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Numerical Methods in Finance
  • Language: en
  • Pages: 282

Numerical Methods in Finance

GERAD celebrates this year its 25th anniversary. The Center was created in 1980 by a small group of professors and researchers of HEC Montreal, McGill University and of the Ecole Polytechnique de Montreal. GERAD's activities achieved sufficient scope to justify its conversion in June 1988 into a Joint Research Centre of HEC Montreal, the Ecole Polytechnique de Montreal and McGill University. In 1996, the U- versite du Quebec a Montreal joined these three institutions. GERAD has fifty members (professors), more than twenty research associates and post doctoral students and more than two hundreds master and Ph.D. students. GERAD is a multi-university center and a vital forum for the devel- ment of operations research. Its mission is defined around the following four complementarily objectives: • The original and expert contribution to all research fields in GERAD's area of expertise; • The dissemination of research results in the best scientific outlets as well as in the society in general; • The training of graduate students and post doctoral researchers; • The contribution to the economic community by solving important problems and providing transferable tools.

The Fat Tail
  • Language: en
  • Pages: 272

The Fat Tail

As Ian Bremmer and Preston Keat reveal in this innovative book, volatile political events such as the 2008 Georgia-Russia confrontation--and their catastrophic effects on business--happen much more frequently than investors imagine. On the curve that charts both the frequency of these events and the power of their impact, the "tail" of extreme political instability is not reassuringly thin but dangerously fat. Featuring a new Foreward that accounts for the cataclysmic effects of the 2008 financial crisis, The Fat Tail is the first book to both identify the wide range of political risks that global firms face and show investors how to effectively manage them. Written by two of the world's lea...

The Impact of Political Uncertainty on Asset Prices: The Case of the United Kingdom's EU Membership Referendum
  • Language: en
  • Pages: 49

The Impact of Political Uncertainty on Asset Prices: The Case of the United Kingdom's EU Membership Referendum

How did expectations of the outcome of the United Kingdom's (UK) referendum on European Union (EU) membership in 2016 affect prices in financial markets? We study this using high frequency data from betting and financial markets. We find that a one percentage point increase in the probability of "Leave" result caused British stocks (FTSE All-Share) to decline by 0.004 percent, and the Pound to depreciate by 0.006 percent against the euro. We find negative and significant effects for most sub-sectors, and negative spill-overs to other EU member countries. We show that the differential impact across sectors and countries can be explained by differences in the trade exposures.

New Heroes in Antiquity
  • Language: en
  • Pages: 138

New Heroes in Antiquity

Heroes and heroines in antiquity inhabited a space somewhere between gods and humans. In this detailed, yet brilliantly wide-ranging analysis, Christopher Jones starts from literary heroes such as Achilles and moves to the historical record of those exceptional men and women who were worshiped after death. This book, wholly new and beautifully written, rescues the hero from literary metaphor and vividly restores heroism to the reality of ancient life.

Testing Mean Variance Efficiency in CAPM with Possibly Non-gaussian Errors
  • Language: en
  • Pages: 37