Professional Accountant North Vancouver

Professional Accountant North Vancouver

Cost accounting

At IBB, we prioritize personalized solutions, tailoring our accounting and tax services to meet the unique needs of each Professional Accountant North Vancouver business. That's where IBB Accounting & Tax Services steps in.

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  2. Best accounting software for businesses
  3. Corporate tax accounting
  4. Best accounting services
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  7. Certified accountants
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  10. Free consultation accounting services
  11. Forensic accounting
  12. Accounting for Airbnb hosts
  13. Accounting technology solutions
  14. Accounting for startups
  15. Corporation tax filing
  16. Accounting firm reviews
  17. Small business tax advising
  18. Nonprofit accounting
  19. Accounting for home-based businesses
  20. Financial risk management
How does leveraging advanced accounting technology give your business an edge? Their services for startups include financial planning, tax planning and compliance, and even assistance with securing funding. While we cater to established enterprises with our financial management solutions, we also offer specialized support for start-ups eager to set a solid foundation.

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  9. Accounting for medical professionals
  10. Budgeting and forecasting
  11. QuickBooks accounting
  12. Income tax preparation
  13. Hospitality industry accounting
  14. Accounting for musicians
  15. Financial advisory services
  16. Accounting services
  17. Certified public accountant (CPA)
Learn more about Professional Accountant North Vancouver here
By smartly managing your cash flow with these strategies, you're setting your business up for sustainability and success. IBB Accounting & Tax Services understands the unique challenges you're facing. Learn more about IBB Accounting & Tax Services here. From straightforward billing without hidden fees to providing detailed explanations of your financial statements, IBB ensures you're never left in the dark.

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  1. Tax-efficient investment strategies
  2. Small business accounting software
  3. Corporation tax accountant
  4. Income tax strategies
  5. Tax specialist services
  6. International tax accounting
  7. Accounting for independent contractors
  8. Estate planning accounting
  9. Business growth consulting
  10. E-commerce accounting
  11. Professional bookkeeping
  12. Business incorporation services
  13. Small business accounting
  14. Financial planning
  15. Accounting for nonprofit organizations
  16. Tax consulting
  17. Tax resolution services
  18. Online tax filing
  19. Business valuation
Whether it's tax planning, business accounting, or personal finance advice, you're in the hands of a professional who's dedicated to your financial health.
Need assistance with estate planning or navigating the intricacies of international tax laws? They'll work with you throughout the year, not just at tax time, to identify opportunities for tax efficiency and strategic financial growth. You'll work directly with our team of seasoned professionals who bring a wealth of knowledge and expertise to the table. With our support, you can rest assured that your legacy will be managed according to your exact wishes, providing security and comfort to you and your loved ones for years to come.
Whether you're looking to grow your business or secure your personal financial future, our team is here to guide you every step of the way. With IBB Accounting, you're not just getting a service provider; you're gaining a partner committed to your financial success. Their proactive approach helps identify and address potential issues before they become problems, significantly reducing the likelihood of audit surprises. To navigate Professional Accountant North Vancouver's dynamic business environment, you'll need accounting solutions that are specifically tailored to your company's unique needs.

Whether it's a new tax deduction you can take advantage of or a change in filing requirements, we've got you covered. Now, the bakery isn't only a local favorite but also eyeing wholesale opportunities.

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  3. Personal tax services
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  8. GST/PST filing
  9. Best accounting software for businesses
  10. Corporate tax accounting
  11. Best accounting services
  12. Debt management
  13. Financial statement preparation
  14. Certified accountants
  15. Accounting for rental properties
  16. Investment accounting
  17. Free consultation accounting services
  18. Forensic accounting
  19. Accounting for Airbnb hosts
Moreover, IBB stays ahead of legislative changes, offering proactive advice and planning to ensure your business isn't only prepared for the current tax year but also positioned well for the future. We'll start by assessing your current financial situation to identify potential tax-saving opportunities. Their personalized approach means your business's unique challenges and opportunities are front and center, guiding tailored strategies that propel growth.
With our expertise, you can rest assured that your financial well-being is fortified against the unforeseen. Decide on a percentage of your monthly revenue that gets automatically transferred to a savings account. Their team works closely with you to identify any potential areas of concern before they catch the eye of an auditor, allowing you to address issues proactively rather than reactively. You'll see where you're making money, where you're not, and where you can improve.
Our team of experts dives deep into your financial records, scrutinizing every detail to provide a clear, unbiased view of your financial health.

Professional Accountant North Vancouver - Accounting for freelancers

  1. International tax accounting
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  7. Business incorporation services
  8. Small business accounting
  9. Financial planning
  10. Accounting for nonprofit organizations
  11. Tax consulting
  12. Tax resolution services
  13. Online tax filing
  14. Business valuation
  15. Financial reporting
  16. Accounting software setup
Read more about Professional Accountant North Vancouver here You can identify trends, forecast future outcomes, and tailor your strategies to meet your business objectives more effectively. The expert team behind IBB specializes in turning financial intricacies into streamlined processes, ensuring that you're not only compliant but also maximizing your financial potential. At IBB Accounting & Tax Services, you're not just another client; they tailor their approach to meet your specific financial needs and goals.
That's why we've tailored our services to meet the distinct needs of various industries, from retail and hospitality to technology and manufacturing. Moreover, with cybersecurity threats on the rise, these cutting-edge platforms offer robust security features to protect your sensitive financial data. Leading the team is Sarah Chen, a Chartered Professional Accountant with over 15 years of experience in tax planning and financial management. Their team ensures that your accounting practices are efficient and compliant with the latest regulations, saving you time and protecting you from potential legal headaches.

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  1. Year-end financial statements
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  11. Tax planning
  12. CPA firms
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  14. Retail accounting
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North Vancouver CPA

Entity Name Description Source
Tax return A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. Source
Accounting Accounting is the process of identifying, measuring, and communicating information to allow business owners to know the status of their business. It involves tracking money to see which product lines and services are the most profitable. Services include profit and loss reports, balance sheets, cash flow statements, and sales reports. Source
Estate planning Estate planning involves arranging for the management and disposal of a person's estate during their life and after death, aiming to minimize uncertainties and maximize the value of the estate by reducing taxes and other expenses. Source
Bookkeeping Bookkeeping is the process of recording financial transactions of a business, including collecting, sorting, and recording transactions such as purchases, sales, cash receipts, and payments. It serves as the foundation for the accounting process by maintaining accurate financial records. Source
Tax avoidance Tax avoidance refers to legally minimizing tax liability through careful planning and compliance with the letter, but not necessarily the spirit, of tax laws. It involves using permissible methods to take advantage of loopholes, exemptions, and deductions offered within the tax code. Source
Income tax Income tax is a tax imposed on individuals or entities based on their income or profits. It is a key source of revenue for governments and is typically calculated as a percentage of taxable income, with rates varying based on income levels and jurisdiction. Source
Property tax Property tax is a levy on property that the owner is required to pay to the government, typically based on the value of the property. It is a primary source of revenue for local governments and funds services such as education, transportation, and emergency services. Source
Risk management Risk management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unforeseen events. In taxation, it includes implementing internal controls, developing tax policies, and ensuring compliance to mitigate tax-related risks. Source
Benchmarking Benchmarking is the practice of comparing business processes and performance metrics to industry bests or best practices from other companies. In taxation, it can involve comparing one's tax strategies and liabilities to those of similar organizations to identify areas for improvement and ensure competitiveness. Source

Business Tax Accountant North Vancouver

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.

Citations and other links

Best Tax Accountant Professional Accountant North Vancouver

With their expertise, you're not just managing your finances; you're strategically planning for your future. This means you're not paying for services you don't need.

Professional Accountant North Vancouver - Cost accounting

  1. Accounting for independent contractors
  2. Estate planning accounting
  3. Business growth consulting
  4. E-commerce accounting
  5. Professional bookkeeping
  6. Business incorporation services
  7. Small business accounting
  8. Financial planning
  9. Accounting for nonprofit organizations
  10. Tax consulting
  11. Tax resolution services
  12. Online tax filing
  13. Business valuation
  14. Financial reporting
  15. Accounting software setup
Whether you're navigating the intricacies of tax planning, seeking advice on financial growth, or simply need help with bookkeeping, their personalized service ensures that your financial affairs are in capable hands. IBB helps you plan and forecast effectively, turning potential financial pitfalls into manageable challenges.

As we peel back the layers of what makes IBB a preferred partner for local businesses, you'll discover strategies and stories of success that could redefine the way you view your business's financial health and strategy. We'll start by analyzing your current financial situation, identifying areas for improvement or growth. We'll also assist in setting realistic financial goals and benchmarks, making it easier to track your progress and adjust strategies as needed.

In the bustling world of Professional Accountant North Vancouver, where every other street corner seems to be harboring the next big tech startup or artisan coffee shop, it's almost a novelty to find a firm that's mastered the art of numbers without making it as dry as yesterday's toast. Then, we'll work closely with you to set realistic, achievable financial targets. IBB Accounting & Tax Services offers tailored solutions that fit your specific needs, allowing you to focus on growing your business rather than getting bogged down by complex payroll tasks.

They don't just work for you; they work with you, making your business goals their priority. Our approach is hands-on, focusing on creating a financial plan that reflects your unique circumstances and ambitions. With a team of experienced professionals, IBB offers tailored accounting and tax solutions to meet the unique needs of various industries.

Best Tax Accountant Professional Accountant North Vancouver
Professional Accountant North Vancouver Business Accounting Solutions

Professional Accountant North Vancouver Business Accounting Solutions

This continuous support ensures that you're never left in the dark about your financial situation.

Professional Accountant North Vancouver - Business tax return preparation

  1. Accounting technology solutions
  2. Accounting for startups
  3. Corporation tax filing
  4. Accounting firm reviews
  5. Small business tax advising
  6. Nonprofit accounting
  7. Accounting for home-based businesses
  8. Financial risk management
  9. Cash flow management
  10. Professional accounting services
  11. Tax accounting
  12. Accounting for consultants
  13. Accounting for medical professionals
  14. Budgeting and forecasting
  15. QuickBooks accounting
This flexibility guarantees that no matter how your business evolves, your accounting framework remains robust, responsive, and, most importantly, aligned with your long-term vision. Timely and accurate salary payments reflect well on your business, boosting morale and fostering a positive work environment. At IBB Accounting & Tax Services, we understand that every sector comes with its own set of challenges and opportunities.

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  6. Accounting for import/export businesses
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  9. Accounting training
  10. Sole proprietorship accounting
  11. HST/GST tax filing
  12. Accounting for artists
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  14. Accounting for franchises
  15. Bookkeeping services
  16. Small business accounting software
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  18. Income tax strategies
  19. Tax specialist services
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Building on our personalized approach, IBB offers comprehensive bookkeeping services designed to simplify your financial management and enhance your business's efficiency.

In essence, IBB Accounting & Tax Services isn't just a service provider; they're a catalyst for your business's growth and success in Professional Accountant North Vancouver's competitive landscape. They didn't just untangle the tax mess; they revamped the bakery's financial strategy, turning potential disaster into a recipe for success. We've got the expertise you need. Moreover, we're committed to transparent communication.

Whether you have a handful of employees or a large team, they've got you covered. Another client, a local bakery, was on the brink of closing. From cloud-based accounting systems that offer unparalleled accessibility to your financial data, to sophisticated tax software that ensures compliance and optimization, we've got you covered. Our approach combines deep industry knowledge with a keen understanding of federal and provincial tax regulations, ensuring you're not just compliant, but also maximizing your savings and benefits.

Every member isn't just highly qualified; they bring a wealth of experience and specialized knowledge to the table. They don't merely crunch numbers; they translate complex financial data into actionable insights. They don't just crunch numbers; they transform data into actionable strategies, making it easier for you to navigate the complexities of your business landscape. This means they're not just crunching numbers; they're crafting a financial strategy that aligns with your personal or business objectives.

Property Tax Accountant Professional Accountant North Vancouver

From identifying deductions and credits you hadn't considered to advising on the tax implications of major business decisions, our goal is to support your financial health every step of the way. This global outreach is essential for growth but also demands a sophisticated understanding of international trade laws and financial regulations. This proactive approach means you're always ahead of the game, with compliance strategies that are as bulletproof as they're beneficial for your bottom line. Regular check-ins and updates are part of our promise to keep you informed and confident in your financial standing. IBB's team brings you advanced accounting solutions tailored to your unique needs, helping you navigate the complexities of tax law and financial management with ease.

They're not just close by; they're right where you need them, ensuring that managing your finances doesn't have to be a day-long errand. We're committed to understanding the unique challenges and ambitions of your business, ensuring our advice is tailored to your specific needs. IBB's team dives deep into the intricacies of your field to ensure that the accounting services you receive aren't just generic offerings but are instead precisely aligned with what you need to thrive. That's where IBB Accounting & Tax Services steps in.

They've brought on board a team of seasoned tax professionals with expertise across various industries. Navigating the complexities of investment and growth planning is crucial for your business's long-term success. Moreover, IBB's tailored solutions grow with your business, adapting to changes in size, scope, and industry trends. We'll listen carefully to your concerns and objectives, ensuring that we're not just service providers but partners in your financial well-being.

By restructuring their financial plan and navigating government aid, the restaurant not only survived but thrived, opening a second location last year. You might think that all accounting firms are created equal, but IBB Accounting & Tax Services in Professional Accountant North Vancouver stands out for entrepreneurs.

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  7. QuickBooks accounting
  8. Income tax preparation
  9. Hospitality industry accounting
  10. Accounting for musicians
  11. Financial advisory services
  12. Accounting services
  13. Certified public accountant (CPA)
  14. Tax-efficient investment strategies
  15. Accounting for import/export businesses
  16. Tax deduction optimization
  17. Best bookkeeping services
  18. Accounting training
  19. Sole proprietorship accounting
  20. HST/GST tax filing
Let's work together to build a robust financial foundation that supports your business's growth and adapts to its evolving needs. By staying ahead of legislative changes and leveraging our extensive knowledge, we ensure that your tax strategy evolves with your needs and with the tax landscape.

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Tax accountant near me Professional Accountant North Vancouver
Tax accountant near me Professional Accountant North Vancouver

Let us handle the numbers, so you can focus on what you do best-running your business. With our support, you'll avoid common financial pitfalls that many new businesses fall into. Our team understands that your financial goals extend beyond the confines of your business. But what truly makes them the right choice for securing your financial future? With IBB Accounting & Tax Services, you're not just getting an accountant; you're getting a financial ally dedicated to your long-term success.

Our team stays by your side, offering guidance and adjusting plans as your financial landscape evolves. When you're navigating the complexities of entrepreneurship in Professional Accountant North Vancouver, it's easy to get overwhelmed by the financial details. Partnering with us means you're not just getting an accountant; you're gaining a trusted advisor committed to your financial well-being. Building on the foundation of our personalized service model, we also design comprehensive financial strategies that propel your Professional Accountant North Vancouver business toward its financial goals.

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  1. Corporation tax filing
  2. Accounting firm reviews
  3. Small business tax advising
  4. Nonprofit accounting
  5. Accounting for home-based businesses
  6. Financial risk management
  7. Cash flow management
  8. Professional accounting services
  9. Tax accounting
  10. Accounting for consultants
  11. Accounting for medical professionals
  12. Budgeting and forecasting
  13. QuickBooks accounting
  14. Income tax preparation
  15. Hospitality industry accounting
  16. Accounting for musicians


You're given a tailored approach that aligns with your unique financial goals and challenges. You'll have access to user-friendly platforms that simplify document submission, making it easier to keep your financials organized and up-to-date.

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  1. Income tax preparation
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  7. Tax-efficient investment strategies
  8. HST/GST tax filing
  9. Accounting for artists
  10. Cloud accounting solutions
  11. Accounting for franchises
  12. Bookkeeping services
  13. Small business accounting software
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  15. Income tax strategies
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Let us help you navigate the complexities of the investment world with solutions that promise not just growth, but stability and peace of mind.

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  1. Year-end financial statements
  2. Tax compliance
  3. Accounting for legal professionals
  4. Accounting consulting
  5. Self-employment tax preparation
  6. Personal tax accountant
  7. Estate and trust tax planning
  8. Self-employed tax services
  9. Payroll processing
  10. Real estate accounting
  11. Tax planning
  12. CPA firms
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  15. Digital accounting
  16. Virtual accounting services
  17. Personal finance consulting
You're not stuck waiting for quarterly reports; instead, you have access to up-to-date financial insights at any given moment.

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  8. Tax specialist services
  9. International tax accounting
  10. Accounting for independent contractors
  11. Estate planning accounting
  12. Business growth consulting
  13. E-commerce accounting
  14. Professional bookkeeping
  15. Business incorporation services
  16. Small business accounting
  17. Financial planning


We're adept at identifying opportunities that align with your financial aspirations, ensuring your portfolio is diversified and resilient against market volatility. With our expertise, you'll avoid common pitfalls that can complicate the estate planning process. First, you'll need to reach out to their team. That's where IBB Accounting & Tax Services steps in to support Professional Accountant North Vancouver entrepreneurs like yourself.

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They don't just crunch numbers; they dive deep into your industry's specifics, ensuring compliance and optimizing your financial performance. By partnering with us, you're not just getting a service provider; you're gaining a partner dedicated to supporting the financial health and operational efficiency of your business. They help streamline your operations, improve financial reporting, and enhance compliance, freeing you up to focus on growing your business. This means you won't have to worry about potential penalties or fines for incorrect payroll processing.
Simplifying your financial management with IBB means you're setting your business up for long-term success.

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  1. Financial reporting
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  3. Year-end financial statements
  4. Tax compliance
  5. Accounting for legal professionals
  6. Accounting consulting
  7. Self-employment tax preparation
  8. Personal tax accountant
  9. Estate and trust tax planning
  10. Self-employed tax services
  11. Payroll processing
  12. Real estate accounting
  13. Tax planning
  14. CPA firms
  15. Personal tax services
  16. Retail accounting
  17. Digital accounting
  18. Virtual accounting services
Take, for instance, a local boutique that was struggling with inventory management and cash flow issues. Let us help you create a comprehensive estate plan that addresses all aspects of your financial life, from investments and property to business interests and personal possessions.
You're partnering with experts who are invested in your business's success throughout the entire year. They keep you informed throughout the year, offering timely updates and advice as your financial situation evolves.

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  3. Tax resolution services
  4. Online tax filing
  5. Business valuation
  6. Financial reporting
  7. Accounting software setup
  8. Year-end financial statements
  9. Tax compliance
  10. Accounting for legal professionals
  11. Accounting consulting
  12. Self-employment tax preparation
  13. Personal tax accountant
  14. Estate and trust tax planning
  15. Self-employed tax services
  16. Payroll processing
  17. Real estate accounting
Additionally, reevaluate your expenses regularly.
Navigating tax season doesn't have to be a daunting task for entrepreneurs; with the right strategies, you can simplify the process and avoid common pitfalls. By cutting down on these, you can increase the amount you save each month. We'll keep you ahead of the game by ensuring you're taking advantage of all available deductions and credits.

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  1. GST/PST filing
  2. Best accounting software for businesses
  3. Corporate tax accounting
  4. Best accounting services
  5. Debt management
  6. Financial statement preparation
  7. Certified accountants
  8. Accounting for rental properties
  9. Investment accounting
  10. Free consultation accounting services
  11. Forensic accounting
  12. Accounting for Airbnb hosts
  13. Accounting technology solutions
  14. Accounting for startups
  15. Corporation tax filing
  16. Accounting firm reviews


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  4. Corporate tax accounting
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  6. Debt management
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  8. Certified accountants
  9. Accounting for rental properties
  10. Investment accounting
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  12. Forensic accounting
  13. Accounting for Airbnb hosts
  14. Accounting technology solutions
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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

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[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.
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