Financial Mathematics For Actuaries (Third Edition) PDF Download
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Author: Wai-sum Chan
Publisher: World Scientific
ISBN: 9811243298
Category : Business & Economics
Languages : en
Pages : 366
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Book Description
This book provides a thorough understanding of the fundamental concepts of financial mathematics essential for the evaluation of any financial product and instrument. Mastering concepts of present and future values of streams of cash flows under different interest rate environments is core for actuaries and financial economists. This book covers the body of knowledge required by the Society of Actuaries (SOA) for its Financial Mathematics (FM) Exam.The third edition includes major changes such as an addition of an 'R Laboratory' section in each chapter, except for Chapter 9. These sections provide R codes to do various computations, which will facilitate students to apply conceptual knowledge. Additionally, key definitions have been revised and the theme structure has been altered. Students studying undergraduate courses on financial mathematics for actuaries will find this book useful. This book offers numerous examples and exercises, some of which are adapted from previous SOA FM Exams. It is also useful for students preparing for the actuarial professional exams through self-study.
Author: Wai-sum Chan
Publisher: World Scientific
ISBN: 9811243298
Category : Business & Economics
Languages : en
Pages : 366
Get Book Here
Book Description
This book provides a thorough understanding of the fundamental concepts of financial mathematics essential for the evaluation of any financial product and instrument. Mastering concepts of present and future values of streams of cash flows under different interest rate environments is core for actuaries and financial economists. This book covers the body of knowledge required by the Society of Actuaries (SOA) for its Financial Mathematics (FM) Exam.The third edition includes major changes such as an addition of an 'R Laboratory' section in each chapter, except for Chapter 9. These sections provide R codes to do various computations, which will facilitate students to apply conceptual knowledge. Additionally, key definitions have been revised and the theme structure has been altered. Students studying undergraduate courses on financial mathematics for actuaries will find this book useful. This book offers numerous examples and exercises, some of which are adapted from previous SOA FM Exams. It is also useful for students preparing for the actuarial professional exams through self-study.
Author: Paul Wilmott
Publisher: Cambridge University Press
ISBN: 9780521497893
Category : Business & Economics
Languages : en
Pages : 338
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Book Description
Basic option theory - Numerical methods - Further option theory - Interest rate derivative products.
Author: Gary C. Guthrie
Publisher: Pearson Higher Ed
ISBN: 0321996992
Category : Mathematics
Languages : en
Pages : 480
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Book Description
This is the eBook of the printed book and may not include any media, website access codes, or print supplements that may come packaged with the bound book. For courses in Actuarial Mathematics, Introduction to Insurance, and Personal/Business Finance. This text presents the basic core of information needed to understand the impact of interest rates on the world of investments, real estate, corporate planning, insurance, and securities transactions. The authors presuppose a working knowledge of basic algebra, arithmetic, and percents for the core of the book: their goal is for students to understand well those few underlying principles that play out in nearly every finance and interest problem. There are several sections that utilize calculus and one chapter that requires statistics. Using time line diagrams as important tools in analyzing money and interest exercises, the text contains a great deal of practical financial applications of interest theory as well as its foundational definitions and theorems. It relies on the use of calculator and computer technology instead of tables; this approach frees students to understand challenging topics without wilting under labor-intensive details.
Author: Cheng Few Lee
Publisher: World Scientific
ISBN: 9811202400
Category : Business & Economics
Languages : en
Pages : 5053
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Book Description
This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.
Author: German Woodhead
Publisher: CUP Archive
ISBN:
Category : Social Science
Languages : en
Pages : 172
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Book Description
Excerpt from Industrial Colonies and Village Settlements for the Consumptive Symonds, and we together examined the patients, sampled the climate and other conditions, and argued with Unger and Ruedi. Then for the second time came Hope; more solid Hope. Given a fairly early case, and three years, and recovery was in the offing. And so we went on cheerfully with Davos. But Davos was not for every one; nor was every case an early 'one. Then came the discovery that lower altitudes would do if certain conditions were obtained; and so arose the great sanatorium movement. But slowly we found that patients could not spend their lives in sanatoriums; and one day on making my way up to one of them in England, I met on the way patient after patient, slouching along, bored to death with themselves and with each other; and even worse in morale than in body. Better discipline and better notions of thera peutics mended some of that; still I could not forget those listless saunterers, and it became evident to some of us, however unwillingly, that Hope was drooping again. The sanatorium was doing a great educative work no doubt; but at the end of its four or six months - what then? To send the patient away with recommendations about light jobs, and a regime, was almost a mockery or quite. What about the wage, and the family to be supported? The next lesson was brought home to me by a visit with other commissioners to certain cities, concerning some such problems. Before me now I see a gaunt hollow-eyed man, coughing, and leaning against the wall as he tried to talk to us, saying that his mates when he came out of the sanatorium - good fellows as they were - had bought him a milk that he might creep round, and earn a bit. The brave wife, shawl on head and mill apron on, had just come from the factory, and apologised for the dirty house - as well she might. The poor thing was working all day at the factory to keep the wolf from the door. All being dragged down together into the pit! What is the value of a good house, or a clean house, if no wages! What is there for the children? And what is to stop the infection! Who then would have the imagination, the initiative, the business capacity, to lift this burden, like lifting a world? About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Leonard C. MacLean
Publisher: World Scientific
ISBN: 9814293490
Category : Business & Economics
Languages : en
Pages : 883
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Book Description
This volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.
Author: J. Michael Steele
Publisher: Springer Science & Business Media
ISBN: 1468493051
Category : Mathematics
Languages : en
Pages : 303
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Book Description
Stochastic calculus has important applications to mathematical finance. This book will appeal to practitioners and students who want an elementary introduction to these areas. From the reviews: "As the preface says, ‘This is a text with an attitude, and it is designed to reflect, wherever possible and appropriate, a prejudice for the concrete over the abstract’. This is also reflected in the style of writing which is unusually lively for a mathematics book." --ZENTRALBLATT MATH
Author: Carmen M. Reinhart
Publisher: Princeton University Press
ISBN: 0691152640
Category : Business & Economics
Languages : en
Pages : 513
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Book Description
An empirical investigation of financial crises during the last 800 years.
Author: Sidney I. Resnick
Publisher:
ISBN: 9780817684105
Category :
Languages : en
Pages : 470
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Book Description
Author: Charles L. Lawson
Publisher: SIAM
ISBN: 0898713560
Category : Mathematics
Languages : en
Pages : 348
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Book Description
This Classic edition includes a new appendix which summarizes the major developments since the book was originally published in 1974. The additions are organized in short sections associated with each chapter. An additional 230 references have been added, bringing the bibliography to over 400 entries. Appendix C has been edited to reflect changes in the associated software package and software distribution method.
