Models.Behaving.Badly.

Models.Behaving.Badly.
Title Models.Behaving.Badly. PDF eBook
Author Emanuel Derman
Publisher Simon and Schuster
Total Pages 242
Release 2011-10-25
Genre Business & Economics
ISBN 1439165017

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Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold). Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality—but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.

My Life as a Quant

My Life as a Quant
Title My Life as a Quant PDF eBook
Author Emanuel Derman
Publisher John Wiley & Sons
Total Pages 311
Release 2016-01-11
Genre Business & Economics
ISBN 0470192739

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In My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field—analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance. Throughout this tale, he also reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets.

The Volatility Smile

The Volatility Smile
Title The Volatility Smile PDF eBook
Author Emanuel Derman
Publisher John Wiley & Sons
Total Pages 528
Release 2016-08-15
Genre Business & Economics
ISBN 1118959183

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The Volatility Smile The Black-Scholes-Merton option model was the greatest innovation of 20th century finance, and remains the most widely applied theory in all of finance. Despite this success, the model is fundamentally at odds with the observed behavior of option markets: a graph of implied volatilities against strike will typically display a curve or skew, which practitioners refer to as the smile, and which the model cannot explain. Option valuation is not a solved problem, and the past forty years have witnessed an abundance of new models that try to reconcile theory with markets. The Volatility Smile presents a unified treatment of the Black-Scholes-Merton model and the more advanced models that have replaced it. It is also a book about the principles of financial valuation and how to apply them. Celebrated author and quant Emanuel Derman and Michael B. Miller explain not just the mathematics but the ideas behind the models. By examining the foundations, the implementation, and the pros and cons of various models, and by carefully exploring their derivations and their assumptions, readers will learn not only how to handle the volatility smile but how to evaluate and build their own financial models. Topics covered include: The principles of valuation Static and dynamic replication The Black-Scholes-Merton model Hedging strategies Transaction costs The behavior of the volatility smile Implied distributions Local volatility models Stochastic volatility models Jump-diffusion models The first half of the book, Chapters 1 through 13, can serve as a standalone textbook for a course on option valuation and the Black-Scholes-Merton model, presenting the principles of financial modeling, several derivations of the model, and a detailed discussion of how it is used in practice. The second half focuses on the behavior of the volatility smile, and, in conjunction with the first half, can be used for as the basis for a more advanced course.

Beast Behaving Badly

Beast Behaving Badly
Title Beast Behaving Badly PDF eBook
Author Shelly Laurenston
Publisher Kensington Publishing Corp.
Total Pages 400
Release 2012-03-01
Genre Fiction
ISBN 0758286007

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“Shelly Laurenston’s shifter books are full of oddball characters, strong females with attitude and dialogue that can have you laughing out loud.” —The Philadelphia Inquirer Some men just have more to offer. Like hard-muscled, shape-shifting Bo Novikov--part polar bear, part lion, pure alpha… Ten years after Blayne Thorpe first encountered Bo Novikov, she still can't get the smooth-talking shifter out of her head. Now he's shadowing her in New York--all seven-plus feet of him--determined to protect her from stalkers who want to use her in shifter dogfights. Even if he has to drag her off to an isolated Maine town where the only neighbors are other bears almost as crazy as he is. Let sleeping dogs lie. Bo knows it's good advice, but he can't leave Blayne be. Blame it on her sweet sexiness--or his hunch that there's more to this little wolfdog than meets the eye. Blayne has depths he hasn't yet begun to fathom--much as he'd like to. She may insist Bo's nothing but a pain in her delectable behind, but polar bears have patience in spades. Soon she'll realize how good they can be together. And when she does, animal instinct tells him it'll be worth the wait… "Non-stop laughter, snark, and witty banter." –SmexyBooks Praise for the novels of Shelly Laurenston "Delicious, sexy and wicked fun!" --New York Times bestselling author Gena Showalter on Bear Meets Girl

Professors Behaving Badly

Professors Behaving Badly
Title Professors Behaving Badly PDF eBook
Author John M. Braxton
Publisher JHU Press
Total Pages 239
Release 2011-12-01
Genre Education
ISBN 1421403390

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• A faculty member publishes an article without offering coauthorship to a graduate assistant who has made a substantial conceptual or methodological contribution to the article. • A professor does not permit graduate students to express viewpoints different from her own. • A graduate student close to finishing his dissertation cannot reach his traveling advisor, a circumstance that jeopardizes his degree. This book discusses these and other examples of faculty misconduct—and how to avoid them. Using data collected through faculty surveys, the authors describe behaviors associated with graduate teaching which are considered inappropriate and in violation of good teaching practices. They derive a normative structure that consists of five inviolable and eight admonitory proscriptive criteria to help graduate faculty make informed and acceptable professional choices. The authors discuss the various ways in which faculty members acquire the norms of teaching and mentoring, including the graduate school socialization process, role models, disciplinary codes of ethics, and scholarship about the professoriate and professional performance. Analyzing the rich data gleaned from the faculty surveys, they track how these norms are understood and interpreted across academic disciplines and are influenced by such factors as gender, citizenship, age, academic rank, tenure, research activity, and administrative experience.

Parents Behaving Badly

Parents Behaving Badly
Title Parents Behaving Badly PDF eBook
Author Scott Gummer
Publisher Simon and Schuster
Total Pages 216
Release 2012-04-10
Genre Fiction
ISBN 1451609183

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Gummer's first novel provides a smart, funny, and long overdue look at the over-the-top behavior of parents involved in youth sports.

Behaving Badly in Early and Medieval China

Behaving Badly in Early and Medieval China
Title Behaving Badly in Early and Medieval China PDF eBook
Author N. Harry Rothschild
Publisher University of Hawaii Press
Total Pages 289
Release 2018-10-31
Genre History
ISBN 0824867823

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Behaving Badly in Early and Medieval China presents a rogues’ gallery of treacherous regicides, impious monks, cutthroat underlings, ill-bred offspring, and disloyal officials. It plumbs the dark matter of the human condition, placing front and center transgressive individuals and groups traditionally demonized by Confucian annalists and largely shunned by modern scholars. The work endeavors to apprehend the actions and motivations of these men and women, whose conduct deviated from normative social, cultural, and religious expectations. Early chapters examine how core Confucian bonds such as those between parents and children, and ruler and minister, were compromised, even severed. The living did not always reverently pay homage to the dead, children did not honor their parents with due filiality, a decorous distance was not necessarily observed between sons and stepmothers, and subjects often pursued their own interests before those of the ruler or the state. The elasticity of ritual and social norms is explored: Chapters on brazen Eastern Han (25–220) mourners and deviant calligraphers, audacious falconers, volatile Tang (618–907) Buddhist monks, and drunken Song (960–1279) literati reveal social norms treated not as universal truths but as debated questions of taste wherein political and social expedience both determined and highlighted individual roles within larger social structures and defined what was and was not aberrant. A Confucian predilection to “valorize [the] civil and disparage the martial” and Buddhist proscriptions on killing led literati and monks alike to condemn the cruelty and chaos of war. The book scrutinizes cultural attitudes toward military action and warfare, including those surrounding the bloody and capricious world of the Zuozhuan (Chronicle of Zuo), the relentless violence of the Five Dynasties and Ten States periods (907–979), and the exploits of Tang warrior priests—a series of studies that complicates the rhetoric by situating it within the turbulent realities of the times. By the end of this volume, readers will come away with the understanding that behaving badly in early and medieval China was not about morality but perspective, politics, and power.