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This book applies the mathematics and concepts of quantum mechanics and quantum field theory to the modelling of interest rates and the theory of options. Particular emphasis is placed on path integrals and Hamiltonians. Financial mathematics is dominated by stochastic calculus. The present book offers a formulation that is completely independent of that approach. As such many results emerge from the ideas developed by the author. This work will be of interest to physicists and mathematicians working in the field of finance, to quantitative analysts in banks and finance firms and to practitioners in the field of fixed income securities and foreign exchange. The book can also be used as a graduate text for courses in financial physics and financial mathematics.

Stock options --- Interest rates --- Options d'achat d'actions --- Taux d'intérêt --- Mathematical models --- Modèles mathématiques --- AA / International- internationaal --- 305.91 --- 305.7 --- 333.831.0 --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles. --- Econometrie van het gedrag van de financiële tussenpersonen. Monetaire econometrische modellen. Monetaire agregaten. vraag voor geld. Krediet. Rente. --- Evolutie van de rentetarieven naar de duur van de bedragen. Verband tussen de diverse rentetarieven: algemeenheden. --- Mathematical models. --- Taux d'intérêt --- Modèles mathématiques --- Options, Stock --- Options (Finance) --- Econometrie van het gedrag van de financiële tussenpersonen. Monetaire econometrische modellen. Monetaire agregaten. vraag voor geld. Krediet. Rente --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Evolutie van de rentetarieven naar de duur van de bedragen. Verband tussen de diverse rentetarieven: algemeenheden --- Physics --- General and Others

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"The economic crisis of 2008 has shown that the capital markets need new theoretical and mathematical concepts to describe and price financial instruments. Focusing almost exclusively on interest rates and coupon bonds, this book does not employ stochastic calculus - the bedrock of the present day mathematical finance - for any of the derivations. Instead, it analyzes interest rates and coupon bonds using quantum finance. The Heath-Jarrow-Morton and the Libor Market Model are generalized by realizing the forward and Libor interest rates as an imperfectly correlated quantum field. Theoretical models have been calibrated and tested using bond and interest rates market data. Building on the principles formulated in the author's previous book (Quantum Finance, Cambridge University Press, 2004) this ground-breaking book brings together a diverse collection of theoretical and mathematical interest rate models. It will interest physicists and mathematicians researching in finance, and professionals working in the finance industry"--Provided by publisher.

Finance --- Interest rates --- Zero coupon securities --- 305.91 --- 333.605 --- 333.642 --- AA / International- internationaal --- Bonds, Zero coupon --- Liquid yield option notes --- Zero coupon bonds --- Zeros (Securities) --- Securities --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Funding --- Funds --- Economics --- Currency question --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Nieuwe financiële instrumenten --- Termijn. Financial futures --- Interest rates. --- Zero coupon securities. --- Finance.

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""Why"? Why is the world, the Universe the way it is? Is space infinitely large? How small is small? What happens when one continues to divide matter into ever smaller pieces? Indeed, what is matter? Is there anything else besides what can be seen? Pursuing the questions employing the leading notions of physics, one soon finds that the tangible and visible world dissolves — rather unexpectedly — into invisible things and domains that are beyond direct perception. A remarkable feature of our Universe is that most of its constituents turn out to be invisible, and this fact is brought out with great force by this book. Exploring the Invisible Universe covers the gamut of topics in advanced modern physics and provides extensive and well substantiated answers to these questions and many more. Discussed in a non-technical, yet also non-trivial manner, are topics dominated by invisible things — such as Black Holes and Superstrings as well as Fields, Gravitation, the Standard Model, Cosmology, Relativity, the Origin of Elements, Stars and Planetary Evolution, and more. Just giving the answer, as so many books do, is really not telling anything at all. To truly answer the "why" questions of nature, one needs to follow the chain of reasoning that scientists have used to come to the conclusions they have. This book does not shy away from difficult-to-explain topics by reducing them to one-line answers and power phrases suitable for a popular talk show. The explanations are rigorous and straight to the point. This book is rarely mathematical without being afraid, however, to use elementary mathematics when called for. In order to achieve this, a large number of detailed figures, specially developed for this book and found nowhere else, convey insights that otherwise might either be inaccessible or need lengthy and difficult-to-follow explanations. After Exploring the Invisible Universe, a reader will have a deeper insight into our current understanding of the foundations of Nature and be able to answer all the questions above and then some. To understand Nature and the cutting edge ideas of contemporary physics, this is the book to have."--

Physics --- Physique --- Ouvrages de vulgarisation

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High temperatures --- Superconductivity --- Superconductors --- High temperature superconductivity --- High temperature superconductors --- Congresses. --- Congresses