Friday, February 24, 2012

FX Options and Smile Risk (The Wiley Finance Series)

FX Options and Smile Risk (The Wiley Finance Series)

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Product Description

The FX options market represents one of the most liquid and strongly competitive markets in the world, and features many technical subtleties that can seriously harm the uninformed and unaware trader.

This book is a unique guide to running an FX options book from the market maker perspective. Striking a balance between mathematical rigour and market practice and written by experienced practitioner Antonio Castagna, the book shows readers how to correctly build an entire volatility surface from the market prices of the main structures.

Starting with the basic conventions related to the main FX deals and the basic traded structures of FX options, the book gradually introduces the main tools to cope with the FX volatility risk. It then goes on to review the main concepts of option pricing theory and their application within a Black-Scholes economy and a stochastic volatility environment. The book also introduces models that can be implemented to price and manage FX options before examining the effects of volatility on the profits and losses arising from the hedging activity.

Coverage includes:

  • how the Black-Scholes model is used in professional trading activity
  • the most suitable stochastic volatility models
  • sources of profit and loss from the Delta and volatility hedging activity
  • fundamental concepts of smile hedging
  • major market approaches and variations of the Vanna-Volga method
  • volatility-related Greeks in the Black-Scholes model
  • pricing of plain vanilla options, digital options, barrier options and the less well known exotic options
  • tools for monitoring the main risks of an FX options’ book

The book is accompanied by a CD Rom featuring models in VBA, demonstrating many of the approaches described in the book.

FX Options and Smile Risk (The Wiley Finance Series) Review

Best FX Book I found so far, but that's not saying much. Lots of explicit equations, clear explanations and implementation detail.

However the one thing I've always hated about quant finance literature is they leave so much work up to the reader. This is not a paper limited by length or a college course.

For instance : Chapter 6 gives Black Scholes PDE w/ boundary conditions solution that apply to simple barriers. Out comes an equation with umpteen terms that reduces drastically under different conditions (but the reduction is not shown). I understand the need to save space and to offer a general formula that is inclusive of all cases but would it have killed Castagna to work out one real world example for say, a Down and Out Call with real world inputs ? He could have even put this in an appendix. The excel spreadsheet is a little unclear as to how it gets to its' reduction. Yes one could put in enough effort, but why not just explain it and save the reader the work?

I work in the field and rather than wading through it (the unbelievable amount of terms and sub equations in the result equation), multiple colleagues are leaning towards just buying an implementation.

The spreadsheets which implement the equations do not match Bloomberg,FINCAD/SuperD within any acceptable margin either which is deeply disappointing since they should at least be in the same range.

Still it's a good read for an overview and unfortunately the best I've found.

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Thursday, February 23, 2012

Microsystems Acupuncture: The Complete Guide: Ear - Scalp - Mouth - Hand

Microsystems Acupuncture: The Complete Guide: Ear - Scalp - Mouth - Hand

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Product Description

In the last fifty years, microsystem acupuncture has emerged as a safe and effective therapeutic option for a wide range of conditions, from cardiovascular and neurological disorders to obesity and nicotine dependence. Its worldwide acceptance is largely due to the ability of microsystem acupuncture to provide access for treatment, even in the event of extreme local sensitivity to pain. This book is a comprehensive overview of ear, scalp, mouth, and hand acupuncture to help you understand the relationships between these microsystems and the body. Integrating new and established methods, the book covers such topics as Yamamoto New Scalp Acupuncture, Korean hand acupuncture, and laser acupuncture with concise text and more than 350 photographs to allow for instant localization of all zones and points. The range of techniques addressed makes this one-of-a-kind work ideal for busy students and practitioners looking for an overview of some of the most rapidly growing and innovative advances in acupuncture and complementary medicine.

Microsystems Acupuncture: The Complete Guide: Ear - Scalp - Mouth - Hand Review

This is an very solidly designed, broadly based work on the major microsystems of acupuncture prepared by 3 European MDs who have integrative medicine backgrounds featuring acupuncture as well as other disciplines. The majority of the book (two-thirds) is devoted to the principles, history and application of auricular acupuncture -- providing details on the origin/system to which the point belongs (Nogier's, Bahr's, Chinese), highly detailed localization information including mostly color photos and zoomed closeups of the human ear. These preserve depth clues and the 3-dimensional nature of the points better than the 2 most common alternative products.

Theese are:
Auriculotherapy Manual: Chinese and Western Systems of Ear Acupuncture by Terry Oleson, Ph.D.
and
Ear Acupuncture: A Precise Pocket Atlas by Beatte Strittmatter, M.D.

The didactic information regarding the logic of point selection and application to treatment of representative major illnesses is helpful, including the extensive highlighted detail on addiction and disorders of locomotion. There are also guides for using the projection of lines between more easily recognized landmarks and common points to locate the most obscure ones. Neither this text nor the one by Terry Oleson attempt to disciminate points most suited for using gold versus silver needles -- that is a strategy featured in other schools and detailed in Strittmatter's atlas.

The book serves primarily as a comprehensive coverage of the auricular system. However the last 100 pages is divided between the most common alternative microsystems and provides substantial detail; enough to serve as a solid reference and atlas for summarizing these, but most likely insufficient for beginners learning the remaining systems. Nonetheless, just like for the ear there are very well-designed and labelled color photos of the human body to assist in accurate point location.

Included are:
a. Yamamoto's New Scalp Acupuncture
b. Chinese Scalp Acupuncture
c. Oral Acupuncture (presumably most useful to dentists and oral surgeons)
d. Korean Hand Acupuncture
e. Chinese Hand Acupuncture
f. The New Point-Based Pain and Organ Therapy (NPPOT)

The section on laser therapy is very limited -- better specialized texts on this would be needed for anyone seriously interested.

There is no mention of the Wrist-Ankle Acupuncture system, though it has apparently been known to some degree in Europe and is included in Shen: Psycho-Emotional Aspects of Chinese Medicine

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Wednesday, February 22, 2012

Maintenance Planning and Scheduling Handbook (McGraw-Hill Handbooks)

Maintenance Planning and Scheduling Handbook (McGraw-Hill Handbooks)

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Product Description

The aim of an effective maintenance system is to maximize production equipment effectiveness in terms of economic efficiency and profitability. The maintenance system is effective if every effort is applied to eliminate in every case the cause of lost production due to equipment failure or to maximize equipment effectiveness. The most efficient way of achieving this goal is through proper maintenance scheduling and planning. Hand-on experience is crucial for performing successful maintenance. Yet, many new engineers lack the experience to successfully manage a program. This is why so many readers regard the Maintenance Planning and Scheduling Handbook as the chief authority for establishing effective maintenance planning and scheduling in the real world.The second edition will add new sections and further develops many existing discussions to make the handbook more comprehensive and helpful. These new sections are:

-New chapter (or section) on the "people side" of maintenance planning and work execution.

-Considerations include treating technicians as adults giving them as much information as possible and why.

-New� discussion of why effective maintenance needs scheduling in terms of using a standard for control.

-New �discussion of protecting the schedule against false emergencies.

-New detailed aids and barriers analysis that improves the appendix on setting up a planning group.

-New "cause maps" illustrating problems with a priority systems and schedule compliance.

Maintenance Planning and Scheduling Handbook (McGraw-Hill Handbooks) Review

Doc Palmer is the first author to really write a handbook for the people responsible for making Maintenance Excellence a reality. It is a must for every planner, scheduler and maintenance manager. We are using this book as a textbook for our Maintenance Planning and Scheduling Seminars at all of our North American Iron Ore Mining and Processing Facilities.I highly recommend it to anyone responsible for managing and improving maintenance effectiveness. Help other customers find the most helpful reviews� Was this review helpful to you? Yes No Report abuse | PermalinkComment�Comment

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Tuesday, February 21, 2012

Herpetology: An Introductory Biology of Amphibians and Reptiles

Herpetology: An Introductory Biology of Amphibians and Reptiles

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Product Description

This third edition, now fully revised and updated by two of Dr. Zug's colleagues, provides herpetology students and amateur reptile and amphibian keepers with the latest taxonomy and species developments from around the world. Herpetology is a rapidly evolving field, which has contributed to new discoveries in many conceptual areas of biology. The authors build on this progress by updating all chapters with new literature, graphics, and discussions �many of which have changed our thinking.

With a new emphasis placed on conservation issues, Herpetology continues to broaden the global coverage from earlier editions, recognizing the burgeoning reptile and amphibian research programs and the plight of many species in all countries and all biomes.

New information on the remarkable advances in behavioral, physiological, and phylo-geographical data provide students with the current research they need to advance their education and better prepare their future in herpetology.

* The latest taxonomy data
* End-of-chapter discussions for classroom use
* 90% new photographs, now all in full color for an enhanced visual representation
* Most recent information on the exciting and developing herpetological communities in Australia, Europe, Asia, South and North Americas
* New emphasis on conservation issues surrounding herpetology

Herpetology: An Introductory Biology of Amphibians and Reptiles Review

Herpetology is an odd biological field, combining as it does the study of two distantly related groups of animals, amphibians and reptiles, yet excluding closer reptile relatives, the birds and mammals, which each claim a field of their own. An eloquent justification for taxon based science in the forward (written by Rick Shine) to this new edition of what is now a classic textbook skims over this jarring fact. This dissonant science arose more from past mistakes in classification rather than from any biological justification but errors of history may lead to unexpected insights, and this has occurred frequently for herpetologists. Besides being housed together in natural history archives (museums), suites of amphibian and reptile species co-occur in the wild and are subject to similar ecological constraints due to the fluctuation of their daily activities and metabolic processes with the vagaries of the weather. It is this comparison, between distantly related taxa that have found independent solutions to the same environmental problems, that makes herpetology a dynamic and meaningful field, as is demonstrated throughout this readable and attractive book (which I was given by the publisher for examination as a course textbook).

The book provides precisely what might be expected from the subtitle - an introduction to herpetology. It is not a comprehensive account of reptile and amphibian biology but it covers most general topics in enough detail to form a solid basis for an advanced undergraduate course. The turgid descriptions of anatomical characters and repetitive lists of species data or diagnostic traits can be found elsewhere. Instead this book focuses on the historical relationships among taxa, life history and the scientific methods of herpetology. I would particularly like to complement the authors on the figures and photos, which are embedded at appropriate places alongside the text. The line drawings, graphs and colour figures, many adapted from primary research sources, are generally crisp, clear, of a reasonable size and relevant to the text. Almost all the colour photos are striking images, with few artefacts of cutting out and placement on an artificial background. Unfortunately, the particularly stunning photo on the cover is staged and seems unnatural. The authors have gone to a great effort to bring this third edition up to date with recent research, including much of the molecular phylogenetic work that is still in a process of integration with previous knowledge. The bibliography is monumental and the categorization of references at the end of each chapter makes this list of sources more accessible. There is a short but useful glossary along with taxonomic and subject indices both of which appear comprehensive. This gives the book a long shelf life as a reference for anyone interested in doing herpetological research.

Being up to date, however, also risks being swept along with the hubris of current opinion. In particular, amphibian classification has been extensively reformulated in the past few years and a textbook like this is a prime opportunity to help us digest these changes in more friendly environment than the original research papers - with photos, maps and time-. These changes are contentious, especially where large genera such as Rana and Bufo were broken into many smaller genera on the basis of limited data. This introduces the problem of linking old and new names raised by David Hillis and colleagues, which is incompletely addressed in the taxonomic index, with little discussion of the controversy. Part of the introduction and half of the first chapter present the case for phylogenetic taxonomy. This is well reasoned and informative but to me jars with the preceeding sections of these chapters, largely due to the sparsity of herpetological reference points provided. Strangely, given the authors' critique of Linnaean taxonomy, the book is replete with tables giving hierarchical lists of names, most of which would have been better placed on a cladistic tree-of-life for those groups. I also feel that the final chapters, on classification, overemphasises the tongue-twisting clade names formed as byproducts of phylogenetic taxonomy (Phthanobatrachia; Xinosyneunitanura!). A picture tells a thousand words and a phylogenetic branch shown beside each distribution map, referring back to a complete phylogenetic tree figure for each major lineage of amphibians and reptiles, at a readable scale and including time-calibrated branch lengths and some indication of support, would be a preferable way of indicating where each group fits in the tree-of-life (the current figures are too small to achieve this). The emphasis on cladistic nomenclature over phylogeny itself becomes more irksome where the classification is unstable, usually because too few of the key species have been analyzed. I feel that the authors' might have done better at showing which groups are well supported and which are likely to change in the future.

Another minor annoyance for me were the contrived or non-specific colloquial names that have no currency where the frogs occur ("Tropical Frogs" for the Indian genus Micrixalus, or "Ameroaustralian Tree Frogs" for Hylids, a group that also occurs widely in Asia and Europe). In general I found that groups from the Americas were better covered than those from elsewhere and as this tends to reflects the authors' experience as much as the state of research. For groups that I know well in Australia and Africa I found several minor errors and more substantial ommissions that should be addressed in the next edition. For example, the Cacosternine frogs are characterized as "mostly small (< 30 mm)" yet this is a diverse group with four of the eleven genera typically larger than this, including the Maluti River-frog, Amietia umbraculata, which grows to around 150 mm in Snout-Vent length. Sphenophryne cornuta is from New Guinea and does not occur in Australia (Fig 8.16). The Myobatrachid (Fig. 17.11) genus Myxophyes occurs in the highlands of eastern New Guinea, beyond the area depicted. Contrary to Fig. 17.44 there are no Ranid frogs near the southern end of Africa (having been shifted to other families in the taxonomic changes mentioned above). Neither Ptychadenid (17.39) nor Microhylid (17.32) frogs occur along the southern edge of Africa but Rain Frogs (Brevicipitids, 17.34) do occur along the south and south-west coast (not shown), and separately extend west to Angola further north (not shown) but are highly restricted to a fragmented chain of coastal mountains of East Africa and a single range in southern Ethiopia, rather than the broad sweep shown that encompasses everything from around Lake Victoria to the horn of Africa (they do not occur in either region). Figure 17.42 shows a detailed, spuriously fragmented distribution for African Rhacophorid frogs yet Figure 17.41 confounds five African and Asian frog families in the smallest map in the book; each of these has a substantially different distribution and should have been mapped separately. The written examples are similarly patchy, with no obvious reason why some genera are discussed and others ignored (for example, Myxophyes species show a variety of egg-laying behaviours from throwing their eggs out of water on to overhanging rocks, to the excavation of 'nests'). Thoughout the book I felt that the diversity of published behaviours, life-histories and ecological stories of African, Asian and Australian frogs was underrepresented and should be looked at again for future editions.

There are several other gaps that I believe might have been covered better in this general book. Amphibians differ from reptiles in their free-living larval life-stage. Although there are scattered references to tadpoles throughout the book I felt that this was insufficient and that the book could better address the diversity of tadpole forms, feeding, antipredation adaptations, movements and factors affecting development time and metamorphosis. Also, the rapidly expanding field of phylogeography is mischaracterized here as molecular phylogenies and biogeography of species and higher taxa. This neglects the more typical characterization of phylogeography as the geographical interpretation of gene-trees within species. Consequently, although phylogeography is emphasized as an important field in which herpetology has contributed greatly, there are no actual examples used either of insights from single species studies or from comparative phylogeography.

Overall, however, these are relatively minor quibbles that can be addressed in future editions. This is really a superb book which I unhesitatingly recommend it to teachers, students and anyone who would like to gain more general knowledge of amphibians and reptiles.

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