Louis Bacheliers Theory Of Speculation

Author : Louis Bachelier
Publisher : Princeton University Press
ISBN 13 : 1400829305
Total Pages : 205 pages
Book Rating : 4.09/5 ( download)

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Download or read book Louis Bachelier's Theory of Speculation written by Louis Bachelier and published by Princeton University Press. This book was released on 2011-12-12 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: March 29, 1900, is considered by many to be the day mathematical finance was born. On that day a French doctoral student, Louis Bachelier, successfully defended his thesis Théorie de la Spéculation at the Sorbonne. The jury, while noting that the topic was "far away from those usually considered by our candidates," appreciated its high degree of originality. This book provides a new translation, with commentary and background, of Bachelier's seminal work. Bachelier's thesis is a remarkable document on two counts. In mathematical terms Bachelier's achievement was to introduce many of the concepts of what is now known as stochastic analysis. His purpose, however, was to give a theory for the valuation of financial options. He came up with a formula that is both correct on its own terms and surprisingly close to the Nobel Prize-winning solution to the option pricing problem by Fischer Black, Myron Scholes, and Robert Merton in 1973, the first decisive advance since 1900. Aside from providing an accurate and accessible translation, this book traces the twin-track intellectual history of stochastic analysis and financial economics, starting with Bachelier in 1900 and ending in the 1980s when the theory of option pricing was substantially complete. The story is a curious one. The economic side of Bachelier's work was ignored until its rediscovery by financial economists more than fifty years later. The results were spectacular: within twenty-five years the whole theory was worked out, and a multibillion-dollar global industry of option trading had emerged.

Author : James Owen Weatherall
Publisher : Houghton Mifflin Harcourt
ISBN 13 : 0547317271
Total Pages : 309 pages
Book Rating : 4.74/5 ( download)

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Download or read book The Physics of Wall Street written by James Owen Weatherall and published by Houghton Mifflin Harcourt. This book was released on 2013 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: A young scholar tells the story of the physicists and mathematicians who created the models that have become the basis of modern finance and argues that these models are the "solution" to--not the source of--our current economic woes.

Author : Peter L. Bernstein
Publisher : John Wiley & Sons
ISBN 13 : 1118523989
Total Pages : 375 pages
Book Rating : 4.88/5 ( download)

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Download or read book Capital Ideas written by Peter L. Bernstein and published by John Wiley & Sons. This book was released on 2012-09-11 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Ideas traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management. Bernstein brings to life a variety of brilliant academics who have contributed to modern investment theory over the years: Louis Bachelier, Harry Markowitz, William Sharpe, Fischer Black, Myron Scholes, Robert Merton, Franco Modigliani, and Merton Miller. Filled with in-depth insights and timeless advice, Capital Ideas reveals how the unique contributions of these talented individuals profoundly changed the practice of investment management as we know it today.

Author : Paul H. Cootner
Publisher : MIT Press (MA)
ISBN 13 :
Total Pages : 546 pages
Book Rating : 4.84/5 ( download)

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Download or read book The Random Character of Stock Market Prices written by Paul H. Cootner and published by MIT Press (MA). This book was released on 1967 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Lall Ramrattan
Publisher : Springer
ISBN 13 : 3030055574
Total Pages : 385 pages
Book Rating : 4.78/5 ( download)

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Download or read book American Exceptionalism written by Lall Ramrattan and published by Springer. This book was released on 2019-01-31 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: The publication of Alexis de Tocqueville’s Democracy in America has kindled interest across disciplines to appraise the exceptional nature of U.S. activities. In general, however, all the published works have not focused their analyses from an economic point of view. While economics was for some a “dismal science” following Thomas Carlyle’s characterization of Malthus’ demographic model, it has increasingly become the “queen of the social sciences” for more practitioners. The book fills a gap in the literature by describing the American contributors as precursors and genuinely exceptional economists. We present their works within the state of the nation in which they advance their discipline. One is treated to both qualitative and quantitative theories in the opening chapter. Budding theories that became established theories of Economics and Finance are investigated in Chapters II and III. When President John Adams was confronted with M. Turgot’s criticisms of the American government, he resorted to a historic survey of types of government from ancient Greece to the Middle Ages. Similarly, we have included a final chapter, Chapter IV, to present the argument for American Exceptionalism in the domain of Political Economy and Economic Law over the ages.

Author : John B. Walsh
Publisher : American Mathematical Society
ISBN 13 : 1470473879
Total Pages : 439 pages
Book Rating : 4.77/5 ( download)

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Download or read book Knowing the Odds written by John B. Walsh and published by American Mathematical Society. This book was released on 2023-08-16 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Walsh, one of the great masters of the subject, has written a superb book on probability. It covers at a leisurely pace all the important topics that students need to know, and provides excellent examples. I regret his book was not available when I taught such a course myself, a few years ago. —Ioannis Karatzas, Columbia University In this wonderful book, John Walsh presents a panoramic view of Probability Theory, starting from basic facts on mean, median and mode, continuing with an excellent account of Markov chains and martingales, and culminating with Brownian motion. Throughout, the author's personal style is apparent; he manages to combine rigor with an emphasis on the key ideas so the reader never loses sight of the forest by being surrounded by too many trees. As noted in the preface, “To teach a course with pleasure, one should learn at the same time.” Indeed, almost all instructors will learn something new from the book (e.g. the potential-theoretic proof of Skorokhod embedding) and at the same time, it is attractive and approachable for students. —Yuval Peres, Microsoft With many examples in each section that enhance the presentation, this book is a welcome addition to the collection of books that serve the needs of advanced undergraduate as well as first year graduate students. The pace is leisurely which makes it more attractive as a text. —Srinivasa Varadhan, Courant Institute, New York This book covers in a leisurely manner all the standard material that one would want in a full year probability course with a slant towards applications in financial analysis at the graduate or senior undergraduate honors level. It contains a fair amount of measure theory and real analysis built in but it introduces sigma-fields, measure theory, and expectation in an especially elementary and intuitive way. A large variety of examples and exercises in each chapter enrich the presentation in the text.

Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118492986
Total Pages : 645 pages
Book Rating : 4.87/5 ( download)

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Download or read book Investor Behavior written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2014-02-10 with total page 645 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER, Business: Personal Finance/Investing, 2015 USA Best Book Awards FINALIST, Business: Reference, 2015 USA Best Book Awards Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of behavioral finance and investor decision making. Blending contributions from noted academics and experienced practitioners, this 30-chapter book will provide investment professionals with insights on how to understand and manage client behavior; a framework for interpreting financial market activity; and an in-depth understanding of this important new field of investment research. The book should also be of interest to academics, investors, and students. The book will cover the major principles of investor psychology, including heuristics, bounded rationality, regret theory, mental accounting, framing, prospect theory, and loss aversion. Specific sections of the book will delve into the role of personality traits, financial therapy, retirement planning, financial coaching, and emotions in investment decisions. Other topics covered include risk perception and tolerance, asset allocation decisions under inertia and inattention bias; evidenced based financial planning, motivation and satisfaction, behavioral investment management, and neurofinance. Contributions will delve into the behavioral underpinnings of various trading and investment topics including trader psychology, stock momentum, earnings surprises, and anomalies. The final chapters of the book examine new research on socially responsible investing, mutual funds, and real estate investing from a behavioral perspective. Empirical evidence and current literature about each type of investment issue are featured. Cited research studies are presented in a straightforward manner focusing on the comprehension of study findings, rather than on the details of mathematical frameworks.

Author : Anastasios G. E. T. Al MALLIARIS
Publisher : World Scientific
ISBN 13 : 9814566926
Total Pages : 844 pages
Book Rating : 4.26/5 ( download)

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Download or read book The World Scientific Handbook of Futures Markets written by Anastasios G. E. T. Al MALLIARIS and published by World Scientific. This book was released on 2015-08-06 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The World Scientific Handbook of Futures Markets serves as a definitive source for comprehensive and accessible information in futures markets. The emphasis is on the unique characteristics of futures markets that make them worthy of a special volume. In our judgment, futures markets are currently undergoing remarkable changes as trading is shifting from open outcry to electronic and as the traditional functions of hedging and speculation are extended to include futures as an alternative investment vehicle in traditional portfolios. The unique feature of this volume is the selection of five classic papers that lay the foundations of the futures markets and the invitation to the leading academics who do work in the area to write critical surveys in a dozen important topics."--$cProvided by publisher.

Author : Mark Rubinstein
Publisher : John Wiley & Sons
ISBN 13 : 1118161092
Total Pages : 393 pages
Book Rating : 4.98/5 ( download)

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Download or read book A History of the Theory of Investments written by Mark Rubinstein and published by John Wiley & Sons. This book was released on 2011-09-02 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This exceptional book provides valuable insights into the evolution of financial economics from the perspective of a major player." -- Robert Litzenberger, Hopkinson Professor Emeritus of Investment Banking, Univ. of Pennsylvania; and retired partner, Goldman Sachs A History of the Theory of Investments is about ideas -- where they come from, how they evolve, and why they are instrumental in preparing the future for new ideas. Author Mark Rubinstein writes history by rewriting history. In unearthing long-forgotten books and journals, he corrects past oversights to assign credit where credit is due and assembles a remarkable history that is unquestionable in its accuracy and unprecedented in its power. Exploring key turning points in the development of investment theory, through the critical prism of award-winning investment theory and asset pricing expert Mark Rubinstein, this groundbreaking resource follows the chronological development of investment theory over centuries, exploring the inner workings of great theoretical breakthroughs while pointing out contributions made by often unsung contributors to some of investment's most influential ideas and models.

Author : Kai Lai Chung
Publisher : World Scientific
ISBN 13 : 9789810225339
Total Pages : 124 pages
Book Rating : 4.34/5 ( download)

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Download or read book Green, Brown, and Probability written by Kai Lai Chung and published by World Scientific. This book was released on 1995 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume shows modern probabilistic methods in action: Brownian Motion Process as applied to the electrical phenomena investigated by Green et al., beginning with the Newton-Coulomb potential and ending with solutions by first and last exits of Brownian paths from conductors.