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101-579: Born in A Coruña , Spain , son of Carlos Dato y Granados (himself the son of Carlos Dato Camacho y Marín and wife Cayetana Ruperta Granados y García , de Vivancos e Acosta ) and wife Rosa Lorenza Iradier e Arce, of Galician descent. He graduated in Law at the Complutense University in 1875. He opened his law office two years later. Elected to the Spanish parliament in 1883, he became Under-secretary for

202-456: A Spanish prime minister in less than a decade; in 1912 José Canalejas had been killed similarly. King Alfonso XIII of Spain posthumously made him a duke by bestowing the title "Duchess of Dato" on his widow. Dato was conferred with the following honours: He married María del Carmen de Barrenechea y Montegui , Dame of the Order of Noble Dames of Queen Maria Luisa of Spain and Grand Cross of

303-428: 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

404-505: A city with a population of fewer than 250,000 inhabitants. The plan is to put a covenant on the land and to encourage a civic consultation on redevelopment of the site. The current mayor is Inés Rey of PSdeG-PSOE . After the War of Independence (1808–1814), the fortunes of Ferrol began to deteriorate. The largest port in northern Spain, site of the Reales Astilleros de Esteiro , one of

505-547: A few garrisons, and the city was no more than a village amidst Roman ruins, the invaders showed the same lack of interest in the ruined city as they did generally for the region. As the city began to recover during the Middle Ages the main problem for the inhabitants was the Norman raids, as well as the ever-present threat of raids ( razzias ) from Al-Andalus to the south. During the 9th century there were several Viking attacks on

606-431: 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

707-514: A large gulf on the Atlantic Ocean. It is the main industrial and financial centre of northern Galicia, and holds the headquarters of the Universidade da Coruña . A Coruña is the Spanish city featuring the tallest mean-height of buildings, also featuring a population density of 21,972 inhabitants per square kilometre (56,910/sq mi) of built land area. There is no clear evidence as to what

808-478: 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

909-710: 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

1010-438: A massive influx of Galician-speaking rural dwellers, into their quickly developed neighbourhoods. The period between 1960 and 1980 saw a big transformation in most areas of the city from being agricultural dwellings to urban districts. The international oil shocks of the mid and late 1970s severely disrupted the economy, causing many bankruptcies and high unemployment until the mid-1980s, when slower but steady economic development

1111-414: 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

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1212-490: A population density of around 6,700 inhabitants per square kilometer. In 2010, there were 12,344 foreigners living in the city, representing 5% of the total population. The main nationalities are Brazilians (10%), Colombians (8%) and Peruvians (7%). By language, according to 2008 data, 7.75% of the population speak Galician as a primary language, 36% speak Spanish and the rest use both interchangeably. The A Coruña metropolitan area has 431,332 inhabitants. The city

1313-447: 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

1414-582: A similar rate to other major Galician cities, but it was after the death of Francisco Franco when the city of A Coruña (and Vigo) left all the other Galician cities behind. The meteoric increase in the population of the City of A Coruña during the years which followed the Spanish Civil War in the mid-20th century was accompanied by the decline in the villages and hamlets of the province as it industrialized. The municipality of A Coruña has 247,604 inhabitants and

1515-446: 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

1616-398: 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

1717-547: Is a city and municipality in Galicia , Spain. It is Galicia's second largest city, behind Vigo . The city is the provincial capital of the province of A Coruña , having also served as political capital of the Kingdom of Galicia from the 16th to the 19th centuries, and as a regional administrative centre between 1833 and 1982. A Coruña is located on a promontory in the Golfo Ártabro ,

1818-529: Is a street in present A Coruña called "Calle de la Sinagoga", or "synagogue street", which is believed to be the street where the synagogue once stood. During the Modern period , the city was a port and centre for the manufacturing of textiles. In 1520, king Carlos I of Spain , met in the courts of A Coruña and embarked from its harbour to be elected Emperor of the Holy Roman Empire (as Charles V). He allowed

1919-482: 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

2020-596: Is another town named Coruña in Burgos Province . A more likely possibility is that the name simply means "The Crown", which in Galician is A Coroa and in Spanish is La Corona . It seems less likely that it traces back to the Galician clunia . The name is reputedly from the Greek Κορώνα (Crown), referring to the crown of Geryon that was buried by Hercules under the lighthouse he built to his honour. The hero Hercules slew

2121-452: Is in a constant decline, in favor of the official and historical form "A Coruña". A Coruña is located on a peninsula, and its isthmus was at times formed only by a small strip of sand. Erosion and sea currents caused a progressive accumulation of sand, enlarging it to its present dimensions. A Coruña has a warm-summer Mediterranean climate ( Csb ) in the Köppen climate classification . Autumn

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2222-436: 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

2323-444: 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

2424-657: 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

2525-497: 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,

2626-471: 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

2727-485: 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

2828-545: Is the site of the Roman Tower of Hercules , a lighthouse which has been in continuous operation since possibly the 2nd century AD. It has been declared by UNESCO as a World Heritage Site . It is surrounded by a large public park with a golf course and the so-called Moor's Graveyard ( Cemiterio do Mouro in Galician, Cementerio del Moro in Spanish) a building where in fact there were never burials, Muslim or not, which now houses

2929-618: 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,

3030-400: 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

3131-497: Is usually mild with spring-like temperatures, but winter is often unsettled and unpredictable, with strong winds and abundant rainfall coming from Atlantic depressions . The ocean keeps temperatures mild all year round (the variation between winter and summer temperatures is only 9 °C (16 °F) on average) and therefore frost and snow are extremely rare. In fact, the city has not received significant snowfall since January 1987. A Coruña lies in plant hardiness zone 10b. Spring

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3232-521: Is usually warm and fairly calm, while summers are mostly sunny and humid, with occasional rainfall, usually in the form of drizzle ; high temperatures are warm but rarely uncomfortably hot because of the sea's cooling influence during the day, most often being around 22 °C (72 °F) between July and September. Even the warmest month on record was relatively subdued, being August 2003, with an average high temperature of 25 °C (77 °F). Temperatures above 25 °C (77 °F) occur many days in

3333-643: 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

3434-474: The Casa das Palabras (Galician for House of Words) museum. The lighthouse features as the main emblem of the city's flag and coat of arms. The city is also well known for its characteristic glazed window balconies, called galerías . Originally, this type of structure came about as a naval architecture solution for the challenging weather, particularly designed for rainy days. This fashion started in nearby Ferrol in

3535-578: The Low Countries and England, where it was defeated. In the following year, during the Anglo-Spanish War , the English Armada conducted a besieged A Coruña , but was eventually forced to withdraw. A local woman, María Pita , took her dead husband's spear during the siege and killed an enemy captain, rallying support to deny a breach in the wall to the attackers. In the 16th and 17th centuries,

3636-641: The Roman Empire , A Coruña still had a commercial port connected to foreign countries, but contacts with the Mediterranean were slowly replaced by a more Atlantic-oriented focus. The process of deurbanisation that followed the fall of the Roman Empire also affected A Coruña. Between the 7th and 8th centuries, the city was no more than a little village of labourers and sailors. The 11th-century Chronica iriense names Faro do Burgo (ancient name of A Coruña) as one of

3737-709: The Royal Galician Academy , the institution dedicated to the study of Galician culture and especially the Galician language, the Romanesque churches of Santiago and Saint Mary, As Bárbaras Monastery (Romanesque and Baroque ) and the headquarters of the Operational Logistics Force of the Spanish Army . In July, a Medieval Fair takes place in the streets of the Old City. The city has several museums, such as

3838-684: The Spanish Constitution of 1812 . He was supported by the bourgeoisie and the educated people. But on 22 August he was betrayed and hanged in the Campo da Leña two months later. A Coruña supported the liberal side in all the 19th-century rebellions. A Coruña also played an important role in the Rexurdimento , and there were founded the Galician Royal Academy in 1906 and the Brotherhoods of

3939-578: The Spanish colonies in Latin America succeeded in gaining independence from their former metropolis . The population of the City of A Coruña in 1900 reached 43,971, while the population of the rest of the province including the City and Naval Station of nearby Ferrol as well as Santiago de Compostela was 653,556. A Coruña's miraculous growth happened during the aftermath of the Spanish Civil War at

4040-446: 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;

4141-724: 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

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4242-406: The 15th century. In 1208, Alfonso IX re-founded the city of Crunia . Some privileges, such as those of disembarking and selling salt without paying taxes, were granted to the city, and it enjoyed a big growth in fishing and mercantile business. The city grew and extended through the isthmus. In 1446 John II of Castile granted to A Coruña the title of "City". The Catholic Monarchs established

4343-512: The 18th century when some of the technicians working for the Royal Dockyards had the idea of using the shape of the back of a warship in a modern building. Soon afterward, most seaports in northern Spain, were adding these glazed window balconies to their city-port houses. The Old Town ( Ciudad Vieja in Spanish, Cidade Vella in Galician) is the name given to the oldest part of A Coruña. During

4444-533: The 2011 Municipal Elections, the conservative candidate Carlos Negreira ( PP ) obtained a majority, the first one for the People's Party in the city since the arrival of democracy. The mayor of the 2015–2019 mandate was Xulio Ferreiro, from the Marea Atlántica ("Atlantic Tide") party, who was elected in 2015 on an anti-corruption mandate. His remit was to improve the town planning of the city rather than to leave it to

4545-625: The 230th Minister for Foreign Affairs from 22 March 1918 to 9 November 1918. Then he moved to the post of Minister of State and stayed there until 1920, when he led the government as prime minister again. Dato was a member of the International Permanent Court in The Hague (he became vice-president in 1913), member of the International Law Institute , administrator of the bank firm 'Banco Hipotecario' and president of

4646-568: The Castle of San Antón Archaeological Museum, Fine Arts Museum and the network of scientific museums ( Casa das Ciencias , which also includes a planetarium, DOMUS, made by Arata Isozaki and Aquarium Finisterrae ). In 2012, the National Museum of Science and Technology (MUNCYT) opened a branch in the city. A Coruña's social scene is most popular on Summer nights. Most bars and clubs are on Rua do Orzán, which runs directly parallel to Paseo Maritimo on

4747-558: The Cidade (City), is built on an ancient Celtic castro. It was supposedly inhabited by the Brigantes and Artabrians , the Celtic tribes of the area. The Romans came to the region in the 2nd century BCE; they made the most of the strategic position and soon the city became quite important in maritime trade. In 62 BCE Julius Caesar came to the city (known at the time as Brigantium) in pursuit of

4848-697: The European-funded Maritime Promenade and the city's Scientific Museums (Casa das Ciencias-Planetario-, Casa dos Peixes-Aquarium and Casa do Home-Domus). On 20 January 2006 Vázquez was named ambassador to the Vatican City , and was later replaced by Francisco Javier Losada de Azpiazu. In 2007 Municipal Elections the local government was a coalition of the Socialists' Party of Galicia and the left-wing nationalist Galician Nationalist Bloc party. The city celebrated its first millennium in 2008. In

4949-545: The Galician Language in 1916. Regarding the economy, in 1804 the National Cigarette Factory was founded, and there the workers' movement of the city had its origins. During the 19th century other businesses (glass, foundries, textiles, gas, matches, etc.) were slowly established, but it was maritime trade and migrant travel that attracted Catalan, Belgian, French and English investments. The Bank of A Coruña

5050-582: The Jews in 1492 , a thriving Jewish community created a rich artistic heritage in the city. The most lavishly illuminated Hebrew Bible in medieval Spain was created in A Coruña in 1476. Known as the Kennicott Bible , it is currently housed in the Bodleian Library, Oxford . The Jewish community is said to have dated to at least the 11th century, with fragments of Jewish tombstones dating to that time period. There

5151-571: The Latin word Colonya as its origin, where the L was transformed into R which occurs widely in Portuguese. A similar happening can be found today in Coronie , a Surinamese town which also made its course outside the Portuguese system. A folk etymology incorrectly derives Coruña from the ancient columna , or Tower of Hercules . In English, use of the Spanish or Galician forms now predominates. However,

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5252-570: The Ministry of the Interior in 1892. He held the position of Minister of the Interior and Minister of Justice over the next fifteen years. In 1907, he ran for and won the position of Mayor of Madrid . In 1910, he entered the Academy of Moral and Political Sciences. In 1913 he became prime minister for the first time. In 1915, he left that position, but would return to it for a short while in 1917. He became

5353-610: The National Institute of Social Security, the Council of Public Instruction and the Academy of Jurisprudence and Legislation. On 8 March 1921 in Madrid, while being driven from the parliament building and in front of the Puerta de Alcalá, Dato was assassinated by three Catalan anarchists, Luis Nicolau, Pedro Mateu, and Ramón Casanellas, who were riding a motorcycle. This was the second murder of

5454-623: The Order of Beneficence of Spain , of Basque descent (- Madrid , 1926), daughter of Juan José de Barrenechea e Urdampilleta (himself the son of Pedro de Barrenechea y Zubea and wife María Ignacia de Urdampilleta y Lagarto) and wife Micaela Montegui y Mercaide (herself the daughter of José Manuel Montegui and wife María de la Concepción Mercaide), and had three daughters: A Coru%C3%B1a A Coruña ( Galician pronunciation: [ɐ koˈɾuɲɐ] ; Spanish : La Coruña [la koˈɾuɲa] ; also informally called just Coruña ; historical English: Corunna or The Groyne)

5555-676: The Royal Audience of the Kingdom of Galicia in the city, instead of Santiago . A Coruña also became the headquarters of the Captaincy General . Later, in 1522, Charles V conceded to the city of A Coruña the license to establish the House of Spices , being this the port chosen by Jofre Garcia de Loysa to set his expedition to conquer the Moluccans . In the late Middle Ages, before the expulsion of

5656-478: 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

5757-414: The already established Castillian - Spanish social dominance and extending the equally deep-rooted prejudice against Galician language and cultural expression. Another downside's of Mr Vazquez legacy would be his town-planning policies, with big-money pharaoh-like projects with little social impact (shopping centres, Millennium obelisk, etc.). However, on a positive note Mr Vazquez's 23 year-long mandate saw

5858-495: The beach side. Another popular destination, primarily for a more youthful crowd, is Os Xardins ( The Gardens ), a park near the beginning of Rúa Real and the Os Cantons Village Shopping Centre. Financial Finance refers to monetary resources and to the study and discipline of money , currency , assets and liabilities . As a subject of study, it is related to but distinct from economics , which

5959-501: 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

6060-579: 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,

6161-891: 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

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6262-491: The city, called at that time Faro or Faro Bregancio. In the year 991, King Vermudo II began the construction of defensive military positions on the coast. At Faro, in the ruins of the Tower of Hercules , a fortress was built, which had a permanent military garrison. To pay for it, he gave power over the city to the bishop of Santiago . The bishop of Santiago became the most important political post in Galicia , and remained so until

6363-504: The dioceses that king Miro granted to the episcopate of Iria Flavia in the year 572: The Muslim invasion of the Iberian peninsula left no archaeological evidence in the northwest, so it cannot be said whether or not the Muslim invaders ever reached the city. As Muslim rule in early 8th century Galicia consisted little more than a short-lived overlordship of the remote and rugged region backed by

6464-461: 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

6565-608: The elections, the republican parties obtained 34 of the 39 council seats. The best results were of the ORGA and of the Partido Radical Socialista, and the Radical Republican Party lost a lot of support. From 1983 to 2006, the mayor of the city was Francisco Vázquez Vázquez ( PSOE ), and the city became devoted to services, but he also was criticised because of his being openly against Galician nationalism , favouring

6666-672: 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

6767-510: 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

6868-416: 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

6969-410: 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

7070-451: 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,

7171-627: 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

7272-400: 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

7373-684: The fourteenth century, the scarcely-surviving city walls of the Old Town were built, as well as three harbors: the Parrot and San Miguel. It also preserves the stronghold known as the Old Fortress, now converted into the Garden of San Carlos, in which Sir John Moore is buried. The Old City of A Coruña kept streets and squares that revive the city's history and noble mansions and residences such as Rosalia de Castro's house, located on Prince Street. Notable buildings are

7474-708: 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

7575-436: The giant tyrant Geryon after three days and three nights of continuous battle. Hercules then—in a Celtic gesture—buried the head of Geryon with his weapons and ordered that a city be built on the site. The lighthouse atop a skull and crossbones representing the buried head of Hercules' slain enemy appears in the coat-of-arms of the city of A Coruña, Loukeris (2019). A proxy evolution within the Portuguese language points out to

7676-623: The government of the Kingdom of Galicia to distribute spice in Europe between 1522 and 1529. Commerce with the Indies was allowed between 1529 and 1575. San Antón Castle was built to defend of the city and its harbour. From the port of Ferrol in the Province of A Coruña , Philip II left to marry Mary I of England in 1554, and much later, in 1588, from the same port the Spanish Armada would set sail to

7777-506: 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

7878-444: 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

7979-423: 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

8080-427: 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

8181-415: The mercy of corrupt, unregulated free-market policies which have left a negative legacy in many areas of the municipality. He has widespread support across the region in opposition to a project to sell off the city's port (a legacy of the preceding mayor Carlos Negreira) to a private equity firm, which wants to construct a gated community of high-rise apartment blocks for which there is no real market demand in

8282-567: The metal trade, establishing commerce with what are now France, England and Portugal. The town began to grow, mainly during the 1st and 2nd centuries (when the Farum Brigantium Tower of Hercules was built), but declined after the 4th century and particularly with the incursions of the Vikings , which forced the population to flee towards the interior of the Estuary of O Burgo. After the fall of

8383-533: The name derives from. It seems to be from Crunia , of unknown origin and meaning, documented for the first time at the time of Ferdinand II of León (reigned 1157–1188). As usual in Galician-Portuguese (as well as in Castilian Spanish), the cluster ni naturally evolved into the sound [ ɲ ] , written n , nn or nh in old Galician orthography, nn in Spanish (later abbreviated to ñ , like

8484-504: The ninth and tenth centuries, the inhabitants of what was then called Faro Island (peninsula where the Tower of Hercules stands) were leaving the area due to constant attacks by the Viking fleet and settled in the area of Betanzos. In 1208 King Alfonso IX refounded the city at the present site of the Old Town and put it under his personal control, free from allegiance to the clergy or feudal lords. In

8585-512: The original Latin cluster "nn"), and nh in Portuguese and alternative Galician spelling. " A " is the Galician-Portuguese article equivalent to English the ; compare Castilian Spanish la ("the"). One proposed etymology derives Crunia from Cluny , the town in France. During its height ( c.  950  – c.  1130 ) the Cluniac religious movement became very prominent in Europe. There

8686-444: 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

8787-409: 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

8888-728: 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

8989-724: 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

9090-413: 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

9191-475: 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 ,

9292-428: The summer, while temperatures above 30 °C (86 °F) are infrequent. A Coruña has five parishes, or parroquias : A Coruña, San Vicente de Elviña, Santa María de Oza, San Cristóbal das Viñas, and San Pedro de Visma. A Coruña spread from the peninsula, the site of the later Tower of Hercules , onto the mainland. The oldest part, known popularly in Galician as Cidade Vella (Old City), Cidade Alta (High City) or

9393-441: The three Royal Royal Dockyards together with Cartagena and Cádiz , almost became a "dead" town during the reign of Ferdinand VII . By 1833, the City and Naval Station of Ferrol saw its civilian population reduced to 13,000. During the administration of the marquess of Molina, Minister for Naval affairs in the mid-19th century new activities sprang up, but Ferrol never fully returned to its former glory. During those years, most of

9494-623: 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

9595-636: The traditional English form Corunna / k ə ˈ r ʌ n ə / is still often used in the UK, particularly in reference to the Battle of Corunna (1809) in the Peninsular War . Archaically, English-speakers knew the city as "The Groyne", probably from French La Corogne . In Spain, the official form of the name is now the Galician one: "A Coruña", though many Spaniards continue to use "La Coruña". Despite this, "La Coruña"

9696-446: 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

9797-635: 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 ,

9898-654: The wars of the Spanish monarchy caused a great increase in taxes and the start of conscription. In 1620, Philip III created the School of the Boys of the Sea. In 1682 the Tower of Hercules was restored by Antúnez. On 16 January 1809, A Coruña was the site of the Battle of Corunna during the Peninsular War , in which British troops fought against the French to cover the embarkation of British troops after their retreat. In this battle Sir John Moore

9999-487: Was founded in 1857. The new provincial division of 1832 also influenced economic development. At the beginning of the 20th century, A Coruña had about 45,000 inhabitants. The Great Depression and the Spanish Civil War severely affected the economy through the 1930s to the mid-1950s. The 1960s and early 1970s saw a dramatic economic recovery, which was part of the wider Spanish Miracle . As elsewhere in Galicia, A Coruña attracted

10100-399: Was killed. Spanish resistance during the war in Galicia was led by Sinforiano López, and A Coruña was the only Galician city that achieved success against the French troops. French troops left Galicia at the end of May 1809. During the 19th century, the city was the centre of anti-monarchist sentiment. On 19 August 1815, Juan Díaz Porlier , pronounced against Fernando VII in defense of

10201-518: Was resumed. In the Spanish general elections, 1931 , all the political parties knew that the electoral results had important political consequences. The campaign of Unión Monárquica was very important in A Coruña and was supported by El Ideal Gallego . Republicans and socialists constituted a block, made up of ORGA, independent republicans, Spanish Socialist Workers' Party (PSOE) and the Radical Socialist Republican Party . In

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