Volatility and Correlation: The Perfect Hedger and the Fox (Wiley Finance)
Average customer rating: 4 out of 5 stars
  • Very good but missing little things here and there
  • very informative and reader friendly
Volatility and Correlation: The Perfect Hedger and the Fox (Wiley Finance)
Riccardo Rebonato
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0470091398

Book Description

In Volatility and Correlation 2 nd edition: The Perfect Hedger and the Fox, Rebonato looks at derivatives pricing from the angle of volatility and correlation. With both practical and theoretical applications, this is a thorough update of the highly successful Volatility & Correlation – with over 80ew or fully reworked material and is a must have both for practitioners and for students.

The new and updated material includes a critical examination of the ‘perfect-replication’ approach to derivatives pricing, with special attention given to exotic options; a thorough analysis of the role of quadratic variation in derivatives pricing and hedging; a discussion of the informational efficiency of markets in commonly-used calibration and hedging practices. Treatment of new models including Variance Gamma, displaced diffusion, stochastic volatility for interest-rate smiles and equity/FX options.

The book is split into four parts. Part I deals with a Black world without smiles, sets out the author’s ‘philosophical’ approach and covers deterministic volatility. Part II looks at smiles in equity and FX worlds. It begins with a review of relevant empirical information about smiles, and provides coverage of local-stochastic-volatility, general-stochastic-volatility, jump-diffusion and Variance-Gamma processes. Part II concludes with an important chapter that discusses if and to what extent one can dispense with an explicit specification of a model, and can directly prescribe the dynamics of the smile surface.

Part III focusses on interest rates when the volatility is deterministic. Part IV extends this setting in order to account for smiles in a financially motivated and computationally tractable manner. In this final part the author deals with CEV processes, with diffusive stochastic volatility and with Markov-chain processes.

Praise for the First Edition:

“In this book, Dr Rebonato brings his penetrating eye to bear on option pricing and hedging.… The book is a must-read for those who already know the basics of options and are looking for an edge in applying the more sophisticated approaches that have recently been developed.”
—Professor Ian Cooper, London Business School

“Volatility and correlation are at the very core of all option pricing and hedging. In this book, Riccardo Rebonato presents the subject in his characteristically elegant and simple fashion…A rare combination of intellectual insight and practical common sense.”
—Anthony Neuberger, London Business School

Download Description

In Volatility and Correlation 2nd edition: The Perfect Hedger and the Fox, Rebonato looks at derivatives pricing from the angle of volatility and correlation. With both practical and theoretical applications, this is a thorough update of the highly successful Volatility & Correlation with over 80% new or fully reworked material and is a must have both for practitioners and for students. The new and updated material includes a critical examination of the perfect-replication approach to derivatives pricing, with special attention given to exotic options; a thorough analysis of the role of quadratic variation in derivatives pricing and hedging; a discussion of the informational efficiency of markets in commonly-used calibration and hedging practices. Treatment of new models including Variance Gamma, displaced diffusion, stochastic volatility for interest-rate smiles and equity/FX options. The book is split into four parts. Part I deals with a Black world without smiles, sets out the author's philosophical approach and covers deterministic volatility. Part II looks at smiles in equity and FX worlds. It begins with a review of relevant empirical information about smiles, and provides coverage of local-stochastic-volatility, general-stochastic-volatility, jump-diffusion and Variance-Gamma processes. Part II concludes with an important chapter that discusses if and to what extent one can dispense with an explicit specification of a model, and can directly prescribe the dynamics of the smile surface. Part III focusses on interest rates when the volatility is deterministic. Part IV extends this setting in order to account for smiles in a financially motivated and computationally tractable manner. In this final part the author deals with CEV processes, with diffusive stochastic volatility and with Markov-chain processes.

Customer Reviews:

3 out of 5 stars Very good but missing little things here and there.......2007-02-08

Although the author warns the reader in the Preface, that because he ran out of pages (come on it is more than 800!) he omited dealing with Copulas, it is still a pitty that a book about correlation does not present at least a small chapter on this new (state-of-the-art) area.
Everything else is very good, solid material with a good balance between maths surrounding the topic, explanations and worked out examples.

5 out of 5 stars very informative and reader friendly.......2007-01-09

for the first time I really understood risk neutral probability, explanations are excellent. unfortunately I am only read about 10 chapters int he book, should spend more time with it.
Changes That Heal: How to Understand the Past to Ensure a Healthier Future
Average customer rating: 4.5 out of 5 stars
  • Changes that Heal
  • let's get real
  • Changes that Heal
  • Changes That Heal more than you'll believe
  • Excellent
Changes That Heal: How to Understand the Past to Ensure a Healthier Future
Dr. Henry Cloud
Manufacturer: Zondervan
ProductGroup: Book
Binding: Mass Market Paperback

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  1. Boundaries: When to say Yes, When to Say No, To Take Control of Your Life (Inspirio/Zondervan Miniature Editions) Boundaries: When to say Yes, When to Say No, To Take Control of Your Life (Inspirio/Zondervan Miniature Editions)
  2. Safe People: How to Find Relationships That Are Good for You and Avoid Those That Aren't Safe People: How to Find Relationships That Are Good for You and Avoid Those That Aren't
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  4. Nine Things You Simply Must Do: To Succeed in Love and Life Nine Things You Simply Must Do: To Succeed in Love and Life
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ASIN: 0310214637

Book Description

This book focuses on four developmental tasks -- bonding to others, separating from others, integrating good and bad in our lives, and taking charge of our lives -- that all of us must accomplish to heal our inner pain and to enable us to function and grow emotionally and spiritually.

Customer Reviews:

5 out of 5 stars Changes that Heal.......2007-09-10

Not only is the delivery quick; product is in excellent condition. Always try Amazon first!!

5 out of 5 stars let's get real.......2007-04-01

I have read many books by Cloud & Townsend prior to this book-- How to Get a Date Worth Keeping, Boundaries, Boundaries in Dating, Safe People, and Nine Things You Simply Must Do: To Succeed in Love and Life. I read Changes that Heal in little bites-- usually no more than 30 minutes worth before bed each night. It touched on things I had never thought before, supported ideas explored in previous books, and brought a lot to the light. I learned a WHOLE lot about myself as I read this and processed it. And the beauty of it all, is that it was very direct, to the point, and calls you out on your issues without a hint of condemnation. I was challenged in areas no one had ever asked me to be accountable in and I was freed from condemnation (my own and others) in other areas. My "symptoms" make sense now because I am beginning to get to the roots of the issues. The wisdom and insight of these two men along with their genuine commitment to see people reconciled in all areas has been a great blessing to me.

5 out of 5 stars Changes that Heal.......2007-03-12

I have passed it out and have been using it for some teaching.
Anyone needed a healing, this is the book to read.

5 out of 5 stars Changes That Heal more than you'll believe.......2007-01-21

All I can say about this book is, "Wow, why didn't I read this 25 years ago. It would have made all the difference in the world!"

If you want real straight-forward answers to why you can's say, 'no' or why you're suffering from depression then you'll find them here. You'll also find solutions and comfort in the fact that your issues can be overcome.

I recommend this to everyone!

5 out of 5 stars Excellent.......2007-01-17

This book is somewhat of a repeat of "Boundaries", by the same authors, but is very good reading if you are interested in what causes people to have problems in life. It would be good for counselors to use.
Live with Passion! : Stategies for Creating a Compelling Future
Average customer rating: 5 out of 5 stars
  • Solid Principles to Live By
  • Do you feel depressed, frustrated and uninspired? It's time to Live Your Live With Passion!
  • Thanks Tony
  • not really my kind of speaker
  • I would have giving it a 10 stars !!
Live with Passion! : Stategies for Creating a Compelling Future
Anthony Robbins
Manufacturer: Nightingale-Conant
ProductGroup: Book
Binding: Audio CD

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Accessories:
  1. RESPeRATE Blood Pressure Lowering Device RESPeRATE Blood Pressure Lowering Device
  2. Airborne Effervescent Health Formula, Original Orange, 10 Tablets (Pack of 3) Airborne Effervescent Health Formula, Original Orange, 10 Tablets (Pack of 3)

ASIN: 0743525213

Book Description

Are you tired of settling for less than you can be, less than you can achieve, less than you deserve? Would you like to learn to live with passion so that you can turn your everyday experiences into extraordinary, life-changing events? It's time to stop wishing and start living, because you are about to acquire the vital life tools that will help you tap into the power of your own passion.

Let's face it, you want certain things out of life -- financial rewards, personal fulfillment, and satisfying relationships. And now, with Anthony Robbins' groundbreaking program Live with Passion!, you can master your behavior, your emotions, your finances, your business, and your career.

In Live with Passion!, you'll learn how to:

Anthony Robbins will be there to help push you past your obstacles, achieve your goals, take consistent action on your ideas, and ultimately help you redefine and improve the quality of your entire life. So get started now and learn how to start living your life with more passion, more happiness, and more fulfillment than ever before!

Customer Reviews:

4 out of 5 stars Solid Principles to Live By.......2007-07-17

Tony Robbins has the gift of expressing concrete, easy-to-implement ideas that can make a difference in living a more fulfilling, successful life. Since listening to these CDs a few weeks ago, I have found myself spontaneously recalling some of the concepts he shared that have helped me face a challenge I was having at the time. In particular, the concepts of "Build a Relationship Bridge" for having patience with others during times of miscommunication has been very helpful. Also, the importance of carrying around a (properly-tempered) sense of "Certainty" in one's daily life as a pre-condition for success has been extremely useful. Some of his concepts seem self-apparent, but Mr. Robbins' charismatic delivery and excellent communication skills really drive them home.

I refrained from rating the set at 5 stars due to the multiple references to Mr. Robbins' seminars embedded throughout the recordings. However, in the end that was a small (additional) price to pay for the inspiration and extremely useful concepts that Mr. Robbins offers. I recommend this CD set highly.

5 out of 5 stars Do you feel depressed, frustrated and uninspired? It's time to Live Your Live With Passion! .......2007-07-16

I heard Anthony Robbins from Jay Abraham and Brian Tracy sales training series. Since most of our life struggles and challenges come our ability to deal with the problems that come into our life, I recommend this CD series for those of you who feel depressed, frustrated and uninspired.

The Live With Passion, Anthony Robbins CDs are amazing! After I listened to these CDs, I went ahead and bought $300 worth more of his CDs because what Anthony Robbins really brings back what I have learned in the past from great mentors, like Earl Nightingale, John Cummuta, Brian Tracy, Jay Abraham, Zig Ziglar and so on.

I am extremely excited to be able to listen to Anthony Robbins' wisdom and advice, because it has helped me to take charge of my life.

Must listen CDs!

5 out of 5 stars Thanks Tony.......2006-12-02

This CD set is a great tool for making big changes in your life. Tony teaches the listener some fantastic ways to address problems (Chalenges!), end bad habits, and generally lead a more passionate life.

4 out of 5 stars not really my kind of speaker.......2006-08-24

mr. robbins is very enthusiastic, has a lot of good positive points to make, and i am sure a lot of people will be fired up with his information, but it was too much listing for me....like if you remember these 7 things---etc. i am more of a wayne dyer fan when it comes to motivation.

5 out of 5 stars I would have giving it a 10 stars !!.......2006-08-13

Just Like the Mastercard commercial, Anthony Robins motivational CD's are truly priceless! I have been recommending them to everybody I know. Just pass the word around, it is the best gift you can give to your grownup children, you never know, it might a make a big difference in their future.
Wills, Trusts, and Estates (Casebook)
Average customer rating: 5 out of 5 stars
  • Very Effective and Illustrative of the Necessary Elements
  • Excellent purchase
  • Easy reading
  • Thoughtfully written and thought provoking
  • Don't Settle for Imitations
Wills, Trusts, and Estates (Casebook)

Manufacturer: Aspen Publishers
ProductGroup: Book
Binding: Hardcover

GeneralGeneral | Administrative Law | Law | Subjects | Books
Estates & TrustsEstates & Trusts | Taxation | Law | Subjects | Books
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  1. Emanuel Law Outlines: Wills, Trusts, and Estates: Keyed to Dukeminier/Johanson/Lindgren/Sitkoff Emanuel Law Outlines: Wills, Trusts, and Estates: Keyed to Dukeminier/Johanson/Lindgren/Sitkoff
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ASIN: 0735536953

Book Description

Regarded as one of the best casebooks available for any course, this comprehensive text combines interesting cases, well-tailored notes, and a clear organization into an excellent teaching tool.

The new Seventh Edition retains the late Jesse Dukeminier's unique blend of wit, erudition, insight, and playfulness and covers all the key topics in a logical, clear organization. Included are interesting cases that are not only fun to read, but fun for professors to teach as well. Cases are enhanced and connected to broader legal principles by well-written notes, questions, and problems and cartoons, illustrations, and photographs provide humorous interruptions and visual commentary at appropriate places within the text. New authors James Lindgren and Robert Sitkoff updated the book to reflect legal change while remaining careful to retain the same interesting mix of cases, engaging notes and flexible organization that makes this a highly successful casebook. Additions and improvements to the previous edition include due attention to new developments in law reform by the ALI and NCCUSL such as: Restatement Third, Trusts (2003, Uniform Trust Code (2000) including proposed 2004 amendments, Restatement (Third) of Property: Wills and Other Donative Transfers (2001, 2003)and Uniform Disclaimer of Property Interests Act (2002. Attention is given to ongoing developments in the law such as inheritance rights of posthumously conceived children, standing of donors in suits against the trustees of charitable trusts, the rise of domestic offshore self-settled spendthrift trusts, the erosion of the rule against perpetuities and the rise of the perpetual, generation-skipping trust. There is enhanced coverage of increasingly important topics such as fiduciary administration and trust investment law (including modern portfolio theory, diversification, the principal and income problem, and measuring damages; and inheritance rights of same-sex partners, inheritance rights of children, with comparison to the other common law countries (which are far more generous to children). Also included is a more logical presentation of nonprobate transfers and their role in estate planning, fully updated tax chapter with attention to new developments such as the Economic Growth and Tax Relief Reconciliation Act of 2001. Notes, questions, and problems have been revised throughout where appropriate in light of the foregoing and other developments.

Customer Reviews:

5 out of 5 stars Very Effective and Illustrative of the Necessary Elements.......2007-09-12

Makes the seemingly not interesting topic of Wills & Trusts come alive and you can see the real life applicability of it.

5 out of 5 stars Excellent purchase.......2007-09-08

This was an excellent purchase. It is the book that I needed and it's wear was accurately depicted.

5 out of 5 stars Easy reading.......2007-01-13

This is a very well wrtten text for a very complicated subject. The chapters and sections are ordered logically. First it gives you a definition, then a basic description of a rule, system or method, then it explains exceptions to the rules, THEN you read a case. I wish all of my books were written this way! It was so easy to quickly access the information and know exactly what you are suppose to be getting out of the readings. I would even recommend it as a supplement to another, less accessable textbook.

5 out of 5 stars Thoughtfully written and thought provoking.......2007-01-11

Unlike other dry law school casebooks, Dukeminier captures the humanity in this study of Trusts & Estates. The editor footnotes and some of the case studies read anecdotally--giving the concepts a historical and personal dimension. The notes after the cases study the social implications of the courts' decisions. Especially interesting are Dukeminier's disucssions of the implications on the legal order caused by same-sex marriage and transgender issues. This book is thoughtfully crafted, a must read for law students or lawyers interested in this area of the law!

5 out of 5 stars Don't Settle for Imitations.......2005-07-09

Whether you are the law student to whom the book is addressed, or just a savvy layman who needs to fill some gaps quickly, this book just may be all you'll ever need on wills, trusts, and estates. I ordered ten books to research my paper on inter vivos trusts and over half the footnotes reference Dukeminier. In each topical area, the general statutes are explained, often with ancillary explanations of tax treatment, then the authors dive into cases, explaining how the cases were argued and adjudicated. The text flows so well that you feel as though you are having a conversation with the authors. I particularly enjoyed the entertaining anecdotes drawn from pop culture. Do not let the cost of this book be a factor in your decision to purchase it; you may find yourself refering to it when you attend to your own will, trusts, and estate.
Estates In Land And Future Interests: A Step-by-step Guide (Coursebook)
Average customer rating: 3.5 out of 5 stars
  • A Reader is Right...
  • Excellent Book
  • Somewhat helpful
Estates In Land And Future Interests: A Step-by-step Guide (Coursebook)
Linda Holdeman Edwards
Manufacturer: Aspen Publishers
ProductGroup: Book
Binding: Paperback

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PropertyProperty | Business | Law | Subjects | Books
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  4. Estates in Land and Future Interests: Problems and Answers (Problems and Answers Series) Estates in Land and Future Interests: Problems and Answers (Problems and Answers Series)
  5. Cases and Materials on Torts (University Casebook Series) (University Casebook Series) Cases and Materials on Torts (University Casebook Series) (University Casebook Series)

ASIN: 0735549524

Customer Reviews:

4 out of 5 stars A Reader is Right..........2006-11-28

The book is good, but there ARE mistakes - and not all of them are even typos. So get it and read it, but be careful. Overall, it's definitely worth it and will help you to understand future interests.

5 out of 5 stars Excellent Book.......2004-10-27

I didn't even read the casebook because it was too blah... This was the best book I found for Future Interests...

2 out of 5 stars Somewhat helpful.......2004-05-05

For the most part, there is nothing this book can teach you that you won't find in your casebook, but the problems are good practice. A lot of the information is helpful, but I don't know if you can trust all of the answers. My study group and I have found various confusing mistakes within and it has cost us valuable study time. See e.g. page 152 --second paragraph explaining a RAP problem (the author confuses O and A in saying that all of A's children would be born or conceived upon O's death).
Understanding Interest Rate Swaps
Average customer rating: 2.5 out of 5 stars
  • Me thinks some reviewers protest too much
  • Outdated and Shallow
Understanding Interest Rate Swaps
Mary S. Ludwig
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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  1. Valuation of Interest Rate Swaps and Swaptions Valuation of Interest Rate Swaps and Swaptions
  2. Understanding Swaps (Wiley Finance) Understanding Swaps (Wiley Finance)
  3. Interest Rate and Currency Swaps: A Tutorial (Research Foundation of AIMR and Blackwell Series in Finance) Interest Rate and Currency Swaps: A Tutorial (Research Foundation of AIMR and Blackwell Series in Finance)
  4. Swaps and Other Derivatives  (With CD-ROM) (The Wiley Finance Series) Swaps and Other Derivatives (With CD-ROM) (The Wiley Finance Series)
  5. Analysing and Interpreting the Yield Curve (Wiley Finance) Analysing and Interpreting the Yield Curve (Wiley Finance)

ASIN: 0070390207

Book Description

Interest rate swaps--used globally by both corporate finance departments and investment firms to control interest payments, manage debt, and enhance investment portfolios--constitute a growing 1.9 trillion market. Now, financial personnel, swap traders, corporate treasurers, and professional cash managers can turn to this clear, authoritative guide to master all the methodologies used in the international swap market. Written for anyone whose work is touched by swap market activity, the guide uses diagramming techniques to first explain what swaps are, and how and why they are traded. It then addresses more sophisticated financial transactions, such as rate setting, analysis of swap desks, market-to-market, speculating, and financial statements. Readers will find detailed coverage of more than two dozen derivative products, including spreadlocks, swaptions, caps, and flows, and learn how swap trading works in foreign currencies and interest rates. Critical light is also shed on questions regulators are currently raising about the security and future of the swaps markets.

Customer Reviews:

4 out of 5 stars Me thinks some reviewers protest too much.......2004-07-11

This book has been damned for being too simplistic, therefore consign it to the trash cart, or so we are expected to do. But given the relative novelty of these financial products simplicity in the best sense of word could be seen as a virtue in any work dealing with this topic. So, why the evident annoyance from some. Could it be that this work dissolves some of the mystery involved, and threatens some closed shop in these markets ?

1 out of 5 stars Outdated and Shallow.......1999-09-02

The book easily shows its age in its focus on standards and issues which have long ago fallen by the wayside in this dynamic market. Far worse is that the book is preciously short on quantitative and analytic methods, and long on third-grade-teacher types of admonishments. I read the whole book becasue I paid for it, there are better, more up-to-date volumes out there. Could possibly be re-named "Swaps for English Majors", although, English majors as a group might correctly be upset at this association.
The LIBOR Market Model in Practice (The Wiley Finance Series)
Average customer rating: 4 out of 5 stars
  • Helpful addition to comprehension and discussion, but with frustrating errors....not for amatures
The LIBOR Market Model in Practice (The Wiley Finance Series)
Dariusz Gatarek , Przemyslaw Bachert , and Robert Maksymiuk
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

GeneralGeneral | Popular Economics | Business & Investing | Subjects | Books
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Similar Items:
  1. The Volatility Surface: A Practitioner's Guide (Wiley Finance) The Volatility Surface: A Practitioner's Guide (Wiley Finance)
  2. Interest Rate Models - Theory and Practice: With Smile, Inflation and Credit (Springer Finance) Interest Rate Models - Theory and Practice: With Smile, Inflation and Credit (Springer Finance)
  3. Modeling Derivatives Applications in Matlab, C++, and Excel Modeling Derivatives Applications in Matlab, C++, and Excel
  4. Equity Hybrid Derivatives (Wiley Finance) Equity Hybrid Derivatives (Wiley Finance)
  5. Option Pricing Models and Volatility Using Excel-VBA (Wiley Finance) Option Pricing Models and Volatility Using Excel-VBA (Wiley Finance)

ASIN: 0470014431

Book Description

The LIBOR Market Model (LMM) is the first model of interest rates dynamics consistent with the market practice of pricing interest rate derivatives and therefore it is widely used by financial institution for valuation of interest rate derivatives.

This book provides a full practitioner's approach to the LIBOR Market Model. It adopts the specific language of a quantitative analyst to the largest possible level and is one of first books on the subject written entirely by quants. The book is divided into three parts - theory, calibration and simulation. New and important issues are covered, such as various drift approximations, various parametric and nonparametric calibrations, and the uncertain volatility approach to smile modelling; a version of the HJM model based on market observables and the duality between BGM and HJM models. Co-authored by Dariusz Gatarek, the 'G' in the BGM model who is internationally known for his work on LIBOR market models, this book offers an essential perspective on the global benchmark for short-term interest rates.

Customer Reviews:

4 out of 5 stars Helpful addition to comprehension and discussion, but with frustrating errors....not for amatures.......2007-04-02

Pricing interest rate derivatives with short term interest rate models has been like a game of FANTAN for nearly a decade, until the LIBOR Market Model (LMM, aka the BGM model) came along. Before, everyone was using Vasicek and periodically someone would sweep the table of everyone's winnings. In the discrete world of increasingly complex structured trades and advancing "mark to market" mandates driven by bank regulators and BASEL II, the seat of the pants confessions of exotic interest rate traders using cobbled together non-published short term interest rate models for valuation fell under justified suspicions.

Along comes BGM (Bachert, Gatarek and Maksymiuk)....while not exactly "to the rescue" giant sighs of relief were expelled worldwide as it has been widely adopted, as the ghostly hand of Fischer Black almost endorses it from beyond.

BGM is especially beloved by those who have to price complex derivatives and exotics because fundamental inputs are a snap to observe: a set of LIBOR forward rates. (Actually, anyone should love this feature). Then the fun starts, each forward rate is modelled by a (pesky, defensible, arguable) lognormal process first made famous and advocated by Fischer Black. The LMM (BGM) model therefore is simplistically looked at as a collection of little Black models. The trouble is, how do we collect them and calibrate them?

So it isn't just that simple, and this book explains in more detail just what the BGM model is, explores uses and limitations, etc.

Use the "LOOK INSIDE" feature to see the contents, but briefly there are three parts - theory, calibration and simulation. Drift is the topic of the day, and BGM don't disappoint. The parametric and nonparametric calibrations section is impenetrable to me, but this isn't my space.

Smile modelling has gotten into a chant at a football match: "uncertain volatility approach" shouts one side, "ARCH, GARCH, FART" shouts the other. Whatever. If you really want to dig into the volatility argument I suggest Knight & Stachell's third edition of "Forecasting Volatility" but you'll need your head examined before you can keep the players straight and need a scorecard handy. A discussion and comparison of HJM (Heath-Jarrow-Morton) in comparison and contrast with BGM is covered here.

Okay, the problems: this book is written in Engrishlovakian, not English. The copy editor should be shot.

There are lots, and I mean LOTS of typos, of which about 50% are easy to figure out what was intended. The other 50% enjoy too high an uncertainty coefficient to be comprehensible. An ERRATA sheet should be inserted into copies of future shipments ASAP.

Which leads me to my gigantic Grand Canyon-size hole in my knowledge: I just skip about 60% of the equations I read in any book, expecting the narrative to support what is explicit in the equations. I have no idea if these equations are edited correctly, and I suspect they are better than the English...but on the other hand, the English is so poor it makes you suspect the whole darn thing.

Who is this book for: general quantfin readers like me will find this tough sledding, this is a printed whiteboard and marker walk through of BGM from start to finish with current state-of-the-art discussions (with unfortunately a lot of whiteboard sloppiness mapped into the "book" state space). I suspect that as a conversation among experts, this book is a nice round-up straight from the source. Experts can probably see past the errors easier than others and both find it sloppy, but still comprehensible. I would dis-recommend this book for a clueless beginner, as the text assumes a readership pretty familiar with the complex and not-inconsiderably large discussion of forward rate and term structure models. For example, maximum smoothness of cubic splines are pretty much assumed and quite possibly laughed at by this crowd.

James "Not-Vasichek"
What Teens Need to Succeed: Proven, Practical Ways to Shape Your Own Future
Average customer rating: 5 out of 5 stars
  • Outstanding book for both parent & child to read.
  • A wonderful book for teens and their parents!
What Teens Need to Succeed: Proven, Practical Ways to Shape Your Own Future
Peter L. Benson , Pamela Espeland , and Judy Galbraith
Manufacturer: Free Spirit Publishing
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Binding: Paperback

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  1. What Do You Really Want? How to Set a Goal and Go for It! A Guide for Teens What Do You Really Want? How to Set a Goal and Go for It! A Guide for Teens
  2. Life Lists for Teens: Tips, Steps, Hints, and How-Tos for Growing Up, Getting Along, Learning, and Having Fun Life Lists for Teens: Tips, Steps, Hints, and How-Tos for Growing Up, Getting Along, Learning, and Having Fun
  3. The Seven Best Things Smart Teens Do The Seven Best Things Smart Teens Do
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ASIN: 1575420279

Customer Reviews:

5 out of 5 stars Outstanding book for both parent & child to read........1999-06-14

This book should be a requirement in every home. It is wriiten for a teen but shoul dbe read by both parent and child. The concept of the 40 assets is fundamentally simple. The book defines the assets and then gives advice on how the adolescent, parent(s), community,school, and congregation can help to ensure that a child is brought up with all of the assets they need to be a successful person. It has examples of the successes that communities across the country have had setting the concepts of the assets into into motion. The excellence of the book is reinforced by a lecture I attended by Dr. Benson 2 months ago. The concept of the developmental assets being the framework for a successful, well-rounded person makes perfect sense. It should be adopted as a National standard.

5 out of 5 stars A wonderful book for teens and their parents!.......1999-05-19

We like the book so much that we are adopting the asset building concepts featured!

As the Red Ribbon Chair for the Red Ribbon Coalition, I will urge volunteer coordinators to put at least one copy in their school library!

Irvine Unified School District's Guidance Resources will include the list of 40 Developmental Assets (from the book) in our 1999/2000 parent handbook.

This is an excellent resource for anyone who cares about helping youth succeed!
Managing Risk in the Foreign Exchange, Money and Derivative Markets
Average customer rating: Not rated
    Managing Risk in the Foreign Exchange, Money and Derivative Markets
    Heinz Riehl
    Manufacturer: McGraw-Hill
    ProductGroup: Book
    Binding: Hardcover

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    ASIN: 0070526737

    Book Description

    A professional's guide to controlling risk when investing in the foreign exchange and money markets. Particular emphasis on the use of derivatives. The book offers a unique perspective combining coverage of all three areas.
    Modern Pricing of Interest-Rate Derivatives: The LIBOR Market Model and Beyond
    Average customer rating: 4.5 out of 5 stars
    • why bother
    • rebonato does it again
    • Such pearls of wisdom
    • A theoretical substitute for supply and demand
    Modern Pricing of Interest-Rate Derivatives: The LIBOR Market Model and Beyond
    Riccardo Rebonato
    Manufacturer: Princeton University Press
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    Binding: Hardcover

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    Similar Items:
    1. Volatility and Correlation: The Perfect Hedger and the Fox (Wiley Finance) Volatility and Correlation: The Perfect Hedger and the Fox (Wiley Finance)
    2. Interest Rate Models - Theory and Practice: With Smile, Inflation and Credit (Springer Finance) Interest Rate Models - Theory and Practice: With Smile, Inflation and Credit (Springer Finance)
    3. The Volatility Surface: A Practitioner's Guide (Wiley Finance) The Volatility Surface: A Practitioner's Guide (Wiley Finance)
    4. Monte Carlo Methods in Financial Engineering (Stochastic Modelling and Applied Probability) Monte Carlo Methods in Financial Engineering (Stochastic Modelling and Applied Probability)
    5. The LIBOR Market Model in Practice (The Wiley Finance Series) The LIBOR Market Model in Practice (The Wiley Finance Series)

    ASIN: 0691089736

    Book Description

    In recent years, interest-rate modeling has developed rapidly in terms of both practice and theory. The academic and practitioners' communities, however, have not always communicated as productively as would have been desirable. As a result, their research programs have often developed with little constructive interference. In this book, Riccardo Rebonato draws on his academic and professional experience, straddling both sides of the divide to bring together and build on what theory and trading have to offer.

    Rebonato begins by presenting the conceptual foundations for the application of the LIBOR market model to the pricing of interest-rate derivatives. Next he treats in great detail the calibration of this model to market prices, asking how possible and advisable it is to enforce a simultaneous fitting to several market observables. He does so with an eye not only to mathematical feasibility but also to financial justification, while devoting special scrutiny to the implications of market incompleteness.

    Much of the book concerns an original extension of the LIBOR market model, devised to account for implied volatility smiles. This is done by introducing a stochastic-volatility, displaced-diffusion version of the model. The emphasis again is on the financial justification and on the computational feasibility of the proposed solution to the smile problem. This book is must reading for quantitative researchers in financial houses, sophisticated practitioners in the derivatives area, and students of finance.

    Customer Reviews:

    5 out of 5 stars why bother.......2003-02-14

    It's hard to believe a reviewer with such a myopic view of Derivatives pricing could go through the whole book, understood it and found time to rate it. Mindblowing waste of time !
    Few hundreds years ago, he would have recommended burning the Madmen claiming the earth was round.

    Anyway, while Derivatives Pricing achieves little for the welfare of mankind, the recent need for assets based on ever complex market scenarios calls for a more refined pricing methodology. There no supply and demand here, only customers who want hedge/trade/tradge assets /liabilities and traders who need to make sure their firms don't go burst when market move.

    The author answers that demand by formatting and publishing his papers.

    5 out of 5 stars rebonato does it again.......2003-01-18

    My avid reading kept jostling out superb hot ideas from this book. Rebonato carries out a comprehensive survey of the LIBOR market model. He tackles historical background, calibration, and effective implementation. The later chapters also cover extensions to the LIBOR market model to take account of smile and skew. In particular, there is extensive discussion of the cutting-edge Joshi-Rebonato stochastic-vol, displaced-diffusion LIBOR market model.

    If you are working on the pricing of exotic interest rate derivatives, this book is a must buy.

    5 out of 5 stars Such pearls of wisdom.......2003-01-09

    I am not qualified to write a review of this book, but neither is the above author as his "review" is nothing more than an uninformed assault on modern finance.

    In fact, I submit, that said reviewer knows nothing of finance whatsoever.

    (Since this book happens to be well regarded, I'll give it a five)

    3 out of 5 stars A theoretical substitute for supply and demand.......2002-12-20

    A complicated body of mathematical theory, developed over a period of about 30 years, addresses the question: how should derivative X be valued if we know certain parameters, especially the volatility of the price of its underlying asset?

    But why exactly does the question need answering? After all, the price of X, like that of its underlying, is determined by the point at which the demand for X is equal to the supply of X. One doesn't need a computer for that, one just needs a liquid marketplace. I can look up the price of a share of Microsoft's equity in my daily newspaper. I'm not tempted to develop a body of theory to figure it out, when I can flip through a few pages and find it.

    Nowadays, I can also look up the price of a standardized option to buy Microsoft in the newspaper. In 1973, when people like Fischer Black began developing this body of theory, that was not yet the case.

    This brings us to the point of my little sermon. The purpose of this body of theory is to produce a price figure in cases where there is not a liquid market for X. The theories answer the question a portfolio manager must often ask himself: if I were able to find a buyer for X, how much could I charge for it?

    This book has its moments, but in general I believe this body of theory accomplishes less than its adepts believe. The imagery of a God-like Newton on the dust jacket indicates, I submit, some of the pretentiousness that gets into their ivory towers.

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