Average customer rating:
- Lessons from ABB's experience and Percy Barnevik.
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ABB-The Dancing Giant: Creating the Globally Connected Corporation
Kevin Barham
Manufacturer: Financial Times/Prentice Hall
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ASIN: 0273628615 |
Book Description
Based on exclusive interviews with the ABB top management team and privileged sessions with the CEO, this book takes you inside Europe's most admired company to discover the ABB way. It offers the five guiding lights for the connected corporation, the four types of ABB manager, the steps to creating a global knowledge machine and the master plan for the next millennium.
Customer Reviews:
Lessons from ABB's experience and Percy Barnevik........2000-09-25
"Is ABB a model for other organizations?...Indeed, Percy Barnevik does have particular views on this question. In an interview in India, he said: 'More and more companies will see the need to develop this multidomestic combination for global coordination. The big American companies used to have a domestic and an international division. You cannot have an international division. In my company, the word does not exist because if you are foreign, you are foreign everywhere. The whole meaning of being domestic or foreign has lost its meaning. When I am sitting here in India, I am not an Indian citizen, but I represent an Indian company just like I represent a Spanish company when I am in Spain'...Is ABB a model for nations?...Warren Bennis says: 'The ability to align, create, and empower will characterize successful leaders well into tht twenty-first century. But there is another theme that surfaces provocatively in some of the interviews..., most notably in the remarks of Percy Barnevik of ABB. That is the emergence of federation as the structure uniquely suited to balancing the seemingly incompatible drives toward global cooperation and the putting down of deep local roots. This paradox is evident in world politics, where intense ethnic and national identities coexist with the widespread recognition that new economic and political alliances must be forged outside one's borders'...So, what are the lessons that other organizations and managers facing the challenges of globalization can learn from ABB's experience so far? We think that there are many lessons that are both explicit and implicit throughout this book. However, we asked Percy Barnevik for his views. He says: 'I do not believe that you can mechanically copy what another company has done. ABB itself has several variations on its organization and management depending on products and customers...However, there are some general principles to learn from and adapt to your own business: the need to be global-local, big-small, and decentralized-central control' "(from the Introduction).
In this context, Kevin Barham and Claudia Heimer summarize their objectives in writing this book: document the story of the merger, ABB's growth and global expansion; catch more than a glimpse of the real story behind the company's ongoing success; raise some key questions for the future of ABB; highlight some lessons from ABB's experience for managers in other organizations facing international and global challenges. And thus they organize their book into three main parts:
I. The Birth of A Modern Giant - In this part, by telling the story of the two main partners-ASEA of Sweden and BBC of Switzerland, and by outlining Percy Barnevik's concepts regarding the strategy, structure, control mechanisms and people development of the newly merged/emerged company, they describe early days of ABB.
II. Giant Steps to the Globally Connected Corporation - In this part, by defining ABB as a 'globally connected corporation' (global and local, big and small, and radically decentralized with central reporting and control), they show the stages of global expansion.
III. Reaping the Harvest - In this part, they look at the organization a decade after the merger to find out how the masterplan has worked out to date and at how ABB has started to reap the harvest resulting from all the hard work it has put into building its structure and implementing its strategy. And they also focus on CEO Goran Lindahl and his priorities for ABB in the future-innovation in human resources and information technology.
Finally, end of this invaluable study, they list 15 giant steps to a global organization. I briefly summarize these steps as follows:
1. You don't need to have all the answers when trying to achieve change on such grand scale as the ABB merger.
2. Decentralization to profit centres around the world is the key to creating an entrepreneurial mindset.
3. Stay close to customers around the world during a merger to reassure them and not lose market share.
4. Don't delude yourself that you can forecast the future-you can only see breaks in trend lines, and you won't always see those.
5. Understand which parts of the business are more global and which are more local and act accordingly.
6. Multiculturalism is not an ethical issue, it is a practical business need.
7. Set challenging targets, but don't keep changing the formal organization.
8. Communicate, communicate, communicate to 'fire people up'-even at the risk of competitors listening.
9. Globalization requires transparency and connectivity accross time zones and geography.
10. Every manager, including the CEO, should aim to have two to three succession candidates ready at all times.
11. You don't necessarily need lots of global managers-not everybody has to be global-but you do require a pool of cross-culturaly capable people from which you can draw your global managers.
12. Results-oriented learning on the job gives management development credibility and makes line management take responsibility for developing people.
13. Don't assume that all your organizational values are fully applicable across the world.
14. Keep it practical. Concepts are only 5 per cent of the building of a global organization. Execution and the ability to engage people around the world are 95 per cent.
15. Long-term shareholder value is the ultimate measurement of performance in a global company.
Highly recommended.
Book Description
Stochastic Calculus for Finance evolved from the first ten years of the Carnegie Mellon Professional Master's program in Computational Finance. The content of this book has been used successfully with students whose mathematics background consists of calculus and calculus-based probability. The text gives both precise statements of results, plausibility arguments, and even some proofs, but more importantly intuitive explanations developed and refine through classroom experience with this material are provided. The book includes a self-contained treatment of the probability theory needed for stochastic calculus, including Brownian motion and its properties. Advanced topics include foreign exchange models, forward measures, and jump-diffusion processes.
This book is being published in two volumes. The first volume presents the binomial asset-pricing model primarily as a vehicle for introducing in the simple setting the concepts needed for the continuous-time theory in the second volume.
Chapter summaries and detailed illustrations are included. Classroom tested exercises conclude every chapter. Some of these extend the theory and others are drawn from practical problems in quantitative finance.
Advanced undergraduates and Masters level students in mathematical finance and financial engineering will find this book useful.
Steven E. Shreve is Co-Founder of the Carnegie Mellon MS Program in Computational Finance and winner of the Carnegie Mellon Doherty Prize for sustained contributions to education.
Customer Reviews:
Good book.......2007-10-01
I agree that most concepts are clearly explained....emphasis on *most*. OK, I'll nitpick. And I admit I'm nitpicking. For example, the proof of Jensen's inequality (which he oddly dives into without defining convex functions), is rather non-intuitive, and seems to be more an appeal to the accompanying picture rather than a proof. The proof given under the Wikipedia entry for "Jensen's Inequality" is much clearer, and makes much more sense, at least to my way of thinking. Other than the occassional gaffe such as this, it is a highly readable, informative, and dare I say enjoyable text!
Nice book.......2007-03-08
I think its a very good book for fundamental concepts in stocastic calculus.
Good for finanical mathematics graduates.......2007-01-10
clear explanations on binomial models for European and American options. Abstract concepts also included such as change of measures, martingales, stopping times. Proofs in book assumed no knowledge on sigma fields or measure theory.
Very good to understand the basics of pricing-theory........2006-03-04
This book is great book about theory. Using a simple binomial tree as asset evolution model, all key notions are introduced. Neutral-risk probabilities come up in a simple, natural way, and I never found such a clear explanation of the the change of measure and its meaning in finances. Examples help to understand every ussue.
The only case in which you should not buy it: if you are looking for real-market instruments and techniques.
Interesting Read.......2006-02-17
I found this book to be a very interesting and fun read. A very helpful introduction to binomimal models and basic stopping time principals. It also provides a great refresher to Martingale principals. If you are having trouble with Shreve's volume II then have a look at this book first.
Book Description
An unprecedented book on option pricing! For the first time, the basics on modern option pricing are explained ``from scratch'' using only minimal mathematics. Market practitioners and students alike will learn how and why the Black-Scholes equation works, and what other new methods have been developed that build on the success of Black-Shcoles. The Cox-Ross-Rubinstein binomial trees are discussed, as well as two recent theories of option pricing: the Derman-Kani theory on implied volatility trees and Mark Rubinstein's implied binomial trees. Black-Scholes and Beyond will not only help the reader gain a solid understanding of the Balck-Scholes formula, but will also bring the reader up to date by detailing current theoretical developments from Wall Street. Furthermore, the author expands upon existing research and adds his own new approaches to modern option pricing theory. Among the topics covered in Black-Scholes and Beyond: detailed discussions of pricing and hedging options; volatility smiles and how to price options ``in the presence of the smile''; complete explanation on pricing barrier options.
Customer Reviews:
Great Book.......2007-04-07
I loved the way the author has started from Basic principles on Options and Mathematical concepts. This makes it a good option for newbies.
Excellent book on option pricing.......2007-02-26
This book was well written. It is easy to understand. I believe that it is especially helpful for anyone who wants to know more about option pricing.
excellent mathematical approach to options pricing.......2007-01-16
I searched for hours trying to find a resource that would teach options pricing from a pure mathematical point of view. I read several "duds", but this one was a winner. The text focuses on the Black-Scholes theory in pure mathematical terms. This book is geared towards someone who has a solid math background (you are fluent with e^x, binomial trees and basic statistics). This also explained a lot of background concepts in options for the majority of us who don't do this for a living (put-call parity, differences between US and european options, implied volatility and hedging strategies). This book has opened my eyes to a lot of nuances in options pricing.
This book is challenging to read. To understand all the specifics, you have to read it slowly like you would a college textbook. Without studying every equation in detail, gaining a general "big picture" understanding of how and why the prices move gives you valuable insight to where a stock is headed. If you can evaluate the "theoretical price" of an option, and gain information explaining why the theoretical price differs substantially from the actual price (in some cases, the two are over 1000% apart), you can develop a more accurate risk-profile for that stock than the public, or profit from the mispricing of options.
One of the best book to understand option pricing models.......2007-01-12
This is one of the best books on quantitative finance and helps readers to develop an intuition of the subject, which is more important as this will help the reader to understand and apply finer points and prepares the base to build further
Dynamite Theory Book .......2006-02-19
This book is extremely well written and very useful to me in that it provided the theoretical basis for option pricing. It also pointed out the theoretical limitations of Black Scholes and went on to discuss some of the later theories to improve option pricing. I obatined an Excel spreadsheet from a guy (Hoadley) in Australia which does all the mathematical details in the book plus a lot more. I'd recommend anyone interested get the book, and if you want to play with the numbers and concepts more you can with the spreadsheet functions. The theory presented in the book is more than enough though for most (I'm an engineer and like to understand why things work the way they do.) This book was one of the few that I made extensive notes in while reading it and tabbed the pages. I'd reveiw more specifics but a friend is presently reading it.
Book Description
This book deals with many topics in modern financial mathematics in a way that does not use advanced mathematical tools and shows how these models can be numerically implemented in a practical way. The book is aimed at undergraduate students, MBA students, and executives who wish to understand and apply financial models in the spreadsheet computing environment. The basic building block is the one-step binomial model where a known price today can take one of two possible values at the next time. In this simple situation, risk neutral pricing can be defined and the model can be applied to price forward contracts, exchange rate contracts, and interest rate derivatives. The simple one-period framework can then be extended to multi-period models. The authors show how binomial tree models can be constructed for several applications to bring about valuations consistent with market prices. The book closes with a novel discussion of real options.
Book Description
This digital document is a journal article from International Review of Economics and Finance, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper compares implied tree models for KOSPI 200 index options with regards to the pricing and hedging performance. With Cox, Ross, and Rubinstein's [Cox, J., Ross, S., & Rubinsteinm, M., 1979. Option pricing: A simplified approach. Journal of Financial Economics, 7, 229-263] standard binomial tree (SBT) model as a benchmark, we analyzed three models: Rubinstein's [Rubinstein, M., 1994. Implied binomial trees. Journal of Finance, 49, 771-818] implied binomial tree (IBT), Jackwerth's [Jackwerth, J. C., 1997. Generalized binomial trees. Journal of Derivatives, 5, 7-17] generalized binomial tree (GBT), and Derman and Kani's [Derman, E., & Kani, I., 1994. Riding on a smile. Risk, 7, 32-39] implied volatility tree (IVT) models. The SBT model, the simplest, shows the best performance. Moreover, the delta-hedged strategy in all of the binomial models generates, on average, negative gains. This finding, consistent with the findings by Bakshi and Kapadia [Bakshi, G., & Kapadia, N., 2003. Delta-hedged gains and the negative market volatility risk premium. Review of Financial Studies, 16, 527-566], indicates the existence of a negative market volatility risk premium.
Average customer rating:
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Implied binomial trees (Finance working paper)
Mark Rubinstein
Manufacturer: Institute of Business and Economic Research, University of California, Berkeley
ProductGroup: Book
Binding: Unknown Binding
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ASIN: B0006P5LXU |
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Lethe's Law: Justice, Law and Ethics in Reconciliation
Manufacturer: Hart Publishing (UK)
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Binding: Hardcover
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ASIN: 1841131091 |
Book Description
This book offers a series of original essays by of scholars whose work looks comparatively at law's attempts to deal with the past. Ranging from questions of criminal responsibility and amnesty to those of law's relation to time, memory, and the ethics of reconciliation, it is a sustained jurisprudential and philosophical analysis of one of the most important and pressing legal concerns of our time and will appeal to a broad international audience including lawyers, political theorists, criminologists, and philosophers.
Average customer rating:
- not sure if this is the right edition that i'm reviewing
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Agricultural Mechanics: Fundamentals & Applications
Dr. Ray V. Herren
Manufacturer: Cengage Delmar Learning
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Agriscience Fundamentals and Applications
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SWB AGRI MECHANICS 4E
ASIN: 0766814106 |
Book Description
"Agricultural Mechanics: Fundamentals and Applications" is a newly expanded fourth edition text, providing the latest information in the diversified field of agricultural mechanics with instruction on basic mechanical skills and applications, as well as career opportunities in the profession. Topics covered range from tool identification and maintenance, small engines, electricity, and electronics, to construction and masonry. Readers will find the content presented in a logical, easy to follow format, allowing them to comprehend concepts for use in practical settings. Vividly portrayed illustrations complement this work with the most current full color photos, charts, and diagrams, reinforcing the book's fluid movement between the principles and application of modern agricultural mechanics. The comprehensive appendices also include extensive reference material, making "Agricultural Mechanics: Fundamentals and Applications" an invaluable industry resource guide.
Customer Reviews:
not sure if this is the right edition that i'm reviewing.......1999-09-16
as an agriculture student,i find this book to be a very well-written,highly informative book. all ag. teachers should have copies of this.
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Waterwise Gardening (Burpee American Gardening Series)
Lauren Springer
Manufacturer: Macmillan General Reference
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Binding: Paperback
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Passionate Gardening: Good Advice for Challenging Climates
ASIN: 0671799290 |
Customer Reviews:
Best in the West.......2007-06-13
Ms Springer's experience-rich treatise on gorgeous gardens in areas of little summer rain. Pictured are her "Hell Strips," those spots between the sidewalk and street the owner must maintain, which would translate well to any semi-dry area. She touts "Buchoe," buffalo grass that needs little water, greens earlier in spring and lasts later in Autumn, and requires next-to-no mowing. Gardening for those us with lives, an eye for beauty, love of productive gardening. From someone who practices what she preaches.
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Precision Agriculture
Terry Brase
Manufacturer: Cengage Delmar Learning
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Handbook of Precision Agriculture: Principles And Applications
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Precision Agriculture in the 21st Century: Geospatial and Information Technologies in Crop Management
ASIN: 140188105X |
Book Description
Precision Agriculture covers in detail the spatial data for recordkeeping, spatial analysis in decision making and modeling prescription maps for variable rate applications. It provides an overview of precision farming concepts and the tools of precision farming system. This book is not just about precision farming, but it takes one important and difficult aspect of precision farming and puts it into an understandable and teachable format.
Book Description
From the giant tractors on a farm to the ride-on mowers down the block, Big Book of Tractors uses close-up photographs to show what makes tractors go and how they use amazing attachments to plow, plant, and harvest their way across the fields.
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Horticultural Machinery
M. F. J. Hawker , and
J. E. Keenlyside
Manufacturer: Longman Group United Kingdom
ProductGroup: Book
Binding: Paperback
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ASIN: 0582408075 |
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Machinery for Horticulture
Brian Bell , and
Stewart Cousins
Manufacturer: Farming Press Limited
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Binding: Hardcover
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ASIN: 0852362315 |
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Machinery Management (Farm Business Management (Textbooks))
John Deere
Manufacturer: Cengage Delmar Learning
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Binding: Paperback
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ASIN: 0866912622 |
Book Description
The ability to manage machinery is an important skill that must be mastered by farmers and ranchers who want to compete in our complex worldwide commodity marketplace. With the basic information in this book you can build a solid foundation of knowledge that can be used to make the most efficient machinery management decisions and help keep your business competitive. There is no substitute for personally solving a machinery management problem. You should not rely on the "short cut" methods of others when you make decisions that affect your business. The data and formulas in this text are based on the latest information available at the accuracy of your machinery management decisions. The book is divided into three sections. The first section covers the topic of how to become more efficient by matching machines and power units to different situations. Section Two gives information that can be used to estimate and analyze costs so better machinery management choices can be made. The final section gives several examples of the application of information contained in the first two sections to illustrate the value of making decisions on a sound, economical basis. Throughout this book, emphasis is placed on solving practical problems with either a computer or hand calculator. These problems are flagged in the book with a computer or calculator symbol. Whether you use a computer or a hand calculator, you will be pleasantly surprised at the wide variety of management decision that you can make, once you master these example problems.
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![An empirical comparison of implied tree models for KOSPI 200 index options [An article from: International Review of Economics and Finance]](http://ec1.images-amazon.com/images/I/21EG9KPA4NL.jpg)
