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Respuestas Rapidas Para Los Contadores
Nicky A. Dauber
Manufacturer: Prentice Hall Empresa
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ASIN: 9701700864 |
Book Description
The credit derivatives market is booming and, for the first time, expanding into the banking sector which previously has had very little exposure to quantitative modeling. This phenomenon has forced a large number of professionals to confront this issue for the first time. Credit Derivatives Pricing Models provides an extremely comprehensive overview of the most current areas in credit risk modeling as applied to the pricing of credit derivatives. As one of the first books to uniquely focus on pricing, this title is also an excellent complement to other books on the application of credit derivatives. Based on proven techniques that have been tested time and again, this comprehensive resource provides readers with the knowledge and guidance to effectively use credit derivatives pricing models. Filled with relevant examples that are applied to real-world pricing problems, Credit Derivatives Pricing Models paves a clear path for a better understanding of this complex issue.
Dr. Philipp J. Schönbucher is a professor at the Swiss Federal Institute of Technology (ETH), Zurich, and has degrees in mathematics from Oxford University and a PhD in economics from Bonn University. He has taught various training courses organized by ICM and CIFT, and lectured at risk conferences for practitioners on credit derivatives pricing, credit risk modeling, and implementation.
Customer Reviews:
read this before going for it.......2007-04-25
The book covers the basics of credit risk modeling and derivative pricing (both structural and intensity type of models), explained in a clear style with enough detail to enable implementation (a rarity in financial literature!). Basics of the theory of stochastic processes and risk-neutral pricing are also covered. Calibration methods for the models are clearly explained. Due to the limited scope, some topics are given only cursory coverage (Copula function methods, role of interest-rates models etc.), but even then, enough references are provided. A very useful, concisely written tome!
Very bad presentation. I was bored to death before I finished the first 20 pages.......2007-04-16
The author should rewrite this book. The presentation and organisation are terrible. Often you will see formulas come out without an explanation.
Would definitely not recommend it.
Grab any papers wrote by the market-practitioners, you will find they are much easier for you to understand the concepts of various credit derivatives models than the book could.
BTW, I wrote a negative review in amazon.co.uk, but was deleted twice.
Great but Incomplete Tech for Quantitative Credit Traders / Analysts.......2006-12-06
Schonbucher's book has major strengths:
1) the bredth and un-biased approach to a broard range of methods for pricing and identifying (pseudo-)arbitrage opportunities including approaches based on reduced form / intensity models, structural/statistical/Merton-like models, and credit rating based approachs to modeling and trading credit.
2) The emphasis on implementation issues -- issues and problems bootstrapping and fitting credit curves, impact of product and market specific risk premium in credit spread than inflated market-implied default probabilities -- is very good and his chapters on modeling market-implied recovery assumptions and recovery modeling are also very good.
The major drawbacks are that is
1) It is sufficiently mathematical, but not strong enough in explaining the mathematics, such that anyone who can undedrstand the book probably already has a good handle on the space.
2) It spends a good deal of time on interesting but only marginally relevant modeling approachs (like the credit rating discussions and modeling counter-party risk) but misses key opportunities (like cash-cds convexity and basis trading) that many need for their day jobs.
3) Recent innovations like recovery products, loan and preferred CDS, and greater liquidity in basket and coorelation products either post-date the text or are not covered well enough to be of practical use.
That said, it is still one of the two four and five texts I have seen in the space (if you are considering the book also look at Geoff Chaplin's excellent text. Many people rave about Credit Derivatives by George C. Chacko et al. but I haven't yet read this, so don't have an opinion other than people I have high regard for like the book a lot.)
excellent book but hard to understand.......2006-11-11
The book is written by a Professor in a insightful way.
The reader needs to be well prepared in knowledge, and be ready for frustration.
Excellent intermediate book.......2005-10-20
The book is a look at credit risk through the glasses of mathematics, and is not a beginner's book. It is a bit dry in the beginning, yet after that I discovered lots of valuable intuitive explanations. While it does require a certain level of probability knowledge, the author walks you through most necessary steps for the presented models. The book covers almost everything needed for an intermediate course on credit modelling. The lack of numerical implementation menthods took the last star.
Book Description
Based on courses developed by the author over several years, this book provides access to a broad area of research that is not available in separate articles or books of readings. Topics covered include the meaning and measurement of risk, general single-period portfolio problems, mean-variance analysis and the Capital Asset Pricing Model, the Arbitrage Pricing Theory, complete markets, multiperiod portfolio problems and the Intertemporal Capital Asset Pricing Model, the Black-Scholes option pricing model and contingent claims analysis, "risk-neutral" pricing with Martingales, Modigliani-Miller and the capital structure of the firm, interest rates and the term structure, and others.
Customer Reviews:
Underrated Book.......2005-08-21
It is unfortunate that asset pricing books get outdated fairly quickly, but this is one of the best books out there. For those who are serious about finance, you have to get your hands on a copy of this book. When I bought this from Amazon, it seemed like a classic text being that the pages were yellowish in color already. However, the content of the book is very well written and covers all the major topics in asset pricing - even continuous-time finance.
A Revision, Please!.......2002-02-05
The books presents traditional finance economics. It is a very good and a classical book. But it is not easy to read because of its terrible, old-fashioned notation and writing.
It is plenty of examples and gives a very good intuition. So I'd say it is good because it teaches traditional finance since the beginning in a way one can understand finance and the underlying math.
Clearly, the book needs a revision to put it into the modern language of financial economics as well as to add the results (and models) that have been published in papers in the last 20 years.
As I said, without a revision, reading the book is not enough to allow one to understand modern papers published in the field. As a result, after reading it you will not be able to say you know finance. But without knowing what the book is about, you will not be also able to say you know finance. Of course you can consult other sources, but even with the terrible notation, it is a pleasure to read, for instance, chapter 2 (Arbitrage), chapter 4 (mean-variance portfolio analysis) or chapter 11 (discrete-time intertemporal portfolio selection).
The Best Text on Financial Economics.......2001-08-22
Ingersoll has done an exceptional job of presenting the theory of financial economics, from risk and stochastic dominance to dynamic portfolio optimization and continuous-time finance. The mathematics is clear and concise. The economic intuition shines through.
Outdated and Unclear.......2001-06-27
This book is possibly the worst textbook I have ever read. The notation is unwieldy, the explanations are unclear and there is very little to help your intuition. This, by the way, is not because of the mathematical or technical content which goes no deeper than introductory stochastic calculus and control. Even if it were a good text, however, it would urgently need revising. The material is rooted firmly in the 70's and 80's with almost no emphasis whatsover on the martinagle represntation of asset prices.
This book is excellent. Every page is important!.......1999-09-19
This book is very good. It contains broad contents. Of course, it's not sufficient for a financial economist -impossible for a single book. It contains asset pricing theories from discrete-time models to continuous-time models,and from two-period models to intertemporal models. For a beginner, starting with Huang and Litzenberger is a better idea. Need introduction to continuous-time finance? Neftci is good, Merton is good, and Dothan is for advanced.
Book Description
Model Security Policies, Plans, and Procedures contains sample security policy, planning, and procedural documents drawn from the proven experiences of hundreds of America's most successful corporations. If your job requires you to develop or update security policies, plans, or procedures, this book will be a highly valuable resource. The samples cover the key concepts of organizational protection. Putting the samples to use, either as presented or as drafting guides, can eliminate many hours of tedious research and writing.
Offers a practical mode of reference for security professionalsContains sample plans, policies and procedures
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Modeling Pension Systems
Andrus Simonovits
Manufacturer: Palgrave Macmillan
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Binding: Hardcover
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ASIN: 1403915245 |
Book Description
The issue of unfunded public pension systems has moved to the center of public debate all over the world. Unfortunately, a large part of the discussions have remained on a qualitative level. This book seeks to address this by providing detailed knowledge on modeling pension systems.
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- Much needed scholarship in English
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The East Asian Welfare Model: Welfare Orientalism and the State (Esrc Pacific Asia Programme (Series).)
Roger Goodman
Manufacturer: Routledge
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Welfare Capitalism in East Asia: Social Policy in the Tiger Economies
ASIN: 0415172101 |
Book Description
There is increasing interest in East Asian welfare models as many politicians in both East and seek out examples to underpin their own ideas for reform. In this, the first broad ranging study of the East Asian welfare, the contributors explore the experiences of six societies in East Asia and make clear the realities behind the political rhetoric. They examine the role of the state within welfare systems using case studies of pensions, health insurance, housing and personal social services. The result is the only up-to-date detailed analysis in English of how these various systems have developed and will continue to develop in the future. It will be a valuable and wide ranging resource for both students and policy-makers alike.
Customer Reviews:
Much needed scholarship in English.......2000-10-11
Much has been written about East Asian economies and states, and much of it without a solid basis in scholarship and critical investigation of the subject matter being discussed. This book marks an important foray into that terra incognita, in that it is a work written in English by established scholars, and therefore not only informative but - more importantly - well informed, and hence reliable.
By engaging in a comparative study of East Asian states and their welfare systems, looking at diverse elements such as pension plans and services such as housing, health care, etc., the contributors to this volume look not only to the past and present, but also out into the years to come. The volume is aptly edited by Roger Goodman, lecturer in anthropology and expert on Japan at the Nissan Institute, Oxford University, and fellow of St. Antony's College, Oxford. For those who are not already well acquainted with the East Asian states covered, and who would like to read in English, this is a good recommendation.
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Sex and Consequences: Abortion, Public Policy, and the Economics of Fertility
Phillip B. Levine
Manufacturer: Princeton University Press
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ASIN: 0691070989 |
Book Description
How do individuals change their behavior when abortion access increases? In this innovative book, economist Phillip Levine uses economic analysis to consider this question, comparing abortion to a form of insurance. Like insurance, he contends, abortion provides protection from downside risk. A pregnant woman who would otherwise give birth to an unwanted child has the option to abort. On the other hand, the availability of this option may increase the likelihood of a pregnancy in the first place.
In a very restrictive abortion environment, few women would choose to have an abortion; legalizing abortion would reduce unwanted births. But if abortion becomes readily available, it may cause individuals to increase their sexual activity and/or reduce their use of contraception, Levine contends. Women will become pregnant more frequently, but will abort those pregnancies. Therefore, these abortions will not reduce unwanted births.
Levine's analysis suggests that the manner in which individuals change their behavior depends on the extent to which abortion is accessible. He supports these assertions using data from both the United States and Eastern Europe, comparing areas that have restricted access to abortion services with those that have liberalized access. Using sound economic analysis, Sex and Consequences goes beyond the ideological arguments that frequently dominate the abortion debate, lending a new perspective to this controversial subject.
Product Description
This is a NAVAL POSTGRADUATE SCHOOL MONTEREY CA report procured by the Pentagon and made available for public release. It has been reproduced in the best form available to the Pentagon. It is not spiral-bound, but rather assembled with Velobinding in a soft, white linen cover. The Storming Media report number is A955943. The abstract provided by the Pentagon follows: This study was written with an aim to suggest a security policy approach for Hungary after becoming a member of NATO. The formulation of the country's security policy started with examination of security threats in general and analysis of Hungary's close security environment in particular. The analysis revealed that the threat of large scale military aggression has disappeared. However, other types of security challenges--economic crises, ethnic hostilities, environmental pollution, proliferation of weapons of mass destruction--prevailed, and the military concerns of security has decreased in importance. The issues of globalization, and diversification of threat perception could be addressed by cultivating a portfolio of security provisions. The multiple public good model suggested by Mark A. Boyer, an associate professor of political science at University of Connecticut, for analyzing defense alliances was an appropriate approach to formulation of Hungary's security policy. Based on the results from the threat assessment and the suggestions of the multiple good model, Hungary's security policy was introduced as a portfolio of defense provisions which in turn was Hungary's contribution to the Alliance. The evidence of contribution to the collective defense was seen through an examination of Hungary's path toward acceptance into NATO and an analysis of domestic stakeholders.
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Assessing Policies for Retirement Income: Needs for Data, Research, and Models
Manufacturer: National Academy Press
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ASIN: 0309056276 |
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Developing a Theoretical Model of Counterproliferation for the 21st Century (Studies in World Peace)
Brian Bates , and
Chris McHorney
Manufacturer: Edwin Mellen Press
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ASIN: 0773477675 |
Books:
- Robert's Rules in Plain English 2e: A Readable, Authoritative, Easy-to-Use Guide to Running Meetings (Robert's Rules in Plain English)
- Save, Spend, Or Donate?: A Book About Managing Money (Money Matters)
- Schaum's Outline of Principles of Accounting I (Schaum's)
- Schaum's Outline of Statistics
- Services in Economic Thought: Three Centuries of Debate (International Studies in the Service Economy)
- Special Edition Using QuickBooks and QuickBooks Pro 99
- Standards of Practice Handbook, 9th Edition
- Statistical Analysis: An Interdisciplinary Introduction to Univariate & Multivariate Methods
- Taking Sides: Clashing Views in Business Ethics and Society (Taking Sides: Clashing Views on Controversial Issues in Business Ethics and Society)
- The Accelerated Learning Handbook: A Creative Guide to Designing and Delivering Faster, More Effective Training Programs
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