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Title: Introduction to the Mathematics of Financial Derivatives by Salih Neftci, Salih N. Neftci ISBN: 0-12-515392-9 Publisher: Academic Press Pub. Date: April, 2000 Format: Hardcover Volumes: 1 List Price(USD): $69.95 |
Average Customer Rating: 3.87 (45 reviews)
Rating: 3
Summary: Good explanations, with serious hand-waving
Comment: I used this book to teach a Financial Mathematics course, and found its explanations to be generally clear and good. However, part of the reason the text seems so clear is that it doesn't explain much of what's really going on. It covers the right material, but not really in such a way that the reader can then go on to apply the knowledge gained.This is evidenced by the complete (and almost unforgiveable) lack of exercises in the book. It is very easy to feel you understand this sort of material, only to be completely lost when you actually have to solve a problem. Neftci will not help in this regard. I understand that it is difficult to create good exercises, but their absence almost makes me wonder if Neftci realized he was not explaining things in enough detail to let the student actually work with the knowledge. Exercises are the only way to really learn this subject.A basic problem with all these texts is that, try as they might, they cannot impart true understanding unless the student can grasp real analysis at, say, an undergraduate level typically reached by students at a good engineering school. This text tries to avoid the problem by failing to mention any of the analysis...that's not likely to work.
Rating: 4
Summary: An ideal guide for introductory mathematics on derivatives
Comment: Neftci does a good job in introducing the mathematics of financial derivatives to its readers. This book is ideal for MBA level quant finance knowledge. It does not go into rigorous mathematical depth but does a smart job of discussing the physics behind the principles of pricing derivative securities. The best part about this book is its parallel handling of PDE approach and the equivalent martingale measure. There is sufficient coverage for introductory level fixed income pricing mechanisms. The book does a good job in the end by converging the ideas of the two pricing methods. This gives a lot of clarity in the science behind such derivative contracts.
Although the theory is covered clearly the problems are not correlated with the chapter contents. Do not get disheartened if you are not able to ace the problems. Rather use this book to build the base and clear the concepts.
Rating: 5
Summary: I love the style
Comment: Straight to the point, clean, clear, very nice.
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Title: Options, Futures, and Other Derivatives (5th Edition) by John C. Hull ISBN: 0130090565 Publisher: Prentice Hall Pub. Date: 03 July, 2002 List Price(USD): $146.00 |
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Title: The Mathematics of Financial Derivatives : A Student Introduction by Paul Wilmott, Sam Howison, Jeff Dewynne ISBN: 0521497892 Publisher: Cambridge University Press Pub. Date: 29 September, 1995 List Price(USD): $37.00 |
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Title: Financial Calculus : An Introduction to Derivative Pricing by Martin Baxter, Andrew Rennie ISBN: 0521552893 Publisher: Cambridge University Press Pub. Date: 19 September, 1996 List Price(USD): $47.95 |
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Title: Advanced modelling in finance using Excel and VBA by Mary Jackson, Mike Staunton ISBN: 0471499226 Publisher: John Wiley & Sons Pub. Date: 30 May, 2001 List Price(USD): $75.00 |
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Title: Options, Futures and Other Derivatives, Fifth Edition (Solutions Manual) by John C. Hull ISBN: 0130091448 Publisher: Pearson Higher Education Pub. Date: 2002 List Price(USD): $39.00 |
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