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Mathematics for Finance: An Introduction to Financial Engineering (Springer Undergraduate Mathematics Series), by Marek Capiński, Tomasz
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As with the first edition, Mathematics for Finance: An Introduction to Financial Engineering combines financial motivation with mathematical style. Assuming only basic knowledge of probability and calculus, it presents three major areas of mathematical finance, namely Option pricing based on the no-arbitrage principle in discrete and continuous time setting, Markowitz portfolio optimisation and Capital Asset Pricing Model, and basic stochastic interest rate models in discrete setting.
From the reviews of the first edition:
”This text is an excellent introduction to Mathematical Finance. Armed with a knowledge of basic calculus and probability a student can use this book to learn about derivatives, interest rates and their term structure and portfolio management.”(Zentralblatt MATH)
”Given these basic tools, it is surprising how high a level of sophistication the authors achieve, covering such topics as arbitrage-free valuation, binomial trees, and risk-neutral valuation.” (www.riskbook.com)
”The reviewer can only congratulate the authors with successful completion of a difficult task of writing a useful textbook on a traditionally hard topic.” (K. Borovkov, The Australian Mathematical Society Gazette, Vol. 31 (4), 2004)
- Sales Rank: #433867 in Books
- Brand: Brand: Springer
- Published on: 2010-11-25
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x .80" w x 6.10" l, 1.09 pounds
- Binding: Paperback
- 336 pages
Features
- Used Book in Good Condition
Review
From the reviews of the second edition:
“This second edition … is to start each chapter with the presentation of a case study and to end each chapter with a thorough discussion of that study. The authors also added new material on time-continuous models, along with the essentials of the mathematical arguments. … The current book is more substantial … . Summing Up: Recommended. Upper-division undergraduates and graduate students.” (D. Robbins, Choice, Vol. 48 (10), June, 2011)
“Throughout the text, the authors invite active reader participation. One way is by opening and closing each chapter with a case study. … authors have embedded all of the exercises in the discussion. … Solutions to all exercises appear in an appendix. This makes the book excellent for self-study. … this book provides an excellent introduction to financial engineering. … authors display impressive dexterity in ushering the reader from basics to an understanding of some of the deepest and most far-reaching ideas in the discipline.” (David A. Huckaby, The Mathematical Association of America, February, 2011)
“This second edition consists of standard topics for undergraduate level financial mathematics courses, plus an introduction to materials from an advanced level course. … Each chapter starts with a case study and ends with a discussion on it using the material taught in the chapter. In general this book provides many examples and exercises, which is very useful for helping readers to understand the materials covered. Overall this is a great book for upper level undergraduate students and those who want to self-study financial engineering.” (Youngna Choi, Mathematical Reviews, Issue 2012 e)
“This textbook presents … three major areas of mathematical finance at a level suitable for second or third year undergraduate students in mathematics, business management, finance or economics. … The text is interspersed with a multitude of elaborated examples and exercises, complete with solutions, providing ample material for tutorials as well as making the book good for self-study.” (Yuliya S. Mishura, Zentralblatt MATH, Vol. 1207, 2011)
From the Back Cover
As with the first edition, Mathematics for Finance: An Introduction to Financial Engineering combines financial motivation with mathematical style. Assuming only basic knowledge of probability and calculus, it presents three major areas of mathematical finance, namely option pricing based on the no-arbitrage principle in discrete and continuous time setting, Markowitz portfolio optimisation and the Capital Asset Pricing Model, and basic stochastic interest rate models in discrete setting.
In this second edition, the material has been thoroughly revised and rearranged. New features include:
• A case study to begin each chapter – a real-life situation motivating the development of theoretical tools;
• A detailed discussion of the case study at the end of each chapter;
• A new chapter on time-continuous models with intuitive outlines of the mathematical arguments and constructions;
• Complete proofs of the two fundamental theorems of mathematical finance in discrete setting.
From the reviews of the first edition:
”This text is an excellent introduction to Mathematical Finance. Armed with a knowledge of basic calculus and probability a student can use this book to learn about derivatives, interest rates and their term structure and portfolio management.”(Zentralblatt MATH)
”Given these basic tools, it is surprising how high a level of sophistication the authors achieve, covering such topics as arbitrage-free valuation, binomial trees, and risk-neutral valuation.” (www.riskbook.com)
”The reviewer can only congratulate the authors with successful completion of a difficult task of writing a useful textbook on a traditionally hard topic.” (K. Borovkov, The Australian Mathematical Society Gazette, Vol. 31 (4), 2004)
Most helpful customer reviews
22 of 29 people found the following review helpful.
too theoretical, no real financial applications
By jchen
I am a math finance student who will soon start a summer internship on Wall Street. I want to leave feedback for the best and worst books that I used in my studies so far.
I read this book before starting my studies. With what I know now, I can say that the time was not well spent working through it. The mathematics topics are very dry and theoretical. The examples from finance are mostly theoretical and some seemed cooked up and unrealistic. It is a book written by mathematics professors and is mostly a mathematics book (with watered down mathematics) where the finance applications are like second thoughts. It has little to do with what a practitioner would teach (as I saw in my classes) and does not teach things useful in the real world.
"The Concepts and Practice of Mathematical Finance" by Joshi is much better in this respect. And before starting studies, Stefanica "A Primer For The Mathematics Of Financial Engineering" is much more useful.
2 of 2 people found the following review helpful.
jumps from easy problem to super hard
By Arcangelo
book has typos in every chapter, wrong answers in back, jumps from easy problem to super hard. Explanation is deficient. If you do not have a excellent professor whom explains the material, the book is not really useful. The topics are fascinating though.
5 of 7 people found the following review helpful.
Accessible to students who have learned multivariable calculus and basic probability
By Ulfilas
I bought this book soon after it came out in 2004. This book is fairly easy to read and gives understandable definitions and introductions to such concepts as short selling. This authors build up to probabilistic concepts that ultimately find expression in the Black-Sholes equation--which evidently helped glean for its inventors the 1997 Nobel Prize in economics. Actually, I lost much of my interest in this book soon after I realized that it offered no insight on how to assess the risk of individual securities. This book shows you how to assess the risk of a portfolio, but only if you already know the risk of each security in that portfolio. I gather that this problem sunk the world economy in 2008!
The mathematical level of this book corresponds to that of an undergraduate who has had a course in probability as well as differential, integral, and multivariable calculus--including a passing acquaintance with differential equations. Certainly any junior-level mathematics, physical sciences, or engineering major would have the mathematics background appropriate for this course. It is also likely a high school student who had aced a year-long calculus course, as well as a math methods course that included probability as a topic, would be able to understand this book.
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