This book on personal financial planning and wealth management employs the lifecycle model of financial economics. The central idea of 'consumption smoothing' is used to connect chapters and topics such as saving and investment, debt management, risk management and retirement planning. The first part of the book is nontechnical and aimed at a wide audience with no special technical background. The second part of the book provides a rigorous presentation of the lifecycle model from first principles using the calculus of variations. The accompanying website is found at…mehr
This book on personal financial planning and wealth management employs the lifecycle model of financial economics. The central idea of 'consumption smoothing' is used to connect chapters and topics such as saving and investment, debt management, risk management and retirement planning. The first part of the book is nontechnical and aimed at a wide audience with no special technical background. The second part of the book provides a rigorous presentation of the lifecycle model from first principles using the calculus of variations. The accompanying website is found at http://www.yorku.ca/milevsky/?page_id=185. This is a final-year college level textbook on personal finance, jointly written by business school and mathematics professors. It is aimed at a wide audience of people who are interested in wealth management from a more rigorous perspective. It may be used in both personal applications and professional classrooms.
Narat Charupat is an Associate Professor at the DeGroote School of Business, McMaster University, Ontario, Canada. His research has been published in journals such as the Journal of Economic Theory, the Journal of Banking and Finance, the Journal of Risk and Insurance and the Journal of Financial and Quantitative Analysis. Professor Charupat's areas of professional interest include annuity and insurance products, financial innovation, arbitrage and behavioral finance. He has taught courses in financial derivatives and personal and international finance.
Inhaltsangabe
1. Introduction and motivation; 2. Mathematical preliminaries - working with interest rates; 3. Personal balance sheet and human capital; 4. Consumption smoothing and optimal savings; 5. Debts, loans, and mortgages [Canadian content]; 6. Personal income taxes [Canadian content]; 7. Risk, utility, and insurance; 8. Mortality risk and life insurance; 9. Investment and diversification; 10. The mathematics of portfolio diversification; 11. Housing decisions; 12. Pensions and retirement [Canadian content]; 13. Advanced material: Part I. Continuous time and the calculus of variations; 14. Advanced material: Part II. Stochastic optimal control and the HJB equation; 15. Concluding thoughts and next steps.
1. Introduction and motivation 2. Mathematical preliminaries - working with interest rates 3. Personal balance sheet and human capital 4. Consumption smoothing and optimal savings 5. Debts, loans, and mortgages [Canadian content] 6. Personal income taxes [Canadian content] 7. Risk, utility, and insurance 8. Mortality risk and life insurance 9. Investment and diversification 10. The mathematics of portfolio diversification 11. Housing decisions 12. Pensions and retirement [Canadian content] 13. Advanced material*: Part I. Continuous time and the calculus of variations 14. Advanced material*: Part II. Stochastic optimal control and the HJB equation 15. Concluding thoughts and next steps.
1. Introduction and motivation; 2. Mathematical preliminaries - working with interest rates; 3. Personal balance sheet and human capital; 4. Consumption smoothing and optimal savings; 5. Debts, loans, and mortgages [Canadian content]; 6. Personal income taxes [Canadian content]; 7. Risk, utility, and insurance; 8. Mortality risk and life insurance; 9. Investment and diversification; 10. The mathematics of portfolio diversification; 11. Housing decisions; 12. Pensions and retirement [Canadian content]; 13. Advanced material: Part I. Continuous time and the calculus of variations; 14. Advanced material: Part II. Stochastic optimal control and the HJB equation; 15. Concluding thoughts and next steps.
1. Introduction and motivation 2. Mathematical preliminaries - working with interest rates 3. Personal balance sheet and human capital 4. Consumption smoothing and optimal savings 5. Debts, loans, and mortgages [Canadian content] 6. Personal income taxes [Canadian content] 7. Risk, utility, and insurance 8. Mortality risk and life insurance 9. Investment and diversification 10. The mathematics of portfolio diversification 11. Housing decisions 12. Pensions and retirement [Canadian content] 13. Advanced material*: Part I. Continuous time and the calculus of variations 14. Advanced material*: Part II. Stochastic optimal control and the HJB equation 15. Concluding thoughts and next steps.
Rezensionen
'This book distils many decades of financial economics research into a holistic and rigorous approach to financial planning. Master this book, and you will master your own financial future.' Jeffrey Brown, University of Illinois
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