Certified Accountant North Vancouver

Certified Accountant North Vancouver

Retail accounting

Building on their proactive financial advice, IBB Accounting & Tax Services also excels in managing audits and reviews, ensuring your business remains compliant and confident under scrutiny. They're ready to support you at every turn, making sure that your financial foundation is solid as you build and expand your dream into a thriving business. Learn more about Certified Accountant North Vancouver here We're not just ticking boxes; we're offering peace of mind that your financial statements truly reflect your business's financial position. And tech companies, often at the forefront of innovation but also tax scrutiny, can rely on us to optimize their R&D tax credits and other incentives. Whether you're a startup, a small business, or a large corporation, we can scale our services to align with your company's growth.
This not only boosts morale but also complies with federal and provincial regulations, avoiding potential fines.

Certified Accountant North Vancouver - CPA firms

  1. Business tax return preparation
  2. Tax-efficient investment strategies
  3. Tax audit assistance
  4. Financial advisory services
  5. Accounting for rental properties
  6. Small business accounting
  7. Estate planning accounting
  8. Accounting firm reviews
  9. Self-employed tax services
  10. Tax accounting
  11. Virtual accounting services
  12. Personal finance consulting
  13. Cost accounting
  14. Accounting for remote workers
  15. Accounting software setup
  16. Accounting technology solutions
  17. Accounting for realtors
Instead, you'll receive services that evolve with your business. Learn more about IBB Accounting & Tax Services here. Imagine a payroll system that's as straightforward as it's efficient. IBB's experts help you get a clear picture of where your business stands financially, identifying areas where you're bleeding money and opportunities for optimization.
We'll guide you through the intricacies of tax laws, credits, and deductions that are most relevant to your situation.

Certified Accountant North Vancouver - Accounting for import/export businesses

  1. CFO services
  2. Self-employment tax preparation
  3. Business incorporation services
  4. Accounting for consultants
  5. Debt management
  6. Estate and trust tax planning
  7. Certified accountants
  8. Accounting consulting
  9. E-commerce accounting
  10. Tax resolution services
  11. Accounting for independent contractors
  12. CPA firms
  13. Cloud accounting solutions
  14. Financial statement preparation
  15. Online tax filing
  16. Tax consulting
  17. HST/GST tax filing
Their success stories aren't just numbers on a page; they're real-life examples of financial challenges turned into triumphs. They'll translate complex tax language into actionable steps for your business, ensuring you're making informed decisions that benefit your bottom line. With IBB's tailored services, your finances are in capable hands, allowing you to focus on growing your business with confidence.

Certified Accountant North Vancouver - Business incorporation services

  1. Accounting for Airbnb hosts
  2. Financial consulting
  3. Construction accounting
  4. Tax specialist services
  5. Tax planning
  6. Year-end financial statements
  7. Digital accounting
  8. Professional accounting services
  9. Accounting for musicians
  10. Certified public accountant (CPA)
  11. Bookkeeping services
  12. Accounting for freelancers
  13. Cash flow management
  14. Forensic accounting
  15. Business tax return preparation
  16. Tax-efficient investment strategies
  17. Tax audit assistance
  18. Financial advisory services
  19. Accounting for rental properties

You've likely searched high and low for a reliable accountant in Certified Accountant North Vancouver, and it's clear that their track record stands out. Our team's real-world experience across a variety of industries means you're getting advice and solutions that aren't only technically sound but also practically applicable. Following the consultation, if you decide IBB is the right fit for you, they'll outline a tailored service plan. That's why they're there to guide you through every step, demystifying the process and minimizing stress.

They'll guide you through organizing your financial statements, reports, and any necessary documentation. For established enterprises in Certified Accountant North Vancouver, we offer comprehensive accounting solutions tailored to meet your evolving financial needs. They're keen on identifying opportunities for efficiency and savings, making your business leaner and more competitive. Our team ensures you're not just surviving but thriving in Certified Accountant North Vancouver's competitive business landscape.

Certified Accountant North Vancouver - Debt management

  1. Retail accounting
  2. Financial reporting
  3. Payroll processing
  4. Accounting for import/export businesses
  5. Personal tax services
  6. Outsourced accounting services
  7. Business incorporation services
  8. Accounting for consultants
  9. Debt management
  10. Estate and trust tax planning
  11. Certified accountants
  12. Accounting consulting
  13. E-commerce accounting
  14. Tax resolution services
  15. Accounting for independent contractors
  16. CPA firms
  17. Cloud accounting solutions
  18. Financial statement preparation
  19. Online tax filing
Whether you're a startup looking for basic bookkeeping or an established business needing more complex financial management, we've got you covered.

They'll show you how to use this data to make informed decisions, helping your business not just survive but thrive. We understand the intricacies of tax laws and financial regulations, allowing us to offer tailored advice that aligns with your unique needs and objectives. Whether you're planning for retirement, saving for a major purchase, or looking to optimize your investment portfolio, we've got the tools and knowledge to guide you.

Certified Accountant North Vancouver - Certified accountants

  1. Best bookkeeping services
  2. Corporation tax filing
  3. Tax compliance
  4. Accounting for franchises
  5. Business restructuring accounting
  6. Corporate tax accounting
  7. Business growth consulting
  8. Best accounting services
  9. Partnership accounting
  10. Small business tax advising
  11. Nonprofit accounting
  12. Small business accounting software
  13. Chartered accountant
  14. Real estate accounting
  15. Investment accounting
  16. CRA audit help
  17. Sole proprietorship accounting
  18. Accounting for tech startups
  19. Corporation tax accountant
They craft a personalized plan that aligns with your business goals and financial objectives.

They dive deep into your financial data, identifying trends and opportunities that could be the key to your next big breakthrough. You'll find their services indispensable for payroll management, ensuring your employees are paid accurately and on time. You're not just another client to us; we're committed to building a relationship based on trust and transparency.

Certified Accountant North Vancouver - Debt management

  1. Small business accounting
  2. Estate planning accounting
  3. Accounting firm reviews
  4. Self-employed tax services
  5. Tax accounting
  6. Virtual accounting services
  7. Personal finance consulting
  8. Cost accounting
  9. Accounting for remote workers
  10. Accounting software setup
  11. Accounting technology solutions
  12. Accounting for realtors
  13. Best bookkeeping services
  14. Corporation tax filing
  15. Tax compliance
  16. Accounting for franchises
  17. Business restructuring accounting
Understanding your unique financial landscape, we craft tailored financial strategies that directly address your goals and challenges.

Certified Accountant North Vancouver - Accounting consulting

  1. Partnership accounting
  2. Small business tax advising
  3. Nonprofit accounting
  4. Small business accounting software
  5. Chartered accountant
  6. Real estate accounting
  7. Investment accounting
  8. CRA audit help
  9. Sole proprietorship accounting
  10. Accounting for tech startups
  11. Corporation tax accountant
  12. Income tax preparation
  13. GST/PST filing
  14. Hospitality industry accounting
  15. Financial risk management
  16. Professional bookkeeping
  17. Financial planning
  18. International tax accounting
  19. Income tax strategies


Moreover, we offer workshops and personalized consultations to delve deeper into how specific regulations affect your unique situation. With IBB Accounting & Tax Services, you're not just getting an accountant; you're getting a partner dedicated to your success. Our team takes the time to get to know you, your financial objectives, and your concerns. Our team is dedicated to configuring your chosen system for optimal performance, training your staff on how to use it effectively, and providing ongoing support.

Financial Statement Preparation North Vancouver

Development was slow at the outset. The population of the district in the 1901 census was only 365 people. Keith joined Edwin Mahon and together they controlled North Vancouver Land & Improvement Company. Soon the pace of development around the foot of Lonsdale began to pick up. The first school was opened in 1902. The district was able to build a municipal hall in 1903 and actually have meetings in North Vancouver (instead of in Vancouver where most of the landowners lived). The first bank and first newspaper arrived in 1905. In 1906 the BC Electric Railway Company opened up a street car line that extended from the ferry wharf up Lonsdale to 12th Street. By 1911 the streetcar system extended west to the Capilano River and east to Lynn Valley.

Citations and other links

Nonprofit Tax Services Certified Accountant North Vancouver

This clarity allows you to pivot swiftly, seize opportunities, and sidestep potential pitfalls. They understand that handling payroll can be complex and time-consuming. It's essential to view saving not as an optional extra but as a fundamental part of your business strategy. This will help you identify patterns and foresee potential shortfalls before they become problems. Our goal is to help you make informed decisions that will foster a sustainable competitive advantage.

At IBB Accounting & Tax Services, our expert team brings together seasoned professionals with a passion for delivering top-tier accounting solutions. Beyond optimizing your investments, we're here to provide strategic business advice that drives your company's growth and efficiency. With IBB Accounting & Tax Services, you're not just meeting your tax obligations; you're setting the foundation for future growth and success. We understand that every dollar counts when you're just starting out, so we're committed to finding you savings wherever possible.

Let's help you turn your financial goals into reality with solutions that are as unique as you are. That's why we're committed to providing you with personalized attention and tailored solutions that meet your unique needs. Moreover, we offer customized payroll solutions tailored to meet the unique needs of your business. Let's handle the complexities of accounting and tax services, so you can focus on what you do best-growing your business or advancing your professional career.

That's why we offer a suite of services designed to keep your finances in top shape while you focus on expanding your operations. As we explore the depth of services offered by IBB, from tailoring solutions for the real estate sector to navigating the challenges of the IT industry, you'll uncover how they've become an integral part of their clients' success stories.

Certified Accountant North Vancouver - Debt management

  1. Tax consulting
  2. HST/GST tax filing
  3. Accounting for medical professionals
  4. Accounting for startups
  5. Accounting for Airbnb hosts
  6. Financial consulting
  7. Construction accounting
  8. Tax specialist services
  9. Tax planning
  10. Year-end financial statements
  11. Digital accounting
  12. Professional accounting services
  13. Accounting for musicians
  14. Certified public accountant (CPA)
  15. Bookkeeping services
  16. Accounting for freelancers
  17. Cash flow management
  18. Forensic accounting
  19. Business tax return preparation
  20. Tax-efficient investment strategies
They'll work closely with you to identify potential risks and rewards, ensuring that your investment portfolio is robust, diversified, and aligned with your risk tolerance and business objectives. By analyzing your financial reports and market trends, we help you make informed decisions that align with your long-term goals.



Certified Accountant North Vancouver - Accounting for consultants

  1. Self-employment tax preparation
  2. Accounting consulting
  3. E-commerce accounting
  4. Tax resolution services
  5. Accounting for independent contractors
  6. CPA firms
  7. Cloud accounting solutions
  8. Financial statement preparation
  9. Online tax filing
  10. Tax consulting
  11. HST/GST tax filing
  12. Accounting for medical professionals
  13. Accounting for startups
  14. Accounting for Airbnb hosts
  15. Financial consulting
  16. Construction accounting
  17. Tax specialist services
  18. Tax planning
  19. Year-end financial statements
Nonprofit Tax Services Certified Accountant North Vancouver
Independent Contractor Accountant Certified Accountant North Vancouver

Independent Contractor Accountant Certified Accountant North Vancouver

In essence, IBB Accounting & Tax Services offers you a partnership that goes beyond mere accounting. Let's explore how their comprehensive services and tailored approach can transform your financial management strategy, ensuring you're not only compliant, but thriving. You've seen the landscape of taxation and accounting evolve, and IBB has been your steadfast partner through every change.

Certified Accountant North Vancouver - Estate and trust tax planning

  1. Accounting firm reviews
  2. Self-employed tax services
  3. Tax accounting
  4. Virtual accounting services
  5. Personal finance consulting
  6. Cost accounting
  7. Accounting for remote workers
  8. Accounting software setup
  9. Accounting technology solutions
  10. Accounting for realtors
  11. Best bookkeeping services
  12. Corporation tax filing
  13. Tax compliance
  14. Accounting for franchises
  15. Business restructuring accounting
  16. Corporate tax accounting
  17. Business growth consulting
  18. Best accounting services
Whether you're navigating the complexities of tax planning, seeking efficient ways to manage your investments, or looking for strategic advice to grow your personal wealth, we've got you covered.

Certified Accountant North Vancouver - Financial reporting

  1. Best bookkeeping services
  2. Corporation tax filing
  3. Tax compliance
  4. Accounting for franchises
  5. Business restructuring accounting
  6. Corporate tax accounting
  7. Business growth consulting
  8. Best accounting services
  9. Partnership accounting
  10. Small business tax advising
  11. Nonprofit accounting
  12. Small business accounting software
  13. Chartered accountant
  14. Real estate accounting
  15. Investment accounting
  16. CRA audit help

With our expertise, you'll gain more than just a service provider; you'll find a partner committed to your financial health and growth. Our goal is to ensure that you're not just prepared for the expected, but also the unexpected. We pride ourselves on staying ahead of the curve, continuously enriching our skills and knowledge to serve you better.
Grasping Certified Accountant North Vancouver's growth involves recognizing the city's evolving economic landscape and its impact on local businesses. They're committed to your success, offering not just accounting but financial growth strategies tailored to your unique situation. Read more about Certified Accountant North Vancouver here Our team stays abreast of the latest regulations to ensure your estate plan complies with current laws, providing peace of mind that your estate won't face unnecessary legal challenges or tax burdens after you're gone.
Cloud-based platforms allow you to access your financial data from anywhere, at any time.

Certified Accountant North Vancouver - Debt management

  1. QuickBooks accounting
  2. Tax deduction optimization
  3. Accounting for legal professionals
  4. Personal tax accountant
  5. Accounting services
  6. Accounting training
  7. Free consultation accounting services
  8. CFO services
  9. Self-employment tax preparation
  10. CPA firms
  11. Cloud accounting solutions
  12. Financial statement preparation
  13. Online tax filing
  14. Tax consulting
  15. HST/GST tax filing
  16. Accounting for medical professionals
  17. Accounting for startups
They understand how daunting an audit can be, so they're here to take the weight off your shoulders. Don't let retirement planning be a source of stress.

Tax resolution services Certified Accountant North Vancouver

This approach ensures that your financial goals aren't just met but are achieved in a way that reflects your personal values and vision. We assess your risk tolerance, investment preferences, and expected retirement lifestyle to design a plan that's both realistic and ambitious. Our wealth management services include investment advice, retirement planning, estate planning, and risk management. With accurate financial reporting, you're not just keeping the tax authorities at bay; you're also gaining valuable insights into your business operations.

Certified Accountant North Vancouver - Financial statement preparation

  1. Accounting for medical professionals
  2. Accounting for startups
  3. Accounting for Airbnb hosts
  4. Financial consulting
  5. Construction accounting
  6. Tax specialist services
  7. Tax planning
  8. Year-end financial statements
  9. Digital accounting
  10. Professional accounting services
  11. Accounting for musicians
  12. Certified public accountant (CPA)
  13. Bookkeeping services
  14. Accounting for freelancers
  15. Cash flow management
  16. Forensic accounting
It's not just about keeping your books balanced; it's about setting a course for growth and stability.

With IBB Accounting & Tax Services, you can rest assured that your payroll management is in capable hands, allowing you to devote more time to growing your business. In the bustling business landscape of Certified Accountant North Vancouver, IBB Accounting & Tax Services stands out as a beacon of balance and brilliance, guiding companies through the complexities of financial management with unmatched expertise. That's why we're here to guide you through every step, ensuring your business not only grows but thrives. They'll help you navigate the complexities of investment opportunities, ensuring that every move you make contributes positively to your financial health and business vision.

That's where IBB steps in. At IBB Accounting & Tax Services, we understand that every sector faces its unique challenges and opportunities. With a comprehensive suite of services tailored to meet your unique needs, from tax preparation to strategic investment planning, they offer more than just number crunching. That's why we dive deep into your business's unique challenges and opportunities, crafting strategies that align with your specific objectives.

Unlike one-size-fits-all solutions, IBB Accounting & Tax Services listens to your unique needs and challenges. For those ready to elevate their financial management, IBB Accounting & Tax Services is conveniently located in the heart of Certified Accountant North Vancouver.

Certified Accountant North Vancouver - Financial reporting

  1. Digital accounting
  2. Professional accounting services
  3. Accounting for musicians
  4. Certified public accountant (CPA)
  5. Bookkeeping services
  6. Accounting for freelancers
  7. Cash flow management
  8. Forensic accounting
  9. Business tax return preparation
  10. Tax-efficient investment strategies
  11. Tax audit assistance
  12. Financial advisory services
  13. Accounting for rental properties
  14. Small business accounting
  15. Estate planning accounting
Whether it's improving profitability, simplifying tax compliance, or aiding in strategic decision-making, we're here to guide you to success. IBB Accounting & Tax Services ensures that your financial statements meet the highest standards, making your business more appealing to potential investors.

Tax resolution services Certified Accountant North Vancouver
Certified Accountant North Vancouver Profit and Loss Statement Services
Certified Accountant North Vancouver Profit and Loss Statement Services

They understand the unique challenges you face as a Certified Accountant North Vancouver entrepreneur and offer tailored solutions that help your business not only survive but thrive. Whether you're navigating financial challenges, preparing for an audit, or seeking year-round consultation, their expertise is designed to support your venture's growth and financial health. They'll dive deep into your financials, identifying opportunities for tax savings and advising on how to best structure your business to minimize liabilities. They're not just about crunching numbers; they're about setting you up for success.

Partnering with us means you're setting up your start-up for long-term success, with a clear financial roadmap from the outset.

Certified Accountant North Vancouver - Accounting for import/export businesses

  1. Sole proprietorship accounting
  2. Accounting for tech startups
  3. Corporation tax accountant
  4. Income tax preparation
  5. GST/PST filing
  6. Hospitality industry accounting
  7. Financial risk management
  8. Professional bookkeeping
  9. Financial planning
  10. International tax accounting
  11. Income tax strategies
  12. QuickBooks accounting
  13. Tax deduction optimization
  14. Accounting for legal professionals
  15. Personal tax accountant
  16. Accounting services
  17. Accounting training
  18. Free consultation accounting services
They've built a history of excellence by prioritizing your needs, adapting to new laws and technologies, and always offering clear, understandable advice. You won't find generic advice here.

Let us handle the intricacies of your financial management so you can concentrate on what you do best – running your business. Moreover, their proactive approach means they're always looking ahead, helping you navigate financial complexities before they become obstacles. Over the years, you've relied on their expertise for everything from personal tax returns to complex corporate financial strategies.

One standout story involves a local retail chain struggling with outdated accounting systems. And as your business evolves, we'll be right there with you, adjusting your plan to keep you on track towards your financial objectives. With years of experience under their belt, they've helped numerous businesses and individuals navigate the complex world of taxes and finances with ease.

Certified Accountant North Vancouver Business Structuring

Whether it's optimizing your tax strategy, streamlining your expenses, or finding new revenue streams, IBB is there to guide you. That's why their approach is tailored to break down the process into manageable steps. Our team specializes in systems that streamline these processes, ensuring accuracy and efficiency. It's a no-pressure environment where you can ask questions and get a feel for how IBB operates. If you're curious about how IBB Accounting & Tax Services can elevate your financial management strategy, stay tuned to uncover the stories of client success and innovation that set them apart.
They're always available to answer your questions, provide clarifications, and offer advice tailored to your specific situation. At IBB Accounting & Tax Services, they don't just prioritize the latest software and tools; they commit to clear, honest communication and ethical practices that build trust.

Certified Accountant North Vancouver - Accounting consulting

  1. Tax audit assistance
  2. Financial advisory services
  3. Accounting for rental properties
  4. Small business accounting
  5. Estate planning accounting
  6. Accounting firm reviews
  7. Self-employed tax services
  8. Tax accounting
  9. Virtual accounting services
  10. Personal finance consulting
  11. Cost accounting
  12. Accounting for remote workers
  13. Accounting software setup
  14. Accounting technology solutions
  15. Accounting for realtors
We've got it all covered. We're not just crunching numbers; we're tailoring a retirement plan that aligns with your vision of the future.
With IBB Accounting & Tax Services, it's not just about numbers; it's about building a trusted relationship that helps you achieve your financial aspirations. Strategic tax planning involves a deep dive into your finances to identify opportunities for tax savings. If you've ever wondered how to align your financial goals with your business vision or make your personal wealth work harder for you, this is where your journey takes an interesting turn. They're not just looking at where you've been; they're focused on where you're going.

Certified Accountant North Vancouver - Accounting for import/export businesses

  1. Income tax preparation
  2. GST/PST filing
  3. Hospitality industry accounting
  4. Financial risk management
  5. Professional bookkeeping
  6. Financial planning
  7. International tax accounting
  8. Income tax strategies
  9. QuickBooks accounting
  10. Tax deduction optimization
  11. Accounting for legal professionals
  12. Personal tax accountant
  13. Accounting services
  14. Accounting training
  15. Free consultation accounting services
  16. CFO services

These stories aren't just testimonials; they're proof of the transformative power of expert accounting and tax services. We also understand that the world of business doesn't stand still, and neither do tax laws and regulations. Just as IBB expertly supports your real estate ventures, they're also adept at tackling the unique challenges faced by businesses in the IT sector. Our team also includes experts with advanced degrees in finance and accounting, ensuring that no matter how complex your financial needs, we've got the depth of knowledge to handle them.

Certified Accountant North Vancouver - Accounting for independent contractors

  1. Corporate tax accounting
  2. Business growth consulting
  3. Best accounting services
  4. Partnership accounting
  5. Small business tax advising
  6. Nonprofit accounting
  7. Small business accounting software
  8. Chartered accountant
  9. Real estate accounting
  10. Investment accounting
  11. CRA audit help
  12. Sole proprietorship accounting
  13. Accounting for tech startups
  14. Corporation tax accountant
  15. Income tax preparation
  16. GST/PST filing
  17. Hospitality industry accounting
  18. Financial risk management

Explore Certified Accountant North Vancouver here
Certified Accountant North Vancouver Business Structuring

Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities.[a] As a subject of study, it is related to but distinct from economics, which is the study of the production, distribution, and consumption of goods and services.[b] Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance.

In these financial systems, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities.

Due to its wide scope, a broad range of subfields exists within finance. Asset-, money-, risk- and investment management aim to maximize value and minimize volatility. Financial analysis assesses the viability, stability, and profitability of an action or entity. Some fields are multidisciplinary, such as mathematical finance, financial law, financial economics, financial engineering and financial technology. These fields are the foundation of business and accounting. In some cases, theories in finance can be tested using the scientific method, covered by experimental finance.

The early history of finance parallels the early history of money, which is prehistoric. Ancient and medieval civilizations incorporated basic functions of finance, such as banking, trading and accounting, into their economies. In the late 19th century, the global financial system was formed.

In the middle of the 20th century, finance emerged as a distinct academic discipline,[c] separate from economics.[1] The earliest doctoral programs in finance were established in the 1960s and 1970s.[2] Today, finance is also widely studied through career-focused undergraduate and master's level programs.[3][4]

The financial system

[edit]
Bond issued by The Baltimore and Ohio Railroad. Bonds are a form of borrowing used by corporations to finance their operations.
Share certificate dated 1913 issued by the Radium Hill Company
NYSE's stock exchange traders floor c 1960, before the introduction of electronic readouts and computer screens
Chicago Board of Trade Corn Futures market, 1993
Oil traders, Houston, 2009

As outlined, the financial system consists of the flows of capital that take place between individuals and households (personal finance), governments (public finance), and businesses (corporate finance). "Finance" thus studies the process of channeling money from savers and investors to entities that need it. [d] Savers and investors have money available which could earn interest or dividends if put to productive use. Individuals, companies and governments must obtain money from some external source, such as loans or credit, when they lack sufficient funds to run their operations.

In general, an entity whose income exceeds its expenditure can lend or invest the excess, intending to earn a fair return. Correspondingly, an entity where income is less than expenditure can raise capital usually in one of two ways: (i) by borrowing in the form of a loan (private individuals), or by selling government or corporate bonds; (ii) by a corporation selling equity, also called stock or shares (which may take various forms: preferred stock or common stock). The owners of both bonds and stock may be institutional investors—financial institutions such as investment banks and pension funds—or private individuals, called private investors or retail investors. (See Financial market participants.)

The lending is often indirect, through a financial intermediary such as a bank, or via the purchase of notes or bonds (corporate bonds, government bonds, or mutual bonds) in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary earns the difference for arranging the loan.[6][7][8] A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity.

Investing typically entails the purchase of stock, either individual securities or via a mutual fund, for example. Stocks are usually sold by corporations to investors so as to raise required capital in the form of "equity financing", as distinct from the debt financing described above. The financial intermediaries here are the investment banks. The investment banks find the initial investors and facilitate the listing of the securities, typically shares and bonds. Additionally, they facilitate the securities exchanges, which allow their trade thereafter, as well as the various service providers which manage the performance or risk of these investments. These latter include mutual funds, pension funds, wealth managers, and stock brokers, typically servicing retail investors (private individuals).

Inter-institutional trade and investment, and fund-management at this scale, is referred to as "wholesale finance". Institutions here extend the products offered, with related trading, to include bespoke options, swaps, and structured products, as well as specialized financing; this "financial engineering" is inherently mathematical, and these institutions are then the major employers of "quants" (see below). In these institutions, risk management, regulatory capital, and compliance play major roles.

Areas of finance

[edit]

As outlined, finance comprises, broadly, the three areas of personal finance, corporate finance, and public finance. These, in turn, overlap and employ various activities and sub-disciplines—chiefly investments, risk management, and quantitative finance.

Personal finance

[edit]
Wealth management consultation—here, the financial advisor counsels the client on an appropriate investment strategy.

Personal finance refers to the practice of budgeting to ensure enough funds are available to meet basic needs, while ensuring there is only a reasonable level of risk to lose said capital. Personal finance may involve paying for education, financing durable goods such as real estate and cars, buying insurance, investing, and saving for retirement.[9] Personal finance may also involve paying for a loan or other debt obligations. The main areas of personal finance are considered to be income, spending, saving, investing, and protection. The following steps, as outlined by the Financial Planning Standards Board,[10] suggest that an individual will understand a potentially secure personal finance plan after:

  • Purchasing insurance to ensure protection against unforeseen personal events;
  • Understanding the effects of tax policies, subsidies, or penalties on the management of personal finances;
  • Understanding the effects of credit on individual financial standing;
  • Developing a savings plan or financing for large purchases (auto, education, home);
  • Planning a secure financial future in an environment of economic instability;
  • Pursuing a checking or a savings account;
  • Preparing for retirement or other long term expenses.[11]

Corporate finance

[edit]

Corporate finance deals with the actions that managers take to increase the value of the firm to the shareholders, the sources of funding and the capital structure of corporations, and the tools and analysis used to allocate financial resources. While corporate finance is in principle different from managerial finance, which studies the financial management of all firms rather than corporations alone, the concepts are applicable to the financial problems of all firms,[12] and this area is then often referred to as "business finance".

Typically, "corporate finance" relates to the long term objective of maximizing the value of the entity's assets, its stock, and its return to shareholders, while also balancing risk and profitability. This entails[13] three primary areas:

  1. Capital budgeting: selecting which projects to invest in—here, accurately determining value is crucial, as judgements about asset values can be "make or break".[14]
  2. Dividend policy: the use of "excess" funds—these are to be reinvested in the business or returned to shareholders.
  3. Capital structure: deciding on the mix of funding to be used—here attempting to find the optimal capital mix re debt-commitments vs cost of capital.

The latter creates the link with investment banking and securities trading, as above, in that the capital raised will generically comprise debt, i.e. corporate bonds, and equity, often listed shares. Re risk management within corporates, see below.

Financial managers—i.e. as distinct from corporate financiers—focus more on the short term elements of profitability, cash flow, and "working capital management" (inventory, credit and debtors), ensuring that the firm can safely and profitably carry out its financial and operational objectives; i.e. that it: (1) can service both maturing short-term debt repayments, and scheduled long-term debt payments, and (2) has sufficient cash flow for ongoing and upcoming operational expenses. (See Financial management and FP&A.)

Public finance

[edit]
President George W. Bush, speaking on the Federal Budget in 2007, requesting additional funds from Congress
CBO: 2023 US Federal Budget Infographic

Public finance describes finance as related to sovereign states, sub-national entities, and related public entities or agencies. It generally encompasses a long-term strategic perspective regarding investment decisions that affect public entities.[15] These long-term strategic periods typically encompass five or more years.[16] Public finance is primarily concerned with:[17]

Central banks, such as the Federal Reserve System banks in the United States and the Bank of England in the United Kingdom, are strong players in public finance. They act as lenders of last resort as well as strong influences on monetary and credit conditions in the economy.[18]

Development finance, which is related, concerns investment in economic development projects provided by a (quasi) governmental institution on a non-commercial basis; these projects would otherwise not be able to get financing. A public–private partnership is primarily used for infrastructure projects: a private sector corporate provides the financing up-front, and then draws profits from taxpayers or users. Climate finance, and the related Environmental finance, address the financial strategies, resources and instruments used in climate change mitigation.

Investment management

[edit]
Share prices listed in a Korean newspaper
"The excitement before the bubble burst"—viewing prices via ticker tape, shortly before the Wall Street crash of 1929
A modern price-ticker. This infrastructure underpins contemporary exchanges, evidencing prices and related ticker symbols. The ticker symbol is represented by a unique set of characters used to identify the subject of the financial transaction.

Investment management[12] is the professional asset management of various securities—typically shares and bonds, but also other assets, such as real estate, commodities and alternative investments—in order to meet specified investment goals for the benefit of investors.

As above, investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts or, more commonly, via collective investment schemes like mutual funds, exchange-traded funds, or real estate investment trusts.

At the heart of investment management[12] is asset allocationdiversifying 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 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.

Additional to diversification, the fundamental risk mitigant here, investment managers will apply various hedging techniques as appropriate,[12] these may relate to the portfolio as a whole or to individual stocks. Bond portfolios are often (instead) managed via cash flow matching or immunization, while for derivative portfolios and positions, traders use "the Greeks" to measure and then offset sensitivities. In parallel, managers – active and passivewill monitor tracking error, thereby minimizing and preempting any underperformance vs their "benchmark".

A quantitative fund is managed using computer-based mathematical techniques (increasingly, machine learning) instead of human judgment. The actual trading is typically automated via sophisticated algorithms.

Risk management

[edit]
Crowds gathering outside the New York Stock Exchange after the Wall Street crash of 1929
Customers queuing outside a Northern Rock branch in the United Kingdom to withdraw their savings during the 2007–2008 financial crisis

Risk management, in general, is the study of how to control risks and balance the possibility of gains; it is the process of measuring risk and then developing and implementing strategies to manage that risk. Financial risk management[20][21] is the practice of protecting corporate value against financial risks, often by "hedging" exposure to these using financial instruments. The focus is particularly on credit and market risk, and in banks, through regulatory capital, includes operational risk.

  • Credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments;
  • Market risk relates to losses arising from movements in market variables such as prices and exchange rates;
  • Operational risk relates to failures in internal processes, people, and systems, or to external events (these risks will often be insured).

Financial risk management is related to corporate finance[12] in two ways. Firstly, firm exposure to market risk is a direct result of previous capital investments and funding decisions; while credit risk arises from the business's credit policy and is often addressed through credit insurance and provisioning. Secondly, both disciplines share the goal of enhancing or at least preserving, the firm's economic value, and in this context[22] overlaps also enterprise risk management, typically the domain of strategic management. Here, businesses devote much time and effort to forecasting, analytics and performance monitoring. (See ALM and treasury management.)

For banks and other wholesale institutions,[23] risk management focuses on managing, and as necessary hedging, the various positions held by the institution—both trading positions and long term exposures—and on calculating and monitoring the resultant economic capital, and regulatory capital under Basel III. The calculations here are mathematically sophisticated, and within the domain of quantitative finance as below. Credit risk is inherent in the business of banking, but additionally, these institutions are exposed to counterparty credit risk. Banks typically employ Middle office "Risk Groups", whereas front office risk teams provide risk "services" (or "solutions") to customers.

Insurers [24] manage their own risks with a focus on solvency and the ability to pay claims: Life Insurers are concerned more with longevity risk and interest rate risk; Short-Term Insurers (Property, Health,Casualty) emphasize catastrophe- and claims volatility risks. For expected claims reserves are set aside periodically, while to absorb unexpected losses, a minimum level of capital is maintained.

Quantitative finance

[edit]
Dōjima Rice Exchange, the world's first futures exchange, established in Osaka in 1697.
Dōjima Rice Exchange, the world's first futures exchange, established in Osaka in 1697

Quantitative finance—also referred to as "mathematical finance"—includes those finance activities where a sophisticated mathematical model is required,[25] and thus overlaps several of the above.

As a specialized practice area, quantitative finance comprises primarily three sub-disciplines; the underlying theory and techniques are discussed in the next section:

  1. Quantitative finance is often synonymous with financial engineering. This area generally underpins a bank's customer-driven derivatives business—delivering bespoke OTC-contracts and "exotics", and designing the various structured products and solutions mentioned—and encompasses modeling and programming in support of the initial trade, and its subsequent hedging and management.
  2. Quantitative finance also significantly overlaps financial risk management in banking, as mentioned, both as regards this hedging, and as regards economic capital as well as compliance with regulations and the Basel capital / liquidity requirements.
  3. "Quants" are also responsible for building and deploying the investment strategies at the quantitative funds mentioned; they are also involved in quantitative investing more generally, in areas such as trading strategy formulation, and in automated trading, high-frequency trading, algorithmic trading, and program trading.

Financial theory

[edit]

DCF valuation formula widely applied in business and finance, since articulated in 1938. Here, to get the value of the firm, its forecasted free cash flows are discounted to the present using the weighted average cost of capital for the discount factor. For share valuation investors use the related dividend discount model.

Financial theory is studied and developed within the disciplines of management, (financial) economics, accountancy and applied mathematics. In the abstract,[12][26] finance is concerned with the investment and deployment of assets and liabilities over "space and time"; i.e., it is about performing valuation and asset allocation today, based on the risk and uncertainty of future outcomes while 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.[27]As financial theory has roots in many disciplines, including mathematics, statistics, economics, physics, and psychology, it can be considered a mix of an art and science,[28] and there are ongoing related efforts to organize a list of unsolved problems in finance.

Managerial finance

[edit]
Decision trees, a more sophisticated valuation-approach, sometimes applied to corporate finance "project" valuations (and a standard[29] in business school curricula); various scenarios are considered, and their discounted cash flows are probability weighted.

Managerial finance [30] is the branch of finance that deals with the financial aspects of the management of a company, and the financial dimension of managerial decision-making more broadly. It provides the theoretical underpin for the practice described above, concerning itself with the managerial application of the various finance techniques. Academics working in this area are typically based in business school finance departments, in accounting, or in management science.

The tools addressed and developed relate in the main to managerial accounting and corporate finance: the former allow management to better understand, and hence act on, financial information relating to profitability and performance; the latter, as above, are about optimizing the overall financial structure, including its impact on working capital. Key aspects of managerial finance thus include:

  1. Financial planning and forecasting
  2. Capital budgeting
  3. Capital structure
  4. Working capital management
  5. Risk management
  6. Financial analysis and reporting.

The discussion, however, extends to business strategy more broadly, emphasizing alignment with the company's overall strategic objectives; and similarly incorporates the managerial perspectives of planning, directing, and controlling.

Financial economics

[edit]
The "efficient frontier", a prototypical concept in portfolio optimization. Introduced in 1952, it remains "a mainstay of investing and finance".[31] An "efficient" portfolio, i.e. combination of assets, has the best possible expected return for its level of risk (represented by the standard deviation of return).
Modigliani–Miller theorem, a foundational element of finance theory, introduced in 1958; it forms the basis for modern thinking on capital structure. Even if leverage (D/E) increases, the WACC (k0) stays constant.

Financial economics[32] 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,[32][26] and produces many of the commonly employed financial models. (Financial econometrics is the branch of financial economics that uses econometric techniques to parameterize the relationships suggested.)

The discipline has two main areas of focus:[26] asset pricing and corporate finance; the first being the perspective of providers of capital, i.e. investors, and the second of users of capital; respectively:

  1. Asset pricing theory develops the models used in determining the risk-appropriate discount rate, and in pricing derivatives; and includes the portfolio- and investment theory applied in asset management. The analysis essentially explores how rational investors would apply risk and return to the problem of investment under uncertainty, producing the key "Fundamental theorem of asset pricing". Here, the twin assumptions of rationality and market efficiency lead to modern portfolio theory (the CAPM), and to the Black–Scholes theory for option valuation. At more advanced levels—and often in response to financial crises—the study then extends these "neoclassical" models to incorporate phenomena where their assumptions do not hold, or to more general settings.
  2. Much of corporate finance theory, by contrast, considers investment under "certainty" (Fisher separation theorem, "theory of investment value", and Modigliani–Miller theorem). Here, theory and methods are developed for the decisioning about funding, dividends, and capital structure discussed above. A recent development is to incorporate uncertainty and contingency—and thus various elements of asset pricing—into these decisions, employing for example real options analysis.

Financial mathematics

[edit]
The Black–Scholes formula for the value of a call option. Although lately its use is considered naive, it has underpinned the development of derivatives-theory, and financial mathematics more generally, since its introduction in 1973.[33]
"Trees" are widely applied in mathematical finance; here used in calculating an OAS. Other common pricing-methods are simulation and PDEs. These are used for settings beyond those envisaged by Black-Scholes. Post crisis, even in those settings, banks use local and stochastic volatility models to incorporate the volatility surface, while the xVA adjustments accommodate counterparty and capital considerations.

Financial mathematics[34] is the field of applied mathematics concerned with financial markets; Louis Bachelier's doctoral thesis, defended in 1900, is considered to be the first scholarly work in this area. The field is largely focused on the modeling of derivatives—with much emphasis on interest rate- and credit risk modeling—while other important areas include insurance mathematics and quantitative portfolio management. Relatedly, the techniques developed are applied to pricing and hedging a wide range of asset-backed, government, and corporate-securities.

As above, in terms of practice, the field is referred to as quantitative finance and / or mathematical finance, and comprises primarily the three areas discussed. The main mathematical tools and techniques are, correspondingly:

Mathematically, these separate into two analytic branches: derivatives pricing uses risk-neutral probability (or arbitrage-pricing probability), denoted by "Q"; while risk and portfolio management generally use physical (or actual or actuarial) probability, denoted by "P". These are interrelated through the above "Fundamental theorem of asset pricing".

The subject has a close relationship with financial economics, which, as outlined, is concerned with much of the underlying theory that is involved in financial mathematics: generally, financial mathematics will derive and extend the mathematical models suggested. Computational finance is the branch of (applied) computer science that deals with problems of practical interest in finance, and especially[34] emphasizes the numerical methods applied here.

Experimental finance

[edit]

Experimental finance[37] aims to establish different market settings and environments to experimentally observe and provide a lens through which science can analyze agents' behavior and the resulting characteristics of trading flows, information diffusion, and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions and therefore prove them, as well as attempt to discover new principles on which such theory can be extended and be applied to future financial decisions. Research may proceed by conducting trading simulations or by establishing and studying the behavior of people in artificial, competitive, market-like settings.

Behavioral finance

[edit]

Behavioral finance studies how the psychology of investors or managers affects financial decisions and markets[38] 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.[39] Behavioral finance has grown over the last few decades to become an integral aspect of finance.[40]

Behavioral finance includes such topics as:

  1. Empirical studies that demonstrate significant deviations from classical theories;
  2. Models of how psychology affects and impacts trading and prices;
  3. Forecasting based on these methods;
  4. Studies of experimental asset markets and the use of models to forecast experiments.

A strand of behavioral finance has been dubbed quantitative behavioral finance, which uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation.

Quantum finance

[edit]

Quantum finance involves applying quantum mechanical approaches to financial theory, providing novel methods and perspectives in the field.[41] Quantum finance is an interdisciplinary field, in which theories and methods developed by quantum physicists and economists are applied to solve financial problems. It represents a branch known as econophysics. Although quantum computational methods have been around for quite some time and use the basic principles of physics to better understand the ways to implement and manage cash flows, it is mathematics that is actually important in this new scenario[42] Finance theory is heavily based on financial instrument pricing such as stock option pricing. Many of the problems facing the finance community have no known analytical solution. As a result, numerical methods and computer simulations for solving these problems have proliferated. This research area is known as computational finance. Many computational finance problems have a high degree of computational complexity and are slow to converge to a solution on classical computers. In particular, when it comes to option pricing, there is additional complexity resulting from the need to respond to quickly changing markets. For example, in order to take advantage of inaccurately priced stock options, the computation must complete before the next change in the almost continuously changing stock market. As a result, the finance community is always looking for ways to overcome the resulting performance issues that arise when pricing options. This has led to research that applies alternative computing techniques to finance. Most commonly used quantum financial models are quantum continuous model, quantum binomial model, multi-step quantum binomial model etc.

History of finance

[edit]

The origin of finance can be traced to the beginning of state formation and trade during the Bronze Age. The earliest historical evidence of finance is dated to around 3000 BCE. Banking originated in West Asia, where temples and palaces were used as safe places for the storage of valuables. Initially, the only valuable that could be deposited was grain, but cattle and precious materials were eventually included. During the same period, the Sumerian city of Uruk in Mesopotamia supported trade by lending as well as the use of interest. In Sumerian, "interest" was mas, which translates to "calf". In Greece and Egypt, the words used for interest, tokos and ms respectively, meant "to give birth". In these cultures, interest indicated a valuable increase, and seemed to consider it from the lender's point of view.[43] The Code of Hammurabi (1792–1750 BCE) included laws governing banking operations. The Babylonians were accustomed to charging interest at the rate of 20 percent per year. By 1200 BCE, cowrie shells were used as a form of money in China.

The use of coins as a means of representing money began in the years between 700 and 500 BCE.[44] 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.[45] Shortly after, cities in Classical Greece, such as Aegina, Athens, and Corinth, started minting their own coins between 595 and 570 BCE. During the Roman Republic, interest was outlawed by the Lex Genucia reforms in 342 BCE, though the provision went largely unenforced. Under Julius Caesar, a ceiling on interest rates of 12% was set, and much later under Justinian it was lowered even further to between 4% and 8%.[46]

The first stock exchange was opened in Antwerp in 1531.[47] Since then, popular exchanges such as the London Stock Exchange (founded in 1773) and the New York Stock Exchange (founded in 1793) were created.[48][49]

See also

[edit]

Notes

[edit]
  1. ^ The following are definitions of finance as crafted by the authors indicated:
    • Fama and Miller: "The theory of finance is concerned with how individuals and firms allocate resources through time. In particular, it seeks to explain how solutions to the problems faced in allocating resources through time are facilitated by the existence of capital markets (which provide a means for individual economic agents to exchange resources to be available of different points In time) and of firms (which, by their production-investment decisions, provide a means for individuals to transform current resources physically into resources to be available in the future)."
    • Guthmann and Dougall: "Finance is concerned with the raising and administering of funds and with the relationships between private profit-seeking enterprise on the one hand and the groups which supply the funds on the other. These groups, which include investors and speculators – that is, capitalists or property owners – as well as those who advance short-term capital, place their money in the field of commerce and industry and in return expect a stream of income."
    • Drake and Fabozzi: "Finance is the application of economic principles to decision-making that involves the allocation of money under conditions of uncertainty."
    • F.W. Paish: "Finance may be defined as the position of money at the time it is wanted".
    • John J. Hampton: "The term finance can be defined as the management of the flows of money through an organisation, whether it will be a corporation, school, or bank or government agency".
    • Howard and Upton: "Finance may be defined as that administrative area or set of administrative functions in an organisation which relates with the arrangement of each debt and credit so that the organisation may have the means to carry out the objectives as satisfactorily as possible".
    • Pablo Fernandez: "Finance is a profession that requires interdisciplinary training and can help the managers of companies make sound decisions about financing, investment, continuity and other issues that affect the inflows and outflows of money, and the risk of the company. It also helps people and institutions invest and plan money-related issues wisely."
  2. ^ The discipline of financial economics bridges the two fields.
  3. ^ The first academic journal, The Journal of Finance, began publication in 1946.
  4. ^ Finance thus allows production and consumption in society to operate independently from each other. Without the use of financial allocation, production would have to happen at the same time and space as consumption. Through finance, distances in timespace between production and consumption are then posible.[5]

References

[edit]
  1. ^ Hayes, Adam. "Finance". Investopedia. Archived from the original on 2020-12-19. Retrieved 2022-08-03.
  2. ^ Gippel, Jennifer K (2012-11-07). "A revolution in finance?". Australian Journal of Management. 38 (1): 125–146. doi:10.1177/0312896212461034. ISSN 0312-8962. S2CID 154759424.
  3. ^ "Finance" Archived 2023-01-31 at the Wayback Machine, UCAS Subject Guide.
  4. ^ Anthony P. Carnevale, Ban Cheah, Andrew R. Hanson (2015). "The Economic Value of College Majors" Archived 2022-11-08 at the Wayback Machine. Georgetown University.
  5. ^ Allen, Michael; Price, John (2000). "Monetized time-space: derivatives – money's 'new imaginary'?". Economy and Society. 29 (2): 264–284. doi:10.1080/030851400360497. S2CID 145739812. Archived from the original on 20 March 2022. Retrieved 3 June 2022.
  6. ^ See e.g., Bank of Finland. "Financial system". Archived from the original on 2020-06-02. Retrieved 2020-05-18.
  7. ^ "Introducing the Financial System | Boundless Economics". courses.lumenlearning.com. Archived from the original on 2020-07-28. Retrieved 2020-05-18.
  8. ^ "What is the financial system?". Economy. Archived from the original on 2020-07-31. Retrieved 2020-05-18.
  9. ^ Publishing, Speedy (2015-05-25). Finance (Speedy Study Guides). Speedy Publishing LLC. ISBN 978-1-68185-667-4.
  10. ^ Snowdon, Michael, ed. (2019), "Financial Planning Standards Board", Financial Planning Competency Handbook, John Wiley & Sons, Ltd, pp. 709–735, doi:10.1002/9781119642497.ch80, ISBN 9781119642497, S2CID 242623141
  11. ^ Kenton, Will. "Personal Finance". Investopedia. Archived from the original on 2000-08-18. Retrieved 2020-01-20.
  12. ^ a b c d e f Pamela Drake and Frank Fabozzi (2009). What Is Finance? Archived 2023-02-23 at the Wayback Machine
  13. ^ See Aswath Damodaran, Corporate Finance: First Principles Archived 2016-10-17 at the Wayback Machine
  14. ^ Irons, Robert (July 2019). The Fundamental Principles of Finance. Google Books: Routledge. ISBN 9781000024357. Archived from the original on 11 November 2021. Retrieved 3 April 2021.
  15. ^ Doss, Daniel; Sumrall, William; Jones, Don (2012). Strategic Finance for Criminal Justice Organizations (1st ed.). Boca Raton, Florida: CRC Press. p. 23. ISBN 978-1439892237.
  16. ^ Doss, Daniel; Sumrall, William; Jones, Don (2012). Strategic Finance for Criminal Justice Organizations (1st ed.). Boca Raton, Florida: CRC Press. pp. 53–54. ISBN 978-1439892237.
  17. ^ Kioko, Sharon; Marlowe, Justin (2016). Financial Strategy for Public Managers. Rebus Foundation. ISBN 978-1-927472-59-0. Archived from the original on 2022-06-15. Retrieved 2022-07-05.
  18. ^ Board of Governors of Federal Reserve System of the United States. Mission of the Federal Reserve System. Federalreserve.gov Accessed: 2010-01-16. (Archived by WebCite at Archived 2010-01-14 at the Wayback Machine)
  19. ^ Han, Yufeng; Liu, Yang; Zhou, Guofu; Zhu, Yingzi (2021-05-21). "Technical Analysis in the Stock Market: A Review". SSRN Papers. Rochester, NY. doi:10.2139/ssrn.3850494. S2CID 235195430. SSRN 3850494.
  20. ^ Peter F. Christoffersen (22 November 2011). Elements of Financial Risk Management. Academic Press. ISBN 978-0-12-374448-7.
  21. ^ Allan M. Malz (13 September 2011). Financial Risk Management: Models, History, and Institutions. John Wiley & Sons. ISBN 978-1-118-02291-7.
  22. ^ John Hampton (2011). The AMA Handbook of Financial Risk Management. American Management Association. ISBN 978-0814417447
  23. ^ a b See generally, Roy E. DeMeo (N.D.) Quantitative Risk Management: VaR and Others Archived 2021-11-12 at the Wayback Machine
  24. ^ Thomas M. Grondin (2001). “Risk Management Practices in the Insurance Industry”. Society of Actuaries
  25. ^ See discussion here: "Careers in Applied Mathematics" (PDF). Society for Industrial and Applied Mathematics. Archived (PDF) from the original on 2019-03-05.
  26. ^ a b c See the discussion re finance theory by Fama and Miller under § Notes.
  27. ^ "Finance" Archived 2019-12-22 at the Wayback Machine Farlex Financial Dictionary. 2012
  28. ^ "Finance". Investopedia. May 23, 2023. Retrieved July 1, 2023.
  29. ^ A. Pinkasovitch (2021). Using Decision Trees in Finance Archived 2021-12-10 at the Wayback Machine
  30. ^ What is managerial finance?, Corporate Finance Institute
  31. ^ W. Kenton (2021). "Harry Markowitz" Archived 2021-11-26 at the Wayback Machine, investopedia.com
  32. ^ a b For an overview, see "Financial Economics" Archived 2004-06-04 at the Wayback Machine, William F. Sharpe (Stanford University manuscript)
  33. ^ "The History of the Black-Scholes Formula" Archived 2021-11-26 at the Wayback Machine, priceonomics.com
  34. ^ a b Research Area: Financial Mathematics and Engineering Archived 2022-05-16 at the Wayback Machine, Society for Industrial and Applied Mathematics
  35. ^ For a survey, see "Financial Models" Archived 2021-11-13 at the Wayback Machine, from Michael Mastro (2013). Financial Derivative and Energy Market Valuation, John Wiley & Sons. ISBN 978-1118487716.
  36. ^ See for example III.A.3, in Carol Alexander, ed. (January 2005). The Professional Risk Managers' Handbook. PRMIA Publications. ISBN 978-0976609704
  37. ^ Bloomfield, Robert and Anderson, Alyssa. "Experimental finance" Archived 2016-03-04 at the Wayback Machine. In Baker, H. Kent, and Nofsinger, John R., eds. Behavioral finance: investors, corporations, and markets. Vol. 6. John Wiley & Sons, 2010. pp. 113-131. ISBN 978-0470499115
  38. ^ Glaser, Markus and Weber, Martin and Noeth, Markus. (2004). "Behavioral Finance" Archived 2023-02-09 at the Wayback Machine, pp. 527–546 in Handbook of Judgment and Decision Making, Blackwell Publishers ISBN 978-1-405-10746-4
  39. ^ Zahera, Syed Aliya; Bansal, Rohit (2018-05-08). "Do investors exhibit behavioral biases in investment decision making? A systematic review". Qualitative Research in Financial Markets. 10 (2): 210–251. doi:10.1108/QRFM-04-2017-0028. ISSN 1755-4179. Archived from the original on 2022-04-08. Retrieved 2022-04-08.
  40. ^ Shefrin, Hersh (2002). Beyond greed and fear: Understanding behavioral finance and the psychology of investing. New York: Oxford University Press. p. ix. ISBN 978-0195304213. Retrieved 8 May 2017. growth of behavioral finance.
  41. ^ Focardi, Sergio; Fabozzi, Frank J.; Mazza, Davide (2020-08-31). "Quantum Option Pricing and Quantum Finance". The Journal of Derivatives. 28 (1): 79–98. doi:10.3905/jod.2020.1.111. ISSN 1074-1240.
  42. ^ Ristic, Kristijan (2–3 December 2021). "New Financial Future: Digital Finance As a key Aspect of Financial Innovation". 75th International Scientific Conference on Economic and Social Development: 283–288. ProQuest 2616890742 – via Proquest.
  43. ^ Fergusson, Nial. The Ascent of Money. United States: Penguin Books.
  44. ^ "babylon-coins.com". babylon-coins.com. Archived from the original on 2021-06-15. Retrieved 2021-05-13.
  45. ^ "Herodotus on Lydia". World History Encyclopedia. Archived from the original on 2021-05-13. Retrieved 2021-05-13.
  46. ^ "History of Usury Prohibition – IslamiCity". islamicity.org. Archived from the original on 2023-04-09. Retrieved 2023-04-09.
  47. ^ "Handelsbeurs" [Trade fair]. Visit Antwerp (in Dutch). Retrieved 2 September 2022. The 'Nieuwe Beurs' was built in 1531 because the 'Old Beurs' in Hofstraat had become too small. It was the first stock exchange ever built specifically for that purpose and later became the example for all stock exchange buildings in the world.
  48. ^ "Our History". London Stock Exchange. Archived from the original on 2 September 2022. Retrieved 2 September 2022.
  49. ^ "Research Guides: Wall Street and the Stock Exchanges: Historical Resources: Stock Exchanges". Library of Congress. Archived from the original on 4 August 2022. Retrieved 2 September 2022.

Further reading

[edit]
[edit]

 

 

 

North Vancouver
The Corporation of the City of North Vancouver
Nickname: 
North Van
Location of the City of North Vancouver in Metro Vancouver
Location of the City of North Vancouver in Metro Vancouver
Coordinates: 49°19′N 123°4′W / 49.317°N 123.067°W / 49.317; -123.067
Country Canada
Province British Columbia
Regional district Metro Vancouver
Incorporated May 13, 1907[1]
Seat North Vancouver City Hall
Government
 • Type Mayor-council government
 • Mayor Linda Buchanan
 • Council
List of councillors
 • MP Jonathan Wilkinson (Liberal)
 • MLA Bowinn Ma (BC NDP)
Area
 • Land 11.83 km2 (4.57 sq mi)
Elevation
 
80 m (260 ft)
Population
 (2021)[3]
 • Total
58,120
 • Estimate 
(2023)[4]
64,847
 • Density 4,913.0/km2 (12,725/sq mi)
Demonym North Vancouverite
Time zone UTC-8 (PST)
 • Summer (DST) UTC-7 (PDT)
Forward sortation area
Area codes 604, 778, 236, 672
Website cnv.org Edit this at Wikidata

The City of North Vancouver is a city municipality on the North Shore of the Burrard Inlet, in British Columbia, Canada. Anchored by the downtown town centre of Lonsdale, with which its urban core is largely synonymous, it consists of the smallest and most urbanized of the communities situated north of the city of Vancouver, and is part of the Metro Vancouver regional district, though it has significant industry of its own – including shipping, chemical production, and film production. The city is served by the Royal Canadian Mounted Police, British Columbia Ambulance Service, and the North Vancouver City Fire Department.

History

[edit]

In the 1880s, Arthur Heywood-Lonsdale and a relation James Pemberton Fell, made substantial investments through their company, Lonsdale Estates, and in 1882 he financed the Moodyville investments. Several locations in the North Vancouver area are named after Lonsdale and his family.[5]

Not long after the District of North Vancouver was formed, an early land developer and second reeve of the new council, James Cooper Keith, personally underwrote a loan[6] to commence construction of a road which undulated from West Vancouver to Deep Cove amid the slashed sidehills, swamps, and burnt stumps. The road, sometimes under different names and not always contiguous, is still one of the most important east-west thoroughfare carrying traffic across the North Shore.

Development was slow at the outset. The population of the district in the 1901 census was only 365 people.[6] Keith joined Edwin Mahon and together they controlled North Vancouver Land & Improvement Company. Soon the pace of development around the foot of Lonsdale began to pick up. The first school was opened in 1902. The district was able to build a municipal hall in 1903 and actually have meetings in North Vancouver (instead of in Vancouver where most of the landowners lived).[citation needed] The first bank and first newspaper arrived in 1905. In 1906 the BC Electric Railway Company opened up a street car line that extended from the ferry wharf up Lonsdale to 12th Street. By 1911 the streetcar system extended west to the Capilano River and east to Lynn Valley.[citation needed]

The owners of businesses who operated on Lonsdale, as part of an initiative led by Keith and Mahon, brought a petition to the district council in 1905, calling for a new, compact city to be carved out of the unwieldy district.[citation needed]

During the ensuing two years there was much and sometimes heated debate. Some thought the new city should have a new name such as Northport, Hillmont or Parkhill. Burrard became the favourite of the new names but majority view was that North Vancouver remain in order to remain associated with the rising credibility of Vancouver in financial markets and as a place to attract immigrants.[7]

Some thought the boundary of the new city should reflect geography and extend from Lynn Creek or Seymour River west to the Capilano River and extend three miles up the mountainside.[citation needed] That the boundary of the city which came into existence in 1907 just happened to match that of the lands owned by the North Vancouver Land & Improvement Company and Lonsdale Estate was no accident. Since the motivation for creating the city was to reserve local tax revenue for the work of putting in services for the property owned by the major developers, there was little reason to take on any of the burden beyond the extent of their holdings.[citation needed]

Residents in west part of the District of North Vancouver now had less reason to be connected with what remained and they petitioned to create the District of West Vancouver (the west part of the North Shore, not the west side of Vancouver) in 1912.[citation needed] The eastern boundary of that new municipality is for the most part the Capilano River and a community that is easily distinguished from the two North Vancouvers has since developed.

Keith Road looking west, with Hollyburn Mtn in the distance

The City of North Vancouver continued to grow around the foot of Lonsdale Avenue. Serviced by the North Vancouver Ferries, it proved a popular area. Commuters used the ferries to work in Vancouver. Street cars and early land speculation, spurred interest in the area. Streets, city blocks and houses were slowly built around lower Lonsdale. Wallace Shipyards, and the Pacific Great Eastern Railway provided an industrial base, although, the late arrival of the Second Narrows railway bridge in 1925 controlled development.

City of North Vancouver as seen from Upper Lonsdale

The Depression again bankrupted the city, while the Second World War turned North Vancouver into the Clydeside of Canada with a large shipbuilding program. Housing the shipyard workers provided a new building boom, which continued on through the post-war years. By that time, North Vancouver became a popular housing area.

Geography

[edit]
Main thoroughfare Lonsdale Avenue with Mount Fromme in the background

The City of North Vancouver is separated from Vancouver by the Burrard Inlet, and it is surrounded on three sides by the District of North Vancouver. The city has much in common with the district and with West Vancouver; together, the three are commonly referred to as the North Shore.

The City of North Vancouver is relatively densely populated with a number of residential high-rise buildings in the Central Lonsdale and Lower Lonsdale areas.

The North Shore mountains have many drainages: Capilano River, MacKay, Mosquito, and Lynn Creeks, and Seymour River.

Climate

[edit]

North Vancouver has an oceanic climate (Köppen Cfb) with cool, rainy winters and dry, warm summers.

Climate data for North Vancouver (N Vancouver 2ND Narrows) (Elevation: 4m) 1981−2010
Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Average precipitation mm (inches) 262.2
(10.32)
172.3
(6.78)
168.4
(6.63)
136.3
(5.37)
103.3
(4.07)
82.5
(3.25)
53.2
(2.09)
54.9
(2.16)
76.8
(3.02)
189.0
(7.44)
293.4
(11.55)
238.6
(9.39)
1,830.8
(72.08)
Average rainfall mm (inches) 255.3
(10.05)
167.7
(6.60)
166.8
(6.57)
136.1
(5.36)
103.3
(4.07)
82.5
(3.25)
53.2
(2.09)
54.9
(2.16)
76.8
(3.02)
189.0
(7.44)
290.2
(11.43)
229.9
(9.05)
1,805.6
(71.09)
Average snowfall cm (inches) 6.9
(2.7)
5.2
(2.0)
1.6
(0.6)
0.2
(0.1)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
2.3
(0.9)
8.7
(3.4)
24.9
(9.8)
Average precipitation days (≥ 0.2 mm) 20.5 15.5 18.0 15.4 13.8 11.7 7.4 6.7 9.6 16.1 20.9 20.3 175.9
Average rainy days (≥ 0.2 mm) 19.7 15.1 17.9 15.4 13.8 11.7 7.4 6.7 9.6 16.0 20.7 19.6 173.5
Average snowy days (≥ 0.2 cm) 1.7 0.92 0.54 0.12 0.0 0.0 0.0 0.0 0.0 0.08 0.72 2.2 6.2
Source: Environment Canada (normals, 1981−2010)[8]

Politics

[edit]
Mayor Linda Buchanan (2018, 2022)
Councillors Holly Back (2018, 2022), Don Bell (2011, 2014, 2018, 2022), Angela Girard (2018, 2022), Jessica McIlroy (2018, 2022), Tony Valente (2018, 2022), Shervin Shahriari (2022)
Provincial MLA Bowinn Ma (North Vancouver-Lonsdale)
MP Jonathan Wilkinson (North Vancouver)

Sites of interest

[edit]

The area around lower Lonsdale Avenue features several open community spaces, including Waterfront Park, Lonsdale Quay, Ship Builders Square and the Burrard Dry Dock Pier.

Other sites of interest in the city include:[9][10][11]

  • Centennial Theatre, 2300 Lonsdale Avenue
  • First Church of Christ, Scientist, a local heritage site
  • The Museum and Archives of North Vancouver
  • The Polygon Gallery
  • Presentation House Theatre, 333 Chesterfield Avenue
  • St. Edmund's Church, 535 Mahon Avenue, a local heritage site
  • Trans Canada Trail Pavilion, Waterfront Park
  • The Shipyards, near Lonsdale Quay, which includes Ship Builders Square and the Burrard Dry Dock Pier, on the site of the old Wallace Shipyard
  • Lonsdale Quay Market, easily accessible from the Seabus. The Quay has a view of Vancouver's skyline and is locally owned and operated.

Transportation

[edit]
Lonsdale Avenue at 13th Street is a major intersection of Central Lonsdale.

The City of North Vancouver is connected to Vancouver by two highway bridges (the Lions Gate Bridge and the Ironworkers Memorial Second Narrows Crossing) and by a passenger ferry, the SeaBus. That system and the bus system in North Vancouver is operated by Coast Mountain Bus Company, an operating company of TransLink. The hub of the bus system is Lonsdale Quay, the location of the SeaBus terminal. Currently, there is no rail transit service on the North Shore.

The main street in the city is Lonsdale Avenue, which begins at Lonsdale Quay and goes north to 29th Street, where it continues in the District of North Vancouver, ending at Rockland Road.

Highway 1, the Trans-Canada Highway (often referred to as the "Upper Levels Highway") passes through the northern portion of the city. It is a freeway for its entire length within the City of North Vancouver. There are six interchanges on Highway 1 within the City of North Vancouver:

  • Main Street/Dollarton Highway (Exit 23)
  • Mountain Highway and Mt Seymour Parkway (Exit 21/22)
  • Lynn Valley Road (Exit 19)
  • Lonsdale Avenue (Exit 18)
  • Westview Drive (Exit 17)
  • Capilano Road (Exit 14)

Education

[edit]

Public schools are managed by the North Vancouver School District, which operates 8 high schools and 30 elementary schools shared by the city and the District of North Vancouver.

The Conseil scolaire francophone de la Colombie-Britannique operates one Francophone school in that city: école André-Piolat, which has both primary and secondary levels.[12]

There are also several independent private elementary and high schools in the area, including Bodwell High School and Lions Gate Christian Academy.

Post-secondary education is available at Capilano University in the district, as well as at Simon Fraser University and the University of British Columbia in neighbouring communities.

Demographics

[edit]
Historical populations
Year Pop. ±%
1911 8,196 —    
1921 7,652 −6.6%
1931 8,510 +11.2%
1941 8,914 +4.7%
1951 15,687 +76.0%
1961 23,656 +50.8%
1971 31,847 +34.6%
1981 33,640 +5.6%
1991 41,475 +23.3%
2001 44,303 +6.8%
2006 45,165 +1.9%
2011 48,196 +6.7%
2016 52,898 +9.8%
2021 58,120 +9.9%

In the 2021 Census of Population conducted by Statistics Canada, North Vancouver had a population of 58,120 living in 27,293 of its 29,021 total private dwellings, a change of 9.9% from its 2016 population of 52,898. With a land area of 11.83 km2 (4.57 sq mi), it had a population density of 4,912.9/km2 (12,724.4/sq mi) in 2021.[3]

As of the 2011 census, the median age was 41.2 years old, which is a bit higher than the national median age at 40.6 years old. There are 24,206 private dwellings with an occupancy rate of 94.1%. According to the 2011 National Household Survey, the median value of a dwelling in North Vancouver is $599,985 which is significantly higher than the national average at $280,552. The median household income (after-taxes) in North Vancouver is $52,794, a bit lower than the national average at $54,089.

Ethnicity

[edit]

North Vancouver has one of the highest Middle Eastern[a] population ratios for any Canadian city at 11.3% as of 2021, with the vast majority being Persian.[13]

Panethnic groups in the City of North Vancouver (2001−2021)
Panethnic
group
2021[13] 2016[14] 2011[15] 2006[16] 2001[17]
Pop. % Pop. % Pop. % Pop. % Pop. %
European[b] 35,420 61.59% 34,695 66.48% 32,800 68.78% 32,160 71.69% 32,960 75.03%
Middle Eastern[a] 6,510 11.32% 4,575 8.77% 3,655 7.66% 3,155 7.03% 3,015 6.86%
East Asian[c] 5,195 9.03% 4,260 8.16% 3,775 7.92% 3,995 8.91% 3,255 7.41%
Southeast Asian[d] 4,220 7.34% 3,715 7.12% 3,470 7.28% 2,150 4.79% 1,650 3.76%
South Asian 2,100 3.65% 1,840 3.53% 1,475 3.09% 1,340 2.99% 980 2.23%
Indigenous 1,230 2.14% 1,150 2.2% 970 2.03% 925 2.06% 1,015 2.31%
Latin American 1,210 2.1% 840 1.61% 585 1.23% 430 0.96% 470 1.07%
African 550 0.96% 485 0.93% 390 0.82% 315 0.7% 315 0.72%
Other[e] 1,075 1.87% 630 1.21% 575 1.21% 385 0.86% 275 0.63%
Total responses 57,505 98.94% 52,185 98.65% 47,685 98.94% 44,860 99.32% 43,930 99.16%
Total population 58,120 100% 52,898 100% 48,196 100% 45,165 100% 44,303 100%
  • Note: Totals greater than 100% due to multiple origin responses.
 

Languages

[edit]

Mother languages as reported by each person:

Canada 2021 Census[13]
Mother language Population % of Total Population % of Non-official language Population
English 35,520 61.4% N/A
Persian 5,760 10.0% 31.1%
Tagalog 1,675 2.9% 9.0%
Chinese Languages 1,670 2.9% 9.0%
Spanish 1,245 2.2% 6.7%
Korean 1,135 6.1% 6.1%
French 980 1.7% N/A
German 575 1.0% 3.1%

3.1% of North Vancouver residents listed both English and a non-official language as mother tongues.

Religion

[edit]

According to the 2021 census, religious groups in North Vancouver included:[13]

Notes

[edit]
  1. ^ a b Statistic includes total responses of "West Asian" and "Arab" under visible minority section on census.
  2. ^ Statistic includes all persons that did not make up part of a visible minority or an indigenous identity.
  3. ^ Statistic includes total responses of "Chinese", "Korean", and "Japanese" under visible minority section on census.
  4. ^ Statistic includes total responses of "Filipino" and "Southeast Asian" under visible minority section on census.
  5. ^ Statistic includes total responses of "Visible minority, n.i.e." and "Multiple visible minorities" under visible minority section on census.

References

[edit]
  1. ^ "CivicInfo BC | Municipality: North Vancouver (City)". www.civicinfo.bc.ca. Archived from the original on 25 September 2022. Retrieved 19 August 2022.
  2. ^ "Mayor & Council | City of North Vancouver". www.cnv.org. Archived from the original on 19 August 2022. Retrieved 19 August 2022.
  3. ^ a b c "Profile table, Census Profile, 2021 Census of Population - North Vancouver, City (CY) [Census subdivision], British Columbia". Statistics Canada. 17 August 2022. Retrieved 21 August 2022.
  4. ^ Services, Ministry of Citizens'. "Population Estimates - Province of British Columbia". www2.gov.bc.ca. Archived from the original on 3 July 2024. Retrieved 4 July 2024.
  5. ^ Canada North Shore News
  6. ^ a b Francis, Daniel (2016). Where Mountains Meet the Sea. Harbour Publishing Co. P.O. Box 219, Madeira Park, BC V0N 2H0: Harbour Publishing. p. 77. ISBN 978-1-55017-751-0.cite book: CS1 maint: location (link)
  7. ^ Sommer, Warren (2007). The Ambitious City: A History of the City of North Vancouver. Madeira Park, BC V0N 2H0: Harbour Publishing. pp. 64, 83, 93, 94. ISBN 978-1-55017-411-3.cite book: CS1 maint: location (link)
  8. ^ "N VANCOUVER 2ND NARROWS]". Canadian Climate Normals 1981−2010. 25 September 2013. Archived from the original on 27 March 2018. Retrieved 26 March 2018.
  9. ^ "HistoricPlaces.ca - Recherche". www.historicplaces.ca. Archived from the original on 27 November 2021. Retrieved 19 August 2022.
  10. ^ "Attractions in North Vancouver". Archived from the original on 23 July 2012. Retrieved 25 May 2009.
  11. ^ "Primary Buildings". Archived from the original on 19 August 2007.
  12. ^ "Carte des écoles Archived 17 August 2015 at the Wayback Machine." Conseil scolaire francophone de la Colombie-Britannique. Retrieved on 22 January 2015.
  13. ^ a b c d Government of Canada, Statistics Canada (26 October 2022). "Census Profile, 2021 Census of Population". www12.statcan.gc.ca. Archived from the original on 10 November 2022. Retrieved 9 November 2022.
  14. ^ Government of Canada, Statistics Canada (27 October 2021). "Census Profile, 2016 Census". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
  15. ^ Government of Canada, Statistics Canada (27 November 2015). "NHS Profile". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
  16. ^ Government of Canada, Statistics Canada (20 August 2019). "2006 Community Profiles". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
  17. ^ Government of Canada, Statistics Canada (2 July 2019). "2001 Community Profiles". www12.statcan.gc.ca. Archived from the original on 27 December 2022. Retrieved 26 December 2022.
[edit]

 

Frequently Asked Questions

The firm stays updated with the latest tax laws and financial regulations by attending regular training sessions, subscribing to industry publications, and maintaining memberships in professional organizations, ensuring they're well-informed to best serve your business or personal finances.

Yes, IBB can help you navigate international tax issues as you expand your North Vancouver business overseas. They offer expertise to ensure you comply with global tax laws and optimize your financial strategy.

You'll find that the service approach is customized, focusing on the unique needs of small businesses with personalized solutions, while larger corporations receive comprehensive strategies that address their complex financial and tax planning requirements.