Strategic financial planning over the lifecycle
Subtitle: a conceptual approach to personal risk management
By: Narat Charupat, Huaxiong Huang, Moshe A. Milevsky
Contributors: Huang, Huaxiong; Milevsky, Moshe Arye, 1967-
Publisher: Cambridge University Press
Published: 2012
Place of publication: New York
Language: eng
Number of pages: 382
ISBN-13: 9780521764568
Subjects: Risk management; Personal Finance; Management; Wealth; BUSINESS & ECONOMICS / Accounting / Financial
Description: "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 book project grew out of the deep frustration two of the three authors have experienced for many years, trying to teach a practical yet rigorous course on personal - in contrast to corporate or investment - .nance, to undergraduate and graduate students at Canadian business schools. Although there are many college level textbooks that discuss the tactical aspects of personal .nance - nuggets such as: credit card debt is bad, reduce fees on mutual funds, regular saving is important, have a budget, etc. - we have not come across a textbook that integrated all these disparate concepts into a conceptual or strategic framework for financial decision-making, based on sound economic principles"--
Notes: Includes index.
Table of contents: title: Machine generated contents note: 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.