Tolerance Design: A Handbook for Developing Optimal Specifications

Book Description

In today's increasingly competitive financial world, successful risk management, portfolio management, and financial structuring demand more than up-to-date financial know-how. They also call for quantitative expertise, including the ability to effectively apply mathematical modeling tools and techniques. An Introduction to Credit Risk Modeling supplies both the bricks and the mortar of risk management. In a gentle and concise lecture-note style, it introduces the fundamentals of credit risk management, provides a broad treatment of the related modeling theory and methods, and explores their application to credit portfolio securitization, credit risk in a trading portfolio, and credit derivatives risk. The presentation is thorough but refreshingly accessible, foregoing unnecessary technical details yet remaining mathematically precise. Whether you are a risk manager looking for a more quantitative approach to credit risk or you are planning a move from the academic arena to a career in professional credit risk management, An Introduction to Credit Risk Modeling is the book you've been looking for. It will bring you quickly up to speed with information needed to resolve the questions and quandaries encountered in practice.

Customer Reviews:

read this before going for it.......2007-04-23

Well first off I would like to tell anyone who doesn't have a solid working knowledge of calculus (including multivariate) to avoid this book as it requires multiple integrals and infinite series and sequences. Now onto the good and the bad:

THE GOOD:

This text explains concepts very well and is FULL of examples. I mean literally 3/4 of the book, maybe more, is examples. Every chapter also has a section of problems that have partial solutions, which can come in very handy. This is pretty much all that is good about this text, but keep in mind that explaination is the most important part of any textbook.

THE BAD:

The proofs skip plenty of steps. And I mean plenty, so much that a proof in the book would take 5 lines but when my professor proved it in class it would take him nearly 15. Also while there are tonnes of examples, too many are theoretical and very hard. The book costs a hefty amount of change and is suprisingly small, Author couldl have given few more examples to make it interesting. However the worst thing about this book is how the author leaves important things in with the text often. However most these things are small, and overall the text is a good intro to probability theory.

a very good book.......2006-10-31

The authors wanted to write the book that they themselves would have liked to read before starting a profession in risk management. I am working for a treasury consultancy firm. This book was the best of the five I bought. The text is very clear yet does not assume too much prior knowledge. It covers theory as well as industry practice. The book contains much advanced statistics and readers must have some background in order to handle this. The authors keep it simple but not too simple. Their approach is pragmatic throughout. I am really happy to have read this book when I started doing work in credit risk management.

good combination of math and finance.......2006-02-22

As indicated on the back of the book, the authors are aiming at audience who have some knowledge in both math and finance but may be weak in one and strong in another. Either way, this is a good book to read on credit risk.

Clear and comprehensive.......2005-10-27

This book clearly articulates basic concepts of credit risk modeling. At the same time it is mathematically rigorous. This book enables non mathematician with some (basic) knowledge in probability statistic to better understand and develop his risk management skills.

A good read!.......2004-08-19

Easy to understand with not a tremendous amount of complicated math to dicipher. Just what the doctor ordered.

Credit Risk Modeling: Theory and Applications (Princeton Series in Finance)

Average customer rating:

This book is too quick for an introduction
Not bad at all...
A casual collection of models without sound understanding
A book for those who think Robert Jarrow is a lightweight!

Credit Risk Modeling: Theory and Applications (Princeton Series in Finance)
David Lando
Manufacturer: Princeton University Press
ProductGroup: Book
Binding: Hardcover

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Similar Items:

Credit Risk: Pricing, Measurement, and Management (Princeton Series in Finance)
The Microstructure Approach to Exchange Rates
Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk
Quantitative Methods in Derivatives Pricing: An Introduction to Computational Finance
An Introduction to Credit Risk Modeling (Chapman & Hall/Crc Financial Mathematics Series)

ASIN: 0691089299

Book Description

Credit risk is today one of the most intensely studied topics in quantitative finance. This book provides an introduction and overview for readers who seek an up-to-date reference to the central problems of the field and to the tools currently used to analyze them. The book is aimed at researchers and students in finance, at quantitative analysts in banks and other financial institutions, and at regulators interested in the modeling aspects of credit risk.

David Lando considers the two broad approaches to credit risk analysis: that based on classical option pricing models on the one hand, and on a direct modeling of the default probability of issuers on the other. He offers insights that can be drawn from each approach and demonstrates that the distinction between the two approaches is not at all clear-cut. The book strikes a fruitful balance between quickly presenting the basic ideas of the models and offering enough detail so readers can derive and implement the models themselves. The discussion of the models and their limitations and five technical appendixes help readers expand and generalize the models themselves or to understand existing generalizations. The book emphasizes models for pricing as well as statistical techniques for estimating their parameters. Applications include rating-based modeling, modeling of dependent defaults, swap- and corporate-yield curve dynamics, credit default swaps, and collateralized debt obligations.

Customer Reviews:

This book is too quick for an introduction.......2006-05-14

I took a master level credit risk class with two assigned textbooks: this one and Quantitative Risk Management by McNeil et al. I love the second book more because it explains the fundamentals in a fabulous way; most of our lectures followed materials in McNeil's. As someone explained in another entry, Lando's book is like a survey book, which is very compact for a beginner.

Not bad at all..........2004-07-22

Contrary to other people, I have found the book very interesting and readable...The author is also referring to practical issues such as asset volatility estimation and CDO pricing..I think this book is more comparable to Bielecki-Rutkowsky kind of book, than to Schonbucher. It gives a good foundation of the theory, even if sometime I would have preferred to have more proofs of theorems.
Compact, readable and fairly complete.

A casual collection of models without sound understanding.......2004-07-20

The author briefly touched many models without quite understanding them himself (or checking their validity). Most of the text were collected (and rewritten) from reading the abstract or conclusion of the original papers. There is not enough insight or new info. It is absolutely not a book for someone who wants to learn because it is like a undergraduate's study report. If a book reviews many models, it should provide some insights, pros and cons of them, and at least some framework for other researchers to follow. It loses value if it merely rephrases some obvious and straghtforward assumptions of the original models.

I admire the author and the editor (Duffie) as researchers. However, the author is not ready yet to write a book of this kind and the editor has been a super star in finance, hence should not lower himself to this level for the sake of publication. This book does not provide useful info at all. Not good for a researcher or a practitioner (at all). Why not read the original papers' abstracts? That would be more informative.

A book for those who think Robert Jarrow is a lightweight!.......2004-07-02

Robert Jarrow praises this book! I think that tells you the level of this text. It's Ivy League Ph.D.-school material with inadequate background provided. I guess if you are already a director of research in an investment bank, this book provides a lucid and compact survey of the current state-of-the-art techniques of credit risk modeling. In short, this is a book written for people who already are comfortable with the subject at a very high level.

If you are a regular Schmoe like myself (someone comfortable at the Hull or Cuthbertson and Nitzche level) much of this book may zoom over your head. But if you regulary snicker at folks like me as derivatives dilatants and poseurs, I'd say check it out.

The book may be great. But for me it was a waste of money.

Book Description

The essential premise of this book is that theory and practice are equally important in describing financial modeling. In it the authors try to strike a balance in their discussions between theories that provide foundations for financial models and the institutional details that provide the context for applications of the models. The book presents the financial models of stock and bond options, exotic options, investment grade and high-yield bonds, convertible bonds, mortgage-backed securities, liabilities of financial institutions -- the business model and the corporate model. It also describes the applications of the models to corporate finance. Furthermore, it relates the models to financial statements, risk management for an enterprise, and asset/liability management with illiquid instruments. The financial models are progressively presented from option pricing in the securities markets to firm valuation in corporate finance, following a format to emphasize the three aspects of a model: the set of assumptions, the model specification, and the model applications. Generally, financial modeling books segment the world of finance as "investments," "financial institutions," "corporate finance," and "securities analysis," and in so doing they rarely emphasize the relationships between the subjects. This unique book successfully ties the thought processes and applications of the financial models together and describes them as one process that provides business solutions. Created as a companion website to the book readers can visit www.thomasho.com to gain deeper understanding of the book's financial models. Interested readers can build and test the models described in the book using Excel, and they can submit their models to the site. Readers can also use the site's forum to discuss the models and can browse server based models to gain insights into the applications of the models. For those using the book in meetings or class settings the site provides Power Point descriptions of the chapters. Students can use available question banks on the chapters for studying.

Customer Reviews:

Not recommended.......2007-09-17

"Hodge-podge" is the first term that comes to mind after reading this book. The breadth of topics is notable, but the material itself is far from satisfactory as applied to the real world. If someone offers to pay you to read this book, it would be worth reading. Also, please note that several five-star reviews were written professionally for promotional purposes.

Much worse than Hull's book.......2005-05-20

Ho and Lee's book is not bad, but not as good as Hull's book. First, this book tries to include everything, making it not easy to learn for beginners. Second, the definition in this book is not very clear as hull's book. Third, after reading the book, I really don't know what are models for and how to implement these models; hence, I still have to refer these model from Hull's book.

Excellent Book.......2004-10-07

The field of quantitative financial modeling, young as it is, has seen a massive explosion of published books in recent times. While it may appear that there is now a wealth of literature on financial modeling out there, the sad reality is it has become very difficult to find well-written comprehensive books. Dr T. S. Y. Ho and Prof S. B. Lee's book is in my opinion the most comprehsive book on financial modeling since J. Hull's book. Their book even takes a big step further than John Hull in setting a mathematical framework for consistent valuation of derivatives, corporate liabilities and valuation of firms (Corporate Finance).
This is a an excellent book for researchers, practitioners and students alike. Readers will benefit from a wealth of academic and industrial experience of the two authors, which is very well portrayed in every section of the book. In addition to the book they provide a free interactive website (www.thomasho.com) where one can be more intimate with the financial models discussed in book. One may recall that Dr Ho and Prof Lee are the authors of the Ho-Lee model.

Fake reviewers.......2004-07-17

I am afraid that the 3 reviewrs before me are the same person.
Amazon makes it quite easy for promotional wizards to do that so sales can be increased.
So far there is not even one review that tackes or critisizes this book. Are we all that perfect or should we become a victims of made up book?

Brilliant educational project.......2004-04-04

Most textbooks on financial modeling are devoted to describing specific models, such as those for stocks, bonds, or options, or to their specific applications such as arbitrage trading and portfolio management. Few books describe the financial principles behind the models and tie the models to business solutions.

The Oxford Guide to Financial Modeling by Thomas S.Y. Ho and Sang Bin Lee (yes, the authors of the Ho-Lee model, the first arbitrage-free interest rate model) successfully ties the thought processes and applications of the financial models together and describes them as one process which provides business solutions. The authors very ably explain all the models used in finance, take the financial theory and modeling to the next level and develop a business model framework that integrate the fields of corporate finance, fixed income, derivatives, and Asset & Liability management.

Each chapter begins by introducing a practical problem. The financial models that provide solutions to the problem are then described. The chapter concludes with how the models can be applied. Because of the nature of the material on financial models, the book presents many results as mathematical formulations, yet the text is very enjoyable as the more rigorous mathematical derivations are deferred to the appendices and to the epilogue.

What really makes The Oxford Guide to Financial Modeling a brilliant educational project and just not another excellent textbook is the companion web site that serves as an interactive workbook designed specifically for the book. The site is designed to further enhance understanding of the use and applications of the models referred to in the book and it is accessible free of charge.

Financial Institution Staffing: Analyzing & Modeling Staff Levels in a Competitive & Consolidating Industry
Average customer rating:
Financial Institution Staffing: Analyzing & Modeling Staff Levels in a Competitive & Consolidating Industry
Kent S. Belasco
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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ASIN: 0786311061

Book Description

Are you responsible for managing effective staffing levels, either at a financial institution or in virtually any white-collar environment?
Kent S. Belasco, successful banking executive and bestselling author, has written Financial Institution Staffing to help you eliminate guesswork and avoid wasting precious salary dollars because of poor performance or simply inadequate standards. Better yet, Belasco's latest book shows you how to use specially-designed models to monitor and analyze existing employees and staffing levels, and have your employees take full advantage of today's information technologies gold mine.

Let your competitors have the unproductive workers! Financial Institution Staffing is the entertaining, highly-readable, and results oriented book that shows you how to scientifically manage the productivity of key bank functions and immediately increase the profit and value that your institution receives from the efforts of each employee.

Download Description

Kent Belasco's well-researched, exhaustively tested Financial Institution Staffing virtually eliminates human error from managing productivity and staff levels.

Financial Modeling For Financial Institutions

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Financial Modeling For Financial Institutions
Thomas A. Ho , and Sang Bin Lee
Manufacturer: Oxford University Press
ProductGroup: Book
Binding: Paperback

Corporate Finance | Finance | Business & Investing | Subjects | Books

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Book Description

This book focuses on fair valuation methodology and its implications for the management of financial institutions and regulations. It explains how different investment instruments are used and priced in contexts such as valuing corporations and capital budgeting.LIn addition, Financial Modeling for Financial Institutions offers a unique and coherent framework for developing financial models with real-world applications. It starts with fundamental security models such as the bond model and Black-Scholes model, then uses the binomial lattice method to expand coverage to other securities, from simple to complex. A companion website contains downloadable ExcelRG files of all the financial models relevant to the financial institutions industry.

Business planning and financial modeling for microfinance institutions: A handbook (Technical tool series)

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Business planning and financial modeling for microfinance institutions: A handbook (Technical tool series)
Tony Sheldon
Manufacturer: Distributed by PACT Publications
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B0006R7KDM

Book Description

The authors, two of the world's leading seed scientists, provide a thorough, up-to-date and easy-to-use guide to the production, storage, and use of the seeds of all the world's major food, industrial, and commercial crops. An essential reference book for seed producers, agricultural scientists, professionals in food science development as well as plant scientists and plant breeders engaged in research.

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