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Finance
FromWikipedia,thefreeencyclopedia

Financeisafieldthatdealswiththestudyofinvestments.Itincludesthedynamicsofassetsandliabilitiesover
timeunderconditionsofdifferentdegreesofuncertaintyandrisk.Financecanalsobedefinedasthescienceof
moneymanagement.Financeaimstopriceassetsbasedontheirrisklevelandtheirexpectedrateofreturn.
Financecanbebrokenintothreedifferentsubcategories:publicfinance,corporatefinanceandpersonalfinance.

Contents
1 Areasoffinance
1.1 Personalfinance
1.2 Corporatefinance
1.2.1 Financialservices
1.3 Publicfinance
2 Capital
3 Financialtheory
3.1 Financialeconomics
3.2 Financialmathematics
3.3 Experimentalfinance
3.4 Behavioralfinance
4 Professionalqualifications
5 Unsolvedproblemsinfinance
6 Seealso
7 References
8 Externallinks

Areasoffinance

WallStreet,thecenterof LondonStock
Americanfinance. Exchange,globalcenter
offinance.

Personalfinance

Questionsinpersonalfinancerevolvearound:

Protectionagainstunforeseenpersonalevents,aswellaseventsinthewidereconomies
Transferenceoffamilywealthacrossgenerations(bequestsandinheritance)

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Effectsoftaxpolicies(taxsubsidiesand/orpenalties)onmanagementofpersonalfinances
Effectsofcreditonindividualfinancialstanding
Developmentofasavingsplanorfinancingforlargepurchases(auto,education,home)
Planningasecurefinancialfutureinanenvironmentofeconomicinstability

Personalfinancemayinvolvepayingforeducation,financingdurable
goodssuchasrealestateandcars,buyinginsurance,e.g.healthand
propertyinsurance,investingandsavingforretirement.

Personalfinancemayalsoinvolvepayingforaloan,ordebt
obligations.Thesixkeyareasofpersonalfinancialplanning,as
suggestedbytheFinancialPlanningStandardsBoard,are:[1]

1.Financialposition:isconcernedwithunderstandingthe
personalresourcesavailablebyexaminingnetworthand
householdcashflow.Networthisaperson'sbalancesheet,
calculatedbyaddingupallassetsunderthatperson'scontrol,
minusallliabilitiesofthehousehold,atonepointintime.
Householdcashflowtotalsupalltheexpectedsourcesof
incomewithinayear,minusallexpectedexpenseswithinthe
sameyear.Fromthisanalysis,thefinancialplannercan
determinetowhatdegreeandinwhattimethepersonalgoals
canbeaccomplished.
WarrenBuffettisanAmericaninvestor,
2.Adequateprotection:theanalysisofhowtoprotecta
householdfromunforeseenrisks.Theseriskscanbedividedinto businessmagnate,andphilanthropist.Heis
thefollowing:liability,property,death,disability,healthand consideredbysometobeoneofthemost
longtermcare.Someoftheserisksmaybeselfinsurable,while successfulinvestorsintheworld.
mostwillrequirethepurchaseofaninsurancecontract.
Determininghowmuchinsurancetoget,atthemostcosteffectivetermsrequiresknowledgeofthemarket
forpersonalinsurance.Businessowners,professionals,athletesandentertainersrequirespecialized
insuranceprofessionalstoadequatelyprotectthemselves.Sinceinsurancealsoenjoyssometaxbenefits,
utilizinginsuranceinvestmentproductsmaybeacriticalpieceoftheoverallinvestmentplanning.
3.Taxplanning:typicallytheincometaxisthesinglelargestexpenseinahousehold.Managingtaxesisnota
questionofifyouwillpaytaxes,butwhenandhowmuch.Governmentgivesmanyincentivesintheformof
taxdeductionsandcredits,whichcanbeusedtoreducethelifetimetaxburden.Mostmoderngovernments
useaprogressivetax.Typically,asone'sincomegrows,ahighermarginalrateoftaxmustbepaid.
Understandinghowtotakeadvantageofthemyriadtaxbreakswhenplanningone'spersonalfinancescan
makeasignificantimpactinwhichitcanlatersaveyoumoneyinthelongterm.
4.Investmentandaccumulationgoals:planninghowtoaccumulateenoughmoneyforlargepurchasesand
lifeeventsiswhatmostpeopleconsidertobefinancialplanning.Majorreasonstoaccumulateassets
include,purchasingahouseorcar,startingabusiness,payingforeducationexpenses,andsavingfor
retirement.Achievingthesegoalsrequiresprojectingwhattheywillcost,andwhenyouneedtowithdraw
fundsthatwillbenecessarytobeabletoachievethesegoals.Amajorrisktothehouseholdinachieving
theiraccumulationgoalistherateofpriceincreasesovertime,orinflation.Usingnetpresentvalue
calculators,thefinancialplannerwillsuggestacombinationofassetearmarkingandregularsavingstobe
investedinavarietyofinvestments.Inordertoovercometherateofinflation,theinvestmentportfoliohas
togetahigherrateofreturn,whichtypicallywillsubjecttheportfoliotoanumberofrisks.Managingthese
portfoliorisksismostoftenaccomplishedusingassetallocation,whichseekstodiversifyinvestmentrisk
andopportunity.Thisassetallocationwillprescribeapercentageallocationtobeinvestedinstocks(either
preferredstockand/orcommonstock),bonds(forexamplemutualbondsorgovernmentbonds,orcorporate
bonds),cashandalternativeinvestments.Theallocationshouldalsotakeintoconsiderationthepersonalrisk
profileofeveryinvestor,sinceriskattitudesvaryfrompersontoperson.
5.Retirementplanningistheprocessofunderstandinghowmuchitcoststoliveatretirement,andcomingup
withaplantodistributeassetstomeetanyincomeshortfall.Methodsforretirementplanincludetaking
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advantageofgovernmentallowedstructurestomanagetaxliabilityincluding:individual(IRA)structures,or
employersponsoredretirementplans.
6.Estateplanninginvolvesplanningforthedispositionofone'sassetsafterdeath.Typically,thereisataxdue
tothestateorfederalgovernmentatone'sdeath.Avoidingthesetaxesmeansthatmoreofone'sassetswill
bedistributedtoone'sheirs.Onecanleaveone'sassetstofamily,friendsorcharitablegroups.

Corporatefinance

Corporatefinancedealswiththesourcesoffundingandthecapital
structureofcorporations,theactionsthatmanagerstaketoincreasethe
valueofthefirmtotheshareholders,andthetoolsandanalysisusedto
allocatefinancialresources.Althoughitisinprincipledifferentfrom
managerialfinancewhichstudiesthefinancialmanagementofall
firms,ratherthancorporationsalone,themainconceptsinthestudyof
corporatefinanceareapplicabletothefinancialproblemsofallkinds
offirms.Corporatefinancegenerallyinvolvesbalancingriskand
profitability,whileattemptingtomaximizeanentity'sassets,net
incomingcashflowandthevalueofitsstock,andgenericallyentails
threeprimaryareasofcapitalresourceallocation.Inthefirst,"capital
budgeting",managementmustchoosewhich"projects"(ifany)to
undertake.Thedisciplineofcapitalbudgetingmayemploystandard
businessvaluationtechniquesorevenextendtorealoptionsvaluation
seeFinancialmodeling.Thesecond,"sourcesofcapital"relatestohow
theseinvestmentsaretobefunded:investmentcapitalcanbeprovided
throughdifferentsources,suchasbyshareholders,intheformof JackWelchanAmericanretiredbusiness
equity(privatelyorviaaninitialpublicoffering),creditors,oftenin executive,author,andchemicalengineer.
theformofbonds,andthefirm'soperations(cashflow).Shortterm HewaschairmanandCEOofGeneral
fundingorworkingcapitalismostlyprovidedbybanksextendinga Electricbetween1981and2001.During
lineofcredit.Thebalancebetweentheseelementsformsthe histenureatGE,thecompany'svaluerose
company'scapitalstructure.Thethird,"thedividendpolicy",requires 4,000%.
managementtodeterminewhetheranyunappropriatedprofit(excess
cash)istoberetainedforfutureinvestment/operationalrequirements,orinsteadtobedistributedtoshareholders,
andifso,inwhatform.Shorttermfinancialmanagementisoftentermed"workingcapitalmanagement",and
relatestocash,inventoryanddebtorsmanagement.

Corporatefinancealsoincludeswithinitsscopebusinessvaluation,stockinvesting,orinvestmentmanagement.
Aninvestmentisanacquisitionofanassetinthehopethatitwillmaintainorincreaseitsvalueovertimethatwill
inhopegivebackahigherrateofreturnwhenitcomestodisbursingdividends.Ininvestmentmanagementin
choosingaportfolioonehastousefinancialanalysistodeterminewhat,howmuchandwhentoinvest.Todo
this,acompanymust:

Identifyrelevantobjectivesandconstraints:institutionorindividualgoals,timehorizon,riskaversionand
taxconsiderations
Identifytheappropriatestrategy:activeversuspassivehedgingstrategy
Measuretheportfolioperformance

Financialmanagementoverlapswiththefinancialfunctionoftheaccountingprofession.However,financial
accountingisthereportingofhistoricalfinancialinformation,whilefinancialmanagementisconcernedwiththe
allocationofcapitalresourcestoincreaseafirm'svaluetotheshareholdersandincreasetheirrateofreturnonthe
investments.

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Financialriskmanagement,anelementofcorporatefinance,isthe
practiceofcreatingandprotectingeconomicvalueinafirmbyusing
financialinstrumentstomanageexposuretorisk,particularlycredit
riskandmarketrisk.(Otherrisktypesincludeforeignexchange,
shape,volatility,sector,liquidity,inflationrisks,etc.)Itfocuseson
whenandhowtohedgeusingfinancialinstrumentsinthissenseit
overlapswithfinancialengineering.Similartogeneralrisk
management,financialriskmanagementrequiresidentifyingits
sources,measuringit(see:Riskmeasure:Wellknownriskmeasures),
andformulatingplanstoaddressthese,andcanbequalitativeand
quantitative.Inthebankingsectorworldwide,theBaselAccordsare JamesHarrisSimonsAmerican
generallyadoptedbyinternationallyactivebanksfortracking, mathematician,hedgefundmanager,and
reportingandexposingoperational,creditandmarketrisks. philanthropist.Heisknownasa
quantitativeinvestorandin1982founded
Financialservices RenaissanceTechnologies,aprivatehedge
fundbasedinNewYorkCity.
Anentitywhoseincomeexceedsitsexpenditurecanlendorinvestthe
excessincometohelpthatexcessincomeproducemoreincomeinthefuture.Thoughontheotherhand,anentity
whoseincomeislessthanitsexpenditurecanraisecapitalbyborrowingorsellingequityclaims,decreasingits
expenses,orincreasingitsincome.Thelendercanfindaborrowerafinancialintermediarysuchasabankor
buynotesorbonds(corporatebonds,governmentbonds,ormutualbonds)inthebondmarket.Thelenderreceives
interest,theborrowerpaysahigherinterestthanthelenderreceives,andthefinancialintermediaryearnsthe
differenceforarrangingtheloan.

Abankaggregatestheactivitiesofmanyborrowersandlenders.Abankacceptsdepositsfromlenders,onwhichit
paysinterest.Thebankthenlendsthesedepositstoborrowers.Banksallowborrowersandlenders,ofdifferent
sizes,tocoordinatetheiractivity.

Financeisusedbyindividuals(personalfinance),bygovernments(publicfinance),bybusinesses(corporate
finance)andbyawidevarietyofotherorganizationssuchasschoolsandnonprofitorganizations.Ingeneral,the
goalsofeachoftheaboveactivitiesareachievedthroughtheuseofappropriatefinancialinstrumentsand
methodologies,withconsiderationtotheirinstitutionalsetting.

Financeisoneofthemostimportantaspectsofbusinessmanagementandincludesanalysisrelatedtotheuseand
acquisitionoffundsfortheenterprise.

Incorporatefinance,acompany'scapitalstructureisthetotalmixoffinancingmethodsitusestoraisefunds.One
methodisdebtfinancing,whichincludesbankloansandbondsales.Anothermethodisequityfinancingthesale
ofstockbyacompanytoinvestors,theoriginalshareholders(theyownaportionofthebusiness)ofashare.
Ownershipofasharegivestheshareholdercertaincontractualrightsandpowers,whichtypicallyincludetheright
toreceivedeclareddividendsandtovotetheproxyonimportantmatters(e.g.,boardelections).Theownersof
bothbonds(eithergovernmentbondsorcorporatebonds)andstock(whetheritspreferredstockorcommonstock),
maybeinstitutionalinvestorsfinancialinstitutionssuchasinvestmentbanksandpensionfundsorprivate
individuals,calledprivateinvestorsorretailinvestors.

Publicfinance

Publicfinancedescribesfinanceasrelatedtosovereignstatesandsubnationalentities(states/provinces,counties,
municipalities,etc.)andrelatedpublicentities(e.g.schooldistricts)oragencies.Itusuallyencompassesalong
term,strategicperspectiveregardinginvestmentdecisionsthataffectpublicentities.[2]Theselongterm,strategic
periodsusuallyencompassfiveormoreyears.[3]Publicfinanceisprimarilyconcernedwith:
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Identificationofrequiredexpenditureofapublicsectorentity
Source(s)ofthatentity'srevenue
Thebudgetingprocess
Debtissuance(municipalbonds)forpublicworksprojects

Centralbanks,suchastheFederalReserveSystembanksintheUnitedStatesandBankofEnglandintheUnited
Kingdom,arestrongplayersinpublicfinance,actingaslendersoflastresortaswellasstronginfluenceson
monetaryandcreditconditionsintheeconomy.[4]

Capital
Capital,inthefinancialsense,isthemoneythatgivesthebusinessthepowertobuygoodstobeusedinthe
productionofothergoodsortheofferingofaservice.(Thecapitalhastwotypesofresources,EquityandDebt).

Thedeploymentofcapitalisdecidedbythebudget.Thismayincludetheobjectiveofbusiness,targetsset,and
resultsinfinancialterms,e.g.,thetargetsetforsale,resultingcost,growth,requiredinvestmenttoachievethe
plannedsales,andfinancingsourcefortheinvestment.

Abudgetmaybelongtermorshortterm.Longtermbudgetshaveatimehorizonof510yearsgivingavisionto
thecompanyshorttermisanannualbudgetwhichisdrawntocontrolandoperateinthatparticularyear.

Budgetswillincludeproposedfixedassetrequirementsandhowtheseexpenditureswillbefinanced.Capital
budgetsareoftenadjustedannually(doneeveryyear)andshouldbepartofalongertermCapitalImprovements
Plan.

Acashbudgetisalsorequired.Theworkingcapitalrequirementsofabusinessaremonitoredatalltimestoensure
thattherearesufficientfundsavailabletomeetshorttermexpenses.

Thecashbudgetisbasicallyadetailedplanthatshowsallexpectedsourcesandusesofcashwhenitcomesto
spendingitappropriately.Thecashbudgethasthefollowingsixmainsections:

1.BeginningCashBalancecontainsthelastperiod'sclosingcashbalance,inotherwords,theremaining
cashfromlastyearsearnings.
2.Cashcollectionsincludesallexpectedcashreceipts(allsourcesofcashfortheperiodconsidered,mainly
sales)
3.Cashdisbursementslistsallplannedcashoutflowsfortheperiodsuchasdividend,excludinginterest
paymentsonshorttermloans,whichappearinthefinancingsection.Allexpensesthatdonotaffectcash
flowareexcludedfromthislist(e.g.depreciation,amortization,etc.)
4.Cashexcessordeficiencyafunctionofthecashneedsandcashavailable.Cashneedsaredeterminedby
thetotalcashdisbursementsplustheminimumcashbalancerequiredbycompanypolicy.Iftotalcash
availableislessthancashneeds,adeficiencyexists.
5.Financingdisclosestheplannedborrowingsandrepaymentsofthoseplannedborrowings,including
interest.

Financialtheory
Financialeconomics

Financialeconomicsisthebranchofeconomicsstudyingtheinterrelationoffinancialvariables,suchasprices,
interestratesandshares,asopposedtogoodsandservices.Financialeconomicsconcentratesoninfluencesofreal
economicvariablesonfinancialones,incontrasttopurefinance.Itcentresonmanagingriskinthecontextofthe
financialmarkets,andtheresultanteconomicandfinancialmodels.Itessentiallyexploreshowrationalinvestors
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wouldapplyriskandreturntotheproblemofaninvestmentpolicy.Here,thetwinassumptionsofrationalityand
marketefficiencyleadtomodernportfoliotheory(theCAPM),andtotheBlackScholestheoryforoption
valuationitfurtherstudiesphenomenaandmodelswheretheseassumptionsdonothold,orareextended.
"Financialeconomics",atleastformally,alsoconsidersinvestmentunder"certainty"(Fisherseparationtheorem,
"theoryofinvestmentvalue",ModiglianiMillertheorem)andhencealsocontributestocorporatefinancetheory.
Financialeconometricsisthebranchoffinancialeconomicsthatuseseconometrictechniquestoparameterizethe
relationshipssuggested.

Althoughcloselyrelated,thedisciplinesofeconomicsandfinancearedistinctive.Theeconomyisasocial
institutionthatorganizesasocietysproduction,distribution,andconsumptionofgoodsandservices,allofwhich
mustbefinanced.

Economistsmakeanumberofabstractassumptionsforpurposesoftheiranalysesandpredictions.Theygenerally
regardfinancialmarketsthatfunctionforthefinancialsystemasanefficientmechanism(Efficientmarket
hypothesis).Instead,financialmarketsaresubjecttohumanerrorandemotion.[5]Newresearchdisclosesthe
mischaracterizationofinvestmentsafetyandmeasuresoffinancialproductsandmarketssocomplexthattheir
effects,especiallyunderconditionsofuncertainty,areimpossibletopredict.Thestudyoffinanceissubsumed
undereconomicsasfinancialeconomics,butthescope,speed,powerrelationsandpracticesofthefinancial
systemcanupliftorcripplewholeeconomiesandthewellbeingofhouseholds,businessesandgoverningbodies
withinthemsometimesinasingleday.

Financialmathematics

Financialmathematicsisafieldofappliedmathematics,concernedwithfinancialmarkets.Thesubjecthasaclose
relationshipwiththedisciplineoffinancialeconomics,whichisconcernedwithmuchoftheunderlyingtheorythat
isinvolvedinfinancialmathematics.Generally,mathematicalfinancewillderive,andextend,themathematicalor
numericalmodelssuggestedbyfinancialeconomics.Intermsofpractice,mathematicalfinancealsooverlaps
heavilywiththefieldofcomputationalfinance(alsoknownasfinancialengineering).Arguably,thesearelargely
synonymous,althoughthelatterfocusesonapplication,whiletheformerfocusesonmodellingandderivation(see:
Quantitativeanalyst).Thefieldislargelyfocusedonthemodellingofderivatives,althoughotherimportant
subfieldsincludeinsurancemathematicsandquantitativeportfolioproblems.SeeOutlineoffinance:Mathematical
toolsOutlineoffinance:Derivativespricing.

Experimentalfinance

Experimentalfinanceaimstoestablishdifferentmarketsettingsandenvironmentstoobserveexperimentallyand
providealensthroughwhichsciencecananalyzeagents'behaviorandtheresultingcharacteristicsoftrading
flows,informationdiffusionandaggregation,pricesettingmechanisms,andreturnsprocesses.Researchersin
experimentalfinancecanstudytowhatextentexistingfinancialeconomicstheorymakesvalidpredictionsand
thereforeprovethem,andattempttodiscovernewprinciplesonwhichsuchtheorycanbeextendedandbeapplied
tofuturefinancialdecisions.Researchmayproceedbyconductingtradingsimulationsorbyestablishingand
studyingthebehavior,andthewaythatthesepeopleactorreact,ofpeopleinartificialcompetitivemarketlike
settings.

Behavioralfinance

Behavioralfinancestudieshowthepsychologyofinvestorsormanagersaffectsfinancialdecisionsandmarkets
whenmakingadecisionthatcanimpacteithernegativelyorpositivelyononeoftheirareas.Behavioralfinance
hasgrownoverthelastfewdecadestobecomecentralandveryimportanttofinance.

Behavioralfinanceincludessuchtopicsas:
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1.Empiricalstudiesthatdemonstratesignificantdeviationsfromclassicaltheories.
2.Modelsofhowpsychologyaffectsandimpactstradingandprices
3.Forecastingbasedonthesemethods.
4.Studiesofexperimentalassetmarketsanduseofmodelstoforecastexperiments.

AstrandofbehavioralfinancehasbeendubbedQuantitativeBehavioralFinance,whichusesmathematicaland
statisticalmethodologytounderstandbehavioralbiasesinconjunctionwithvaluation.Someofthisendeavorhas
beenledbyGunduzCaginalp(ProfessorofMathematicsandEditorofJournalofBehavioralFinanceduring2001
2004)andcollaboratorsincludingVernonSmith(2002NobelLaureateinEconomics),DavidPorter,Don
Balenovich,VladimiraIlieva,AhmetDuran).StudiesbyJeffMadura,RaySturmandothershavedemonstrated
significantbehavioraleffectsinstocksandexchangetradedfunds.Amongothertopics,quantitativebehavioral
financestudiesbehavioraleffectstogetherwiththenonclassicalassumptionofthefinitenessofassets.

Professionalqualifications
Thereareseveralrelatedprofessionalqualifications,thatcanleadtothefield:

GeneralistFinancequalifications:
Degrees:MasterofScienceinFinance(MSF),MasterofFinance(M.Fin),MasterofFinancial
Economics,MasterofAppliedFinance,MasterofLiberalArtsinFinance(ALM.Fin)
Certifications:CharteredFinancialAnalyst(CFA),CertifiedTreasuryProfessional(CTP),Certified
ValuationAnalyst(CVA),CertifiedPatentValuationAnalyst(CPVA),CharteredBusinessValuator
(CBV),CertifiedInternationalInvestmentAnalyst(CIIA),FinancialRiskManager(FRM),
ProfessionalRiskManager(PRM),AssociationofCorporateTreasurers(ACT),CertifiedMarket
Analyst(CMA/FAD)DualDesignation,CorporateFinanceQualification(CF),CharteredAlternative
InvestmentAnalyst(CAIA),CharteredInvestmentManager(CIM)
QuantitativeFinancequalifications:MasterofFinancialEngineering(MSFE),MasterofQuantitative
Finance(MQF),MasterofComputationalFinance(MCF),MasterofFinancialMathematics(MFM),
CertificateinQuantitativeFinance(CQF).
Accountancyqualifications:
Qualifiedaccountant:CharteredCertifiedAccountant(ACCA,UKcertification),Chartered
Accountant(ACAEngland&Walescertification/CAcertificationinScotlandandCommonwealth
countries),CertifiedPublicAccountant(CPA,UScertification),ACMA/FCMA(Associate/Fellow
CharteredManagementAccountant)fromCharteredInstituteofManagementAccountant(CIMA),
UK.
Nonstatutoryqualifications:CharteredCostAccountantCCADesignationfromAAFM
Businessqualifications:MasterofBusinessAdministration(MBA),MasterofManagement(MM),Master
ofCommerce(M.Comm),MasterofScienceinManagement(MSM),DoctorofBusinessAdministration
(DBA)

Unsolvedproblemsinfinance
Asthedebatetowhetherfinanceisanartorascienceisstillopen,[6]therehavebeenrecenteffortstoorganizea
listofunsolvedproblemsinfinance.

Seealso
Outlineoffinance
Financialcrisisof20072010

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Listofunsolvedproblemsinfinance

References
1."FinancialPlanningCurriculumFramework".FinancialPlanningStandardsBoard.2011.Retrieved7April2012.
2.Doss,DanielSumrall,WilliamJones,Don(2012).StrategicFinanceforCriminalJusticeOrganizations(1sted.).Boca
Raton,Florida:CRCPress.p.23.ISBN9781439892237.
3.Doss,DanielSumrall,WilliamJones,Don(2012).StrategicFinanceforCriminalJusticeOrganizations(1sted.).Boca
Raton,Florida:CRCPress.pp.5354.ISBN9781439892237.
4.BoardofGovernorsofFederalReserveSystemoftheUnitedStates.MissionoftheFederalReserveSystem.
Federalreserve.gov(http://www.federalreserve.gov/aboutthefed/mission.htm)Accessed:20100116.(Archivedby
WebCiteatArchived(http://www.webcitation.org/5mpS52OAl?url=http%3A//www.federalreserve.gov/aboutthefed/missio
n.htm)20100116atWebCite)
5.Berezin,M.(2005)."EmotionsandtheEconomy"inSmelser,N.J.andR.Swedberg(eds.)TheHandbookofEconomic
Sociology,SecondEdition.PrincetonUniversityPress:Princeton,NJ
6."Isfinanceanartorascience?".Investopedia.Retrieved20151111.

Externallinks
LearnFinanceStepbystepwithinfographicstools(http://education.s
Lookupfinancein
vtuition.org/2010/04/finance_24.html) Wiktionary,thefree
OECDworkonfinancialmarkets(http://www.oecd.org/finance) dictionary.
ObservationofUKFinanceMarket
WhartonFinanceKnowledgeProject(http://knowledge.wharton.upe
Wikiquotehasquotations
nn.edu/category.cfm?cid=1)aimedtoofferfreeaccesstofinance
relatedto:Finance
knowledgeforstudents,teachers,andselflearners.
ProfessorAswathDamodaran(http://pages.stern.nyu.edu/~adamoda
r/)(NewYorkUniversitySternSchoolofBusiness)provides Wikisourcehasthetextof
resourcescoveringthreeareasinfinance:corporatefinance, the1921Collier's
Encyclopediaarticle
valuationandinvestmentmanagementandsyndicatefinance.
Finance.

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