Excel+2013+Data+Analysis+and+Business+Modeling&rft.pub=Microsoft+Press&rft.date=2014&rft.isbn=978-0735669130&rft.au=Winston%2C+Wayne&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFYip2005" class="citation book cs1">Yip, Henry (2005). <i>Spreadsheet Applications to securities valuation and investment theories</i>. John Wiley and Sons Australia Ltd. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0470807962" title="Special:BookSources/0470807962"><bdi>0470807962</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Spreadsheet+Applications+to+securities+valuation+and+investment+theories&rft.pub=John+Wiley+and+Sons+Australia+Ltd.&rft.date=2005&rft.isbn=0470807962&rft.aulast=Yip&rft.aufirst=Henry&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li></ul> <p><b>Corporate finance</b> </p> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAvon,_Jack.2021" class="citation book cs1">Avon, Jack. (2021). <a rel="nofollow" class="external text" href="https://link.springer.com/book/10.1007/978-1-4842-6540-6"><i>The Handbook of Financial Modeling</i></a> (2nd ed.). New York: <a href="/wiki/Springer_Publishing" title="Springer Publishing">Springer</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-1-4842-6540-6">10.1007/978-1-4842-6540-6</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4842-6540-6" title="Special:BookSources/978-1-4842-6540-6"><bdi>978-1-4842-6540-6</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:227164870">227164870</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Handbook+of+Financial+Modeling&rft.place=New+York&rft.edition=2nd&rft.pub=Springer&rft.date=2021&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A227164870%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1007%2F978-1-4842-6540-6&rft.isbn=978-1-4842-6540-6&rft.au=Avon%2C+Jack.&rft_id=https%3A%2F%2Flink.springer.com%2Fbook%2F10.1007%2F978-1-4842-6540-6&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBastick2020" class="citation book cs1">Bastick, Liam (2020). <i>Introduction to Financial Modeling</i>. <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1615470662" title="Special:BookSources/978-1615470662"><bdi>978-1615470662</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Introduction+to+Financial+Modeling&rft.pub=Wiley&rft.date=2020&rft.isbn=978-1615470662&rft.aulast=Bastick&rft.aufirst=Liam&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBeech,_G._and_Thayser,_D.2015" class="citation book cs1">Beech, G. and Thayser, D. 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Oxford: <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-585-13223-5" title="Special:BookSources/978-0-585-13223-5"><bdi>978-0-585-13223-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Valuations%2C+Mergers+and+Acquisitions&rft.place=Oxford&rft.pub=Oxford+University+Press&rft.date=2015&rft.isbn=978-0-585-13223-5&rft.au=Beech%2C+G.+and+Thayser%2C+D.&rft_id=https%3A%2F%2Fglobal.oup.com%2Facademic%2Fproduct%2Fvaluations-mergers-and-acquisitions-9780199052776&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFDay,_Alastair2007" class="citation book cs1">Day, Alastair (2007). <i>Mastering Financial Modelling in Microsoft Excel</i>. London: <a href="/wiki/Pearson_Education" title="Pearson Education">Pearson Education</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-273-70806-3" title="Special:BookSources/978-0-273-70806-3"><bdi>978-0-273-70806-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Mastering+Financial+Modelling+in+Microsoft+Excel&rft.place=London&rft.pub=Pearson+Education&rft.date=2007&rft.isbn=978-0-273-70806-3&rft.au=Day%2C+Alastair&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFairhurst,_Danielle2022" class="citation book cs1">Fairhurst, Danielle (2022). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=X_9REAAAQBAJ&pg=PA120"><i>Financial Modeling in Excel for Dummies</i></a>. John Wiley & Sons. p. 120. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-119-84451-8" title="Special:BookSources/978-1-119-84451-8"><bdi>978-1-119-84451-8</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1264716849">1264716849</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Modeling+in+Excel+for+Dummies&rft.pages=120&rft.pub=John+Wiley+%26+Sons&rft.date=2022&rft_id=info%3Aoclcnum%2F1264716849&rft.isbn=978-1-119-84451-8&rft.au=Fairhurst%2C+Danielle&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DX_9REAAAQBAJ%26pg%3DPA120&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLynch,_Penelope1997" class="citation book cs1">Lynch, Penelope (1997). <i>Financial Modelling for Project Finance, 2nd Edition</i>. Euromoney Trading. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781843745488" title="Special:BookSources/9781843745488"><bdi>9781843745488</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+Modelling+for+Project+Finance%2C+2nd+Edition&rft.pub=Euromoney+Trading&rft.date=1997&rft.isbn=9781843745488&rft.au=Lynch%2C+Penelope&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMayes,_Timothy_R.Shank,_Todd_M.2014" class="citation book cs1">Mayes, Timothy R.; Shank, Todd M. (2014). <i>Financial Analysis with Microsoft Excel</i> (7th ed.). Boston: <a href="/wiki/Cengage_Learning" class="mw-redirect" title="Cengage Learning">Cengage Learning</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-285-43227-4" title="Special:BookSources/978-1-285-43227-4"><bdi>978-1-285-43227-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Analysis+with+Microsoft+Excel&rft.place=Boston&rft.edition=7th&rft.pub=Cengage+Learning&rft.date=2014&rft.isbn=978-1-285-43227-4&rft.au=Mayes%2C+Timothy+R.&rft.au=Shank%2C+Todd+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFPeter_K_NevittFrank_J._Fabozzi2000" class="citation book cs1">Peter K Nevitt; Frank J. Fabozzi (2000). <i>Project Financing</i>. Euromoney Institutional Investor PLC. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-85564-791-6" title="Special:BookSources/978-1-85564-791-6"><bdi>978-1-85564-791-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Project+Financing&rft.pub=Euromoney+Institutional+Investor+PLC&rft.date=2000&rft.isbn=978-1-85564-791-6&rft.au=Peter+K+Nevitt&rft.au=Frank+J.+Fabozzi&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFOngkrutaraksa,_Worapot2006" class="citation book cs1">Ongkrutaraksa, Worapot (2006). <i>Financial Modeling and Analysis: A Spreadsheet Technique for Financial, Investment, and Risk Management, 2nd Edition</i>. 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Healy (2012). <i>Business Analysis and Valuation Using Financial Statements, 5th Edition</i>. Boston: South-Western College Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1111972288" title="Special:BookSources/978-1111972288"><bdi>978-1111972288</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Business+Analysis+and+Valuation+Using+Financial+Statements%2C+5th+Edition&rft.place=Boston&rft.pub=South-Western+College+Publishing&rft.date=2012&rft.isbn=978-1111972288&rft.au=Palepu%2C+Krishna+G.&rft.au=Paul+M.+Healy&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFPignataro,_Paul2003" class="citation book cs1">Pignataro, Paul (2003). <i>Financial Modeling and Valuation: A Practical Guide to Investment Banking and Private Equity</i>. 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Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-48174-5" title="Special:BookSources/978-0-470-48174-5"><bdi>978-0-470-48174-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Building+Financial+Models+with+Microsoft+Excel%3A+A+Guide+for+Business+Professionals%2C+2nd+Edition&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=2009&rft.isbn=978-0-470-48174-5&rft.au=Proctor%2C+Scott&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFRees,_Michael2008" class="citation book cs1">Rees, Michael (2008). <i>Financial Modelling in Practice: A Concise Guide for Intermediate and Advanced Level</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-99744-4" title="Special:BookSources/978-0-470-99744-4"><bdi>978-0-470-99744-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Modelling+in+Practice%3A+A+Concise+Guide+for+Intermediate+and+Advanced+Level&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=2008&rft.isbn=978-0-470-99744-4&rft.au=Rees%2C+Michael&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFRees,_Michael2023" class="citation book cs1">Rees, Michael (2023). <i>The Essentials of Financial Modeling in Excel: A Concise Guide to Concepts and Methods</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1394157785" title="Special:BookSources/978-1394157785"><bdi>978-1394157785</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+Essentials+of+Financial+Modeling+in+Excel%3A+A+Concise+Guide+to+Concepts+and+Methods&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=2023&rft.isbn=978-1394157785&rft.au=Rees%2C+Michael&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSoubeiga,_Eric2013" class="citation book cs1">Soubeiga, Eric (2013). <i>Mastering Financial Modeling: A Professional's Guide to Building Financial Models in Excel</i>. New York: <a href="/wiki/McGraw-Hill" class="mw-redirect" title="McGraw-Hill">McGraw-Hill</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0071808507" title="Special:BookSources/978-0071808507"><bdi>978-0071808507</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Mastering+Financial+Modeling%3A+A+Professional%27s+Guide+to+Building+Financial+Models+in+Excel&rft.place=New+York&rft.pub=McGraw-Hill&rft.date=2013&rft.isbn=978-0071808507&rft.au=Soubeiga%2C+Eric&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSwan,_Jonathan2007" class="citation book cs1">Swan, Jonathan (2007). <i>Financial Modelling Special Report</i>. London: <a href="/wiki/Institute_of_Chartered_Accountants_in_England_%26_Wales" class="mw-redirect" title="Institute of Chartered Accountants in England & Wales">Institute of Chartered Accountants in England & Wales</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Modelling+Special+Report&rft.place=London&rft.pub=Institute+of+Chartered+Accountants+in+England+%26+Wales&rft.date=2007&rft.au=Swan%2C+Jonathan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSwan,_Jonathan2008" class="citation book cs1">Swan, Jonathan (2008). <i>Practical Financial Modelling, 2nd Edition</i>. London: <a href="/w/index.php?title=CIMA_Publishing&action=edit&redlink=1" class="new" title="CIMA Publishing (page does not exist)">CIMA Publishing</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7506-8647-1" title="Special:BookSources/978-0-7506-8647-1"><bdi>978-0-7506-8647-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Practical+Financial+Modelling%2C+2nd+Edition&rft.place=London&rft.pub=CIMA+Publishing&rft.date=2008&rft.isbn=978-0-7506-8647-1&rft.au=Swan%2C+Jonathan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFTham,_JosephIgnacio_Velez-Pareja2004" class="citation book cs1">Tham, Joseph; Ignacio Velez-Pareja (2004). <i>Principles of Cash Flow Valuation: An Integrated Market-Based Approach</i>. Amsterdam: <a href="/wiki/Elsevier" title="Elsevier">Elsevier</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-12-686040-8" title="Special:BookSources/0-12-686040-8"><bdi>0-12-686040-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Principles+of+Cash+Flow+Valuation%3A+An+Integrated+Market-Based+Approach&rft.place=Amsterdam&rft.pub=Elsevier&rft.date=2004&rft.isbn=0-12-686040-8&rft.au=Tham%2C+Joseph&rft.au=Ignacio+Velez-Pareja&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFTjia,_John2003" class="citation book cs1">Tjia, John (2003). <i>Building Financial Models</i>. New York: <a href="/wiki/McGraw-Hill" class="mw-redirect" title="McGraw-Hill">McGraw-Hill</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-07-140210-1" title="Special:BookSources/0-07-140210-1"><bdi>0-07-140210-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Building+Financial+Models&rft.place=New+York&rft.pub=McGraw-Hill&rft.date=2003&rft.isbn=0-07-140210-1&rft.au=Tjia%2C+John&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li></ul> <p><b>Quantitative finance</b> </p> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHirsa,_Ali2013" class="citation book cs1">Hirsa, Ali (2013). <i>Computational Methods in Finance</i>. <a href="/wiki/Boca_Raton" class="mw-redirect" title="Boca Raton">Boca Raton</a>: <a href="/wiki/CRC_Press" title="CRC Press">CRC Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781439829578" title="Special:BookSources/9781439829578"><bdi>9781439829578</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Computational+Methods+in+Finance&rft.place=Boca+Raton&rft.pub=CRC+Press&rft.date=2013&rft.isbn=9781439829578&rft.au=Hirsa%2C+Ali&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBrooks,_Robert2000" class="citation book cs1">Brooks, Robert (2000). <i>Building Financial Derivatives Applications with C++</i>. <a href="/wiki/Westport,_Connecticut" title="Westport, Connecticut">Westport</a>: <a href="/wiki/Praeger_Publishers" class="mw-redirect" title="Praeger Publishers">Praeger</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1567202878" title="Special:BookSources/978-1567202878"><bdi>978-1567202878</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Building+Financial+Derivatives+Applications+with+C%2B%2B&rft.place=Westport&rft.pub=Praeger&rft.date=2000&rft.isbn=978-1567202878&rft.au=Brooks%2C+Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBrigoFabio_Mercurio2006" class="citation book cs1"><a href="/wiki/Damiano_Brigo" title="Damiano Brigo">Brigo, Damiano</a>; <a href="/wiki/Fabio_Mercurio" title="Fabio Mercurio">Fabio Mercurio</a> (2006). <i>Interest Rate Models - Theory and Practice with Smile, Inflation and Credit</i> (2nd ed.). London: <a href="/wiki/Springer_Science%2BBusiness_Media" title="Springer Science+Business Media">Springer Finance</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-540-22149-4" title="Special:BookSources/978-3-540-22149-4"><bdi>978-3-540-22149-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Interest+Rate+Models+-+Theory+and+Practice+with+Smile%2C+Inflation+and+Credit&rft.place=London&rft.edition=2nd&rft.pub=Springer+Finance&rft.date=2006&rft.isbn=978-3-540-22149-4&rft.aulast=Brigo&rft.aufirst=Damiano&rft.au=Fabio+Mercurio&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFClewlowChris_Strickland1998" class="citation book cs1">Clewlow, Les; Chris Strickland (1998). <i>Implementing Derivative Models</i>. New Jersey: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-96651-7" title="Special:BookSources/0-471-96651-7"><bdi>0-471-96651-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Implementing+Derivative+Models&rft.place=New+Jersey&rft.pub=Wiley&rft.date=1998&rft.isbn=0-471-96651-7&rft.aulast=Clewlow&rft.aufirst=Les&rft.au=Chris+Strickland&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFDuffy,_Daniel2004" class="citation book cs1">Duffy, Daniel (2004). <i>Financial Instrument Pricing Using C++</i>. New Jersey: Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0470855096" title="Special:BookSources/978-0470855096"><bdi>978-0470855096</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+Instrument+Pricing+Using+C%2B%2B&rft.place=New+Jersey&rft.pub=Wiley&rft.date=2004&rft.isbn=978-0470855096&rft.au=Duffy%2C+Daniel&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFabozzi1998" class="citation book cs1"><a href="/wiki/Frank_Fabozzi" class="mw-redirect" title="Frank Fabozzi">Fabozzi, Frank J.</a> (1998). <i>Valuation of fixed income securities and derivatives, 3rd Edition</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-883249-25-0" title="Special:BookSources/978-1-883249-25-0"><bdi>978-1-883249-25-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Valuation+of+fixed+income+securities+and+derivatives%2C+3rd+Edition&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=1998&rft.isbn=978-1-883249-25-0&rft.aulast=Fabozzi&rft.aufirst=Frank+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFabozziSergio_M._FocardiPetter_N._Kolm2004" class="citation book cs1">Fabozzi, Frank J.; Sergio M. Focardi; Petter N. Kolm (2004). <i>Financial Modeling of the Equity Market: From CAPM to Cointegration</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-69900-4" title="Special:BookSources/0-471-69900-4"><bdi>0-471-69900-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Modeling+of+the+Equity+Market%3A+From+CAPM+to+Cointegration&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=2004&rft.isbn=0-471-69900-4&rft.aulast=Fabozzi&rft.aufirst=Frank+J.&rft.au=Sergio+M.+Focardi&rft.au=Petter+N.+Kolm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFShayne_FletcherChristopher_Gardner2010" class="citation book cs1">Shayne Fletcher; Christopher Gardner (2010). <i>Financial Modelling in Python</i>. John Wiley and Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-74789-6" title="Special:BookSources/978-0-470-74789-6"><bdi>978-0-470-74789-6</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+Modelling+in+Python&rft.pub=John+Wiley+and+Sons&rft.date=2010&rft.isbn=978-0-470-74789-6&rft.au=Shayne+Fletcher&rft.au=Christopher+Gardner&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFusaiAndrea_Roncoroni2008" class="citation book cs1">Fusai, Gianluca; Andrea Roncoroni (2008). <i>Implementing Models in Quantitative Finance: Methods and Cases</i>. London: <a href="/wiki/Springer_Science%2BBusiness_Media" title="Springer Science+Business Media">Springer Finance</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-540-22348-1" title="Special:BookSources/978-3-540-22348-1"><bdi>978-3-540-22348-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Implementing+Models+in+Quantitative+Finance%3A+Methods+and+Cases&rft.place=London&rft.pub=Springer+Finance&rft.date=2008&rft.isbn=978-3-540-22348-1&rft.aulast=Fusai&rft.aufirst=Gianluca&rft.au=Andrea+Roncoroni&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHaug,_Espen_Gaarder2007" class="citation book cs1">Haug, Espen Gaarder (2007). <i>The Complete Guide to Option Pricing Formulas, 2nd edition</i>. <a href="/wiki/McGraw-Hill" class="mw-redirect" title="McGraw-Hill">McGraw-Hill</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0071389976" title="Special:BookSources/978-0071389976"><bdi>978-0071389976</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+Complete+Guide+to+Option+Pricing+Formulas%2C+2nd+edition&rft.pub=McGraw-Hill&rft.date=2007&rft.isbn=978-0071389976&rft.au=Haug%2C+Espen+Gaarder&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFM._Henrard2014" class="citation book cs1">M. Henrard (2014). <i>Interest Rate Modelling in the Multi-Curve Framework</i>. Springer. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1137374653" title="Special:BookSources/978-1137374653"><bdi>978-1137374653</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Interest+Rate+Modelling+in+the+Multi-Curve+Framework&rft.pub=Springer&rft.date=2014&rft.isbn=978-1137374653&rft.au=M.+Henrard&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHilpisch,_Yves2015" class="citation book cs1">Hilpisch, Yves (2015). <i>Derivatives Analytics with Python: Data Analysis, Models, Simulation, Calibration and Hedging</i>. New Jersey: Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-119-03799-6" title="Special:BookSources/978-1-119-03799-6"><bdi>978-1-119-03799-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Derivatives+Analytics+with+Python%3A+Data+Analysis%2C+Models%2C+Simulation%2C+Calibration+and+Hedging&rft.place=New+Jersey&rft.pub=Wiley&rft.date=2015&rft.isbn=978-1-119-03799-6&rft.au=Hilpisch%2C+Yves&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFJacksonMike_Staunton2001" class="citation book cs1">Jackson, Mary; Mike Staunton (2001). <i>Advanced modelling in finance using Excel and VBA</i>. New Jersey: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-49922-6" title="Special:BookSources/0-471-49922-6"><bdi>0-471-49922-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Advanced+modelling+in+finance+using+Excel+and+VBA&rft.place=New+Jersey&rft.pub=Wiley&rft.date=2001&rft.isbn=0-471-49922-6&rft.aulast=Jackson&rft.aufirst=Mary&rft.au=Mike+Staunton&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFJondeauSer-Huang_PoonMichael_Rockinger2007" class="citation book cs1">Jondeau, Eric; Ser-Huang Poon; Michael Rockinger (2007). <i>Financial Modeling Under Non-Gaussian Distributions</i>. London: <a href="/wiki/Springer_Science%2BBusiness_Media" title="Springer Science+Business Media">Springer</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1849965996" title="Special:BookSources/978-1849965996"><bdi>978-1849965996</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+Modeling+Under+Non-Gaussian+Distributions&rft.place=London&rft.pub=Springer&rft.date=2007&rft.isbn=978-1849965996&rft.aulast=Jondeau&rft.aufirst=Eric&rft.au=Ser-Huang+Poon&rft.au=Michael+Rockinger&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFJoerg_KienitzDaniel_Wetterau2012" class="citation book cs1">Joerg Kienitz; Daniel Wetterau (2012). <i>Financial Modelling: Theory, Implementation and Practice with MATLAB Source</i>. Hoboken, NJ: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0470744895" title="Special:BookSources/978-0470744895"><bdi>978-0470744895</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+Modelling%3A+Theory%2C+Implementation+and+Practice+with+MATLAB+Source&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=2012&rft.isbn=978-0470744895&rft.au=Joerg+Kienitz&rft.au=Daniel+Wetterau&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFKwok2008" class="citation book cs1">Kwok, Yue-Kuen (2008). <i>Mathematical Models of Financial Derivatives, 2nd edition</i>. London: Springer Finance. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3540422884" title="Special:BookSources/978-3540422884"><bdi>978-3540422884</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Mathematical+Models+of+Financial+Derivatives%2C+2nd+edition&rft.place=London&rft.pub=Springer+Finance&rft.date=2008&rft.isbn=978-3540422884&rft.aulast=Kwok&rft.aufirst=Yue-Kuen&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLevy,_George2004" class="citation book cs1">Levy, George (2004). <i>Computational Finance: Numerical Methods for Pricing Financial Instruments</i>. <a href="/wiki/Butterworth-Heinemann" title="Butterworth-Heinemann">Butterworth-Heinemann</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0750657228" title="Special:BookSources/978-0750657228"><bdi>978-0750657228</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Computational+Finance%3A+Numerical+Methods+for+Pricing+Financial+Instruments&rft.pub=Butterworth-Heinemann&rft.date=2004&rft.isbn=978-0750657228&rft.au=Levy%2C+George&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLondon,_Justin2004" class="citation book cs1">London, Justin (2004). <i>Modeling Derivatives in C++</i>. New Jersey: Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0471654643" title="Special:BookSources/978-0471654643"><bdi>978-0471654643</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Modeling+Derivatives+in+C%2B%2B&rft.place=New+Jersey&rft.pub=Wiley&rft.date=2004&rft.isbn=978-0471654643&rft.au=London%2C+Justin&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLöeffler,_GPosch,_P.2011" class="citation book cs1">Löeffler, G; Posch, P. (2011). <i>Credit Risk Modeling using Excel and VBA</i>. Hoboken, NJ: Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0470660928" title="Special:BookSources/978-0470660928"><bdi>978-0470660928</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Credit+Risk+Modeling+using+Excel+and+VBA&rft.place=Hoboken%2C+NJ&rft.pub=Wiley&rft.date=2011&rft.isbn=978-0470660928&rft.au=L%C3%B6effler%2C+G&rft.au=Posch%2C+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFRouahGregory_Vainberg2007" class="citation book cs1">Rouah, Fabrice Douglas; Gregory Vainberg (2007). <i>Option Pricing Models and Volatility Using Excel-VBA</i>. New Jersey: <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">Wiley</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0471794646" title="Special:BookSources/978-0471794646"><bdi>978-0471794646</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Option+Pricing+Models+and+Volatility+Using+Excel-VBA&rft.place=New+Jersey&rft.pub=Wiley&rft.date=2007&rft.isbn=978-0471794646&rft.aulast=Rouah&rft.aufirst=Fabrice+Douglas&rft.au=Gregory+Vainberg&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAntoine_Savine_and_Jesper_Andreasen2018" class="citation book cs1">Antoine Savine and Jesper Andreasen (2018). <i>Modern Computational Finance: Scripting for Derivatives and xVA</i>. Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1119540786" title="Special:BookSources/978-1119540786"><bdi>978-1119540786</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Modern+Computational+Finance%3A+Scripting+for+Derivatives+and+xVA&rft.pub=Wiley&rft.date=2018&rft.isbn=978-1119540786&rft.au=Antoine+Savine+and+Jesper+Andreasen&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAlexander_Sokol2014" class="citation book cs1">Alexander Sokol (2014). <i>Long-Term Portfolio Simulation - For XVA, Limits, Liquidity and Regulatory Capital</i>. <a href="/wiki/Risk_(magazine)#Risk_Books" title="Risk (magazine)">Risk Books</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1782720959" title="Special:BookSources/978-1782720959"><bdi>978-1782720959</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Long-Term+Portfolio+Simulation+-+For+XVA%2C+Limits%2C+Liquidity+and+Regulatory+Capital&rft.pub=Risk+Books&rft.date=2014&rft.isbn=978-1782720959&rft.au=Alexander+Sokol&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFCharles_Tapiero2004" class="citation book cs1">Charles Tapiero (2004). <i>Risk and Financial Management: Mathematical and Computational Methods</i>. John Wiley & Son. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-470-84908-8" title="Special:BookSources/0-470-84908-8"><bdi>0-470-84908-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Risk+and+Financial+Management%3A+Mathematical+and+Computational+Methods&rft.pub=John+Wiley+%26+Son&rft.date=2004&rft.isbn=0-470-84908-8&rft.au=Charles+Tapiero&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHumphrey_TungDonny_LaiMichael_WongStephen_Ng2010" class="citation book cs1">Humphrey Tung; Donny Lai; Michael Wong; Stephen Ng (2010). <i>Professional Financial Computing Using Excel and VBA</i>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780470824399" title="Special:BookSources/9780470824399"><bdi>9780470824399</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Professional+Financial+Computing+Using+Excel+and+VBA&rft.pub=John+Wiley+%26+Sons&rft.date=2010&rft.isbn=9780470824399&rft.au=Humphrey+Tung&rft.au=Donny+Lai&rft.au=Michael+Wong&rft.au=Stephen+Ng&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+modeling" class="Z3988"></span></li></ul> </div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline 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loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a class="mw-selflink selflink">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" 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