Mathematics for Finance: An Introduction to Financial Engineering (Anglais) Broché – 2 juin 2010
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Description du produit
Revue de presse
"This text is an excellent introduction to Mathematical Finance. … The text serves as an easily understood introduction to the economic concepts … . The book contains many worked examples and exercises and would make a useful textbook for a first course in Financial Mathematics." --Julann O Shea, Zentralblatt MATH, Vol. 1035, 2004
"Designed to form the basis of an undergraduate course in mathematical finance, the text builds on mathematical models of bond and stock prices … . It covers the material … at a level accessible to second or third year undergraduate students. … provides ample material for tutorials, and makes the book ideal for self-study. It is suitable not only for students of mathematics, but also students of business management, finance and economics, and anyone with an interest in finance … ." --Zentralblatt für Didaktik der Mathematik, August, 2004
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Commentaires client les plus utiles sur Amazon.com
In the future, this text should be offered with an interactive CD that contains Xls, matrix, calculus, and graphing capabilities so one (I) can visualize the outcomes of proposed solutions.
The title of the book is "Mathematics for Finance", but can you find in it even an elementary introduction to the stochastic processes? No. Ditto for Ito's lemma and many other topics. The derivation of the Black Scholes formula is just sketched, and the insight that you can get from it is very limited.
Nevertheless, I wouldn't mind these limitations if this book provided a clear introduction to more advanced topics: unfortunately this book is not good even in that. In comparison to other textbooks the theorems and definitions are convoluted and do not go straight to the point. For example, in Shreve's "Stochastic Calculus for Finance" or Baxter & Rennie "Financial Calculus" the Fundamental Theorem of Asset Pricing is stated in this way: "In a market with risk neutral probability there is no arbitrage". Can you find such a simple and explanatory definition in Capinski's book? Not at all. The theorem at page 83 (you can see it yourself by searching inside the book) basically says the same thing using 8 lines of text and little financial intuition.
The only good thing that I can say about this book is that all exercises are resolved.
Overall, "Mathematics for Finance" has been a big disappointment: it doesn't have either the mathematical depth of Shreve's books or the conciseness in explaining financial concepts of Baxter & Rennie.
Whatever is the level of education that you are pursuing, graduate or undergraduate, I don't see any point in using it.
There are a few typos in various places and it is well worth visiting the book's web page at [...] (and click on the accompanying website) for a list of corrections. At the same place, I have also located some nice Excel files that can be downloaed, with numerical solutions to case studies and excercises in the more advanced chapters - these are neatly designed and are of great help in following the text. I just wish there was even more material covered in similar Excel files.
In all respects, a great book this, and well worth spending under 20 quid.
The other reviewer's comments on Black-Scholes are wrong. Chapter eight is entirely devoted to the Black-Scholes formula and models and Chapter nine is a study in its applications (hedging the greeks, etc...)
Smarter than many of the more high-level math texts (Joshi, Willmott, Neftci, etc...) in that it is both an introduction to the financial topics as well as the mathematics and links the intuitive (and counter-intuitive) observations of how financial instruments should behave with the formal and mathematical discussion of how they really do behave.
Not nearly as good in the math as the others mentioned.