This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, such as admissible leverage ratios and admissible risk horizon, as well as the mathematical and empirical analyses of several trading strategies, including static portfolios, pairs trading, and stop-loss strategies involving ETFs and LETFs. The final part of the book addresses the pricing of options written on LETFs. Since different LETFs are designed to track the same reference index, these funds and their associated options share very similar sources of randomness. The authors provide a no-arbitrage pricing approach that consistently value options on LETFs with different leverage ratios with stochastic volatility and jumps in the reference index. Their results are useful for market making of these options, and for identifying price discrepancies across the LETF options markets. As the market of leveraged exchange-traded products become a sizeable connected part of the financial market, it is crucial to better understand its feedback effect and broader market impact. This is important not only for individual and institutional investors, but also for regulators.
Optimal Mean Reversion Trading: Mathematical Analysis and Practical Applications provides a systematic study to the practical problem of optimal trading in the presence of mean-reverting price dynamics. It is self-contained and organized in its presentation, and provides rigorous mathematical analysis as well as computational methods for trading ETFs, options, futures on commodities or volatility indices, and credit risk derivatives.This book offers a unique financial engineering approach that combines novel analytical methodologies and applications to a wide array of real-world examples. It extracts the mathematical problems from various trading approaches and scenarios, but also addresses the practical aspects of trading problems, such as model estimation, risk premium, risk constraints, and transaction costs. The explanations in the book are detailed enough to capture the interest of the curious student or researcher, and complete enough to give the necessary background material for further exploration into the subject and related literature.This book will be a useful tool for anyone interested in financial engineering, particularly algorithmic trading and commodity trading, and would like to understand the mathematically optimal strategies in different market environments.
Build mobile apps that specifically target your company’s unique business needs, with the same ease of writing a simple spreadsheet! With this book, you will build business apps designed to work with your company's systems and databases, without having to enlist the expertise of costly, professionally trained software developers. In Beginning PowerApps, author and business applications expert Tim Leung guides you step-by-step through the process of building your own mobile app. He assumes no technical background, although if you have worked with Excel, you are one step closer. He guides you through scenarios, such as what to do if you have existing databases with complex data structures and how to write screens that can connect to those data. You will come away with an understanding of how to set up screen navigation, manipulate data from within apps, and write solutions to perform specific tasks. What You'll Learn Connect with data Write formulas Visualize your data through charts Work with global positioning systems (GPS) Build flows Import and export data Manage offline scenarios Develop custom application programming interfaces (API) Who This Book Is For Beginners and non-developers, and assumes no prior knowledge of PowerApps
Transform the way your business works with easy-to-build apps. With this updated and expanded second edition, you can build business apps that work with your company's systems and databases, without having to enlist the expertise of costly, professionally trained software developers. In this new edition, business applications expert Tim Leung offers step-by-step guidance on how you can improve all areas of your business. He shows how you can replace manual or paper processes with modern apps that run on phone or tablet devices. For administrative and back-office operations, he covers how to build apps with workflow and dashboard capabilities. To facilitate collaboration with customers and clients, you’ll learn how to build secure web portals with data entry capabilities, including how to customize those portals with code. This hands-on new edition has 10 new chapters—including coverage on model-driven and portal apps, artificial intelligence, building components using the Power Apps Component Framework, using PowerShell for administration, and more—complete with context, explanatory screenshots, and non-technical terminology. What You Will Learn Create offline capable mobile apps and responsive web apps Carry out logic, data access, and data entry through formulas Embellish apps with charting, file handling, photo, barcode, and location features Set up Common Data Service, SharePoint, and SQL data sources Use AI to predict outcomes, recognize images, and analyze sentiment Integrate apps with external web services and automate tasks with Power Automate Build reusable code and canvas components, make customizations with JavaScript Transfer apps and data, and secure, administer, and monitor Power Apps environments Who This Book Is For Beginners and non-developers, and assumes no prior knowledge of Power Apps
Microsoft Visual Studio LightSwitch 2011 is a rapid application deployment tool that lets power users and administrators build data-centric business applications for the desktop, cloud, and Web in just a few clicks, with no code required. But more advanced developers and business users will hunger for more: how do you design complex screens? How do you query data using LINQ and other syntax structures? How do you secure your application? Pro Visual Studio LightSwitch 2011 Development answers these questions and more as authors Tim Leung and Yann Duran—both awarded Microsoft 2011 Community Contributor Awards for their LightSwitch expertise—cover this breakthrough product and its operations and structure under the covers. For serious developers building, enhancing and deploying advanced business applications using LightSwitch, Pro Visual Studio LightSwitch 2011 Development is the guide for going beyond the "click-and-you're-done" interface, while still maintaining the elegance and convenience of rapid application development.
This book covers LightSwitch 2012, a part of the Visual Studio 2012 package, that is a rapid application deployment tool letting power users and administrators build data-centric business applications for the desktop, cloud, and Web in just a few clicks, with no code required. It covers advanced features and light-coding solutions that users will hunger for soon after they begin building applications.
In this fully updated second edition, award-winning author Tim Leung explains how to build data-centric business applications for the desktop, cloud, web, and mobile devices in just a few clicks—with no code required—using Visual Studio Lightswitch 2015. This book explains the basics of Visual Studio Lightswitch 2015 plus new features and key advanced topics that every Microsoft developer needs to know to create modern data services and build clients that can run on multiple devices. Visual Studio LightSwitch 2015 is a rapid application deployment tool that simplifies and shortens the time needed to develop business applications. The basics are very easily understood but more advanced users will hunger for more. How do you design complex layouts? How do you query data using LINQ and other syntax structures? How do you secure your application against malicious use? Visual Studio LightSwitch 2015 answers these questions and more as author Tim Leung—winner of a Microsoft 2011 Community Contributor Award for his LightSwitch expertise—covers this breakthrough product in detail. For serious developers building, enhancing, and deploying advanced business applications using LightSwitch makes sense because they can benefit from the elegance, convenience, and cost savings afforded by rapid application development before going beyond the "click-and-you're-done" interface to include the extra value and depth of coding expertise that their clients value. What You Will Learn: Build Desktop and HTML5 business applications for PC or mobile devices Create compelling user interfaces that can support multiple languages Fine tune your application with C#, VB.NET, JQuery, JavaScript, and CSS code Integrate with mapping, GPS, and location services Provide email notification, and Microsoft Office compatible data exports Enable users to carry out advanced searches on data Build screen controls that you can share with other developers
Employee stock options (ESOs) are an integral component of compensation in the US. In fact, almost all S&P 500 companies grant options to their top executives, and the total value accounts for almost half of the total pay for their CEOs. In view of the extensive use and significant cost of ESOs to firms, the Financial Accounting Standards Board (FASB) has mandated expensing ESOs since 2004. This gives rise to the need to create a reasonable valuation method for these options for most firms that grant ESOs to their employees. The valuation of ESOs involves a number of challenging issues, and is thus an important active research area in Accounting, Corporate Finance, and Financial Mathematics.In this exciting book, the author discusses the practical and challenging problems surrounding ESOs from a financial mathematician's perspective. This book provides a systematic overview of the contractual features of ESOs and thoughtful discussions of different valuation approaches, with emphasis on three major aspects: (i) hedging strategies; (ii) exercise timing; and (iii) valuation methodologies. In addition to addressing each of these categories, this book also highlights their connections and combined effects of the cost of ESOs to firms, as well as examines the implications to modeling and valuation approaches. The book features a unique approach that combines stochastic modeling and control techniques with option pricing theory, and provides formulas and numerical schemes for fast implementation and clear illustration.
Linear algebra is now included in the undergraduate curriculum of most universities. It is generally recognized that this branch of algebra, being less abstract and directly motivated by geometry, is easier to understand than some other branches and that because of the wide applications it should be taught as soon as possible. This book is an extension of the lecture notes for a course in algebra and geometry for first-year undergraduates of mathematics and physical sciences. Except for some rudimentary knowledge in the language of set theory the prerequisites for using the main part of the book do not go beyond form VI level. Since it is intended for use by beginners, much care is taken to explain new theories by building up from intuitive ideas and by many illustrative examples, though the general level of presentation is thoroughly axiomatic. Another feature of the book for the more capable students is the introduction of the language and ideas of category theory through which a deeper understanding of linear algebra can be achieved.
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