Скачать книгу - Smile and laughter

ЭКСПЕРТНЫЙ ВЫПУСК. Анна Хомякова получив психологическое образование решила начать свою карьеру в банке, но судьба привела ее в выставочную деятельность. Сегодня SmileExpo проводит 21 мероприятие в год и предоставляет уникальные возможности инновационным сартапам в IT сфере. В ПРОГРАММЕ: – SmileExpo WTF? – Что делает выставочную деятельность захватывающей? – Как «отжать» от участия в выставке максимум пользы? – Участие в событиях SmileExpo бесплатно – это реально? – Можно ли найти инвестора на конференции? – Когда подавать заявку на участие?

The Volatility Smile The Black-Scholes-Merton option model was the greatest innovation of 20th century finance, and remains the most widely applied theory in all of finance. Despite this success, the model is fundamentally at odds with the observed behavior of option markets: a graph of implied volatilities against strike will typically display a curve or skew, which practitioners refer to as the smile, and which the model cannot explain. Option valuation is not a solved problem, and the past forty years have witnessed an abundance of new models that try to reconcile theory with markets. The Volatility Smile presents a unified treatment of the Black-Scholes-Merton model and the more advanced models that have replaced it. It is also a book about the principles of financial valuation and how to apply them. Celebrated author and quant Emanuel Derman and Michael B. Miller explain not just the mathematics but the ideas behind the models. By examining the foundations, the implementation, and the pros and cons of various models, and by carefully exploring their derivations and their assumptions, readers will learn not only how to handle the volatility smile but how to evaluate and build their own financial models. Topics covered include: The principles of valuation Static and dynamic replication The Black-Scholes-Merton model Hedging strategies Transaction costs The behavior of the volatility smile Implied distributions Local volatility models Stochastic volatility models Jump-diffusion models The first half of the book, Chapters 1 through 13, can serve as a standalone textbook for a course on option valuation and the Black-Scholes-Merton model, presenting the principles of financial modeling, several derivations of the model, and a detailed discussion of how it is used in practice. The second half focuses on the behavior of the volatility smile, and, in conjunction with the first half, can be used for as the basis for a more advanced course.

The FX options market represents one of the most liquid and strongly competitive markets in the world, and features many technical subtleties that can seriously harm the uninformed and unaware trader. This book is a unique guide to running an FX options book from the market maker perspective. Striking a balance between mathematical rigour and market practice and written by experienced practitioner Antonio Castagna, the book shows readers how to correctly build an entire volatility surface from the market prices of the main structures. Starting with the basic conventions related to the main FX deals and the basic traded structures of FX options, the book gradually introduces the main tools to cope with the FX volatility risk. It then goes on to review the main concepts of option pricing theory and their application within a Black-Scholes economy and a stochastic volatility environment. The book also introduces models that can be implemented to price and manage FX options before examining the effects of volatility on the profits and losses arising from the hedging activity. Coverage includes: how the Black-Scholes model is used in professional trading activity the most suitable stochastic volatility models sources of profit and loss from the Delta and volatility hedging activity fundamental concepts of smile hedging major market approaches and variations of the Vanna-Volga method volatility-related Greeks in the Black-Scholes model pricing of plain vanilla options, digital options, barrier options and the less well known exotic options tools for monitoring the main risks of an FX options’ book The book is accompanied by a CD Rom featuring models in VBA, demonstrating many of the approaches described in the book.

Система 3D Smile – состоит из индивидуальной для каждого человека серии прозрачных 3D кап , которые удобно и незаметно выравнивают зубы. Каждая 3D капа – это копия ваших зубов, но с более ровным их положением. Каждую пару 3D Smile нужно носить 2 недели. За это время зубы в капе перемещаются и становятся ровнее. Каждый следующий этап приближает вас к идеально ровным зубам. Результат лечения и его длительность всегда известны заранее.

Whether in wartime or peace, tales of love, laughter and hardship from the girls in the Rowntrees factory in Yorkshire“On a warm Monday morning in 1932, just two days after leaving school, fourteen-year-old Madge was about to join her nine brothers and sisters at Rowntree’s. The smell of chocolate was in the air but as she walked up the road, her footsteps slowed at the daunting thought of what lay ahead…”From the 1930s through to the 1980s, as Britain endured war, depression, hardship and strikes, the women at the Rowntree’s factory in York kept the chocolates coming. This is the true story of The Sweethearts, the women who roasted the cocoa beans, piped the icing and packed the boxes that became gifts for lovers, snacks for workers and treats for children across the country. More often than not, their working days provided welcome relief from bad husbands and bad housing, a community where they could find new confidence, friendship and when the supervisor wasn’t looking, the occasional chocolate.