Pablo Triana

Lecturing Birds on Flying (eBook, ePUB)

Can Mathematical Theories Destroy the Financial Markets?

• Format: ePub

Produktbeschreibung

Praise for Lecturing Birds On Flying "e;Finally, a book taking a critical look at quantitative finance models, illuminating both their flawed fantasy assumptions as well as the uncritical use of such models on Wall Street, in many cases, leading to billion dollar losses. Pablo Triana knows both the financial industry and the academic community from the inside. A must-read for anyone interested in finance."e; Dr. Espen Gaarder Haug, trader, thinker, and author of Derivatives Models on Models "e;A thoroughly readable explanation of the problems that have beset the models and quantitative techniques that have underpinned so much of finance in recent years. If only the bankers had heeded this message a few years before, we might not be in such a big mess today."e; Gillian Tett, Assistant Editor of the Financial Times, overseeing global financial markets coverage, and author of Fool's Gold "e;Pablo Triana dismembers quantitative finance, in theory and in practice, with expertise, anger,and an excellent eye for the illuminating anecdote. By the time he has finished marshalling his evidence, his call to replace complex equations with something more like common sense sounds like, well, common sense."e; Edward Hadas, Assistant Editor at Breakingviews.com; and author of Human Goods, Economic Evils: A Moral Approach to the Dismal Science "e;Pablo Triana is an entertaining and engaging writer, even on the dry subject of finance theory. His debunking of conventional wisdom is a treat."e; Pauline Skypala, Editor, FTfm, Financial Times "e;Triana's book is an unrelenting fusillade of detailed and irrefutable arguments against financial theorems and those who teach them. It should, by rights, spark a revolution in both investment banks and business schools. But, at the very least, it is required reading for anyone who would regulate the finance industry."e; Felix Salmon, Finance Blogger, Reuters

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 400
• Erscheinungstermin: 18. Juni 2009
• Englisch
• ISBN-13: 9780470501054
• Artikelnr.: 37292993

Autorenporträt

PABLO TRIANA has successful derivatives ex-perience at all levels: on the trading floor and as a professor, consultant, and author. He is a frequent contributor to business publications, including the Financial Times, Forbes.com, Breakingviews.com, and Risk magazine, among others. Triana is also the author of Corporate Derivatives. He holds a master of science from the Stern School of Business, New York University, and a master of arts from American University.

Inhaltsangabe

Foreword xi Preface: An Evening at NYU, Taleb's Article, and a Credit Crisis xix Mathew Gladstein's Complaisance xliii Essentials Chapter 1 Playing God 3
It's tough to model human action
Finance is not as religious as physics
Black Swans make things harder
The markets are not Normal and the past is a faulty guide
Should we care that theorists persist?
Chapter 2 The Financial Economics Fiefdom 29
Virginity matters
When describing reality was okay
It's the incentives, stupid
Many obstacles to reform
Heeding Fischer Black's message
Chapter 3 Quant Invasion 59
Machine learning comes to finance
It's a computational thing
Models live here, too
Quant punting
Interesting enough for a movie
Critique Chapter 4 Copulated Nightmares 93
Abrupt reform, if not so much prison
Modeling death
The 2005 pre-warning
Rating us into hell
A disapproving grin
Chapter 5 Blah VaR Blah 127
Insalubrious charlatanism
Tracking a true culprit
Credit truths
A long rap sheet of evidence
The police are in on it
Chapter 6 Blue is not Green 161
Lehman did die
Anything is possible
Buffett versus the Black Swan
Stubbornly holding the theoretical fort
An end to indoctrination
Chapter 7 The Black-Scholes Conundrum 177
Once upon a time at MIT
Frowning, not smiling
How Black was that Monday
A devastating KO
The Taleb & Haug critique
Conclusions Chapter 8 Black Swan Deceit? 245
The tired "perfect storm" alibi may be a facade
Indoctrinating clients and investors
The unseemly marketers of academic dogma
Do as I say, not as I do
Glorifying complexity
Chapter 9 An Unhealthy Yearning for Precision 267
Dangerous voluntary enslavement
Let freedom ring
Normality can kill you
A VIXing issue
Protect those derivatives
Chapter 10 We Need Fat Tony 297 Finale Should The Nobel Prize in Economics Be Eliminated? 305 Notes 319 Acknowledgments 335 About the Author 337 Index 339

Rezensionen

"fizzing with ideas . . ." -- The Economist