financial engineering

A Primer for the Mathematics of Financial Engineering

by Dan Stefanica  · 4 Apr 2008

, by Dan Stefanica 3. A Probability Primer for Mathematical Finance, by.Elena Kosygina 4. Differential Equations with Numerical Methods for Financial Engineering, by Dan Stefanica A PRIMER for the MATHEMATICS of FINANCIAL ENGINEERING DAN STEFANICA Baruch College City University of New York FE PRESS New York FE PRESS New York www.fepress.org Information

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expansions, Lagrange multipliers, finite difference approximations, and numerical methods for solving nonlinear equations. This book should be useful to a large audience: • Prospective students for financial engineering (or mathematical finance) xiii PREFACE xiv programs will find that the knowledge contained in this book is fundamental for their understanding of more advanced courses

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first insight in the world of quantitative finance. The material in this book has been used for a mathematics refresher course for students entering the Financial Engineering Masters Program (MFE) at Baruch College, City University of New York. Studying this material before entering the program provided the students with a solid background

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contribution to the continued success of our students has been tremendous. This is the first in a series of books containing mathematical background needed for financial engineering applications, to be followed by books in N umerical Linear Algebra, Probability, and Differential Equations. Dan Stefanica New York, 2008 Acknow ledgments I have spent

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several wonderful years at Baruch College, as Director of the Financial Engineering Masters Program. Working with so many talented students was a privilege, as well as a learning experience in itself, and seeing a strong community develop

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find this book useful, the approach to reading the book will be different depending on the background and goals of the reader. Prospective students for financial engineering or mathematical finance programs should find the study of this book very rewarding, as it will give them a head start in their studies, and

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of study. Building a solid base for further study is of tremendous importance. This book teaches core concepts important for a successful learning experience in financial engineering graduate programs. Instructors of quantitative finance courses will find the mathematical topics and their treatment to be of greatest value, and could use the book

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[30]. Applications of finite differences for financial applications are included in Achdou and Pirroneau [2] and Tavella [32]. A monograph on finite difference methods in financial engineering was written by Duffy [8]. ' can be written in terms of the Greeks as e + ~(J2s2r + In general, the right hand side of (6.53

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list of closed formulas for barrier options can be found in Haug [12]. The monograph by Glasserman [11] discusses Monte Carlo methods with applications in financial engineering. The derivation and solution of the Black-Scholes PDE, as well as its extensions to futures (Black's formula) and time-dependent parameters are presented

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, 1998. [7] Gerard Cornuejols and Reha Tutuncu. Optimization Methods in Finance. Cambridge University Press, New York, 2007. [8] Daniel J. Duffy. Finite Difference Methods in Financial Engineering: A Partial Differential Equation Approach. John Wiley & Sons Ltd, Chichester, West Sussex, 2006. [9] Richard Durrett. Probability: Theory and Examples. Duxbury Press, Pacific Grove, California

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, 3rd edition, 2004. [10] Henry Edwards. Advanced Calculus of Several Variables. Dover Publications, Mineola, New York, 1995. [11] Paul Glasserman. Monte Carlo Methods in Financial Engineering. Springer-Verlag New York, Inc., New York, 2004. 279 280 BIBLIOGRAPHY 281 [12] Espen G. Haug. The Complete Guide to Option Pricing Formulas. Springer-Verlag

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N. Neftci. An Introduction to the Mathematics of the Financial Derivatives. Academic Press, San Diego, California, 2nd edition, 2000. [19] Salih N. Neftci. Principles of Financial Engineering. Elsevier Academic Press, San Diego, California, 2004. [20] Murray Protter and Charles Morrey. Intermediate Calculus. Undergraduate Texts in Mathematics. Springer, New York, 2nd edition, 1986

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. On the second derivative test for constrained local extrema. American Mathematical Monthly, 92(9):31-643, 1985. [27] Dan Stefanica. Numerical Linear Algebra Methods for Financial Engineering Applications. FE Press, New York, 2008. To appear. N [31] Nassim Taleb Dynamic Red' . M . John Wiley &, Sons Ltd, Ne!I~~rk, ~~~~l.ng Vanilla

Mathematics for Finance: An Introduction to Financial Engineering

by Marek Capinski and Tomasz Zastawniak  · 6 Jul 2003

O. Tabachnikova Topologies and Uniformities I.M. James Vector Calculus P.C. Matthews Marek Capiński and Tomasz Zastawniak Mathematics for Finance An Introduction to Financial Engineering With 75 Figures 1 Springer Marek Capiński Nowy Sa
cz School of Business–National Louis University, 33-300 Nowy Sa
cz, ul. Zielona 27

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8.1.4 Cox–Ross–Rubinstein Formula . . . . . . . . . . . . . . . . . . . . . . . 180 8.2 American Options in the Binomial Tree Model . . . . . . . . . . . . . . . 181 8.3 Black–Scholes Formula . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 9. Financial Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 9.1 Hedging Option Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 9.1.1 Delta Hedging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 9.1.2 Greek Parameters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197 9.1.3 Applications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 9

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computed using formulae (3.7). Even with as few as 10 steps there is remarkably good agreement between the discrete and continuous time formulae. 9 Financial Engineering This chapter shows some applications of derivative securities to managing the risk exposure in various situations. The presentation will be by means of examples and

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price is denoted by D(S) and a bond with current value 1 is used. Specifically, suppose that a single derivative security has been 9. Financial Engineering 193 written, that is, z = −1. Then d d V (S) = x − D(S). dS dS d The last term dS D(S), which is

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balanced out by the increase in the stock value: stock money options TOTAL 35, 499.35 −30, 779.62 −4, 721.50 −1.77 9. Financial Engineering 195 1 3. The stock price goes down to S( 365 ) = 59 dollars. The value of the written options decreases, a single option now being

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−152.78 r = 8%, σ = 32% −299.83 −261.87 −234.69 −218.14 −212.08 −216.33 −230.68 −254.90 −288.74 9. Financial Engineering 197 As we can see, in some circumstances delta hedging may be far from satisfactory. We need to improve the stability of hedging when the

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if the stock price, volatility and risk-free rate remain unchanged. Exercise 9.6 Derive formulae for the Greek parameters of a put option. 9. Financial Engineering 199 9.1.3 Applications To show some possibilities offered by Greek parameters we consider hedging the position of a writer of European call options

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+ 8.610681 z% = 0, with an approximate solution x ∼ = 159. 89, z% ∼ = 1, 351.15. The corresponding money position is y ∼ = −7, 311.12. 9. Financial Engineering 201 Suppose that the volatility increases to σ = 32% on day one. Let us compare the results for delta-vega and delta hedging: S(1

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= 15%. Take into account the foregone opportunity of investing dollars without risk, given that the risk-free interest rate for dollars is rUSD = 5%. 9. Financial Engineering 203 Exercise 9.9 Suppose that $1, 000 is invested in European call options on a stock with current price S(0) = 60 dollars. The

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% logarithmic return on the exchange rate. For a random exchange rate it is therefore natural to assume the mean logarithmic return to be −3%. 9. Financial Engineering 205 As a result, VaR ∼ = 431, 818 dollars. The final balance as a function of the exchange rate d is 8, 000, 000 − 3, 000

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, 000 −229, 573 If the exchange rate drops to 1.5 dollars to a pound, the company will have a surplus of £428, 003. 9. Financial Engineering 207 5. Combination of Options and Forward Contracts. Finally, let us investigate what happens if the company hedges with both kinds of derivatives. Half of

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calls are bought, one with strike X  and one with strike X  , and two calls with strike price X  are sold. Figure 9.4 9. Financial Engineering 209 shows the case when X  is the average of the other two strike prices. Reversed butterfly is the opposite strategy, bringing profits when the

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risk can be estimated from the option price, see below. 2. Call Options. A more risky alternative is to buy call options. The return 9. Financial Engineering 211 is random and depends on the stock price after 20 days, KC = (S(20/365) − 60)+ − C . C To compute the expected return on

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of view of the analyst, compare the expected return and risk for stock, options and a bull spread with strike prices $58 and $62. 9. Financial Engineering 213 We shall build a simple model reflecting the analysts’s point of view. Additional information obtained by the analyst will result in modified probabilities

Solutions Manual - a Primer for the Mathematics of Financial Engineering, Second Edition

by Dan Stefanica  · 24 Mar 2011

by substitu161 . . . . . . . . . 161 . . . . . . . . . 171 . . . . . . . . . 173 Implied volatil179 . . . . . . . . . . . 179 . . . . . . . . . . . 197 . . . . . . . . . . . 198 203 Preface The addition of this Solutions Ivlanual to "A Primer for the Mathematics of Financial Engineering" offers the reader the opportunity to undertake rigorous self-study of the mathematical topics presented in the Ivlath Primer , with the goal of achieving a

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solutions to these supplemental exercises are provided. 如1any of these exercises are quite challenging and offer insight that promises to be most useful in further financial engineering studies as well as job interviews. Using the Solution Manual as a companion to the Ivlath Primer , the reader will be able to not only

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a more advanced perspective on financial applications by studying the supplemental exercises and their solutions. The Solutions Ivlanual will be an important resource for prospective financial engineering graduate students. Studying the material from the Math Primer in tandem with the Solutions Manual would provide the solid mathematical background required for successful graduate

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percent of the graduates of the Baruch IvIFE Program are currently employed i口 the financial industry. "A Primer for the Ivlathematics of Financial Engineering" and this Solutions Manual are the first books to appear in the Financial Engineering Advanced Backgrou日d Series. Books on Numerical Linear Algebra , on Probability, and on Differential Equations for

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financial engineering applications are forthcommg. Dan Stefanica New York , 2008 lBaruch MFE Program web page: http://www.baruch.cuny.edu/math/master 山tml QuantNetwork student forum web

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page: httr旷/ www.quantnet.org/forum/index 抖lp IX Acknowledgments "A Primer for the Mathematics of Financial Engineering" published in April 2008 , is based on material covered in a mathematics refresher course I taught to students entering the

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Financial Engineering Masters Program at Baruch College. Using the book as the primary text in the July 2008 refresher course was a challenging but exceptionally rewarding experience.

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of Mathematical Functions. National Bureau of Standards , Gaithersburg ，扣1aryland ， 10th corrected printing edition , 1970. [2] Dan Stefa旧ca. A lVlathematical Primer with Numerical lVlethods for Financial Engineering. FE Press , New York , 2007. t-2-z-2 /III-\ /It--\ \1111/ \liI/ nu qd 飞 exDA /1 vhu 币' 门。 。，" nu 。中 才i nu 十 ex ny γ vhu

Empire of the Fund: The Way We Save Now

by William A. Birdthistle  · 15 May 2016  · 375pp  · 106,189 words

Crisis In this century’s early aughts, Americans soothed their losses from the dot-com implosion by morbidly gorging on mortgages and all manner of financially engineered variations thereon. The feasters-in-chief were large investment banks, which made huge profits on packaging mortgage-backed securities like collateralized debt obligations and CDOs

How I Became a Quant: Insights From 25 of Wall Street's Elite

by Richard R. Lindsey and Barry Schachter  · 30 Jun 2007

(cloth) 1. Quantitative analysts–United States–Biography. 2. Wall Street (New York, N.Y.)– Biography. 3. Finance–Mathematical models. 4. Finance–Computer programs. 5. Financial engineering. I. Lindsey, Richard R., 1954- II. Schachter, Barry. III. Title: Wall Street’s elite. HG172.A2H69 2007 322.63 2042–dc22 2007002383 Printed in the

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breeding ground of quants has arisen in schools that have begun teaching more focused curricula, leading to master’s in quantitative finance, master’s in financial engineering, master’s in computational finance, and master’s in mathematical finance, for example. Okay—the reader will now be asking, “So that’s what

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tools will be needed to construct and price these instruments. In addition, longevity risk for pension funds remains unhedged. This is a ripe area for financial engineering. Further, I see changes for the retail markets, where I expect that there will be new product offerings that are very different from those 

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priori what kind of product it is to be used for since everything (well, almost) was described in the in-house “Structured Products Language in Financial engineering.” I have to tip my hat to Olivier, it was a great vision, and it was accomplished, albeit at great effort. There are of

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, Olivier van Eyseren left the firm to pursue a new career with Bear Stearns. My colleague Carl Seymour and I were appointed coheads of the Financial Engineering team. For the first six months, we worked JWPR007-Lindsey May 18, 2007 21:24 Peter Jäckel 175 even harder than before, trying

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towards the end of Olivier’s reign, and trying extra hard to win over senior management that what they have in their analytics library and Financial Engineering group is really better than they could ever hope for. As our first year as coheads came to an end, though, we both felt

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data we would need to effectively describe loans. There were a variety of lessons in the exercise. First, it was not primarily an exercise in financial engineering, a term then coming into vogue. One could not divorce the modeling aspects of the problem from the nature of the available data, nor

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perhaps best known to many as the person who gave definition to the field. My effort to define financial engineering began when I undertook the challenge of writing a book, with Vipul Bansal, titled Financial Engineering. (The publisher, a division of Simon & Schuster, later added the rather arrogant subtitle A Complete Guide to

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the chairman of the board. During my tenure as the IAFE’s executive director (1991 to September of 1997), the organization grew in prestige, and financial engineering, as a profession and as a discipline, grew in stature. I have actually started in the middle of my story, so let me turn

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hit, and we eventually expanded it into a tome called The Swaps Handbook. Around this time, I read an article by John Finnerty titled “Financial Engineering in Corporate Finance.”1 This article gave, for the first time to my knowledge, a name to what I was witnessing, and I embraced it

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and Alan Tucker. They later agreed to volunteer their time to serve as the editor and coeditor of the IAFE’s journal, the Journal of Financial Engineering. This journal served as the flagship publication of the IAFE until it was merged with the Journal of Derivatives. In the early 1990s, the

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IAFE undertook to develop a model curriculum for degree programs in financial engineering. I tried for two years to persuade the finance faculty at my university that this really was a new discipline and there was a need

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the encouragement of a sympathetic dean, I spent the next year fleshing out a detailed curriculum and course syllabi for an MS degree program in financial engineering. Unfortunately, I could never win over a sufficient number of the faculty to get the program approved. During this time, I took a one

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grant of $2 million to launch the first MSFE degree program. George invited me to join the faculty of Polytechnic as a visiting professor of financial engineering, making me the first person in the world, I believe, to hold such a title. My university granted me a two-year leave for

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professional life. It brought me into contact with a great many of the leading thinkers who contributed to the development of what we now call financial engineering. Among these were Robert Merton, Myron Scholes, John Hull, Emanuel Derman, Merton Miller, Franco Modigliani, Steve Ross, Harry Markowitz, Mark Rubinstein, and many others

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April 30, 2007 16:23 John F. ( Jack) Marshall 337 David’s and Gary’s vision exemplified the “thinking out of the box” that financial engineering represents. In 2000, I retired from academic life to concentrate my attention on my consulting firm, but I still enjoy and am forever learning from

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F. Maier, Robert A. Schwartz, David K. Whitcomb, The Microstructure of Securities Markets (Englewood Cliffs, NJ: Prentice Hall, 1986). Chapter 24 1. John D. Finnerty “Financial Engineering in Corporate Finance: An Overview,” Financial Management (Winter 1988), pp. 14–33. JWPR007-Lindsey April 30, 2007 20:54 Bibliography Evan Schulman: Chairman, Upstream Technologies

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Risk (September 2003). Wilson, Thomas. “Overcoming the Hurdle: Integrating Internal and External Metrics.” Risk (July 2003). Wilson, Thomas. “Trends in Credit Risk Management.” Journal of Financial Engineering (December 1998). Value at Risk, in the Handbook of Risk Management and Analysis, Volume I: Measuring and Managing Financial Risks. Ed. Carol Alexander (New York

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Risk Management Advisor to the LongChamp Group Inc., and serves on the board of directors of the International Association of Financial Engineers. She serves on the advisory board of Columbia University’s Financial Engineering Program and is a Fellow P1: OTE/PGN JWPR007-Lindsey 366 P2: OTE May 29, 2007 19:6 ABOUT

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their Applications. Ms. Beder has taught as an adjunct professor at Yale University’s School of Management, Columbia University’s Graduate School of Business and Financial Engineering, and the New York Institute of Finance. She was an author of the Risk Standards for Institutional Investors and Institutional Investment Managers and has published

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numerous articles in the Journal of Portfolio Management, the Financial Analysts Journal, Harvard Business Review, Journal of Financial Engineering, and with Probus Publishing, John Wiley & Sons, and Simon & Schuster. Ms. Beder holds an MBA in finance from Harvard University and a BA in

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of the Journal of Portfolio Management and the Journal of Investment Consulting. He teaches the course on Equities Markets in University of California–Berkeley’s Financial Engineering P1: OTE/PGN JWPR007-Lindsey 370 P2: OTE May 29, 2007 19:6 ABOUT THE CONTR IBUTORS Program. Dr. Kahn received a PhD in

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and CEO of Windham Capital Management, LLC, where he is responsible for managing research activities and investment advisory services. He teaches a graduate course in financial engineering at the Massachusetts Institute of Technology (MIT) Sloan School of Management. Mr. Kritzman serves on corporate and nonprofit boards, including those of the Institute

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Columbia University, where he currently also teaches a graduate course in risk management. John F. Marshall is senior principal of Marshall, Tucker & Associates, LLC, a financial engineering and derivatives consulting firm. Dr. Marshall is a founding director and currently vice chairman of the International Securities Exchange, and he is the CEO of

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, markets, and analytics, including Futures and Option Contracting (South-Western), Investment Banking & Brokerage (McGraw-Hill), Understanding Swaps (Wiley), Financial Engineering: A Complete Guide to Financial Innovation (Simon & Schuster), and Dictionary of Financial Engineering (Wiley, 2000). He has also written several dozen articles in professional journals. Dr. Marshall served on the faculty of the

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trustee for Health Care Equity Trust, a unit investment trust sponsored by Paine Webber. From 1994 to 1996, Dr. Marshall served as visiting professor of financial engineering at Polytechnic University. Dr. Marshall currently serves on faculty of the NASD (National Association of Securities Dealers) Institute at Wharton Certificate Program. P1: OTE/

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for the Financial Analysts Journal and the Journal of Portfolio Management. Mr. Muller has served on the advisory board for both MIT’s Track in Financial Engineering (Sloan School) and NYU/Courant’s Program in Financial Mathematics. He is chairman, Board of Advisors, for Chalkstream Capital, an investment fund. Mr. Muller

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113 Finance career, 50–53 learning, 30–34 Monte Carlo methods, writing, 170 Financial Analyst Journal, 254–255, 272, 276–278 Financial distress, cost, 212 Financial engineering, 221 Financial markets, 240 electronification, 133 quantum mechanical principles, application, 62 risk model development, 34–35 P1: OTE/PGN P2: OTE JWPR007-Lindsey January 1

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model, 156 dynamics, HJM model, 156 ensuring. See Positive interest rates movement, understanding, 37–38 Internal VaR models, usage, 99 International Association of Financial Engineers (IAFE), 293, 334–337 financial engineering degree programs, curriculum modeling, 334–335 organization, 330 383 International Congress of Mathematicians, 108 International Securities Exchange (ISE), 329, 336 Intra-day hedging

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relationship, 72 Marshall, John F., 293, 329–337 Marshall Tucker & Associates, 329 Martingales, 95 Massachusetts Institute of Technology (MIT), mentoring program (initiation), 92 Masters in Financial Engineering (MSFE) degree programs, 334–337 Mathematical finance education, 131–133 Mathematics analogy. See Bonds college years, 117–118 exploring/mountain climbing, comparison, 111–113 interest

Makers and Takers: The Rise of Finance and the Fall of American Business

by Rana Foroohar  · 16 May 2016  · 515pp  · 132,295 words

it still sells a heck of a lot of devices. It’s a chicken-and-egg cycle, of course. The more a company focuses on financial engineering rather than the real kind, the more it ensures it will need to continue to do so. But right now, what Apple does have is

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and surely one of the most admired, now spends a large amount of its time and effort thinking about how to make more money via financial engineering rather than by the old-fashioned kind, tells us how upside down our biggest corporation’s priorities have become, not to mention the politics behind

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why we came to have a tax system that privileges corporations over individuals, encourages debt over equity, and allows firms like Pfizer to engage in financial engineering as a business strategy. Chapter 10 will analyze how the money culture and the revolving door between Wall Street and Washington have made it so

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trends in business these days is the increased movement of MBAs and finance types into the technology industry. They now are bringing their focus on financial engineering and balance sheet manipulation to firms such as Google, Apple, Facebook, Yahoo, and Snapchat—a shift that, if history is any indicator, doesn’t bode

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just four months by 2012.55 Emanuel Derman, a quantitative mathematician and physicist who pioneered some of those trading models at Goldman and now teaches financial engineering at Columbia, believes that the focus on mathematical economics in both finance and business education has gone way too far. Indeed, in 2012, he published

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twelve-dimensional computerized trading models. Eleven percent of the undergraduate class at MIT, for example, now goes to Wall Street, and despite the 2008 crisis, financial engineering is the fastest-growing field at many of the country’s best engineering schools.58 “Not only are these people not making scientific progress,” says

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waste, at best, and detrimental to [overall economic growth] at worst.”59 It’s an argument that even some of the financial engineers themselves would agree with. Derman, who runs the financial engineering program at Columbia, says that despite the blowback against risky Wall Street trading in the wake of the financial crisis, demand

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, or anything else that might bolster the underlying long-term prospects of the firm. Apple is hardly the only company engaging in this kind of financial engineering. Since 2004, American firms have spent a stunning $7 trillion buying back their own stock—the equivalent of half their profits.8 Historically, when buybacks

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actually need any capital. And so Apple, one of the most admired firms in the world, now spends as much time and energy thinking about financial engineering, and how to create value with it, as it does about the real kind. It’s an uncomfortable truth that many economists have begun to

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to cut back capital spending and pension contributions as well as increase share buybacks, something that Timken’s family-run board had once dismissed as financial engineering. The Timken family was by no means rife with bleeding-heart liberals. CEO Ward J. “Tim” Timken Jr. is a Republican who got paid almost

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the commons—once everyone runs a low-wage company, no one will make much money at all. As the OFR report puts it, “Although this financial engineering has contributed to higher stock prices in the short run, it detracts from opportunities to invest capital to support longer-term organic growth.”48 Indeed

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, RCA, Microsoft, and Intel all diminished in terms of market share, new innovations, and eventually even share price as they began to focus more on financial engineering rather than the real kind. Indeed, you can often chart the high point of such companies by looking at when the buybacks begin and the

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wanted its take; it didn’t much care how it was generated.28 RISKY BUSINESS AND THE BUSINESS OF RISK Of course, this kind of financial engineering introduces unseen risk into the business, whatever the rising share price might say to the Street and to the public. The focus on accounting tricks

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down to around 10 percent by 2018.45 Now the challenge for GE will be figuring out how to turn a buck without relying on financial engineering. Ironically, that challenge may be leading GE to a future that looks very much like its past, though this time its main growth markets might

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George put the salient question succinctly: “Is the role of leading large pharmaceutical companies to discover lifesaving drugs, or to make money for shareholders through financial engineering?”4 Sadly, we know the answer, at least when it comes to Pfizer. Although Obama has proposed rules that could make it tougher for companies

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$7.4 trillion today. Much of that money has been used for buybacks, dividend increases, and mergers and acquisitions. The OFR believes that “although this financial engineering has contributed to higher stock prices in the short run, it detracts from opportunities to invest capital to support longer-term organic growth.”42 As

Money Changes Everything: How Finance Made Civilization Possible

by William N. Goetzmann  · 11 Apr 2016  · 695pp  · 194,693 words

of the Zhouli—became part of the new lexicon of Chinese government rule. He may not have been the first to introduce the use of financial engineering in the service of the central state, but few politicians refined it as well as he did, using timeless and familiar populist rhetoric. CHINESE INNOVATION

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discovery of Brownian motion—an abstract model of how a system evolves through time. Together, their insights led to virtually all the tools of modern financial engineering. The limitations of these tools ultimately exposed the potential for failure of even our most complex models. In particular, they led to the development of

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of a strikingly novel mathematical tradition to understand and place limits on uncertainty about the future. The mathematical roots of modern quantitative finance and complex financial engineering can be traced more specifically to a strong French tradition that audaciously sought to model the investment process and market prices with the tools of

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inflation of share prices in 1720 that burst in spectacular fashion. Most economic studies of the South Sea Bubble focus on the company’s complex financial engineering in 1719 and 1720: a series of new share issues that were eagerly snapped up by the British aristocracy, creating and destroying vast fortunes. This

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investors with the long-term promise of an equity return. Within a few amazing years, John Law had achieved a remarkable feat. Using the new financial engineering of Exchange Alley and his own economic analysis of the role of money in the economy, he had effectively privatized the financial operations of France

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FATHERS The Bubble Act was extended to the colonies in 1741 to restrict financial engineering, but despite this regulatory restriction, American entrepreneurs pushed the financial envelope, particularly in land investments. America was one of the few exceptions to the global

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currency collateralized by property—became a bloody reality during the Reign of Terror. Despite the long shadow of John Law and France’s aversion to financial engineering after the Mississippi Bubble, the revolutionary Jacobin government had few means of financial support and no convincing basis for issuing fiat money. It turned instead

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Americans sidestepped the regulatory backlash in Europe against equity markets and paper money. The chronic lack of hard currency in the colonies meant that some financial engineering was crucial—a key insight of John Law. America was currency poor but land rich, and this inexorably led to the use of property as

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deeply dedicated to national service. A professor at the Massachusetts Institute of Technology, she has served in the Office of Management and Budget, using her financial engineering skills to figure out how much the various guarantees made by the US government actually cost taxpayers. One of her projects is studying the effect

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good idea to dangerous extremes. The most notorious investment company was the Goldman Sachs Trading Corporation in 1928. It was an extraordinary feat of complex financial engineering involving a pyramid of several companies, which ultimately gave Goldman controlling interest in a highly leveraged fund vehicle, which, on top of everything else, sold

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do understand them. The overleveraged and self-dealing investment trusts of the 1920s highlighted by high-profile Senate hearings and sensational stories of Wall Street financial engineering gave a black eye to all funds. The SEC was charged with fixing the problem of “trust in the trusts.” The commission began by standardizing

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; bubble of 1720 financial crisis of 2008, 285–86; bailout of General Motors in, 515; simplistic view of, 379; structured investment vehicles and, 385–86 financial engineering: crisis of 2008 and, 285–86, 385; French roots of, 276–83, 287. See also option pricing financial innovation: benefits of, 14; disruptions associated with

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period and, 163–64, 201; financial technology of ancient Near East and, 30; Law’s understanding of, 349; medieval Italian schools of, 246; of modern financial engineering, 276–88; Renaissance Florence and, 246. See also probability Mengchang, Lord, 162–63, 164 Merchant Adventurers, Company of, 308, 309 Merton, Robert, 276, 283, 284

The Subterranean Railway: How the London Underground Was Built and How It Changed the City Forever

by Christian Wolmar  · 30 Sep 2009  · 447pp  · 126,219 words

Speyer who agreed to help Yerkes raise £5m for the construction of the tube lines. The precise arrangements, which involved the same kind of complex financial engineering that Yerkes had used in the USA, were unfathomable even to Sir Harry Haward, the financial comptroller of the London County Council, which kept a

Extreme Money: Masters of the Universe and the Cult of Risk

by Satyajit Das  · 14 Oct 2011  · 741pp  · 179,454 words

a book that pulls back the skin on the derivatives and risk management industry to expose the blood, guts and circulatory system underneath.” —Nina Mehta, Financial Engineering News “Traders, Guns & Money is one the most entertaining investment books I’ve read in a long time...this is possibly the best insider account

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the real business. Business improvements are risky and very slow, akin to watching grass grow. Financial changes are easier, more predictable and, most important, quicker. Financial engineering replaced real engineering. Rather than making things, trained engineers joined banks to provide turbo-charged financial structures for companies. Until its spectacular implosion, Enron epitomized

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competitiveness. Exporters changed strategy, moving production facilities offshore. Unfortunately, you cannot move a car plant to Mobile, Alabama, overnight. Japanese companies used zaitech or zaiteku (financial engineering) to cover up the weak profitability of their businesses. In 2007, Porsche, the German sports car manufacturer, increased pretax earnings by around €3.7 billion

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its pension plan. GE sold buildings in the final weeks of a quarter to help meet its earning projections. GE was increasingly a product of financial engineering. The size and complex structure of GE made it difficult to understand and analyze—should GE be classified as an industrial or a financial firm

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, using both the holey dollar and the punched-out piece as currency. Macquarie Bank, whose logo is the holey dollar, improved on the governor’s financial engineering. Powered by its model, Macquarie’s share price rose by more than 20 times since its public listing in 1996. Investors in Macquarie funds enjoyed

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purchases. Returns between funds and investors varied widely, some funds earning 14 percentage points above the average. As in the 1980s, leverage, tax deductions and financial engineering drove returns. APA relied on increasing Qantas’ borrowings to generate high returns. Terra Firma relied on high levels of debt and on being able to

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under Stan O’Neal. In 1987 a trade journal warned: “For Wall Street in general, Merrill’s loss is a reminder of the dangers of financial engineering.... The pace of innovation has been breathtaking. Unfortunately, the growth in understanding has been less impressive.”7 No one understood what economic commentator James Grant

…

stated: “Financial engineering is the science of structuring cash flows...credit analysis is the art of getting paid.”8 Risk would return over and over via new structures

…

protect the American people.” The Italian Job Europeans once had the art but only Americans had the money to buy it. Now, Americans had the financial engineering and Europeans adopted the ideas. As Summers boasted: “what Harvard does and says has an enormous resonance that goes beyond ZIP code 02138.”11 In

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warned “mistakes...take a long time to work off.”9 Liquidity Factory Cotton Candy (candyfloss or fairy floss) is spun sugar, consisting mostly of air. Financial engineering spun real money, expanding it into ever-larger servings—candyfloss money.10 Figure 17.3 sets out the modern money pyramid. Figure 17.3. The

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of fishing economics at the University of Iceland, found that: “Everyone was learning Black-Scholes.... The schools of engineering and math were offering courses on financial engineering.”41 Best in Best Possible World All financial bubbles start with a convincing and plausible theory of “this time it’s different.” It may be

…

up such as sauna, private car ownership, property developer, mortgage, and personal installment loan...no one talks about the Tiananmen protests...or...official corruption.”9 Financial engineering replaced real engineering as the engine for growth. Debt-fueled consumption drove growth, particularly in the developed world. Investors, such as central banks with large

…

not war. Each year 150,000 people in the United States alone sit examinations to earn the letters CFA—certified financial analyst. The CFA and financial engineering program such as CQF (certificate in quantitative finance) were an entrance ticket to lucrative careers on Wall Street. Sylvain Raines, an experienced quant, joked that

…

December 1972) Wall Street Journal. 21. MacKenzie, An Engine, Not a Camera: 254. 22. Barry Schachter “An irreverent guide to value at risk” (August 1997) Financial Engineering News 1/1 (www.debtonnet.com/newdon/files/marketinformation/var-guide.asp). 23. Quoted in Fox, The Myth of the Rational Market: 191. 24. Quoted

…

” (26 January 2009) Financial Times. 10. Stephen Crittenden “Background briefing, mostly bloody awful” (29 March 2009), ABC Radio, Australia. 11. Sylvain Raynes “The state of financial engineering” (3 December 2008) (www.quantnet.com/forum/showthread.php?t=3978). 12. Emanuel Derman (2004) My Life as a Quant: Reflections on Physics and Finance

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, 131-132 financial centers, 82-88 financial crises, preparation for, 264-278 Financial Crisis Inquiry Commission (FCIC), 291, 302, 325 financial districts, London, 53 financial engineering, 55-57 financial engineers, 308 financial frontiers, 52 financial gravity, 347 financial groupthink, 296-297 financial institutions, networks, 270 financial markets, deregulation of, 279 financial news, 89 newspapers

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executives at firms such as GM, which actually generated real wealth. Manufacturing careers were the ticket to a bright future back then, rather than the financial engineering jobs of today, conjuring opaque securities. That same prudent mentality carried over to the government, where federal budget deficits were tiny, with taxes and spending

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the winners of that goldilocks balance in regulation. Arrival of the Reagan administration upset that balance and also weakened the foundation of American capitalism, with financial engineering supplanting genuine engineering and high-value services as the primary engine of US growth. The Regulatory Capture of Washington The Reagan era arrived like a

…

) and the 1992 bankruptcy of Sweden, where the bubble created by deregulation destroyed thousands of jobs. Their history has created extremely high public expectations that financial engineering and risk-taking by banks will be precluded by regulation and central bank credit controls, driven by a fear of inflation. “I haven’t forgotten

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sort, with the deregulated banking industry mining customers, families, and even taxpayers, using the tools made available by credit creation and deregulation to conduct opaque financial engineering. Like Hapsburg Spain, record wealth has been redistributed during the Reagan decline to enrich relatively few, while weakening the American metropole, especially the high-value

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services sector and industrial foundation that made the twentieth century the American century. The Financialization of America That portion of the American economy composed of financial engineering by Alan Greenspan’s pollinators was 8.3 percent of GDP in 2011, surpassing health care to be the second largest sector. Only the share

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is routine, time horizons are measured in months, and income is highly skewed and gyrates wildly. In 2009, former Fed chairman Paul Volcker famously dismissed financial engineering, asserting that ATMs were the most useful financial innovation of the past 30 years. “I wish that somebody would give me some shred of neutral

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