Introduction to the Economics and Mathematics of Financial Markets

Book Description

Introduction to the Economics and Mathematics of Financial Markets fills the longstanding need for an accessible yet serious textbook treatment of financial economics. The book provides a rigorous overview of the subject, while its flexible presentation makes it suitable for use with different levels of undergraduate and graduate students. Each chapter presents mathematical models of financial problems at three different degrees of sophistication: single-period, multi-period, and continuous-time. The single-period and multi-period models require only basic calculus and an introductory probability/statistics course, while an advanced undergraduate course in probability is helpful in understanding the continuous-time models. In this way, the material is given complete coverage at different levels; the less advanced student can stop before the more sophisticated mathematics and still be able to grasp the general principles of financial economics.

The book is divided into three parts. The first part provides an introduction to basic securities and financial market organization, the concept of interest rates, the main mathematical models, and quantitative ways to measure risks and rewards. The second part treats option pricing and hedging; here and throughout the book, the authors emphasize the Martingale or probabilistic approach. Finally, the third part examines equilibrium models -- a subject often neglected by other texts in financial mathematics, but included here because of the qualitative insight it offers into the behavior of market participants and pricing.

Customer Reviews:

Good but far from perfection.......2007-09-05

I used this book as a TA for a course in introduction to finance for first-year graduate students last semester. Proofs and mathematical expositions are quite rigorous. The contents cover most of the importan parts in modern theories of finance. It is quite self-contained with introduction to Brownian Motion and Ito's lemma. However, its shortcoming is much like other books in modern advanced economics - it fails to capture the intuition behind those fancy expositions. Although brownian motion, Ito's calculus and fundamental theorems of finance are thoroughly introduced, it fails to explain students the basic ideas behind these concepts. Because I used this book to teach students as a TA, I know that without any guidance students are very likely to be lost in the mathematical expositions in these books. Moreover, this book has a lot of typos! Be careful! Overall, this is quite a good book. The level is appropriate for first-year graduate course in finance. Although the level is appropriate, it is far from being a good textbook.

Above Average but not Excellent.......2005-08-21

This book is easier to read than Duffie's Dynamic Asset Pricing Theory and I would say is comparable to that of Bjork's Arbitrage Theory in Continuous-Time. The good thing about this book is that it covers the major topics required for the understanding of financial markets, i.e. stocks, bonds, interest rates, risk, dynamic programming, options, etc. One thing that I did not like is that in the middle of the section they switch for discrete-time to continuous-time and then back and forth again. It would have been better, in my opinion, to do discrete-time as a whole and then a separate section in continuous-time. In addition, the solutions manual that accompany does not seem like it's worth the $20+ you pay for it. It's extremely thin and contains solutions to "some" problems only.

Lucid!.......2004-05-25

Excellent, highly readable, solid and intuitive. Lucid on all aspects of Math Finance, with both Econ and Math theory in mind. This can be a good replacement for Hull.

Statistics of Financial Markets: An Introduction (Universitext)

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Great intutive introduction to stochastic calculus
Great introduction to the Value at Risk measures

Statistics of Financial Markets: An Introduction (Universitext)
Jürgen Franke , Wolfgang Härdle , and Christian M. Hafner
Manufacturer: Springer
ProductGroup: Book
Binding: Paperback

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ASIN: 3540216758

Book Description

Statistics of Financial Markets presents in a vivid yet concise style the necessary statistical and mathematical background for Financial Engineers and introduces to the main ideas in mathematical finance and financial statistics. Topics covered are, among others, option valuation, financial time series analysis, value-at-risk, copulas, and statistics of the extremes.

The underlying structure of the book, i.e. basic tools in mathematical finance, financial time series analysis and applications to given problems of financial markets, allows the book to be used as a basis for lectures, seminars and even crash courses on the topic.

A full set of transparencies can be downloaded using the registration card at the back of the book. The registration card also allows the use of the e-book version with links to world wide computing servers.

Customer Reviews:

Great intutive introduction to stochastic calculus.......2006-06-17

This book was such a relief after going through tens of books/lectures notes on stochastic calculus. Most math books give the theory behind Ito calculus (martingales, measure theory etc.), but fail to give the motivation and reasoning behind abstract definitions. This book does an excellent job in deriving many seemingly-complicated math formulas (or, theorems) using intuitive terms. It is an excellent read for people who have a reasonable background in probability theory, and are wishing to learn stochastic calculus (plus finance). I strongly recommend it to anyone who wants to learn the rudiments of Ito integral and see its applications in finance.

Great introduction to the Value at Risk measures.......2005-10-14

Got the friendly yellow paperback version. The book is in three major parts; Options, Time series and then Value at Risk.

The first section starts out well with an overview of Stochastic Processes and then moves on to Stochastic Integrals and Differential Equations. All of this is motivation to help with the pricing of Options, starting with European, then American and moving onto Exotics and Bond Options. It covers all the major points, though it is a little limited in the Exotics, it does have a good references to more thorough works.

The second section on time series works with ARIMA, ARCH and GARCH models.

The third section (labeled Selected Financial Applications) is mostly about the VAR though is has some really good commentary on the Volatility of Option Portfolios.

An added bonus is that you can download the PDF version of the book, and all the data for the examples from the web, with quite a neat one-time license.

I would recommend this book to people needing a good overview of the subjects listed above, and as a handy reference.

Introduction to the Economics and Mathematics of Financial Markets

Average customer rating:

Introduction to the Economics and Mathematics of Financial Markets
Fernando Zapatero Jaksa Cvitanic
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OQ4NNU

Book Description

Until recently most observers were of the opinion that firms had to adopt a Japanese model of management or perish. They overlooked the fact that there are a number of efficient productive models and that there is no single 'best way'. This book shows the diversity of productive models and discusses the optimum macro and micro economic and social conditions that a firm needs to stay profitable. In conclusion the authors suggest an analytical framework of profitability conditions, easily accessible to practitioners, academics and students.

Book Description

Provides a definitive source of information on the environmental, non-target and human safety aspects of using the bacterium Bacillus thuringiensis (B.t.) as a biological control agent. B.t. is used worldwide as an effective agent for controlling many species of insect pest, either by crop spraying or genetic engineering of crop plants. Recently questions have been raised due to health concerns over inhalation of the bacterial spores, and fears of gene-swapping. This reference provides a well-balanced comprehensive discussion on the subject.

Book Description

This is the latest evolution of the two combined volumes, Deep Space CCD Atlases North and South.

Deep Space CCD Atlas North & South on CD-R is the complete works of both popular atlases, plus an Addendum, in a snappy, hi-res, printable universal format.

The North Atlas comprises 274 8.5x11" pages with over 2,500 deep-sky objects.
The South Atlas is 160 8.5x11" pages displaying over 1,600 razor-sharp objects. Add to this, a 30-pg. Addendum of about 500 ID'd objects.
The North volume surveys +90 to -30° declination, overlapping with the South volume's -90° to +30° sampling.

Plan and confirm observations; check supernovae suspects; gain insights on using CCDs; print out any pages at high resolution; or just skim through page after page of the best of the entire deep sky!

Features:
Stars to 21st magnitude with object cores through faintest extremities displayed as negatives (Addendum is in positive view).
• Wide range of complementary data meticulously identifies each entry
• Excellent inter- and intra-atlas cross-linking
• Comprehensive indexing and search capabilityÝ
• Keystrokes find, navigate and change viewsÝ
• Superb Freeware image processors and about 450 high-res images are includedÝ • Individual PDF pages can be opened in some graphic-image editorsÝ.

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Susan Board uses a Foucauldian model of power to expand the boundaries of international relations and by doing so raises conceptual and methodological issues within the discipline.

Book Description

These 30 designs include powerboats, daysailers, cruising boats and canoes and kayak. Also includes an article by designer Joel White on understanding boat plans

Book Description

From George Washington to Martin Luther King, JR., to Margaret Thatcher, Great Quotes from Great Leaders offers the insights and wisdom of the world's most inspirational and dynamic leaders. You will not only be uplifted by the quotes and intrigued by the biographical sketches provided, you will be moved to share these thoughts with colleagues

Customer Reviews:

Outstanding Pick!.......2007-05-07

While this book is small, it has fantastic quotes written by inspiring people. It's very quick to reference and has a short bio of each contributor. Instead of offering a ton of mediocure quotes to fit every plausible situation, it offers only the most poignant. Sometimes less is more...

Standard quotes..........2004-01-23

This is an "impulse buy" type of book, or a gift for a niece or nephew you do not know too well. The 400 quotes were OK, as others have noted. Too bad Anderson included Douglas MacArthur, but good for her for including Mother Teresa, who gave me a favorite: "I am a little pencil in the hand of a writing God who is sending a love letter to the world."

The quotes were not dated, however, so you have no idea when in their lives these people gave them.

Not enough background.......2002-08-07

This is just a list of good quotes. The author should have offered a little background behind each quote, such as when, where, circumstances, speaking to whom, after effect. The book is so small I lost it, but I am not too upset.

Greatly Watered-down Quotations.......2000-01-21

This book doesn't cost very much, but it doesn't provide a lot either. With only about 400 quotes in very large type, this feels like a supermarket checkout filler item. The reason I give this one 3 stars is due to the fact that most of the quotes are pretty good. So, it's the best of the 'Great Quote Series' but that's not saying much. Save your money and invest in the Random House Websters Quotationary instead.

A GREAT BOOK for anyone who wants to be GREAT!.......1998-11-15

My Great Daughter bought me the Gold Edge hardcopy of this Book in 1994. It was one of the greatest Christmas presents I have ever received. We can learn alot from these great leaders. Peggy has compiled a Great diversity in Great Leaders. A mentor for everyone.

Give Me Liberty snd Other Quotes From Great American Leaders

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Give Me Liberty snd Other Quotes From Great American Leaders
Steven W. Allen
Manufacturer: Legal Awareness Series
ProductGroup: Book
Binding: Hardcover

Quotations | Reference | Subjects | Books

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ASIN: 1879033127

Book Description

Author Steven W. Allen compiles inspiring quotes from teh founding fathers into acollection that provokes thought adn laughter.

Speeches From Great American Leaders (Audio Cd) (Foundations of America)

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Speeches From Great American Leaders (Audio Cd) (Foundations of America)
et al George Washington
Manufacturer: Cuddly Duck Productions
ProductGroup: Book
Binding: Audio CD
ASIN: B000N35LFS

Product Description

Hear historic speeches by Presidents Washington, Lincoln, Roosevelt (3 speeches) and Kennedy.

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Great Quotes From Great Leaders
Peggy Anderson
Manufacturer: Celebrating Excellence
ProductGroup: Book
Binding: Spiral-bound
ASIN: B000IQXU4Y

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Great Quotes From Great Leaders
Peggy Anderson
Manufacturer: Great Quotations Pub. Co.
ProductGroup: Book
Binding: Hardcover
ASIN: B000WMF6WI

Product Description

1991 by Peggy Anderson. Hardcover, 131 Pages. Collection of quotations from some of the great men and women of all time.

Book Description

Over the past decade, Jock Sturges has produced an incomparable body of work that revels in the beauty of the human form and celebrates the naturist spirit. Jock Sturges: Notes gives fans of his unforgettable images a glimpse behind the scenes of his working process, opening up his studio and notes to the viewer for the very first time. A selection of preparatory studies, shot as Polaroids, accompanies the finished works included here-offering visual testimony to the complex process and inspiration that underlies each of the gorgeous images his audience has come to love and admire. Jock Sturges's other published collections include The Last Day of Summer (Aperture, 1991) and Radiant Identities (Aperture, 1994).

Customer Reviews:

Great photography, strange feeling of..........2007-09-13

Great photography, but the photographers fascination with underage girls and boys gives me a strange feeling or participating in something illicit.

Natural Humans.......2007-05-13

As a photographer of interesting and often beautiful women, I found Jock Sturges' work both exciting and intriguing. I live in Europe but even in this social climate, the free intimacy Sturges invokes with his subjects is worth the efforts to understand this book. I would say that he evokes a natural intimacy that is usually absent from photography or the nudes shot by most photographers miss the wholesome quality evident in Sturges' images. The people are neither ashamed nor proud of their bodies...they inhabit them. I applaud his work and I will study this photos for years to come.

getting to know Jock Better.......2007-02-04

I am very pleased with the works of Jock Sturges. He takes us on a behind the scene tour of those that he takes pictures of. You will discover the close knit group of friends that come together to share in everyday life. He does a great job of capturing his subjects on film and his works are well worth your time. All subjects are in their natural settings and don't look fake like David Hamilton's!! Many of his subjects have known him for years and have a good relationship with Jock. Get them while they are hot!!!

Not the Definitive Jock Sturges........2006-03-06

The true beauty and power of Jock Sturges' work is not found in this, or any other book yet published. I have been a fan of Sturges for many years but only recently did I visit an art gallery to view Jock's full sized limited edition prints. It was a revelation. The size, detail and contrast of the 16 by 22 prints made the reproductions seen in his books look small and flat.

But what surprised me even more is that Jock's most profound and complex work is not found in any of his books or on the net. A case in point is a print I saw at the art gallery of two young twin brothers titled, "Julien et Antoine, Montalivet, France 2004". In "Notes" we meet the same boys but always in completely innocent poses. They play on a neighbor's swing set or sip fruit juice under the watchful eyes of their parents. Their nudity is so natural that it passes almost unnoticed.

But in the 2004 image we see them with out their parents and in the bedroom of Jock's bungalow. Antoine is seated on the bed while Julien stands before the bed almost definitely gazing into the eyes of the viewer. The boy's arms are crossed over his chest perhaps for protection but, like his brother, he makes no attempt to hide his exposed genitals. From his expression we see that he is aware of his beauty and emerging sexuality. That knowledge gives the boy a degree of power over us, the viewers. Every detail of his stunning body is exposed to us and yet the look on his face is without shame or fear. "Are your thoughs pure or lustful?" he seems to ask. This boy knows that if there is any indecency the fault lies not with him, or his brother, but with us, the viewers. He is nude but he is not obscene, lewd or nasty. This boy is no longer entirely innocent and yet he contains no evil. The dynamics of this image are so profound and poignant that I consider it to be the definitive Jock Sturges. It is what Jock will be remembered for a hundred years from now.

Brilliant as they are the photographs in "Notes" fall short when compared to "Julien et Antoine, Montalivet, France 2004". At $1000.00 I couldn't resist buying it. But like the previous owner of Carravaggio's "Amor Victorios 1603" I don't have the nerve to display it in my home. It's not that I consider the print wicked, it isn't, it's just that it's a bit ahead of it's time.

But is it Art?.......2005-08-21

Jock Sturges is well known in photography and legal circles. His pictures of mostly young women have netted him praise and legal action. In this book, he explains how and why he makes these pictures. There are also comments from some of his subjects, many of whom have posed for him numerous times over the years. They uniformly seem to have been benefitted from the experience, and Mr. Sturges shares his beliefs about the nature of photographing people in the nude.

If beauty is in the eye of the beholder, your reaction will certainly depend upon your own beliefs about what is appropriate subject matter for general publication. Mr. Sturges makes most of his pictures in France,(and some in the rural 'hippie' communes of Northern California) and, as was pointed out in the play 'My Fair Lady' the French don't care what they do, as long as they pronounce it properly. However, don't expect to see typical 'glamour' photography here. These pictures are set in peoples actual living spaces. There is beauty to be found here, but it is closer to reality than any fantasy dreamed up for sexual purposes. These are pictures that will make you think. So, is this art? As some judge said, I know it when I see it.

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