Financial Modelling in Python (The Wiley Finance Series) |  | Authors: Shayne Fletcher, Christopher Gardner
Publisher: Wiley
List Price: $130.00
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Seller: pbshop
Rating:  3 reviews
Sales Rank: 806245
Media: Hardcover
Edition: Har/Cdr
Pages: 244
Number Of Items: 1
Shipping Weight (lbs): 1.4
Dimensions (in): 9.8 x 6.9 x 1
ISBN: 0470987847
Dewey Decimal Number: 332.02855133
EAN: 9780470987841
ASIN: 0470987847
Publication Date: August 11, 2009
Availability: Usually ships in 1-2 business days
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| Editorial Reviews:
Product Description
“Fletcher and Gardner have created a comprehensive resource that will be of interest not only to those working in the field of finance, but also to those using numerical methods in other fields such as engineering, physics, and actuarial mathematics. By showing how to combine the high-level elegance, accessibility, and flexibility of Python, with the low-level computational efficiency of C++, in the context of interesting financial modeling problems, they have provided an implementation template which will be useful to others seeking to jointly optimize the use of computational and human resources. They document all the necessary technical details required in order to make external numerical libraries available from within Python, and they contribute a useful library of their own, which will significantly reduce the start-up costs involved in building financial models. This book is a must read for all those with a need to apply numerical methods in the valuation of financial claims.” –David Louton, Professor of Finance, Bryant University This book is directed at both industry practitioners and students interested in designing a pricing and risk management framework for financial derivatives using the Python programming language. It is a practical book complete with working, tested code that guides the reader through the process of building a flexible, extensible pricing framework in Python. The pricing frameworks' loosely coupled fundamental components have been designed to facilitate the quick development of new models. Concrete applications to real-world pricing problems are also provided. Topics are introduced gradually, each building on the last. They include basic mathematical algorithms, common algorithms from numerical analysis, trade, market and event data model representations, lattice and simulation based pricing, and model development. The mathematics presented is kept simple and to the point. The book also provides a host of information on practical technical topics such as C++/Python hybrid development (embedding and extending) and techniques for integrating Python based programs with Microsoft Excel. The book is accompanied by a CD ROM containing a code library; and a companion website www.wiley.com/go/fletcher_python which will feature code-based updates relating to Python 3.0.
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| Customer Reviews:
 This book is so bad, maybe the worst I ever read October 18, 2009
Shlomi Ben-shoshan (New York, NY)
1 out of 1 found this review helpful
I am a quant, dealing with financial modeling on daily basis, and this book is the worst that I have ever used.
I had great expectations because I love python but I was so disappointed.
It is really complicated to use the CD and the explanations are so poor.
The book is mostly full with code without real explanations.
Don't buy this book and don't waste your money. It is very bad.
I dont like to write bad reviews, actually it is my first time but this book is very bad.
useful attempt but confused authors... October 10, 2009
unknowncoward (Rio, Brazil)
0 out of 6 found this review helpful
Python is useful, no doubt. But have you been involved in the design, implementation and maintenance of a flexible large scale pricing and risk management system? Probably not, because otherwise you would certainly have thought much much harder about the section on misconceptions about python. I don't see that you actually dispel the fact a) python is slow and b) it leads to messy code. Both these features are true. It is too slow for most applications and that is a very serious problem. And yes it does lead to messy code unless you are very organized with very strict rules. Now there are a couple of things that I like about the book. I find the hybrid engineering approach of the authors very good, but I don't think that they go quite far enough in their proposals. They just haven't thought hard enough about the problem. The applications are not useful in a real world application. Basing your argument about python on a cheap implementation of the Hull-White model is just a joke.
Nevertheless this book deserves one star, because I think that python is truly useful for prototyping and can be taken a long way in a real hybrid system. The details will just have to be worked out by somebody else.
Good job, congratulations!
 This one has been due for quite some time September 23, 2009
A. Valencia (Cambridge, MA)
1 out of 2 found this review helpful
Finally, a book that convincingly describes the reason these technologies, much of which have been available for a while, are arguably the best and most efficient for many of the tasks in this field.
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