Lecturing Birds on Flying：Can Mathematical Theories Destroy the Financial Markets?

作者: Pablo Triana 著

出版社: Wiley

出版时间: 2009-05

版次: 1

ISBN: 9780470406755

定价: 301.50

装帧: 精装

开本: 其他

纸张: 其他

页数: 400页

正文语种: 英语

分类: 外文古旧书>英文书>经济

Anintriguinglookathowfinancialmodelshaverepeatedlyfailedourmarkets,includingnowLeadingandcontrarianthinkershavebeentalkingforyearsabouttheconflictsbetweentheoreticalandrealfinance.NassimTalebfirstaddressedtheissueinhistechnicaltreatiseonoptions,DynamicHedging.Now,inLecturingBirdsonFlying,PabloTrianamovestheconversationtoanarrativethatanyonecanfollow,andexplainshowitisthattheoreticalfinancecanfaildramaticallyintherealworld.Theheartofthebook,though,isn′tabouttechnicalities,butinsteadexploreshowwidelyacceptedtheoriesthatareapplieddailycauseourworldrealharm.Manytimes,it′sthequantitativemodelsthathedgefundsandinvestmentbanksuse(andregulatorsandratingagenciesembrace)thatleadtomarketimplosions.Theseso–calledmodelsendupofferingfalseguidanceandmisplacedcertainty,andsanctionunsavorybehavior.Infact,thesemodelswerelargelyresponsibleforthestockmarketcrashof1987,theLTCMcrisisof1998,thecreditcrisisof2008,andmanyotherblow–upsbigandsmall.PabloTrianahasbeenwritingaboutthelimitsofthesetypesofmathematicsforseveralyears;nowherevealsexactlywhatthismeansforourmarketsandwhyblindself–enslavementtoquantitativedictumsputsusatgreatperil.PabloTriana(NewYork,NY,andMadrid,Spain)hassuccessfulderivativesexperienceatalllevels:tradingfloor,professor,consultant,andauthor.Heisafrequentcontributortobusinesspublications,includingtheFinancialTimes,Forbes.com,Breakingviews,andRiskmagazine,amongothers.HispriorbookisCorporateDerivatives.TrianaholdsamasterofsciencefromNewYorkUniversity,SternandanMAfromAmericanUniversity. PabloTrianahassuccessfulderivativesexperienceatalllevels:onthetradingfloorandasaprofessor,consultant,andauthor.Heisafrequentcontributortobusinesspublications,includingtheFinancialTimes,Forbes.com,Breakingviews.com,andRiskmagazine,amongothers.TrianaisalsotheauthorofCorporateDerivatives.HeholdsamasterofsciencefromtheSternSchoolofBusiness,NewYorkUniversity,andamasterofartsfromAmericanUniversity. Foreword.Preface:AnEveningatNYU,Taleb'sArticle,andaCreditCrisis.MathewGladstein'sComplaisanc.ESSENTIALS.CHAPTER1PLAYINGGOD.It'stoughtomodelhumanaction.Financeisnotasreligiousasphysics.BlackSwansmakethingsharder.ThemarketsarenotNormalandthepastisafaultyguide.Shouldwecarethattheoristspersist?CHAPTER2THEFINANCIALECONOMICSFIEFDOM.Virginitymatters.Whendescribingrealitywasokay.It'stheincentives,stupid.Manyobstaclestoreform.HeedingFischerBlack'smessage.CHAPTER3QUANTINVASION.Machinelearningcomestofinance.It'sacomputationalthing.Modelslivehere,too.Quantpunting.Interestingenoughforamovie.CRITIQUE.CHAPTER4COPULATEDNIGHTMARES.Abruptreform,ifnotsomuchprison.Modelingdeath.The2005pre-warning.Ratingusintohell.Adisapprovinggrin.CHAPTER5BLAHVaRBLAH.Insalubriouscharlatanism.Trackingatrueculprit.Credittruths.Alongrapsheetofevidence.Thepoliceareinonit.CHAPTER6BLUEISNOTGREEN.Lehmandiddie.Anythingispossible.BuffettversustheBlackSwan.Stubbornlyholdingthetheoreticalfort.Anendtoindoctrination.CHAPTER7THEBLACK-SCHOLESCONUNDRUM.OnceuponatimeatMIT.Frowning,notsmiling.HowBlackwasthatMonday.AdevastatingKO.TheTalebperfectstormalibimaybeafacade.Indoctrinatingclientsandinvestors.Theunseemlymarketersofacademicdogma.DoasIsay,notasIdo.Glorifyingcomplexity.CHAPTER9ANUNHEALTHYYEARNINGFORPRECISION.Dangerousvoluntaryenslavement.Letfreedomring.Normalitycankillyou.AVIXingissue.Protectthosederivatives.CHAPTER10WENEEDFATTONY.FINALESHOULDTHENOBELPRIZEINECONOMICSBEELIMINATED?Notes.Acknowledgments.AbouttheAuthor.Index.
内容简介:
Anintriguinglookathowfinancialmodelshaverepeatedlyfailedourmarkets,includingnowLeadingandcontrarianthinkershavebeentalkingforyearsabouttheconflictsbetweentheoreticalandrealfinance.NassimTalebfirstaddressedtheissueinhistechnicaltreatiseonoptions,DynamicHedging.Now,inLecturingBirdsonFlying,PabloTrianamovestheconversationtoanarrativethatanyonecanfollow,andexplainshowitisthattheoreticalfinancecanfaildramaticallyintherealworld.Theheartofthebook,though,isn′tabouttechnicalities,butinsteadexploreshowwidelyacceptedtheoriesthatareapplieddailycauseourworldrealharm.Manytimes,it′sthequantitativemodelsthathedgefundsandinvestmentbanksuse(andregulatorsandratingagenciesembrace)thatleadtomarketimplosions.Theseso–calledmodelsendupofferingfalseguidanceandmisplacedcertainty,andsanctionunsavorybehavior.Infact,thesemodelswerelargelyresponsibleforthestockmarketcrashof1987,theLTCMcrisisof1998,thecreditcrisisof2008,andmanyotherblow–upsbigandsmall.PabloTrianahasbeenwritingaboutthelimitsofthesetypesofmathematicsforseveralyears;nowherevealsexactlywhatthismeansforourmarketsandwhyblindself–enslavementtoquantitativedictumsputsusatgreatperil.PabloTriana(NewYork,NY,andMadrid,Spain)hassuccessfulderivativesexperienceatalllevels:tradingfloor,professor,consultant,andauthor.Heisafrequentcontributortobusinesspublications,includingtheFinancialTimes,Forbes.com,Breakingviews,andRiskmagazine,amongothers.HispriorbookisCorporateDerivatives.TrianaholdsamasterofsciencefromNewYorkUniversity,SternandanMAfromAmericanUniversity.
作者简介:
PabloTrianahassuccessfulderivativesexperienceatalllevels:onthetradingfloorandasaprofessor,consultant,andauthor.Heisafrequentcontributortobusinesspublications,includingtheFinancialTimes,Forbes.com,Breakingviews.com,andRiskmagazine,amongothers.TrianaisalsotheauthorofCorporateDerivatives.HeholdsamasterofsciencefromtheSternSchoolofBusiness,NewYorkUniversity,andamasterofartsfromAmericanUniversity.
目录:
Foreword.Preface:AnEveningatNYU,Taleb'sArticle,andaCreditCrisis.MathewGladstein'sComplaisanc.ESSENTIALS.CHAPTER1PLAYINGGOD.It'stoughtomodelhumanaction.Financeisnotasreligiousasphysics.BlackSwansmakethingsharder.ThemarketsarenotNormalandthepastisafaultyguide.Shouldwecarethattheoristspersist?CHAPTER2THEFINANCIALECONOMICSFIEFDOM.Virginitymatters.Whendescribingrealitywasokay.It'stheincentives,stupid.Manyobstaclestoreform.HeedingFischerBlack'smessage.CHAPTER3QUANTINVASION.Machinelearningcomestofinance.It'sacomputationalthing.Modelslivehere,too.Quantpunting.Interestingenoughforamovie.CRITIQUE.CHAPTER4COPULATEDNIGHTMARES.Abruptreform,ifnotsomuchprison.Modelingdeath.The2005pre-warning.Ratingusintohell.Adisapprovinggrin.CHAPTER5BLAHVaRBLAH.Insalubriouscharlatanism.Trackingatrueculprit.Credittruths.Alongrapsheetofevidence.Thepoliceareinonit.CHAPTER6BLUEISNOTGREEN.Lehmandiddie.Anythingispossible.BuffettversustheBlackSwan.Stubbornlyholdingthetheoreticalfort.Anendtoindoctrination.CHAPTER7THEBLACK-SCHOLESCONUNDRUM.OnceuponatimeatMIT.Frowning,notsmiling.HowBlackwasthatMonday.AdevastatingKO.TheTalebperfectstormalibimaybeafacade.Indoctrinatingclientsandinvestors.Theunseemlymarketersofacademicdogma.DoasIsay,notasIdo.Glorifyingcomplexity.CHAPTER9ANUNHEALTHYYEARNINGFORPRECISION.Dangerousvoluntaryenslavement.Letfreedomring.Normalitycankillyou.AVIXingissue.Protectthosederivatives.CHAPTER10WENEEDFATTONY.FINALESHOULDTHENOBELPRIZEINECONOMICSBEELIMINATED?Notes.Acknowledgments.AbouttheAuthor.Index.

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