Kudi

Kudi
Kudi
academic discipline (en) , academic major (en) , function (en) , field of study (en) , field of study (en) da field of work (en)
Bayanai
Ƙaramin ɓangare na	business management (en) da banking, finance and investment studies (en)
Tarihin maudu'i	history of finance (en)
Gudanarwan	fiduciary (en) , financier (en) da finance professional (en)
ISCO-88 occupation class (en)	331

kudi yana nufin gudanarwa, motsi, saka hannun jari, da tara kuɗi. "Finance" kuma yana nufin horo na ilimi wanda ke nazarin waɗannan. Dangane da girman ayyukan kudi, ana iya raba horo zuwa manyan rassa guda uku na mutum, kamfanoni, da na jama'a.^{[lower-alpha 1]}

A cikin "tsarin Kudin", ana sayen kadarori, siyarwa, ko siyarwa azaman kayan aiki na kudi, kamar kudade, rance, takardun shaida, hannun jari, zaɓuɓɓuka, makomar gaba, swaps, da dai sauransu. Hakanan ana iya banki, saka hannun jari, da inshora don kara darajar da rage asarar. A aikace, haɗari koyaushe suna cikin kowane mataki na kuɗi da ƙungiyoyi. Kasuwancin kuɗi da cibiyoyin suna tallafawa tsarin.

Saboda fa'idarsa, akwai fannoni daban-daban na kuɗi a cikin harkar kuɗi. Gudanar da kadarori, kuɗi, haɗari da saka hannun jari yana nufin haɓaka ƙima da rage canjin yanayi . Binciken kuɗi yana tantance dorewa, kwanciyar hankali, da kuma ribar wani aiki ko ƙungiya. Wasu fannoni suna da fannoni daban-daban, kamar fannin kuɗi na lissafi, dokar kuɗi, tattalin arziki na kuɗi, injiniyan kuɗi da fasahar kuɗi . A wasu lokuta, ana iya gwada ka'idojin kuɗi ta amfani da hanyar kimiyya, wacce aka rufe ta da kuɗin gwaji .

Tarihin farko na kudi ya yi daidai da tarihin farko na kudi, wanda shine prehistoric. Al'adun gargajiya da na zamani sun haɗa da ayyuka na asali na kudi, kamar banki, kasuwanci da lissafi, a cikin tattalin arzikin su. A ƙarshen karni na 19, an kafa Tsarin kudi na duniya.

A matsayin batun karatu, kudi yana da alaƙa da fannonin tattalin arziki (bincike na samarwa, rarraba, da amfani da kayayyaki da ayyuka) da kuma Gudanar da kasuwanci (gwamnatin albarkatun kungiyar don cimma burinta). An kafa shirye-shiryen digiri na farko a cikin kudi a cikin shekarun 1960 da 1970. ^[1] A yau, ana nazarin kudi sosai ta hanyar shirye-shiryen digiri na farko da na digiri na biyu.

Tsarin kudi

Bond da aka bayar ta hanyar Baltimore da Ohio Railroad. Bonds wani nau'i ne na aro da kamfanoni ke amfani da shi don tallafawa ayyukansu.

Takardar shaidar raba ta shekara ta 1913 da Kamfanin Radium Hill ya bayar

Kasuwancin musayar hannun jari na NYSE a cikin 1963, kafin gabatar da karatun lantarki da allo na kwamfuta

Kasuwancin Kasuwancin Masara na Chicago, 1993

Kamar yadda aka tsara, tsarin kudi ya ƙunshi kwararar babban birnin da ke faruwa tsakanin mutane da gidaje (kudin kuɗi na mutum), gwamnatoci (Kudin jama'a), da kasuwanci (Kudin kamfanoni). "Finance" don haka yana nazarin tsarin tura kudi daga masu ajiya da masu saka hannun jari zuwa ga ƙungiyoyin da ke buƙatar shi.^{[lower-alpha 2]} Masu adanawa da masu saka hannun jari suna da kuɗin da za su iya samun riba ko rabon kuɗi idan aka yi amfani da su. Kowane mutum, kamfanoni, da gwamnatoci dole ne su sami kuɗi daga tushen waje, kamar rance ko bashi, lokacin da ba su da isasshen kuɗi don gudanar da ayyukansu.

Gabaɗaya, wani bangare wanda kuɗin shiga ya wuce kuɗin da ya kashe na iya ba da rance ko saka hannun jari tare da manufar samun dawowar adalci. Hakazalika, wani bangare inda samun kudin shiga bai kai kasa da kashewa ba zai iya tara kudade yawanci a cikin daya daga cikin hanyoyi biyu: (i) ta hanyar aro a cikin nau'in rance (mutane masu zaman kansu), ko ta hanyar sayar da takardun gwamnati ko kamfanoni; (ii) ta hanyar kamfani da ke sayar da daidaito, wanda ake kira hannun jari ko hannun jari (wanda zai iya ɗaukar nau'o'i daban-daban: hannun jari na kowa). Masu mallakar duka takardun shaida da hannun jari na iya zama masu saka hannun jari - cibiyoyin kuɗi kamar bankunan saka hannun jari da asusun fansho - ko mutane masu zaman kansu, waɗanda ake kira Masu saka hannun jari masu zaman kansu ko masu saka hannun hannun jari. (Dubi mahalarta kasuwar kudi.)

Sau da yawa ba kai tsaye ba ne, ta hanyar matsakaiciyar kudi kamar banki, ko ta hanyar sayen bayanan rubutu ko jingina (gidan ajiyar kamfanoni, jingina na gwamnati, ko jingina na juna) a cikin kasuwar jingina. Mai ba da rance yana karɓar riba, mai ba da ranta yana biyan riba mafi girma fiye da mai ba da rancen da ke karɓa, kuma matsakancin kuɗi yana samun bambanci don shirya rancen.^[3]^[4] Bankin yana tara ayyukan masu ba da bashi da masu ba da rance da yawa. Bankuna suna karɓar ajiya daga mutane da kamfanoni, suna biyan riba a kan waɗannan kudade. Bankin ya ba da rancen waɗannan ajiya ga masu ba da bashi, yana sauƙaƙa ma'amaloli tsakanin masu ba da rance da masu ba da rance iri-iri da kuma ba da damar daidaitaccen tsarin kuɗi. Zuba jari yawanci yana haifar da sayen hannun jari, ko dai takardun shaida ko ta hanyar asusun hadin gwiwa, misali. Kamfanoni galibi suna sayar da hannun jari ga masu saka hannun jari don tara kudaden da ake buƙata a cikin hanyar "daidaitaccen kuɗi", kamar yadda ya bambanta da bashin da aka bayyana a sama. Tsakanin kudi a nan sune Bankunan saka hannun jari na farko kuma suna sauƙaƙa jerin kadarorin, yawanci hannun jari da jingina), musayar kadarorin (wanda ke ba da damar cinikin su daga baya), da masu ba da sabis na saka hannun jari daban-daban (ciki har da kudade na juna, kudaden fansho, Manajojin dukiya, da masu ba su hannun jari, yawanci suna ba da sabis ga masu saka hannun jari).

Kasuwanci da saka hannun jari tsakanin hukumomi, da kuma Gudanar da kudade a wannan sikelin, ana kiransu "babban kudi". Cibiyoyin a nan suna fadada samfuran da aka bayar, tare da kasuwanci mai alaƙa, don haɗawa da zaɓuɓɓuka, swaps, da samfuran da suka tsara, da kuma kudade na musamman; wannan "injini na kudi" asalin lissafi ne, kuma waɗannan cibiyoyin sune manyan masu ba da aiki na Masu sharhi masu yawa (ko "ƙididdiga", duba ƙasa). A cikin waɗannan cibiyoyin, Gudanar da haɗari, babban birnin sarrafawa, da bin doka suna taka muhimmiyar rawa.

Yankunan kudi

Kamar yadda aka tsara, kudi ya ƙunshi fannoni uku: kudi na mutum, kudi na kamfanoni, da kuma kudi na jama'a. Wadannan, bi da bi, sun haɗu kuma suna amfani da ayyuka daban-daban da ƙananan horo - galibi saka hannun jari, gudanar da haɗari, da kuma kudi mai yawa.

Kudin mutum

Tattaunawar kula da dukiya - a nan, mai ba da shawara kan kudi yana ba da shawara ga abokin ciniki kan dabarun saka hannun jari da ya dace.

Kudin mutum yana nufin aikin kasafin kuɗi don tabbatar da isasshen kudade don biyan bukatun asali, yayin da yake tabbatar da cewa akwai matakin haɗari kawai don rasa wannan babban birnin. Kudin mutum na iya haɗawa da biyan kuɗi don ilimi, ba da kuɗi ga kayayyaki masu dorewa kamar su ƙasa da motoci, sayen inshora, saka hannun jari, da adanawa don ritaya. Kudin mutum na iya haɗawa da biyan bashin ko wasu wajibai na bashi. Babban bangarorin kudi na mutum ana daukar su a matsayin samun kudin shiga, kashewa, adanawa, saka hannun jari, da kariya. Matakan da ke biyowa, kamar yadda Hukumar Shirye-shiryen Kudi ta tsara, sun nuna cewa mutum zai fahimci shirin kudi na sirri bayan:

Sayen inshora don tabbatar da kariya daga abubuwan da ba a tsammani ba;
Fahimtar tasirin manufofin haraji, tallafi, ko azabtarwa akan gudanar da kudaden mutum;
Fahimtar tasirin bashi a kan matsayin kudi na mutum;
Ci gaba da shirin tanadi ko kudade don manyan sayayya (moto, ilimi, gida);
Shirya makomar kudi mai aminci a cikin yanayin rashin kwanciyar hankali na tattalin arziki;
Binciken asusun ajiya ko asusun ajiyar kuɗi;
Shirya don ritaya ko wasu kudade na dogon lokaci.

Kudin kamfanoni

Kudin kamfanoni yana hulɗa da ayyukan da manajoji ke ɗauka don haɓaka darajar kamfanin ga masu hannun jari, tushen kudade da Tsarin babban birnin kamfanoni, da kayan aiki da bincike da aka yi amfani da su don rarraba albarkatun kuɗi. Duk da yake kudaden kamfanoni sun bambanta da kudaden gudanarwa, wanda ke nazarin Gudanar da kudade na dukkan kamfanoni maimakon kamfanoni kadai, ra'ayoyin sun dace da matsalolin kudi na dukkan kamfanonin, kuma wannan yanki ana kiransa "kudin kasuwanci".

Yawanci, "kudin kuɗi na kamfanoni" yana da alaƙa da burin dogon lokaci na haɓaka darajar kadarorin, hannun jari, da dawowarsa ga masu hannun jari, yayin da kuma daidaita haɗari da riba. Wannan ya ƙunshi manyan wurare uku:

Kasafin kuɗi na babban birnin: zaɓar waɗanne ayyukan da za a saka hannun jari a ciki - a nan, ƙayyade ƙimar daidai yana da mahimmanci, kamar yadda hukunce-hukunce game da ƙimar dukiya na iya zama "yi ko karya".
Manufofin raba: amfani da kudade "ya wuce gona da iri - waɗannan za a sake saka hannun jari a cikin kasuwanci ko kuma a mayar da su ga masu hannun jari.
Tsarin babban birnin: yanke shawara kan cakuda kudade da za a yi amfani da su - a nan ƙoƙarin samun mafi kyawun haɗin babban birnin sake biyan bashin bashi vs farashin babban birnin. (Wannan ya kunshi fahimtar yadda kamfanin zai samar don gamsar da masu saka hannun jari, da kuma rage matsakaicin matsakaicin farashin babban birnin (WACC) ) don darajar kamfanin ta karu. )

Wannan na ƙarshe ya haifar da haɗin tare da banki na saka hannun jari da kasuwancin tsaro, kamar yadda yake a sama, a cikin cewa babban birnin da aka tara zai ƙunshi bashi, watau takardun kamfanoni, da daidaito, sau da yawa an jera hannun jari. Sake gudanar da haɗari a cikin kamfanoni, duba ƙasa.

Manajojin kudi - watau kamar yadda suka bambanta da masu hada-hadar kudi na kamfanoni - suna mai da hankali kan abubuwan gajeren lokaci na riba, kwararar kuɗi, da "mana Gudanar da babban birnin aiki" (inventory, bashi da masu bashi), wanda ke damuwa game da ayyukan tallafin yau da kullun, kuma burin shine kiyaye ruwa, rage haɗari da haɓaka inganci tabbatar da cewa kamfanin zai iya aiwatar da manufofinsa na kudi da aiki; watau: (1) zai iya ba da biyan bashin gajeren lokaci da kuma biyan bashin aiki na dogon lokaci, da kuma biyan kuɗi na gaba yana da isasshen bashin aiki. (Dubi Gudanar da Kudi da FP&A.)

Kudin jama'a

Kudin jama'a yana nufin gudanar da kudade da ke da alaƙa da jihohi masu zaman kansu, ƙungiyoyi masu zaman kansu na ƙasa, da hukumomin gwamnati ko ƙungiyoyi masu alaƙa. Gabaɗaya ya ƙunshi hangen nesa na dogon lokaci game da yanke shawara na saka hannun jari wanda ke shafar ƙungiyoyin jama'a. Wadannan lokutan dabarun na dogon lokaci yawanci sun kunshi shekaru biyar ko fiye. Kudin jama'a ya fi damuwa da:

Bayyana kudaden da ake buƙata na ƙungiyar jama'a;
Tushen (s) na kudaden shiga na wannan mahallin - daga haraji, da kuma wadanda ba haraji ba;
Tsarin kasafin kuɗi;
Bayar da bashin mallaka, ko takardun birni don ayyukan Ayyukan jama'a.

Bankunan tsakiya, irin su Bankunan Tarayya a Amurka, Babban Bankin Turai da Bankin Ingila a Ƙasar Ingila, 'yan wasa ne masu karfi a cikin kudaden jama'a. Suna aiki a matsayin masu ba da rance na ƙarshe da kuma tasiri mai ƙarfi a kan yanayin kuɗi da bashi a cikin tattalin arziki.

Kudin ci gaba, wanda ke da alaƙa, ya shafi saka hannun jari a cikin ayyukan Ci gaban tattalin arziki da wata hukuma ta gwamnati (kusan) ta bayar ba tare da kasuwanci ba; waɗannan ayyukan ba za su iya samun kuɗi ba. Ana amfani da Haɗin gwiwar jama'a da masu zaman kansu don ayyukan ababen more rayuwa: kamfani mai zaman kansa yana ba da kuɗi a gaba, sannan ya jawo riba daga masu biyan haraji ko masu amfani. Kudin yanayi, da kuma kudaden muhalli masu alaƙa, suna magance dabarun kudi, albarkatu da kayan aiki da aka yi amfani da su wajen Rage canjin yanayi.

Gudanar da saka hannun jari

Farashin hannun jari da aka jera a cikin jaridar Koriya

"Farin ciki kafin fashewar kumfa" - farashin kallo ta hanyar tef, jim kadan kafin Hadarin Wall Street na 1929

Mai sayar da farashi na zamani. Wannan ababen more rayuwa yana tallafawa musayar zamani, yana tabbatar da farashi da alamomin tikiti masu alaƙa. Alamar ticker tana wakiltar saiti na musamman na haruffa da aka yi amfani da su don gano batun ma'amala ta kudi.

Gudanar da saka hannun jari shine gudanar da kadarorin kwararru na "Tsaro" daban-daban - yawanci hannun jari da jingina, amma kuma wasu kadarori, kamar dukiya, kayayyaki da madadin saka hannun jari - don saduwa da takamaiman manufofin saka hannun jari don amfanin masu saka hannun jari.

Kamar yadda yake a sama, masu saka hannun jari na iya zama cibiyoyi, kamar kamfanonin inshora, kudaden fansho, kamfanoni, kungiyoyin agaji, cibiyoyin ilimi, ko masu saka hannun jarin masu zaman kansu, ko dai kai tsaye ta hanyar kwangilar saka hannun jari ko, mafi yawanci, ta hanyar tsarin saka hannun jari kamar kudaden musayar, kudaden musanyawa, ko amincin saka hannun jari.

A zuciyar gudanar da saka hannun jari shine rabon dukiya - rarraba bayyanar tsakanin waɗannan nau'ikan dukiya, da kuma tsakanin tsaron mutum a cikin kowane nau'in dukiya - kamar yadda ya dace da Manufofin saka hannun jari na abokin ciniki, bi da bi, aikin bayanin haɗari, burin saka hannun jari, da kuma sararin saka hannun jari (duba Bayanan mai saka hannun jari). A nan:

Inganta fayil shine tsari na zabar fayil mafi kyau da aka ba da manufofi da ƙuntatawa na abokin ciniki.
Binciken asali shine tsarin da ake amfani da shi wajen kimantawa da kimantawa ga takardun mutum.
Binciken fasaha shine game da hasashen farashin kadarori na gaba tare da bayanan da suka gabata.^[5]

Overlaid shine salon saka hannun jari na manajan fayil - gabaɗaya, mai aiki vs. mai wucewa, darajar vs girma, da ƙaramin ƙwanƙwasa vs. babban ƙwanƙusa - da dabarun saka hannun jari.

A cikin fayil ɗin da aka samu da kyau, aikin saka hannun jari zai kasance, gabaɗaya, ya zama aikin haɗin kadarorin da aka zaɓa, yayin da ɗayan tsaro ba su da tasiri. Takamaiman tsarin ko falsafar zai kasance mai mahimmanci, dangane da yadda ya dace da sake zagayowar kasuwa.

Baya ga wannan bambancin, mahimmin haɗarin da aka yi amfani da shi, manajojin saka hannun jari za su yi amfani da dabarun karewa daban-daban kamar yadda ya dace; waɗannan na iya danganta da fayil ɗin gaba ɗaya ko kuma ga ɗakunan mutum. Sau da yawa (maimakon haka) ana sarrafa fayilolin Bond ta hanyar daidaitawa ko rigakafi, yayin da don fayilolin da matsayi, 'yan kasuwa suna amfani da "Greeks" don auna sannan kuma rage ƙwarewa. A layi daya, manajoji - mai aiki da marasa aiki - za su sa ido kan kuskuren bin diddigin, don haka ragewa da kuma kawar da duk wani rashin aiki da "ma'auni" su.

Ana sarrafa asusun adadi ta amfani da dabarun lissafi na kwamfuta (ƙaruwa, ilmantarwa na inji) maimakon hukuncin mutum. Gaskiyar ciniki yawanci ana sarrafa ta atomatik ta hanyar algorithms masu mahimmanci.

Gudanar da haɗari

Jama'a da suka taru a waje da Kasuwancin Kasuwancin New York bayan Hadarin Wall Street na 1929

Abokan ciniki suna layi a waje da reshen Northern Rock a Ƙasar Ingila don janye ajiyar su a lokacin Rikicin kudi na 2008

Gudanar da haɗari, gabaɗaya, shine nazarin yadda za a sarrafa haɗari da daidaita yiwuwar riba; shine tsarin auna haɗari sannan kuma haɓaka da aiwatar da dabarun sarrafa wannan haɗarin. Gudanar da Hadarin kudi shine aikin kare ƙimar kamfanoni daga haɗarin kuɗi, sau da yawa ta hanyar "haɓaka" ga waɗannan ta amfani da kayan kuɗi. Ana mai da hankali musamman kan haɗarin bashi da kasuwa, kuma a cikin bankunan, ta hanyar babban birnin, ya haɗa da haɗarin aiki.

Gudanar da haɗarin kuɗi yana da alaƙa da kuɗin kamfanoni a hanyoyi biyu. Da farko, bayyanar kamfanoni ga haɗarin kasuwa shine sakamakon kai tsaye na saka hannun jari na baya da yanke shawara na kudade; yayin da haɗarin bashi ya fito ne daga manufofin bashi na kasuwanci kuma galibi ana magance shi ta hanyar inshora na bashi da samarwa. Abu na biyu, duka horo suna da burin ingantawa ko aƙalla adanawa, darajar tattalin arzikin kamfanin, kuma a cikin wannan mahallin sun haɗu da kuma gudanar da haɗarin kasuwanci, yawanci yankin Gudanar da dabarun. A nan, kamfanoni suna ba da lokaci da ƙoƙari sosai ga hasashen, nazari da saka idanu kan aikin. (Dubi ALM da kula da baitulmalin.)

Ga bankunan da sauran cibiyoyin sayar da kayayyaki, gudanar da hadari yana mai da hankali kan gudanarwa, kuma kamar yadda ya kamata, matsayi daban-daban da ma'aikatar ke riƙewa - duka matsayi na kasuwanci da bayyanar dogon lokaci - da kuma lissafi da saka idanu kan sakamakon Babban birnin tattalin arziki, da kuma babban birnin sarrafawa a karkashin Basel III. Lissafi a nan suna da ƙwarewar lissafi, kuma a cikin yankin kudi mai yawa kamar yadda ke ƙasa. Hadarin bashi yana cikin kasuwancin banki, amma Bugu da ƙari, waɗannan cibiyoyin suna fuskantar hadarin bashi na abokin tarayya. Bankuna yawanci suna amfani da Ofishin Tsakiya "Risk Groups", yayin da "Ƙungiyoyin haɗari" na ofishin gaba ke ba da haɗari "hidimomi" (ko "magani") ga abokan ciniki.

Masu inshora suna gudanar da haɗarin kansu tare da mai da hankali kan biyan kuɗi da ikon biyan da'awar: masu inshora na rayuwa sun fi damuwa da haɗarin rayuwa da haɗarin riba; masu inshora masu gajeren lokaci (inshora na dukiya, inshora na kiwon lafiya, inshora mai haɗari) suna jaddada ƙirar bala'i da haɗarin tashin hankali. Don da'awar da ake tsammani ana ajiye ajiya lokaci-lokaci, yayin da don shan asarar da ba a tsammani ba, ana kiyaye mafi ƙarancin matakin babban birnin.

Kuɗin adadi

Dōjima Rice Exchange, the world's first futures exchange, established in Osaka in 1697. — Dōjima Rice Exchange, musayar gaba ta farko a duniya, wanda aka kafa a Osaka a cikin 1697

Kuɗin adadi—wanda kuma ake kira "kuɗin lissafi"—ya haɗa da waɗannan ayyukan kuɗi inda ake buƙatar samfurin lissafi mai zurfi, ^[6] kuma don haka ya yi karo da wasu daga cikin abubuwan da ke sama.

Kuɗin adadi sau da yawa yana kama da injiniyan kuɗi . Wannan fanni gabaɗaya yana ƙarfafa kasuwancin da abokin ciniki ke jagoranta na banki - yana isar da kwangilolin OTC na musamman da "masu ban mamaki", da kuma tsara samfuran da mafita daban-daban da aka ambata - kuma ya ƙunshi ƙira da shirye-shirye don tallafawa ciniki na farko, da kuma shinge da gudanarwa na gaba.
Kuɗin adadi kuma ya yi daidai da tsarin kula da haɗarin kuɗi a banki, kamar yadda aka ambata, duka dangane da wannan shingen, da kuma game da jarin tattalin arziki da kuma bin ƙa'idodi da Basel III .
"Quants" kuma suna da alhakin ginawa da kuma amfani da dabarun saka hannun jari a asusun adadi da aka ambata ; suna kuma shiga cikin saka hannun jari na adadi gabaɗaya, a fannoni kamar ƙirƙirar dabarun ciniki, da kuma ciniki ta atomatik, ciniki mai yawan gaske, ciniki na algorithmic, da ciniki na shirye-shirye .

Ka'idar kuɗi

Samfuri:Smalldiv DCF valuation formula widely applied in business and finance, since articulated in 1938. Here, to get the value of the firm, its forecasted free cash flows are discounted to the present using the weighted average cost of capital for the discount factor. For share valuation investors use the related dividend discount model.

Kuɗi - kamar yadda aka bayyana - yana bincika yadda ake gudanar da kuɗi da amfani da hanyoyin samun kuɗi, gami da shawarwarin da ke auna lokaci da haɗarin kwararar kuɗi da ake sa ran samu. ^[7] An ƙirƙiri takamaiman ka'ida a nan don fannoni daban-daban na aikace-aikace a cikin fannoni na gudanarwa, lissafin kuɗi, tattalin arziki (kuɗi) da lissafi mai amfani .

Kuɗin gudanarwa

Kuɗin gudanarwa reshe ne na kuɗi wanda ke hulɗa da ɓangarorin kuɗi na gudanar da kamfani, da kuma fannin kuɗi na yanke shawara kan gudanarwa a faɗin faɗin. Yana bayar da tushen ka'idar aikin da aka bayyana a sama, dangane da kansa game da amfani da dabarun kuɗi daban-daban na gudanarwa . Malaman da ke aiki a wannan fanni galibi suna aiki ne a sassan kuɗaɗen makarantun kasuwanci, a fannin lissafi, ko kuma a fannin kimiyyar gudanarwa .

Kayan aikin da aka tattauna kuma aka haɓaka suna da alaƙa da lissafin kuɗi na gudanarwa da kuma kuɗaɗen kamfanoni : na farko yana ba da damar gudanarwa ta fahimta, don haka ta yi aiki a kan bayanan kuɗi da suka shafi riba da aiki; na biyun, kamar yadda aka ambata a sama, yana game da inganta tsarin kuɗi gabaɗaya, gami da tasirinsa ga babban jari. Saboda haka, muhimman abubuwan da ke cikin tsarin kula da harkokin kuɗi sun haɗa da:

Kasafin kuɗi na babban jari
Tsarin babban birnin
Gudanar da jarin aiki
Gudanar da haɗari
Binciken kuɗi da rahotanni

Tattalin arzikin kuɗi

Harry Markowitz ne ya fara tsara " iyaka mai inganci ", a shekarar 1952 a matsayin wani tsari na samfuri a cikin ka'idar fayil ta zamani . A cikin samfurin Markowitz, fayil mai "ingantacce" yana da mafi kyawun riba mai yiwuwa don matakin haɗarinsa (wanda aka wakilta ta hanyar daidaitaccen karkacewar riba).

Ka'idar Modigliani-Miller, wani muhimmin sashi na ka'idar kuɗi, an gabatar da ita a shekarar 1958; ita ce tushen tunanin zamani kan tsarin jari-hujja . Ko da leverage ( D/E ) ya ƙaru, matsakaicin farashin jari (k0) mai nauyi ya kasance iri ɗaya.

Tattalin arzikin kuɗi reshe ne na tattalin arziki wanda ke nazarin alaƙar da ke tsakanin masu canjin kuɗi, kamar farashi, ƙimar riba da hannun jari, sabanin ainihin masu canjin tattalin arziki, watau kayayyaki da ayyuka . Don haka ya ta'allaka ne akan farashi, yanke shawara, da kuma kula da haɗari a kasuwannin kuɗi, ^[8] kuma yana samar da yawancin samfuran kuɗi da ake amfani da su akai-akai. ( Tsarin tattalin arziki na kuɗi reshe ne na tattalin arziki wanda ke amfani da dabarun tattalin arziki don daidaita alaƙar da aka ba da shawara.)

Wannan fanni yana da manyan fannoni guda biyu da aka fi mayar da hankali a kansu: farashin kadarori da kuma kuɗaɗen kamfanoni; na farko shine hangen nesa na masu samar da jari, wato masu zuba jari, da kuma na biyu na masu amfani da jari; bi da bi:

Ka'idar farashin kadarori ta haɓaka samfuran da ake amfani da su wajen tantance ƙimar rangwame mai dacewa da haɗari, da kuma a cikin abubuwan da aka samo daga farashi; kuma ya haɗa da ka'idar fayil da saka hannun jari da aka yi amfani da su wajen gudanar da kadarori. Binciken ya bincika yadda masu zuba jari masu hankali za su yi amfani da haɗari su koma ga matsalar saka hannun jari a ƙarƙashin rashin tabbas, ta hanyar samar da mabuɗin " Asalin ka'idar farashin kadarori ". A nan, zato biyu na hankali da ingancin kasuwa suna haifar da ka'idar fayil ta zamani ( CAPM ), da kuma ka'idar Black-Scholes don kimanta zaɓi . A matakai mafi ci gaba—kuma sau da yawa a matsayin martani ga matsalolin kuɗi —binciken yana faɗaɗa waɗannan samfuran "neoclassical" don haɗa abubuwan da suka faru inda zato ba su da tushe, ko kuma zuwa ga mafi yawan yanayi.
Sabanin haka, yawancin ka'idar kuɗi ta kamfanoni suna ɗaukar saka hannun jari a ƙarƙashin " tabbaci " ( ka'idar rabuwar Fisher, "ka'idar ƙimar saka hannun jari", da ka'idar Modigliani-Miller ). A nan, an ƙirƙiri ka'ida da hanyoyi don yanke shawara game da kuɗaɗen tallafi, rabon riba, da tsarin jari da aka tattauna a sama. Wani ci gaba da aka samu kwanan nan shi ne a haɗa rashin tabbas da abubuwan da za su iya faruwa - don haka abubuwa daban-daban na farashin kadarori - a cikin waɗannan shawarwarin, ta amfani da misali nazarin zaɓuɓɓuka na gaske .

Lissafi na kuɗi

Samfuri:Smalldiv

Ana amfani da "bishiyoyi" sosai a fannin lissafin kuɗi; a nan ana amfani da shi wajen ƙididdige OAS . Sauran hanyoyin farashi da aka saba amfani da su sune kwaikwayon da PDEs . Ana amfani da waɗannan don saitunan da suka wuce waɗanda Black-Scholes ya tsara . Bayan rikicin, ko da a cikin waɗannan saitunan, bankuna suna amfani da samfuran canjin yanayi na gida da na stochastic don haɗa saman canjin yanayi, yayin da gyare-gyaren xVA suka dace da la'akari da takwarorinsu da jari.

Lissafin kuɗi fanni ne na lissafi mai amfani da ya shafi kasuwannin kuɗi ; takardar digirin digirgir ta Louis Bachelier, wacce aka kare a shekarar 1900, ana ɗaukarta a matsayin aikin ilimi na farko a wannan fanni. An fi mai da hankali kan tsarin kayan da aka samo asali - tare da mai da hankali sosai kan ƙimar riba - da kuma ƙirar haɗarin bashi - yayin da wasu muhimman fannoni suka haɗa da lissafin inshora da kuma kula da fayil ɗin adadi . Hakazalika, ana amfani da dabarun da aka ƙirƙiro don farashi da kuma kariyar nau'ikan kadarori daban-daban, na gwamnati, da na kamfanoni .

Kamar yadda aka ambata a sama, dangane da aiki, ana kiran fannin da kuɗi mai yawa da/ko kuɗin lissafi, kuma ya ƙunshi fannoni uku da aka tattauna. Manyan kayan aikin lissafi da dabarun su ne, daidai da haka:

don abubuwan da aka samo asali, Lissafin stochastic na Itô, kwaikwayo, da daidaitattun bambance-bambance na ɓangare ; duba tattaunawar da aka haɗa a cikin akwati game da samfurin Black-Scholes na samfurin da dabarun lambobi daban-daban da aka yi amfani da su yanzu
don gudanar da haɗari, ƙimar haɗari, gwajin damuwa da nazarin "masu hankali" (ta amfani da "Girkawa"); ilimin lissafi na asali ya ƙunshi samfuran gauraye, PCA, tarin canjin yanayi da copulas . ^[9]
a cikin waɗannan fannoni biyu, musamman ga matsalolin fayil, quants suna amfani da dabarun ingantawa masu inganci.

A lissafi, waɗannan sun rabu zuwa rassan nazari guda biyu : farashin da aka samo asali yana amfani da yiwuwar rashin haɗari (ko yiwuwar farashin sulhu ), wanda aka nuna ta "Q"; yayin da haɗarin da gudanar da fayil gabaɗaya suna amfani da yiwuwar zahiri (ko ta zahiri ko ta actuarial), wanda aka nuna ta "P". Waɗannan suna da alaƙa ta hanyar " Asalin ka'idar farashin kadarori " da ke sama.

Batun yana da alaƙa da tattalin arzikin kuɗi, wanda, kamar yadda aka bayyana, ya mayar da hankali kan yawancin ka'idar da ke cikin lissafin kuɗi: gabaɗaya, lissafin kuɗi zai samo kuma ya faɗaɗa samfuran lissafi da aka ba da shawara. Kuɗin kwamfuta reshe ne na kimiyyar kwamfuta (wanda aka yi amfani da shi) wanda ke magance matsalolin da suka shafi sha'awa a fannin kuɗi, kuma musamman yana jaddada hanyoyin lambobi da aka yi amfani da su a nan.

Kuɗin gwaji

Kuɗin gwaji yana da nufin kafa yanayi daban-daban na kasuwa da muhalli don lura da gwaji da kuma samar da wata hanya ta kimiyya ta yadda za ta iya nazarin halayen wakilai da kuma halayen da suka haifar da kwararar ciniki, yaɗuwar bayanai, da tarawa, hanyoyin saita farashi, da kuma hanyoyin dawo da kaya. Masu bincike a fannin gwajin kuɗi suna nazarin yadda ka'idojin tattalin arzikin kuɗi na yanzu ke yin hasashen gaskiya kuma suna ƙoƙarin tabbatar da su. Suna kuma da nufin gano sabbin ƙa'idodi don faɗaɗa waɗannan ka'idoji don yanke shawara kan harkokin kuɗi na gaba. Wannan bincike sau da yawa ya ƙunshi gudanar da kwaikwayon ciniki ko lura da ɗabi'un ɗan adam a cikin yanayi na wucin gadi, gasa, da kuma kamar kasuwa.

Nazarin harkokin kuɗi na ɗabi'a yana nuna yadda ilimin halayyar masu zuba jari ko manajoji ke shafar yanke shawara da kasuwanni na kuɗi kuma yana da mahimmanci wajen yanke shawara wanda zai iya yin tasiri ko dai a kan wani ɓangare na fannoninsu mara kyau ko kuma mai kyau. Tare da ƙarin zurfafa bincike kan harkokin kuɗi na ɗabi'a, yana yiwuwa a haɗa abin da ke faruwa a kasuwannin kuɗi da bincike bisa ga ka'idar kuɗi. ^[10] Kuɗin ɗabi'a ya ƙaru a cikin 'yan shekarun da suka gabata don zama muhimmin ɓangare na kuɗi. A zamanin yau akwai buƙatar ƙarin nazari da kuma gwada tasirin ji a kan shawarwarin kuɗi. Musamman ma, domin yanzu lokaci ya yi da za a wuce kuɗin halayya zuwa kuɗin zamantakewa, wanda ke nazarin tsarin hulɗar zamantakewa, yadda ra'ayoyin kuɗi ke yaɗuwa, da kuma yadda hanyoyin zamantakewa ke shafar yanke shawara da sakamako na kuɗi. ^[11]

Harkokin kuɗi yana da alaƙa da waɗannan batutuwa kamar:

Nazarin tarihi wanda ke nuna manyan karkacewa daga ka'idojin gargajiya;
Samfura na yadda ilimin halayyar ɗan adam ke shafar ciniki da farashi da kuma yadda yake shafar ciniki;
Hasashen bisa ga waɗannan hanyoyin;
Nazarin kasuwannin kadarori na gwaji da kuma amfani da samfura don hasashen gwaje-gwaje.

An yi wa wani ɓangare na kuɗin ɗabi'a lakabi da kuɗin ɗabi'a na adadi, wanda ke amfani da hanyoyin lissafi da na ƙididdiga don fahimtar son zuciya na ɗabi'a tare da kimantawa.

Kuɗin kuɗi na Quantum

Kudin kuɗi ya haɗa da yin amfani da hanyoyin inji na inji ga ka'idar kuɗi, samar da sababbin hanyoyin da ra'ayoyi a fagen.^[6] kudi kudi wani bangare ne na hadin gwiwa, inda ake amfani da ka'idoji da hanyoyin da masana kimiyyar lissafi da masana tattalin arziki suka bunkasa don magance matsalolin kudi. Yana wakiltar reshe da aka sani da econophysics . Kodayake hanyoyin lissafi masu yawa sun kasance a kusa da wasu lokuta kuma suna amfani da ka'idodin kimiyyar lissafi don fahimtar hanyoyin aiwatarwa da sarrafa kwararar kuɗi, lissafi ne da ke da mahimmanci a cikin wannan sabon yanayin. Ka'idar kudi ta dogara ne akan farashin kayan aiki na kudi, kamar farashin zaɓi na hannun jari. Yawancin matsalolin da ke fuskantar al'ummar kudi ba su da wani bayani na bincike. A sakamakon haka, hanyoyin lambobi da simulations na kwamfuta don warware waɗannan matsalolin sun karu. Wannan yanki na bincike an san shi da kudi na lissafi. Yawancin matsalolin kudi na lissafi suna da babban matsayi na rikitarwa na lissafi kuma suna da jinkiri don haɗuwa da mafita a kan kwamfutoci na gargajiya. Musamman, idan ya zo ga farashin zaɓi, akwai ƙarin rikitarwa sakamakon buƙatar amsawa ga kasuwannin da ke canzawa da sauri. Misali, don amfani da zaɓuɓɓukan hannun jari marasa daidaituwa, lissafin dole ne ya kammala kafin canji na gaba a cikin kusan ci gaba da canza kasuwar hannun jari. A sakamakon haka, al'ummar kudi koyaushe suna neman hanyoyin da za su shawo kan matsalolin aikin da ke tasowa yayin zaɓuɓɓukan farashi. Wannan ya haifar da bincike wanda ke amfani da wasu hanyoyin lissafi don kudi. Mafi yawan nau'ikan kudi da aka fi amfani da su sune tsarin ci gaba mai yawa, tsarin binomial mai yawa, samfurin binomial da sauransu.

Asalin kuɗi za a iya gano shi tun daga farkon kafa jihohi da cinikayya a zamanin Tagulla . An gano cewa an gano farkon shaidar kuɗi a tarihi a kusan shekara ta 3000 kafin haihuwar Annabi Isa (AS). Bankuna sun samo asali ne daga Yammacin Asiya, inda ake amfani da haikali da manyan fada a matsayin wurare masu aminci don adana kayayyaki masu daraja. Da farko, hatsi ne kawai mai daraja da za a iya ajiyewa, amma daga ƙarshe shanu da kayan tarihi sun shiga ciki. A wannan lokacin, birnin Uruk na Sumerian a Mesopotamia ya tallafa wa ciniki ta hanyar ba da rance da kuma amfani da riba. A cikin Sumerian, "sha'awa" shine mas, wanda ke fassara zuwa "maraƙi". A Girka da Masar, kalmomin da ake amfani da su don sha'awa, tokos da ms bi da bi, suna nufin "haihuwa". A cikin waɗannan al'adu, sha'awa ta nuna ƙaruwa mai mahimmanci, kuma da alama tana la'akari da hakan daga mahangar mai ba da bashi. Dokar Hammurabi (1792–1750 kafin haihuwar Annabi Isa) ta ƙunshi dokokin da ke kula da harkokin banki. Mutanen Babila sun saba da karɓar riba a kashi 20 cikin ɗari a kowace shekara. A shekara ta 1200 kafin haihuwar Annabi Isa (AS), an yi amfani da harsashin cowrie a matsayin nau'in kuɗi a ƙasar Sin .

Amfani da tsabar kudi a matsayin hanyar wakiltar kudi ya fara ne a cikin shekaru tsakanin 700 da 500 KZ.^[12] Herodotus ya ambaci amfani da tsabar kudi a Lydia a kusa da 687 KZ kuma, a shekara ta 640 KZ, mutanen Lidiya sun fara amfani da tsalar kudi a ko'ina kuma sun bude shagunan sayar da kayayyaki na dindindin.^[13] Ba da daɗewa ba, birane a Girka ta gargajiya, kamar Aegina, Athens, da Koranti, sun fara yin nasu tsabar kudi tsakanin 595 da 570 KZ. A lokacin Jamhuriyar Roma, sake fasalin Lex Genucia ya haramta sha'awa a cikin 342 KZ, kodayake tanadin ya tafi ba tare da tilasta shi ba. A karkashin Julius Kaisar, an saita rufin a kan kudaden shiga na 12%, kuma daga baya a ƙarƙashin Justinian an saukar da shi har ma zuwa tsakanin 4% da 8% .^[14]

An buɗe musayar hannun jari ta farko a Antwerp a cikin 1531.^[15] Tun daga wannan lokacin, an kirkiro shahararrun musayar kamar London Stock Exchange (wanda aka kafa a 1773) da New York Stock Exchange (wanda aka kafa a 1793).^[16]^[17]

Dubi kuma

Rikicin kudi na 2008
Bayani game da kudi

↑
The following are definitions of 'finance' offered by the authors indicated:
- Fama and Miller: "The theory of finance is concerned with how individuals and firms allocate resources through time. In particular, it seeks to explain how solutions to the problems faced in allocating resources through time are facilitated by the existence of capital markets (which provide a means for individual economic agents to exchange resources to be available of different points In time) and of firms (which, by their production-investment decisions, provide a means for individuals to transform current resources physically into resources to be available in the future)."
- Guthmann and Dougall: "Finance is concerned with the raising and administering of funds and with the relationships between private profit-seeking enterprise on the one hand and the groups which supply the funds on the other. These groups, which include investors and speculators – that is, capitalists or property owners – as well as those who advance short-term capital, place their money in the field of commerce and industry and in return expect a stream of income."
- Drake and Fabozzi: "Finance is the application of economic principles to decision-making that involves the allocation of money under conditions of uncertainty."
- F.W. Paish: "Finance may be defined as the position of money at the time it is wanted".
- John J. Hampton: "The term finance can be defined as the management of the flows of money through an organisation, whether it will be a corporation, school, or bank or government agency".
- Howard and Upton: "Finance may be defined as that administrative area or set of administrative functions in an organisation which relates with the arrangement of each debt and credit so that the organisation may have the means to carry out the objectives as satisfactorily as possible".
- Pablo Fernandez: "Finance is a profession that requires interdisciplinary training and helps company managers make sound decisions regarding financing, investment, continuity, and other issues that affect the inflow and outflow of money, as well as the company's risk. It also helps individuals and institutions invest wisely and plan money-related matters effectively."
↑ Finance thus allows production and consumption in society to operate independently from each other. Without the use of financial allocation, production would have to happen at the same time and space as consumption. Through finance, distances in timespace between production and consumption are then possible.^[2]

Manazarta

Ƙarin karantawa

Jason Zweig. Missing |author1= (help); Missing or empty |title= (help)
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Sharon Lechter. Missing |author1= (help); Missing or empty |title= (help)
Empty citation (help)
Empty citation (help)

Haɗin waje

Magana ta Hypertextual Finance (Campbell Harvey)
Bayanan Kudi (Pierre Vernimmen)
Risk.net/glossary" id="mwBf8" rel="mw:ExtLink nofollow">Kalmomin kula da haɗarin kuɗi (Risk.net)
NASDAQ.com/glossary" id="mwBgI" rel="mw:ExtLink nofollow">Kalmomin Kasuwancin Kasuwanci (NASDAQ)
Kalmomin Maɓallin Kasuwanci (PIMCO)
Kudin kamfanoni (Aswath Damodaran)
albarkatun gudanar da kudi (James Van Horne)
Abubuwan da ke tattare da kudade na mutum (Financial Literacy and Education Commission, mymoney.gov)
albarkatun kudi na jama'a (Governance and Social Development Resource Center, gsdrc.org) [An adana 2023-06-02 a ]
albarkatun kula da haɗari (Cibiyar Hadari ta Duniya)

↑ Gippel, Jennifer K (2012-11-07). "A revolution in finance?". Australian Journal of Management (in Turanci). 38 (1): 125–146. doi:10.1177/0312896212461034. ISSN 0312-8962. S2CID 154759424.
↑ Allen, Michael; Price, John (2000). "Monetized time-space: derivatives – money's 'new imaginary'?". Economy and Society. 29 (2): 264–284. doi:10.1080/030851400360497. S2CID 145739812. Archived from the original on 20 March 2022. Retrieved 3 June 2022.
↑ See e.g., Bank of Finland. "Financial system". Archived from the original on 2020-06-02. Retrieved 2020-05-18.
↑ "What is the financial system?". Economy. Archived from the original on 2020-07-31. Retrieved 2020-05-18.
↑ Han, Yufeng; Liu, Yang; Zhou, Guofu; Zhu, Yingzi (2021-05-21). "Technical Analysis in the Stock Market: A Review". Rochester, New York. doi:10.2139/ssrn.3850494. S2CID 235195430 Check |s2cid= value (help). SSRN 3850494. Cite journal requires |journal= (help)
1 2 See discussion here: "Careers in Applied Mathematics" (PDF). Society for Industrial and Applied Mathematics. Archived from the original (PDF) on 2020-04-24.
↑ "1.1 What Is Finance?". Principles of Finance. OpenStax. Retrieved 3 September 2026.
↑ Cite error: Invalid <ref> tag; no text was provided for refs named "Sharpe".
↑ See for example III.A.3, in Carol Alexander, ed. (2005). The Professional Risk Managers' Handbook. PRMIA Publications. ISBN 978-0-9766097-0-4
↑ Zahera, Syed Aliya; Bansal, Rohit (2018-05-08). "Do investors exhibit behavioral biases in investment decision making? A systematic review". Qualitative Research in Financial Markets (in Turanci). 10 (2): 210–251. doi:10.1108/QRFM-04-2017-0028. ISSN 1755-4179. Archived from the original on 2022-04-08. Retrieved 2022-04-08.
↑ Hirshleifer, David (2015). "Behavioral Finance". Annual Review of Financial Economics (in Turanci). 7: 133–159. doi:10.1146/annurev-financial-092214-043752. ISSN 1941-1367.
↑ "babylon-coins.com". babylon-coins.com. Archived from the original on 2021-06-15. Retrieved 2021-05-13.
↑ "Herodotus on Lydia". World History Encyclopedia (in Turanci). Archived from the original on 2021-05-13. Retrieved 2021-05-13.
↑ "History of Usury Prohibition – IslamiCity". islamicity.org. 22 December 2005. Archived from the original on 2023-04-09. Retrieved 2023-04-09.
↑ "Handelsbeurs" [Trade fair]. Visit Antwerp (in Holanci). Retrieved 2 September 2022. The 'Nieuwe Beurs' was built in 1531 because the 'Old Beurs' in Hofstraat had become too small. It was the first stock exchange ever built specifically for that purpose and later became the example for all stock exchange buildings in the world.
↑ "Our History". London Stock Exchange. Archived from the original on 2 September 2022. Retrieved 2 September 2022.
↑ "Research Guides: Wall Street and the Stock Exchanges: Historical Resources: Stock Exchanges". Library of Congress. Archived from the original on 4 August 2022. Retrieved 2 September 2022.

[1] The following are definitions of 'finance' offered by the authors indicated:
Fama and Miller: "The theory of finance is concerned with how individuals and firms allocate resources through time. In particular, it seeks to explain how solutions to the problems faced in allocating resources through time are facilitated by the existence of capital markets (which provide a means for individual economic agents to exchange resources to be available of different points In time) and of firms (which, by their production-investment decisions, provide a means for individuals to transform current resources physically into resources to be available in the future)."

Guthmann and Dougall: "Finance is concerned with the raising and administering of funds and with the relationships between private profit-seeking enterprise on the one hand and the groups which supply the funds on the other. These groups, which include investors and speculators – that is, capitalists or property owners – as well as those who advance short-term capital, place their money in the field of commerce and industry and in return expect a stream of income."

Drake and Fabozzi: "Finance is the application of economic principles to decision-making that involves the allocation of money under conditions of uncertainty."

F.W. Paish: "Finance may be defined as the position of money at the time it is wanted".

John J. Hampton: "The term finance can be defined as the management of the flows of money through an organisation, whether it will be a corporation, school, or bank or government agency".

Howard and Upton: "Finance may be defined as that administrative area or set of administrative functions in an organisation which relates with the arrangement of each debt and credit so that the organisation may have the means to carry out the objectives as satisfactorily as possible".

Pablo Fernandez: "Finance is a profession that requires interdisciplinary training and helps company managers make sound decisions regarding financing, investment, continuity, and other issues that affect the inflow and outflow of money, as well as the company's risk. It also helps individuals and institutions invest wisely and plan money-related matters effectively."

[mwAUU] Fama and Miller: "The theory of finance is concerned with how individuals and firms allocate resources through time. In particular, it seeks to explain how solutions to the problems faced in allocating resources through time are facilitated by the existence of capital markets (which provide a means for individual economic agents to exchange resources to be available of different points In time) and of firms (which, by their production-investment decisions, provide a means for individuals to transform current resources physically into resources to be available in the future)."

[mwAUc] Guthmann and Dougall: "Finance is concerned with the raising and administering of funds and with the relationships between private profit-seeking enterprise on the one hand and the groups which supply the funds on the other. These groups, which include investors and speculators – that is, capitalists or property owners – as well as those who advance short-term capital, place their money in the field of commerce and industry and in return expect a stream of income."

[mwAUk] Drake and Fabozzi: "Finance is the application of economic principles to decision-making that involves the allocation of money under conditions of uncertainty."

[mwAUs] F.W. Paish: "Finance may be defined as the position of money at the time it is wanted".

[mwAU0] John J. Hampton: "The term finance can be defined as the management of the flows of money through an organisation, whether it will be a corporation, school, or bank or government agency".

[mwAU8] Howard and Upton: "Finance may be defined as that administrative area or set of administrative functions in an organisation which relates with the arrangement of each debt and credit so that the organisation may have the means to carry out the objectives as satisfactorily as possible".

[mwAVE] Pablo Fernandez: "Finance is a profession that requires interdisciplinary training and helps company managers make sound decisions regarding financing, investment, continuity, and other issues that affect the inflow and outflow of money, as well as the company's risk. It also helps individuals and institutions invest wisely and plan money-related matters effectively."

[4] Finance thus allows production and consumption in society to operate independently from each other. Without the use of financial allocation, production would have to happen at the same time and space as consumption. Through finance, distances in timespace between production and consumption are then possible.^[2]

[2] Gippel, Jennifer K (2012-11-07). "A revolution in finance?". Australian Journal of Management (in Turanci). 38 (1): 125–146. doi:10.1177/0312896212461034. ISSN 0312-8962. S2CID 154759424.

[3] Allen, Michael; Price, John (2000). "Monetized time-space: derivatives – money's 'new imaginary'?". Economy and Society. 29 (2): 264–284. doi:10.1080/030851400360497. S2CID 145739812. Archived from the original on 20 March 2022. Retrieved 3 June 2022.

[5] See e.g., Bank of Finland. "Financial system". Archived from the original on 2020-06-02. Retrieved 2020-05-18.

[6] "What is the financial system?". Economy. Archived from the original on 2020-07-31. Retrieved 2020-05-18.

[7] Han, Yufeng; Liu, Yang; Zhou, Guofu; Zhu, Yingzi (2021-05-21). "Technical Analysis in the Stock Market: A Review". Rochester, New York. doi:10.2139/ssrn.3850494. S2CID 235195430 Check |s2cid= value (help). SSRN 3850494. Cite journal requires |journal= (help)

[SIAM-8] 1 2 See discussion here: "Careers in Applied Mathematics" (PDF). Society for Industrial and Applied Mathematics. Archived from the original (PDF) on 2020-04-24.

[9] "1.1 What Is Finance?". Principles of Finance. OpenStax. Retrieved 3 September 2026.

[Sharpe-10] Cite error: Invalid <ref> tag; no text was provided for refs named "Sharpe".

[11] See for example III.A.3, in Carol Alexander, ed. (2005). The Professional Risk Managers' Handbook. PRMIA Publications. ISBN 978-0-9766097-0-4

[12] Zahera, Syed Aliya; Bansal, Rohit (2018-05-08). "Do investors exhibit behavioral biases in investment decision making? A systematic review". Qualitative Research in Financial Markets (in Turanci). 10 (2): 210–251. doi:10.1108/QRFM-04-2017-0028. ISSN 1755-4179. Archived from the original on 2022-04-08. Retrieved 2022-04-08.

[13] Hirshleifer, David (2015). "Behavioral Finance". Annual Review of Financial Economics (in Turanci). 7: 133–159. doi:10.1146/annurev-financial-092214-043752. ISSN 1941-1367.

[14] "babylon-coins.com". babylon-coins.com. Archived from the original on 2021-06-15. Retrieved 2021-05-13.

[15] "Herodotus on Lydia". World History Encyclopedia (in Turanci). Archived from the original on 2021-05-13. Retrieved 2021-05-13.

[16] "History of Usury Prohibition – IslamiCity". islamicity.org. 22 December 2005. Archived from the original on 2023-04-09. Retrieved 2023-04-09.

[17] "Handelsbeurs" [Trade fair]. Visit Antwerp (in Holanci). Retrieved 2 September 2022. The 'Nieuwe Beurs' was built in 1531 because the 'Old Beurs' in Hofstraat had become too small. It was the first stock exchange ever built specifically for that purpose and later became the example for all stock exchange buildings in the world.

[18] "Our History". London Stock Exchange. Archived from the original on 2 September 2022. Retrieved 2 September 2022.

[19] "Research Guides: Wall Street and the Stock Exchanges: Historical Resources: Stock Exchanges". Library of Congress. Archived from the original on 4 August 2022. Retrieved 2 September 2022.

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