Mathematics for Finance: An Introduction to Financial Engineering (Springer Undergraduate Mathematics Series) | 
 enlarge | Authors: Marek Capinski, Tomasz Zastawniak
Publisher: Springer
Category: Book
List Price: $39.95
Buy New: $25.17
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Rating:  10 reviews
Sales Rank: 215658
Media: Paperback
Pages: 310
Number Of Items: 1
Shipping Weight (lbs): 1.3
Dimensions (in): 9.1 x 6.9 x 0.9
ISBN: 1852333308
Dewey Decimal Number: 332.60151
EAN: 9781852333300
Publication Date: July 6, 2003
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Product Description
Designed to form the basis of an undergraduate course in mathematical finance, this book builds on mathematical models of bond and stock prices and covers three major areas of mathematical finance that all have an enormous impact on the way modern financial markets operate, namely: Black-Scholes' arbitrage pricing of options and other derivative securities; Markowitz portfolio optimization theory and the Capital Asset Pricing Model; and interest rates and their term structure. Assuming only a basic knowledge of probability and calculus, it covers the material in a mathematically rigorous and complete way at a level accessible to second or third year undergraduate students. The text is interspersed with a multitude of worked examples and exercises, so it is ideal for self-study and suitable not only for students of mathematics, but also students of business management, finance and economics, and anyone with an interest in finance who needs to understand the underlying theory.
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| Customer Reviews: Read 5 more reviews...
 A great introduction to financial engineering April 9, 2004
30 out of 31 found this review helpful
This is a great book at a great price. As an undegraduate student reading for a degree in mathematics with financial management, I've found this textbook to be of great help in the derivative securities and portfolio theory modules I am doing this year. There is a nice balance between examples, theory, and exercises (all complete with solutions). The examples and excercises have been particularly helpful to me - they don't just illustrate and consolidate the various topics, but most importantly prepare the ground for the exciting new ideas to come. Compared to other books recommended for my mudules in mathematical finance, this is by far the most readable. What seems to be daunting mathematical theory full of unnesessary abstractions in the other books I have tried, this one has somehow managed to appear easy, indeedd almost obvious when you come to think of it (just look at pricing American options, for example!).There are a few typos in various places and it is well worth visiting the book's web page at www.springeronline.com/1-85233-330-8 (and click on the accompanying website) for a list of corrections. At the same place, I have also located some nice Excel files that can be downloaed, with numerical solutions to case studies and excercises in the more advanced chapters - these are neatly designed and are of great help in following the text. I just wish there was even more material covered in similar Excel files. In all respects, a great book this, and well worth spending under 20 quid.
Excellent Starting Place for Financial Software Developers December 29, 2004
J.F. (NY, NY)
28 out of 29 found this review helpful
While shy on the mathematics for the would-be-quants, this treatment of mathematical financial is way beyond the mundane coverage typically seen in MBA-level texts, is widely accessible, and very well written.
The other reviewer's comments on Black-Scholes are wrong. Chapter eight is entirely devoted to the Black-Scholes formula and models and Chapter nine is a study in its applications (hedging the greeks, etc...)
Smarter than many of the more high-level math texts (Joshi, Willmott, Neftci, etc...) in that it is both an introduction to the financial topics as well as the mathematics and links the intuitive (and counter-intuitive) observations of how financial instruments should behave with the formal and mathematical discussion of how they really do behave.
Not nearly as good in the math as the others mentioned.
The very best intro. . .Ideal for self-study June 6, 2005
Polymath-In-Training (Olive Branch, MS United States)
28 out of 30 found this review helpful
Part of my job is executing derivatives trades and doing risk management. This is the best introduction to financial engineering that I have seen. The authors explain their topic clearly. A major strength of the book is the numerous exercises, WITH WORKED SOLUTIONS. If you work through most of the exercises, your understanding of financial engineering will be greatly enhanced.
This book is ideal for self-study. At under $40, it is better than other books at twice the price. I recommend it without reservation.
an excellent introduction March 12, 2004
14 out of 16 found this review helpful
Absolutely fantastic introduction to Financial Engineering. The first thing that strikes me about this gem is that it is very readable: the authors' writing style is straight-forward and concise, and at the same time manages to explain the concepts very well: no lecturing, no wordiness. There is a prevailing pattern of presentation to ideas: introduction, example, theorem, proof, excercise, and it works out wonderfully. The text is well integrated with equations. Well worth the money.
Joining the chorus August 2, 2005
Martin Unsal (Sunnyvale, CA USA)
7 out of 9 found this review helpful
I can only echo the other reviewers. As far as I can tell this book has no serious competition. This is an excellent introduction to mathematical finance for those with a solid undergraduate level understanding of higher math but without graduate level exposure. I agree that it is ideal for self study as that is exactly what I am using it for. The price is right especially in contrast with its overpriced brethren. Five stars!
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