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Behavioral Finance and Capital Markets reveals the main foundations underpinning neoclassical capital market and asset pricing theory, as filtered through the lens of behavioral finance.Review"Szyszka provides an excellent introduction to this intellectual conflict [between the dominant neoclassical and upstart behavioral paradigms] and the basic contours of the theoretical and empirical grounds upon which the battle is taking place. The text offers something for just about any reader interested in a better understanding of capital markets, whether undergraduate students considering a future in finance, graduate students forming their own research agenda, or professionals in finance wanting to develop better predictive models or simply gain a better grasp of current academic debates about market behavior.
In modern derivatives trading, Black–Scholes theory is only a starting point. Asset volatilities are not constant, but change with market conditions. Large price moves are associated with periods of market turbulence and this leads to a smile shaped curve of the volatility implied from market prices.
Smile Pricing Explained provides a clear and thorough explanation of the concepts of smile modelling that are at the forefront of modern derivatives pricing. The key models used in practice are covered, together with numerical techniques and calibration.
Dr Austing guides the reader from the principle of no arbitrage and Black–Scholes, through local and stochastic volatility models, to arrive at a deep understanding of the state of the art of smile modelling. Along the way, practical introductions to the Monte Carlo and finite difference numerical approaches are provided, with user friendly guidance to the deep mathematics underlying the pricing theory.
Smile Pricing Explained provides a much-needed guide to the concepts and complexities of smile modelling. Written in particularly accessible style, topics are presented succinctly, and unnecessary complexity is carefully avoided. Intuition is provided before mathematics so that readers may enjoy the book without necessarily following every technical detail. This book will prove a popular resource for both new and established quantitative practitioners as well as graduate students who wish to understand the realities of the area.
Most books on financial derivatives focus on either the investment side of the business or on the mathematical models to price them. However, there is a huge gap between how quantitative researchers and analysts, and traders, structurers, and risk managers look at derivatives problems, and in how they respond.
This book fills a gap for a technical but not impenetrable guide to hedging options, and the “Greek” (Theta, Vega, Rho, and Lambda) – parameters that represent the sensitivity of derivatives prices.
In Trading by the Minute, Joe Ross reveals his Major, Minor, and Intermediate intraday trading signals. He shows you exactly what they are and explains why they are important. He emphasizes the hows, whys, and whens of both stop loss and profit protecting stop placement. You will learn about hedging your positions, how to deal with the floor and your advantages over them. Joe reveals several methods for identifying a trend before anyone else sees that it is happening.
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