Mastering Value at Risk: A Step-by-Step Guide to Understanding and Applying VAR (Market Editions)

Book Description

Value at Risk (VAR) is rapidly emerging as the dominant methodology for estimating precisely how much money is at risk each day in the financial markets. Traders and managers use it to monitor the financial risk of a portfolio. This book provides an objective view of VAR, analyzing its pitfalls as well as its benefits.

Customer Reviews:

Failed Potential.......2007-03-12

This book would have been 5 stars if it had been edited and proofed properly. There are *FAR* too many errors. I would still recommend that one purchase and read this book, which is a good introduction to VaR for the uninitiated, but the error count is just ridiculous. There are significant errors nearly every other page.

There are:

* currency sign errors, which render examples meaningless;
* repeated formula errors, which require the reader to guess the correct formula;
* text errors, which change the meaning of the sentences to their exact opposite;
* errors in punctuation;
* errors in grammar;
* numerical errors in the text next to examples that show the correct numbers.

If there were going to have been a second edition, it would already be out by now, so I'm not hopeful that a new edition will appear to correct the many errors.

I am QUITE surprised that the author doesn't have an errata page at the website he put up for questions on this book at [...]

File this book under "Failed Potential".

Very helpful for beginners.......2006-03-20

I'm chemical Engineer and I'm working on my thesis on to get the Master in Sc. I had no clue in VaR, this book help not only to understand it but to apply it further pure finances.

Until something better comes along. . ........2005-07-19

The other reviewers are correct about the errors. The results of Mr. Butler's formulas sometimes don't match the formulas themselves which in turn don't match his results in the spreadsheets. Also, the grammar, particularly the punctuation, leaves much to be desired. This book had either a poor editor or no editor.

However, Mr. Butler is the only author to write a book that shows actual real-world VaR calculations. The other books give plenty of theory, but never enough detail to enable you to do your own VaR calculations. So until something similar and better comes along, this book will have to do. And really, the errors in the spreadsheets are not that hard to spot if you just follow the text and if you are aware that the errors are there.

very disappointing.......2004-06-25

There are a number of errors in the book, thus making it very hard to get through. Additionally, I spoke to the publisher and there is NOT a second edition of this book available yet - so don't bother with the book. I was also surprised there is nowhere to get copies of the spreadsheets from on the web!!

A note to Mr. Butler - please take a note from Scott Meyers or Bruce Eckel who publish errata web pages.

A practical book on VaR.......2002-09-29

Mastering Value at Risk is 80% practical and 20% theoretical. However, there are a lot of mistakes, specially printing and calculation mistakes. For example, page 24, 25, etc. ambiguous exercises. I require professional solved cases and applications of the real world. Back testing and stress testing themes present a poor development.

There is a great practical case on EWMA, but it can not be compared to GARCH model, because there is not a practical case on GARCH. There is no useful application. This model is only mentioned and explained theoretically. On the other hand Montecarlo Simulation presents a certain confusion. It's unclear and imprecise.

Finally, at the end of the book an address and e-mail are written in order to make contact with the author, but such an e-mail doesn't exist. It was impossible for me to contact Cormac Butler by means of that e-mail. Besides, there is a website in order to send your questions and queries named answerback.org. It was not possible for me to access this website.

Well, the book is good for a reader used to calculate VaR, not for beginners, because of printing errors and calculation mistakes. You must to identify them before to continue the next lesson and theme. Well, my rating to this book is 3 stars.

Book Description

How does risk labeling information on hazardous household chemicals and pesticides influence consumer behavior? While many studies speculate on the effects of risk information, Magat and Viscusi draw on a series of extensive surveys to assess the likely response. Their set of original studies of household chemicals, energy audits, and food risk labeling establishes guidelines for the design and evaluation of these informational regulations. Their findings also include new estimates of the valuation of nonfatal health risks, the first estimates in the literature of the role of altruism, and an assessment of the influence of irrational responses to risk.

Although economists suggest that giving consumers information about potentially hazardous goods is preferable to direct regulation of product content, implementation of information regulation raises a host of issues that need to be addressed. Magat and Viscusi document the cognitive limitations that consumers have in processing information and break new ground by showing how, given this behavior, the informational regulations should be designed.

Case studies assess the degree to which different kinds of consumers notice, remember, and heed printed warnings in a range of wordings and formats. They then examine risk valuation, showing how much consumers are willing to pay for increased product safety under various conditions. A concluding chapter synthesizes the results and discusses their implications for regulatory policy.

Wesley A. Magat is Professor of Business Administration at Duke University where W. Kip Viscusi is the George G. Allen Professor of Economics.

Book Description

Social and medical developments have recently led to a dramatic increase in life expectancy. This has inspired the study of organismic changes associated with healthy ageing, in particular the erosion of homeostatic capabilities in multiple endocrine systems.
This book reviews advances in the understanding of endocrine facets of ageing. It considers the relative magnitudes and time courses of different endocrine adaptations in the ageing human and experimental animal, addressing the influence of external factors on the rates of progression of endocrine sequelae in ageing, the mechanisms that underlie the disarray of endocrine axes in ageing, and the implications of therapeutic reconstitution of hormones in ageing.
This book:

Considers the mechanisms of ageing and hormonal changes that occur with age.
Discusses healthy ageing and the relationships between hormonal changes and pathophysiological conditions such as atherosclerosis and age-related bone loss.
Draws together contributions from basic and clinical research, to identify and stimulate promising new research directions.

Book Description

A critical step in improving the way we manage the earth's ecosystemsis to take stock of their condition and their capacity to provide the goods and services we will need in years to come. The Pilot Analysis of Global Ecosystems (PAGE) aims to address this gap. The PAGE compares existing and new information on a global scale about the condition of five major classes of ecosystems: agroecosystems, coastal areas, forests, freshwater systems, and grasslands

Book Description

Although there is a good deal of research concerning semiconductor impurities available, most publications on the subject are very specialized and very theoretical. Until now, the field lacked a text that described the current experimental data, applications, and theory concerning impurities in semiconductor physics. Impurities in Semiconductors: Solubility, Migration and Interactions explores the behavior of impurity atoms in semiconductors, integrating experimental data with theoretical interpretation. It presents the current literature on the state and behavior of impurities in semiconductors. The author explains the basic physics of hydrogen-like impurities to help you understand the properties imparted by these impurities. He also analyzes the macroscopic and microscopic mechanisms of the solubility, and migration of impurities and defects in the crystal lattice. In addition, the book presents a systematic analysis of different effects resulting from the interactions between impurities and other defects in the crystal lattices. This book brings to light work done in the former Soviet Union and highlights several impurities that have potential, but have not yet found widespread application. As such, it will be an invaluable reference for those working in different fields involving the use of electronic materials.

Average customer rating:

hysterical

Wickedly entertaining

Mounting Desire Goes All the Way!

A movie in the making

Mounting Desire: A Novel
Nina Killham
Manufacturer: Bloomsbury USA
ProductGroup: Book
Binding: Hardcover

Comic | General | Literature & Fiction | Subjects | Books
Contemporary | General | Literature & Fiction | Subjects | Books
General | Contemporary | Romance | Subjects | Books
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ASIN: 1582345015
Release Date: 2005-04-21

Book Description

The author of How to Cook a Tart turns her wickedly incisive eye to the only subject that Americans are more obsessed with than food: sex.

Jack Carter, born-again virgin and bestselling romance author, has a problem, and her name is Molly. Foisted upon him by his sister, Molly has just been fired from her high-paying management position for sexually harassing her male assistant. She's also been evicted from her apartment, and has landed-for just a few weeks, she promises-in Jack's Los Angeles town house. Worse yet, she decides to take advantage of her new environment and try her hand at writing romances herself, using the pseudonym Molly Desire. Molly's novel is racy and explicit, and blows the covers off Jack's tender and traditional plots and relationships. Just how far will their professional (and personal) competition go? Add to the mix a sister who thinks she's not getting enough, a niece who's about to get too much, and a mother who is in danger of being kicked out of her retirement home for inappropriate behavior, and you get Nina Killham's trademark wit and insight into the battle of the sexes.

Customer Reviews:

hysterical.......2007-01-12

I read Nina Killham's first book, HOW TO COOK A TART and loved it. This second book, MOUNTING DESIRE, is hysterical. Killham creates characters that seem so real and puts them into situations that seem so absurd. Even though she introduces many characters throughout the book (actually caricatures in many cases, such as the male cover model) the reader is able to follow along easliy. That is until you start laughing so hard you drop the book and lose your place. I can't wait to read her next book and see what she sends up next.

Wickedly entertaining.......2006-05-13

A satire on the romance genre, Mounting Desire is hilarious. It's an obvious reversal of gender stereotypes, but it works. If you're looking for a bitingly funny read that isn't afraid to poke fun at America's biggest selling genre--whether you're a fan or not--Mounting Desire is a book to pick up.

Mounting Desire Goes All the Way! .......2005-07-04

This paraody of romance novels, romance writers and romance itself is a really fun romp! Simultaneously profound and silly, Mounting Desire is particularly appreciated at a time when the U.S. seems to be embracing its puritan past with reckless abandon. Jack, the born- again- virgin- romance- novel author, doesn't date. Instead, he says: "I fantasize about ideal women. I dress them up in whatever I want, the more corsets the better. I put them through excruciating psychological trauma before having fifteen-second sex with them , and then I delete them." Expect to laugh a lot with this one. So, don't balance your mohito on your tummy while you're poolside.

A movie in the making.......2005-05-22

I got into it straight away. I had to keep sneaking off so I could read in peace. The two main characters are believable, and I couldn't wait to find out if they finally got together. I also liked the amusing dramas that came their way, and the supporting characters rounded it out perfectly. A perfect beach read and a lot of fun!

Average customer rating:

A Breath of Fresh Air

We still await a credible account of Italian forces in the Second World War

Excellent work on a forgotten force.

Une étude salutaire sur les forces italiennes en Afrique!

With a Heart of Iron!

Iron Hulls Iron Hearts: Mussolini's Elite Armoured Divisions in North Africa
Ian Walker
Manufacturer: The Crowood Press
ProductGroup: Book
Binding: Paperback

General | Military | History | Subjects | Books
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ASIN: 1861268394

Book Description

The campaign in North Africa during World War Two was one of the most important of the conflict. The allies fought for control of North Africa against the German Afrika Korps led by Rommel. But the part played by Mussolini's Italian troops, and in particular the armored divisions, in support of the Germans is not so well known.

Customer Reviews:

A Breath of Fresh Air.......2007-08-26

This book by Ian Walker is the best treatment of the subject in English I have ever seen. For those who read this book with an open mind, Walker succeeds admirably in what I believe was his aim, i.e., to put the performance of the Italian armored forces in North Africa in somewhat of a proper perspective. No, Walker does not cite specific examples of British and US negative bias towards Italian military performance (that in itself would be a work of monumental proportion), but any serious military buff or historian knows full well in how many ways, from outright falsehoods, to innuendo, the Italians have been marginalized. The facts, as Walker shows, are different. Somewhere, many years ago, I read an account by a British veteran who said something to the effect that "We made many jokes about the Italian artillery, but every time they fired at us, we took cover". Back to Walker's book. I was particularly impressed by his account of the battle of Bir el Gubi - I have written a couple of articles on the battle myself (one, in English, so many years ago that I can't even find a copy of it in my files, although I still have the original correspondence I got from half a dozen British participants in the battle), and one in Italian a few months ago. Walker's in-depth treatment eclipses mine by far. I was also impressed by Walker's reference to the Gruppo Cantaluppi on page 179 - I have never seen any reference to Cantaluppi in any other English-language publication. Cantaluppi was a very colorful commander who managed to squeeze more performance than could be reasonably expected from his exhausted troops on the retreat through Tunisia - but that's another story. My hat is off to Walker for the first serious, balanced treatment I have seen of the subject in English. This book is a must for anyone interested in the war in the desert, or in Italian military operations.

We still await a credible account of Italian forces in the Second World War.......2007-07-14

"Iron Hulls Iron Hearts" is not footnoted, so it is impossible to verify the extraordinary claims made by the book. The bibliography shows that no archival or primary research was done.

"Iron Hulls Iron Hearts" claims that the book is to address the perceived bias of English-speaking sources. Yet the author fails to discuss this in any meaningful way - he merely makes assertions of lack of balance. If one is going to write a book accusing historians of a perceived lack of balance, then it is incumbent on that author to at least provide a discussion of the sources he used. This is not done.

Indeed, the assertion of selective reading and lack of balance can be laid at "Iron Hulls Iron Hulls". For example, on page 101 the author writes that the Official Histories show bias because they do not state that it was the `Ariete' Division which overran a New Zealand battalion. "It seems that the constant deluge of British propaganda about Italian military incompetence both during the war and ever since made the New Zealanders, even in 1953, reluctant to admit that the `incompetent' Italians were responsible for inflicting one of their most embarrassing defeats." This reviewer advises readers to look at the New Zealand official history for themselves - it is available at [...]. The reader can check for himself the credibility of the author's claim. Indeed, in other parts of the NZ Official History, remarks are made on the extremely tenacious resistance made by 9th Bersaglieri Regiment, which undermines the author's contention that the Official Histories were apparently biased (see page 293 of the NZ Official History). This suggests some rather selective research from the author of "Iron Hulls and Iron Hearts".

Much of "Iron Hulls Iron Hearts" is simply so implausible as to cast serious doubt over the entire accuracy of the book. For example, pages 153 to 154 describe Operation BERESFORD in such an inaccurate and grabled fashion that this reviewer was at loss to understand what action "Iron Hulls Iron Hearts" was actually trying to refer to. From "Iron Hulls Iron Hearts" one is left with the impression that the Italians won a minor success, capturing 22 prisoners. In reality, the attack by the Maori Battalion took captured 108 Italians and resulted in the deaths of up to 500 Italians when the Maori Battalion broke through to the transport echelons - something somehow overlooked by the author. The bibliography of "Iron Hulls Iron Hearts" includes the history of Cody "28 (Maori) Battalion", so it was apparently read by the author. That the author has omitted such important details raises very serious questions over the credibility of this book. (Readers of this review can make their own minds up: [...]

From pages 156 (Alamein) onwards, the book's lack of balance and lack of research become all too apparent. The number of Sherman tanks described in actions (and apparently lost to Italian fire) is far beyond what is credible, and it is apparent that the author of the book has taken Italian claims completely uncritically. For example, "Iron Hulls Iron Hearts" claims that 8th Armoured Brigade at El Agheila had 80 Sherman tanks and lost 22 Sherman tanks in the battle. This is, to be blunt, laughable. In fact, 8th Armoured Brigade had nothing like that number of Sherman tanks, and the actual British losses in the battle were 3 Crusader tanks and 1 Grant tank from the Staffs Yeomanry and a single Scout Car from the Sherwood Rangers - a number of separate British accounts describe a heroic but suicidal attack by a numbr of Italian tanks which resulted in the destruction of 13 Italian tanks whose wrecks were verified after the battle. It is obvious that the Italian claims of 22 Shermans destroyed is considerably exaggerated. Yet "Iron Hulls Iron Hearts" accepts these ludicrous claims uncritically, and bizarrely describes this as a "minor success" and a "sharp lesson on 8 Armoured Brigade".

The author claims to be trying to provide a balanced account. To do so would require a proper assessment, comparing conflicting Italian and British accounts and reaching a fair and balanced conclusion based on the strength of the evidence. This, after all, is the basis of history. As such, "Iron Hulls Iron Hearts" cannot be regarded as history.

Excellent work on a forgotten force........2007-02-11

As the author says in his book, many military historians ignore or complete underrate Italy's contribution to the war in North Africa. In fact, it was the Italians who provided most of the Axis forces in North Africa, especially at the beginning of Rommel's counteroffensive. Poorly equipped by the standards of Germany, Britain and the U.S. the Italians nonetheless made war with what they had. The Italians might have been defeated but when well-led they fought as well as any WWII soldier.

Ian Walker really brings to life the difficulties encountered by the Italians, the deficiency of their equipment and (most important of all) WHY their equipment was deficient. Walker goes beyond the stereotype of the Italian soldier and then goes beyond THAT in way of explaination as to how and why he was in the predicament he was in in Africa. Anyone interested in the desert war will want this book.

Une étude salutaire sur les forces italiennes en Afrique!.......2007-01-12

Enfin une étude obejective sur un sujet peu connu. Le fait qu'un Anglo-saxon l'ait conduite est encore plus remarquable. Voilà un ouvrage détaillé et agréable à lire, même si on possède un anglais moyen. Un incontournable!

With a Heart of Iron!.......2006-01-17

Iron Hulls, Iron Hearts is Mr. Ian Walker's telling of the Italian Armored Divisions in WWII, mainly their contributions in North Africa but also their performance prior to North Africa. In this book, Mr. Walker is attempting to dispel the accepted fact that Italian armored divisions were 2nd rate in comparison to the German and British ones. To present his case, Mr. Walker opens by telling the development history of Italian armored forces from post-WWI thru the Spanish Civil War. Attention is paid to Italy's ability to wage modern war (lack of critical resources to develop and maintain an armored force), their development of armored forces; specifically their failure to stay up with other European tank designers, and the development and employment of armored tactics in Ethiopia, Spain, and the Balkans. In this section, Mr. Walker shows how at times the Italians were leaders in the art, but usually they were following the British and Germans.

The heart of the book deals with the performance of the Italian Armored Divisions in North Africa. Mr. Walkers does a good job providing a basic description of the different battles, including a generalization of the forces employed and the how they performed. Mr. Walker usually provides us with the forces the British had present at a given battle, however, Mr. Walker usually does not provide us with a description of their tactical situation unless it was challenging for the Italians. Battles covered range from the opening of desert warfare all the way to the collapse in Tunisia.

Throughout the book, Mr. Walker talks about how British and German forces bad mouth the Italian forces performance in North Africa. However, despite Mr. Walkers claim, he fails to provide direct references to German/British forces bad mouthing the Italian Armored Forces. While the complements Mr. Walker does provide us with aren't always glowing (Rommel providing an off-handed complement, the British mistaking Italian armor forces for Germans), Mr. Walker does fail to show us that the Italian armored forces were viewed in a negative way by the British and Germans (yes, Italian infantry units were usually viewed very poorly by both German and British forces, however my readings from other historians tends to support that Italian armored forces were viewed as either average or above average, especially when compared to their infantry forces).

My conclusion on this book: Mr. Walker has put together a very good telling of an area that is often overlooked by historians and readers of history. The campaign in North Africa is often overlooked past the battle for Tobruk (Gazala) and El Alemain (most people are familiar with the British attack, not the Axis initial attacks). Yes, the specifics of the Italian units is also overlooked by most people, mainly because they focus on one of the more famous units. Because of this, I'd rate this book a solid 4 star book (out of 5). I can't give it more than four stars because of the typos and the fact that Mr. Walkers conclusion was weakly stated (Mr. Walker tells us during the battles how great or not the Italians performed. What he failed to do at the end of the book was to bring these mini-conclusions together into one piece that sold how well the Italian Armored Divisions performed). With a stronger conclusion (summarizing their battle successes), this book could have easily been worth 4.5 stars and would have the nod to 5 for Amazon purposes!

Book Description

The separateness and connection of individuals is perhaps the central question of human life: What, exactly, is my individuality? To what degree is it unique? To what degree can it be shared, and how? To the many philosophical and literary speculations about these topics over time, modern science has added the curious twist of quantum theory, which requires that the elementary particles of which everything consists have no individuality at all. All aspects of chemistry depend on this lack of individuality, as do many branches of physics. From where, then, does our individuality come?

In Seeing Double, Peter Pesic invites readers to explore this intriguing set of questions. He draws on literary and historical examples that open the mind (from Homer to Martin Guerre to Kafka), philosophical analyses that have helped to make our thinking and speech more precise, and scientific work that has enabled us to characterize the phenomena of nature. Though he does not try to be all-inclusive, Pesic presents a broad range of ideas, building toward a specific point of view: that the crux of modern quantum theory is its clash with our ordinary concept of individuality. This represents a departure from the usual understanding of quantum theory. Pesic argues that what is bizarre about quantum theory becomes more intelligible as we reconsider what we mean by individuality and identity in ordinary experience. In turn, quantum identity opens a new perspective on us.

Customer Reviews:

A wedding of two regretfully estranged worlds.......2002-07-12

For those new to science, or for those who have little experience with quantum physics, "Seeing Double," by Dr. Pesic, will serve as a wonderful introduction to quantum physics, a field that was the most spectacular and influential to the 20th century. The book provides a historical overview that is elucidated by references and parallels to examples from the classics and humanities.

For the seasoned physicist, "Seeing Double" will be a refreshing departure from rigorous scientific reading, which aims at being specialized, focused, and forensically convincing. Instead of choosing one very specialized point and thoroughly pursuing its depth, Pesic's writing courses broadly, like lightening across water, discovering a multitude of connections to the classics and humanities. Like Goethe's biological poetry and Schrödinger's "What is Life?" Pesic does a wonderful job of wedding his work to broader academic disciplines. One of the great misfortunes of the rise of science in the 20th century has been its separation from other academic disciplines, such as the humanities. This separation runs contrary to the nature of human thought. This work is an encouraging victory in the reunification between the sciences and humanities.

Pesic's writing is conversational. The reader feels as if he is in an arm-chair, an arm's length away, in a tea-infused discussion. One feels in reading Pesic that he has put the responsibility of being understood on the writer, and not the reader.

Although less broad than "Labyrinth," which explained modern scientific method by tracing its ancestors in law and code-breaking, nonetheless "Seeing Double" makes a wide variety of far-reaching yet just connections to other fields that are usually regretfully kept apart from science. The overall effect is quite exciting. Like Aladdin's carpet, or swift-footed Hermes, Pesic will take you on an exhilarating journey across the vista of the history of human achievement.

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Seeing Double: Shared Identities in Physics, Philosophy, and Literature
Peter Pesic
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OQZ3MA

Book Description

The detailed paper provides the full background analysis for the companion action agenda, as well as a complete description of the methodology the four partner organizations used to develop it. With international concern growing over the potential impacts of climate change, the partners sought common ground among business and environmental interests to develop a rational policy of this vital issue. They evaluated a range of future scenarios for greenhouse gas emission and carbon sequestration; they considered the possible effects of new technologies, especially for renewable energy sources, conservation tillage, and alternative fuel vehicles; and they considered economic, managerial, and legal barriers to climate-friendly technical advances. Following a comprehensive survey of their own diverse efforts to protect the earth's climate, the four organizations describe the joint program of action they will focus on in the future.

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