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Mathematician and consultant Shestopaloff thoroughly explores the world of financial mathematics in a volume that will be valuable to anyone in the field. Beginning with interest and considering annuities, mortgages, and investment and risk measurement methods, Shestopaloff uncovers the complexities of investment mathematics with clear, understandable text accompanied by numerous derivations, examples, graphs and tables. Topics studied include the internal rate of return which the author considers in a lengthy discussion that includes its relationship with similar calculations and nominal and effective interest rates. He also considers compounding using various computational methods and linking a more accurate alternative to geometric linking, which is applied to financial trading. Shestopaloff discusses measurement of risk with details of the various risks and quantifying methods that are involved in investing, such as risks in interest rate, volatility, operational risk, downside risk and more. He briefly explains the probabilistic calculations involved. The introductory text includes definitions of all terms and rapidly advances through equations to allow mathematicians of different skill levels to follow the explanations. An associated software package is available, and the author briefly reviews computation methods, as well as the accuracy obtained by different methods. Shestopaloff ends with a caution that although software may make many of these calculations invisibly and easily it is still imperative to understand the mathematics behind the software. His explanations are thorough without excessive wordiness and the text smoothly accompanies equations and derivations. The author helpfully analyzes business consequences alongside the mathematics. The detailed index and table of contents, with paged references to subtopics, make this a very convenient reference book. Although additional editing could have corrected minor linguistic issues, readers will find the text easy to comprehend. Shestopaloff has presented many of these topics in previous peer-reviewed journal papers, but academics, students and professionals from programmers to financial mathematicians will find this a convenient one-volume guide, well-written and seamless. A valuable addition to the financial mathematician s library. --Kirkus Discoveries, Nielsen Business Media
("Sums of exponential function and their new fundamental properties" and "Science of inexact mathematics"): "Both titles are very impressive academic works and the Library is very pleased to acquire these publications for inclusion to the collections" --Library of Congress, Science, Tech and Business recommender wrote about books by Yuri K. Shestopaloff
A work of impressive scholarship, Yuri Shestopaloff's "Science of Inexact Mathematics" is especially recommended for academic, governmental, and professional library collections and is a valued contribution as a graduate level mathematics curriculum supplemental resource. --Midwest Book Review (Oregon, WI USA)
Doctor of Sciences presents a comprehensive monograph on investment analysis, introducing new methods and unifying existing ones within a single conceptual framework; the book ranges from its theoretical underpinnings to the software implementation of particular algorithms, e.g. for the fast computation of the Internal Rate of Return. --ForeWord Magazine, Business & Economics
--Kirkus Discoveries, Nielsen Business Media
For dedicated mathematicians, there is as much art and beauty as there is science in their calculations, formulas, precepts, concepts, and expositions. There is also utility, practicality, insight, and value in the application of mathematical principals to financial systems and the economy which are complex compilations of factors that mathematicians develop models to explain otherwise inexplicable and seemingly random phenomena. That's why Yuri Shestopaloff's "Science of Inexact Mathematics: Investment Performance Measurement, Mortgages and Annuities, Computing Algorithms, Attribution, Risk Valuation" is such a seminal work in the field of applied mathematics to financial issues and economic performances with respect to investment strategies and interpretations. Offering detailed computing algorithms (including software implementation), the informed and informative text is enhanced with numerical examples, graphical and tabular illustrations throughout. A work of impressive scholarship, Yuri Shestopaloff's "Science of Inexact Mathematics" is especially recommended for academic, governmental, and professional library collections and is a valued contribution as a graduate level mathematics curriculum supplemental resource. --Midwest Book Review (Oregon, WI USA)
As I have worked in numerical analysis and in the banking industry, I think that the book adds great value to the area of performance measurement. The concepts are introduced with mathematical precision accompanied by through descriptions. I found many issues addressed for the first time. As an example, the role of the Newton-Raphson iteration and similar methods for computing the internal rate of rate are illustrated in detail. Generally, the importance and power of mathematical methods in performance measurement is greatly emphasized. The book adds value to in-depth portfolio analysis, because return and risk considerations are in the centre of the material presented. This book is a must for every professional in the finance industry.--Dr. Wolfgang Marty, Vice President of CREDIT SUISSE, Zurich, Switzerland
I knew the author as a system architect, when he was designing an investment performance measurement system for the Royal Bank of Canada. (That time, I was a Director of this department.) In this review, I am looking at the book from the perspective of a system designer, one who has to understand all related mathematics to implement the system. I wish we had this book when we were developing our investment performance measurement systems. All the answers we were looking for are in this book, and even more. At the outset, we lacked an understanding of relationships between the different types of rates of return. The book completely covered this subject. We also did not know which computational algorithms are better and how they compared to each other in terms of performance, accuracy, etc. This book covers this information in-depth and is in itself a treasure trove for system designers. There is an interesting chapter on attribution analysis. The author covers all available methods and in addition, introduces a framework and develops new methods on his own, with impressive numerical results. I would also pay attention to new linking methods named in the literature for author. These are very valuable methods from a systems development perspective. Asset and period slicing and dicing , asset schemas , etc. are always a headache for system designers complicating things immensely, and this is something that these methods solve. Overall this book is a must have for any seserious systems designer or performance measurement analyst.) --Sergei Beliaev, Former Director of Department developing Investment Performance Measurement Systems at Royal Bank of Canada
--Midwest Book Review (Oregon, WI USA)
Mathematician and consultant Shestopaloff thoroughly explores the world of financial mathematics in a volume that will be valuable to anyone in the field. Beginning with interest and considering annuities, mortgages, and investment and risk measurement methods, Shestopaloff uncovers the complexities of investment mathematics with clear, understandable text accompanied by numerous derivations, examples, graphs and tables. Topics studied include the internal rate of return-which the author considers in a lengthy discussion that includes its relationship with similar calculations-and nominal and effective interest rates. He also considers compounding using various computational methods and linking-a more accurate alternative to geometric linking, which is applied to financial trading. Shestopaloff discusses measurement of risk with details of the various risks and quantifying methods that are involved in investing, such as risks in interest rate, volatility, operational risk, downside risk and more. He briefly explains the probabilistic calculations involved. The introductory text includes definitions of all terms and rapidly advances through equations to allow mathematicians of different skill levels to follow the explanations. An associated software package is available, and the author briefly reviews computation methods, as well as the accuracy obtained by different methods. Shestopaloff ends with a caution that - although software may make many of these calculations invisibly and easily - it is still imperative to understand the mathematics behind the software. His explanations are thorough without excessive wordiness and the text smoothly accompanies equations and derivations. The author helpfully analyzes business consequences alongside the mathematics. The detailed index and table of contents, with paged references to subtopics, make this a very convenient reference book. Although additional editing could have corrected minor linguistic issues, readers will find the text easy to comprehend. Shestopaloff has presented many of these topics in previous peer-reviewed journal papers, but academics, students and professionals - from programmers to financial mathematicians - will find this a convenient one-volume guide, well-written and seamless. A valuable addition to the financial mathematician s library. --Kirkus Discoveries, Nielsen Business Media
This book is as much for mathematicians working in the area of financial mathematics as for designers of financial systems and financial calculators. The book received many good reviews from professionals and review journals, and has been appreciated by system designers and developers, in particular in IBM Canada. For instance, Kirkus Discovery wrote the following. Mathematician and consultant Shestopaloff thoroughly explores the world of financial mathematics in a volume that will be valuable to anyone in the field. Beginning with interest and considering annuities, mortgages, and investment and risk measurement methods, Shestopaloff uncovers the complexities of investment mathematics with clear, understandable text accompanied by numerous derivations, examples, graphs and tables. Topics studied include the internal rate of return--which the author considers in a lengthy discussion that includes its relationship with similar calculations--and nominal and effective interest rates. He also considers compounding using various computational methods and linking--a more accurate alternative to geometric linking, which is applied to financial trading. Shestopaloff discusses measurement of risk with details of the various risks and quantifying methods that are involved in investing, such as risks in interest rate, volatility, operational risk, downside risk and more. He briefly explains the probabilistic calculations involved. The introductory text includes definitions of all terms and rapidly advances through equations to allow mathematicians of different skill levels to follow the explanations. An associated software package is available, and the author briefly reviews computation methods, as well as the accuracy obtained by different methods. Shestopaloff ends with a caution that--although software may make many of these calculations invisibly and easily--it is still imperative to understand the mathematics behind the software. His explanations are thorough without excessive wordiness and the text smoothly accompanies equations and derivations. The author helpfully analyzes business consequences alongside the mathematics. The detailed index and table of contents, with paged references to subtopics, make this a very convenient reference book. Although additional editing could have corrected minor linguistic issues, readers will find the text easy to comprehend. Shestopaloff has presented many of these topics in previous peer-reviewed journal papers, but academics, students and professionals--from programmers to financial mathematicians--will find this a convenient one-volume guide, well-written and seamless. A valuable addition to the financial mathematician's library. Favorable opinions about this book have been received from Vice-President of Switzerland bank, heads of research departments of major financial institutions in Europe. The author has been invited to do presentations at high level financial forums based on the results presented in this book. Many methods discovered by the author are already in use by practitioners.
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