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104-728: The bureau was established on March 21, 2012, by the special Cabinet Decree #228 according to the provisions of the Aerial Code of Ukraine. As of April 2012, Oleg Babenko was the Bureau Director Bureau is headquartered in Kyiv at #14 Peremohy Ave. (highrise building of the Ministry of Infrastructure ). The NBAAI had requested that the Dutch Safety Board (DSB) participate in the international investigation of Malaysia Airlines Flight 17 ;

208-428: 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

312-431: 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

416-478: 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

520-710: 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

624-414: 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

728-447: 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

832-510: A secret political society, the Brotherhood of Saint Cyril and Methodius, whose members put forward the idea of a federation of free Slavic peoples with Ukrainians as a distinct and separate group rather than a subordinate part of the Russian nation; the Russian authorities quickly suppressed the society. Following the gradual loss of Ukraine's autonomy, Kyiv experienced growing Russification in

936-446: 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

1040-398: 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

1144-528: Is Vitali Klitschko , who was sworn in on 5 June 2014, after he had won the 25 May 2014 Kyiv mayoral elections with almost 57% of the votes. Since 25 June 2014, Klitschko is also Head of Kyiv City Administration . Klitschko was last reelected in the 2020 Kyiv local election with 50.52% of the votes, in the first round of the election. Most key buildings of the national government are along Hrushevskoho Street ( vulytsia Mykhaila Hrushevskoho ) and Institute Street ( vulytsia Instytutska ). Hrushevskoho Street

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1248-482: 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

1352-405: Is in the oblast council building on ploshcha Lesi Ukrainky ("Lesya Ukrainka Square"). The growing political and economic role of the city, combined with its international relations, as well as extensive internet and social network penetration , have made Kyiv the most pro-Western and pro-democracy region of Ukraine; (so called) National Democratic parties advocating tighter integration with

1456-436: 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

1560-444: 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

1664-572: Is named after the Ukrainian academician, politician, historian, and statesman Mykhailo Hrushevsky , who wrote an academic book titled: "Bar Starostvo: Historical Notes: XV–XVIII" about the history of Bar, Ukraine . That portion of the city is also unofficially known as the government quarter ( урядовий квартал ). The city state administration and council is in the Kyiv City council building on Khreshchatyk Street. The oblast state administration and council

1768-657: 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

1872-497: 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,

1976-471: 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

2080-485: 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

2184-536: Is the traditional English name for the city, but because of its historical derivation from the Russian name, Kiev lost favor with many Western media outlets after the outbreak of the Russo-Ukrainian War in 2014 in conjunction with the KyivNotKiev campaign launched by Ukraine to change the way that international media were spelling the city's name. The first known humans in the region of Kyiv lived there in

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2288-400: 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

2392-652: The Battle on the Irpen' River and conquered the city. The Tatars , who also claimed Kyiv, retaliated in 1324–1325, so while Kyiv was ruled by a Lithuanian prince, it had to pay tribute to the Golden Horde . Finally, as a result of the Battle of Blue Waters in 1362, Algirdas , Grand Duke of Lithuania, incorporated Kyiv and surrounding areas into the Grand Duchy of Lithuania . In 1482, Crimean Tatars sacked and burned much of Kyiv. At

2496-643: 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

2600-752: The Hudud al-'Alam . The texts of those authors were discovered by Russian orientalist Alexander Tumansky . The etymology of Sambat has been argued by many historians, including Grigoriy Ilyinsky , Nikolay Karamzin , Jan Potocki , Nikolay Lambin , Joachim Lelewel , and Guðbrandur Vigfússon . The Primary Chronicle states that at some point during the late 9th or early 10th century Askold and Dir, who may have been of Viking or Varangian descent, ruled in Kyiv. They were murdered by Oleg of Novgorod in 882, but some historians, such as Omeljan Pritsak and Constantine Zuckerman , dispute that, arguing that Khazar rule continued as late as

2704-693: The Polesia woodland ecological zone, a part of the European mixed woods area, and the East European forest steppe biome . However, the city's unique landscape distinguishes it from the surrounding region. Kyiv is completely surrounded by Kyiv Oblast . Originally on the west bank, today Kyiv is on both sides of the Dnieper , which flows southwards through the city towards the Black Sea . The older and higher western part of

2808-471: The Ptolemy world map there are several settlements indicated along the mid-stream of Borysthenes , among which is Azagarium, which some historians believe to be the predecessor to Kyiv. However, according to the 1773 Dictionary of Ancient Geography of Alexander Macbean , that settlement corresponds to the modern city of Chernobyl . Just south of Azagarium, there is another settlement, Amadoca, believed to be

2912-503: The UN 2011 evaluation, there were no risks of natural disasters in Kyiv and its metropolitan area . Kyiv has a warm-summer humid continental climate ( Köppen Dfb ). The warmest months are June, July, and August, with mean temperatures of 13.8 to 24.8 °C (56.8 to 76.6 °F). The coldest are December, January, and February, with mean temperatures of −4.6 to −1.1 °C (23.7 to 30.0 °F). The highest ever temperature recorded in

3016-525: The Varangians ( Vikings ) in the mid-9th century. Under Varangian rule, the city became a capital of Kievan Rus' , the first East Slavic state. Completely destroyed during the Mongol invasions in 1240, the city lost most of its influence for the centuries to come. Coming under Lithuania , then Poland and then Russia , the city would grow from a frontier market into an important centre of Orthodox learning in

3120-481: The destruction of Kyiv . These events had a profound effect on the future of the city and on the East Slavic civilization . Before Bogolyubsky's pillaging, Kyiv had had a reputation as one of the largest cities in the world, with a population exceeding 100,000 at the beginning of the 12th century. In the early 1320s, a Lithuanian army led by Grand Duke Gediminas defeated a Slavic army led by Stanislav of Kyiv at

3224-446: 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;

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3328-724: 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

3432-528: The 1920s Ukrainization as well as the migration of the rural Ukrainophone population made the Russophone city Ukrainian-speaking and bolstered the development of Ukrainian cultural life in the city; the Soviet industrialization that started in the late 1920s turned the city, a former centre of commerce and religion, into a major industrial, technological and scientific centre; the 1932–1933 Great Famine devastated

3536-483: The 19th century, by means of Russian migration, administrative actions, and social modernization. At the beginning of the 20th century the Russian-speaking part of the population dominated the city centre, while the lower classes living on the outskirts retained Ukrainian folk culture to a significant extent. However, enthusiasts among ethnic Ukrainian aristocrats, soldiers, and merchants made attempts to preserve

3640-495: The 2nd to the 4th centuries suggest trade relations with the eastern provinces of the Roman Empire . Notable archaeologists of the area around Kyiv include Vikentiy Khvoyka . Scholars continue to debate when the city was founded: The traditional founding date is 482 CE, so the city celebrated its 1,500th anniversary in 1982. Archaeological data indicates a founding in the sixth or seventh centuries, with some researchers dating

3744-518: The 920s, leaving historical documents such as the Kievan Letter and Schechter Letter . Other historians suggest that Magyar tribes ruled the city between 840 and 878, before migrating with some Khazar tribes to the Carpathian Basin . The Primary Chronicle mentions Hungarians passing near Kyiv. Askold's Grave was previously known as " Uhorske urochyshche " (Hungarian place). According to

3848-521: The Canadian Ukrainian linguist Jaroslav Rudnyckyj , the name can be connected to the Proto-Slavic root *kyjь , but should be interpreted as meaning 'stick, pole' as in its modern Ukrainian equivalent Кий . The name should in that case be interpreted as 'palisaded settlement'. Kyiv is the romanized official Ukrainian name for the city, and it is used for legislative and official acts. Kiev

3952-622: The DSB received formal notice of the accident from the NBAAI on 18 July 2014. The NBAAI delegated the investigation to the DSB because of the large number of Dutch passengers and the fact that the flight originated in Amsterdam . Kyiv Kyiv (also Kiev ) is the capital and most populous city of Ukraine . It is in north-central Ukraine along the Dnieper River . As of 1 January 2022, its population

4056-705: The Dnieper River forms a branching system of tributaries , isles, and harbors within the city limits. The city is close to the mouth of the Desna River and the Kyiv Reservoir in the north, and the Kaniv Reservoir in the south. Both the Dnieper and Desna rivers are navigable at Kyiv, although regulated by the reservoir shipping locks and limited by winter freeze-over. In total, there are 448 bodies of open water within

4160-595: The Empire and the major centre of commerce in its southwest. In the turbulent period following the 1917 Russian Revolution , Kyiv became the capital of several successive Ukrainian states and was caught in the middle of several conflicts: World War I , during which German soldiers occupied it from 2 March 1918 to November 1918, the Russian Civil War of 1917 to 1922, and the Polish–Soviet War of 1919–1921. During

4264-644: The European Union receive most votes during elections in Kyiv. In a poll conducted by the Kyiv International Institute of Sociology in the first half of February 2014, 5.3% of those polled in Kyiv believed "Ukraine and Russia must unite into a single state", nationwide this percentage was 12.5. The Dnieper River naturally divides Kyiv into the Right Bank and the Left Bank areas. Historically on

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4368-565: The Khazars". In De Administrando Imperio , Constantine Porphyrogenitus mentions a caravan of small cargo boats which assembled annually, and writes, "They come down the river Dnieper and assemble at the strong-point of Kyiv (Kioava), also called Sambatas". At least three Arabic-speaking 10th century geographers who traveled the area mention the city of Zānbat as the chief city of the Russes. Among them are ibn Rustah, Abu Sa'id Gardezi , and an author of

4472-560: The Kyiv Chronicle in the 12th century, and they were identified as old-Russian mythological heroes. The city of Kyiv stood on the trade route between the Varangians and the Greeks . In 968 the nomadic Pechenegs attacked and then besieged the city . By 1000 CE the city had a population of 45,000. In March 1169, Grand Prince Andrey Bogolyubsky of Vladimir-Suzdal sacked Kyiv , leaving

4576-670: The Soviet period, became the Bogomolets National Medical University in 1995. During the 18th and 19th centuries, the Imperial Russian Army and ecclesiastical authorities dominated city life; the Russian Orthodox Church had involvement in a significant part of Kyiv's infrastructure and commercial activity. In the late 1840s the historian, Mykola Kostomarov (Russian: Nikolai Kostomarov ), founded

4680-478: 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

4784-513: The aforementioned scholars the building of the fortress of Kyiv was finished in 840 under the leadership of Keő (Keve), Csák, and Geréb, three brothers, possibly members of the Tarján tribe . The three names appear in the Kyiv Chronicle as Kyi, Shchek, and Khoryv and may be not of Slavic origin, as Russian historians have always struggled to account for their meanings and origins. According to Hungarian historian Viktor Padányi, their names were inserted into

4888-501: 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

4992-449: The boundaries of Kyiv, which include the Dnieper itself, its reservoirs, and several small rivers, dozens of lakes and artificially created ponds. They occupy 7949 hectares. Additionally, the city has 16 developed beaches (totalling 140 hectares) and 35 near-water recreational areas (covering more than 1,000 hectares). Many are used for pleasure and recreation, although some of the bodies of water are not suitable for swimming. According to

5096-567: The buildings on the Khreshchatyk , the main street of the city, where German military and civil authorities had occupied most of the buildings; the buildings burned for days and 25,000 people were left homeless. Allegedly in response to the actions of the NKVD, the Germans rounded up all the local Jews they could find, nearly 34,000, and massacred them at Babi Yar in Kyiv on 29 and 30 September 1941. In

5200-579: 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,

5304-663: The capital of the Amadoci people living in an area between the marshes of Amadoca in the west and the Amadoca mountains in the east. Another name for Kyiv mentioned in history, the origin of which is not completely clear, is Sambat, which apparently has something to do with the Khazar Empire . The Primary Chronicle says the residents of Kyiv told Askold "there were three brothers Kyi, Shchek, and Khoriv. They founded this town and died, and now we are staying and paying taxes to their relatives

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5408-891: 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

5512-450: The city again suffered significant damage, and Nazi Germany occupied it from 19 September 1941 to 6 November 1943 . Axis forces killed or captured more than 600,000 Soviet soldiers in the great encircling Battle of Kyiv in 1941. Most of those captured never returned alive. Shortly after the Wehrmacht occupied the city, a team of NKVD officers who had remained hidden dynamited most of

5616-572: The city border the Polesian Lowland . Kyiv expanded into the Dnieper Lowland on the left bank ( to the east ) as late as the 20th century. The whole portion of Kyiv on the left bank of the Dnieper is generally referred to as the Left Bank ( Лівий берег , Livyi bereh ). Significant areas of the left bank Dnieper valley were artificially sand-deposited, and are protected by dams. Within the city

5720-456: The city is now he erected a cross, where a church later was built. Since the Middle Ages an image of Saint Michael has represented the city as well as the duchy . There is little historical evidence pertaining to the period when the city was founded. Scattered Slavic settlements existed in the area from the 6th century, but it is unclear whether any of them later developed into the city. On

5824-420: The city sits on numerous wooded hills ( Kyiv Hills ), with ravines and small rivers. Kyiv's geographical relief contributed to its toponyms , such as Podil ("lower"), Pechersk ("caves"), and uzviz (a steep street, "descent"). Kyiv is a part of the larger Dnieper Upland adjoining the western bank of the Dnieper in its mid-flow, and which contributes to the city's elevation change. The northern outskirts of

5928-472: The city was 39.4 °C (102.9 °F) on 30 July 1936. The coldest temperature ever recorded in the city was −32.9 °C (−27.2 °F) on 11 January 1951. Snow cover usually lies from mid-November to the end of March, with the frost-free period lasting 180 days on average, but surpassing 200 days in some years. The municipality of the city of Kyiv has a special legal status within Ukraine compared to

6032-432: The city was subdivided into 4 parts: Pechersk , Starokyiv, and the first and the second parts of Podil . In 1833–1834 according to Tsar Nicholas I 's decree, Kyiv was subdivided into 6 police raions ( districts ); later being increased to 10. In 1917, there were 8 Raion Councils ( Duma ), which were reorganised by bolsheviks into 6 Party-Territory Raions. Finance Finance refers to monetary resources and to

6136-458: The city. According to Oleg Trubachyov 's etymological dictionary from the Old East Slavic name *Kyjevŭ gordŭ (literally, "Kyi's castle", "Kyi's gord "), from Proto-Slavic *kyjevъ , This etymology has been questioned, for instance by Mykhailo Hrushevsky who called it an "etymological myth", and meant that the names of the legendary founders are in turn based on place names. According to

6240-682: The city. However, the prevailing south wind blew most of the radioactive debris away from Kyiv. In the course of the collapse of the Soviet Union the Ukrainian parliament proclaimed the Declaration of Independence of Ukraine in the city on 24 August 1991. In 2004–2005, the city played host to the largest post-Soviet public demonstrations up to that time, in support of the Orange Revolution . From November 2013 until February 2014, central Kyiv became

6344-440: The country . During the country's transformation to a market economy and electoral democracy , Kyiv has continued to be Ukraine's largest and wealthiest city. Its armament-dependent industrial output fell after the Soviet collapse, adversely affecting science and technology, but new sectors of the economy such as services and finance facilitated Kyiv's growth in salaries and investment, as well as providing continuous funding for

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6448-475: The development of housing and urban infrastructure. Kyiv emerged as the most pro-Western region of Ukraine; parties advocating tighter integration with the European Union dominate during elections . The traditional etymology, stemming from the Primary Chronicle , is that the name is a derivation of Kyi (Ukrainian: Кий , Russian: Кий , rom. : Ky or Kiy ), the legendary eponymous founder of

6552-461: 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

6656-591: The empire's most important religious figures, but until the 19th century, the city's commercial importance remained marginal. In 1834, the Russian government established Saint Vladimir University, now called the Taras Shevchenko National University of Kyiv after the Ukrainian poet Taras Shevchenko (1814–1861). (Shevchenko worked as a field researcher and editor for the geography department). The medical faculty of Saint Vladimir University, separated into an independent institution in 1919–1921 during

6760-672: 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

6864-510: 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

6968-416: 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

7072-410: 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

7176-451: 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,

7280-627: 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

7384-400: 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

7488-416: The founding as late as the late 9th century. There are several legendary accounts of the origin of the city. One tells of members of a Slavic tribe ( Eastern Polans ), brothers Kyi (the eldest, after whom the city was named), Shchek, Khoryv, and their sister Lybid, who founded the city (See the Primary Chronicle ). Another legend states that Saint Andrew passed through the area in the 1st century. Where

7592-659: 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

7696-506: 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

7800-444: 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

7904-648: The last three months of 1919, Kyiv was intermittently controlled by the White Army . Kyiv changed hands sixteen times from the end of 1918 to August 1920. From 1921 to 1991, the city formed part of the Ukrainian Soviet Socialist Republic , which became a founding republic of the Soviet Union in 1922. The major events that took place in Soviet Ukraine during the interwar period all affected Kyiv:

8008-481: The late paleolithic period ( Stone Age ). The population around Kyiv during the Bronze Age formed part of the so-called Trypillian culture , as evidenced by artifacts from that culture found in the area. During the early Iron Age certain tribes settled around Kyiv that practiced land cultivation, husbandry and trading with the Scythians and ancient states of the northern Black Sea coast. Findings of Roman coins of

8112-423: 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

8216-427: 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

8320-549: The months that followed, thousands more were taken to Babi Yar where they were shot. It is estimated that the Germans murdered more than 100,000 people of various ethnic groups, mostly civilians, at Babi Yar during World War II. Kyiv recovered economically in the post-war years, becoming once again the third-most important city of the Soviet Union. The catastrophic accident at the Chernobyl Nuclear Power Plant in 1986 occurred only 100 km (62 mi) north of

8424-521: The name of Kyi , one of its four legendary founders. During its history , Kyiv, one of the oldest cities in Eastern Europe, passed through several stages of prominence and obscurity. The city probably existed as a commercial center as early as the 5th century. A Slavic settlement on the great trade route between Scandinavia and Constantinople , Kyiv was a tributary of the Khazars , until its capture by

8528-558: The native culture in Kyiv, by clandestine book-printing, amateur theatre, folk studies, etc. During the Russian industrial revolution in the late 19th century, Kyiv became an important trade and transportation centre of the Russian Empire, specialising in sugar and grain export by railway and on the Dnieper river . By 1900, the city had also become a significant industrial centre, with a population of 250,000. Landmarks of that period include

8632-501: The old town and the prince's hall in ruins. He took many pieces of religious artwork - including the Theotokos of Vladimir icon - from Vyshhorod. In 1203, Prince Rurik Rostislavich and his Kipchak allies captured and burned Kyiv. In the 1230s, the city was besieged and ravaged several times by different Rus princes. The city had not recovered from these attacks when, in 1240, the Mongol invasion of Rus' , led by Batu Khan , completed

8736-542: The other administrative subdivisions of the country . The most significant difference is that the city is considered as a region of Ukraine (see Regions of Ukraine ). It is the only city that has double jurisdiction. The Head of City State Administration – the city's governor – is appointed by the president of Ukraine , while the Head of the City Council – the mayor of Kyiv – is elected by local popular vote. The mayor of Kyiv

8840-410: The part of the migrant population not registered for ration cards; and Joseph Stalin 's Great Purge of 1937–1938 almost eliminated the city's intelligentsia In 1934, Kyiv became the capital of Soviet Ukraine. The city boomed again during the years of Soviet industrialization as its population grew rapidly and many industrial giants were established, some of which exist today. In World War II ,

8944-444: 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

9048-510: The primary location of Euromaidan . During the onset of the Russian invasion of Ukraine in February 2022, Russian forces attempted to seize Kyiv but were repelled by Ukrainian forces on the outskirts of the city; Kyiv itself escaped major damage. Following the Russian retreat from the region in April 2022, Kyiv has been subject to frequent air strikes . Geographically, Kyiv is on the border of

9152-409: 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

9256-406: The railway infrastructure, the foundation of numerous educational and cultural facilities, and notable architectural monuments (mostly merchant-oriented). In 1892, the first electric tram line of the Russian Empire started running in Kyiv (the third in the world). Kyiv prospered during the late 19th century Industrial Revolution in the Russian Empire, when it became the third most important city of

9360-728: 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

9464-724: 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

9568-413: 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

9672-475: 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 ,

9776-672: The sixteenth century, and later of industry, commerce, and administration by the nineteenth. The city prospered again during the Russian Empire's Industrial Revolution in the late 19th century. In 1918, when the Ukrainian People's Republic declared independence from the Russian Republic after the October Revolution there, Kyiv became its capital. From the end of the Ukrainian-Soviet and Polish-Soviet wars in 1921, Kyiv

9880-775: The study and discipline of money , currency , assets and liabilities . 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 . 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,

9984-623: 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

10088-681: The time of the Lithuanian rule, the core of the city was located in Podil and there was a Lithuanian Kyiv Castle  [ uk ] with 18 towers on the Zamkova Hora which served as a residence of Vladimir Olgerdovich , Grand Prince of Kyiv , and subsequently of the Grand Dukes of Lithuania (e.g. Vytautas ). With the 1569 Union of Lublin , when the Polish–Lithuanian Commonwealth

10192-624: The treaty never went into operation. Occupied by Russian troops since the 1654 Treaty of Pereyaslav , Kyiv became a part of the Tsardom of Russia from 1667 on the Truce of Andrusovo and enjoyed a degree of autonomy. None of the Polish-Russian treaties concerning Kyiv have ever been ratified. In the Russian Empire , Kyiv was a primary Christian centre , attracting pilgrims , and the cradle of many of

10296-446: 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

10400-635: 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 ,

10504-556: The western right bank of the river, the city expanded into the left bank only in the 20th century. Most of Kyiv's attractions as well as the majority of business and governmental institutions are on the right bank. The eastern "Left Bank" is predominantly residential. There are large industrial and green areas in both the Right Bank and the Left Bank. Kyiv is further informally divided into historical or territorial neighbourhoods, each housing from about 5,000 to 100,000 inhabitants. The first known formal subdivision of Kyiv dates to 1810 when

10608-572: Was 2,952,301, making Kyiv the seventh-most populous city in Europe. Kyiv is an important industrial, scientific, educational, and cultural center in Eastern Europe . It is home to many high-tech industries, higher education institutions, and historical landmarks. The city has an extensive system of public transport and infrastructure, including the Kyiv Metro . The city's name is said to derive from

10712-483: Was a city of the Ukrainian SSR , and made its capital in 1934. The city suffered significant destruction during World War II but quickly recovered in the postwar years, remaining the Soviet Union 's third-largest city. Following the collapse of the Soviet Union and Ukrainian independence in 1991, Kyiv remained Ukraine's capital and experienced a steady influx of ethnic Ukrainian migrants from other regions of

10816-721: Was established, the Lithuanian-controlled lands of the Kyiv region ( Podolia , Volhynia , and Podlachia ) were transferred from the Grand Duchy of Lithuania to the Crown of the Kingdom of Poland , and Kyiv became the capital of Kyiv Voivodeship . The 1658 Treaty of Hadiach envisaged Kyiv becoming the capital of the Grand Duchy of Rus' within the Polish–Lithuanian–Ruthenian Commonwealth , but this provision of

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