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A letter report issued by the General Accounting Office with an abstract that begins "GAO tested the effectiveness of general and application controls that support the Army Corps of Engineers' key financial system. This system processes military engineering, construction, and real estate projects and civil works projects involving the investigation, development, and maintenance of the nation's waters and related environmental resources. GAO found pervasive weaknesses in computer controls at the Corps' data processing centers. Other Corps sites revealed serious vulnerabilities that would allow both hackers and legitimate users with valid access privileges to improperly modify, inappropriately disclose, or destroy sensitive and financial data, including social security numbers and other personal information. These weaknesses undermine the Corps' ability to ensure the confidentiality and availability of data in the financial system."

The purpose of this work is to show some advanced concepts related to Excel based financial modeling. Microsoft Excel (TM) is a very powerful tool and most of the time we do not utilize its full potential. Although not very difficult to use but it needs practice and continuously striving to use the full potential of Excel. Of course, any advanced concepts require the basic knowledge which most of us have and then build on it. It is only by hands-on experimentation that one learns the art of constructing an efficient worksheet. It is hoped that the examples herein will aid the reader to develop his or her own worksheets using advanced concepts. The biggest advantage of Excel is that it is not a black box, especially if you have built the model yourself rather than working with somebody else's model. The basic requirement for most financial modeling is to keep them simple so anyone can look at it can easily figure out how most of the calculations are performed. The two volumes of this book cover dynamic charting, macros, goal seek, solver, the routine Excel functions commonly used, the lesser known Excel functions, the Excel's financial functions, and so on. The introduction of macros in these books is not exhaustive but the purpose of what is presented is to show you the power of Excel, and it can be utilized to automate most repetitive calculations at a click of a button. For those who use Excel on a daily basis in financial modeling and project/investment evaluations, this book is a must. It contains a wealth of practical examples, tips, new techniques all designed to help quickly exploit and master Excel to its full advantage and therefore use spreadsheets more effectively in your jobs.

The purpose of this work is to show some advanced concepts related to Excel based financial modeling. Microsoft Excel (TM) is a very powerful tool and most of the time we do not utilize its full potential. Although not very difficult to use but it needs practice and continuously striving to use the full potential of Excel. Of course, any advanced concepts require the basic knowledge which most of us have and then build on it. It is only by hands-on experimentation that one learns the art of constructing an efficient worksheet. It is hoped that the examples herein will aid the reader to develop his or her own worksheets using advanced concepts. The biggest advantage of Excel is that it is not a black box, especially if you have built the model yourself rather than working with somebody else's model. The basic requirement for most financial modeling is to keep them simple so anyone can look at it can easily figure out how most of the calculations are performed. The two volumes of this book cover dynamic charting, macros, goal seek, solver, the routine Excel functions commonly used, the lesser known Excel functions, the Excel's financial functions, and so on. The introduction of macros in these books is not exhaustive but the purpose of what is presented is to show you the power of Excel, and it can be utilized to automate most repetitive calculations at a click of a button. For those who use Excel on a daily basis in financial modeling and project/investment evaluations, this book is a must. It contains a wealth of practical examples, tips, new techniques all designed to help quickly exploit and master Excel to its full advantage and therefore use spreadsheets more effectively in your jobs.

Each financial crisis calls for - by its novelty and the mechanisms it shares with preceding crises - appropriate means to analyze financial risks. In Extreme Financial Risks and Asset Allocation, the authors present in an accessible and timely manner the concepts, methods, and techniques that are essential for an understanding of these risks in an environment where asset prices are subject to sudden, rough, and unpredictable changes. These phenomena, mathematically known as "jumps", play an important role in practice. Their quantitative treatment is generally tricky and is sparsely tackled in similar books. One of the main appeals of this book lies in its approachable and concise presentation of the ad hoc mathematical tools without sacrificing the necessary rigor and precision. This book contains theories and methods which are usually found in highly technical mathematics books or in scattered, often very recent, research articles. It is a remarkable pedagogical work that makes these difficult results accessible to a large readership. Researchers, Masters and PhD students, and financial engineers alike will find this book highly useful

Views the 2008 financial crisis as a market & government failure involving a wide gap between the truth & what those involved thought to be true. Discussion begins with by noting the centrality of the housing sector to the US economy & tracing housing industrial policy to 1968 & the debut of mortgage securitization. Problems with securitization are identified before examining the growth of securitization in the US, highlighting the function of Freddie Mac. Attention is given to the problematic capital requirements of Freddie Mac & the other government-sponsored enterprise Fannie Mae, the emergence of private securitization, the bubble created by financial innovation, the "suits-vs-geeks" clash between high-level executives & financial engineers at Freddie Mac & Fannie Mae. Thus, the blame for the recent housing & mortgage credit bubble is assigned to the growth of securitization, the large volume of loans with low down payments, & the suits-vs-geeks divide. Alternative narratives of blame are then reviewed. It is suggested that regulators had the tools but not the knowledge to prevent the financial crisis. Adapted from the source document.

This paper investigates differences in the composition of employment between exporting and non-exporting firms. In particular, it asks whether exporting firms hire more engineers relative to blue-collar workers than non-exporting firms. In a stylized partial-equilibrium model, firms produce goods of varying quality and exporters tend to produce higher quality goods, which are intensive in engineers relative to blue-collar workers. Firms are heterogeneous and more productive firms become exporters and have a higher demand for engineers. The paper provides causal evidence in support of these theories using the Chilean Encuesta Nacional Industrial Anual, an annual census of manufacturing firms. The results from an instrumental variable estimator suggest that Chilean exporters indeed utilize a higher share of engineers over blue-collar workers.