If You Want Guarantees, Buy a Toaster: How to Survive and Thrive in Corporate Change

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If You Want Guarantees, Buy a Toaster: How to Survive and Thrive in Corporate Change
Robert M. Hochheiser
Manufacturer: Avon Books (P)
ProductGroup: Book
Binding: Paperback

General | Business Life | Business & Investing | Subjects | Books
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ASIN: 0380709031

Book Description

Written by a physicist with over 15 years of experience as a quant on Wall Street, this book treats a wide variety of topics. Presenting the theory and practice of quantitative finance and risk, it delves into the "how to" and "what it's like" aspects not covered in textbooks or research papers. Both standard and new results are presented. A "Technical Index" indicates the mathematical level — from zero to PhD — for each chapter. The finance in each chapter is self-contained. Real-life comments on "life as a quant" are included.

This book is designed for scientists and engineers desiring to learn quantitative finance, and for quantitative analysts and finance graduate students. Parts will be of interest to research academics.

Customer Reviews:

Very effective overview.......2004-12-23

This book gives a good general overview of financial engineering but only for those who have had a lot of prior exposure to the subject, at least from a theoretical or academic point of view, but have yet to get their feet wet in actual practice. For physicists with a background in quantum field theory, stochastic dynamical systems, or statistical mechanics, the mathematics in this book will be straightforward, and physicists will be intrigued that some of their ideas are being applied to finance. It is not a book for beginners though, as it will demand a lot of attention to details, as well as a considerable amount of outside reading. Space does not permit a detailed review of such a large book, and so only selected chapters will be reviewed.

In chapter 4, the author analyzes plain-vanilla equity options and discusses in particular the case of American options. The calculation of the probabilities of exercise at different future times involves the determination of the critical path followed by a Monte Carlo simulation to determine to the fraction of paths crossing the critical path in each interval of time. The hedges are then distributed in time as the delta times these probabilities of exercise. The author unfortunately does not give the details of how to obtain the critical path in this chapter, but these details can be found in later chapters on path integrals.

In chapter 5, foreign exchange options are discussed including how to hedge with the Greeks. The author shows how to price FX forwards and FX European options. He mentions that the Garman-Kohlhagen model is used to price the FX options, but he does not elaborate in any detail on the model. This model, which is the standard pricing convention in the FX market, is the analog of the Black-Scholes model, but where a foreign riskless interest rate is used as the payout on the underlying asset. Particularly interesting in this chapter is the author's discussion on the "two-country paradox". This paradox arises because the change of variables in foreign exchange instruments forces one to do a separate normalization of the drift of each variable, and does not arise for ordinary options. The drift after the change of variable is not consistent with interest-rate parity. Also discussed are the `volatility smiles' that are empirically observed in FX. As the author illustrates in a diagram, the smile corresponds to an upward-facing parabola, and he explains its occurrence by a "fear factor" (sometimes called "crash-o-phobia" in the equity option literature), which causes the implied volatilities of OTM puts to be bid up, thus putting a premium on this volatility relative to the ATM volume.

There are five chapters in the book that discuss the use of path integrals in finance, and these chapters include the formalism and how to calculate them numerically. The writing in these chapters is very lucid, and this no doubt reflects the author's background in physics and his consequent bias toward the use of functional integration in financial modeling. The discussion of the Black-Scholes in the context of functional integration is good motivation for later developments, and should convince readers as to the viability of this approach in finance. In addition, the author gives examples where the path integral approach does not merely reproduce the standard results in finance, one of these examples being the inclusion of dividends in options valuation. Including dividends can be done via the use of an "effective drift function", as the author shows in detail. He also shows that jumps in stock price can be studied in the same way as dividends in the context of path integration. Discrete-schedule Bermuda options are also tackled using path integral methods, as well as American options, and the author shows the reader how to calculate the critical path for these scenarios, following up on a promise in an earlier chapter. The chapter on numerical methods for the calculation of path integrals is interesting because it introduces some techniques and concepts that are no doubt new to many readers, such as "geometric volatility", which corresponds to an approximate volatility that would lead to a particular set of paths.

Perhaps the most interesting and "exotic" of the discussions in the book is included in chapter 46, and regards the application of `Reggeon field theory' (RFT) to financial engineering. Even for physicists working in quantum field theory, this type of field theory may be unknown to them, but the author does give a very brief review. He assumes background in scattering theory, the renormalization group, dimensional regularization, and other topics in field theory and high-energy physics, in order to read this chapter. RFT is presented as a theory to describe high-energy diffractive scattering, as a field theory for a particle called the `Pomeron'. The author's interest for the application of RFT to finance concern its ability to model nonlinearities and non-linear diffusion. He writes down the Lagrangian for RFT, which involves the nonlinear product of three fields, and when the interaction is switched off reduces to an ordinary diffusive model in imaginary time. One could apply ordinary perturbation theory to the case of weak interactions, but the author instead is interested in the non-perturbative region for the theory. This he tackles with the renormalization group, the object of which is to find the critical dimension, in order to test for the occurrence of a phase transition. Therefore the Gell-Mann Low beta function is to be calculated (using perturbation theory) and its zeros found. The author summarizes what is known for RFT from the research in the literature. The applications to finance consist of the ability of the RFT model to describe deviations from "square-root time", the latter of which arises from the standard Brownian motion assumption in financial theory. The RFT model reduces to the standard financial model when the interactions vanish. The nonlinear interactions are expected to produce interesting "fat-tail" jump events, but the author does not elaborate on this in any detail.

Book Description

African mole-rats are a unique taxon of subterranean rodents that range in sociality from solitary-dwelling species to two "eusocial" species, the Damaraland mole-rat and the naked mole-rat. The naked mole-rat is arguably the closest that a mammal comes to behaving like social insects such as bees and termites, with large colonies and a behavioral and reproductive division of labor. As a family, the Bathyergidae represent a model system with which to study the evolution and maintenance of highly social cooperative breeding strategies. In this book, Nigel Bennett and Chris Faulkes provide a synthesis of the current knowledge of bathyergid systematics, ecology, reproductive biology, behavior, and genetics. They explore the role of these factors in the evolution of sociality in the Bathyergidae in the context of both vertebrates and invertebrates. This volume will be an important new resource for anyone interested in the evolution of sociality, specifically in mole-rats.

Customer Reviews:

A great comparative analysis of these curious animals.......2000-06-14

As a fellow mole-rat researcher, I found this book to be an extremely valuable resource for information on all of the Bathyergidae rodents. From phylogenetic analysis to an interspecies comparison of sociality, Bennett and Faulkes cover all of the relevant topics and provide an extensive summary of all of the relevant literature. Mole-rats are an excellent group of animals for studying mammalian social behavior and cooperative breeding. This book is a must buy for anyone interested in mole-rats or even animal social behavior for that matter.

Book Description

This study guide targets teacher competencies and skills for Earth Science. You read four years of material between the covers of one study guide. Regardless if your test is multiple choice of essay format you will have ample material to reflect upon to do well on these formats. The majority of XAM study guides have 125 question multiple choice sample tests. The questions are medium to hard in difficulty but reasonable for a trained teacher candidate to answer. Since the questions do highly resemble the real test we are frequently asked if they are former tests. They are not. If any question from our book appears on the test it would be a coincidence. XAM Publishing, INC. has e-mail support at winwin1111@aol.com. XAM staff welcomes your updates and values your input. Each year a new version of the study guide is released so you may have the best in educational research.

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MTT - Earth Science
Kelly Benson Xam
Manufacturer: NY
ProductGroup: Book
Binding: Paperback
ASIN: B000MU6R8C

Book Description

The theory of surface electronic states is a widely researched topic which underlies all our knowledge of the behaviour of electrons at solid surfaces. It is of paramount importance in understanding the mechanics by which solid-state devices operate and catalytic reactions proceed. Now available in paperback, this book provides the most current and straightforward introduction to the subject. Although the subject is viewed through the `theoretical eye' of a physicist, the topics are treated in an elementary fashion. The book is therefore accessible to all surface scientists with an understanding of quantum mechanics and some familiarity with solid state physics.

Book Description

Latin students will be able to both manage and enjoy this book, which features a selection of highly entertaining episodes from the Satyricon. The book includes vocabulary and notes that enhance the student's enjoyment of the text.

Customer Reviews:

Sicut "Arbiter" dixit.......2007-03-13

I agree that this is a good text for high schoolers and would recommend other texts for higher levels. I have had good success with it, and would use it again.

Non mehercules illum puto in domo canem reliquisse.......2006-03-22

I include that quote as evidence against the case that Lawall has skipped ALL the naughty bits in his selections from the Satyricon. I think he's done an admirable job of leaving in enough lewdness to hint at what readers would find if they were to read all of the novel, while at the same time acknowledging the real constraints of designing a text acceptable for use in high schools. If you want to read the real smutty stuff, there are plenty of other sources for the complete Latin text of Petronius...
If, however, you want a text that's perfectly user-friendly for a third-year or higher Latin class (I've also used it with a fourth-year class: the notes and facing vocab make it possible for them to virtually sight-read the thing, and lay the groundwork for working on some of the skipped sections as handouts), this is great. Sometimes I feel he translates TOO much in the notes, but that's fine too: since a lot of his 'translations' are matters open to interpretation, they too provide a springboard for further discussion and arguing for alternate interpretations. His occasional mistakes -- or charming little quirks like his fussiness over the gender of the dog in the above quote -- fall in the same category: for a competent teacher they provide toeholds for climbing to other levels than just what Lawall presents. An excellent classroom text, and perfectly safe for reading at home by anybody capable of not accepting absolutely everything the editor tells us.

Great text for first-time exposure to "true" Latin.......1999-01-03

For those students who are learning Latin, and want to begin working on real texts, this book is perfect. By using the simpler sections of Petronius, and incorporating grammatical help for each section, this book allows the Latin student to work through the text with only a moderate level of difficulty. Though this work should not be used to replace an instructional text on the Latin language for those who are in the first phases of instruction, this text is appropriate for any second year student.

Same Lawall, different day........1998-02-13

Don't get me wrong. It's great to have a text of Petronius for study, especially at a level where young, impressionable students may read it. But look out: all of the really juicy bits were excised under Uncle Gilbert's sharp eye. The raciest anything gets is some innuendo in the Matrona Ephesi. All the good parts are gone, but so are the boring bits of the Cena Trimalchionis and a lot of incidental linking material. You get a nice, tame, classroom-ready version of a trashy Roman novel. Gil Lawall's edition is as mistake-ridden as all of his best work (Ecce Romani, &c.), but the fun of Petronius shines through. Suitable at third-year level and above, with facing notes and generous but not comprehensive glossary.

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Selections from the Satyricon.
Petronius
Manufacturer: see notes for publisher info
ProductGroup: Book
Binding: Paperback
ASIN: B000M4HA3Y

Book Description

This study of the 138 field marshals created by the British Army since 1736 will be the definitive reference for the foreseeable future. Each Marshal is covered in a candid and detailed biographical essay.

Book Description

The beauty of the canyons and mesas of the Colorado Plateau and the lives of the resourceful people that once occupied these now nearly empty places are the subject of the eighty-five black-and-white photographs and accompanying essays in Canyon Spirits. John Ninnemann's photographs of Chaco, Mesa Verde, Hovenweep, Cedar Mesa, Grand Gulch, and the San Juan River provide the visual context for Stephen Lekson's descriptions of the early Puebloan cultures of the Southwest and J. McKim Malville's consideration of the power of celestial events in the lives of these people. Together they provide a non-traditional, provocative, and visually exciting approach to Southwest archaeology.

Eighty-five black-and-white photos and accompanying essays share the beauty of the canyons and mesas of the Colorado Plateau and the history of the resourceful inhabitants.

Book Description

This volume explains complex grammatical concepts in clear, uncomplicated language, illustrating how simple the communication process can be when one understands and follows a few basic rules. The author's forceful style, enjoyable wit, and direct coverage of each area of grammar make Scientific English a valuable and readable pocket guide and desk reference for the writers, editors, and students who want to communicate in the most concise manner possible.

Customer Reviews:

Excellent and humorous.......2007-01-11

An excellent aid for scientists whose native tongue is not English, but also a useful aid for any person that wishes to improve their written English skills. I mostly like the witty fashion and simplicity in which is written. In fact, the main message from this textbook is that in simplicity lies the secret to adequately express your ideas, whichever is the language. Furthermore, it provides useful rules and hints for the proper use of expressions, words, adverbs, adjectives, etc. Mandatory!

Scientific English : A Guide for Scientists and Other Professionals 2nd Edition.......2006-02-01

An excellent book for a scientist whose mother language is not English.

Good book, but . . ........2002-08-27

I have worked as a science writer and editor for years and purchased this book with the intention of using it when working with investigators writing papers, grants applications, etc. (especially with those investigators for whom English may be a second language). Overall I think the book is quite good, and provides clear and concise advice and guidance (as well as numerous examples) on proper English language.

Perhaps it is just a pet peeve of mine, but I take issue with Mr. Day's discussion of the use of the words "that" and "which." Although he provides examples of how the meaning of a sentence can change with the alternate use of "that" and "which," his conclusion is that, if it doesn't change the sentence, use either. To quote from the book, Mr. Day says, "Who gives a damn?"

Well, I do. I'm not a "which-hunter," as Mr. Day describes some, but there are specific instances where these words are to be used, even if the meaning of a sentence doesn't change with either use, and he acknowledges this. Advocating a dismissive attitude about the rules is tantamount to propagating poor English in a society already replete with poor speakers and writers.

Despite this, I would recommend this book to anyone wishing to improve his command of the English language.

The best short book for scientific/technical writing.......1998-02-12

I'm a technical writer by profession, and taught technical writing for 10 years. I've used this book and Day's "How to Write and Publish a Scientific Paper" as textbooks, as well as in the workplace. This is the most succinct, practical, and helpful guide for scientific and technical writing on the market -- and I've looked at an awfully lot of guides! It's easy to use, and often very funny. Also, it's a good example of the clarity and brevity he advocates (this is not, unfortunately, true of many technical writing textbooks). Finally, I heartily concur with Day's belief that "Simplicity of expression is a natural result of profound thought." I've heard many scientists deplore the poor state of scientific education in the U.S. and the rise of "bad science." In my opinion, this is the fault of scientists themselves for not making their methods and results more accessible to the general public. Day's guidelines are an important step in the right direction, and I hope more scientists follow them.

The Data Handbook: A Guide to Understanding the Organization and Visualization of Technical Data (TELOS - The Electronic Library of Science)

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All the details fit to print regarding computer data formats

The Data Handbook: A Guide to Understanding the Organization and Visualization of Technical Data (TELOS - The Electronic Library of Science)
Brand Fortner
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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Book Description

The Data Handbook was originally published in 1992 by Spyglass, Inc., a Savoy, Illinois-based visualization software publishing company who markets their products primarily to scientists and engineers. This "Handbook" was authored by Brand Fortner, one of the founders of Spyglass, and it was his experience in working with large amounts of numerical data that provided the underpinnings for this work. The second edition contains updated and corrected materials, and includes 100 pages of new material in Part IV on Data Formats. Numerous journal reviews of the first edition have pointed out the value of the book.

Customer Reviews:

All the details fit to print regarding computer data formats.......2000-04-29

I bought The Data Handbook when first published, and later, this 2nd (1995) edition also. It's clearly organized, with multiple b&w illustrations per page. I know no other book overviewing, with useful details, so many file formats for scientific data (e.g., CDF, netCDF, and HDF). But more than this, it explains to aspiring computer programmers the most common structures describing scientific measurements.

Book Description

There are many how-to books on scientific and technical writing, and most of them devote a chapter or two to the subject of gathering information. The Elements of Information Gathering is the first to describe in detail the necessary steps in gathering scientific and technical information.Created as a working reference for scientific and technical professionals, as well as a textbook for technical communication courses, the book is organized into four main sections that lead the reader from the basic principles of information gathering to the more sophisticated methods of locating and organizing scientific data.

Handbook For Scientific and Technical Research

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Worst Book

Handbook For Scientific and Technical Research
David P. Beach , and Torsten E. Alvager
Manufacturer: Prentice Hall PTR
ProductGroup: Book
Binding: Paperback

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This reference covers the topics necessary to undertake research projects in the sciences. For instance, it details how to select a research problem; how to pursue the research goals; how to search the literature; how to determine whether or not a measurement is significant; how to test a scientific modelor theory; and how to write a final report or research paper. Intended for any scientific professional in contact with research gathering in industry, university, or governmental institution.

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Worst Book.......2003-11-09

In my opinion this is the worst book to study about Scientific and Technical Research. The contents of this book are not at all useful. I would not recommend this book to any Undergraduate or Graduate Students.

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Molecular Microbiology Laboratory is designed to teach molecular biology techniques to upper level undergraduates majoring in the life sciences. An extremely detailed lab preparation manual for teaching assistants accompanies the lab book and contains a general discussion of scientific writing and critical reading, as well as detailed instructions for preparation and peer review of lab reports. Each experimental unit is accompanied by a number of additional writing exercises based upon primary journal articles. The studies in these articles employ the techniques that the students are learning in the lab exercises, which reinforces their understanding of the material. These are techniques that students in any biological science will need to know, making this manual applicable to any life science curriculum.

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DOD user-needs study, phase II;: Scientific and technical information in the defense industry. Interview guide handbook
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