Mathematics and Statistics for Financial Risk Management is a practical guide to modern financial risk management for both practitioners and academics. Now in its second edition with more topics, more sample problems and more real world examples, this popular guide to financial risk management introduces readers to practical quantitative techniques for analyzing and managing financial risk. In a concise and easy-to-read style, each chapter introduces a different topic in mathematics or statistics. As different techniques are introduced, sample problems and application sections demonstrate how these techniques can be applied to actual risk management problems. Exercises at the end of each chapter and the accompanying solutions at the end of the book allow readers to practice the techniques they are learning and monitor their progress. A companion Web site includes interactive Excel spreadsheet examples and templates. Mathematics and Statistics for Financial Risk Management is an indispensable reference for today's financial risk professional.
A mathematical guide to measuring and managing financial risk. Our modern economy depends on financial markets. Yet financial markets continue to grow in size and complexity. As a result, the management of financial risk has never been more important.
Quantitative Financial Risk Management introduces students and risk professionals to financial risk management with an emphasis on financial models and mathematical techniques. Each chapter provides numerous sample problems and end of chapter questions. The book provides clear examples of how these models are used in practice and encourages readers to think about the limits and appropriate use of financial models. Topics include: o Value at risk
o Stress testing
o Credit risk
o Liquidity risk
o Factor analysis
o Expected shortfall
o Extreme value theory
o Risk model backtesting
o Bayesian analysis
o . . . and much more
The Volatility Smile The Black-Scholes-Merton option model was the greatest innovation of 20th century finance, and remains the most widely applied theory in all of finance. Despite this success, the model is fundamentally at odds with the observed behavior of option markets: a graph of implied volatilities against strike will typically display a curve or skew, which practitioners refer to as the smile, and which the model cannot explain. Option valuation is not a solved problem, and the past forty years have witnessed an abundance of new models that try to reconcile theory with markets. The Volatility Smile presents a unified treatment of the Black-Scholes-Merton model and the more advanced models that have replaced it. It is also a book about the principles of financial valuation and how to apply them. Celebrated author and quant Emanuel Derman and Michael B. Miller explain not just the mathematics but the ideas behind the models. By examining the foundations, the implementation, and the pros and cons of various models, and by carefully exploring their derivations and their assumptions, readers will learn not only how to handle the volatility smile but how to evaluate and build their own financial models. Topics covered include: The principles of valuation Static and dynamic replication The Black-Scholes-Merton model Hedging strategies Transaction costs The behavior of the volatility smile Implied distributions Local volatility models Stochastic volatility models Jump-diffusion models The first half of the book, Chapters 1 through 13, can serve as a standalone textbook for a course on option valuation and the Black-Scholes-Merton model, presenting the principles of financial modeling, several derivations of the model, and a detailed discussion of how it is used in practice. The second half focuses on the behavior of the volatility smile, and, in conjunction with the first half, can be used for as the basis for a more advanced course.
The evidence relating to the advances in obstetric practice and research over the past several decades have resulted in significant improvements in maternal and perinatal outcome. The obstetric care provider has the responsibility to be aware of these improvements and implement evidence-based practice when the situation requires. Clinical decisions should, as much as possible, be evidence based. This requires expertise in retrieving, interpreting, and applying the results of scientific studies and in communicating effectively the risks and benefits of different courses of action to patients.The highly-regarded authors have used easy-to-follow management algorithms presented in a highly visual format to assist rapid decision making; with sections covering:Preventative HealthMaternal DisordersInfectious ComplicationsAntenatal ComplicationsIntrapartum / Postpartum ComplicationsFeaturing best obstetric management guidance, based on graded published evidence and recommendations, this book will enable practicing and trainee obstetrician-gynecologists and nurse midwives to ensure that the primary goals of the delivery of a healthy mother and a healthy baby are met.
Discover how healthy buildings, culture, and people lead to high profits Organizations and employees now spend an average of $18,000 per year per employee for health costs, a 61% increase in 10 years. Every indicator projects these costs will double before 2030. This is an unsustainable path. These costs are the tip to an even bigger iceberg, the hidden costs of time out of the office, distraction, disengagement, and turnover. The Healthy Workplace Nudge explains the findings of research on 100 large organizations that have tackled the problems of employee health costs and disengagement in five fresh ways: Well-being leads to health and high performance Wake up to the fact that 95% of traditional wellness programs fail to improve health or lower costs Behavioral economics has become a new powerful tool to nudge healthy behavior Healthy buildings are now cost effective and produce your strongest ROI to improving health Leaders who develop healthy cultures achieve sustainable high performance and employee wellbeing In addition to proving highly effective, these approaches represent a fraction of the cost sunk into traditional wellness and engagement programs. The book explains how to create a workplace that is good for people, releases them to what they do best and enjoy most, and produces great and profitable work. o Find actionable strategies and tactics you can put into use today o Retain happy, productive talent o Cut unnecessary spending and boost your bottom line o Benefit from real-world research and proven practice If you're a leader who cares about the health and happiness of your employees, a human resource professional, or a professional who develops, designs, builds, or outfits workplace environments to improve employee health and wellbeing, this is one book you'll want to have on hand.