{"title":"Emanuel Derman","description":"\u003cp\u003eWelcome to our collection dedicated to the illustrious works of Emanuel Derman, a towering figure in the realms of quantitative finance and investment. With a unique blend of personal experience and professional insight, Derman's writings offer a fascinating look into both his life journey and the intricate world of finance.\u003c\/p\u003e\n\n\u003cp\u003eDelve into \u003cem\u003eMy Life as a Quant\u003c\/em\u003e, where Derman shares his transition from an academic physicist to a pioneering financial engineer on Wall Street. This memoir is not only an enlightening read for those interested in biography but also provides an insider’s view into the development of quantitative finance.\u003c\/p\u003e\n\n\u003cp\u003eExplore \u003cem\u003eThe Volatility Smile\u003c\/em\u003e, a comprehensive exploration of the concepts that define investment risks and returns. This book is essential reading for anyone looking to understand the complexities of market behaviours and the modelling of financial instruments.\u003c\/p\u003e\n\n\u003cp\u003eWhether you're drawn to biographies that chart remarkable careers or you seek to deepen your understanding of finance and investment dynamics, Emanuel Derman's works promise a riveting and educational experience.\u003c\/p\u003e","products":[{"product_id":"my-life-as-a-quant-by-emanuel-derman-9780470192733","title":"My Life as a Quant","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eIn \u003cem\u003eMy Life as a Quant\u003c\/em\u003e, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field—analysing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance.\u003c\/p\u003e\n\n\u003cp\u003eThroughout this tale, he also reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Unknown","offers":[{"title":"Default Title","offer_id":46998537437420,"sku":"9780470192733","price":41.99,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/10691883482355.jpg?v=1763219169"},{"product_id":"the-volatility-smile-by-michael-b-miller-9781118959169","title":"The Volatility Smile","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003e\u003ci\u003eThe Volatility Smile\u003c\/i\u003e\u003c\/p\u003e\n\n\u003cp\u003eThe Black-Scholes-Merton option model was the greatest innovation of 20th century finance, and remains the most widely applied theory in all of finance. Despite this success, the model is fundamentally at odds with the observed behaviour of option markets: a graph of implied volatilities against strike will typically display a curve or skew, which practitioners refer to as the smile, and which the model cannot explain. Option valuation is not a solved problem, and the past forty years have witnessed an abundance of new models that try to reconcile theory with markets.\u003c\/p\u003e\n\n\u003cp\u003e\u003ci\u003eThe Volatility Smile\u003c\/i\u003e presents a unified treatment of the Black-Scholes-Merton model and the more advanced models that have replaced it. It is also a book about the principles of financial valuation and how to apply them. Celebrated author and quant Emanuel Derman and Michael B. Miller explain not just the mathematics but the ideas behind the models. By examining the foundations, the implementation, and the pros and cons of various models, and by carefully exploring their derivations and their assumptions, readers will learn not only how to handle the volatility smile but how to evaluate and build their own financial models.\u003c\/p\u003e\n\n\u003cp\u003eTopics covered include:\u003c\/p\u003e\n\u003cul\u003e\n    \u003cli\u003eThe principles of valuation\u003c\/li\u003e\n    \u003cli\u003eStatic and dynamic replication\u003c\/li\u003e\n    \u003cli\u003eThe Black-Scholes-Merton model\u003c\/li\u003e\n    \u003cli\u003eHedging strategies\u003c\/li\u003e\n    \u003cli\u003eTransaction costs\u003c\/li\u003e\n    \u003cli\u003eThe behaviour of the volatility smile\u003c\/li\u003e\n    \u003cli\u003eImplied distributions\u003c\/li\u003e\n    \u003cli\u003eLocal volatility models\u003c\/li\u003e\n    \u003cli\u003eStochastic volatility models\u003c\/li\u003e\n    \u003cli\u003eJump-diffusion models\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eThe first half of the book, Chapters 1 through 13, can serve as a standalone textbook for a course on option valuation and the Black-Scholes-Merton model, presenting the principles of financial modelling, several derivations of the model, and a detailed discussion of how it is used in practice. The second half focuses on the behaviour of the volatility smile, and, in conjunction with the first half, can be used as the basis for a more advanced course.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Unknown","offers":[{"title":"Default Title","offer_id":47000823890156,"sku":"9781118959169","price":171.99,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/10538753482586.jpg?v=1763307654"}],"url":"https:\/\/bookhero.pro\/collections\/emanuel-derman.oembed","provider":"Book Hero","version":"1.0","type":"link"}