THE BLANK SWAN

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The Blank Swan

Author : Elie Ayache
ISBN : 0470661763
Genre : Business & Economics
File Size : 42.90 MB
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October 19th 1987 was a day of huge change for the global finance industry. On this day the stock market crashed, the Nobel Prize winning Black-Scholes formula failed and volatility smiles were born, and on this day Elie Ayache began his career, on the trading floor of the French Futures and Options Exchange. Experts everywhere sought to find a model for this event, and ways to simulate it in order to avoid a recurrence in the future, but the one thing that struck Elie that day was the belief that what actually happened on 19th October 1987 is simply non reproducible outside 19th October 1987 – you cannot reduce it to a chain of causes and effects, or even to a random generator, that can then be reproduced or represented in a theoretical framework. The Blank Swan is Elie's highly original treatise on the financial markets – presenting a totally revolutionary rethinking of derivative pricing and technology. It is not a diatribe against Nassim Taleb’s The Black Swan, but criticises the whole background or framework of predictable and unpredictable events – white and black swans alike - , i.e. the very category of prediction. In this revolutionary book, Elie redefines the components of the technology needed to price and trade derivatives. Most importantly, and drawing on a long tradition of philosophy of the event from Henri Bergson to Gilles Deleuze, to Alain Badiou, and on a recent brand of philosophy of contingency, embodied by the speculative materialism of Quentin Meillassoux, Elie redefines the market itself against the common perceptions of orthodox financial theory, general equilibrium theory and the sociology of finance. This book will change the way that we think about derivatives and approach the market. If anything derivatives should be renamed contingent claims, where contingency is now absolute and no longer derivative, and the market is just its medium. The book also establishes the missing link between quantitative modelling (no longer dependent on probability theory but on a novel brand of mathematics which Elie calls the mathematics of price) and the reality of the market.
Category: Business & Economics

Dividuum

Author : Gerald Raunig
ISBN : 9781584351801
Genre : Philosophy
File Size : 60.14 MB
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Raunig develops a philosophy of dividuality as a way of addressing contemporary modes of production and forms of life.
Category: Philosophy

Austral English

Author : Edward Ellis Morris
ISBN : 9781108028790
Genre : History
File Size : 85.1 MB
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The first scholarly dictionary of Australian and New Zealand English, including loan words from indigenous languages, originally published in 1898.
Category: History

Speculative Medievalisms

Author : Petropunk Collective
ISBN : 9780615749532
Genre : Philosophy
File Size : 27.50 MB
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Dedicated to dialogue and cross-contamination between traditional concepts of speculatio, present-minded premodern studies, and contemporary speculative realist and object-oriented philosophies.
Category: Philosophy

Finance Fictions

Author : Arne De Boever
ISBN : 9780823279180
Genre : Literary Criticism
File Size : 51.42 MB
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Finance Fictions takes the measure of what it means to live in a world ruled by high finance by examining the tension between psychosis and realism that plays out in the contemporary finance novel. When the things traded at the center of the economy cease to be things at all, but highly abstracted speculations, how do we come to see the real? What sorts of narrative can accurately approach the actual workings of a neoliberal economy marked by accelerating cycles of market crashes, economic and political crisis, and austerity? Revisiting such twentieth-century classics of the genre as Tom Wolfe's Bonfire of the Vanities and Bret Easton Ellis’s American Psycho, De Boever argues that the twenty-first century is witnessing the birth of a new kind of realistic novel that can make sense of complex financial instruments like collateralized debt obligations, credit default swaps, and digital algorithms operating at speeds faster than what human beings or computers can record. If in 1989 Wolfe could still urge novelists to work harder to “tame the billion-footed beast of reality,” today’s economic reality confronts us with a difference that is qualitative rather than quantitative: a new financial ontology requiring new modes of thinking and writing. Mobilizing the philosophical thought of Quentin Meillassoux in the close reading of finance novels by Robert Harris, Michel Houellebecq, Ben Lerner and less well-known works of conceptual writing such as Mathew Timmons’ Credit, Finance Fictions argues that realism is in for a speculative update if it wants to take on the contemporary economy—an “if” whose implications turn out to be deeply political. Part literary study and part philosophical inquiry, Finance Fictions seeks to contribute to a new mindset for creative and critical work on finance in the twenty-first century.
Category: Literary Criticism

Swan What Shores

Author : Veronica Patterson
ISBN : 0814766846
Genre : Literary Collections
File Size : 48.49 MB
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Winston Churchill's key role in the outcome of the Second World War brought him international renown and arguably made him the most important figure in twentieth-century British politics. Born into an aristocratic family in 1875, his life spanned two centuries and nine decades of personal, social and political change, and it is against this background that Stuart Ball, a leading historian of modern British politics, discusses the remarkable ups and downs of Churchill's career. After election to Parliament in 1900, Churchill rose quickly to high military and political office. But he changed parties twice, bringing his character and judgment into question, and during the 1930s he became politically isolated. His warnings of the need to deter Hitler were largely ignored and it was only after the failure of appeasement in 1939 that his reputation rose again. As a much-admired war-time prime minister and subsequently, during the Cold War, he traveled the globe tirelessly in pursuit of alliances and dtente between America and Russia. This concise biography is extensively illustrated with photographs, cartoons and documents, including personal correspondence, reflecting Churchill's dedication to literature, art and family alongside his tremendous public achievements.
Category: Literary Collections

The Best Writing On Mathematics 2013

Author : Mircea Pitici
ISBN : 9781400847990
Genre : Mathematics
File Size : 31.10 MB
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This annual anthology brings together the year's finest mathematics writing from around the world. Featuring promising new voices alongside some of the foremost names in the field, The Best Writing on Mathematics 2013 makes available to a wide audience many articles not easily found anywhere else--and you don't need to be a mathematician to enjoy them. These writings offer surprising insights into the nature, meaning, and practice of mathematics today. They delve into the history, philosophy, teaching, and everyday occurrences of math, and take readers behind the scenes of today's hottest mathematical debates. Here Philip Davis offers a panoramic view of mathematics in contemporary society; Terence Tao discusses aspects of universal mathematical laws in complex systems; Ian Stewart explains how in mathematics everything arises out of nothing; Erin Maloney and Sian Beilock consider the mathematical anxiety experienced by many students and suggest effective remedies; Elie Ayache argues that exchange prices reached in open market transactions transcend the common notion of probability; and much, much more. In addition to presenting the year's most memorable writings on mathematics, this must-have anthology includes a foreword by esteemed mathematical physicist Roger Penrose and an introduction by the editor, Mircea Pitici. This book belongs on the shelf of anyone interested in where math has taken us--and where it is headed.
Category: Mathematics

The Oxford Handbook Of Credit Derivatives

Author : Alexander Lipton
ISBN : 9780191648243
Genre : Business & Economics
File Size : 29.35 MB
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From the late 1990s, the spectacular growth of a secondary market for credit through derivatives has been matched by the emergence of mathematical modelling analysing the credit risk embedded in these contracts. This book aims to provide a broad and deep overview of this modelling, covering statistical analysis and techniques, modelling of default of both single and multiple entities, counterparty risk, Gaussian and non-Gaussian modelling, and securitisation. Both reduced-form and firm-value models for the default of single entities are considered in detail, with extensive discussion of both their theoretical underpinnings and practical usage in pricing and risk. For multiple entity modelling, the now notorious Gaussian copula is discussed with analysis of its shortcomings, as well as a wide range of alternative approaches including multivariate extensions to both firm-value and reduced form models, and continuous-time Markov chains. One important case of multiple entities modelling - counterparty risk in credit derivatives - is further explored in two dedicated chapters. Alternative non-Gaussian approaches to modelling are also discussed, including extreme-value theory and saddle-point approximations to deal with tail risk. Finally, the recent growth in securitisation is covered, including house price modelling and pricing models for asset-backed CDOs. The current credit crisis has brought modelling of the previously arcane credit markets into the public arena. Lipton and Rennie with their excellent team of contributors, provide a timely discussion of the mathematical modelling that underpins both credit derivatives and securitisation. Though technical in nature, the pros and cons of various approaches attempt to provide a balanced view of the role that mathematical modelling plays in the modern credit markets. This book will appeal to students and researchers in statistics, economics, and finance, as well as practitioners, credit traders, and quantitative analysts
Category: Business & Economics

Codes Of Finance

Author : Vincent Antonin Lépinay
ISBN : 9781400840465
Genre : Business & Economics
File Size : 63.68 MB
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The financial industry's invention of complex products such as credit default swaps and other derivatives has been widely blamed for triggering the global financial crisis of 2008. In Codes of Finance, Vincent Antonin Lépinay, a former employee of one of the world’s leading investment banks, takes readers behind the scenes of the equity derivatives business at the bank before the crisis, providing a detailed firsthand account of the creation, marketing, selling, accounting, and management of these financial instruments—and of how they ultimately created havoc inside and outside the bank.
Category: Business & Economics

Trumpeter Swan

Author : Leon Gray
ISBN : 9781617727344
Genre : Juvenile Nonfiction
File Size : 63.78 MB
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Introduces the trumpeter swan, describing its physical characteristics, habitat, life cycle, and the ways in which it defends itself against predators.
Category: Juvenile Nonfiction