by Salih N. Neftci
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Product Description
Bestselling author Salih Neftci presents a fresh, original, informative, and up-to-date introduction to financial engineering. The book offers clear links between intuition and underlying mathematics and an outstanding mixture of market insights and mathematical materials. Also included are end-of-chapter exercises and case studies.
In a market characterized by the existence of large pools of liquid funds willing to go anywhere, anytime in search of a few points of advantage, there are new risks. Lacking experience with these new risks, firms, governmental entities, and other investors have been surprised by unexpected and often disastrous financial losses. Managers and analysts seeking to employ these new instruments and strategies to make pricing, hedging, trading, and portfolio management decisions require a mature understanding of theoretical finance and sophisticated mathematical and computer modeling skills.
Important and useful because it analyzes financial assets and derivatives from the financial engineering perspective, this book offers a different approach than the existing finance literature in financial asset and derivative analysis. Seeking not to introduce financial instruments but instead to describe the methods of synthetically creating assets in static and in dynamic environments and to show how to use them, his book complements all currently available textbooks. It emphasizes developing methods that can be used in order to solve risk management, taxation, regulation, and above all, pricing problems.
This perspective forms the basis of practical risk management. It will be useful for anyone learning about practical elements of financial engineering.
* Exercises and case studies at end of each chapter and on-line Solutions Manual provided
* Explains issues involved in day-to-day life of traders, using language other than mathematics
* Careful and concise analysis of the LIBOR market model and of volatility engineering problems
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Average Customer Review:
0 of 0 people found the following review helpful:
 If you have one book at work, this one should be it, 2009-01-04
I've read of few books about financial products and their application, but this one is by far the best. The author's intent is to share his knowledge, rather than show it off. This title has served as a very helpful starting point quite a few times, especially when I have to get something done in a hurry.
I bought a number of copies over the years to give them to colleagues - especially those new to the financial industry. The explanations and derivations can be followed by mortals - the author does not leave out big chunks of the explanation using the old "as it can EASILY be shown". Instead, he tells the whole story to build a solid understanding of the subject matter.
0 of 0 people found the following review helpful:
great resource, 2008-12-27
Does anyone know if there is an errata available for the recent second edition yet? Neftcis' website has a preprint errata from 2004.
1 of 2 people found the following review helpful:
 terrible bookbinding, 2008-12-18
This rating is definitely not for the content of this book - the author did a superb job creating this text.
Unfortunately, my pre-ordered copy of second edition came up in a binding which teared right away and I do take a good care of my books.
No cost-cutting and financial crisis can justify using sub par glue and binding materials for a $100 book.
I am tempted to go further with analogies for the whole field of financial engineering where so many brilliant (and really working) ideas were thrown into mud by horrible execution and shallow greed.
2 of 4 people found the following review helpful:
great book, 2007-05-06
Prof. Neftci gave one of our mandatory course - Financial Engineering, in HEC Lausanne. This book is the reference book for this course. His lecture is great, a lot of jokes and funny stories as well as insights about financial engineering. However, I find out that the book is even better than his lecture.
5 of 7 people found the following review helpful:
Simply a must own for anyone with any use for Quant Finance, 2006-08-26
Neftci is one of those rare authors who can begin at the begining, explain his major point and logic without excessive jargon or short-cuts, and do so without sacrificing depth and substance.
In a field were the readable texts are for MBAs or elementary practioneers or for the initiated members of the priesthood, here is one of a few handful of authors (Wilmott and Joshi as well) that are both clear and serious, rigorous and accessible, insightful and a plerasure to read.
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