An accessible guide to the growing field of financial econometrics As finance and financial products have become more complex, financial econometrics has emerged as a fast-growing field and necessary foundation for anyone involved in quantitative finance. The techniques of financial econometrics facilitate the development and management of new financial instruments by providing models for pricing and risk assessment. In short, financial econometrics is an indispensable component to modern finance. The Basics of Financial Econometrics covers the commonly used techniques in the field without using unnecessary mathematical/statistical analysis. It focuses on foundational ideas and how they are applied. Topics covered include: regression models, factor analysis, volatility estimations, and time series techniques. Covers the basics of financial econometrics—an important topic in quantitative finance Contains several chapters on topics typically not covered even in basic books on econometrics such as model selection, model risk, and mitigating model risk Geared towards both practitioners and finance students who need to understand this dynamic discipline, but may not have advanced mathematical training, this book is a valuable resource on a topic of growing importance.
Formed in the aftermath of WWII and in the face of the emerging threat posed by the Soviet Union, the transformation that has taken place in recent years within NATO has been neither natural nor easy for the multi-national organization or the United States. When the Soviet Union ceased to exist it seemed NATO would disappear too. The rationale for a large American military deployment in Europe, described by President Eisenhower as a temporary move, no longer could be supported. This work documents the transition of the United States relationship with NATO from a focus on the defense of Western Europe to an inclusive military and political organization concerned with the security of all of Europe with the real potential for employment of its military power beyond the European continent. Despite budgeting and economic concerns raised by key members of the U.S. Congress, President George H.W. Bush supported the status quo and was caught completely off guard when the Berlin Wall fell. He and Defense Secretary Dick Cheney had not fully understood the changed strategic environment in Europe but the U.S. Congress did and offered many suggestions. NATO was saved. President Bill Clinton continued to promote the validity of NATO, expanded NATO eastwards, reduced the U.S. troop level in Europe to 100,000, and gave NATO a mission beyond warfare with the peacekeeping task in Bosnia. A new Atlantic relationship had been forged for the post-Cold War period.
With a political career spanning nearly half a century, Tlesphore-Damien Bouchard was an advocate for progress in Quebec's history. He began his rise to the top in 1912 when he was elected as a member of the Legislative Assembly of Quebec for the city of Saint-Hyacinthe. He went on to become mayor of Saint-Hyacinthe for twenty-five years, Speaker of the House, Acting House Leader of the Liberal Party from 1936 to 1939 and finally, the most influential cabinet minister from 1939 to 1944. Bouchard emerged as one of the most powerful leaders of the Liberal Party. A leading anti-clerical who thought that the Catholic Church had no business in politics, the social sphere or public education, Bouchard became a beacon of light in the struggle for education reform, women's suffrage and workers' legislation. During the Depression, he introduced measures that relieved the misery of the poor and destitute, making Saint-Hyacinthe renowned for its management of the crisis. In this first-ever biography of Bouchard, author Frank Guttman touches on the politician's early life and explores how Bouchard's political attitudes developed. Tracing Bouchard's career from his beginnings as an alderman in 1905 to his final post as cabinet minister in 1944, Guttman pens a compelling portrait of a man well ahead of his generation.
Named after the ship that brought nearly 200 Highland Scots to the wilderness of Pictou and West River, Nova Scotia, in 1773, "Hector" Davie narrates this tale of witchery, muscular Christianity, press gangs, and Culloden-haunted memory in an historical novel in the tradition of Sir Walter Scott. The setting is Pictou County, Nova Scotia. The story revolves around Rob Macnab -- a young man of mysterious background whose future begins to be resolved as the Gaelic-speaking Scots of Pictou literally "fight" an election against the "wily Halifax men" surrounding the all-powerful governor and bishop of the colony. Originally published in 1923, with drawings by famed illustrator C.W. Jeffreys, Rob Macnab is an action-packed story which brings late-18th-century Nova Scotia to life.
A comprehensive portfolio optimization guide, with provided MATLAB code Robust Equity Portfolio Management + Website offers the most comprehensive coverage available in this burgeoning field. Beginning with the fundamentals before moving into advanced techniques, this book provides useful coverage for both beginners and advanced readers. MATLAB code is provided to allow readers of all levels to begin implementing robust models immediately, with detailed explanations and applications in the equity market included to help you grasp the real-world use of each technique. The discussion includes the most up-to-date thinking and cutting-edge methods, including a much-needed alternative to the traditional Markowitz mean-variance model. Unparalleled in depth and breadth, this book is an invaluable reference for all risk managers, portfolio managers, and analysts. Portfolio construction models originating from the standard Markowitz mean-variance model have a high input sensitivity that threatens optimization, spawning a flurry of research into new analytic techniques. This book covers the latest developments along with the basics, to give you a truly comprehensive understanding backed by a robust, practical skill set. Get up to speed on the latest developments in portfolio optimization Implement robust models using provided MATLAB code Learn advanced optimization methods with equity portfolio applications Understand the formulations, performances, and properties of robust portfolios The Markowitz mean-variance model remains the standard framework for portfolio optimization, but the interest in—and need for—an alternative is rapidly increasing. Resolving the sensitivity issue and dramatically reducing portfolio risk is a major focus of today's portfolio manager. Robust Equity Portfolio Management + Website provides a viable alternative framework, and the hard skills to implement any optimization method.
A comprehensive guide to financial econometrics Financial econometrics is a quest for models that describe financial time series such as prices, returns, interest rates, and exchange rates. In Financial Econometrics, readers will be introduced to this growing discipline and the concepts and theories associated with it, including background material on probability theory and statistics. The experienced author team uses real-world data where possible and brings in the results of published research provided by investment banking firms and journals. Financial Econometrics clearly explains the techniques presented and provides illustrative examples for the topics discussed. Svetlozar T. Rachev, PhD (Karlsruhe, Germany) is currently Chair-Professor at the University of Karlsruhe. Stefan Mittnik, PhD (Munich, Germany) is Professor of Financial Econometrics at the University of Munich. Frank J. Fabozzi, PhD, CFA, CFP (New Hope, PA) is an adjunct professor of Finance at Yale University’s School of Management. Sergio M. Focardi (Paris, France) is a founding partner of the Paris-based consulting firm The Intertek Group. Teo Jasic, PhD, (Frankfurt, Germany) is a senior manager with a leading international management consultancy firm in Frankfurt.
In this unusual biography of one of Canada's most well-known public figures, author Frank Milligan traces the intellectual foundations on which Eugene Forsey's world-view was constructed. By studying Forsey's beliefs--both religious and political--Milligan unearths the philosophical underpinnings of many of Canada's early twentieth-century political, economic, religious, and social reform movements.
Jan Waldenström (1906-1996) was the leading Swedish internist of the twentieth century. The first chapter of the book presents his remarkable family including five generations of physicians. Born in Stockholm, we follow JW to medical school at Uppsala University during 1924–33. In 1934–5, he spent a year in the laboratory of Nobel Laureate Hans Fischer in Munich. In 1937, he defended a landmark thesis on acute intermittent porphyria. As “Docent” (assistant professor) in Uppsala, he discovered two new diseases in 1943. In 1944–5, he spent 7 months in the US commissioned by the Swedish Health Board. This started friendships with leading colleagues and scientists. With time, JW fostered a worldwide network of contacts and became a most influential international star. But this was just the beginning. The book follows Waldenström's remarkable career including his description of chronic active hepatitis as a new disease, his introduction of nuclear medicine in Sweden, his pioneering of the concept of the concept of poly- and monoclonal gammopathies, and many more highly significant achievements. His legacy is emphasized by Waldenström lectures, Waldenström Prizes, and by the International Waldenström’s Macroglobulinemia Foundation, IWMF, and the Bing Center for Waldenström’s macroglobulinemia at the Dana Farber Institute of Cancer Institute of the Harvard University in Boston. And now, not least, by this comprehensive biography.
Praise for Robust Portfolio Optimization and Management "In the half century since Harry Markowitz introduced his elegant theory for selecting portfolios, investors and scholars have extended and refined its application to a wide range of real-world problems, culminating in the contents of this masterful book. Fabozzi, Kolm, Pachamanova, and Focardi deserve high praise for producing a technically rigorous yet remarkably accessible guide to the latest advances in portfolio construction." --Mark Kritzman, President and CEO, Windham Capital Management, LLC "The topic of robust optimization (RO) has become 'hot' over the past several years, especially in real-world financial applications. This interest has been sparked, in part, by practitioners who implemented classical portfolio models for asset allocation without considering estimation and model robustness a part of their overall allocation methodology, and experienced poor performance. Anyone interested in these developments ought to own a copy of this book. The authors cover the recent developments of the RO area in an intuitive, easy-to-read manner, provide numerous examples, and discuss practical considerations. I highly recommend this book to finance professionals and students alike." --John M. Mulvey, Professor of Operations Research and Financial Engineering, Princeton University
A comprehensive look at the tools and techniques used in quantitative equity management Some books attempt to extend portfolio theory, but the real issue today relates to the practical implementation of the theory introduced by Harry Markowitz and others who followed. The purpose of this book is to close the implementation gap by presenting state-of-the art quantitative techniques and strategies for managing equity portfolios. Throughout these pages, Frank Fabozzi, Sergio Focardi, and Petter Kolm address the essential elements of this discipline, including financial model building, financial engineering, static and dynamic factor models, asset allocation, portfolio models, transaction costs, trading strategies, and much more. They also provide ample illustrations and thorough discussions of implementation issues facing those in the investment management business and include the necessary background material in probability, statistics, and econometrics to make the book self-contained. Written by a solid author team who has extensive financial experience in this area Presents state-of-the art quantitative strategies for managing equity portfolios Focuses on the implementation of quantitative equity asset management Outlines effective analysis, optimization methods, and risk models In today's financial environment, you have to have the skills to analyze, optimize and manage the risk of your quantitative equity investments. This guide offers you the best information available to achieve this goal.
This book maintains that container shipping is vital to the actualisation of globalisation, and that without it, globalisation would remain a concept rather than reality. It argues that container shipping has been academically overlooked as a global business sector in favour of more prominent sectors such as oil or arms trade, and aims to provide a complete history of containerisation from the 1950s to the turn of the millennium. This history explores the growth of the container industry due to prominent innovation in vessel design, early adoption of the internet, large international mergers, and significant physical alterations to the global port system. With particular emphasis on the east-west trade, the chapters cover the growth and development of the container industry, to the social changes experienced by seafaring labour forces, the cultural impact of the container - bringing a domineering land-presence to maritime activity, through to the environmental concerns surrounding the industry. The study is not a quantitative economic analysis of the industry, rather, an updated history that strives to demonstrate the importance of transport infrastructures to any consideration of global business sectors, by providing evidence of the container industry's stimulation of the global economy.
Pompano Beach: A History tells the story of the hardworking men and women who transformed Pompano from a wild farming community into a flourishing city on Floridas coast. From the hardships of hurricanes to the riches of the 1920s real estate boom, through the tough times of the Depression to victory in World War II, author Frank J. Cavaioli, PhD, traces the history of Pompano through fascinating facts and residents own accounts.
In this compelling and comprehensive work, renowned historian Frank Bongiorno presents a social and cultural history of Australia's political life, from pre-settlement Indigenous systems to the present day. Depicting a wonderful parade of dreamers and schemers, Bongiorno surveys moments of political renewal and sheds fresh light on our democratic life. From local pubs and meeting halls to the parliament and cabinet; from pamphleteers and stump orators to party agents and operatives - this enthralling account looks at the political insiders in the halls of power, as well as the agitators and outsiders who sought to shape the nation from the margins. A work of political history like no other, Dreamers and Schemers will transform the way you look at Australian politics.
For the past century little had stood in the way of those running the news industry, a handful of socialists; men, women, dynasties. No real threat to their power and influence had ever surfaced in that time, nothing that could not be dispensed with by the overwhelming force of their news empires. These demigods believed themselves invincible...invincible up to that one fateful day when catastrophe struck them down. It was a day like no other, the day when their long-held monopoly slipped from their grasp and their control over the truth, forever lost. This is the telling of that tale, a tale of the events leading up to that single turning point for the nation...a day when truth was restored to the people...and the liars put out to pasture.
For complete, authoritative coverage of every aspect of thoracic and cardiac surgery, turn to the unparalleled guidance found in Sabiston and Spencer Surgery of the Chest, 9th Edition. Now in full-color for the first time, Drs. Frank W. Sellke, Pedro J. del Nido, and Scott J. Swanson’s standard-setting set is meticulously organized so that you can quickly find expert information on open and endoscopic surgical techniques performed in the operating room. With its comprehensive coverage of thoracic as well as adult and pediatric cardiac surgery, this 9th Edition is an essential resource not only for all thoracic surgeons, but also for physicians, residents, and students concerned with diseases of the chest. Find what you need quickly with short, focused chapters divided into three major sections: Adult Cardiac Surgery, Pediatric Cardiac Surgery, and Thoracic Surgery. Benefit from the knowledge and expertise of global experts who provide a comprehensive view of the entire specialty. Master all of the most important current knowledge and techniques in cardiac and thoracic surgery—whether for specialty board review or day-to-day surgical practice. Visualize challenging surgical techniques and procedures and navigate the text more efficiently thanks to an all-new, full-color design. Stay up to date with revised or all-new chapters including Critical Care for War-related Thoracic Surgery; Neuromonitoring and Neurodevelopment Outcomes in Congenital Heart Surgery; and Quality Improvement: Surgical Performance. Keep abreast of cutting-edge topics such as endovascular stenting and cell-based therapies, as well as the latest innovations in imaging and diagnosis, minimally invasive cardiothoracic surgery, and percutaneous devices. Sharpen your surgical skills with access to 21 procedural videos online, including 3 new videos covering Surgical Technique-VATS Sympathetic Block; Open pneumothorax; and Extent II repair of thoracoabdominal aortic aneurysm.
Biography of John Cabell Breckinridge: "a lawyer, U.S. Representative, Senator from Kentucky, the 14th Vice President of the United States, Southern Democratic candidate for President in 1860, a Confederate general in the American Civil War, and the last Confederate Secretary of War. To date, Breckinridge is the youngest vice president in U.S. history, inaugurated at age 36. He is also remembered as the Confederate commander at the Battle of New Market, where young VMI cadets participated in the battle on the Confederate side."-Wikipedia.
This book combines historical and constitutional analysis of impeachment in the UK and US with a lively new account of both Trump impeachments by a leading scholar whose writings and advice were influential in both cases. This second edition is the only comprehensive, up-to-date history of Anglo-American impeachment.
Through seven successful editions, Sabiston & Spencer Surgery of the Chest has set the standard in cardiothoracic surgery references. Now, the new 8th Edition, edited by Frank W. Sellke, MD, Pedro J. del Nido, MD, and Scott J. Swanson, MD, carries on this tradition with updated coverage of today's essential clinical knowledge from leaders worldwide. Guidance divided into three major sections—Adult Cardiac Surgery, Congenital Heart Surgery, and Thoracic Surgery—lets you quickly find what you need, while new and revised chapters reflect all of the important changes within this rapidly evolving specialty. Expert Consult functionality—new to this edition—enables you to access the complete contents of the 2-volume set from anyplace with an Internet connection for convenient consultation where and when you need it. This is an ideal source for mastering all of the most important current knowledge and techniques in cardiac and thoracic surgery—whether for specialty board review or day-to-day practice. Features short, focused chapters that help you find exactly what you need. Presents the work of international contributors who offer a global view of the entire specialty. Covers thoracic surgery as well as adult and pediatric cardiac surgery for a practical and powerful single source. Includes nearly 1,100 illustrations that help to clarify key concepts. Features online access to the complete contents of the 2-volume text at expertconsult.com for convenient anytime, anywhere reference. Covers the hottest topics shaping today's practice, including the latest theory and surgical techniques for mitral valve disease, advances in the treatment of congenital heart disease, minimally invasive surgical approaches to the treatment of adult and congenital cardiac disease and thoracic disease, stent grafting for aortic disease, and cell-based therapies. Your purchase entitles you to access the web site until the next edition is published, or until the current edition is no longer offered for sale by Elsevier, whichever occurs first. Elsevier reserves the right to offer a suitable replacement product (such as a downloadable or CD-ROM-based electronic version) should access to the web site be discontinued.
Environmental challenges are defining the twenty-first century. To fully understand ongoing debates about our current crises—climate change, loss of biological diversity, pollution, extinction, resource woes—means revisiting their origins, in all their complexity. With this ambitious, highly original contribution to the environmental history of global modernity, Frank Uekötter considers the many ways humans have had an impact on their physical environment throughout history. Ours is not a one-way trajectory to sudden collapse, he argues, but rather death by a thousand cuts. The many paths we’ve forged to arrive in our current predicament, from agriculture to industry to infrastructure, must be considered collectively if we are to stay afloat in what Uekötter describes as a vortex: a powerful metaphor for the flow of history, capturing the momentum and the many crosscurrents that swept people and environments along. His book invites us to look at environmental challenges from multiple perspectives, including all the twists and turns that have helped to create the mess we find ourselves in. Uekötter has written a world history for an age where things are falling apart: where we know what lies ahead and are equipped with the right tools—technological and otherwise—and plenty of experience to deal with environmental challenges, but somehow fail to get our affairs in order.
Britain has not been successfully invaded since 1066; nor, in nearly 1,000 years has it known a true revolution – one that brings radical, systemic and enduring change. The contrast with Britain’s European neighbours, France, Germany, Italy, Spain, Greece, Russia, is dramatic – all have been convulsed by external warfare, revolution and civil war and experienced fundamental change to their ruling elites or social and economic structures. Frank McLynn takes seven occasions when Britain came closest to revolution: the Peasants’ Revolt of 1381; the Jack Cade rebellion of 1450; the Pilgrimage of Grace in 1536; the English Civil Wars of the 1640s; the Jacobite Rising of 1745-6; the Chartist Movement of 1838-48; and the General Strike of 1926. Why, at these dramatic turning points, did history finally fail to turn? McLynn examines Britain’s history and themes of social, religious and political change to explain why social turbulence stopped short of revolution on so many occasions.
Drawing on a wide range of material, including primary sources, Frank McDonough re-examines the controversial policy of appeasement, and argues that appeasement was part of a broad consensus in British society at the time.
A generation ago, scholars saw interest groups as the single most important element in the American political system. Today, political scientists are more likely to see groups as a marginal influence compared to institutions such as Congress, the presidency, and the judiciary. Frank Baumgartner and Beth Leech show that scholars have veered from one extreme to another not because of changes in the political system, but because of changes in political science. They review hundreds of books and articles about interest groups from the 1940s to today; examine the methodological and conceptual problems that have beset the field; and suggest research strategies to return interest-group studies to a position of greater relevance. The authors begin by explaining how the group approach to politics became dominant forty years ago in reaction to the constitutional-legal approach that preceded it. They show how it fell into decline in the 1970s as scholars ignored the impact of groups on government to focus on more quantifiable but narrower subjects, such as collective-action dilemmas and the dynamics of recruitment. As a result, despite intense research activity, we still know very little about how groups influence day-to-day governing. Baumgartner and Leech argue that scholars need to develop a more coherent set of research questions, focus on large-scale studies, and pay more attention to the context of group behavior. Their book will give new impetus and direction to a field that has been in the academic wilderness too long.
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