# Outline of finance

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The following outline is provided as an overview of and topical guide to finance:
Finance – addresses the ways in which individuals and organizations raise and allocate monetary resources over time, taking into account the risks entailed in their projects.

## Overview

The term finance may incorporate any of the following:
* The study of money and other assets
* The management and control of those assets
* Profiling and managing related risks

## Fundamental financial concepts

* Finance
** Arbitrage
** Capital (economics)
** Capital asset pricing model
** Cash flow
** Cash flow matching
** Debt
*** Default
*** Consumer debt
*** Debt consolidation
*** Debt settlement
*** Credit counseling
*** Bankruptcy
*** Debt diet
*** Debt-snowball method
*** Debt of developing countries
** Asset types
*** Real estate
*** Securities
*** Commodities
*** Futures
*** Cash
** Discounted cash flow
** Financial capital
*** Funding
** Entrepreneur
*** Entrepreneurship
** Fixed income analysis
** Gap financing
** Global financial system
** Hedge
*** Basis risk
** Interest rate
*** Risk-free interest rate
*** Term structure of interest rates
** Short-rate model
*** Vasicek model
*** Cox–Ingersoll–Ross model
*** Hull–White model
*** Chen model
*** Black–Derman–Toy model
** Interest
*** Effective interest rate
*** Nominal interest rate
*** Interest rate basis
*** Fisher equation
*** Crowding out
*** Annual percentage rate
*** Interest coverage ratio
** Investment
*** Foreign direct investment
*** Gold as an investment
*** Over-investing
** Leverage
** Long (finance)
** Liquidity
** Margin (finance)
** Mark to market
** Market impact
** Medium of exchange
** Microcredit
** Money
*** Money creation
*** Currency
*** Coin
*** Banknote
*** Counterfeit
*** History of money
*** Monetary reform
** Portfolio
*** Modern portfolio theory
*** Mutual fund separation theorem
*** Post-modern portfolio theory
** Reference rate
*** Reset
** Return
*** Absolute return
*** Investment performance
*** Relative return
** Risk
*** Financial risk
*** Risk management
**** Financial risk management
**** Uncompensated risk
*** Risk measure
**** Coherent risk measure
**** Deviation risk measure
**** Distortion risk measure
**** Spectral risk measure
**** Value at risk
***** Expected shortfall
***** Entropic value at risk
** Scenario analysis
** Short (finance)
** Speculation
*** Day trading
** Position trader
** Spread trade
** Standard of deferred payment
** Store of value
** Time horizon
** Time value of money
*** Discounting
*** Present value
*** Future value
*** Net present value
*** Internal rate of return
*** Modified internal rate of return
*** Annuity
*** Perpetuity
** Trade
*** Free trade
*** Free market
*** Fair trade
** Unit of account
** Volatility
** Yield
** Yield curve
** Equated monthly installment
** Down payment big rupees

## History

* History of finance
* History of banking
* History of insurance
* Tulip mania (Dutch Republic), 1620s/1630s
* South Sea Bubble (UK) & Mississippi Company (France), 1710s; see also Stock market bubble
* Vix pervenit 1745, on usury and other dishonest profit
* Panic of 1837 (US)
* Railway Mania (UK), 1840s
* Erie War (US), 1860s
* Long Depression, 1873–1896 (mainly US and Europe, though other parts of the world were affected)
* Post-World War I hyperinflation; see Hyperinflation and Inflation in the Weimar Republic
* Wall Street Crash of 1929
* Great Depression 1930s
* Bretton Woods Accord 1944
* 1973 oil crisis
* 1979 energy crisis
* Savings and Loan Crisis 1980s
* Black Monday 1987
* Asian financial crisis 1990s
* Dot-com bubble 1995-2001
* Stock market downturn of 2002
* United States housing bubble
* Financial crisis of 2007–08, followed by the Great Recession

## Finance terms by field
### Accounting (financial record keeping)

* Auditing
* Accounting software
* Book keeping
* FASB
* Financial accountancy
** Financial statements
*** Balance sheet
*** Cash flow statement
*** Income statement
* Management accounting
* Philosophy of Accounting
* Hedge accounting
** IFRS 9
** Fair value accounting

### Banking

* See articles listed under: Bank § See also

### Corporate finance

* Balance sheet analysis
** Financial ratio
* Business plan
** Investment policy
*** Business valuation
*** Stock valuation
*** Fundamental analysis
*** Real options
*** Valuation topics
*** Fisher separation theorem
** Sources of financing
** Securities
** Debt
** Initial public offering
** Capital structure
** Cost of capital
*** Weighted average cost of capital
*** Modigliani–Miller theorem
*** Hamada's equation
** Dividend policy
*** Dividend
*** Dividend tax
*** Dividend yield
*** Modigliani–Miller theorem
* Corporate action
* (Strategic) Financial management
** Capital management
*** Capital budgeting
*** Working capital
**** Current assets
**** Current liabilities
** Managerial finance
** Management accounting
* Mergers and acquisitions
** Leveraged buyout
** Takeover
** Corporate raid
** Contingent value rights
* Real options
** Return on investment
*** Return on capital
*** Return on assets
*** Return on equity
** Loan covenant
** Cash conversion cycle
** Cash management
*** Strategic financial management § Cash management
** Inventory optimization
*** Supply chain management
*** Just In Time (JIT)
*** Economic order quantity (EOQ)
*** Economic production quantity (EPQ)
*** Economic batch quantity
** Credit (finance)
** Credit scoring
** Default risk
** Discounts and allowances
** Factoring (trade) & Supply chain finance
** Corporate budget

### Investment management

* Active management
* Efficient market hypothesis
* Portfolio
* Modern portfolio theory
** Capital asset pricing model
* Arbitrage pricing theory
* Passive management
** Index fund
* Activist shareholder
* Mutual fund
** Open-end fund
** Closed-end fund
* Financial engineering
** Long-Term Capital Management
* Hedge fund
* Hedge
* #Quantitative investing, below

### Personal finance

* 529 plan (US college savings)
* ABLE account (US plan for benefit of individuals with disabilities)
* Asset allocation
** Asset location
* Budget
* Coverdell Education Savings Account (Coverdell ESAs, formerly known as Education IRAs)
* Credit and debt
** Credit card
** Debt consolidation
** Mortgage loan
*** Continuous-repayment mortgage
* Debit card
* Direct deposit
* Employment contract
** Commission
** Employee stock option
** Employee or fringe benefit
** Health insurance
** Paycheck
** Salary
** Wage
* Financial literacy
* Insurance
* Predatory lending
* Retirement plan
** Australia – Superannuation in Australia
** Canada
*** Registered retirement savings plan
*** Tax-free savings account
** Japan – Nippon individual savings account
** New Zealand – KiwiSaver
** United Kingdom
*** Individual savings account
*** Self-invested personal pension
** United States
*** 401(a)
*** 401(k)
*** 403(b)
*** 457 plan
*** Keogh plan
*** Individual retirement account
**** Roth IRA
**** Traditional IRA
**** SEP IRA
**** SIMPLE IRA
** Pension
* Simple living
* Social security
* Tax advantage
* Wealth
* Comparison of accounting software
* Personal financial management
* Investment club
* Collective investment scheme

### Public finance

* Central bank
* Federal Reserve
* Fractional-reserve banking
** Deposit creation multiplier
* Tax
** Capital gains tax
** Estate tax (and inheritance tax)
** Gift tax
** Income tax
** Inheritance tax
** Payroll tax
** Property tax (including land value tax)
** Sales tax (including value added tax, excise tax, and use tax)
** Transfer tax (including stamp duty)
** Tax advantage
** Tax, tariff and trade
** Tax amortization benefit
* Crowding out
* Industrial policy
* Agricultural policy
* Currency union
* Monetary reform

### Risk management

* Asset and liability management
* Asset–liability mismatch
* Capital Requirements Regulation 2013 & Credit Institutions Directive 2013 (Capital Requirements Directives)
* Cash flow hedge
* Cash management
* Corporate governance
* Climate-related asset stranding
* Credit risk
* Default (finance)
* Discounted maximum loss
* Downside risk & Upside risk
* Duration gap
* Enterprise risk management
* Financial engineering
* Financial risk
* Financial risk management
* Foreign exchange hedge
* Fuel price risk management
* Gordon–Loeb model for cyber security investments
* Interest rate risk
** Interest rate risk in the banking book
* Insurance
* Investment risk
* Irrational exuberance
* Kelly criterion
* Liquidity risk
* Market risk
* Operational risk
* Risk accounting
* Risk adjusted return on capital
* Risk aversion
* Risk-based internal audit
* Risk measure
** Coherent risk measure
** Deviation risk measure
** Distortion risk measure
** Spectral risk measure
* Risk modeling
* Risk of ruin
* Risk pool
* Risk register
* Risk return ratio
* Risk–return spectrum
* Security management
* Settlement risk
* Shadow banking system
* Specific risk
* St. Petersburg paradox
* Systematic risk
* Three lines of defence
* Treasury management
* Uncompensated risk
* Valuation risk
* Value at risk
** Computation
*** Historical
*** Monte Carlo
*** variance-covariance
*** delta-gamma
** Alternate measures
*** Entropic value at risk
*** Conditional value-at-risk / Expected shortfall
*** Tail value at risk
** Extensions
*** Profit at risk
*** Margin at risk
*** Liquidity at risk
*** Earnings at risk
*** Cash flow at risk
*** Liquidity-adjusted VaR
* Volatility risk
* Volume risk
* Wrong way risk

### Constraint finance

* Environmental finance
* Feminist economics
* Green economics
* Islamic economics
* Uneconomic growth
* Value of Earth
* Value of life

## Insurance

* Actuarial science
* Annuities
* Catastrophe modeling
* Earthquake loss
* Extended coverage
* Insurable interest
* Insurable risk
* Insurance
** Health insurance
*** Disability insurance
*** Accident insurance
*** Flexible spending account
*** Health savings account
*** Long term care insurance
*** Medical savings account
** Life insurance
*** Life insurance tax shelter
*** Permanent life insurance
*** Term life insurance
*** Universal life insurance
*** Variable universal life insurance
*** Whole life insurance
** Property insurance
*** Auto insurance
*** Boiler insurance
*** Business interruption insurance
*** Condo insurance
*** Earthquake insurance
*** Home insurance
*** Title insurance
*** Pet insurance
*** Renters' insurance
** Casualty insurance
*** Fidelity bond
*** Liability insurance
*** Political risk insurance
*** Surety bond
*** Terrorism insurance
** Credit insurance
*** Trade credit insurance
*** Payment protection insurance
*** Credit derivative
** Mid-term adjustment
** Reinsurance
** Self insurance
** Travel insurance
** Niche insurance
* Insurance contract
* Loss payee clause
* Risk Retention Group

## Economics and finance
### Finance-related areas of economics

* Financial economics
* Financial econometrics
* Monetary economics
* Mathematical economics
* Managerial economics
* Economic growth theory
* Decision theory
* Game theory
* Experimental economics / Experimental finance
* Behavioral economics / Behavioral finance

### Corporate finance theory

* Fisher separation theorem
* Modigliani–Miller theorem
* Theory of the firm
* The Theory of Investment Value
* Agency theory
* Managerial finance
* Capital structure
** Corporate finance § Capitalization structure
** Capital structure substitution theory
** Pecking order theory
** Market timing hypothesis
** Trade-off theory of capital structure
** Merton model
** Tax shield
* Dividend policy
** Corporate finance § Dividend policy
** Walter model
** Gordon model
** Lintner model
** Residuals theory
** Signaling hypothesis
** Clientele effect
** Dividend puzzle
** Treasury stock § Buying back shares
** Dividend tax
* Capital budgeting (valuation)
** Corporate finance § Investment and project valuation
** Clean surplus accounting
** Residual income valuation
** Economic value added / Market value added
** T-model
** Adjusted present value
** Uncertainty
*** Penalized present value
*** Expected commercial value
*** Risk-adjusted net present value
*** Contingent claim valuation
*** Real options
*** Monte Carlo methods
* Risk management
** Corporate finance § Financial risk management
** Financial risk management § Corporate finance
** Hedging irrelevance proposition
** Risk modeling
** Risk-adjusted return on capital

### Asset pricing theory

* Value (economics)
** Fair value
** Intrinsic value
** Market price
** Expected value
** Opportunity cost
** Risk premium
** #Underlying theory below
* Financial markets
** Stylized fact
** Regulatory economics
*** Macroprudential regulation § Theoretical rationale
** Market microstructure
*** Walrasian auction
*** Fisher market
*** Arrow-Debreu market
*** Matching market
** Market design
** Agent-based model
*** Representative agent
*** Aggregation problem
*** Heterogeneity in economics
**** Heterogeneous agent model
**** Agent-based model § In economics and social sciences
**** Artificial financial market
* General equilibrium theory
** Supply and demand
** Competitive equilibrium
** Economic equilibrium
** Partial equilibrium
* Equilibrium price
** Market efficiency
** Economic equilibrium
** Rational expectations
** Risk factor (finance)
* Arbitrage-free price
** Rational pricing
*** § Arbitrage free pricing
*** § Risk neutral valuation
** Contingent claim analysis
** Brownian model of financial markets
** Complete market & Incomplete markets
* Utility
** Risk aversion
** Expected utility hypothesis
** Utility maximization problem
** Marginal utility
** Quasilinear utility
** Generalized expected utility
* Economic efficiency
** Efficient-market hypothesis
** efficient frontier
** Production–possibility frontier
** Allocative efficiency
** Pareto efficiency
** Productive efficiency
** Dumb agent theory
* State prices
** Arrow–Debreu model
** Stochastic discount factor
** Pricing kernel
** Application:
*** Arrow–Debreu model § Economics of uncertainty: insurance and finance
*** State prices § Application to financial assets
* Fundamental theorem of asset pricing
** Rational pricing
** Arbitrage-free
** No free lunch with vanishing risk
** Self-financing portfolio
** Stochastic dominance
*** Marginal conditional stochastic dominance
* Martingale pricing
** Brownian model of financial markets
** Random walk hypothesis
** Risk-neutral measure
** Martingale (probability theory)
*** Sigma-martingale
*** Semimartingale
* Quantum finance

#### Asset pricing models

* Equilibrium pricing
** Equities; foreign exchange and commodities
*** Capital asset pricing model
*** Consumption-based CAPM
*** Intertemporal CAPM
*** Single-index model
*** Multiple factor models
**** Fama–French three-factor model
**** Carhart four-factor model
*** Arbitrage pricing theory
** Bonds; other interest rate instruments
*** Vasicek
*** Rendleman–Bartter
*** Cox–Ingersoll–Ross
* Risk neutral pricing
** Equities; foreign exchange and commodities; interest rates
*** Black–Scholes
*** Black
*** Garman–Kohlhagen
*** Heston
*** CEV
*** SABR
** Bonds; other interest rate instruments
*** Ho–Lee
*** Hull–White
*** Black–Derman–Toy
*** Black–Karasinski
*** Kalotay–Williams–Fabozzi
*** Longstaff–Schwartz
*** Chen
*** Rendleman–Bartter
*** Heath–Jarrow–Morton
**** Cheyette
*** Brace–Gatarek–Musiela
**** LIBOR market model

## Mathematics and finance
### Time value of money

* Present value
* Future value
* Discounting
* Net present value
* Internal rate of return
* Annuity
* Perpetuity

### Financial mathematics
#### Mathematical tools

* Probability
** Probability distribution
*** Binomial distribution
*** Log-normal distribution
*** Poisson distribution
* Stochastic calculus
** Brownian motion
*** Geometric Brownian motion
** Cameron–Martin theorem
** Feynman–Kac formula
** Girsanov's theorem
** Itô's lemma
** Martingale representation theorem
** Radon–Nikodym derivative
** Stochastic differential equations
** Stochastic process
*** Jump process
*** Lévy process
*** Markov process
*** Ornstein–Uhlenbeck process
*** Wiener process
* Monte Carlo methods
** Low-discrepancy sequence
** Monte Carlo integration
** Quasi-Monte Carlo method
** Random number generation
* Partial differential equations
** Finite difference method
** Heat equation
** Numerical partial differential equations
*** Crank–Nicolson method
* Volatility
** ARCH model
** GARCH model
** Stochastic volatility
** Stochastic volatility jump

#### Derivatives pricing

* Underlying logic (see also #Economics and finance above)
** Rational pricing
*** Risk-neutral measure
*** Arbitrage-free pricing
** Brownian model of financial markets
** Martingale pricing
* Forward contract
** Forward contract pricing
* Futures
** Futures contract pricing
* Options (incl. Real options and ESOs)
** Valuation of options
** Black–Scholes formula
*** Approximations for American options
**** Barone-Adesi and Whaley
**** Bjerksund and Stensland
**** Black's approximation
**** Optimal stopping
**** Roll–Geske–Whaley
** Black model
** Binomial options model
** Finite difference methods for option pricing
** Garman–Kohlhagen model
** The Greeks
** Lattice model (finance)
** Margrabe's formula
** Monte Carlo methods for option pricing
*** Monte Carlo methods in finance
*** Quasi-Monte Carlo methods in finance
*** Least Square Monte Carlo for American options
** Trinomial tree
** Volatility
*** Implied volatility
*** Historical volatility
*** Volatility smile (& Volatility surface)
*** Stochastic volatility
**** Constant elasticity of variance model
**** Heston model
**** SABR volatility model
*** Local volatility
**** Implied binomial tree
**** Implied trinomial tree
**** Edgeworth binomial tree
**** Johnson binomial tree
* Swaps
** Swap valuation
*** Asset swap § Computing the asset swap spread
*** Credit default swap § Pricing and valuation
*** Currency swap § Valuation and pricing
*** Interest rate swap § Valuation and pricing
**** Multi-curve framework
*** Variance swap § Pricing and valuation
* Interest rate derivatives (bond options, swaptions, caps and floors, and others)
** Black model
*** caps and floors
*** swaptions
*** Bond options
** Short-rate models (generally applied via lattice based- and specialized simulation-models, although "Black like" formulae exist in some cases.)
*** Rendleman–Bartter model
*** Vasicek model
*** Ho–Lee model
*** Hull–White model
*** Cox–Ingersoll–Ross model
*** Black–Karasinski model
*** Black–Derman–Toy model
*** Kalotay–Williams–Fabozzi model
*** Longstaff–Schwartz model
*** Chen model
** Forward rate / Forward curve -based models (Application as per short-rate models)
*** LIBOR market model (also called: Brace–Gatarek–Musiela Model, BGM)
*** Heath–Jarrow–Morton Model (HJM)
*** Cheyette model
* Valuation adjustments
** Credit valuation adjustment
** XVA
* Yield curve modelling
** Multi-curve framework
** Bootstrapping (finance)
** Yield curve § Construction of the full yield curve from market data
** Fixed-income attribution § Modeling the yield curve
** Nelson-Siegel
** Principal component analysis § Quantitative finance

#### Portfolio mathematics

* #Mathematical techniques below
* #Quantitative investing below
* Modern portfolio theory § Mathematical model
* Portfolio optimization
** § Optimization methods
** § Mathematical tools
* Merton's portfolio problem
* Kelly criterion
* Roy's safety-first criterion
* Specific applications:
** Black–Litterman model
** Universal portfolio algorithm
** Markowitz model
** Treynor–Black model

## Financial markets
### Market and instruments

* Capital markets
* Securities
* Financial markets
* Primary market
* Initial public offering
* Aftermarket
* Free market
* Bull market
* Bear market
* Bear market rally
* Market maker
* Dow Jones Industrial Average
* Nasdaq
* List of stock exchanges
* List of stock market indices
* List of corporations by market capitalization
* Value Line Composite Index

### Equity market

* Stock market
* Stock
* Common stock
* Preferred stock
* Treasury stock
* Equity investment
* Index investing
* Private Equity
* Financial reports and statements
* Fundamental analysis
* Dividend
* Dividend yield
* Stock split

#### Equity valuation

* Dow theory
* Elliott wave principle
* Economic value added
* Fibonacci retracement
* Gordon model
* Growth stock
** PEG ratio
** PVGO
* Mergers and acquisitions
* Leveraged buyout
* Takeover
* Corporate raid
* PE ratio
* Market capitalization
* Income per share
* Stock valuation
* Technical analysis
* Chart patterns
* V-trend
* Paper valuation

#### Investment theory

* Behavioral finance
* Dead cat bounce
* Efficient market hypothesis
* Market microstructure
* Stock market crash
* Stock market bubble
* January effect
* Mark Twain effect
* Quantitative behavioral finance
* Quantitative analysis (finance)
* Statistical arbitrage

### Bond market

* Bond (finance)
* Zero-coupon bond
* Junk bonds
* Convertible bond
* Accrual bond
* Municipal bond
* Sovereign bond
* Bond valuation
** Yield to maturity
** Bond duration
** Bond convexity
* Fixed income

### Money market

* Repurchase agreement
* International Money Market
* Currency
* Exchange rate
* International currency codes
* Table of historical exchange rates

### Commodity market

* Commodity
** Asset
** Commodity Futures Trading Commission
** Commodity trade
** Drawdowns
** Forfaiting
** Fundamental analysis
** Futures contract
** Fungibility
** Gold as an investment
** Hedging
** Jesse Lauriston Livermore
** List of traded commodities
** Ownership equity
** Position trader
** Risk (Futures)
** Seasonal traders
** Seasonal spread trading
** Slippage
** Speculation
** Spread trade
** Technical analysis
*** Breakout
*** Bear market
*** Bottom (technical analysis)
*** Bull market
*** MACD
*** Moving average
*** Open Interest
*** Parabolic SAR
*** Point and figure charts
*** Resistance
*** RSI
*** Stochastic oscillator
*** Stop loss
*** Support
*** Top (technical analysis)
** Trade
** Trend

### Derivatives market

* Derivative (finance)
* (see also Financial mathematics topics; Derivatives pricing)
* Underlying instrument

#### Forward markets and contracts

* Forward contract

#### Futures markets and contracts

* Backwardation
* Contango
* Futures contract
** Financial future
*** Currency future
*** Interest rate future
*** Single-stock futures
*** Stock market index future
* Futures exchange

#### Option markets and contracts

* Options
** Stock option
*** Box spread
*** Call option
*** Put option
*** Strike price
*** Put–call parity
*** The Greeks
*** Black–Scholes formula
*** Black model
*** Binomial options model
*** Implied volatility
*** Option time value
*** Moneyness
**** At-the-money
**** In-the-money
**** Out-of-the-money
*** Straddle
*** Option style
**** Vanilla option
**** Exotic option
**** Binary option
**** European option
***** Interest rate floor
***** Interest rate cap
**** Bermudan option
**** American option
**** Quanto option
**** Asian option
*** Employee stock option
** Warrants
** Foreign exchange option
** Interest rate options
** Bond options
** Real options
** Options on futures

#### Swap markets and contracts

* Swap (finance)
** Interest rate swap
** Basis swap
** Asset swap
** Forex swap
** Stock swap
** Equity swap
** Currency swap
** Variance swap

#### Derivative markets by underlyings
##### Equity derivatives

* Contract for difference (CFD)
* Exchange-traded fund (ETF)
** Closed-end fund
** Inverse exchange-traded fund
* Equity options
* Equity swap
* Real estate investment trust (REIT)
* Warrants
** Covered warrant

##### Interest rate derivatives

* LIBOR
* Forward rate agreement
* Interest rate swap
* Interest rate cap
* Exotic interest rate option
* Bond option
* Interest rate future
* Money market instruments
* Range accrual Swaps/Notes/Bonds
* In-arrears Swap
* Constant maturity swap (CMS) or Constant Treasury Swap (CTS) derivatives (swaps, caps, floors)
* Interest rate Swaption
* Bermudan swaptions
* Cross currency swaptions
* Power Reverse Dual Currency note (PRDC or Turbo)
* Target redemption note (TARN)
* CMS steepener
* Snowball
* Inverse floater
* Strips of Collateralized mortgage obligation
** Interest only (IO)
** Principal only (PO)
* Ratchet caps and floors

##### Credit derivatives

* Credit default swap
* Collateralized debt obligation
* Credit default option
* Total return swap
* Securitization
** Strip financing

##### Foreign exchange derivative

* Basis swap
* Currency future
* Currency swap
* Foreign exchange binary option
* Foreign exchange forward
* Foreign exchange option
* Forward exchange rate
* Foreign exchange swap
* Foreign exchange hedge
* Non-deliverable forward
* Power reverse dual-currency note

## Financial regulation

* Corporate governance
* Financial regulation
** Bank regulation
*** Banking license
* License

### Designations and accreditation

* Certified Financial Planner
* Chartered Financial Analyst
** CFA Institute
* Chartered Alternative Investment Analyst
* Professional risk manager
* Chartered Financial Consultant
* Canadian Securities Institute
* Independent financial adviser
** Chartered Insurance Institute
* Financial Risk Manager
* Chartered Market Technician
* Certified Financial Technician

### Litigation

* Liabilities Subject to Compromise

### Fraud

* Forex scam
* Insider trading
* Legal origins theory
* Petition mill
* Ponzi scheme

### Industry bodies

* International Swaps and Derivatives Association
* National Association of Securities Dealers

### Regulatory bodies
#### International

* Bank for International Settlements
* International Organization of Securities Commissions
* Security Commission
* Basel Committee on Banking Supervision
* Basel Accords – Basel I, Basel II, Basel III
* International Association of Insurance Supervisors
* International Accounting Standards Board

#### European Union

* European Securities Committee (EU)
* Committee of European Securities Regulators (EU)

#### Regulatory bodies by country
##### United Kingdom

* Financial Conduct Authority
* Prudential Regulation Authority (United Kingdom)

##### United States

* Commodity Futures Trading Commission
* Federal Reserve
* Federal Trade Commission
* Municipal Securities Rulemaking Board
* Office of the Comptroller of the Currency
* Securities and Exchange Commission

### United States legislation

* Glass–Steagall Act (US)
* Gramm–Leach–Bliley Act (US)
* Sarbanes–Oxley Act (US)
* Securities Act of 1933 (US)
* Securities Exchange Act of 1934 (US)
* Investment Advisers Act of 1940 (US)
* USA PATRIOT Act

## Actuarial topics

* Actuarial topics

## Valuation
### Underlying theory

* Value (economics)
* Valuation (finance) and specifically § Valuation overview
* "The Theory of Investment Value"
* Financial economics § Corporate finance theory
* Valuation risk
* Real versus nominal value (economics)
* Real prices and ideal prices
* Fair value
** Fair value accounting
* Intrinsic value
* Market price
* Value in use
* Fairness opinion
* Asset pricing (see also #Asset pricing theory above)
** Equilibrium price
*** market efficiency
*** economic equilibrium
*** rational expectations
** Arbitrage-free price
*** Rational pricing § Arbitrage free pricing
*** Rational pricing § Risk neutral valuation

### Context

* (Corporate) Bonds
** Bond valuation
** Bond (finance) § Bond valuation
** Corporate bond § Valuation
* Equity valuation
** #Equity valuation above
** Fundamental analysis
** Stock valuation
** Capital Markets
** Business valuation
** Equity (finance) § Valuation
** Intrinsic value (finance) § Equity
** Capital budgeting and Corporate finance § Investment and project valuation
** The Theory of Investment Value
* Real estate valuation
** Real estate appraisal
** Real estate economics

### Considerations

* Bonds
** covenants and indentures
** secured / unsecured debt
** senior / subordinated debt
** embedded options
* Equity
** Minimum acceptable rate of return
** Margin of safety (financial)
** Enterprise value
** Sum-of-the-parts analysis
*** Conglomerate discount
** Minority discount
** Control premium
** Accretion/dilution analysis
** Certainty equivalent
** Haircut (finance)
** Paper valuation

### Discounted cash flow valuation

* Bond valuation
** Modeling
*** Present value § PV of a bond
*** Bond valuation § Present value approach
*** Bond valuation § Arbitrage-free pricing approach
*** embedded options:
**** Pull to par
**** Lattice model (finance) § Hybrid securities
** Results
*** Clean price
*** Dirty price
*** Yield to maturity
*** Coupon yield
*** Current yield
*** Duration
*** Convexity
*** embedded options:
**** Option-adjusted spread
**** effective duration
**** effective convexity
** Cash flows
*** Principal (finance)
*** Coupon (bond)
*** Fixed rate bond
*** Floating rate note
*** Zero-coupon bond
*** Accrual bond
*** sinking fund provisions
* Real estate valuation
** Intrinsic value (finance) § Real estate
** Income approach
*** Net Operating Income
*** Real estate appraisal § The income approach
*** German income approach
* Equity valuation
** Results
*** Net present value
*** Adjusted present value
*** Equivalent Annual Cost
*** Payback period
*** Discounted payback period
*** Internal rate of return
*** Modified Internal Rate of Return
*** Return on investment
*** Profitability index
** Specific models and approaches
*** Dividend discount model
*** Gordon growth model
*** Market value added / Economic value added
*** Residual income valuation
*** First Chicago Method
*** rNPV
*** Fed model
*** Sum of perpetuities method
*** Benjamin Graham formula
*** LBO valuation model
*** Goldman Sachs asset management factor model
** Cash flows
*** Cash flow forecasting
*** EBIDTA
*** NOPAT
*** Free cash flow
**** Free cash flow to firm
**** Free cash flow to equity
*** Dividends
*** Valuation using discounted cash flows § Determine cash flow for each forecast period

### Relative valuation

* Bonds
** Bond valuation § Relative price approach
** Yield spread
*** I-spread
*** Option-adjusted spread
*** Z-spread
*** Asset swap spread
** Credit spread (bond)
*** Bond credit rating
*** Altman Z-score
*** Ohlson O-score
*** Book value
*** Debt-to-equity ratio
*** Debt-to-capital ratio
*** Current ratio
*** Quick ratio
*** Debt ratio
* Real estate
** Capitalization rate
** Gross rent multiplier
** Sales comparison approach
*** Real estate appraisal § The sales comparison approach
** Cash on cash return
* Equity
** Financial ratio
** Market-based valuation
** Valuation using multiples
** Comparable company analysis
** Dividend yield
*** Yield gap
** Return on equity
*** DuPont analysis
** PE ratio
*** PEG ratio
*** Cyclically adjusted price-to-earnings ratio
*** PVGO
** P/B ratio
** Price to cash based earnings
** Price to Sales
** EV/EBITDA
** EV/Sales
** Stock image
** Valuation using the Market Penetration Model
** Graham number
** Tobin's q

### Contingent claim valuation

* Valuation techniques
** general
*** Valuation of options
*** Option (finance) § Valuation
*** #Derivatives pricing above
** as typically employed
*** Real options valuation
*** Rational pricing § The replicating portfolio
*** Financial economics § Corporate finance theory
*** Lattice model (finance) § Hybrid securities
*** Monte Carlo methods in finance
* Applications
** Corporate investments and projects
*** Real options
*** Corporate finance § Valuing flexibility
*** Contingent value rights
*** Business valuation § Option pricing approaches
*** structured finance investments (funding dependent)
*** special purpose entities (funding dependent)
** Balance sheet assets and liabilities
*** warrants and other convertible securities
*** securities with embedded options such as callable bonds
*** employee stock options

### Other approaches

* "Fundamentals"-based (relying on accounting information)
** T-model
** Residual income valuation
** Clean surplus accounting
** Net asset value method
** Excess earnings method
** Historical earnings valuation
** Future maintainable earnings valuation
** Graham number

### Financial modeling

* Cash flow
** Cash flow forecasting
** Cash flow statement
** Operating cash flow
** EBIDTA
*** Depreciation § Effect on cash
** NOPAT
** Free cash flow
*** Free cash flow to firm
*** Free cash flow to equity
** Dividends
** Cash is king
** Mid-year adjustment
** Owner earnings
* Required return (i.e. discount rate)
** Valuation using discounted cash flows § Determine discount factor / rate
** Cost of capital
** Weighted average cost of capital
** Cost of equity
** Cost of debt
** Capital asset pricing model
*** Beta (finance) § Empirical estimation
*** Hamada's equation
*** Pure play method
** Arbitrage pricing theory
** Business valuation § Build-up method
*** Total Beta
** T-model
*** cash-flow T-model
* Terminal value
** Valuation using discounted cash flows § Determine the continuing value
** Forecast period (finance)
** long term growth rate
*** Sustainable growth rate § From a financial perspective
*** Stock valuation § Growth rate
* Forecasted financial statements
** Financial forecast
** Financial modeling § Accounting
** Pro forma § Financial statements
** Revenue
*** Revenue model
*** Revenue § Financial statement analysis
*** Revenue management § Forecasting
*** Net sales
** Costs
*** Profit margin
**** Gross margin
**** Net margin
**** Cost of goods sold
*** Operating expenses
**** Operating ratio
*** Cost driver
*** Fixed cost
*** Variable cost
*** Overhead cost
*** Value chain
*** activity based costing
*** common-size analysis
*** Profit model
** Capital
*** Capital structure
*** common-size analysis
*** Equity (finance)
**** Shareholders' equity
**** Book value
**** Retained earnings
*** Financial capital
**** Long term asset / Fixed asset
***** Fixed-asset turnover
**** Long-term liabilities
***** Debt-to-equity ratio
***** Debt-to-capital ratio
*** Working capital
**** Current asset
**** Current liability
**** Inventory turnover / Days in inventory
**** Cost of goods sold
**** Debtor & Creditor days
**** Days sales outstanding
**** Days payable outstanding

## Portfolio theory
### General concepts

* Portfolio (finance)
* Portfolio manager
* Investment management
** Active management
** Passive management (Buy and hold)
*** Index fund
** Core & Satellite
** Smart beta
** Expense ratio
** Investment style
*** Value investing
*** Contrarian investing
*** Growth investing
**** CAN SLIM
*** Index investing
*** Magic formula investing
*** Momentum investing
*** Quality investing
*** Style investing
*** Factor investing
** Investment strategy
*** Benchmark-driven investment strategy
*** Liability-driven investment strategy
** Financial risk management § Investment management
* Investor profile
* Rate of return on a portfolio / Investment performance
* Risk return ratio
** Risk–return spectrum
* Risk factor (finance)
* Portfolio optimization
* Diversification (finance)
* Asset classes
** Exter's Pyramid
* Asset allocation
** Tactical asset allocation
*** Global tactical asset allocation
*** Cyclical tactical asset allocation
** Strategic asset allocation
** Dynamic asset allocation
* Sector rotation
* Correlation & covariance
** Covariance matrix
** Correlation matrix
* Risk-free interest rate
* Leverage (finance)
* Utility function
* Intertemporal portfolio choice
* Portfolio insurance
** Constant proportion portfolio insurance
* Mathematical finance § Risk and portfolio management: the P world
* Quantitative investment / Quantitative fund (see below)
* Uncompensated risk

### Modern portfolio theory

* Portfolio optimization
** Risk return ratio
** Risk–return spectrum
** Economic efficiency
*** Efficient-market hypothesis
*** Random walk hypothesis
** Utility maximization problem
** Markowitz model
** Merton's portfolio problem
** Kelly criterion
** Roy's safety-first criterion
* Theory and results (derivation of the CAPM)
** Equilibrium price
** Market price
** Systematic risk
*** Risk factor (finance)
** Idiosyncratic risk / Specific risk
** Mean-variance analysis (Two-moment decision model)
** Efficient frontier (Mean variance efficiency)
** Feasible set
** Mutual fund separation theorem
*** Separation property (finance)
** Tangent portfolio
** Market portfolio
** Beta (finance)
*** Fama–MacBeth regression
*** Hamada's equation
*** Capital structure substitution theory § Beta
** Capital allocation line
** Capital market line
** Security characteristic line
** Capital asset pricing model
*** Single-index model
** Security market line
** Roll's critique
* Related measures
** Alpha (finance)
** Sharpe ratio
** Treynor ratio
** Jensen's alpha
* Optimization models
** Markowitz model
** Treynor–Black model
* Equilibrium pricing models (CAPM and extensions)
** Capital asset pricing model (CAPM)
** Consumption-based capital asset pricing model (CCAPM)
** Intertemporal CAPM (ICAPM)
** Single-index model
** Multiple factor models (see Risk factor (finance))
*** Fama–French three-factor model
*** Carhart four-factor model
*** Arbitrage pricing theory (APT)

### Post-modern portfolio theory

* Approaches
** Behavioral portfolio theory
** Stochastic portfolio theory
*** Chance-constrained portfolio selection
** Maslowian portfolio theory
** Dedicated portfolio theory (fixed income specific)
** Risk parity
** Tail risk parity
* Optimization considerations
** Pareto efficiency
** Bayesian efficiency
** Multiple-criteria decision analysis
** Multi-objective optimization
** Stochastic dominance
*** Second-order Stochastic dominance
*** Marginal conditional stochastic dominance
** Downside risk
** Volatility skewness
** Semivariance
** Expected shortfall (ES; also called conditional value at risk (CVaR), average value at risk (AVaR), expected tail loss (ETL))
** Tail value at risk
** Statistical dispersion
** Discounted maximum loss
** Indifference price
* Measures
** Dual-beta
*** Downside beta
*** Upside beta
** Upside potential ratio
** Upside risk
** Downside risk
** Sortino ratio
** Omega ratio
** Bias ratio
** Information ratio
*** Active return
*** Active risk
** Deviation risk measure
** Distortion risk measure
** Spectral risk measure
* Optimization models
** Black–Litterman model
** Universal portfolio algorithm
** Resampled efficient frontier

### Performance measurement

* Alpha (finance)
* Beta (finance)
* Performance attribution
** Market timing
** Stock selection
* Fixed-income attribution
* Benchmark (finance)
* Lipper average
* Returns-based style analysis
* Rate of return on a portfolio
* Holding period return
* Tracking error
** Attribution analysis
* Style drift
** Returns-based style analysis
* Simple Dietz method
* Modified Dietz method
* Modigliani risk-adjusted performance
* Upside potential ratio
* Maximum Downside Exposure
* Maximum drawdown
** Sterling ratio
* Sharpe ratio
* Treynor ratio
* Jensen's alpha
* Bias ratio
* V2 ratio
* Calmar ratio (hedge fund specific)

### Mathematical techniques

* Modern portfolio theory § Mathematical model
* Quadratic programming
** Critical line method
* Nonlinear programming
* Mixed integer programming
* Stochastic programming (§ Multistage portfolio optimization)
* Copula (probability theory) (§ Quantitative finance)
* Principal component analysis (§ Quantitative finance)
* Deterministic global optimization
* Extended Mathematical Programming (§ EMP for stochastic programming)
* Genetic algorithm (List of genetic algorithm applications § Finance and Economics)
* Artificial intelligence:
** Applications of artificial intelligence § Trading and investment
** Machine learning (§ Applications)
** Artificial neural network (§ Finance)

## Quantitative investing

* Quantitative investing
* Quantitative fund
* Quantitative analysis (finance) § Quantitative investment management
* Quantitative analysis (finance) § Algorithmic trading quantitative analyst
* Applications of artificial intelligence § Trading and investment
* Trading:
** Automated trading
** High-frequency trading
** Algorithmic trading
** Program trading
** Systematic trading
*** Technical analysis § Systematic trading
** Trading strategy
** Mirror trading
** Copy trading
** Social trading
** VWAP
** TWAP
** Electronic trading platform
** Statistical arbitrage
* Portfolio optimization:
** Portfolio optimization § Optimization methods
** Portfolio optimization § Mathematical tools
** Black–Litterman model
** Universal portfolio algorithm
** Markowitz model
** Treynor–Black model
** other models
** Factor investing
*** low-volatility investing
*** value investing
*** momentum investing
** Alpha generation platform
** Kelly criterion
** Roy's safety-first criterion
* Risks:
** Best execution
** Implementation shortfall
** Trading curb
** Market impact
** Market depth
** Slippage (finance)
** Transaction costs
* Discussion:
** Automated trading system § Market disruption and manipulation
** High-frequency trading § Risks and controversy
** Algorithmic trading § Issues and developments
** Positive feedback § Systemic risk
** 2010 flash crash
** Black Monday (1987) § Causes
** Statistical arbitrage § StatArb and systemic risk: events of summer 2007
* Leading companies (see Quantitative fund § List of notable quantitative funds):
** Prediction Company
** Renaissance Technologies
** D. E. Shaw & Co
** AQR Capital
** Barclays Investment Bank
** Cantab Capital Partners
** Robeco
** Jane Street Capital

## Financial software tools

* Straight Through Processing Software
* Technical Analysis Software
* Algorithmic trading
* Electronic trading platform
* List of numerical-analysis software
* Comparison of numerical-analysis software

## Financial modeling applications
### Corporate Finance

* Business valuation / stock valuation – especially via discounted cash flow, but including other valuation approaches
* Scenario planning and management decision making ("what is"; "what if"; "what has to be done")
* Capital budgeting, including cost of capital (i.e. WACC) calculations
* Financial statement analysis / ratio analysis (including of operating- and finance leases, and R&D)
* Revenue related: forecasting, analysis
* Project finance modeling
* Cash flow forecasting
* Credit decisioning: Credit analysis, Consumer credit risk; impairment- and provision-modeling
* Working capital- and treasury management; asset and liability management
* Management accounting: Activity-based costing, Profitability analysis, Cost analysis, Whole-life cost

### Quantitative finance

* Option pricing and calculation of their "Greeks"
* Other derivatives, especially interest rate derivatives, credit derivatives and exotic derivatives
* Modeling the term structure of interest rates (bootstrapping / multi-curves, short-rate models, HJM framework) and credit spreads
* Credit valuation adjustment, CVA, as well as the various XVA
* Credit risk, counterparty credit risk, and regulatory capital: EAD, PD, LGD, PFE
* Structured product design and manufacture
* Portfolio optimization and Quantitative investing more generally; see further re optimization methods employed.
* Financial risk modeling: value at risk (parametric- and / or historical, CVaR, EVT), stress testing, "sensitivities" analysis

## Financial institutions

Financial institutions
* Bank
** List of banks
*** List of banks in the Arab World
*** List of banks in Africa
*** List of banks in the Americas
*** List of banks in Asia
*** List of banks in Europe
*** List of banks in Oceania
*** List of international banking institutions
** Advising bank
** Central bank
*** List of central banks
** Commercial bank
** Community development bank
** Cooperative bank
** Custodian bank
** Depository bank
** Ethical bank
** Investment bank
** Islamic banking
** Merchant bank
** Microcredit
** Mutual savings bank
** Offshore bank
** Private bank
** Savings bank
** Swiss bank
** Bank holding company
* Building society
* Broker
** Broker-dealer
** Brokerage firm
** Commodity broker
** Insurance broker
** Prime brokerage
** Retail broker
** Stockbroker
* Clearing house
* Commercial lender
* Community development financial institution
* Credit rating agency
* Credit union
* Diversified financial
* Edge Act Corporation
* Export Credit Agencies
* Financial adviser
* Financial intermediary
* Financial planner
* Futures exchange
** List of futures exchanges
* Government sponsored enterprise
* Hard money lender
* Independent financial adviser
* Industrial loan company
* Insurance company
* Investment adviser
* Investment company
* Investment trust
* Large and Complex Financial Institutions
* Mutual fund
* Non-banking financial company
* Savings and loan association
* Stock exchange
** List of stock exchanges
* Trust company

## Education

* For the typical finance career path and corresponding education requirements see:
** Financial analyst generally, and esp. § Qualification, discussing various investment, banking, and corporate roles (i.e. financial management, corporate finance, investment banking, securities analysis & valuation, portfolio & investment management, credit analysis, working capital & treasury management; see Financial modeling § Accounting)
** Quantitative analyst, Quantitative analysis (finance) § Education and Financial engineering § Education, specifically re roles in quantitative finance (i.e. derivative pricing & hedging, interest rate modeling, financial risk management, financial engineering, computational finance; also, the mathematically intensive variant on the banking roles; see Financial modeling § Quantitative finance)
* Business education lists undergraduate degrees in business, commerce, accounting and economics; "finance" may be taken as a major in most of these, whereas "quantitative finance" is almost invariably postgraduate, following a math-focused Bachelors; the most common degrees for (entry level) investment, banking, and corporate roles are:
** Bachelor of Business Administration (BBA)
** Bachelor of Commerce (BCom)
** Bachelor of Accountancy (B.Acc)
** Bachelor of Economics (B.Econ)
** Bachelor of Finance – the undergraduate version of the MSF below
** The tagged BS / BA "in Finance", or less common, "in Investment Management" or "in Personal Finance"
* At the postgraduate level, the MBA, MCom and MSM (and recently the Master of Applied Economics) similarly offer training in finance generally; at this level there are also the following specifically focused master's degrees, with MSF the broadest – see Master of Finance § Comparison with other qualifications for their focus and inter-relation:
** Master of Applied Finance (M.App.Fin)
** Master of Commerce in Finance (MCom)
** Master of Computational Finance
** Master's in Corporate Finance
** Master of Finance (M.Fin, MIF)
** Master's in Financial Analysis
** Master of Financial Economics
** Master of Financial Engineering (MFE)
** Master of Financial Planning
** Master's in Financial Management
** Master of Financial Mathematics
** Master's in Financial Risk Management
** Master's in Investment Management
** Master of Mathematical Finance
** Master of Quantitative Finance (MQF)
** Master of Science in Finance (MSF, MSc Finance)
** MS in Fintech
* Doctoral-training in finance is usually a requirement for academia, but not relevant to industry
** quants often enter the profession with PhDs in disciplines such as physics, mathematics, engineering, and computer science, and learn finance "on the job”
** as an academic field, finance theory is studied and developed within the disciplines of management, (financial) economics, accountancy, and applied / financial mathematics.
* For specialized roles, there are various Professional Certifications in financial services (see #Designations and accreditation above); the best recognized are arguably:
** Association of Corporate Treasurers (MCT / FCT)
** Certificate in Quantitative Finance (CQF)
** Certified Financial Planner (CFP)
** Certified International Investment Analyst (CIIA)
** Certified Treasury Professional (CTP)
** Chartered Alternative Investment Analyst (CAIA)
** Chartered Financial Analyst (CFA)
** Chartered Wealth Manager (CWM)
** CISI Diploma in Capital Markets (MCSI)
** Financial Risk Manager (FRM)
** Professional Risk Manager (PRM)
* Various organizations offer executive education, CPD, or other focused training programs, including:
** Amsterdam Institute of Finance
** Canadian Securities Institute
** Chartered Institute for Securities & Investment
** GARP
** Global Risk Institute
** ICMA Centre
** The London Institute of Banking & Finance
** New York Institute of Finance
** PRMIA
** South African Institute of Financial Markets
** Swiss Finance Institute
* See also qualifications in related fields:
** Accounting § Education, training and qualifications
** Actuarial credentialing and exams
** Business education
** Credit analyst § Education
** Economics education
** Management § Training and education
** Chief financial officer § Qualifications