Models.Behaving.Badly.

Author: Emanuel Derman
Publisher: Simon and Schuster
ISBN: 1439165017
Category : Business & Economics
Languages : en
Pages : 242

Book Description
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

Author: Emanuel Derman
Publisher: John Wiley & Sons
ISBN: 0470192739
Category : Business & Economics
Languages : en
Pages : 311

Book Description
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

Author: Emanuel Derman
Publisher: John Wiley & Sons
ISBN: 1118959167
Category : Business & Economics
Languages : en
Pages : 528

Book Description
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

Author: Shelly Laurenston
Publisher: Kensington Publishing Corp.
ISBN: 0758286007
Category : Fiction
Languages : en
Pages : 400

Book Description
“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

Author: John M. Braxton
Publisher: JHU Press
ISBN: 1421403390
Category : Education
Languages : en
Pages : 239

Book Description
• 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

Author: Scott Gummer
Publisher: Simon and Schuster
ISBN: 1451609183
Category : Fiction
Languages : en
Pages : 216

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

Understanding and Managing Model Risk

Author: Massimo Morini
Publisher: John Wiley & Sons
ISBN: 0470977744
Category : Business & Economics
Languages : en
Pages : 452

Book Description
A guide to the validation and risk management of quantitative models used for pricing and hedging Whereas the majority of quantitative finance books focus on mathematics and risk management books focus on regulatory aspects, this book addresses the elements missed by this literature--the risks of the models themselves. This book starts from regulatory issues, but translates them into practical suggestions to reduce the likelihood of model losses, basing model risk and validation on market experience and on a wide range of real-world examples, with a high level of detail and precise operative indications.

Log 50

Author: Cynthia Davidson
Publisher:
ISBN: 9780999237380
Category :
Languages : en
Pages :

Book Description
From the economic to the political, from public health to the climate, models seem to run the world. In architecture, the model is no longer just a physical tool for conceptualizing or representing architects' visions but must also encompass digital and 3D-printed models, data and artificial intelligence models, business models, educational models, and even engage the discipline's own questionable history in establishing role models. A thematic issue, Log 50: Model Behavior interrogates models in this expanded sense: what are their values, their behaviors, and the behaviors they elicit. In a record-setting 256 pages, 39 authors, ranging from established architectural thinkers to up-and-coming practitioners, examine the role of the model in architecture today through critical essays, conversations, observations, projects, and provocations.

Television Antiheroines

Author: Milly Buonanno
Publisher: Intellect (UK)
ISBN: 9781783207602
Category : Antiheroes on television
Languages : en
Pages : 0

Book Description
This book focuses on the emergence of female characters in typically male roles, particularly in the crime and prison drama genres. Contributors explore the role of race and sexuality, focusing on the transgression of female identity, and examine how bad women are portrayed and how they reveal the challenges by women to social and economic norms.

Bad Men

Author: David M. Buss
Publisher: Hachette UK
ISBN: 1472146328
Category : Psychology
Languages : en
Pages : 336

Book Description
Sexual conflict permeates ancient religions, from injunctions about thy neighbor's wife to the sexual obligations of marriage. It is etched in written laws that dictate who can and cannot have sex with whom. Its manifestations shape our sexual morality, evoking approving accolades or contemptuous condemnation. It produces sexual double standards that flourish even in the most sexually egalitarian cultures on earth. And although every person alive struggles with sexual conflict, most of us see only the tip of the iceberg: dating deception, a politician's unsavory grab, the slow crumbling of a once-happy marriage, a romantic breakup that turns nasty. Bad Men shows that this "battle of the sexes" is deeper and far more pervasive than anyone has recognized, revealing the hidden roots of sexual conflict -- roots that originated over deep evolutionary time -- which characterise our sexual psychology. Providing novel insights into our minds and behaviours, Bad Men presents a unifying new theory of sexual conflict and offers practical advice for men and women seeking to avoid it.