Author: Riccardo Rebonato
Publisher: Princeton University Press
ISBN: 1400824370
Category : Business & Economics
Languages : en
Pages : 303
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Book Description
Today's top financial-risk professionals have come to rely on ever-more sophisticated mathematics in their attempts to come to grips with financial risk. But this excessive reliance on quantitative precision is misleading--and it puts us all at risk. This is the case that Riccardo Rebonato makes in Plight of the Fortune Tellers--and coming from someone who is both an experienced market professional and an academic, this heresy is worth listening to. Rebonato forcefully argues that we must restore genuine decision making to our financial planning, and he shows us how to do it using probability, experimental psychology, and decision theory. This is the only way to effectively manage financial risk in a manner congruent with how human beings actually react to chance. Rebonato challenges us to rethink the standard wisdom about probability in financial-risk management. Risk managers have become obsessed with measuring risk and believe that these quantitative results by themselves can guide sound financial choices--but they can't. In this book, Rebonato offers a radical yet surprisingly commonsense solution, one that seeks to remind us that managing risk comes down to real people making decisions under uncertainty. Plight of the Fortune Tellers is not only a book for the decision makers of Wall Street, it's a must-read for anyone concerned about how today's financial markets are run. The stakes have never been higher--can you risk it?
Author: Riccardo Rebonato
Publisher: Princeton University Press
ISBN: 1400836395
Category : Business & Economics
Languages : en
Pages : 325
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Book Description
Today's top financial professionals have come to rely on ever-more sophisticated mathematics in their attempts to come to grips with financial risk. But this excessive reliance on quantitative precision is misleading--and puts everyone at risk. In Plight of the Fortune Tellers, Riccardo Rebonato forcefully argues that we must restore genuine decision making to our financial planning. Presenting a financial model that uses probability, experimental psychology, and decision theory, Rebonato challenges us to rethink the standard wisdom about risk management. He offers a radical yet surprisingly commonsense solution: managing risk comes down to real people making decisions under uncertainty. Plight of the Fortune Tellers is a must-read for anyone concerned about how today's financial markets are run. In a new preface, Rebonato explains how the ideas presented in this book fit into the context of the global financial crisis that followed its original publication. He argues that risk managers are still stuck in a probabilistic rut, and need to engage with the structural causes of real events.
Author: Iris H-Y Chiu
Publisher: Bloomsbury Publishing
ISBN: 1509901388
Category : Law
Languages : en
Pages : 358
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Book Description
This book examines a key aspect of the post-financial crisis reform package in the EU and UK-the ratcheting up of internal control in banks and financial institutions. The legal framework for internal controls is an important part of prudential regulation, and internal control also constitutes a form of internal gate-keeping for financial firms so that compliance with laws and regulations can be secured. This book argues that the legal framework for internal control, which is a form of meta-regulation, is susceptible to weaknesses, and such weaknesses are critically examined by adopting an interdisciplinary approach. The book discusses whether post-crisis reforms adequately address the weaknesses in regulating internal control and proposes an alternative strategy to enhance the 'governance' effectiveness of internal control.
Author: Lisa Hilton
Publisher: Little, Brown
ISBN: 0316030457
Category : Biography & Autobiography
Languages : en
Pages : 300
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Book Description
As lovely and charming as she was shrewd and calculating, Athenais de Montespan became the most powerful noblewoman of her day by brilliantly manipulating her forbidden role as mistress of King Louis XIV. With a lively narrative style that reads like fiction, Hilton reveals the woman behind the most dazzling days of the Sun King's reign. photos.
Author: Richard Bookstaber
Publisher: Princeton University Press
ISBN: 0691191859
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
An in-depth look at how to account for the human complexities at the heart of today’s financial system Our economy may have recovered from the Great Recession—but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? None. At least not any version we’ve been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.
Author: Rick Nason
Publisher: University of Toronto Press
ISBN: 1442644877
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
It's Not Complicated offers a paradigm shift for business professionals looking for simplified solutions to complex problems. Rick Nason introduces the principles of "complexity thinking" which empower managers to understand, correlate, and explain a diverse range of business phenomena.
Author: Charlie Kaufman
Publisher: Random House
ISBN: 0399589708
Category : Fiction
Languages : en
Pages : 721
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Book Description
The bold and boundlessly original debut novel from the Oscar®-winning screenwriter of Being John Malkovich, Adaptation, Eternal Sunshine of the Spotless Mind, and Synecdoche, New York. LONGLISTED FOR THE CENTER FOR FICTION FIRST NOVEL PRIZE • “A dyspeptic satire that owes much to Kurt Vonnegut and Thomas Pynchon . . . propelled by Kaufman’s deep imagination, considerable writing ability and bull’s-eye wit."—The Washington Post “An astonishing creation . . . riotously funny . . . an exceptionally good [book].”—The New York Times Book Review • “Kaufman is a master of language . . . a sight to behold.”—NPR NAMED ONE OF THE BEST BOOKS OF THE YEAR BY NPR AND MEN’S HEALTH B. Rosenberger Rosenberg, neurotic and underappreciated film critic (failed academic, filmmaker, paramour, shoe salesman who sleeps in a sock drawer), stumbles upon a hitherto unseen film made by an enigmatic outsider—a film he’s convinced will change his career trajectory and rock the world of cinema to its core. His hands on what is possibly the greatest movie ever made—a three-month-long stop-motion masterpiece that took its reclusive auteur ninety years to complete—B. knows that it is his mission to show it to the rest of humanity. The only problem: The film is destroyed, leaving him the sole witness to its inadvertently ephemeral genius. All that’s left of this work of art is a single frame from which B. must somehow attempt to recall the film that just might be the last great hope of civilization. Thus begins a mind-boggling journey through the hilarious nightmarescape of a psyche as lushly Kafkaesque as it is atrophied by the relentless spew of Twitter. Desperate to impose order on an increasingly nonsensical existence, trapped in a self-imposed prison of aspirational victimhood and degeneratively inclusive language, B. scrambles to re-create the lost masterwork while attempting to keep pace with an ever-fracturing culture of “likes” and arbitrary denunciations that are simultaneously his bête noire and his raison d’être. A searing indictment of the modern world, Antkind is a richly layered meditation on art, time, memory, identity, comedy, and the very nature of existence itself—the grain of truth at the heart of every joke.
Author: Riccardo Rebonato
Publisher: Princeton University Press
ISBN: 1400829321
Category : Business & Economics
Languages : en
Pages : 486
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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.
Author: Mathias Dewatripont
Publisher: Princeton University Press
ISBN: 1400834643
Category : Business & Economics
Languages : en
Pages : 149
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Book Description
An international perspective on the financial crisis and the future of banking regulation The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future. While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of an adaptive prudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints. Offering a global perspective, Balancing the Banks should be read by anyone concerned with solving the current crisis and preventing another such calamity in the future.
Author: Arnold S. Kling
Publisher: Encounter Books
ISBN: 1594032505
Category : Business & Economics
Languages : en
Pages : 330
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Book Description
Conventional economists lean on the comfortable precision of mathematical abstraction and ignore the messy complexity of the real world. This work tells a big-picture story about the differences in the standard of living across time and across borders.
