Misplaced Pages

#366633

108-453: Philippe Gaulier is a French master clown, pedagogue, and professor of theatre. He is the founder of École Philippe Gaulier, a French theatre school in Étampes , outside Paris . He studied under Jacques Lecoq in the mid-1960s and was an instructor at L'École Internationale de Théâtre Jacques Lecoq in the late 1970s. As well as performing as a clown , he is also a playwright and director . He has published The Tormentor ( Le Gégèneur ),

216-752: A Proto-Celtic form reconstructed as * kwar-is-io -. Alternatively, Pierre-Yves Lambert proposed to translate Parisii as the 'spear people', by connecting the first element to the Old Irish carr ('spear'), derived from an earlier * kwar-sā . In any case, the city's name is not related to the Paris of Greek mythology . Residents of the city are known in English as Parisians and in French as Parisiens ( [paʁizjɛ̃] ). They are also pejoratively called Parigots ( [paʁiɡo] ). The Parisii ,

324-406: A book discussing his thoughts on the theatre and containing exercises designed to develop an actor's skill. Gaulier is known for performing both clown and bouffon comic genres and is thought by some to be the world's leading authority on the "Bouffon", a comic genre he holds as a sort of inverted clown, where a balance is struck between grotesqueness and charm. Gaulier's methodology of teaching

432-428: 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

540-530: A fair amount of sunshine. Each year there are a few days when the temperature rises above 32 °C (90 °F). Longer periods of more intense heat sometimes occur, such as the heat wave of 2003 when temperatures exceeded 30 °C (86 °F) for weeks, reached 40 °C (104 °F) on some days, and rarely cooled down at night. Spring and autumn have, on average, mild days and cool nights, but are changing and unstable. Surprisingly warm or cool weather occurs frequently in both seasons. In winter, sunshine

648-431: 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

756-702: A huge and emotional crowd down the Champs Élysées towards Notre Dame de Paris and made a rousing speech from the Hôtel de Ville . In the 1950s and the 1960s, Paris became one front of the Algerian War for independence; in August 1961, the pro-independence FLN targeted and killed 11 Paris policemen, leading to the imposition of a curfew on Muslims of Algeria (who, at that time, were French citizens). On 17 October 1961, an unauthorised but peaceful protest demonstration of Algerians against

864-478: 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, suggest that an individual will understand a potentially secure personal finance plan after: Corporate finance deals with the actions that managers take to increase the value of

972-710: A long-term strategic perspective regarding investment decisions that affect public entities. These long-term strategic periods typically encompass five or more years. Public finance is primarily concerned with: 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

1080-414: A mix of an art and science , and there are ongoing related efforts to organize a list of unsolved problems in finance . Managerial finance 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

1188-447: 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. The origin of finance can be traced to the beginning of state formation and trade during

SECTION 10

#1733122749367

1296-446: A sophisticated mathematical model is required, 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: 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

1404-755: A sub-tribe of the Celtic Senones , inhabited the Paris area from around the middle of the 3rd century BC. One of the area's major north–south trade routes crossed the Seine on the Île de la Cité , which gradually became an important trading centre. The Parisii traded with many river towns (some as far away as the Iberian Peninsula) and minted their own coins. The Romans conquered the Paris Basin in 52 BC and began their settlement on Paris's Left Bank . The Roman town

1512-398: 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

1620-517: Is Montmartre at 130 m (427 ft). Excluding the outlying parks of Bois de Boulogne and Bois de Vincennes , Paris covers an oval measuring about 87 km (34 sq mi) in area, enclosed by the 35 km (22 mi) ring road, the Boulevard Périphérique . Paris' last major annexation of outlying territories in 1860 gave it its modern form, and created the 20 clockwise-spiralling arrondissements (municipal boroughs). From

1728-767: Is 450 km (280 mi) southeast of London, 287 km (178 mi) south of Calais , 305 km (190 mi) southwest of Brussels , 774 km (481 mi) north of Marseille , 385 km (239 mi) northeast of Nantes , and 135 km (84 mi) southeast of Rouen . Paris has an oceanic climate within the Köppen climate classification , typical of western Europe. This climate type features cool winters, with frequent rain and overcast skies, and mild to warm summers. Very hot and very cold temperatures and weather extremes are rare in this type of climate. Summer days are usually mild and pleasant, with average temperatures between 15 and 25 °C (59 and 77 °F), and

1836-482: 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. As financial theory has roots in many disciplines, including mathematics, statistics, economics, physics, and psychology, it can be considered

1944-719: Is derived from its early inhabitants, the Parisii , a Gallic tribe from the Iron Age and the Roman period . The meaning of the Gaulish ethnonym remains debated. According to Xavier Delamarre , it may derive from the Celtic root pario- ('cauldron'). Alfred Holder interpreted the name as 'the makers' or 'the commanders', by comparing it to the Welsh peryff ('lord, commander'), both possibly descending from

2052-430: Is designed to allow the student to develop their own beauty and the pleasure of being on stage. For example, with the clown, he helps students uncover their own clown. There are philosophical principles involved, but his training is not mired in technicalities. "I don't teach a special style; what I teach more is a wonderful spirit. People have to develop a way of being beautiful and surprising." By beauty he means "anyone in

2160-436: 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 , 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

2268-444: Is mathematics that is actually important in this new scenario 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

SECTION 20

#1733122749367

2376-657: 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. 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

2484-497: 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. As outlined, finance comprises, broadly,

2592-440: Is scarce. Days are cool, and nights are cold but generally above freezing, with low temperatures around 3 °C (37 °F). Light night frosts are quite common, but the temperature seldom dips below −5 °C (23 °F). Paris sometimes sees light snow or flurries with or without accumulation. Paris has an average annual precipitation of 641 mm (25.2 in), and experiences light rainfall distributed evenly throughout

2700-590: Is the capital and largest city of France . With an estimated population of 2,102,650 residents in January 2023 in an area of more than 105 km (41 sq mi), Paris is the fourth-largest city in the European Union and the 30th most densely populated city in the world in 2022. Since the 17th century, Paris has been one of the world's major centres of finance , diplomacy , commerce , culture , fashion , and gastronomy . Because of its leading role in

2808-471: 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 , and produces many of the commonly employed financial models . ( Financial econometrics is the branch of financial economics that uses econometric techniques to parameterize

2916-485: 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. Financial risk management is related to corporate finance 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

3024-400: 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 three primary areas: The latter creates the link with investment banking and securities trading , as above, in that

3132-643: 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

3240-599: The Champs-Élysées extended the city west to Étoile , while the working-class neighbourhood of the Faubourg Saint-Antoine on the eastern side of the city grew increasingly crowded with poor migrant workers from other regions of France. Paris was the centre of an explosion of philosophic and scientific activity, known as the Age of Enlightenment . Diderot and D'Alembert published their Encyclopédie in 1751, before

3348-785: The College of Sorbonne , and a palace for himself, the Palais-Cardinal . After Richelieu's death in 1642, it was renamed the Palais-Royal . Due to the Parisian uprisings during the Fronde civil war, Louis XIV moved his court to a new palace, Versailles , in 1682. Although no longer the capital of France, arts and sciences in the city flourished with the Comédie-Française , the Academy of Painting, and

Philippe Gaulier - Misplaced Pages Continue

3456-634: The European Space Agency , the European Banking Authority and the European Securities and Markets Authority . The football club Paris Saint-Germain and the rugby union club Stade Français are based in Paris. The 81,000-seat Stade de France , built for the 1998 FIFA World Cup , is located just north of Paris in the neighbouring commune of Saint-Denis . Paris hosts the annual French Open Grand Slam tennis tournament on

3564-707: The French Academy of Sciences . To demonstrate that the city was safe from attack, the king had the city walls demolished and replaced with tree-lined boulevards that would become the Grands Boulevards . Other marks of his reign were the Collège des Quatre-Nations , the Place Vendôme , the Place des Victoires , and Les Invalides . Paris grew in population from about 400,000 in 1640 to 650,000 in 1780. A new boulevard named

3672-640: The Grand Paris project, to integrate Paris more closely with the towns in the region around it. After many modifications, the new area, named the Metropolis of Grand Paris , with a population of 6.7 million, was created on 1 January 2016. In 2011, the City of Paris and the national government approved the plans for the Grand Paris Express , totalling 205 km (127 mi) of automated metro lines to connect Paris,

3780-484: The Montgolfier Brothers launched the first manned flight in a hot air balloon on 21 November 1783. Paris was the financial capital of continental Europe, as well the primary European centre for book publishing, fashion and the manufacture of fine furniture and luxury goods. On 22 October 1797, Paris was also the site of the first parachute jump in history, by Garnerin . In the summer of 1789, Paris became

3888-517: The Paris Commune held power for two months, before being harshly suppressed by the French army during the " Bloody Week " at the end of May 1871. In the late 19th century, Paris hosted two major international expositions: the 1889 Universal Exposition , which featured the new Eiffel Tower, was held to mark the centennial of the French Revolution; and the 1900 Universal Exposition gave Paris

3996-579: The Pont Alexandre III , the Grand Palais , the Petit Palais and the first Paris Métro line. Paris became the laboratory of Naturalism ( Émile Zola ) and Symbolism ( Charles Baudelaire and Paul Verlaine ), and of Impressionism in art ( Courbet , Manet , Monet , Renoir ). By 1901, the population of Paris had grown to about 2,715,000. At the beginning of the century, artists from around

4104-611: The Pont des Arts . During the Restoration , the bridges and squares of Paris were returned to their pre-Revolution names; the July Revolution in 1830 (commemorated by the July Column on the Place de la Bastille ) brought to power a constitutional monarch, Louis Philippe I . The first railway line to Paris opened in 1837, beginning a new period of massive migration from the provinces to

4212-750: The Seine in the city centre has been classified as a UNESCO World Heritage Site since 1991. Paris is home to several United Nations organizations including UNESCO, as well as other international organizations such as the OECD , the OECD Development Centre , the International Bureau of Weights and Measures , the International Energy Agency , the International Federation for Human Rights , along with European bodies such as

4320-597: The Siege of Paris (885–886) , for which the then Count of Paris ( comte de Paris ), Odo of France , was elected king of West Francia . From the Capetian dynasty that began with the 987 election of Hugh Capet , Count of Paris and Duke of the Franks ( duc des Francs ), as king of a unified West Francia, Paris gradually became the largest and most prosperous city in France. By the end of

4428-454: The arts and sciences and its early adaptation of extensive street lighting, it became known as the City of Light in the 19th century. The City of Paris is the centre of the Île-de-France region , or Paris Region, with an official estimated population of 12,271,794 inhabitants in January 2023, or about 19% of the population of France. The Paris Region had a nominal GDP of €765 billion (US$ 1.064 trillion when adjusted for PPP ) in 2021,

Philippe Gaulier - Misplaced Pages Continue

4536-446: 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;

4644-724: The numerical methods applied here. Experimental finance 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

4752-473: The Île Saint-Louis and the larger Île de la Cité , which form the oldest part of Paris. The river's mouth on the English Channel ( La Manche ) is about 233 mi (375 km) downstream from Paris. Paris is spread widely on both banks of the river. Overall, Paris is relatively flat, and the lowest point is 35 m (115 ft) above sea level . Paris has several prominent hills, the highest of which

4860-512: The 12th century, Paris had become the political, economic, religious, and cultural capital of France. The Palais de la Cité , the royal residence, was located at the western end of the Île de la Cité. In 1163, during the reign of Louis VII , Maurice de Sully , bishop of Paris, undertook the construction of the Notre Dame Cathedral at its eastern extremity. After the marshland between the river Seine and its slower 'dead arm' to its north

4968-499: The 1860 area of 78 km (30 sq mi), the city limits were expanded marginally to 86.9 km (33.6 sq mi) in the 1920s. In 1929, the Bois de Boulogne and Bois de Vincennes forest parks were annexed to the city, bringing its area to about 105 km (41 sq mi). The metropolitan area is 2,300 km (890 sq mi). Measured from the 'point zero' in front of its Notre-Dame cathedral , Paris by road

5076-704: The Frank , the first king of the Merovingian dynasty , made the city his capital from 508. As the Frankish domination of Gaul began, there was a gradual immigration by the Franks to Paris and the Parisian Francien dialects were born. Fortification of the Île de la Cité failed to avert sacking by Vikings in 845 , but Paris's strategic importance—with its bridges preventing ships from passing—was established by successful defence in

5184-601: The French police and gendarmes arrested 12,884 Jews, including 4,115 children, and confined them during five days at the Vel d'Hiv ( Vélodrome d'Hiver ), from which they were transported by train to the extermination camp at Auschwitz . None of the children came back. On 25 August 1944, the city was liberated by the French 2nd Armoured Division and the 4th Infantry Division of the United States Army . General Charles de Gaulle led

5292-515: The Place Royale, now Place des Vosges . In spite of Henry IV's efforts to improve city circulation, the narrowness of Paris's streets was a contributing factor in his assassination near Les Halles marketplace in 1610. During the 17th century, Cardinal Richelieu , chief minister of Louis XIII , was determined to make Paris the most beautiful city in Europe. He built five new bridges, a new chapel for

5400-574: The Revolution, but after 1799 it surged with 160,000 new residents, reaching 660,000 by 1815. Napoleon replaced the elected government of Paris with a prefect that reported directly to him. He began erecting monuments to military glory, including the Arc de Triomphe , and improved the neglected infrastructure of the city with new fountains, the Canal de l'Ourcq , Père Lachaise Cemetery and the city's first metal bridge,

5508-670: The Tuileries Palace. In 1793, as the revolution turned increasingly radical, the king, queen and mayor were beheaded by guillotine in the Reign of Terror , along with more than 16,000 others throughout France. The property of the aristocracy and the church was nationalised , and the city's churches were closed, sold or demolished. A succession of revolutionary factions ruled Paris until 9 November 1799 ( coup d'état du 18 brumaire ), when Napoleon Bonaparte seized power as First Consul. The population of Paris had dropped by 100,000 during

SECTION 50

#1733122749367

5616-478: 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 emphasizes

5724-501: The behavior of people in artificial, competitive, market-like settings. Behavioral finance studies how the psychology of investors or managers affects financial decisions and markets 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. Behavioral finance has grown over

5832-579: 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 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, risk management focuses on managing, and as necessary hedging,

5940-460: The capital of France, was the most populous city of Europe. By comparison, London in 1300 had 80,000 inhabitants. By the early fourteenth century, so much filth had collected inside urban Europe that French and Italian cities were naming streets after human waste. In medieval Paris, several street names were inspired by merde , the French word for "shit". During the Hundred Years' War , Paris

6048-891: 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 describes finance as related to sovereign states, sub-national entities, and related public entities or agencies. It generally encompasses

6156-664: The centre stage of the French Revolution . On 14 July, a mob seized the arsenal at the Invalides , acquiring thousands of guns, with which it stormed the Bastille , a principal symbol of royal authority. The first independent Paris Commune , or city council, met in the Hôtel de Ville and elected a Mayor , the astronomer Jean Sylvain Bailly , on 15 July. Louis XVI and the royal family were brought to Paris and incarcerated in

6264-510: The city's subway system, the Paris Métro , serves 5.23   million passengers daily. It is the second-busiest metro system in Europe after the Moscow Metro . Gare du Nord is the 24th-busiest railway station in the world and the busiest outside Japan , with 262   million passengers in 2015. Paris has one of the most sustainable transportation systems and is one of only two cities in

6372-529: The city. In 1848, Louis-Philippe was overthrown by a popular uprising in the streets of Paris. His successor, Napoleon III , alongside the newly appointed prefect of the Seine, Georges-Eugène Haussmann , launched a huge public works project to build wide new boulevards, a new opera house, a central market, new aqueducts, sewers and parks, including the Bois de Boulogne and Bois de Vincennes . In 1860, Napoleon III annexed

6480-402: The curfew led to violent confrontations between the police and demonstrators, in which at least 40 people were killed. The anti-independence Organisation armée secrète (OAS) carried out a series of bombings in Paris throughout 1961 and 1962. In May 1968, protesting students occupied the Sorbonne and put up barricades in the Latin Quarter . Thousands of Parisian blue-collar workers joined

6588-461: The economy. 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

SECTION 60

#1733122749367

6696-672: 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

6804-510: 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

6912-416: The field. 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

7020-410: 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, and this area

7128-443: The first Bishop of Paris: according to legend, when he refused to renounce his faith before the Roman occupiers, he was beheaded on the hill which became known as Mons Martyrum (Latin "Hill of Martyrs"), later " Montmartre ", from where he walked headless to the north of the city; the place where he fell and was buried became an important religious shrine, the Basilica of Saint-Denis , and many French kings are buried there. Clovis

7236-451: 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,

7344-414: The first socialist mayor. He was re-elected in March 2008. In 2007, in an effort to reduce car traffic, he introduced the Vélib' , a system which rents bicycles. Bertrand Delanoë also transformed a section of the highway along the Left Bank of the Seine into an urban promenade and park, the Promenade des Berges de la Seine , which he inaugurated in June 2013. In 2007, President Nicolas Sarkozy launched

7452-627: 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. 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

7560-400: 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

7668-453: The front line at the First Battle of the Marne . The city was also bombed by Zeppelins and shelled by German long-range guns . In the years after the war, known as Les Années Folles , Paris continued to be a mecca for writers, musicians and artists from around the world, including Ernest Hemingway , Igor Stravinsky , James Joyce , Josephine Baker , Eva Kotchever , Henry Miller , Anaïs Nin , Sidney Bechet and Salvador Dalí . In

7776-708: The fundamental risk mitigant here, investment managers will apply various hedging techniques as appropriate, 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—also referred to as "mathematical finance"—includes those finance activities where

7884-419: The grip of pleasure or freedom". In this, his approach notably differs from that of his teacher, the famous late master 'bouffon' Jacques Lecoq, who some criticised as being overly doctrinaire. "You can always tell a Lecoq student," Gaulier states. "Too much emphasis on image." Philippe Gaulier's way into acting (i.e. he also teaches Shakespeare , Chekhov , melodrama , farce ) is also thoroughly grounded in

7992-506: The heart of investment management 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: 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

8100-540: The highest in the European Union. According to the Economist Intelligence Unit Worldwide Cost of Living Survey, in 2022, Paris was the city with the ninth-highest cost of living in the world. Paris is a major railway, highway, and air-transport hub served by two international airports: Charles de Gaulle Airport , the third-busiest airport in Europe , and Orly Airport . Opened in 1900,

8208-473: The innermost three departments around Paris, airports and high-speed rail (TGV) stations, at an estimated cost of €35 billion. The system is scheduled to be completed by 2030. In January 2015, Al-Qaeda in the Arabian Peninsula claimed attacks across the Paris region. 1.5 million people marched in Paris in a show of solidarity against terrorism and in support of freedom of speech. In November of

8316-444: The last few decades to become an integral aspect of finance. Behavioral finance includes such topics as: 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 involves applying quantum mechanical approaches to financial theory, providing novel methods and perspectives in

8424-612: The late 12th century, Philip Augustus extended the Louvre fortress to defend the city against river invasions from the west, gave the city its first walls between 1190 and 1215, rebuilt its bridges to either side of its central island, and paved its main thoroughfares. In 1190, he transformed Paris's former cathedral school into a student-teacher corporation that would become the University of Paris and would draw students from all of Europe. With 200,000 inhabitants in 1328, Paris, then already

8532-423: The late 19th century, the global financial system was formed. In the middle of the 20th century, finance emerged as a distinct academic discipline, separate from economics. The earliest doctoral programs in finance were established in the 1960s and 1970s. Today, finance is also widely studied through career -focused undergraduate and master's level programs. As outlined, the financial system consists of

8640-427: The latter, as above, are about optimizing the overall financial structure, including its impact on working capital. Key aspects of managerial finance thus include: 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

8748-682: The modern city of Paris was first mentioned in the mid-1st century BC by Julius Caesar as Luteciam Parisiorum (' Lutetia of the Parisii ') and is later attested as Parision in the 5th century AD, then as Paris in 1265. During the Roman period, it was commonly known as Lutetia or Lutecia in Latin, and as Leukotekía in Greek, which is interpreted as either stemming from the Celtic root *lukot- ('mouse'), or from * luto- ('marsh, swamp'). The name Paris

8856-705: The new site of the Bibliothèque nationale de France (1996), the Arche de la Défense (1985–1989) in La Défense , as well as the Louvre Pyramid with its underground courtyard (1983–1989); Jacques Chirac (2006), the Musée du quai Branly . In the early 21st century, the population of Paris began to increase slowly again, as more young people moved into the city. It reached 2.25 million in 2011. In March 2001, Bertrand Delanoë became

8964-444: 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 . Abstractly, finance is concerned with the investment and deployment of assets and liabilities over "space and time"; i.e., it

9072-479: The principle of Le Jeu (the game). Founded in 1980, the École Philippe Gaulier is a theatre workshop based around play or 'Le Jeu' being the core of making and performing theatre. It promotes the theory that acting is a child's game played with great pleasure and dexterity that forms a rapport with the audience by speaking to their imagination. In 1991, the Arts Council England persuaded Gaulier to move

9180-409: 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

9288-728: 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. 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. Shortly after, cities in Classical Greece , such as Aegina , Athens , and Corinth , started minting their own coins between 595 and 570 BCE. During

9396-536: The red clay of Roland Garros . Paris hosted the 1900 , the 1924 , and the 2024 Summer Olympics . The 1938 and 1998 FIFA World Cups , the 2019 FIFA Women's World Cup , the 2007 Rugby World Cup , as well as the 1960 , 1984 and 2016 UEFA European Championships were held in Paris. Every July, the Tour de France bicycle race finishes on the Avenue des Champs-Élysées in Paris. The ancient oppidum that corresponds to

9504-724: The related Environmental finance , address the financial strategies, resources and instruments used in climate change mitigation . Investment management 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

9612-413: The relationships suggested.) The discipline has two main areas of focus: 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: Financial mathematics is the field of applied mathematics concerned with financial markets ; Louis Bachelier's doctoral thesis , defended in 1900, is considered to be

9720-559: The same year, terrorist attacks , claimed by ISIL, killed 130 people and injured more than 350. On 22 April 2016, the Paris Agreement was signed by 196 nations of the United Nations Framework Convention on Climate Change in an aim to limit the effects of climate change below 2 °C. Paris is located in northern central France, in a north-bending arc of the river Seine , whose crest includes two islands,

9828-475: 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 ,

9936-629: The students, and the movement grew into a two-week general strike. Supporters of the government won the June elections by a large majority. The May 1968 events in France resulted in the break-up of the University of Paris into 13 independent campuses. In 1975, the National Assembly changed the status of Paris to that of other French cities and, on 25 March 1977, Jacques Chirac became the first elected mayor of Paris since 1793. The Tour Maine-Montparnasse ,

10044-585: The surrounding towns and created eight new arrondissements, expanding Paris to its current limits. During the Franco-Prussian War (1870–1871), Paris was besieged by the Prussian Army . Following several months of blockade, hunger, and then bombardment by the Prussians, the city was forced to surrender on 28 January 1871. After seizing power in Paris on 28 March, a revolutionary government known as

10152-460: The tallest building in the city at 57 storeys and 210 m (689 ft) high, was built between 1969 and 1973. It was highly controversial, and it remains the only building in the centre of the city over 32 storeys high. The population of Paris dropped from 2,850,000 in 1954 to 2,152,000 in 1990, as middle-class families moved to the suburbs. A suburban railway network, the RER (Réseau Express Régional),

10260-623: 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 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 . Personal finance may also involve paying for

10368-529: The throne Henry IV , after converting to Catholicism to gain entry to the capital, entered the city in 1594 to claim the crown of France. This king made several improvements to the capital during his reign: he completed the construction of Paris's first uncovered, sidewalk-lined bridge, the Pont Neuf , built a Louvre extension connecting it to the Tuileries Palace , and created the first Paris residential square,

10476-446: 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. The Code of Hammurabi (1792–1750 BCE) included laws governing banking operations. The Babylonians were accustomed to charging interest at

10584-635: 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 ,

10692-488: The world including Pablo Picasso , Modigliani , and Henri Matisse made Paris their home. It was the birthplace of Fauvism , Cubism and abstract art , and authors such as Marcel Proust were exploring new approaches to literature. During the First World War , Paris sometimes found itself on the front line; 600 to 1,000 Paris taxis played a small but highly important symbolic role in transporting 6,000 soldiers to

10800-660: The world that received the Sustainable Transport Award twice. Paris is known for its museums and architectural landmarks: the Louvre received 8.9   million visitors in 2023, on track for keeping its position as the most-visited art museum in the world. The Musée d'Orsay , Musée Marmottan Monet and Musée de l'Orangerie are noted for their collections of French Impressionist art. The Pompidou Centre , Musée National d'Art Moderne , Musée Rodin and Musée Picasso are noted for their collections of modern and contemporary art . The historical district along

10908-401: The year. Paris is known for intermittent, abrupt, heavy showers. The highest recorded temperature was 42.6 °C (108.7 °F), on 25 July 2019. The lowest was −23.9 °C (−11.0 °F), on 10 December 1879. For almost all of its long history, except for a few brief periods, Paris was governed directly by representatives of the king, emperor, or president of France. In 1974, Paris

11016-472: The years after the peace conference , the city was also home to growing numbers of students and activists from French colonies and other Asian and African countries, who later became leaders of their countries, such as Ho Chi Minh , Zhou Enlai and Léopold Sédar Senghor . On 14 June 1940, the German army marched into Paris, which had been declared an " open city ". On 16–17 July 1942, following German orders,

11124-959: The École Philippe Gaulier to the United Kingdom, where it was based for eleven years until 2002. In 2005, it reopened back in Sceaux, Hauts-de-Seine , until 2011, when it moved again, this time to Étampes , where it opened in summer 2011. Organised by Small Nose Productions, Philippe returns to the UK once a year to runs workshops at Trestle Arts Base in St Albans, Herts. Sacha Baron Cohen , Emma Thompson , Helena Bonham Carter , Roberto Benigni , Simon McBurney , Kathryn Hunter and Viggo Venn number among his students. Hillary Clinton and daughter Chelsea Clinton travelled to Paris and interviewed Gaulier for their 2022 Apple TV + Series. Paris Paris ( French pronunciation: [paʁi] )

11232-703: Was built to complement the Métro; the Périphérique expressway encircling the city, was completed in 1973. Most of the postwar presidents of the Fifth Republic wanted to leave their own monuments in Paris; President Georges Pompidou started the Centre Georges Pompidou (1977), Valéry Giscard d'Estaing began the Musée d'Orsay (1986); President François Mitterrand had the Opéra Bastille built (1985–1989),

11340-519: Was filled in from around the 10th century, Paris's cultural centre began to move to the Right Bank. In 1137, a new city marketplace (today's Les Halles ) replaced the two smaller ones on the Île de la Cité and Place de Grève (Place de l'Hôtel de Ville) . The latter location housed the headquarters of Paris's river trade corporation, an organisation that later became, unofficially (although formally in later years), Paris's first municipal government. In

11448-770: Was granted municipal autonomy by the National Assembly. The first modern elected mayor of Paris was Jacques Chirac , elected March 1977, becoming the city's first mayor since 1871 and only the fourth since 1794. The current mayor is Anne Hidalgo , a socialist , first elected in April 2014 , and re-elected in June 2020 . 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,

11556-611: Was occupied by England-friendly Burgundian forces from 1418, before being occupied outright by the English when Henry V of England entered the French capital in 1420; in spite of a 1429 effort by Joan of Arc to liberate the city, it would remain under English occupation until 1436. In the late 16th-century French Wars of Religion , Paris was a stronghold of the Catholic League , the organisers of 24 August 1572 St. Bartholomew's Day massacre in which thousands of French Protestants were killed. The conflicts ended when pretender to

11664-542: Was originally called Lutetia (more fully, Lutetia Parisiorum , "Lutetia of the Parisii", modern French Lutèce ). It became a prosperous city with a forum, baths, temples, theatres, and an amphitheatre . By the end of the Western Roman Empire , the town was known as Parisius , a Latin name that would later become Paris in French. Christianity was introduced in the middle of the 3rd century AD by Saint Denis ,

#366633