Finance

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

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
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

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
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
Financial planning and analysis.)

Public finance
:
 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]

Identification of required
expenditures of a public sector
:
 entity;
Source(s) of that entity's
revenue;
The budgeting process;
Sovereign debt issuance, or
municipal bonds for public
works projects.
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

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 REITs.

At the heart of investment management[12] is asset allocation

—diversifying 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:

Portfolio optimization is the

process of selecting the best
portfolio given the client's
objectives and constraints.
Fundamental analysis is the
approach typically applied in
valuing and evaluating the
individual securities.
Technical analysis is about
forecasting future asset prices
with past data.[19]
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. Risk management here is
discussed immediately below.

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

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.
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.

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 passive — will
monitor tracking error, thereby minimizing and preempting any
underperformance vs their "benchmark".

Quantitative finance

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,[24] 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
Financial theory is studied and developed within the disciplines of
management, (financial) economics, accountancy and applied
mathematics. Abstractly,[12][25] 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
:
 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.

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.[26] 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,[27] and
there are ongoing related efforts to organize a list of unsolved
problems in finance.

Managerial finance
:
 Decision trees, a more
sophisticated valuation-approach,
sometimes applied to corporate
finance "project" valuations (and a
standard[28] in business school
curricula); various scenarios are
considered, and their discounted
cash flows are probability
weighted.

Managerial finance [29] 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

The "efficient frontier", a

prototypical concept in portfolio
optimization. Introduced in 1952, it
remains "a mainstay of investing
and finance".[30] 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[31] 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,[31][25] 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:[25] 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

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.[32]
:
 "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; the xVA
adjustments accommodate
counterparty and capital
considerations.

Financial mathematics[33] 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:
:
 for derivatives,[34] Itô's
stochastic calculus, simulation,
and partial differential
equations; see aside boxed
discussion re the prototypical
Black-Scholes and the various
numeric techniques now
applied
for risk management,[23] value
at risk, stress testing and
"sensitivities" analysis
(applying the "greeks"); the
underlying mathematics
comprises mixture models,
PCA, volatility clustering and
:
 copulas.[35]
in both of these areas, and
particularly for portfolio
problems, quants employ
sophisticated optimization
techniques
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[33] emphasizes the numerical methods applied here.
:
 Experimental finance
Experimental finance[36] 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
Behavioral finance studies how the psychology of investors or
managers affects financial decisions and markets[37] 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.[38]
Behavioral finance has grown over the last few decades to become
an integral aspect of finance.[39]

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
Quantum finance involves applying quantum mechanical approaches
to financial theory, providing novel methods and perspectives in the
field.[40] 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[41] 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
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.[42] 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.[43] 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.[44] 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%.[45]

The first stock exchange was opened in Antwerp in 1531.[46] Since

then, popular exchanges such as the London Stock Exchange
(founded in 1773) and the New York Stock Exchange (founded in
1793) were created.[47][48]

See also

2007–2008 financial crisis

Outline of finance

Notes

a. The following are definitions

of finance as crafted by the
authors indicated:
:
 Fama and Miller (https:/
/faculty.chicagobooth.e
du/eugene.fama/resear
ch/Theory%20of%20Fi
nance/The%20Theory
%20of%20Finance%2
0Preface%20and%20
Table%20of%20Conte
nts.pdf) : "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
(https://afajof.org/wp-c
ontent/uploads/files/his
torical-texts/guthmann
-dougall-1940-
ocr.pdf) : "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 (htt
ps://www.wiley.com/en
-in/Finance:+Capital+
Markets,+Financial+Ma
nagement,+and+Invest
ment+Management-p-
9780470407356) :
"Finance is the
application of
economic principles to
decision-making that
involves the allocation
:
 of money under
conditions of
uncertainty."
F.W. Paish (https://open
library.org/authors/OL1
637242A/Frank_Walter
_Paish) : "Finance may
be defined as the
position of money at
the time it is wanted".
John J. Hampton (https
://openlibrary.org/auth
ors/OL835181A/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 (htt
ps://www.worldcat.org/
oclc/976723372) :
"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 (https
://education.wbstrainin
g.com/pluginfile.php/2
808/mod_resource/co
ntent/1/PabloFernande
:
 z_Finance%20and%20
Financial%20Economic
s.pdf) : "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."
b. The discipline of financial
economics bridges the two
fields.
c. The first academic journal,
The Journal of Finance,
began publication in 1946.
d. 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

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ps://www.investopedia.com/
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:
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Further reading

Graham, Benjamin; Jason

Zweig (2003-07-08) [1949].
The Intelligent Investor (https://
:
 archive.org/details/harrypotterh
alfb00rowl_0) . Warren E.
Buffett (collaborator)
(2003 ed.). HarperCollins. front
cover. ISBN 0-06-055566-1.
Graham, Benjamin; Dodd, David
LeFevre (1934). Security
Analysis: The Classic 1934
Edition (https://books.google.c
om/books?id=wXlrnZ1uqK0C) .
McGraw-Hill Education.
ISBN 978-0-070-24496-2.
LCCN 34023635 (https://lccn.l
oc.gov/34023635) .
Rich Dad Poor Dad: What the
:
 Rich Teach Their Kids About
Money That the Poor and
Middle Class Do Not!, by
Robert Kiyosaki and Sharon
Lechter. Warner Business
Books, 2000. ISBN 0-446-
67745-0
Bogle, John Bogle (2007). The
Little Book of Common Sense
Investing: The Only Way to
Guarantee Your Fair Share of
Stock Market Returns (https://a
rchive.org/details/littlebookofco
mm00bogl) . John Wiley and
Sons. pp. 216 (https://archive.or
:
 g/details/littlebookofcomm00b
ogl/page/216) .
ISBN 9780470102107.
Buffett, W.; Cunningham, L.A.
(2009). The Essays of Warren
Buffett: Lessons for Investors
and Managers (https://books.g
oogle.com/books?id=njy3PQA
ACAAJ) . John Wiley & Sons
(Asia) Pte Limited. ISBN 978-
0-470-82441-2.
Stanley, Thomas J.; Danko, W.D.
(1998). The Millionaire Next
Door (https://books.google.com
/books?id=ldpaww5kkmoC) .
:
 Gallery Books. ISBN 978-0-
671-01520-6.
LCCN 98046515 (https://lccn.l
oc.gov/98046515) .
Soros, George (1988). The
Alchemy of Finance: Reading
the Mind of the Market (https://
books.google.com/books?id=J
DSii-QgejoC) . A Touchstone
book. Simon & Schuster.
ISBN 978-0-671-66238-7.
LCCN 87004745 (https://lccn.l
oc.gov/87004745) .
Fisher, Philip Arthur (1996).
Common Stocks and
:
 Uncommon Profits and Other
Writings (https://books.google.
com/books?id=UES-QgAACA
AJ) . Wiley Investment
Classics. Wiley. ISBN 978-0-
471-11927-2.
LCCN 95051449 (https://lccn.l
oc.gov/95051449) .

External links

Finance Definition (https://www

.investopedia.com/terms/f/finan
ce.asp) (Investopedia)
Hypertextual Finance Glossary
:
 (https://people.duke.edu/~char
vey/Classes/wpg/glossary.htm
) (Campbell Harvey)
Glossary of financial risk
management terms (https://ww
w.risk.net/glossary) (Risk.net)
Finance Glossary (http://www.v
ernimmen.com/Practice/Glossa
ry.php) (Vernimmen et. al.)
Corporate finance resources (ht
tp://pages.stern.nyu.edu/~ada
modar/) (Aswath Damodaran)
Financial management
resources (https://web.utk.edu/
:
 ~jwachowi/wacho_world.html)
(James Van Horne)
Personal finance resources (htt
ps://www.mymoney.gov/mymo
neyfive) (Financial Literacy
and Education Commission,
mymoney.gov)
Public finance resources (https:
//gsdrc.org/professional-dev/pu
blic-financial-management/)
Archived (https://web.archive.or
g/web/20230602184354/http
s://gsdrc.org/professional-dev/
public-financial-
management/) 2023-06-02
:
 at the Wayback Machine
(Governance and Social
Development Resource Centre,
gsdrc.org)
Risk management resources (ht
tps://globalriskinstitute.org/reso
urces/) (Global Risk Institute)

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