Book Description
This highly praised introductory treatment describes the parallels between statistical physics and finance - both those established in the 100-year long interaction between these disciplines, as well as new research results on financial markets. The random-walk technique, well known in physics, is also the basic model in finance, upon which are built, for example, the Black-Scholes theory of option pricing and hedging, plus methods of portfolio optimization. Here the underlying assumptions are assessed critically. Using empirical financial data and analogies to physical models such as fluid flows, turbulence, or superdiffusion, the book develops a more accurate description of financial markets based on random walks. With this approach, novel methods for derivative pricing and risk management can be formulated. Computer simulations of interacting-agent models provide insight into the mechanisms underlying unconventional price dynamics. It is shown that stock exchange crashes can be modelled in ways analogous to phase transitions and earthquakes, and sometimes have even been predicted successfully. This third edition of "The Statistical Mechanics of Financial Markets" especially stands apart from other treatments because it offers new chapters containing a practitioner's treatment of two important current topics in banking: the basic notions and tools of risk management and capital requirements for financial institutions, including an overview of the new Basel II capital framework which may well set the risk management standards in scores of countries for years to come.
Customer Reviews:
Excelllent introduction and very stimulating.......2006-02-02
This book was my first thorough introduction to this field and I have found it thoroughly enjoyable. The comparisions between the tools of Physics and Finance along with the presentation of empirical data was highly stimulating. The economic terms were presented with lucidity and conciseness and the use of relevant examples in both Physics and Finance made it an easy read. Also of great value was it comparisons of standard economic theory with various tools within Physics.
This book also provides a very complete Bibliography where one can find classical and neoclassical economic texts and further references and directions in this relatively new field. I highly reccomend it to any Physicist looking to go into Finance or just as a good read and also to (neo) classical econonomists and financial engineers alike.
I also deeply appreciated the respect it showed to economists and its straightforward, non preachy manner that many Physicists are often guilty of!
Thanks
Very useful bridge between physics methodologies and finance.......2002-03-10
Very useful book, particularly in what concerns alternative L-Stable distributions. True, not too versed in financial theory but I'd rather see the author erring on the side of more physics than mathematical economics. As an author I don't ask much from books, just to deliver what they indend. This one does.
Clear historical description of Einstein/Bachelier. Hopefully one day we will call derivatives pricing the Bachelier valuation.
The book in short provides an excellent perspective on the statistical approach to asset price dynamics. Very clear and to the point.
Nassim Nicholas Taleb
Customer Reviews:
A Phenomenal Treatise.......2006-11-17
Kleinert's work is NOTHING short of phenomenal.
After reading Feynman(+Hibbs) this is the text to follow up.
Sadly the second edition which is in print contained MANY typos.
The third edition fixes much, if not all; it also has added many new topics of various interest.
The core physics remains as solid, and even clearer than the previous editions.
Without casting aspersions on the presentation:
Make no mistake; this is no comic book.
You will suffer, scrape your gyri, and bruise your ego, but will be justly rewarded for your effort in study.
Consider this an unqualified recommendation.
Book Description
This is the third, significantly expanded edition of the comprehensive textbook published in 1990 on the theory and applications of path integrals. It is the first book to explicitly solve path integrals of a wide variety of nontrivial quantum-mechanical systems, in particular the hydrogen atom. The solutions have become possible by two major advances. The first is a new euclidean path integral formula which increases the restricted range of applicability of Feynman's famous formula to include singular attractive 1/r and 1/r2 potentials. The second is a simple quantum equivalence principle governing the transformation of euclidean path integrals to spaces with curvature and torsion, which leads to time-sliced path integrals that are manifestly invariant under coordinate transformations.
In addition to the time-sliced definition, the author gives a perturbative definition of path integrals which makes them invariant under coordinate transformations. A consistent implementation of this property leads to an extension of the theory of generalized functions by defining uniquely integrals over products of distributions.
The powerful Feynman-Kleinert variational approach is explained and developed systematically into a variational perturbation theory which, in contrast to ordinary perturbation theory, produces convergent expansions. The convergence is uniform from weak to strong couplings, opening a way to precise approximate evaluations of analytically unsolvable path integrals.
Tunneling processes are treated in detail. The results are used to determine the lifetime of supercurrents, the stability of metastable thermodynamic phases, and the large-order behavior of perturbation expansions. A new variational treatment extends the range of validity of previous tunneling theories from large to small barriers. A corresponding extension of large-order perturbation theory also applies now to small orders.
Special attention is devoted to path integrals with topological restrictions. These are relevant to the understanding of the statistical properties of elementary particles and the entanglement phenomena in polymer physics and biophysics. The Chern-Simons theory of particles with fractional statistics (anyons) is introduced and applied to explain the fractional quantum Hall effect.
The relevance of path integrals to financial markets is discussed, and improvements of the famous Black-Scholes formula for option prices are given which account for the fact that large market fluctuations occur much more frequently than in the commonly used Gaussian distributions.
The author's other book on `Critical Properties of f4 Theories' gives a thorough introduction to the field of critical phenomena and develops new powerful resummation techniques for the extraction of physical results from the divergent perturbation expansions.
Customer Reviews:
i liked it.......2004-04-19
So a little background on Kleinert: feynman could NOT solve the schrodinger equation with the path integral and kleinert, using some group theoretical methods did. or so that's what i was told.
His book reflects that. This book is full of interesting facts that arent elsewhere.
One of The only TWO Books to own on PI's.......2001-03-10
Kleinert the physicist is NOTHING short of phenomenal. This book is just one of his many treatises. After reading Feynman(+Hibbs) this is the text to follow up.
Sadly the second edition which is in print contain MANY typos.
The third edition fixes much if not all, so skip right onto the 3rd or higher edition.
Kleinerts Completeness.......2000-06-26
Kleinerts book "Path Integrals in Quantum Mechanics, Statistics, and Polymer Physics" presents the reader with a very complete and very thorough discussion of path integration. The book offers such a wealth of topics,it becomes straightforward to select material, both for advanced undergraduate as well as graduate courses in theoretical physics.
Many, many issues dealt with in this volume have appeared here for the first time, such as the inclucion of the quantum mechanics of the hydrogen atom through path integrals. This book is a major step towards bringing this approach to quantum physics onto the same educational footing as the Schrödinger equation that standard texts focus on. This book profits from the clarity and conciseness that is also a hallmark of Kleinerts scientific papers.
I would say this volume is highly recommendable for any student considering to major in {theoretical} physics, and an absolute must for any lecturer in this area. Infact, I don't know of any excuse not to have your own copy.
Average customer rating:
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Foundations of Probability and Physics 4 (AIP Conference Proceedings / Mathematical and Statistical Phsyics)
Manufacturer: American Institute of Physics
ProductGroup: Book
Binding: Hardcover
 Cryptography
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ASIN: 0735403910 |
Book Description
All papers have been peer reviewed. This was the 4th conference arranged by ICMM on probabilistic foundations of classical and quantum physics. The first three conferences took place in 2000, 2002, and 2004. Some closely related conferences are Bohmian Mechanics 2000 and Quantum Theory: Reconsideration of Foundations 2001, 2003, and 2005. The main aim of these conferences is to understand the role that probability plays in the foundations of physics, theoretical as well as experimental, classical as well as quantum. In this conference, as well as during our previous conferences, we are glad to welcome a fruitful assembly of theoretical physicists, experimenters, mathematicians, and even philosophers interested in the foundations of probability and physics. Among important topics discussed during the conference were the probabilistic foundations of quantum mechanics, as well as the foundations of probability itself, the formation theory, quantum computing, quantum cryptography, quantum teleportation, quantum fluctuations in relation with stochastic electrodynamics, Bohmian mechanics, measurement theory, completeness and incompleteness of quantum mechanics, macroscopic quantum systems, experiments on quantum nonlocality and locality, Bell's inequality, entanglement; philosophical problems raised by quantum mechanics, and mathematical formalism. A special session devoted to the Bayesain approach to classical and quantum probability was organized.
Average customer rating:
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Statistical Phynance. (Topical Reviews: Econophysics).: An article from: American Scientist
Manufacturer: Sigma Xi, The Scientific Research Society
ProductGroup: Book
Binding: Digital
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ASIN: B0008F851I
Release Date: 2005-07-30 |
Book Description
J.K. Lasser’s Small Business Taxes 2007 gives you a complete overview of small business tax planning in an accessible manner. Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this valuable guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.
Customer Reviews:
Bottom Line for Small Business.......2007-07-02
Barbara Weltman's "Small Business Taxes 2007," is the best guide for charting your way through the record keeping, profit and loss statements, tax credits, deductions, depreciation & amortization, and cost of goods sold around for the person who files a Schedule C form with their 1040 IRS tax form.
The examples are clear, even though some have more 0's than a real small business person can imagine. She doesn't offer any gimmicks, make any promises or come-ons. Her work is straight forward, this is the Code, if it applies to your business you may use it. Readers appreciate the lack of hype which millions of Americans have learned to mistrust.
With any small business not everything applies to each individual -- this book is excellent for locating answers to the tough questions.
We did have some fun with the subtitle (JK Lasser's New Rules for Small Business Taxes) that taken at face value would read Lasser is making the rules not the IRS. But then with taxes a little humor is appreciated.
We used this volume extensively for our book and found the index very helpful in locating the material we needed and desired, when there really isn't much out there for so small a segment of the tax paying population.
Nash Black, author of "Taxes, Stumbling Blocks & Pitfalls for Authors 2007."
small business taxes 2007.......2007-05-24
book arrived quickly and in excellent condition. Good reference book.
Book Description
The tax facts and strategies every small business owner should know
Owning a small business is a big responsibility. While many small business owners seek to improve their bottom line, few realize all the ways that both current and new tax laws can help them do so. With J.K. Lasser's Small Business Taxes 2006 you can learn how.
J.K. Lasser's Small Business Taxes 2006 gives you a complete overview of small business tax planning in a straightforward and accessible manner. Focusing on strategies that help you use deductions effectively, shield business income, and maximize other aspects of small business taxes, this practical guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.
In this fully updated volume, you'll find:
- Detailed coverage of new tax laws and IRS rules
- Planning strategies that can help you run a tax-smart business all year long
- Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements
- Clear instructions on where to report income and claim deductions on your tax forms
- Sample forms and checklists to help you prepare for tax time
- Help with state taxes and a guide to information returns you may need to file
- Planning strategies that can help you run a tax-smart business all year long
Filled with in-depth insight and practical advice, J.K. Lasser's Small Business Taxes 2006 proves you don't have to be a tax expert to make smart tax decisions.
Download Description
The most trusted name in tax helps small business owners maximize their bottom line Most small business owners are not tax experts. The fully updated J.K. Lasser's Small Business Taxes, 2006 Edition provides, in an accessible and friendly manner, the tax facts and strategies that every small business owner needs to maximize deductions and reduce payments to the IRS. Focusing on strategies that help business owners use deductions, shield business income, and maximize other aspects of small business taxes, this invaluable book will show readers how their actions in business today can affect their bottom line from a tax perspective tomorrow. Barbara Weltman (Millwood, NY), an attorney, is a nationally recognized expert in taxation for small businesses. She has written extensively on tax, finance, and estate planning. Weltman is an experienced writer and is quoted regularly in major publications, including the New York Times and Boardroom's Tax Hotline. She is also featured on CNN and CNBC.
Customer Reviews:
Not really updated for 2006.......2007-01-15
I was disappointed to find this was really a 2005 book with a 2006 cover. While I found much of what I needed to know, I had to visit the IRS website for current 2006 limits on depreciation.
Very informative........2006-11-03
JK Lasser's Small Business Taxes 2006 gives the reader a comprehensive overview of what a small business owner needs to know about how to organize expenses into deductions, and what the different rules are for different types of business entities. We were particularly interested in understanding how LLCs were taxed. Since you can tax an LLC as a sole proprietorship, partnership, corporation or S-corporation (based on your particular LLC characteristics), the fact that the book covers how each of these tax scenarios works was very useful in helping us decide which status was more convenient for our business.
Wow - this book has saved me thousands!.......2006-07-01
Great book, nice level of detail. Mix this with QuickBooks and you have most of your small business financials covered.
Very Helpful Book.......2006-03-25
I found the information in this book to be very helpful. She really covers all the bases. great resource and highly recommended
Very concise - but it did not help me.........2006-03-10
This book gave me a good introduction to the issues, but also made it clear that I would not manage without solid advice from a tax consultant - maybe even a tax lawywer - on some of the issues that I had in my business. Maybe there is no simple way to do your taxes today?
Average customer rating:
- Excellent book. Very helpful.
- Excellent book, very helpful.
- Not very revealing information
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J.K. Lasser's New Rules for Small Business and Tax
Barbara Weltman
Manufacturer: John Wiley & Sons
ProductGroup: Book
Binding: Paperback
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ASIN: 0471388378 |
Book Description
STOP PAYING MORE TAXES ON YOUR BUSINESS-TODAY!
Small businesses are big news. They are profitable, flexible, and productive. But come tax time, most small business owners are at a loss. Let small business and tax expert Barbara Weltman help you maximize your deductions and minimize your payments with J.K. Lasser's New Rules for Small Business Taxes.
With the new tax law in effect, many favorable tax changes have been made for small business owners-but unless you're a tax expert, you might not realize all the ways a small business can benefit from both new and current tax laws. J.K. Lasser's New Rules for Small Business Taxes gives you a complete overview of small business tax planning in an accessible and friendly manner. Focusing on strategies that help you use deductions, business income, and other aspects of your small business to save during tax time, this comprehensive guide is all you need to keep up with Uncle Sam. The invaluable advice and guidance in this book will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.
In this volume, you'll find:
- Detailed coverage of new tax laws and IRS rules
- A complete rundown of available business expenses
- Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements
- Clear instructions on where to report income and claim deductions on your tax forms
- Sample forms and helpful checklists that will keep you organized during tax time
- Planning strategies that can help you run a tax-smart business all year long-and avoid problems with the IRS
J.K.
Customer Reviews:
Excellent book. Very helpful........2002-01-26
If you own a business, you have to have this book. It explains everything from employee compensation to the home office deduction. What's great is I find myself referring to it on a regular basis for both simple questions (can I deduct this?) to complex questions (depreciation expense).
I would recommend this book to anyone with a business
Excellent book, very helpful........2002-01-26
If you own a business, you have to have this book. It explains everything from employee compensation to the home office deduction. What's great is I find myself referring to it on a regular basis for both simple questions (can I deduct this?) to complex questions (depreciation expense).
I would recommend this book to anyone with a business.
Not very revealing information.......2000-01-23
This is a very basic book that unearths nothing we don't already know. Wow, a SEP-IRA is deductible? And so is health insurance and advertising? C'mon... give me something I can use!
There is nothing in this book that can't be found for free at a number of sites. In fact, Quicken.com may be more detailed, and its free.
Unless you were born 2 days ago, and started a business yesterday, this book will reveal very little.
Book Description
The most trusted name in tax helps small business owners maximize their bottom line
Most small business owners are not tax experts. That's why they need J.K. Lasser's Small Business Taxes 2008. In a straightforward and accessible manner, this fully updated edition-which includes a new chapter on multiple businesses-gives readers a complete overview of small business tax planning, and provides them with the tax facts and approaches needed to maximize deductions and reduce payments to the IRS. Focusing on strategies that help business owners use deductions and credits, shield business income, and maximize other aspects of small business taxes, this reliable resource will show readers how their actions in business today can affect their bottom line from a tax perspective tomorrow.
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- To Twilo and Beyond! My Walnut Adventures with The Dick Van Dyke Show Cast
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