Written by a physicist with extensive 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. A "Technical Index" indicates the mathematical level for each chapter.This second edition includes some new, expanded, and wide-ranging considerations for risk management: climate change and its long-term systemic financial risk; markets in crisis - new crisis prediction technique and the Reggeon field theory; new "Smart Monte Carlo" and American Monte Carlo; trend risk - time scales and risk, the Macro-Micro model, and singular spectrum analysis; credit risk: counterparty risk, wrong way risk, issuer risk, and regulations; stressed correlations - new "nearest neighbor" techniques; and psychology and option models.Solid risk management topics from the first edition and valid today are included: standard/advanced theory and practice in fixed income, equities, and FX; quantitative finance and risk management - traditional/exotic derivatives, fat tails, stressed VAR, model risk, numerical techniques, deals/portfolios, systems, data, economic capital, and function toolkit; risk lab - the nuts and bolts of risk management from the desk to the enterprise; case studies of deals; Feynman path integrals, Green functions, and options; and "Life as a Quant" - communication issues, sociology, stories, and advice.
Deregulation has forced a whole new world of trading and risk management jargon onto the energy marketer. Wengler identifies the issues, discusses and analyzes them, and in checklist fashion prioritizes for managers what they must do to succeed despite diverse risks. Contents: The 'Top Ten Checklist' of things to do The bull, the bear, and the spark spread Risk management policies and procedures Starting with your risk-return strategy The risk roster: personalities and specialties Energy risk boot camp: 'must know' concepts for managers and directors The deal process: from the desk to delivery The portfolio process: starting with what have we got? And what do we want? Measuring risk: how might our portfolio change? Hedging: navigating toward our portfolio objectives Critical path IT Issues Looking forward: the next ten management issues Appendix Glossary Index.
The premise of this volume is that business regulations are expected to grow in the near future as a consequence of the emergence of a "(world) risk society". Risks related to terrorism, climate change, and financial crises, for example, will penetrate all conditions of life. Increasingly, the decisions and actions of some bring about risks for many in this era of globalization. Controlling these risks implies managing the world through high-quality regulation, with a particular emphasis on businesses and financial institutions. Central to this approach is the argument that a major, if not the primary, aim of regulation is to internalize externalities, or in a broader context, to repair market failure. Such repair can only be accomplished when the costs are smaller than the welfare gains. Featuring contributions from researchers and policy analysts from the fields of economics, management, law, sociology, political science, and environmental policy, this book focuses on three major topics: social risks and business regulation; preconditions for better business regulation; and, theoretical issues related to better business regulation. Collectively, the authors demonstrate that the easier it is for regulated businesses to comply at the lowest costs possible - without jeopardizing the related public goals - the greater the degree of compliance. When successful, the net result is a balance of individual and collective net benefits, and by further implication, sustainable business practice and economic growth.
The Japanese are not the world's greatest marketers. Japanese companies approach and perform marketing within Japan differently than Western firms do within their domestic markets. In fact, marketing to the average Japanese firm is not a priority item. To succeed in Japan, they concentrate instead on production quality and low prices. This fascinating look at the cultural differences, reflected in their marketing practices, reveals the advantages and disadvantages of Japanese marketing practices. The author argues that as the advantages of a protected market and superior production and technology disappear, the Japanese must develop a new marketing process. Examples of both Japanese and foreign firms operating in Japan highlight each section. Marketing Japanese Style examines how Japanese firms actually market to their Japanese customers. Each of the four Ps of marketing-product, promotion, place, and price-are explored. Japanese cultural, strategic, and negotiation practices are described in detail. An interesting facet of the book is the analysis of keiretsu and sogo shosha, and their place in the marketing structure.
This book bridges the gap between risk assessment and fire safety engineering like few other resources.
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