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Leveraging the research efforts of more than sixty experts in the area, this book reviews cutting-edge practices in machine learning for financial markets. Instead of seeing machine learning as a new field, the authors explore the connection between knowledge developed by quantitative finance over the past forty years and techniques generated by the current revolution driven by data sciences and artificial intelligence. The text is structured around three main areas: 'Interactions with investors and asset owners,' which covers robo-advisors and price formation; 'Risk intermediation,' which discusses derivative hedging, portfolio construction, and machine learning for dynamic optimization; and 'Connections with the real economy,' which explores nowcasting, alternative data, and ethics of algorithms. Accessible to a wide audience, this invaluable resource will allow practitioners to include machine learning driven techniques in their day-to-day quantitative practices, while students will build intuition and come to appreciate the technical tools and motivation for the theory.
The primary goal of this book is to present the research findings and conclusions of physicists, economists, mathematicians and financial engineers working in the field of "Econophysics" who have undertaken agent-based modelling, comparison with empirical studies and related investigations. Most standard economic models assume the existence of the representative agent, who is “perfectly rational” and applies the utility maximization principle when taking action. One reason for this is the desire to keep models mathematically tractable: no tools are available to economists for solving non-linear models of heterogeneous adaptive agents without explicit optimization. In contrast, multi-agent models, which originated from statistical physics considerations, allow us to go beyond the prototype theories of traditional economics involving the representative agent. This book is based on the Econophys-Kolkata VII Workshop, at which many such modelling efforts were presented. In the book, leading researchers in their fields report on their latest work, consider recent developments and review the contemporary literature.
A straightforward guide to the mathematics of algorithmic trading that reflects cutting-edge research.
The Exemplary Hercules explores the reception of the ancient Greek hero Herakles – the Roman Hercules – in European culture from the Renaissance to the Enlightenment and beyond. Each chapter considers a particular work or theme in detail, raising questions about the hero’s role as model of the princely ruler, and examining how the worthiness of this exemplary type came, in time, to be subverted. The volume is one of four to be published in the Metaforms series examining the extraordinarily persistent figuring of Herakles-Hercules in western culture up to the present day, drawing together scholars from a range of disciplines to offer a unique insight into the hero’s perennial, but changingly problematic, appeal.
Financial Markets in Practice: From Post-Crisis Intermediation to FinTechs delivers an overview of the development of risk-transformation undertaken by the financial services industry from the perspective of quantitative finance. It provides an instructional and comprehensive explanation of the structure of the financial system as a network of risk suppliers and risk consumers, where different categories of market participants buy, transform, net, and re-sell different kinds of risks. This risk-transformation oriented view is supported by the changes that followed the last global financial crisis: consumers of financial products asked for less complex risk transformations, regulators demande...
Did you know that many reputed Neo-Latin authors like Erasmus of Rotterdam also wrote in forms of Ancient Greek? Erasmus used this New Ancient Greek language to celebrate a royal return from Spain to Brussels, to honor deceded friends like Johann Froben, to pray while on a pilgrimage, and to promote a new Aristotle edition. But classical bilingualism was not the prerogative of a happy few Renaissance luminaries: less well-known humanists, too, activated their classical bilingual competence to impress patrons; nuance their ideas and feelings; manage information by encoding gossip and private matters in Greek; and adorn books and art with poems in the two languagges, and so on. As reader, you discover promising research perspectives to bridge the gap between the long-standing discipline of Neo-Latin studies and the young field of New Ancient Greek studies.
This book exposes and comments on the consequences of Reg NMS and MiFID on market microstructure. It covers changes in market design, electronic trading, and investor and trader behaviors. The emergence of high frequency trading and critical events like the'Flash Crash' of 2010 are also analyzed in depth.Using a quantitative viewpoint, this book explains how an attrition of liquidity and regulatory changes can impact the whole microstructure of financial markets. A mathematical Appendix details the quantitative tools and indicators used through the book, allowing the reader to go further independently.This book is written by practitioners and theoretical experts and covers practical aspects ...
This book contains a collection of research papers in mathematical finance covering recent advances in arbitrage, credit and asymmetric information risks. These subjects have attracted academic and practical attention, in particular after the international financial crisis. The volume is split into three parts which treat each of these topics.
The southernmost and poorest state of the Eurasian space, Tajikistan collapsed immediately upon the fall of the Soviet Union and plunged into a bloody five-year civil war (1992–1997) that left more than 50,000 people dead and more than half a million displaced. After the 1997 Peace Agreements, Tajikistan stood out for being the only post-Soviet country to recognize an Islamic party—the Islamic Renaissance Party of Tajikistan (IRPT)—as a key actor in the civil war as well as in postwar reconstruction and democratization. Tajikistan’s linguistic and cultural proximity to Iran notwithstanding, the balance of external powers over the country remains fairly typical of Central Asia, with R...
Introducing the Arctic -- Building cities in the Arctic -- Studying Arctic cities -- Developing Russia's Arctic cities -- Developing Canada's Arctic cities -- Developing Greenland's cities -- Defining Arctic urbanism -- The architects of the Arctic city -- Learning from the Arctic city.