Dynamic Hedging: Managing Vanilla and Exotic Options by Nassim Nicholas Taleb
Dynamic Hedging: Managing Vanilla and Exotic Options by Nassim Nicholas Taleb PDF, ePub eBook D0wnl0ad
Dynamic Hedging is the definitive source on derivatives risk. It provides a real-world methodology for managing portfolios containing any nonlinear security. It presents risks from the vantage point of the option market maker and arbitrage operator. The only book about derivatives risk written by an experienced trader with theoretical training, it remolds option theory to fit the practitioner's environment. As a larger share of market exposure cannot be properly captured by mathematical models, noted option arbitrageur Nassim Taleb uniquely covers both on-model and off-model derivatives risks.The author discusses, in plain English, vital issues, including:
- The generalized option, which encompasses all instruments with convex payoff, including a trader's potential bonus.
- The techniques for trading exotic options, including binary, barrier, multiasset, and Asian options, as well as methods to take into account the wrinkles of actual, non-bellshaped distributions.
- Market dynamics viewed from the practitioner's vantage point, including liquidity holes, portfolio insurance, squeezes, fat tails, volatility surface, GARCH, curve evolution, static option replication, correlation instability, Pareto-Levy, regime shifts, autocorrelation of price changes, and the severe flaws in the value at risk method.
- New tools to detect risks, such as higher moment analysis, topography exposure, and nonparametric techniques.
- The path dependence of all options hedged dynamically.
Dynamic Hedging is replete with helpful tools, market anecdotes, at-a-glance risk management rules distilling years of market lore, and important definitions. The book contains modules in which the fundamental mathematics of derivatives, such as the Brownian motion, Ito's lemma, the numeraire paradox, the Girsanov change of measure, and the Feynman-Kac solution are presented in intuitive practitioner's language.
Dynamic Hedging is an indispensable and definitive reference for market makers, academics, finance students, risk managers, and regulators.
The definitive book on options trading and risk management
"If pricing is a science and hedging is an art, Taleb is a virtuoso." -Bruno Dupire, Head of Swaps and Options Research, Paribas Capital Markets
"This is not merely the best book on how options trade, it is the only book." -Stan Jonas, Managing Director, FIMAT-Society GARCH
"Dynamic Hedging bridges the gap between what the best traders know and what the best scholars can prove." -William Margrabe, President, The William Margrabe Group, Inc.
"The most comprehensive, insightful, intuitive work on the subject. It is instrumental for both beginning and experienced traders."-
"A tour de force. That rare find, a book of great practical and theoretical value. Taleb successfully bridges the gap between the academic and the real world. Interesting, provocative, well written. Each chapter worth a fortune to any current or prospective derivatives trader."-Victor Niederhoffer, Chairman, Niederhoffer Investments
From reader reviews:
Lisa Rice:
Information is provisions for folks to get better life, information today can get by anyone from everywhere. The information can be a expertise or any news even restricted. What people must be consider if those information which is within the former life are challenging to be find than now's taking seriously which one is suitable to believe or which one the actual resource are convinced. If you get the unstable resource then you have it as your main information it will have huge disadvantage for you. All those possibilities will not happen within you if you take Dynamic Hedging: Managing Vanilla and Exotic Options as your daily resource information.
Mary Moore:
The actual book Dynamic Hedging: Managing Vanilla and Exotic Options will bring one to the new experience of reading a book. The author style to clarify the idea is very unique. When you try to find new book to see, this book very suitable to you. The book Dynamic Hedging: Managing Vanilla and Exotic Options is much recommended to you to learn. You can also get the e-book from your official web site, so you can quickly to read the book.
Ronald Smith:
In this period globalization it is important to someone to find information. The information will make you to definitely understand the condition of the world. The condition of the world makes the information simpler to share. You can find a lot of referrals to get information example: internet, newspapers, book, and soon. You can see that now, a lot of publisher that print many kinds of book. Typically the book that recommended for your requirements is Dynamic Hedging: Managing Vanilla and Exotic Options this reserve consist a lot of the information in the condition of this world now. This book was represented just how can the world has grown up. The terminology styles that writer use to explain it is easy to understand. The actual writer made some research when he makes this book. Honestly, that is why this book appropriate all of you.
Read Dynamic Hedging: Managing Vanilla and Exotic Options by Nassim Nicholas Taleb for online ebook
Dynamic Hedging: Managing Vanilla and Exotic Options by Nassim Nicholas Taleb Free PDF d0wnl0ad, audio books, books to read, good books to read, cheap books, good books, online books, books online, book reviews epub, read books online, books to read online, online library, greatbooks to read, PDF best books to read, top books to read Dynamic Hedging: Managing Vanilla and Exotic Options by Nassim Nicholas Taleb books to read online.
Komentar
Posting Komentar