Derman My Life As A Quant Pdf To Word
Financial engineering is a multidisciplinary field involving, methods of engineering, tools of mathematics and the practice of. It has also been defined as the application of technical methods, especially from and, in the practice of. Despite its name, financial engineering does not belong to any of the in traditional professional even though many financial engineers have studied engineering beforehand and many universities offering a postgraduate degree in this field require applicants to have a background in engineering as well. In the United States, the (ABET) does not accredit financial engineering degrees. In the United States, financial engineering programs are accredited by the International Association of Quantitative Finance. Financial engineering draws on tools from,, and.
In the broadest sense, anyone who uses technical tools in finance could be called a financial engineer, for example any in a or any in a government economic bureau. However, most practitioners restrict the term to someone educated in the full range of tools of modern finance and whose work is informed by financial theory.
It is sometimes restricted even further, to cover only those originating new financial products and strategies. Financial engineering plays a key role in the customer-driven derivatives business which encompasses quantitative modelling and programming, trading and products in compliance with the regulations and Basel capital/liquidity requirements. Contents • • • • • • • History [ ] The financial engineering program at was the first curriculum to be certified by the. Related terms [ ] Computational finance and mathematical finance are both subfields of financial engineering. Computational finance is a field in computer science and deals with the data and algorithms that arise in financial modeling. Mathematical finance is the application of to finance.
DOI: 10.3233/AF-2011-001. Abstract, HTML, and PDF: Emanuel Derman, Columbia University. Ming-Yang Kao, Northwestern University. Pete Kyle, University of. Author of My Life As A Quant, one of Business Week's top ten books of the year, in which he introduced the quant world.
('Quant') is a broad term that covers any person who uses math for practical purposes, including financial engineers. Quant is often taken to mean “financial quant,” in which case it is similar to financial engineer.
The difference is that it is possible to be a theoretical quant, or a quant in only one specialized niche in finance, while “financial engineer” usually implies a practitioner with broad expertise. “” () is an older term, first coined in the development of rockets in WWII (), and later, the NASA space program; it was adapted by the first generation of financial quants who arrived on in the late 1970s and early 1980s. While basically synonymous with financial engineer, it implies adventurousness and fondness for. Financial 'Rocket scientists' were usually trained in applied mathematics, or finance; and spent their entire careers in risk-taking. They were not hired for their mathematical talents, they either worked for themselves or applied mathematical techniques to traditional financial jobs. The later generation of financial engineers were more likely to have PhDs in mathematics or and often started their careers in academics or non-financial fields. The first degree programs in financial engineering were set up in the early 1990s.
The number and size of programs has grown rapidly, so now some people use the term “financial engineer” to mean someone who has a degree in the field. An older use of the term 'financial engineering' that is less common today is aggressive restructuring of corporate. It is generally (but not always) a disparaging term, implying that someone is profiting from paper games at the expense of employees and investors. Fields [ ] The main applications of financial engineering are to: • • • Execution • • • • • Trading • Criticisms [ ] See also:;. One of the critics of financial engineering is, a professor of financial engineering at who argues that it replaces common sense and leads to disaster. A series of economic collapses has led many governments to argue a return to 'real' from financial engineering. Many other authors have identified specific problems in financial engineering that caused catastrophes: named confusion between quants and regulators over the meaning of “capital”, gently pointed to the Gaussian, Ian Stewart criticized the, Pablo Triana dislikes and accused quantitative traders and later high-frequency traders.
A gentler criticism came from who heads a financial engineering degree program at Columbia University. He blames over-reliance on models for financial problems. The often associated with financial engineers was mocked by former chairman of the Federal Reserve in 2009 when he said it was a code word for risky securities, that brought no benefits to society.
For most people, he said, the advent of the was more crucial than any. See also [ ] • • • • • • • • Further reading [ ] Beder, Tanya S.; Marshall, Cara M. Financial Engineering: The Evolution of a Profession. John Wiley & Sons.
References [ ]. Columbia University Department of Industrial Engineering and Operations Research. Retrieved 2017-01-18. Beder and Cara M.
Marshall, Financial Engineering: The Evolution of a Profession, Wiley (June 7, 2011) 9814 • Entry requirements Imperial College Business School. Entry requirements Imperial College Business School.
[ONLINE] Available at:. [Accessed 30 June 2016].
Add to My References •.. Retrieved 26 April 2013. International Association of Financial Engineers. Free T Shirt Iron On Programs Running here.
Retrieved 2012-07-22. Akansu and Mustafa U. (2015), A Primer for Financial Engineering: Financial Signal Processing and Electronic Trading, Boston, MA: Academic Press, • ^ Salih N.
Neftci, Principles of Financial Engineering, Academic Press (December 15, 2008) 9744 • ^ Robert Dubil, Financial Engineering and Arbitrage in the Financial Markets, Wiley (October 11, 2011) 9011 • Qu, Dong (2016).. Polytechnic Institute of NYU. Retrieved 2012-05-09. • Espen Gaarder Haug, Derivatives Models on Models, Wiley (July 24, 2007) 9229 • Richard R.
The Moon's cosmic ray shadow, as seen in secondary muons generated by cosmic rays in the atmosphere, and detected 700 meters below ground, at the detector Second,, Symbol μ − Antimuon ( μ + ) Discovered, (1936) 374500000♠105.658 3745(24) 110000000♠2.196 9811(22) ×10 −6,, (most common) −1 None 1 / 2: − 1 / 2,: 0: −1,: −2 The muon (; from the letter (μ) used to represent it) is an similar to the, with an of −1 e and a, but with a much greater mass. It is classified as a. As is the case with other leptons, the muon is not believed to have any sub-structure — that is, it is not thought to be composed of any simpler particles. The muon is an unstable with a of 000000000♠2.2, much longer than many other subatomic particles. As with the decay of the non-elementary (with a lifetime around 15 minutes), muon decay is slow (by subatomic standards) because the decay is mediated by the exclusively (rather than the more powerful or ), and because the mass difference between the muon and the set of its decay products is small, providing few kinetic for decay.
Muon decay almost always produces at least three particles, which must include an of the same charge as the muon and two of different types. Like all elementary particles, the muon has a corresponding of opposite charge (+1 e) but equal and spin: the antimuon (also called a positive muon). Muons are denoted by μ − and antimuons by μ +. Muons were previously called mu mesons, but are not classified as by modern particle physicists (see ), and that name is no longer used by the physics community. Muons have a of 000000000♠105.7, which is about 207 times that of the electron. Due to their greater mass, muons are not as sharply accelerated when they encounter electromagnetic fields, and do not emit as much (deceleration radiation).
This allows muons of a given energy to into matter than electrons since the deceleration of electrons and muons is primarily due to energy loss by the bremsstrahlung mechanism. As an example, so-called 'secondary muons', generated by hitting the atmosphere, can penetrate to the Earth's surface, and even into deep mines.
Because muons have a very large mass and energy compared with the of radioactivity, they are never produced. They are, however, produced in copious amounts in high-energy interactions in normal matter, in certain experiments with, or naturally in interactions with matter. These interactions usually produce initially, which most often decay to muons.
As with the case of the other charged leptons, the muon has an associated, denoted by ν μ, which is not the same particle as the, and does not participate in the same nuclear reactions. Contents • • • • • • • • • • • • • • • History [ ] Muons were discovered by and at in 1936, while studying. Anderson noticed particles that curved differently from electrons and other known particles when passed through a. They were negatively charged but curved less sharply than electrons, but more sharply than, for particles of the same velocity. It was assumed that the magnitude of their negative electric charge was equal to that of the electron, and so to account for the difference in curvature, it was supposed that their mass was greater than an electron but smaller than a proton. Thus Anderson initially called the new particle a mesotron, adopting the prefix meso- from the Greek word for 'mid-'.
The existence of the muon was confirmed in 1937 by and E. C. Stevenson's experiment. A particle with a mass in the meson range had been predicted before the discovery of any mesons, by theorist: It seems natural to modify the theory of Heisenberg and Fermi in the following way. The transition of a heavy particle from neutron state to proton state is not always accompanied by the emission of light particles. The transition is sometimes taken up by another heavy particle. Because of its mass, the mu meson was initially thought to be Yukawa's particle, but it later proved to have the wrong properties.
Yukawa's predicted particle, the pi meson, was finally identified in 1947 (again from cosmic ray interactions), and shown to differ from the earlier-discovered mu meson by having the correct properties to be a particle which mediated the. With two particles now known with the intermediate mass, the more general term was adopted to refer to any such particle within the correct mass range between electrons and nucleons. Further, in order to differentiate between the two different types of mesons after the second meson was discovered, the initial mesotron particle was renamed the mu meson (the Greek letter μ ( mu) corresponds to m), and the new 1947 meson (Yukawa's particle) was named the. As more types of mesons were discovered in accelerator experiments later, it was eventually found that the mu meson significantly differed not only from the pi meson (of about the same mass), but also from all other types of mesons. The difference, in part, was that mu mesons did not interact with the, as pi mesons did (and were required to do, in Yukawa's theory). Newer mesons also showed evidence of behaving like the pi meson in nuclear interactions, but not like the mu meson. Also, the mu meson's decay products included both a and an, rather than just one or the other, as was observed in the decay of other charged mesons.
In the eventual of particle physics codified in the 1970s, all mesons other than the mu meson were understood to be —that is, particles made of —and thus subject to the. In the quark model, a meson was no longer defined by mass (for some had been discovered that were very massive—more than ), but instead were particles composed of exactly two quarks (a quark and antiquark), unlike the, which are defined as particles composed of three quarks (protons and neutrons were the lightest baryons). Mu mesons, however, had shown themselves to be fundamental particles (leptons) like electrons, with no quark structure. Thus, mu mesons were not at all, in the new sense and use of the term meson used with the quark model of particle structure. With this change in definition, the term mu meson was abandoned, and replaced whenever possible with the modern term muon, making the term mu meson only historical. In the new quark model, other types of mesons sometimes continued to be referred to in shorter terminology (e.g., pion for pi meson), but in the case of the muon, it retained the shorter name and was never again properly referred to by older 'mu meson' terminology. The eventual recognition of the 'mu meson' muon as a simple 'heavy electron' with no role at all in the nuclear interaction, seemed so incongruous and surprising at the time, that Nobel laureate famously quipped, 'Who ordered that?'
In the (1941), muons were used to observe the (or alternatively, ) predicted by, for the first time. Muon sources [ ] Muons arriving on the Earth's surface are created indirectly as decay products of collisions of cosmic rays with particles of the Earth's atmosphere. About 10,000 muons reach every square meter of the earth's surface a minute; these charged particles form as by-products of cosmic rays colliding with molecules in the upper atmosphere. Traveling at relativistic speeds, muons can penetrate tens of meters into rocks and other matter before attenuating as a result of absorption or deflection by other atoms. When a cosmic ray proton impacts atomic nuclei in the upper atmosphere, are created.
These decay within a relatively short distance (meters) into muons (their preferred decay product), and. The muons from these high energy cosmic rays generally continue in about the same direction as the original proton, at a velocity near the speed of light. Although their lifetime without relativistic effects would allow a half-survival distance of only about 456 m (2.197 µs×ln(2) × 0.9997×c) at most (as seen from Earth) the effect of (from the viewpoint of the Earth) allows cosmic ray secondary muons to survive the flight to the Earth's surface, since in the Earth frame, the muons have a longer half life due to their velocity. From the viewpoint () of the muon, on the other hand, it is the effect of special relativity which allows this penetration, since in the muon frame, its lifetime is unaffected, but the length contraction causes distances through the atmosphere and Earth to be far shorter than these distances in the Earth rest-frame. Both effects are equally valid ways of explaining the fast muon's unusual survival over distances.
Since muons are unusually penetrative of ordinary matter, like neutrinos, they are also detectable deep underground (700 meters at the detector) and underwater, where they form a major part of the natural background ionizing radiation. Like cosmic rays, as noted, this secondary muon radiation is also directional. The same nuclear reaction described above (i.e. Acer Aspire 5720 Bluetooth Drivers Windows 7 there. Hadron-hadron impacts to produce pion beams, which then quickly decay to muon beams over short distances) is used by particle physicists to produce muon beams, such as the beam used for the muon. Muon decay [ ]. The most common decay of the muon Muons are unstable elementary particles and are heavier than electrons and neutrinos but lighter than all other matter particles. They decay via the.
Because are conserved in the absence of an extremely unlikely immediate, one of the product neutrinos of muon decay must be a muon-type neutrino and the other an electron-type antineutrino (antimuon decay produces the corresponding antiparticles, as detailed below). Because charge must be conserved, one of the products of muon decay is always an electron of the same charge as the muon (a positron if it is a positive muon). Thus all muons decay to at least an electron, and two neutrinos.
Sometimes, besides these necessary products, additional other particles that have no net charge and spin of zero (e.g., a pair of photons, or an electron-positron pair), are produced. The dominant muon decay mode (sometimes called the Michel decay after ) is the simplest possible: the muon decays to an electron, an electron antineutrino, and a muon neutrino. Antimuons, in mirror fashion, most often decay to the corresponding antiparticles: a, an electron neutrino, and a muon antineutrino. In formulaic terms, these two decays are: μ − → e − + + ν μ μ + → + ν e + ν μ The mean lifetime, τ = ħ/ Γ, of the (positive) muon is ( 110000000♠2.196 9811 ±0.000 0022 ) µs. The equality of the muon and antimuon lifetimes has been established to better than one part in 10 4. Prohibited decays [ ] Certain neutrino-less decay modes are kinematically allowed but are, for all practical purposes, forbidden in the Standard Model, even given that neutrinos have mass and oscillate. Examples forbidden by lepton flavour conservation are: μ − → e − + γ and μ − → e − + e + + e −.
To be precise: in the Standard Model with neutrino mass, a decay like μ − → e − + γ is technically possible, for example by of a virtual muon neutrino into an electron neutrino, but such a decay is astronomically unlikely and therefore should be experimentally unobservable: less than one in 10 50 muon decays should produce such a decay. Observation of such decay modes would constitute clear evidence for theories. Upper limits for the branching fractions of such decay modes were measured in many experiments starting more than 50 years ago. The current upper limit for the μ + → e + + γ branching fraction was measured 2009–2013 in the experiment and is 4.2 × 10 −13. Theoretical decay rate [ ]. Main article: Since muons are much more deeply penetrating than or, muon imaging can be used with much thicker material or, with cosmic ray sources, larger objects.
One example is commercial muon tomography used to image entire cargo containers to detect shielded, as well as explosives or other contraband. The technique of muon transmission radiography based on cosmic ray sources was first used in the 1950s to measure the depth of the of a tunnel in Australia and in the 1960s to search for possible hidden chambers in the in. In 2017, the discovery of a large void (with a length of 30 m minimum) by observation of cosmic-ray muons was reported. In 2003, the scientists at developed a new imaging technique: muon scattering tomography. With muon scattering tomography, both incoming and outgoing trajectories for each particle are reconstructed, such as with sealed aluminum. Since the development of this technique, several companies have started to use it.
In August 2014, Decision Sciences International Corporation announced it had been awarded a contract by for use of its muon tracking detectors in reclaiming the nuclear complex. The Fukushima Daiichi Tracker (FDT) was proposed to make a few months of muon measurements to show the distribution of the reactor cores. In December 2014, reported that they would be using two different muon imaging techniques at Fukushima, 'Muon Scanning Method' on Unit 1 (the most badly damaged, where the fuel may have left the reactor vessel) and 'Muon Scattering Method' on Unit 2. The International Research Institute for Nuclear Decommissioning in Japan and the High Energy Accelerator Research Organization call the method they developed for Unit 1 the muon permeation method; 1,200 optical fibers for wavelength conversion light up when muons come into contact with them. After a month of data collection, it is hoped to reveal the location and amount of fuel debris still inside the reactor. The measurements began in February 2015.
See also [ ] • • • • •, searching for the elusive coherent neutrino-less conversion of a muon to an electron in J-PARC •, an experiment to detect neutrinoless conversion of muons to electrons • References [ ]. Neddermeyer, C.D. Anderson; Anderson (1937).
'Note on the Nature of Cosmic-Ray Particles'.. 51 (10): 884–886... Stevenson; Stevenson (1937). 'New Evidence for the Existence of a Particle of Mass Intermediate Between the Proton and Electron'.. 52 (9): 1003–1004... Weinberg; Weinberg (1961). 'Law of Conservation of Muons'..
6 (7): 381–383... • Serway & Faughn (1995). College Physics (4th ed.)..
Knecht (2003).. Duplantier; V. 2002: Vacuum Energy – Renormalization.. Derman (2004). My Life As A Quant.. External links [ ] • • • • • • • King, Philip.. Backstage Science..