Paul Wilmott Introduces Quantitative Finance

Book Description

In this updated student edition, Paul Wilmott updates and extends his earlier classic, Derivatives: The Theory and Practice of Financial Engineering. Included on CD are numerous Bloomberg screen dumps to illustrate, in real terms, the points raised in the book, along with essential Visual basic code, spreadsheet explanations of the models, and the reproduction of term sheets and option classification tables. The author presents all the current financial theories in a manner designed to make them easy to understand and implement.

Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.

Customer Reviews:

An accessable introduction to a vast field of inquiry.......2007-02-06

An "Introduction" to anything is going to alienate half the readers. Why? Well, of necessity it is going to compress large topics, simply summarize complex topics, and leave whole swaths of material untouched. Most complaint reviews here fall roughly in to one or more of those buckets.

Let' face some facts: finance is a huge field of inquiry; mathematics is a huge field of inquiry; practical execution is a huge topic in itself (see the offerings of excellent books on Excel (Walkenbach, Benninga) and C++ (Joshi) and VBA (pick one)). An introduction of the intersections of these topics is no small area of inquiry. I stress using AMAZON's "look inside" feature for a table of contents rather than repeat the litany of topics, but major issues like risk, random, returns, and standard methods are all covered in a fine first approximation.

So how well does Paul Wilmott do? The answer is not bad. This is a great first book to use with folks crossing over to quantitative finance from other areas (Theology in my case), or for folks who will work and talk with quants but not be one themselves. It will probably appear frustratingly simple to math or engineering majors, but this is an *introduction* and believe me, the heavy lifting comes latter.

As a teaching text, the lack of exercises is a frustrating, but the CDROM has lots of fun spreadsheets with simple built in macros that make practical lecturing a breeze.

Wilmott's style is light, and he does make some logical leaps that can look sloppy but are transparently obvious to folks like him (trained in math), but it is often difficult to know what others don't know and explain without over explaining. Any author has to pick where to compress explanations and no one is going to be completely pleased with all of where Wilmott squeezes. Still, with a minimum bit of extra effort (you are sitting at a computer reading this, and Google Scholar is about two clicks away) anything that isn't clear can be found in an expanded technical address at Wolfram or other helpful sites.

This book is also a great filter. My students who complain it is too easy I move quickly along. Those who still don't get it I steer towards careers in financial sales, those that are lulled into a false sense of power I hand them Shreve to invoke humble silence.

In short, this is an admirable work for its purpose: an *introduction* to a vast, complex, and growing field. The perfect book to discover the field while drinking a beer. Just don't let the beer talk you into thinking you've mastered the subject with this book alone, and you'll be fine.

Good Informal Intro to Financial Math.......2006-08-02

Doesn't require post-graduate college courses (if you've ever done calculus and simple statistics, you're in, but you can get by with less). Definitely keeps it light and fun while pouring lots of info into your brainpan.

One caution, which Paul Wilmott points out: the "Stochastic Calculus" is different in some significant ways from the usual "Calculus" you take--Ito's Lemma looks downright wrong to the "Calculus" crowd!

May depend on your background.......2006-02-10

Not interesting, dry and lacks math details. Lacks economic intuition. For me, Hull's book even does a better job explaining Ito's calculus. But Math/Physics guys may like it.

Teaching-like stuff.......2005-08-10

I recently adopted Paul Wilmott textbook for a course on financial engineering I regularly give. I have always thought that stochastic calculus and derivatives are subjects very difficult to teach in a friendly manner. Wilmott textbook is very helpful in that regard.

Introduction to Quantitative Finance.......2003-06-18

A first rate book to accompany the likes of Hull. Wilmott has produced a comprehensive piece of work which address' the subject matter in a less formal approach with accompanying thoughts on the practical relevance of the theory. The inclusion of Bloomberg screenshots and workable examples in the form of a CD rom has resulted in a book more relevant to the real world. For those who can't get enough there is even a discount included to upgrade to the double volume set entitled 'Quantitative Finance'. Well worth the read.

Applied Quantitative Methods for Trading and Investment (The Wiley Finance Series)

Average customer rating:

For traders with very strong statistics and programming background
Provocative and fun text on the cutting edge, not an introductionn
Excellent

Applied Quantitative Methods for Trading and Investment (The Wiley Finance Series)

Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Similar Items:

Pairs Trading: Quantitative Methods and Analysis (Wiley Finance)
An Arbitrage Guide to Financial Markets (The Wiley Finance Series)
Market Models: A Guide to Financial Data Analysis
Analysis of Financial Time Series, 2nd Edition (Wiley Series in Probability and Statistics)
Inside Volatility Arbitrage : The Secrets of Skewness

ASIN: 0470848855

Book Description

This book provides a manual on quantitative financial analysis. Focusing on advanced methods for modelling financial markets in the context of practical financial applications, it will cover data, software and techniques that will enable the reader to implement and interpret quantitative methodologies, specifically for trading and investment. Includes CD-ROM with samples of different software used in the various models.
* Includes contributions from an international team of academics and quantitative asset managers from Morgan Stanley, Barclays Global Investors, ABN AMRO and Credit Suisse First Boston.
* Fills the gap for a book on applied quantitative investment & trading models
* Provides details of how to combine various models to manage and trade a portfolio

Customer Reviews:

For traders with very strong statistics and programming background.......2006-07-15

Unless you already are in the trade or you want to write your own trading programmes, please give this a pass. This quantitative analysis based book is definitely beyond those without very strong statistics and programming capabilities. Sorry to tell you that as an MBA, CFA pro trader, I could grasp at most 30% of the modeling techniques described. Certainly the CDROM bundled did help. However, I doubt how many readers would have that patience and resource to collect and input the data needed.

Provocative and fun text on the cutting edge, not an introductionn.......2006-06-14

Whereas most books on quantitative finance focus on how to price derivatives or model interest rates, this is a text on quantitative and computational methods that are about making money.

How to we forecast future prices? What is the place for artificial intelligence and neural networks? How are people using Bayesian methods and neural regressions? How can technical analysis and trend-following rules contribute to quantitative trading systems? How can new volatility and correlation models be applied (in Excel) to portfolio optimization?

These questions are answered by practitioners and academics with case studies and real-world applications. Each chapter provides a quick taste of things people are doing outside the box of your typical quant finance books. Do not expect a new philosophy or over-arching theory. This is just a book to prod half-baked ideas that might merit more consideration or to re-start one's own creative juices.

Excellent.......2006-02-27

This book offers a very nice insight on quatitative finance, so a variety of topics is covered...The book goes trough very popular and stablished analysis methods, so Markowitz portfolio selection model to more sophisticated so as neural networks...In my opinion, it is a very useful book, not only to grasp the fundamental things, but alto to implement them...flh

Average customer rating:

Quantitative Business Modeling
Jack R. Meredith , Scott M. Shafer , and Efraim Turban
Manufacturer: South-Western College Pub
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Binding: Hardcover

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ASIN: 032401600X

Book Description

Rather than giving instruction in models and solving problems, this textbook focuses on the process of modeling and the use of models in analyzing various managerial situations. The process of modeling is highly relevant to all business disciplines and is a critical skill for all professionals. The emphasis of this text will be on the integration and development of modeling skills including problem recognition, data collection, model formulation, analysis, and communicating and implementing the results.

Market Segmentation: Conceptual and Methodological Foundations (International Series in Quantitative Marketing)

Average customer rating:

Excellent book, but delivery is convoluted

Market Segmentation: Conceptual and Methodological Foundations (International Series in Quantitative Marketing)
Michel Wedel , and Wagner A. Kamakura
Manufacturer: Kluwer Academic Publishers
ProductGroup: Book
Binding: Hardcover

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Market Segmentation: How to do it, how to profit from it
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Accessories:

Computer Algebra Recipes: An Advanced Guide to Scientific Modeling
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ASIN: 0792386353

Book Description

Modern marketing techniques in industrialized countries cannot be implemented without segmentation of the potential market. Goods are no longer produced and sold without a significant consideration of customer needs combined with a recognition that these needs are heterogeneous. Since first emerging in the late 1950s, the concept of segmentation has been one of the most researched topics in the marketing literature. Segmentation has become a central topic to both the theory and practice of marketing, particularly in the recent development of finite mixture models to better identify market segments.
This second edition of Market Segmentation updates and extends the integrated examination of segmentation theory and methodology begun in the first edition. A chapter on mixture model analysis of paired comparison data has been added, together with a new chapter on the pros and cons of the mixture model. The book starts with a framework for considering the various bases and methods available for conducting segmentation studies. The second section contains a more detailed discussion of the methodology for market segmentation, from traditional clustering algorithms to more recent developments in finite mixtures and latent class models. Three types of finite mixture models are discussed in this second section: simple mixtures, mixtures of regressions and mixtures of unfolding models. The third main section is devoted to special topics in market segmentation such as joint segmentation, segmentation using tailored interviewing and segmentation with structural equation models. The fourth part covers four major approaches to applied market segmentation: geo-demographic, lifestyle, response-based, and conjoint analysis. The final concluding section discusses directions for further research.

Customer Reviews:

Excellent book, but delivery is convoluted.......2004-05-19

This is an excellent book for getting a grip on quantitative market segmentation methods. It is a bit murky in places, but definately is one of the more advanced books on the subject.

Customer Reviews:

I recommend undergraduate student.......2000-08-12

I'm graduate student now.I looked for the book to read more mathmatically ones.This book is very cleary, plain. You can read without knowledge of math and probability.So he explain wide area.

But is not suitable for me. Because of too easy! For finance with mathematics, I recommend [An introduction to the mathematics of financial derivatives:S.N.Neftci ].

Book Description

Written by a physicist with over 15 years of experience as a quant on Wall Street, this book treats a wide variety of topics. Presenting the theory and practice of quantitative finance and risk, it delves into the "how to" and "what it's like" aspects not covered in textbooks or research papers. Both standard and new results are presented. A "Technical Index" indicates the mathematical level — from zero to PhD — for each chapter. The finance in each chapter is self-contained. Real-life comments on "life as a quant" are included.

This book is designed for scientists and engineers desiring to learn quantitative finance, and for quantitative analysts and finance graduate students. Parts will be of interest to research academics.

Customer Reviews:

Very effective overview.......2004-12-23

This book gives a good general overview of financial engineering but only for those who have had a lot of prior exposure to the subject, at least from a theoretical or academic point of view, but have yet to get their feet wet in actual practice. For physicists with a background in quantum field theory, stochastic dynamical systems, or statistical mechanics, the mathematics in this book will be straightforward, and physicists will be intrigued that some of their ideas are being applied to finance. It is not a book for beginners though, as it will demand a lot of attention to details, as well as a considerable amount of outside reading. Space does not permit a detailed review of such a large book, and so only selected chapters will be reviewed.

In chapter 4, the author analyzes plain-vanilla equity options and discusses in particular the case of American options. The calculation of the probabilities of exercise at different future times involves the determination of the critical path followed by a Monte Carlo simulation to determine to the fraction of paths crossing the critical path in each interval of time. The hedges are then distributed in time as the delta times these probabilities of exercise. The author unfortunately does not give the details of how to obtain the critical path in this chapter, but these details can be found in later chapters on path integrals.

In chapter 5, foreign exchange options are discussed including how to hedge with the Greeks. The author shows how to price FX forwards and FX European options. He mentions that the Garman-Kohlhagen model is used to price the FX options, but he does not elaborate in any detail on the model. This model, which is the standard pricing convention in the FX market, is the analog of the Black-Scholes model, but where a foreign riskless interest rate is used as the payout on the underlying asset. Particularly interesting in this chapter is the author's discussion on the "two-country paradox". This paradox arises because the change of variables in foreign exchange instruments forces one to do a separate normalization of the drift of each variable, and does not arise for ordinary options. The drift after the change of variable is not consistent with interest-rate parity. Also discussed are the `volatility smiles' that are empirically observed in FX. As the author illustrates in a diagram, the smile corresponds to an upward-facing parabola, and he explains its occurrence by a "fear factor" (sometimes called "crash-o-phobia" in the equity option literature), which causes the implied volatilities of OTM puts to be bid up, thus putting a premium on this volatility relative to the ATM volume.

There are five chapters in the book that discuss the use of path integrals in finance, and these chapters include the formalism and how to calculate them numerically. The writing in these chapters is very lucid, and this no doubt reflects the author's background in physics and his consequent bias toward the use of functional integration in financial modeling. The discussion of the Black-Scholes in the context of functional integration is good motivation for later developments, and should convince readers as to the viability of this approach in finance. In addition, the author gives examples where the path integral approach does not merely reproduce the standard results in finance, one of these examples being the inclusion of dividends in options valuation. Including dividends can be done via the use of an "effective drift function", as the author shows in detail. He also shows that jumps in stock price can be studied in the same way as dividends in the context of path integration. Discrete-schedule Bermuda options are also tackled using path integral methods, as well as American options, and the author shows the reader how to calculate the critical path for these scenarios, following up on a promise in an earlier chapter. The chapter on numerical methods for the calculation of path integrals is interesting because it introduces some techniques and concepts that are no doubt new to many readers, such as "geometric volatility", which corresponds to an approximate volatility that would lead to a particular set of paths.

Perhaps the most interesting and "exotic" of the discussions in the book is included in chapter 46, and regards the application of `Reggeon field theory' (RFT) to financial engineering. Even for physicists working in quantum field theory, this type of field theory may be unknown to them, but the author does give a very brief review. He assumes background in scattering theory, the renormalization group, dimensional regularization, and other topics in field theory and high-energy physics, in order to read this chapter. RFT is presented as a theory to describe high-energy diffractive scattering, as a field theory for a particle called the `Pomeron'. The author's interest for the application of RFT to finance concern its ability to model nonlinearities and non-linear diffusion. He writes down the Lagrangian for RFT, which involves the nonlinear product of three fields, and when the interaction is switched off reduces to an ordinary diffusive model in imaginary time. One could apply ordinary perturbation theory to the case of weak interactions, but the author instead is interested in the non-perturbative region for the theory. This he tackles with the renormalization group, the object of which is to find the critical dimension, in order to test for the occurrence of a phase transition. Therefore the Gell-Mann Low beta function is to be calculated (using perturbation theory) and its zeros found. The author summarizes what is known for RFT from the research in the literature. The applications to finance consist of the ability of the RFT model to describe deviations from "square-root time", the latter of which arises from the standard Brownian motion assumption in financial theory. The RFT model reduces to the standard financial model when the interactions vanish. The nonlinear interactions are expected to produce interesting "fat-tail" jump events, but the author does not elaborate on this in any detail.

Implementing Models in Quantitative Finance: Methods and Cases (Springer Finance)

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Implementing Models in Quantitative Finance: Methods and Cases (Springer Finance)
Gianluca Fusai , and Andrea Roncoroni
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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ASIN: 3540223487

Book Description

This book puts numerical methods into action for the purpose of solving concrete problems arising in quantitative finance. Part one develops a comprehensive toolkit including Monte Carlo simulation, numerical schemes for partial differential equations, stochastic optimization in discrete time, copula functions, transform-based methods and quadrature techniques. The content originates from class notes written for courses on numerical methods for finance and exotic derivative pricing held by the authors at Bocconi University since the year 2000. Part two proposes eighteen self-contained cases covering model simulation, derivative valuation, dynamic hedging, portfolio selection, risk management, statistical estimation and model calibration. It encompasses a wide variety of problems arising in markets for equity, interest rates, credit risk, energy and exotic derivatives. Each case introduces a problem, develops a detailed solution and illustrates empirical results. Proposed algorithms are implemented using either Matlab ^® or Visual Basic for Applications ^® in collaboration with contributors.

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Applied Quantitative Finance
W. Härdle , T. Kleinow , and G. Stahl
Manufacturer: Springer
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Binding: Paperback

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ASIN: 3540434607

Book Description

Applied Quantitative Finance presents solutions, theoretical developments and method proliferation for many practical problems in quantitative finance. The combination of practice and theory supported by computational tools is reflected in the selection of topics as well as in a finely tuned balance of scientific contributions on the practical implementation and theoretical concepts. This concept offers theoreticians insight into the applicability of the methodology and, vice versa, practitioners access to new methods for their applications.
The e-book design of the text links theory and computational tools in an innovative way. All "quantlets" for the calculation of given examples in the text are executable on an XploRe Quantlet Server (XQS) and can be modified by the reader via the internet. The electronic edition can be downloaded from the web site www.i-xplore.de using the licence and registration number at the back cover.

Strategic Decision Making: Applying the Analytic Hierarchy Process (Decision Engineering)

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Strategic Decision Making: Applying the Analytic Hierarchy Process (Decision Engineering)
Navneet Bhushan , and Kanwal Rai
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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Book Description

Problems with high stakes, involving human perceptions and judgements, and whose resolutions have long-term repercussions, call for a rational approach to their solution. Strategic Decision Making provides an effective, formal methodology that gives assistance to such strategic level decision making problems. Focusing on applying the AHP to decision-making problems in engineering, Strategic Decision Making explores the three main endeavours of human existence: business, defence and governance. Many years of successfully applying Strategic Decision Making in these domains have created extensive results covering many complex planning, resource, allocation and priority setting problems throughout industry and business. Case studies drawn from years of successful, practical application experience. Discusses applications of decision making for real life problems. Worked examples and solutions to problems throughout. The reader will gain comprehensive exposure to the extent of assistance that a formal methodology, such as AHP, can provide to the decision maker in evolving decisions in complex and varied domains. Decision makers, in business and industry around the world, will find this valuable for practical use as a working tool.

Quantitative Methods for Business with EasyQuant Tutor for Excel

Average customer rating:

This textbook is TERRIBLE!
Quantitative MAnagement
Quant Methods Book
ABSOLUTELY THE WORST TEXTBOOK FROM A STUDENT'S PERSPECTIVE
Quantitative Methods 8th Edition

Quantitative Methods for Business with EasyQuant Tutor for Excel
David R. Anderson , Dennis J. Sweeney , and Thomas A. Williams
Manufacturer: South-Western College Pub
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Binding: Hardcover

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ASIN: 0324320116

Book Description

This revision of Quantitative Methods for Business provides students with a conceptual understanding of the role that quantitative methods play in the decision-making process. This text describes the many quantitative methods that have been developed over the years, explains how they work, and shows how the decision-maker can apply and interpret data. Written with the non-mathematician in mind, this text is applications-oriented. Its "Problem-Scenario Approach" motivates and helps students understand and apply mathematical concepts and techniques. In addition, the managerial orientation motivates students by using examples that illustrate situations in which quantitative methods are useful in decision making.

Customer Reviews:

This textbook is TERRIBLE!.......2005-10-01

This book is written in unnecessarily complicated language and does not present information in a way that is easily understood. I teach graduate courses in quantitative methods and I made the mistake of ordering this book for one of my courses without reading it first. It was a disaster!

Unless you are getting a doctorate and need to know lots of complicated formulas without adequate explanations, DO NOT buy this book.

Quantitative MAnagement.......2005-07-10

IT's really oky book. But it took a little more time to get it ghrough me. There are few scratches on the book when i recd. it. The parcel is oky.
Thanks anyway,

Quant Methods Book.......2005-03-06

I have used this textbook for an upper level math class and although the book was hard to follow, I really feel that it did present the information in a well laid out format. Some of the words were hard to grasp, but as for the problems in the back, I found them very useful. I hope anyone out there will in fact give this book a chance.

ABSOLUTELY THE WORST TEXTBOOK FROM A STUDENT'S PERSPECTIVE.......2003-03-12

I am currently taking a Quant Meth class which is using this as the textbook. By far, this is the worst textbook I have ever encountered as a student. It is hard to understand and the answers that are given in the back do not explain how to get to the final solution. Because the problems are not paired (that is 1 is not like 2, 3 is not like 4, etc.) and the only answers are to the EVEN problems, you are basically lost. There is a website for the 9th edition that is "under construction" currently, so there is no help there. This is not a book conducive to learning. Teachers and colleges - PLEASE think twice before you choose this for your curriculum. Both you and your students will be miserable!

Quantitative Methods 8th Edition.......2002-02-01

I am a professor using this book to teach a graduate level Quantitative Methods math class. This book is hard to understand for the students. Exercises included at the end of the chapters are hard to figure for the student based on what is presented in the text alone.
For the instructor, no teacher support is available except a solutions manual. All other texts I have used provides sample lecture material, additional cases, etc. This text provides no such support with a useless web site.

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