Year-End Accounting North Vancouver

Year-End Accounting North Vancouver

Personal finance consulting

Whether you're navigating the complex landscape of real estate investments or managing the dynamic needs of a tech startup, IBB's expertise is your backbone. You don't have to take their word for it; their satisfied clients are more than happy to share their positive experiences.

Year-End Accounting North Vancouver - Corporate tax accounting

  1. Budgeting and forecasting
  2. Accounting for Airbnb hosts
  3. CFO services
  4. Real estate accounting
  5. Retail accounting
  6. Tax-efficient investment strategies
  7. Personal tax accountant
  8. Accounting for nonprofit organizations
  9. Small business accounting software
  10. Business growth consulting
  11. Outsourced accounting services
  12. Small business accounting
  13. Business valuation
  14. Self-employment tax preparation
  15. Tax resolution services
Learn more about Year-End Accounting North Vancouver here Tailoring our services to meet the unique needs of various industries, we ensure your business receives the specialized attention it deserves. Reaching out to them is a breeze. Learn more about Professional Accounting Services in North Vancouver here. Whether you're a small business owner, a freelancer, or part of a larger corporation, they've got you covered.
Leveraging advanced accounting technologies can significantly streamline your business's financial operations, making them more efficient and accurate. By identifying these risks early, we're able to craft strategies that mitigate them effectively.

Year-End Accounting North Vancouver - Income tax strategies

  1. Accounting for franchises
  2. Accounting for franchises
  3. Accounting for franchises
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  5. Accounting for franchises
  6. Accounting for franchises
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  13. Accounting for franchises
  14. Accounting for franchises
  15. Accounting for franchises
  16. Accounting for franchises
  17. Accounting for franchises
  18. Accounting for franchises
  19. Accounting for franchises
Their journey highlights the importance of precise financial planning for growth. Their team stays ahead of the curve, leveraging the latest accounting software and regulatory knowledge to ensure your finances not only comply with current standards but are also primed for future growth.
Beyond tax strategies, we'll tailor your business financial planning to align seamlessly with both your short-term needs and long-term ambitions. It's a landscape of opportunity, shaped by a blend of local innovation and global connectivity. IBB Accounting & Tax Services leverages these technologies to offer you personalized, efficient, and forward-thinking accounting solutions that keep you ahead in Year-End Accounting North Vancouver's competitive market. Effective financial management is the backbone of your business's success, ensuring you have a clear picture of your financial health and the strategies needed to sustain and grow your enterprise.
They're not just sticking to the basics; they're gearing up to offer more specialized services. Whether you're navigating the complexities of the real estate market or tackling the dynamic challenges of the IT sector, they've got you covered. Their personalized approach ensures that your goals are their top priority, making financial decisions simpler and more effective. That's why they take the time to get to know you and your business intimately, ensuring they can tailor their services to meet your unique needs.

You're looking for more than just basic bookkeeping; you need a partner who can provide strategic advice and advanced financial management services that align with your long-term goals. That's the power of advanced accounting technologies. They've built a history of excellence by prioritizing your needs, adapting to new laws and technologies, and always offering clear, understandable advice. Our team of experts works closely with you to identify opportunities that align with your business goals. The city's strategic location, with its proximity to both Vancouver and the Pacific Rim, has made it a magnet for investment and innovation.

Year-End Accounting North Vancouver - CPA firms

  1. Accounting for freelancers
  2. Hospitality industry accounting
  3. Accounting for tech startups
  4. Corporate tax accounting
  5. CPA firms
  6. Tax accounting
  7. CRA audit help
  8. Tax consulting
  9. Best bookkeeping services
  10. Accounting for artists
  11. Chartered accountant
  12. Income tax strategies
  13. Business incorporation services
  14. Estate and trust tax planning
  15. Accounting for consultants
  16. Accounting for import/export businesses

You'll work closely with experts who take the time to understand your business model, financial goals, and tax concerns. They didn't just untangle the tax mess; they revamped the bakery's financial strategy, turning potential disaster into a recipe for success. They're about setting you up for ongoing success, ensuring your business's financial health is robust and resilient. From navigating ever-changing tax laws to understanding local market trends, you're not alone.
Whether it's identifying new market opportunities or streamlining your operations, our goal is to ensure your business not only survives but thrives. IBB's experts stay abreast of the latest tax laws and regulations, offering you proactive advice on how to navigate the complex tax landscape. Read more about Year-End Accounting North Vancouver here We'll handle the complexities of tax planning, allowing you to focus on running your business. Let's be your partner in navigating the complexities of business expansion, so you can focus on what you do best.
You'll receive detailed reports and recommendations that not only satisfy statutory requirements but also empower you to enhance financial controls and operational efficiency. We also understand the value of foresight in business. This means you're not paying for services you don't need. Streamlining your payroll processes can also enhance employee satisfaction.

Real Estate Accountant North Vancouver

Entity Name Description Source
Tax return A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. Source
Accounting Accounting is the process of identifying, measuring, and communicating information to allow business owners to know the status of their business. It involves tracking money to see which product lines and services are the most profitable. Services include profit and loss reports, balance sheets, cash flow statements, and sales reports. Source
Estate planning Estate planning involves arranging for the management and disposal of a person's estate during their life and after death, aiming to minimize uncertainties and maximize the value of the estate by reducing taxes and other expenses. Source
Bookkeeping Bookkeeping is the process of recording financial transactions of a business, including collecting, sorting, and recording transactions such as purchases, sales, cash receipts, and payments. It serves as the foundation for the accounting process by maintaining accurate financial records. Source
Tax avoidance Tax avoidance refers to legally minimizing tax liability through careful planning and compliance with the letter, but not necessarily the spirit, of tax laws. It involves using permissible methods to take advantage of loopholes, exemptions, and deductions offered within the tax code. Source
Income tax Income tax is a tax imposed on individuals or entities based on their income or profits. It is a key source of revenue for governments and is typically calculated as a percentage of taxable income, with rates varying based on income levels and jurisdiction. Source
Property tax Property tax is a levy on property that the owner is required to pay to the government, typically based on the value of the property. It is a primary source of revenue for local governments and funds services such as education, transportation, and emergency services. Source
Risk management Risk management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unforeseen events. In taxation, it includes implementing internal controls, developing tax policies, and ensuring compliance to mitigate tax-related risks. Source
Benchmarking Benchmarking is the practice of comparing business processes and performance metrics to industry bests or best practices from other companies. In taxation, it can involve comparing one's tax strategies and liabilities to those of similar organizations to identify areas for improvement and ensure competitiveness. Source

Payroll Services North Vancouver

Not long after the District of North Vancouver was formed, an early land developer and second reeve of the new council, James Cooper Keith, personally underwrote a loan to commence construction of a road which undulated from West Vancouver to Deep Cove amid the slashed sidehills, swamps, and burnt stumps. The road, sometimes under different names and not always contiguous, is still one of the most important east-west thoroughfare carrying traffic across the North Shore.

Citations and other links

Self-Employed Tax Filing Year-End Accounting North Vancouver

As we peel back the layers of what makes IBB a preferred partner for local businesses, you'll discover strategies and stories of success that could redefine the way you view your business's financial health and strategy. Let's continue to grow your business together, with the right support and expert guidance you deserve. Navigating through tax requirements, it's crucial for entrepreneurs to understand their fiscal obligations to avoid penalties and maximize deductions. We've got it all covered. Whether you're in retail, construction, healthcare, or technology, we've got you covered.

It acts as a buffer during unexpected downturns, giving you breathing room to make thoughtful decisions rather than desperate ones. It could be the game-changer your business needs.

Year-End Accounting North Vancouver - Accounting for freelancers

    Moreover, IBB's support extends beyond the numbers. Whether you have a handful of employees or a large team, they've got you covered.

    You'll understand where your finances stand, without having to wade through jargon or complex financial reports. Whether you're looking to minimize your tax liability, plan for your future, or optimize your business's financial performance, we're here to help. Moreover, IBB is now offering cutting-edge digital solutions that streamline the tax preparation process. In a city like Year-End Accounting North Vancouver, where the financial landscape can be as dynamic as the natural one, having IBB Accounting by your side isn't just an advantage-it's a necessity.

    They've seen it all, from the simplest tax returns to the most complex financial puzzles, ensuring that whatever your financial needs, they've got you covered. Building on their comprehensive business growth support, IBB Accounting & Tax Services also ensures your payroll management is seamless and efficient, enabling you to focus on what you do best. Having explored IBB Accounting & Tax Services' success stories, let's now examine their client service approach that makes these achievements possible. This transformation has empowered them to extend their community services, impacting more lives than ever before.

    Self-Employed Tax Filing Year-End Accounting North Vancouver
    T1 Personal Tax Year-End Accounting North Vancouver

    T1 Personal Tax Year-End Accounting North Vancouver

    Navigating the complex world of tax laws requires a strategic approach to ensure your business maximizes its savings and stays compliant.

    Year-End Accounting North Vancouver - Accounting for franchises

    1. CFO services
    2. Real estate accounting
    3. Retail accounting
    4. Tax-efficient investment strategies
    5. Personal tax accountant
    6. Accounting for nonprofit organizations
    7. Small business accounting software
    8. Business growth consulting
    9. Outsourced accounting services
    10. Small business accounting
    11. Business valuation
    12. Self-employment tax preparation
    13. Tax resolution services
    14. Year-end financial statements
    15. Online tax filing
    By cutting down on these, you can increase the amount you save each month. By staying ahead of legislative changes and leveraging our extensive knowledge, we ensure that your tax strategy evolves with your needs and with the tax landscape.

    Year-End Accounting North Vancouver - Income tax strategies

    1. Nonprofit accounting
    2. Accounting for franchises
    3. Self-employed tax services
    4. GST/PST filing
    5. Financial consulting
    6. QuickBooks accounting
    7. Accounting firm reviews
    8. Payroll processing
    9. Sole proprietorship accounting
    10. Personal tax services
    11. Estate planning accounting
    12. Accounting software setup
    13. Tax specialist services
    14. Virtual accounting services
    15. Accounting for medical professionals
    16. Small business tax advising
    17. Debt management
    18. Professional accounting services
    At IBB Accounting & Tax Services in Year-End Accounting North Vancouver, we understand that every individual and business has unique financial aspirations.

    At IBB Accounting & Tax Services, ensuring your satisfaction isn't just a goal-it's the cornerstone of how we operate. From tax preparation and planning to ensure you're maximizing your deductions and credits, to bookkeeping services that keep your financial records in impeccable order, they're there to support your financial health every step of the way. You're also required to keep accurate records of your income and expenses.

    Year-End Accounting North Vancouver - CPA firms

    1. Budgeting and forecasting
    2. Accounting for Airbnb hosts
    3. CFO services
    4. Real estate accounting
    5. Retail accounting
    6. Tax-efficient investment strategies
    7. Personal tax accountant
    8. Accounting for nonprofit organizations
    9. Small business accounting software
    10. Business growth consulting
    11. Outsourced accounting services
    12. Small business accounting
    13. Business valuation
    14. Self-employment tax preparation
    15. Tax resolution services
    16. Year-end financial statements
    17. Online tax filing
    18. Nonprofit accounting


    In essence, IBB Accounting & Tax Services offers you a partnership that goes beyond mere accounting. This proactive approach means we can advise you on beneficial tax strategies and opportunities for grants or incentives, further fueling your growth.

    Year-End Accounting North Vancouver - Hospitality industry accounting

    1. Year-end financial statements
    2. Online tax filing
    3. Nonprofit accounting
    4. Accounting for franchises
    5. Self-employed tax services
    6. GST/PST filing
    7. Financial consulting
    8. QuickBooks accounting
    9. Accounting firm reviews
    10. Payroll processing
    11. Sole proprietorship accounting
    12. Personal tax services
    13. Estate planning accounting
    14. Accounting software setup
    15. Tax specialist services
    16. Virtual accounting services
    17. Accounting for medical professionals
    18. Small business tax advising
    19. Debt management
    Let's start building your secure, fulfilling future today.

    These client success stories illustrate the tangible impact our accounting solutions can have on your business. That's why we're here to guide you through every step, ensuring your business not only grows but thrives.

    Year-End Accounting North Vancouver - CPA firms

    1. Business advisory services
    2. Cloud accounting solutions
    3. Digital accounting
    4. Cash flow management
    5. Best accounting services
    6. Cost accounting
    7. Tax deduction optimization
    8. Forensic accounting
    9. Certified public accountant (CPA)
    10. Accounting for independent contractors
    11. Accounting for realtors
    12. Free consultation accounting services
    13. Accounting technology solutions
    14. Accounting for legal professionals
    15. E-commerce accounting
    16. Investment accounting
    17. Accounting for startups
    18. HST/GST tax filing
    Therefore, they offer practical advice and strategies to manage your finances effectively, minimize taxes, and optimize your resources.

    Year-End Accounting North Vancouver Tax Law Assistance

    Then there's the tech startup that was on the brink of losing track of its expenses and revenue projections.

    Year-End Accounting North Vancouver - Best bookkeeping services

    1. Accounting for startups
    2. HST/GST tax filing
    3. Accounting consulting
    4. Financial advisory services
    5. Financial reporting
    6. Partnership accounting
    7. Accounting services
    8. Personal finance consulting
    9. Bookkeeping services
    10. Financial planning
    11. Chartered accountant
    12. Income tax strategies
    13. Business incorporation services
    14. Estate and trust tax planning
    15. Accounting for consultants
    16. Accounting for import/export businesses
    17. Budgeting and forecasting
    18. Accounting for Airbnb hosts
    Together, they form a trio that's not just proficient in their respective fields but also passionate about seeing your business succeed. Next, you'll work with James Park, Senior Tax Advisor, who specializes in corporate tax strategies and audits. We're committed to being a part of your business journey, providing you with the tools and advice you need to navigate the complexities of finance and taxation with ease. We'll guide you through the complexities of new tax laws, ensuring you're always maximizing your returns and minimizing your liabilities.

    Our team specializes in tax preparation and filing to ensure you're not only compliant but also maximizing your returns. Understanding your unique financial landscape, we craft tailored financial strategies that directly address your goals and challenges. Let's handle the complexities of financial compliance, so you can keep your eyes on the horizon. That's where IBB Accounting & Tax Services steps in to support Year-End Accounting North Vancouver entrepreneurs like yourself.

    We're not just accountants; we're your strategic partners, ready to tackle industry-specific challenges head-on. Our expertise means we're adept at identifying deductions and credits you might've overlooked. They understand that handling payroll can be complex and time-consuming. Their team considers your company's size, industry, and specific financial goals to tailor services that align perfectly with your needs.

    At IBB Accounting & Tax Services, we tailor our approach to meet your specific business needs, ensuring you receive personalized and effective accounting solutions.

    Year-End Accounting North Vancouver - Income tax strategies

    1. Professional bookkeeping
    2. Business advisory services
    3. Cloud accounting solutions
    4. Digital accounting
    5. Cash flow management
    6. Best accounting services
    7. Cost accounting
    8. Tax deduction optimization
    9. Forensic accounting
    10. Certified public accountant (CPA)
    11. Accounting for independent contractors
    12. Accounting for realtors
    13. Free consultation accounting services
    14. Accounting technology solutions
    15. Accounting for legal professionals
    16. E-commerce accounting
    17. Investment accounting
    You'll appreciate their commitment to keeping you informed about the latest financial regulations and tax laws that could impact your business.

    Year-End Accounting North Vancouver - Accounting for artists

    1. Corporation tax filing
    2. Business restructuring accounting
    3. Business tax return preparation
    4. Accounting for musicians
    5. Financial statement preparation
    6. Accounting for rental properties
    7. Accounting training
    8. Corporation tax accountant
    9. Tax compliance
    10. Income tax preparation
    11. Accounting for remote workers
    12. Construction accounting
    13. Tax audit assistance
    14. Accounting for home-based businesses
    15. Tax planning
    16. Financial risk management
    17. International tax accounting
    18. Professional bookkeeping
    Beyond ensuring your financial statements are accurate through our audit and assurance services, we also specialize in streamlining your payroll management to keep your business running smoothly. With their help, you'll navigate the audit process with confidence.

    Year-End Accounting North Vancouver Tax Law Assistance
    Cloud-Based Payroll Year-End Accounting North Vancouver
    Cloud-Based Payroll Year-End Accounting North Vancouver

    We leverage the latest technology and data analysis tools to identify opportunities that align with your risk tolerance and investment horizon. Instead, we sit down with you to understand your financial situation, your business's operational nuances, and your personal aspirations. They tailor their services to align with your strategic objectives, ensuring that your financial records aren't only accurate but also insightful for making informed decisions. Whether you're a solo entrepreneur or run a bustling enterprise, we've got you covered.

    Year-End Accounting North Vancouver - Tax consulting

    1. Accounting for franchises
    2. Self-employed tax services
    3. GST/PST filing
    4. Financial consulting
    5. QuickBooks accounting
    6. Accounting firm reviews
    7. Payroll processing
    8. Sole proprietorship accounting
    9. Personal tax services
    10. Estate planning accounting
    11. Accounting software setup
    12. Tax specialist services
    13. Virtual accounting services
    14. Accounting for medical professionals
    15. Small business tax advising
    16. Debt management
    17. Professional accounting services
    18. Certified accountants
    We continuously monitor and adjust your strategy to reflect changes in your business, the economic environment, or tax legislation.

    At IBB Accounting & Tax Services, we recognize that each professional and business owner in Year-End Accounting North Vancouver has distinct financial needs and aspirations. Moreover, IBB is looking to foster stronger community ties through workshops and seminars aimed at empowering local entrepreneurs and business owners. Moreover, we're committed to transparent communication. Here, you can find more details about their services, team, and even book consultations online.

    This initial step is crucial for us to craft a bespoke service package that not only addresses your immediate accounting and tax needs but also aligns with your long-term business strategy.

    Year-End Accounting North Vancouver - Best accounting software for businesses

    1. Accounting consulting
    2. Financial advisory services
    3. Financial reporting
    4. Partnership accounting
    5. Accounting services
    6. Personal finance consulting
    7. Bookkeeping services
    8. Financial planning
    9. Tax accounting
    10. CRA audit help
    11. Tax consulting
    12. Best bookkeeping services
    13. Accounting for artists
    14. Chartered accountant
    15. Income tax strategies
    16. Business incorporation services
    17. Estate and trust tax planning
    18. Accounting for consultants
    19. Accounting for import/export businesses
    You might think that all accounting firms are created equal, but IBB Accounting & Tax Services in Year-End Accounting North Vancouver stands out for entrepreneurs. They stay ahead of regulatory changes and leverage their knowledge to safeguard your interests, always ensuring that your financial practices not only meet but exceed industry standards. This isn't just good practice; it's a legal requirement that can help you identify tax-saving opportunities and streamline your financial reporting.

    Whether it's maximizing returns, minimizing liabilities, or strategic financial planning, IBB Accounting & Tax Services has proven they've what it takes to deliver. At IBB Accounting & Tax Services, your success is our business. When you're navigating the complexities of property investments, you need a partner who understands the ins and outs of real estate accounting. Did you know that nearly 30% of small businesses consider accounting to be the most challenging part of running their company?

    Real Estate Accountant Year-End Accounting North Vancouver

    Their team is responsive, ensuring that your concerns are addressed promptly. Construction companies find value in our job costing and project management support. If you're generating a steady income, making these payments can prevent you from facing a large tax bill at the end of the year. Our team's expertise spans across various domains, ensuring you receive comprehensive support whether you're navigating tax planning, financial forecasting, or bookkeeping challenges.
    This means you can focus more on growing your business and less on the nitty-gritty of daily financial management. Whether you're looking to expand, invest in new technology, or simply streamline your operations, our financial management solutions are here to guide you every step of the way. That's why we dive deep into your business's unique challenges and opportunities, crafting strategies that align with your specific objectives.
    You can easily book appointments online, access resourceful financial guides, or start a live chat with a team member during business hours. Whether you're a professional navigating the complexities of self-employment taxes or a business owner seeking to optimize your corporation's tax strategy, we've got you covered.

    Year-End Accounting North Vancouver - CFO services

    1. Professional accounting services
    2. Certified accountants
    3. Corporation tax filing
    4. Business restructuring accounting
    5. Business tax return preparation
    6. Accounting for musicians
    7. Financial statement preparation
    8. Accounting for rental properties
    9. Accounting training
    10. Corporation tax accountant
    11. Tax compliance
    12. Income tax preparation
    13. Accounting for remote workers
    14. Construction accounting
    15. Tax audit assistance
    16. Accounting for home-based businesses
    17. Tax planning
    18. Financial risk management
    19. International tax accounting
    Our team specializes in identifying areas where your business can become more efficient, saving you time and money.

    Year-End Accounting North Vancouver - Accounting for freelancers

    1. Personal finance consulting
    2. CFO services
    3. Accounting for franchises
    4. CFO services
    5. Accounting for franchises
    6. CFO services
    7. Accounting for franchises
    8. CFO services
    9. Accounting for franchises
    10. CFO services
    11. Accounting for franchises
    12. CFO services
    13. Accounting for franchises
    14. CFO services
    15. Accounting for franchises
    16. CFO services
    17. Accounting for franchises

    With IBB, you'll get access to user-friendly financial dashboards that consolidate all your financial data in one place. Moreover, their commitment to transparency means you're always in the loop. Regular check-ins and updates are part of our promise to keep you informed and confident in your financial standing.

    Explore Year-End Accounting North Vancouver here
    Real Estate Accountant Year-End Accounting North Vancouver

    Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities.[a] As a subject of study, it is related to but distinct from economics, which is the study of the production, distribution, and consumption of goods and services.[b] Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance.

    In these financial systems, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities.

    Due to its wide scope, a broad range of subfields exists within finance. Asset-, money-, risk- and investment management aim to maximize value and minimize volatility. Financial analysis assesses the viability, stability, and profitability of an action or entity. Some fields are multidisciplinary, such as mathematical finance, financial law, financial economics, financial engineering and financial technology. These fields are the foundation of business and accounting. In some cases, theories in finance can be tested using the scientific method, covered by experimental finance.

    The early history of finance parallels the early history of money, which is prehistoric. Ancient and medieval civilizations incorporated basic functions of finance, such as banking, trading and accounting, into their economies. In the late 19th century, the global financial system was formed.

    In the middle of the 20th century, finance emerged as a distinct academic discipline,[c] separate from economics.[1] The earliest doctoral programs in finance were established in the 1960s and 1970s.[2] Today, finance is also widely studied through career-focused undergraduate and master's level programs.[3][4]

    The financial system

    [edit]
    Bond issued by The Baltimore and Ohio Railroad. Bonds are a form of borrowing used by corporations to finance their operations.
    Share certificate dated 1913 issued by the Radium Hill Company
    NYSE's stock exchange traders floor c 1960, before the introduction of electronic readouts and computer screens
    Chicago Board of Trade Corn Futures market, 1993
    Oil traders, Houston, 2009

    As outlined, the financial system consists of the flows of capital that take place between individuals and households (personal finance), governments (public finance), and businesses (corporate finance). "Finance" thus studies the process of channeling money from savers and investors to entities that need it. [d] Savers and investors have money available which could earn interest or dividends if put to productive use. Individuals, companies and governments must obtain money from some external source, such as loans or credit, when they lack sufficient funds to run their operations.

    In general, an entity whose income exceeds its expenditure can lend or invest the excess, intending to earn a fair return. Correspondingly, an entity where income is less than expenditure can raise capital usually in one of two ways: (i) by borrowing in the form of a loan (private individuals), or by selling government or corporate bonds; (ii) by a corporation selling equity, also called stock or shares (which may take various forms: preferred stock or common stock). The owners of both bonds and stock may be institutional investors—financial institutions such as investment banks and pension funds—or private individuals, called private investors or retail investors. (See Financial market participants.)

    The lending is often indirect, through a financial intermediary such as a bank, or via the purchase of notes or bonds (corporate bonds, government bonds, or mutual bonds) in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary earns the difference for arranging the loan.[6][7][8] A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity.

    Investing typically entails the purchase of stock, either individual securities or via a mutual fund, for example. Stocks are usually sold by corporations to investors so as to raise required capital in the form of "equity financing", as distinct from the debt financing described above. The financial intermediaries here are the investment banks. The investment banks find the initial investors and facilitate the listing of the securities, typically shares and bonds. Additionally, they facilitate the securities exchanges, which allow their trade thereafter, as well as the various service providers which manage the performance or risk of these investments. These latter include mutual funds, pension funds, wealth managers, and stock brokers, typically servicing retail investors (private individuals).

    Inter-institutional trade and investment, and fund-management at this scale, is referred to as "wholesale finance". Institutions here extend the products offered, with related trading, to include bespoke options, swaps, and structured products, as well as specialized financing; this "financial engineering" is inherently mathematical, and these institutions are then the major employers of "quants" (see below). In these institutions, risk management, regulatory capital, and compliance play major roles.

    Areas of finance

    [edit]

    As outlined, finance comprises, broadly, the three areas of personal finance, corporate finance, and public finance. These, in turn, overlap and employ various activities and sub-disciplines—chiefly investments, risk management, and quantitative finance.

    Personal finance

    [edit]
    Wealth management consultation—here, the financial advisor counsels the client on an appropriate investment strategy.

    Personal finance refers to the practice of budgeting to ensure enough funds are available to meet basic needs, while ensuring there is only a reasonable level of risk to lose said capital. Personal finance may involve paying for education, financing durable goods such as real estate and cars, buying insurance, investing, and saving for retirement.[9] Personal finance may also involve paying for a loan or other debt obligations. The main areas of personal finance are considered to be income, spending, saving, investing, and protection. The following steps, as outlined by the Financial Planning Standards Board,[10] suggest that an individual will understand a potentially secure personal finance plan after:

    • Purchasing insurance to ensure protection against unforeseen personal events;
    • Understanding the effects of tax policies, subsidies, or penalties on the management of personal finances;
    • Understanding the effects of credit on individual financial standing;
    • Developing a savings plan or financing for large purchases (auto, education, home);
    • Planning a secure financial future in an environment of economic instability;
    • Pursuing a checking or a savings account;
    • Preparing for retirement or other long term expenses.[11]

    Corporate finance

    [edit]

    Corporate finance deals with the actions that managers take to increase the value of the firm to the shareholders, the sources of funding and the capital structure of corporations, and the tools and analysis used to allocate financial resources. While corporate finance is in principle different from managerial finance, which studies the financial management of all firms rather than corporations alone, the concepts are applicable to the financial problems of all firms,[12] and this area is then often referred to as "business finance".

    Typically, "corporate finance" relates to the long term objective of maximizing the value of the entity's assets, its stock, and its return to shareholders, while also balancing risk and profitability. This entails[13] three primary areas:

    1. Capital budgeting: selecting which projects to invest in—here, accurately determining value is crucial, as judgements about asset values can be "make or break".[14]
    2. Dividend policy: the use of "excess" funds—these are to be reinvested in the business or returned to shareholders.
    3. Capital structure: deciding on the mix of funding to be used—here attempting to find the optimal capital mix re debt-commitments vs cost of capital.

    The latter creates the link with investment banking and securities trading, as above, in that the capital raised will generically comprise debt, i.e. corporate bonds, and equity, often listed shares. Re risk management within corporates, see below.

    Financial managers—i.e. as distinct from corporate financiers—focus more on the short term elements of profitability, cash flow, and "working capital management" (inventory, credit and debtors), ensuring that the firm can safely and profitably carry out its financial and operational objectives; i.e. that it: (1) can service both maturing short-term debt repayments, and scheduled long-term debt payments, and (2) has sufficient cash flow for ongoing and upcoming operational expenses. (See Financial management and FP&A.)

    Public finance

    [edit]
    President George W. Bush, speaking on the Federal Budget in 2007, requesting additional funds from Congress
    CBO: 2023 US Federal Budget Infographic

    Public finance describes finance as related to sovereign states, sub-national entities, and related public entities or agencies. It generally encompasses a long-term strategic perspective regarding investment decisions that affect public entities.[15] These long-term strategic periods typically encompass five or more years.[16] Public finance is primarily concerned with:[17]

    Central banks, such as the Federal Reserve System banks in the United States and the Bank of England in the United Kingdom, are strong players in public finance. They act as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.[18]

    Development finance, which is related, concerns investment in economic development projects provided by a (quasi) governmental institution on a non-commercial basis; these projects would otherwise not be able to get financing. A public–private partnership is primarily used for infrastructure projects: a private sector corporate provides the financing up-front, and then draws profits from taxpayers or users. Climate finance, and the related Environmental finance, address the financial strategies, resources and instruments used in climate change mitigation.

    Investment management

    [edit]
    Share prices listed in a Korean newspaper
    "The excitement before the bubble burst"—viewing prices via ticker tape, shortly before the Wall Street crash of 1929
    A modern price-ticker. This infrastructure underpins contemporary exchanges, evidencing prices and related ticker symbols. The ticker symbol is represented by a unique set of characters used to identify the subject of the financial transaction.

    Investment management[12] is the professional asset management of various securities—typically shares and bonds, but also other assets, such as real estate, commodities and alternative investments—in order to meet specified investment goals for the benefit of investors.

    As above, investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts or, more commonly, via collective investment schemes like mutual funds, exchange-traded funds, or real estate investment trusts.

    At the heart of investment management[12] is asset allocationdiversifying the exposure among these asset classes, and among individual securities within each asset class—as appropriate to the client's investment policy, in turn, a function of risk profile, investment goals, and investment horizon (see Investor profile). Here:

    Overlaid is the portfolio manager's investment style—broadly, active vs passive, value vs growth, and small cap vs. large cap—and investment strategy.

    In a well-diversified portfolio, achieved investment performance will, in general, largely be a function of the asset mix selected, while the individual securities are less impactful. The specific approach or philosophy will also be significant, depending on the extent to which it is complementary with the market cycle.

    Additional to diversification, the fundamental risk mitigant here, investment managers will apply various hedging techniques as appropriate,[12] these may relate to the portfolio as a whole or to individual stocks. Bond portfolios are often (instead) managed via cash flow matching or immunization, while for derivative portfolios and positions, traders use "the Greeks" to measure and then offset sensitivities. In parallel, managers – active and passivewill monitor tracking error, thereby minimizing and preempting any underperformance vs their "benchmark".

    A quantitative fund is managed using computer-based mathematical techniques (increasingly, machine learning) instead of human judgment. The actual trading is typically automated via sophisticated algorithms.

    Risk management

    [edit]
    Crowds gathering outside the New York Stock Exchange after the Wall Street crash of 1929
    Customers queuing outside a Northern Rock branch in the United Kingdom to withdraw their savings during the 2007–2008 financial crisis

    Risk management, in general, is the study of how to control risks and balance the possibility of gains; it is the process of measuring risk and then developing and implementing strategies to manage that risk. Financial risk management[20][21] is the practice of protecting corporate value against financial risks, often by "hedging" exposure to these using financial instruments. The focus is particularly on credit and market risk, and in banks, through regulatory capital, includes operational risk.

    • Credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments;
    • Market risk relates to losses arising from movements in market variables such as prices and exchange rates;
    • Operational risk relates to failures in internal processes, people, and systems, or to external events (these risks will often be insured).

    Financial risk management is related to corporate finance[12] in two ways. Firstly, firm exposure to market risk is a direct result of previous capital investments and funding decisions; while credit risk arises from the business's credit policy and is often addressed through credit insurance and provisioning. Secondly, both disciplines share the goal of enhancing or at least preserving, the firm's economic value, and in this context[22] overlaps also enterprise risk management, typically the domain of strategic management. Here, businesses devote much time and effort to forecasting, analytics and performance monitoring. (See ALM and treasury management.)

    For banks and other wholesale institutions,[23] risk management focuses on managing, and as necessary hedging, the various positions held by the institution—both trading positions and long term exposures—and on calculating and monitoring the resultant economic capital, and regulatory capital under Basel III. The calculations here are mathematically sophisticated, and within the domain of quantitative finance as below. Credit risk is inherent in the business of banking, but additionally, these institutions are exposed to counterparty credit risk. Banks typically employ Middle office "Risk Groups", whereas front office risk teams provide risk "services" (or "solutions") to customers.

    Insurers [24] manage their own risks with a focus on solvency and the ability to pay claims: Life Insurers are concerned more with longevity risk and interest rate risk; Short-Term Insurers (Property, Health,Casualty) emphasize catastrophe- and claims volatility risks. For expected claims reserves are set aside periodically, while to absorb unexpected losses, a minimum level of capital is maintained.

    Quantitative finance

    [edit]
    Dōjima Rice Exchange, the world's first futures exchange, established in Osaka in 1697.
    Dōjima Rice Exchange, the world's first futures exchange, established in Osaka in 1697

    Quantitative finance—also referred to as "mathematical finance"—includes those finance activities where a sophisticated mathematical model is required,[25] and thus overlaps several of the above.

    As a specialized practice area, quantitative finance comprises primarily three sub-disciplines; the underlying theory and techniques are discussed in the next section:

    1. Quantitative finance is often synonymous with financial engineering. This area generally underpins a bank's customer-driven derivatives business—delivering bespoke OTC-contracts and "exotics", and designing the various structured products and solutions mentioned—and encompasses modeling and programming in support of the initial trade, and its subsequent hedging and management.
    2. Quantitative finance also significantly overlaps financial risk management in banking, as mentioned, both as regards this hedging, and as regards economic capital as well as compliance with regulations and the Basel capital / liquidity requirements.
    3. "Quants" are also responsible for building and deploying the investment strategies at the quantitative funds mentioned; they are also involved in quantitative investing more generally, in areas such as trading strategy formulation, and in automated trading, high-frequency trading, algorithmic trading, and program trading.

    Financial theory

    [edit]

    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.

    Financial theory is studied and developed within the disciplines of management, (financial) economics, accountancy and applied mathematics. In the abstract,[12][26] finance is concerned with the investment and deployment of assets and liabilities over "space and time"; i.e., it is about performing valuation and asset allocation today, based on the risk and uncertainty of future outcomes while appropriately incorporating the time value of money. Determining the present value of these future values, "discounting", must be at the risk-appropriate discount rate, in turn, a major focus of finance-theory.[27]As financial theory has roots in many disciplines, including mathematics, statistics, economics, physics, and psychology, it can be considered a mix of an art and science,[28] and there are ongoing related efforts to organize a list of unsolved problems in finance.

    Managerial finance

    [edit]
    Decision trees, a more sophisticated valuation-approach, sometimes applied to corporate finance "project" valuations (and a standard[29] in business school curricula); various scenarios are considered, and their discounted cash flows are probability weighted.

    Managerial finance [30] is the branch of finance that deals with the financial aspects of the management of a company, and the financial dimension of managerial decision-making more broadly. It provides the theoretical underpin for the practice described above, concerning itself with the managerial application of the various finance techniques. Academics working in this area are typically based in business school finance departments, in accounting, or in management science.

    The tools addressed and developed relate in the main to managerial accounting and corporate finance: the former allow management to better understand, and hence act on, financial information relating to profitability and performance; the latter, as above, are about optimizing the overall financial structure, including its impact on working capital. Key aspects of managerial finance thus include:

    1. Financial planning and forecasting
    2. Capital budgeting
    3. Capital structure
    4. Working capital management
    5. Risk management
    6. Financial analysis and reporting.

    The discussion, however, extends to business strategy more broadly, emphasizing alignment with the company's overall strategic objectives; and similarly incorporates the managerial perspectives of planning, directing, and controlling.

    Financial economics

    [edit]
    The "efficient frontier", a prototypical concept in portfolio optimization. Introduced in 1952, it remains "a mainstay of investing and finance".[31] An "efficient" portfolio, i.e. combination of assets, has the best possible expected return for its level of risk (represented by the standard deviation of return).
    Modigliani–Miller theorem, a foundational element of finance theory, introduced in 1958; it forms the basis for modern thinking on capital structure. Even if leverage (D/E) increases, the WACC (k0) stays constant.

    Financial economics[32] is the branch of economics that studies the interrelation of financial variables, such as prices, interest rates and shares, as opposed to real economic variables, i.e. goods and services. It thus centers on pricing, decision making, and risk management in the financial markets,[32][26] and produces many of the commonly employed financial models. (Financial econometrics is the branch of financial economics that uses econometric techniques to parameterize the relationships suggested.)

    The discipline has two main areas of focus:[26] asset pricing and corporate finance; the first being the perspective of providers of capital, i.e. investors, and the second of users of capital; respectively:

    1. Asset pricing theory develops the models used in determining the risk-appropriate discount rate, and in pricing derivatives; and includes the portfolio- and investment theory applied in asset management. The analysis essentially explores how rational investors would apply risk and return to the problem of investment under uncertainty, producing the key "Fundamental theorem of asset pricing". Here, the twin assumptions of rationality and market efficiency lead to modern portfolio theory (the CAPM), and to the Black–Scholes theory for option valuation. At more advanced levels—and often in response to financial crises—the study then extends these "neoclassical" models to incorporate phenomena where their assumptions do not hold, or to more general settings.
    2. Much of corporate finance theory, by contrast, considers investment under "certainty" (Fisher separation theorem, "theory of investment value", and Modigliani–Miller theorem). Here, theory and methods are developed for the decisioning about funding, dividends, and capital structure discussed above. A recent development is to incorporate uncertainty and contingency—and thus various elements of asset pricing—into these decisions, employing for example real options analysis.

    Financial mathematics

    [edit]
    The Black–Scholes formula for the value of a call option. Although lately its use is considered naive, it has underpinned the development of derivatives-theory, and financial mathematics more generally, since its introduction in 1973.[33]
    "Trees" are widely applied in mathematical finance; here used in calculating an OAS. Other common pricing-methods are simulation and PDEs. These are used for settings beyond those envisaged by Black-Scholes. Post crisis, even in those settings, banks use local and stochastic volatility models to incorporate the volatility surface, while the xVA adjustments accommodate counterparty and capital considerations.

    Financial mathematics[34] is the field of applied mathematics concerned with financial markets; Louis Bachelier's doctoral thesis, defended in 1900, is considered to be the first scholarly work in this area. The field is largely focused on the modeling of derivatives—with much emphasis on interest rate- and credit risk modeling—while other important areas include insurance mathematics and quantitative portfolio management. Relatedly, the techniques developed are applied to pricing and hedging a wide range of asset-backed, government, and corporate-securities.

    As above, in terms of practice, the field is referred to as quantitative finance and / or mathematical finance, and comprises primarily the three areas discussed. The main mathematical tools and techniques are, correspondingly:

    Mathematically, these separate into two analytic branches: derivatives pricing uses risk-neutral probability (or arbitrage-pricing probability), denoted by "Q"; while risk and portfolio management generally use physical (or actual or actuarial) probability, denoted by "P". These are interrelated through the above "Fundamental theorem of asset pricing".

    The subject has a close relationship with financial economics, which, as outlined, is concerned with much of the underlying theory that is involved in financial mathematics: generally, financial mathematics will derive and extend the mathematical models suggested. Computational finance is the branch of (applied) computer science that deals with problems of practical interest in finance, and especially[34] emphasizes the numerical methods applied here.

    Experimental finance

    [edit]

    Experimental finance[37] aims to establish different market settings and environments to experimentally observe and provide a lens through which science can analyze agents' behavior and the resulting characteristics of trading flows, information diffusion, and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions and therefore prove them, as well as attempt to discover new principles on which such theory can be extended and be applied to future financial decisions. Research may proceed by conducting trading simulations or by establishing and studying the behavior of people in artificial, competitive, market-like settings.

    Behavioral finance

    [edit]

    Behavioral finance studies how the psychology of investors or managers affects financial decisions and markets[38] and is relevant when making a decision that can impact either negatively or positively on one of their areas. With more in-depth research into behavioral finance, it is possible to bridge what actually happens in financial markets with analysis based on financial theory.[39] Behavioral finance has grown over the last few decades to become an integral aspect of finance.[40]

    Behavioral finance includes such topics as:

    1. Empirical studies that demonstrate significant deviations from classical theories;
    2. Models of how psychology affects and impacts trading and prices;
    3. Forecasting based on these methods;
    4. Studies of experimental asset markets and the use of models to forecast experiments.

    A strand of behavioral finance has been dubbed quantitative behavioral finance, which uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation.

    Quantum finance

    [edit]

    Quantum finance involves applying quantum mechanical approaches to financial theory, providing novel methods and perspectives in the field.[41] Quantum finance is an interdisciplinary field, in which theories and methods developed by quantum physicists and economists are applied to solve financial problems. It represents a branch known as econophysics. Although quantum computational methods have been around for quite some time and use the basic principles of physics to better understand the ways to implement and manage cash flows, it is mathematics that is actually important in this new scenario[42] Finance theory is heavily based on financial instrument pricing such as stock option pricing. Many of the problems facing the finance community have no known analytical solution. As a result, numerical methods and computer simulations for solving these problems have proliferated. This research area is known as computational finance. Many computational finance problems have a high degree of computational complexity and are slow to converge to a solution on classical computers. In particular, when it comes to option pricing, there is additional complexity resulting from the need to respond to quickly changing markets. For example, in order to take advantage of inaccurately priced stock options, the computation must complete before the next change in the almost continuously changing stock market. As a result, the finance community is always looking for ways to overcome the resulting performance issues that arise when pricing options. This has led to research that applies alternative computing techniques to finance. Most commonly used quantum financial models are quantum continuous model, quantum binomial model, multi-step quantum binomial model etc.

    History of finance

    [edit]

    The origin of finance can be traced to the beginning of state formation and trade during the Bronze Age. The earliest historical evidence of finance is dated to around 3000 BCE. Banking originated in West Asia, where temples and palaces were used as safe places for the storage of valuables. Initially, the only valuable that could be deposited was grain, but cattle and precious materials were eventually included. During the same period, the Sumerian city of Uruk in Mesopotamia supported trade by lending as well as the use of interest. In Sumerian, "interest" was mas, which translates to "calf". In Greece and Egypt, the words used for interest, tokos and ms respectively, meant "to give birth". In these cultures, interest indicated a valuable increase, and seemed to consider it from the lender's point of view.[43] The Code of Hammurabi (1792–1750 BCE) included laws governing banking operations. The Babylonians were accustomed to charging interest at the rate of 20 percent per year. By 1200 BCE, cowrie shells were used as a form of money in China.

    The use of coins as a means of representing money began in the years between 700 and 500 BCE.[44] Herodotus mentions the use of crude coins in Lydia around 687 BCE and, by 640 BCE, the Lydians had started to use coin money more widely and opened permanent retail shops.[45] Shortly after, cities in Classical Greece, such as Aegina, Athens, and Corinth, started minting their own coins between 595 and 570 BCE. During the Roman Republic, interest was outlawed by the Lex Genucia reforms in 342 BCE, though the provision went largely unenforced. Under Julius Caesar, a ceiling on interest rates of 12% was set, and much later under Justinian it was lowered even further to between 4% and 8%.[46]

    The first stock exchange was opened in Antwerp in 1531.[47] Since then, popular exchanges such as the London Stock Exchange (founded in 1773) and the New York Stock Exchange (founded in 1793) were created.[48][49]

    See also

    [edit]

    Notes

    [edit]
    1. ^ The following are definitions of finance as crafted 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 can help the managers of companies make sound decisions about financing, investment, continuity and other issues that affect the inflows and outflows of money, and the risk of the company. It also helps people and institutions invest and plan money-related issues wisely."
    2. ^ The discipline of financial economics bridges the two fields.
    3. ^ The first academic journal, The Journal of Finance, began publication in 1946.
    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 posible.[5]

    References

    [edit]
    1. ^ Hayes, Adam. "Finance". Investopedia. Archived from the original on 2020-12-19. Retrieved 2022-08-03.
    2. ^ Gippel, Jennifer K (2012-11-07). "A revolution in finance?". Australian Journal of Management. 38 (1): 125–146. doi:10.1177/0312896212461034. ISSN 0312-8962. S2CID 154759424.
    3. ^ "Finance" Archived 2023-01-31 at the Wayback Machine, UCAS Subject Guide.
    4. ^ Anthony P. Carnevale, Ban Cheah, Andrew R. Hanson (2015). "The Economic Value of College Majors" Archived 2022-11-08 at the Wayback Machine. Georgetown University.
    5. ^ 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.
    6. ^ See e.g., Bank of Finland. "Financial system". Archived from the original on 2020-06-02. Retrieved 2020-05-18.
    7. ^ "Introducing the Financial System | Boundless Economics". courses.lumenlearning.com. Archived from the original on 2020-07-28. Retrieved 2020-05-18.
    8. ^ "What is the financial system?". Economy. Archived from the original on 2020-07-31. Retrieved 2020-05-18.
    9. ^ Publishing, Speedy (2015-05-25). Finance (Speedy Study Guides). Speedy Publishing LLC. ISBN 978-1-68185-667-4.
    10. ^ Snowdon, Michael, ed. (2019), "Financial Planning Standards Board", Financial Planning Competency Handbook, John Wiley & Sons, Ltd, pp. 709–735, doi:10.1002/9781119642497.ch80, ISBN 9781119642497, S2CID 242623141
    11. ^ Kenton, Will. "Personal Finance". Investopedia. Archived from the original on 2000-08-18. Retrieved 2020-01-20.
    12. ^ a b c d e f Pamela Drake and Frank Fabozzi (2009). What Is Finance? Archived 2023-02-23 at the Wayback Machine
    13. ^ See Aswath Damodaran, Corporate Finance: First Principles Archived 2016-10-17 at the Wayback Machine
    14. ^ Irons, Robert (July 2019). The Fundamental Principles of Finance. Google Books: Routledge. ISBN 9781000024357. Archived from the original on 11 November 2021. Retrieved 3 April 2021.
    15. ^ Doss, Daniel; Sumrall, William; Jones, Don (2012). Strategic Finance for Criminal Justice Organizations (1st ed.). Boca Raton, Florida: CRC Press. p. 23. ISBN 978-1439892237.
    16. ^ Doss, Daniel; Sumrall, William; Jones, Don (2012). Strategic Finance for Criminal Justice Organizations (1st ed.). Boca Raton, Florida: CRC Press. pp. 53–54. ISBN 978-1439892237.
    17. ^ Kioko, Sharon; Marlowe, Justin (2016). Financial Strategy for Public Managers. Rebus Foundation. ISBN 978-1-927472-59-0. Archived from the original on 2022-06-15. Retrieved 2022-07-05.
    18. ^ Board of Governors of Federal Reserve System of the United States. Mission of the Federal Reserve System. Federalreserve.gov Accessed: 2010-01-16. (Archived by WebCite at Archived 2010-01-14 at the Wayback Machine)
    19. ^ Han, Yufeng; Liu, Yang; Zhou, Guofu; Zhu, Yingzi (2021-05-21). "Technical Analysis in the Stock Market: A Review". SSRN Papers. Rochester, NY. doi:10.2139/ssrn.3850494. S2CID 235195430. SSRN 3850494.
    20. ^ Peter F. Christoffersen (22 November 2011). Elements of Financial Risk Management. Academic Press. ISBN 978-0-12-374448-7.
    21. ^ Allan M. Malz (13 September 2011). Financial Risk Management: Models, History, and Institutions. John Wiley & Sons. ISBN 978-1-118-02291-7.
    22. ^ John Hampton (2011). The AMA Handbook of Financial Risk Management. American Management Association. ISBN 978-0814417447
    23. ^ a b See generally, Roy E. DeMeo (N.D.) Quantitative Risk Management: VaR and Others Archived 2021-11-12 at the Wayback Machine
    24. ^ Thomas M. Grondin (2001). “Risk Management Practices in the Insurance Industry”. Society of Actuaries
    25. ^ See discussion here: "Careers in Applied Mathematics" (PDF). Society for Industrial and Applied Mathematics. Archived (PDF) from the original on 2019-03-05.
    26. ^ a b c See the discussion re finance theory by Fama and Miller under § Notes.
    27. ^ "Finance" Archived 2019-12-22 at the Wayback Machine Farlex Financial Dictionary. 2012
    28. ^ "Finance". Investopedia. May 23, 2023. Retrieved July 1, 2023.
    29. ^ A. Pinkasovitch (2021). Using Decision Trees in Finance Archived 2021-12-10 at the Wayback Machine
    30. ^ What is managerial finance?, Corporate Finance Institute
    31. ^ W. Kenton (2021). "Harry Markowitz" Archived 2021-11-26 at the Wayback Machine, investopedia.com
    32. ^ a b For an overview, see "Financial Economics" Archived 2004-06-04 at the Wayback Machine, William F. Sharpe (Stanford University manuscript)
    33. ^ "The History of the Black-Scholes Formula" Archived 2021-11-26 at the Wayback Machine, priceonomics.com
    34. ^ a b Research Area: Financial Mathematics and Engineering Archived 2022-05-16 at the Wayback Machine, Society for Industrial and Applied Mathematics
    35. ^ For a survey, see "Financial Models" Archived 2021-11-13 at the Wayback Machine, from Michael Mastro (2013). Financial Derivative and Energy Market Valuation, John Wiley & Sons. ISBN 978-1118487716.
    36. ^ See for example III.A.3, in Carol Alexander, ed. (January 2005). The Professional Risk Managers' Handbook. PRMIA Publications. ISBN 978-0976609704
    37. ^ Bloomfield, Robert and Anderson, Alyssa. "Experimental finance" Archived 2016-03-04 at the Wayback Machine. In Baker, H. Kent, and Nofsinger, John R., eds. Behavioral finance: investors, corporations, and markets. Vol. 6. John Wiley & Sons, 2010. pp. 113-131. ISBN 978-0470499115
    38. ^ Glaser, Markus and Weber, Martin and Noeth, Markus. (2004). "Behavioral Finance" Archived 2023-02-09 at the Wayback Machine, pp. 527–546 in Handbook of Judgment and Decision Making, Blackwell Publishers ISBN 978-1-405-10746-4
    39. ^ 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. 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.
    40. ^ Shefrin, Hersh (2002). Beyond greed and fear: Understanding behavioral finance and the psychology of investing. New York: Oxford University Press. p. ix. ISBN 978-0195304213. Retrieved 8 May 2017. growth of behavioral finance.
    41. ^ Focardi, Sergio; Fabozzi, Frank J.; Mazza, Davide (2020-08-31). "Quantum Option Pricing and Quantum Finance". The Journal of Derivatives. 28 (1): 79–98. doi:10.3905/jod.2020.1.111. ISSN 1074-1240.
    42. ^ Ristic, Kristijan (2–3 December 2021). "New Financial Future: Digital Finance As a key Aspect of Financial Innovation". 75th International Scientific Conference on Economic and Social Development: 283–288. ProQuest 2616890742 – via Proquest.
    43. ^ Fergusson, Nial. The Ascent of Money. United States: Penguin Books.
    44. ^ "babylon-coins.com". babylon-coins.com. Archived from the original on 2021-06-15. Retrieved 2021-05-13.
    45. ^ "Herodotus on Lydia". World History Encyclopedia. Archived from the original on 2021-05-13. Retrieved 2021-05-13.
    46. ^ "History of Usury Prohibition – IslamiCity". islamicity.org. Archived from the original on 2023-04-09. Retrieved 2023-04-09.
    47. ^ "Handelsbeurs" [Trade fair]. Visit Antwerp (in Dutch). 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.
    48. ^ "Our History". London Stock Exchange. Archived from the original on 2 September 2022. Retrieved 2 September 2022.
    49. ^ "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.

    Further reading

    [edit]
    [edit]

     

     

     

    North Vancouver
    The Corporation of the City of North Vancouver
    Nickname: 
    North Van
    Location of the City of North Vancouver in Metro Vancouver
    Location of the City of North Vancouver in Metro Vancouver
    Coordinates: 49°19′N 123°4′W / 49.317°N 123.067°W / 49.317; -123.067
    Country Canada
    Province British Columbia
    Regional district Metro Vancouver
    Incorporated May 13, 1907[1]
    Seat North Vancouver City Hall
    Government
     • Type Mayor-council government
     • Mayor Linda Buchanan
     • Council
    List of councillors
     • MP Jonathan Wilkinson (Liberal)
     • MLA Bowinn Ma (BC NDP)
    Area
     • Land 11.83 km2 (4.57 sq mi)
    Elevation
     
    80 m (260 ft)
    Population
     (2021)[3]
     • Total
    58,120
     • Estimate 
    (2023)[4]
    64,847
     • Density 4,913.0/km2 (12,725/sq mi)
    Demonym North Vancouverite
    Time zone UTC-8 (PST)
     • Summer (DST) UTC-7 (PDT)
    Forward sortation area
    Area codes 604, 778, 236, 672
    Website cnv.org Edit this at Wikidata

    The City of North Vancouver is a city municipality on the North Shore of the Burrard Inlet, in British Columbia, Canada. Anchored by the downtown town centre of Lonsdale, with which its urban core is largely synonymous, it consists of the smallest and most urbanized of the communities situated north of the city of Vancouver, and is part of the Metro Vancouver regional district, though it has significant industry of its own – including shipping, chemical production, and film production. The city is served by the Royal Canadian Mounted Police, British Columbia Ambulance Service, and the North Vancouver City Fire Department.

    History

    [edit]

    In the 1880s, Arthur Heywood-Lonsdale and a relation James Pemberton Fell, made substantial investments through their company, Lonsdale Estates, and in 1882 he financed the Moodyville investments. Several locations in the North Vancouver area are named after Lonsdale and his family.[5]

    Not long after the District of North Vancouver was formed, an early land developer and second reeve of the new council, James Cooper Keith, personally underwrote a loan[6] to commence construction of a road which undulated from West Vancouver to Deep Cove amid the slashed sidehills, swamps, and burnt stumps. The road, sometimes under different names and not always contiguous, is still one of the most important east-west thoroughfare carrying traffic across the North Shore.

    Development was slow at the outset. The population of the district in the 1901 census was only 365 people.[6] Keith joined Edwin Mahon and together they controlled North Vancouver Land & Improvement Company. Soon the pace of development around the foot of Lonsdale began to pick up. The first school was opened in 1902. The district was able to build a municipal hall in 1903 and actually have meetings in North Vancouver (instead of in Vancouver where most of the landowners lived).[citation needed] The first bank and first newspaper arrived in 1905. In 1906 the BC Electric Railway Company opened up a street car line that extended from the ferry wharf up Lonsdale to 12th Street. By 1911 the streetcar system extended west to the Capilano River and east to Lynn Valley.[citation needed]

    The owners of businesses who operated on Lonsdale, as part of an initiative led by Keith and Mahon, brought a petition to the district council in 1905, calling for a new, compact city to be carved out of the unwieldy district.[citation needed]

    During the ensuing two years there was much and sometimes heated debate. Some thought the new city should have a new name such as Northport, Hillmont or Parkhill. Burrard became the favourite of the new names but majority view was that North Vancouver remain in order to remain associated with the rising credibility of Vancouver in financial markets and as a place to attract immigrants.[7]

    Some thought the boundary of the new city should reflect geography and extend from Lynn Creek or Seymour River west to the Capilano River and extend three miles up the mountainside.[citation needed] That the boundary of the city which came into existence in 1907 just happened to match that of the lands owned by the North Vancouver Land & Improvement Company and Lonsdale Estate was no accident. Since the motivation for creating the city was to reserve local tax revenue for the work of putting in services for the property owned by the major developers, there was little reason to take on any of the burden beyond the extent of their holdings.[citation needed]

    Residents in west part of the District of North Vancouver now had less reason to be connected with what remained and they petitioned to create the District of West Vancouver (the west part of the North Shore, not the west side of Vancouver) in 1912.[citation needed] The eastern boundary of that new municipality is for the most part the Capilano River and a community that is easily distinguished from the two North Vancouvers has since developed.

    Keith Road looking west, with Hollyburn Mtn in the distance

    The City of North Vancouver continued to grow around the foot of Lonsdale Avenue. Serviced by the North Vancouver Ferries, it proved a popular area. Commuters used the ferries to work in Vancouver. Street cars and early land speculation, spurred interest in the area. Streets, city blocks and houses were slowly built around lower Lonsdale. Wallace Shipyards, and the Pacific Great Eastern Railway provided an industrial base, although, the late arrival of the Second Narrows railway bridge in 1925 controlled development.

    City of North Vancouver as seen from Upper Lonsdale

    The Depression again bankrupted the city, while the Second World War turned North Vancouver into the Clydeside of Canada with a large shipbuilding program. Housing the shipyard workers provided a new building boom, which continued on through the post-war years. By that time, North Vancouver became a popular housing area.

    Geography

    [edit]
    Main thoroughfare Lonsdale Avenue with Mount Fromme in the background

    The City of North Vancouver is separated from Vancouver by the Burrard Inlet, and it is surrounded on three sides by the District of North Vancouver. The city has much in common with the district and with West Vancouver; together, the three are commonly referred to as the North Shore.

    The City of North Vancouver is relatively densely populated with a number of residential high-rise buildings in the Central Lonsdale and Lower Lonsdale areas.

    The North Shore mountains have many drainages: Capilano River, MacKay, Mosquito, and Lynn Creeks, and Seymour River.

    Climate

    [edit]

    North Vancouver has an oceanic climate (Köppen Cfb) with cool, rainy winters and dry, warm summers.

    Climate data for North Vancouver (N Vancouver 2ND Narrows) (Elevation: 4m) 1981−2010
    Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
    Average precipitation mm (inches) 262.2
    (10.32)
    172.3
    (6.78)
    168.4
    (6.63)
    136.3
    (5.37)
    103.3
    (4.07)
    82.5
    (3.25)
    53.2
    (2.09)
    54.9
    (2.16)
    76.8
    (3.02)
    189.0
    (7.44)
    293.4
    (11.55)
    238.6
    (9.39)
    1,830.8
    (72.08)
    Average rainfall mm (inches) 255.3
    (10.05)
    167.7
    (6.60)
    166.8
    (6.57)
    136.1
    (5.36)
    103.3
    (4.07)
    82.5
    (3.25)
    53.2
    (2.09)
    54.9
    (2.16)
    76.8
    (3.02)
    189.0
    (7.44)
    290.2
    (11.43)
    229.9
    (9.05)
    1,805.6
    (71.09)
    Average snowfall cm (inches) 6.9
    (2.7)
    5.2
    (2.0)
    1.6
    (0.6)
    0.2
    (0.1)
    0.0
    (0.0)
    0.0
    (0.0)
    0.0
    (0.0)
    0.0
    (0.0)
    0.0
    (0.0)
    0.1
    (0.0)
    2.3
    (0.9)
    8.7
    (3.4)
    24.9
    (9.8)
    Average precipitation days (≥ 0.2 mm) 20.5 15.5 18.0 15.4 13.8 11.7 7.4 6.7 9.6 16.1 20.9 20.3 175.9
    Average rainy days (≥ 0.2 mm) 19.7 15.1 17.9 15.4 13.8 11.7 7.4 6.7 9.6 16.0 20.7 19.6 173.5
    Average snowy days (≥ 0.2 cm) 1.7 0.92 0.54 0.12 0.0 0.0 0.0 0.0 0.0 0.08 0.72 2.2 6.2
    Source: Environment Canada (normals, 1981−2010)[8]

    Politics

    [edit]
    Mayor Linda Buchanan (2018, 2022)
    Councillors Holly Back (2018, 2022), Don Bell (2011, 2014, 2018, 2022), Angela Girard (2018, 2022), Jessica McIlroy (2018, 2022), Tony Valente (2018, 2022), Shervin Shahriari (2022)
    Provincial MLA Bowinn Ma (North Vancouver-Lonsdale)
    MP Jonathan Wilkinson (North Vancouver)

    Sites of interest

    [edit]

    The area around lower Lonsdale Avenue features several open community spaces, including Waterfront Park, Lonsdale Quay, Ship Builders Square and the Burrard Dry Dock Pier.

    Other sites of interest in the city include:[9][10][11]

    • Centennial Theatre, 2300 Lonsdale Avenue
    • First Church of Christ, Scientist, a local heritage site
    • The Museum and Archives of North Vancouver
    • The Polygon Gallery
    • Presentation House Theatre, 333 Chesterfield Avenue
    • St. Edmund's Church, 535 Mahon Avenue, a local heritage site
    • Trans Canada Trail Pavilion, Waterfront Park
    • The Shipyards, near Lonsdale Quay, which includes Ship Builders Square and the Burrard Dry Dock Pier, on the site of the old Wallace Shipyard
    • Lonsdale Quay Market, easily accessible from the Seabus. The Quay has a view of Vancouver's skyline and is locally owned and operated.

    Transportation

    [edit]
    Lonsdale Avenue at 13th Street is a major intersection of Central Lonsdale.

    The City of North Vancouver is connected to Vancouver by two highway bridges (the Lions Gate Bridge and the Ironworkers Memorial Second Narrows Crossing) and by a passenger ferry, the SeaBus. That system and the bus system in North Vancouver is operated by Coast Mountain Bus Company, an operating company of TransLink. The hub of the bus system is Lonsdale Quay, the location of the SeaBus terminal. Currently, there is no rail transit service on the North Shore.

    The main street in the city is Lonsdale Avenue, which begins at Lonsdale Quay and goes north to 29th Street, where it continues in the District of North Vancouver, ending at Rockland Road.

    Highway 1, the Trans-Canada Highway (often referred to as the "Upper Levels Highway") passes through the northern portion of the city. It is a freeway for its entire length within the City of North Vancouver. There are six interchanges on Highway 1 within the City of North Vancouver:

    • Main Street/Dollarton Highway (Exit 23)
    • Mountain Highway and Mt Seymour Parkway (Exit 21/22)
    • Lynn Valley Road (Exit 19)
    • Lonsdale Avenue (Exit 18)
    • Westview Drive (Exit 17)
    • Capilano Road (Exit 14)

    Education

    [edit]

    Public schools are managed by the North Vancouver School District, which operates 8 high schools and 30 elementary schools shared by the city and the District of North Vancouver.

    The Conseil scolaire francophone de la Colombie-Britannique operates one Francophone school in that city: école André-Piolat, which has both primary and secondary levels.[12]

    There are also several independent private elementary and high schools in the area, including Bodwell High School and Lions Gate Christian Academy.

    Post-secondary education is available at Capilano University in the district, as well as at Simon Fraser University and the University of British Columbia in neighbouring communities.

    Demographics

    [edit]
    Historical populations
    Year Pop. ±%
    1911 8,196 —    
    1921 7,652 −6.6%
    1931 8,510 +11.2%
    1941 8,914 +4.7%
    1951 15,687 +76.0%
    1961 23,656 +50.8%
    1971 31,847 +34.6%
    1981 33,640 +5.6%
    1991 41,475 +23.3%
    2001 44,303 +6.8%
    2006 45,165 +1.9%
    2011 48,196 +6.7%
    2016 52,898 +9.8%
    2021 58,120 +9.9%

    In the 2021 Census of Population conducted by Statistics Canada, North Vancouver had a population of 58,120 living in 27,293 of its 29,021 total private dwellings, a change of 9.9% from its 2016 population of 52,898. With a land area of 11.83 km2 (4.57 sq mi), it had a population density of 4,912.9/km2 (12,724.4/sq mi) in 2021.[3]

    As of the 2011 census, the median age was 41.2 years old, which is a bit higher than the national median age at 40.6 years old. There are 24,206 private dwellings with an occupancy rate of 94.1%. According to the 2011 National Household Survey, the median value of a dwelling in North Vancouver is $599,985 which is significantly higher than the national average at $280,552. The median household income (after-taxes) in North Vancouver is $52,794, a bit lower than the national average at $54,089.

    Ethnicity

    [edit]

    North Vancouver has one of the highest Middle Eastern[a] population ratios for any Canadian city at 11.3% as of 2021, with the vast majority being Persian.[13]

    Panethnic groups in the City of North Vancouver (2001−2021)
    Panethnic
    group
    2021[13] 2016[14] 2011[15] 2006[16] 2001[17]
    Pop. % Pop. % Pop. % Pop. % Pop. %
    European[b] 35,420 61.59% 34,695 66.48% 32,800 68.78% 32,160 71.69% 32,960 75.03%
    Middle Eastern[a] 6,510 11.32% 4,575 8.77% 3,655 7.66% 3,155 7.03% 3,015 6.86%
    East Asian[c] 5,195 9.03% 4,260 8.16% 3,775 7.92% 3,995 8.91% 3,255 7.41%
    Southeast Asian[d] 4,220 7.34% 3,715 7.12% 3,470 7.28% 2,150 4.79% 1,650 3.76%
    South Asian 2,100 3.65% 1,840 3.53% 1,475 3.09% 1,340 2.99% 980 2.23%
    Indigenous 1,230 2.14% 1,150 2.2% 970 2.03% 925 2.06% 1,015 2.31%
    Latin American 1,210 2.1% 840 1.61% 585 1.23% 430 0.96% 470 1.07%
    African 550 0.96% 485 0.93% 390 0.82% 315 0.7% 315 0.72%
    Other[e] 1,075 1.87% 630 1.21% 575 1.21% 385 0.86% 275 0.63%
    Total responses 57,505 98.94% 52,185 98.65% 47,685 98.94% 44,860 99.32% 43,930 99.16%
    Total population 58,120 100% 52,898 100% 48,196 100% 45,165 100% 44,303 100%
    • Note: Totals greater than 100% due to multiple origin responses.
     

    Languages

    [edit]

    Mother languages as reported by each person:

    Canada 2021 Census[13]
    Mother language Population % of Total Population % of Non-official language Population
    English 35,520 61.4% N/A
    Persian 5,760 10.0% 31.1%
    Tagalog 1,675 2.9% 9.0%
    Chinese Languages 1,670 2.9% 9.0%
    Spanish 1,245 2.2% 6.7%
    Korean 1,135 6.1% 6.1%
    French 980 1.7% N/A
    German 575 1.0% 3.1%

    3.1% of North Vancouver residents listed both English and a non-official language as mother tongues.

    Religion

    [edit]

    According to the 2021 census, religious groups in North Vancouver included:[13]

    Notes

    [edit]
    1. ^ a b Statistic includes total responses of "West Asian" and "Arab" under visible minority section on census.
    2. ^ Statistic includes all persons that did not make up part of a visible minority or an indigenous identity.
    3. ^ Statistic includes total responses of "Chinese", "Korean", and "Japanese" under visible minority section on census.
    4. ^ Statistic includes total responses of "Filipino" and "Southeast Asian" under visible minority section on census.
    5. ^ Statistic includes total responses of "Visible minority, n.i.e." and "Multiple visible minorities" under visible minority section on census.

    References

    [edit]
    1. ^ "CivicInfo BC | Municipality: North Vancouver (City)". www.civicinfo.bc.ca. Archived from the original on 25 September 2022. Retrieved 19 August 2022.
    2. ^ "Mayor & Council | City of North Vancouver". www.cnv.org. Archived from the original on 19 August 2022. Retrieved 19 August 2022.
    3. ^ a b c "Profile table, Census Profile, 2021 Census of Population - North Vancouver, City (CY) [Census subdivision], British Columbia". Statistics Canada. 17 August 2022. Retrieved 21 August 2022.
    4. ^ Services, Ministry of Citizens'. "Population Estimates - Province of British Columbia". www2.gov.bc.ca. Archived from the original on 3 July 2024. Retrieved 4 July 2024.
    5. ^ Canada North Shore News
    6. ^ a b Francis, Daniel (2016). Where Mountains Meet the Sea. Harbour Publishing Co. P.O. Box 219, Madeira Park, BC V0N 2H0: Harbour Publishing. p. 77. ISBN 978-1-55017-751-0.cite book: CS1 maint: location (link)
    7. ^ Sommer, Warren (2007). The Ambitious City: A History of the City of North Vancouver. Madeira Park, BC V0N 2H0: Harbour Publishing. pp. 64, 83, 93, 94. ISBN 978-1-55017-411-3.cite book: CS1 maint: location (link)
    8. ^ "N VANCOUVER 2ND NARROWS]". Canadian Climate Normals 1981−2010. 25 September 2013. Archived from the original on 27 March 2018. Retrieved 26 March 2018.
    9. ^ "HistoricPlaces.ca - Recherche". www.historicplaces.ca. Archived from the original on 27 November 2021. Retrieved 19 August 2022.
    10. ^ "Attractions in North Vancouver". Archived from the original on 23 July 2012. Retrieved 25 May 2009.
    11. ^ "Primary Buildings". Archived from the original on 19 August 2007.
    12. ^ "Carte des écoles Archived 17 August 2015 at the Wayback Machine." Conseil scolaire francophone de la Colombie-Britannique. Retrieved on 22 January 2015.
    13. ^ a b c d Government of Canada, Statistics Canada (26 October 2022). "Census Profile, 2021 Census of Population". www12.statcan.gc.ca. Archived from the original on 10 November 2022. Retrieved 9 November 2022.
    14. ^ Government of Canada, Statistics Canada (27 October 2021). "Census Profile, 2016 Census". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
    15. ^ Government of Canada, Statistics Canada (27 November 2015). "NHS Profile". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
    16. ^ Government of Canada, Statistics Canada (20 August 2019). "2006 Community Profiles". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
    17. ^ Government of Canada, Statistics Canada (2 July 2019). "2001 Community Profiles". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
    [edit]

     

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