Fundamentals of Risk and Insurance

Book Description

This consumer-oriented textbook addresses the principles of risk management without skimping on the discussion of insurance. It summarizes the nature of pure risk on the individual and on society and illustrates how insurance can be used to deal with the problems posed by such risk. Mirroring the diverse experience of its authors, the text is equally effective in presenting the principles of insurance theory and offering how-to advice to students. Throughout, the main emphasis is on the insurance product and the use of insurance within the risk management framework. The traditional fields of life insurance, health insurance, property and liability insurance, and social insurance are treated in terms of their relationship to the wide range of insurable risks to which the individual and the business firm are exposed.

Customer Reviews:

Very Good.......2007-01-18

I thought it would be a sleeper,but quite the contrary..I wish I would have read this book 20 years ago.

How Do I Write a Review about an Insurance Book?.......2003-03-04

Well, I guess I can try to review this book from the only perspective I read it from: that of a student. I had to read it for my CFP class on Insurance, and, as an introduction to most forms of insurance, it explains the forms in a very methodical and systematic way; it was very easy to follow and tough to get completely lost.

Honestly, I was never really fascinated with insurance. My life-licensing class was 24 hours of classroom time spread out over one weekend, so maybe that has created some insurance-related intellectual scars. The sections on Life Insurance and the basic components of any insurance contract and the whole insurance process were already familiar to me, so I found those sections incredibly uninteresting. The other forms of insurance were much more interesting and gave me a great foundation for other insurance studies I've done since.

The prose of the book, too, flows extremely well. In fact, I usually just lightly read passages explaining computations and formulas because I come back later to review them in-depth; however, while reading this book, I actually felt I fully understood most of the computations even while I read (which almost never happens because most formula-explaining reads much like Kant's "Metaphysics of Morals").

Just one closing point... I guess you'd have to be either Insurance Commissioner or a professor of insurance to be really interested in this material, but the authors write in a way that allows even the average CFP or insurance student to come away from the book with a good sense of how insurance works and where it fits into an individual's financial plan.

Average customer rating:

Introduction to Risk Management and Insurance

A good book

Should be required reading for Undergrad Business

Awesome Text!

The best introduction to a complicated subject available.

Introduction to Risk Management and Insurance (8th Edition)
Mark S. Dorfman
Manufacturer: Prentice Hall
ProductGroup: Book
Binding: Hardcover

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Dictionary of Insurance Terms (Barron's Business Dictionaries)

Cases in Financial Management

ASIN: 0131449583

Book Description

This book focuses on problem-solving from managerial, consumer, and societal perspectives. It emphasizes both the business managerial aspects of risk management and insurance and the numerous consumer applications of the concept of risk management and insurance transaction. Specific chapter topics include insurance Regulation and contracts, basic property and liability insurance contracts, homeowners insurance, the personal auto policy, professional financial planning, life insurance policies, annuities, medical expense and disability insurance, standard life insurance contract provisions and options, commercial property insurance, general and special liability insurance, employee benefits, social security, and unemployment and workers' compensation insurance. For use by individuals in insurance occupations, and by those preparing for the certified financial planner board.

Customer Reviews:

Introduction to Risk Management and Insurance.......2007-01-09

Excellent reference book and very descriptive definitions of insurance concepts

A good book.......2006-11-10

For an entry level class on insurance this is a good book to start with.

Should be required reading for Undergrad Business.......2006-07-18

Definitely worth reading, even if not required for a class. A very accessible introduction to the field of Risk Management along with useful, practical information about the kinds of insurance contracts that will be encountered by consumers and businesses alike.

This, and introductory business law should be taught to all undergraduate b-school students. A great book, much better and more useful than a certain black-and-yellow book about insurance that you might be tempted to order.

5 Stars

Awesome Text!.......2003-05-12

This book is user-friendly, and students really like it. The only thing they don't like is the price, but, every intro text like this is over $100 these days. I really love this text for teaching my introductory classes.

The best introduction to a complicated subject available........1997-09-05

Extremely well written, many current examples and court cases, raises important social aspects of the insurance transaction. Covers issues important to consumers expecially frequently purchased insurance contracts

Enterprise Risk Management: From Incentives to Controls

Average customer rating:

Great for the novice Risk Manager
This book is a must read for all mid-level and executive level managers
Remarkably Succinct Coverage of a Hot New Topic
A well written and thought out book on Risk Management
A Must Read for Risk Management

Enterprise Risk Management: From Incentives to Controls
James Lam
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Making Enterprise Risk Management Pay Off: How Leading Companies Implement Risk Management
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ASIN: 0471430005

Book Description

Enterprise risk management is a complex yet critical issue that all companies must deal with as they head into the twenty-first century. It empowers you to balance risks with rewards as well as people with processes. But to master the numerous aspects of enterprise risk management, you must first realize that this approach is not only driven by sound theory but also by sound practice. No one knows this better than risk management expert James Lam. In Enterprise Risk Management: From Incentives to Controls, Lam distills twenty years' worth of experience in this field to give you a clear understanding of both the art and science of enterprise risk management.

Organized into four comprehensive sections, Enterprise Risk Management offers in-depth insights, practical advice, and real world case studies that explore every aspect of this important field.

Section I: Risk Management in Context lays a solid foundation for understanding the role of enterprise risk management in today’s business environment.
Section II: The Enterprise Risk Management Framework offers an executive education on the business rationale for integrating risk management processes.
Section III: Risk Management Applications discusses the applications of risk management in two dimensions–functions and industries.
Section IV: A Look to the Future rounds out this comprehensive discussion of enterprise risk management by examining emerging topics in risk management with respect to people and technology.

JAMES LAM is President of James Lam & Associates, an independent risk advisory firm. Before starting his own firm, Lam was founder and president of ERisk and partner of Oliver, Wyman & Company. In 1997, as chief risk officer at Fidelity Investments, he was named the first-ever Financial Risk Manager of the Year by the Global Association of Risk Professionals. Prior to Fidelity, he was chief risk officer of Capital Markets Services, Inc., a GE Capital Company. Lam graduated with honors from Baruch College and received his MBA from UCLA. He is also currently an Adjunct Professor of Finance at Babson College.

Customer Reviews:

Great for the novice Risk Manager.......2006-07-27

If you are a budding Risk Manager/ Officer or are considering a career move towards Risk Management, this book is a good high-level illustration of what the major sleeves of Risk Management has to offer.

For the experienced risk professional, this is a bit too fundamental.

This book is a must read for all mid-level and executive level managers.......2005-09-21

James Lam has written a remarkably clear and relevant portrayal of how [enterprise] risk management can be used to deliver real value in any business.

During the past year, I developed a course for the Executive MBA program at Villanova University. After reviewing several books on the subject, I chose this one because of its clear and comprehensive coverage of the subject matter.

I would highly recommend this book to anyone with a serious interest in understanding risk management from a holistic perspective. This includes risk professionals as well as those involved in line and staff functions.

Remarkably Succinct Coverage of a Hot New Topic.......2005-02-04

You bought Jorion, Pearson, and Hull; you slammed headfirst into the quantitative quagmire of risk management, and you may even have passed the Financial Risk Manager exam, sponsored by the Global Association of Risk Professionals, but are you prepared to become your company's "Risk Champion?" Can you explain to laymen why loss distributions are not normal? Can you illustrate the "sweet spot" in the profit/risk tradeoff? If you aren't quite there yet, pick up James Lam's new book, Enterprise Risk Management, From Incentives to Controls. It's a book you can read on the five hour flight from New York to Los Angeles, and its melodies will linger in your memory. This book has changed the way I communicate with people both in and outside the risk management profession. Read it with a highlighter in your hand, and keep the book within easy reach.

A well written and thought out book on Risk Management.......2004-10-05

This book provides practical and insightful look at risk management and how it can benefit companies. Reading and understanding this book should be a pre-requisite for any person going to take on management position.

A Must Read for Risk Management.......2004-08-23

This book is not only about the theory of enterprise risk management, but also a summary of the author¡¯s experience in practicing risk management for more than twenty years. And what is more, there are several case studies that are deeply analyzed in the book. It is because of this that I think it is an excellent work on enterprise risk management. In addition, it is interesting that the Balance of the Yin and Yang in the Chinese traditional philosophy is applied as Lesson 7 by the author. It is a must read for all business managers and students who want to pursue a career in risk management.

Average customer rating:

For Useless Academics
Packed with Knowledge!

The ART of Risk Management
Christopher L. Culp
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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The Risk Management Process: Business Strategy and Tactics
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ASIN: 0471124958

Book Description

Learn about today's hottest new risk management tools
One of the hottest areas of finance today, alternative risk transfer, or ART, refers to the use of various insurance products to manage market, credit, operational, legal, environmental, and other forms of risk. As the capital and insurance markets continue to converge, the number and complexity of new risk-defraying insurance products available to corporations, brokerages, money managers and other financial professionals will continue to grow. Expert Christopher L. Culp uses case studies of recent ART transactions used by risk managers to put the field into perspective for financial professionals and to acquaint them with the various types of risk control products now available. In addition he explores, in-depth, the links between ART, derivatives and bank-arranged risk financing, and he explains the key differences between classic insurance products and financial guarantees, risk financing, bundled layering, and other ART forms.

Customer Reviews:

For Useless Academics.......2004-04-03

If you are a practicioner, skip this book. Even academics will find this rehash (and outright clone) of better material a waste of time.

Packed with Knowledge!.......2002-11-12

Finance professional and professor Christopher L. Culp tells all, that is, all about alternate risk transfer (ART) products. Culp discusses corporate finance in detail, covering different types of capital. He sets out the risk control and capital structure functions of various classical and alternative risk transfer steps, such as derivatives targeted at market and credit risk, asset divestiture, insurance and reinsurance. Don't even go here if you aren't already familiar with (or studying) the sophisticated basics of finance, since this is highly technical reading, including numerous formulas, charts and graphs describing financial theories and processes. But if you are an expert, we from getAbstract congratulate you on finding your way to Culp, who aimed his book at the already-savvy: corporate treasurers, financial officers and those who participate in capital markets and the reinsurance industry.

Too Far From Home: A Story of Life and Death in Space

Average customer rating:

not just another space book
Great for those with interest in life in space.
stuck in space...
Couldn't put this book down!
Too far from home: A story of Life and Death in Space

Too Far From Home: A Story of Life and Death in Space
Chris Jones
Manufacturer: Doubleday
ProductGroup: Book
Binding: Hardcover

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The Man Who Ran the Moon: James E. Webb, NASA, and the Secret History of Project Apollo

ASIN: 0385514654
Release Date: 2007-03-06

Book Description

An incredible, true-life adventure set on the most dangerous frontier of all—outer spaceIn the nearly forty years since Neil Armstrong walked on the moon, space travel has come to be seen as a routine enterprise—at least until the shuttle Columbia disintegrated like the Challenger before it, reminding us, once again, that the dangers are all too real.
Too Far from Home vividly captures the hazardous realities of space travel. Every time an astronaut makes the trip into space, he faces the possibility of death from the slightest mechanical error or instance of bad luck: a cracked O-ring, an errant piece of space junk, an oxygen leak . . . There are a myriad of frighteningly probable events that would result in an astronaut’s death. In fact, twenty-one people who have attempted the journey have been killed.
Yet for a special breed of individual, the call of space is worth the risk. Men such as U.S. astronauts Donald Pettit and Kenneth Bowersox, and Russian flight engineer Nikolai Budarin, who in November 2002 left on what was to be a routine fourteen-week mission maintaining the International Space Station.
But then, on February 1, 2003, the Columbia exploded beneath them. Despite the numerous news reports examining the tragedy, the public remained largely unaware that three men remained orbiting the earth. With the launch program suspended indefinitely, these astronauts had suddenly lost their ride home.
Too Far from Home chronicles the efforts of the beleaguered Mission Controls in Houston and Moscow as they work frantically against the clock to bring their men safely back to Earth, ultimately settling on a plan that felt, at best, like a long shot.
Latched to the side of the space station was a Russian-built Soyuz TMA-1 capsule, whose technology dated from the late 1960s (in 1971 a malfunction in the Soyuz 11 capsule left three Russian astronauts dead.) Despite the inherent danger, the Soyuz became the only hope to return Bowersox, Budarin, and Pettit home.
Chris Jones writes beautifully of the majesty and mystique of space travel, while reminding us all how perilous it is to soar beyond the sky.

Customer Reviews:

not just another space book.......2007-10-23

I have never really gotten involved in the typical space/astronaut/nasa books before. This is really written by someone who truly understands the human phenomenon. I couldn't put the book down, and was sad when it was over. How many non fiction books can you say that about? I learned so much about the space program, and came to love the real folks who serve it. I was able to identify with the wives, and with the feelings of isolation and disconnect that the astronauts experienced as well.

Great for those with interest in life in space........2007-09-15

I really enjoyed this book. I have always had an interest in the space program since I grew up in Florida and would watch most launches when I was in grade school. There were just a few parts of the book that might not be totally accurate due to the writers background as a sports writer and that is why I gave 4 stars. Happy reading!

stuck in space..........2007-07-30

In February of 2003 the space shuttle Columbia disintegrated upon re-entry into Earth's atmosphere and all seven astronauts aboard were lost. The news shattered the pysche of our nation and as TOO FAR FROM HOME strongly details the last people to see them and who felt their loss so acutely were the 3 astronauts aboard the International Space Station who had just seen Columbia disenage from station. Americans Kenneth Bowersox, and Don Pettit and Russian Nikolai Budarin were left with only the outdated Soviet capsule Soyuz to get back home. With the mission estended and no end in sight the author richly details life aboard the ISS and all the inherent risks of life in space and all the spectacular reasons why men and women risk their lives to be in space.

Couldn't put this book down!.......2007-07-25

I really enjoyed reading this book. The writing is beautiful and very descriptive. It reads like a science fiction book. It is very fast-paced and easy reading.

In November 2002, ten astronauts left Earth aboard the space shuttle Columbia headed for the International Space Station (ISS). The mission was to depart much earlier, but problems, both technical and weather related, marred the launch. On one launch date, when the astronauts were already strapped-in in their seats aboard space shuttle Columbia, bad weather in their emergency landing site in Spain prevented the launch. The astronauts had to return home. On another occasion, a technical fault cancelled the launch. When the new launch date in November was approaching, the astronauts were wandering if more problems would suddenly appear and prevent another launch. Some astronauts believed that the mission had a bad luck aura around it, but did not discuss it openly. One astronaut had told his relatives that he was never coming back home again!

The launch did take place on November 2002, and to spectators on the ground and to the astronauts aboard Columbia the launch was routine and successful. But cameras aboard Columbia transmitted a different image to Mission Control. A piece was dislodged during the launch and hit critical heat shields located underside the shuttle. After reviewing the tape hundreds of times, Mission Control concluded that the piece must have bounced off the underside of the shuttle causing no damage.

On February 1, 2003, only seven of the ten astronauts were heading back to Earth aboard Columbia after bidding farewell to the three astronauts they left behind in the International Space Station. Sadly, they never made it back home. On re-entry, as witnessed by millions of spectators worldwide, Columbia exploded, killing all seven astronauts onboard. Contrary to what Mission Control thought at first, the heat shields were damaged during the launch. The three astronauts left behind in the International Space Station -- Donald Petit, Kenneth Bowersox, and Russian flight engineer Nikolai Budarin -- found themselves too far from home, stranded on the International Space Station!

Mission Controls in Houston and Moscow worked around the clock to bring back the astronauts safely. Launching another Space Shuttle was not an option, since further NASA space shuttle launches were suspended for months, perhaps years. There was also the problem of how to provide the stranded astronauts with enough supplies while they remained in space. Ultimately, they had to settle to a plan that, according to the author, was risky to say the least. Latched to the side of the space station was a Russian-built Soyuz TMA-1 capsule with outdated technology and, according to the Americans, a questionable safety record. In 1971 a malfunction in the Soyuz 11 capsule left three Russian cosmonauts dead (However, as one reviewer on amazon.com pointed out, all Soyuz crews since that mission have worn full pressure suits during launch and entry as a safeguard against that failure happening again). Furthermore, the Soyuz TMA-1 capsule hadn't been flight tested before (there was never a need to use it)! However, as far as the Russians were concerned, the Soyuz was safe and the only way to bring the astronauts back home.

Despite the inherent danger, the Soyuz became the only hope to return Bowersox, Budarin, and Petit home. Interestingly, though, the three astronauts had such a great time aboard the International Space Station that none of them wanted to return home when they were relieved. Aboard the Soyuz, the three astronauts eventually took "an accelerated, lung-crushing dive" back to earth. Their account aboard the Soyuz is remarkable, and will leave you gasping for air!

The author goes back to the history of the space race with Russia; with the first Russian in space; to animals sent in rockets to space; Neil Armstrong's walk on the moon; the Russian space station; and finally to the International Space Station. You will learn a lot of things about life in space that you probably did not know about, assuming you have not read such material before like me. For example, many early astronauts aboard space stations felt lonely and depressed and longed for home. All the earlier astronauts retired from NASA soon after their return from space! Two astronauts actually went on strike for a whole day while on a space station, and refused to continue their mission. They too retired from NASA on their return. However, the Russian cosmonauts fared much better. They adapted well to the loneliness and confines of space, unlike their American counterparts. According to the author, this is due to the simple life of the Russians as compared to the luxurious and comfortable life Americans lead and are used to.

You will learn a lot about the amazing beauty of a space walk, and how astronauts are so mesmerized by the beauty that they forget themselves, floating as in a trance towards Earth. One astronaut almost was lost in this way if it wasn't for another astronaut pulling him back! I actually went to my video store and bought an Imax DVD of a spacewalk! On the funny side, you'll learn how astronauts "take a crap" in zero gravity, and some quite embarrassing situations!

Here's some negative criticism from other reviewers on amazon.com:

"This author skips around with what in the movie business would be called flashbacks; a few of these are fine but I think this author over used them."

"Felt like there was a little too much effort put into making this into a Manly Tale. Everything seems a little too exaggerated -- the spicy language, the icy fear, the burning decisions. Maybe this style would have held up without question in a magazine, but at the novel's length, I kept wondering, "How do you know?" The little details started to feel like some of them were imagined or embellished; the writing was popping me out of being lost in the scene."

Overall, I highly recommend this book if you have never read non-fiction books on space before.

Too far from home: A story of Life and Death in Space.......2007-07-05

Arived quickly in time for a flight to Atlanta and back, was able to get entirely through it during both flights, However I generly like a lininar book, this author skips around with what in the movie business would be called flashbacks, a few of these are fine but I think this author over used them.

Risk Management, Tricks of the Trade for Project Managers

Average customer rating:

Excellent book
The practical Risk Management techniques
Easy to Read and Understand
Finally an in-depth text on Risk Management
Definite must-read for risk!

Risk Management, Tricks of the Trade for Project Managers
Rita Mulcahy
Manufacturer: RMC Publications, Inc.
ProductGroup: Book
Binding: Paperback

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Earned Value Project Management

ASIN: 0971164797

Book Description

If you want to make a big difference on projects, risk management is it.

This practical and easy-to-use Course in a Book by Rita Mulcahy, author of the best selling PMP Exam Prep book, is based on years of project experience and teaching risk management to IT, IS, construction, new product development, aerospace, manufacturing, e-business and utility professions.

It contains Tricks of the Trade from 141 world wide contributors and international risk research. It includes subjects and innovative tricks that no one else has written about. The methodology prevents many of the problems faced on projects and shows how to do it, not just what to do.

Over a thousand sample risks and risk categories are included to help you identify risks that you have not previously thought about. Use and modify the included templates to your projects. Risk Management, Tricks of the Trade for Project Managers includes exams, games and exercises that utilize adult and accelerated learning to increase your knowledge in fast and fun ways.

Information in this book will help you prepare for the PMP and CAPM exams. Access to RMC's new Risk Website will be included to all book purchasers.

Customer Reviews:

Excellent book.......2006-03-18

As with any other Rita book, this is also no expection. The best part is you can use the book practically. It is not just theory part, and figure out how to implement. And since it is aligned with PMBOK, there is no better book on risk management that I could have asked for.
Devasish

The practical Risk Management techniques.......2005-09-25

This book is really made to get a practical view of:
What the Risk Management is
How to collect risks
How to handle risks
How to make sure the risks are under control

As this book is based onto the PMI best practices (coming from the PMBOK), it is a best in class learning book for Project Managers: Real Project Managers.

Easy to Read and Understand.......2004-07-12

Good book for those new to Risk Management and a great refresher for those with more experience. It was nice to have so many "Tricks of the Trade" available in one book.

Finally an in-depth text on Risk Management.......2004-07-07

Rita Mulcahy, whose PMP Exam Prep book and material has helped many people pass the PMP exam, has come through again -- this time with an in-depth study on Risk Management.

As expected, the book observes PMI standards, but more than that, it shows how risk can be managed effectively in the real world, using specific examples.

Lack of effective risk management is one of the leading causes of project failure, and all too often, risk management is ignored altogether - perceived as an expensive burden. This book takes a realistic approach, examining both full scale risk management (including quantitative methods) and the minimum effective risk management needed for project success. In many industries, that's all that's needed.

Best of all, it offer dozens of examples of real life risks and risk responses across a variety of industries.

All in all, highly recommended for anyone needing to develop risk management processes or trying to improve their risk management skills.

Definite must-read for risk!.......2004-06-30

I have recently changed work venues from biopharmaceuticals to construction/engineering, and this book has proved invaluable to help me get my arms around the risk issues for my new workplace. I definitely recommend it for anyone studying risk, particularly as a supplement to the information available to those preparing for the PMP exam. It's easy to read, and will make a great addition to anyone's project management reference library!

Market Models: A Guide to Financial Data Analysis

Average customer rating:

Very shallow
Comprehensive, lack in depth and poor organization
Worth the money
Nice book
Nice book

Market Models: A Guide to Financial Data Analysis
Carol Alexander
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Optimal Trading Strategies: Quantitative Approaches for Managing Market Impact and Trading Risk

ASIN: 0471899755

Book Description

Market Models provides an authoritative and up-to-date treatment of the use of market data to develop models for financial analysis. Written by a leading figure in the field of financial data analysis, this book is the first of its kind to address the vital techniques required for model selection and development. Model developers are faced with many decisions, about the pricing, the data, the statistical methodology and the calibration and testing of the model prior to implementation. It is important to make the right choices and Carol Alexander's clear exposition provides valuable insights at every stage.

In each of the 13 Chapters, Market Models presents real world illustrations to motivate theoretical developments. The accompanying CD contains spreadsheets with data and programs; this enables you to implement and adapt many of the examples. The pricing of options using normal mixture density functions to model returns; the use of Monte Carlo simulation to calculate the VaR of an options portfolio; modifying the covariance VaR to allow for fat-tailed P&L distributions; the calculation of implied, EWMA and 'historic' volatilities; GARCH volatility term structure forecasting; principal components analysis; and many more are all included.

Carol Alexander brings many new insights to the pricing and hedging of options with her understanding of volatility and correlation, and the uncertainty which surrounds these key determinants of option portfolio risk. Modelling the market risk of portfolios is covered where the main focus is on a linear algebraic approach; the covariance matrix and principal component analysis are developed as key tools for the analysis of financial systems. The traditional time series econometric approach is also explained with coverage ranging from the application cointegration to long-short equity hedge funds, to high-frequency data prediction using neural networks and nearest neighbour algorithms.

Throughout this text the emphasis is on understanding concepts and implementing solutions. It has been designed to be accessible to a very wide audience: the coverage is comprehensive and complete and the technical appendix makes the book largely self-contained.

Market Models: A Guide to Financial Data Analysis is the ideal reference for all those involved in market risk measurement, quantitative trading and investment analysis.

Customer Reviews:

Very shallow.......2005-03-11

You can google in 10 minutes more relevant information than this book is able to provide. It's OK if you need to pick up some terminology and get a rough idea of what it all means before an interview. Totally useless if you need it for work.

Comprehensive, lack in depth and poor organization.......2005-01-23

For a starter, this book does offer a broad spectrum of subjects, volatility/variance measurement, PCAs, Factor Models, Time Series analysis, high frequency data modeling, etc, at the expense of rigor and depth.

Desipite the academic pedigree the author enjoys and the educational career she had, the book is rather poorly organized from a pedagogical point of view. She seems to have a tendency to refer to expressions, notions, ideas, data which appear much later than where the reference takes place. This makes first-timers cringe as they go through the chapters as they are laid out. It reads much like some published papers got dumbed down, and bundled together.

If you are looking for comprehensive introduction, without the gory details of mathematical mumblejumble, this book might be of help. But it may not be used as a reference book, for its organization and for its lack of rigor.

Worth the money.......2003-08-28

If you are looking for detailed rigorous mathematical development then look elsewhere, that is not the reason to purchase this book. It is targeted towards application and there it excels. I have not seen any other book on this topic that so effectively presents a level-headed applied approach that keeps the basic assumptions of the models firmly in sight.
What tool fits when is nicely discussed.

Nice book.......2003-06-21

I will consider this book as a good introduction to different ways to analyze market data (covering mainly equity but do touch on fixed income as well as currency). I would emphasize that the book model the market more from an empirical point of view. The author gives a good description of the GARCH model as well as PCA analysis. Being a fixed income derivatives trading, I find both sections particularly useful for real world trading. The risk modeling section should expand into topics other than VAR such as coherent risk measures which are more useful. The co-integration section is a must for any traders who want to trade mean-reversion or stats arbitrage.

Nice book.......2003-06-21

Overall, I think that the book covers all basic to intermediate mathematics, econometrics and finance necessary for anyone who wants to model market data. The book explains how to use such model for trading, risk management as well as market data visualization / understanding.

Principles of Risk Management and Insurance (10th Edition) (Principles of Risk Management and Insurance)
Average customer rating:

Excellent Guide / Overview of Insurance for CFP

Principles of Risk Management and Insurance (10th Edition) (Principles of Risk Management and Insurance)
George E. Rejda
Manufacturer: Addison Wesley
ProductGroup: Book
Binding: Hardcover

General | Popular Economics | Business & Investing | Subjects | Books
General | Business & Investing | Subjects | Books
General | Insurance | Industries & Professions | Business & Investing | Subjects | Books
Risk Assessment | Management & Leadership | Business & Investing | Subjects | Books
All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
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ASIN: 0321414934

Book Description

Principles of Risk Management and Insurance focuses primarily on the consumers of insurance, and the text blends basic risk management and insurance principles with consumer considerations. Praised for its depth and breadth of coverage, the Tenth Edition provides even more flexibility in its organization by giving an overview of the insurance industry first, before discussing specific plans.
Basic Concepts in Risk Management and Insurance: Risk in Our Society; Insurance and Risk; Introduction to Risk Management; Advanced Topics in Risk Management; The Private Insurance Industry: Types of Insurers and Marketing Systems; Insurance Company Operations; Financial Operations of Insurers; Government Regulation of Insurance; Legal Principles in Risk and Insurance: Fundamental Legal Principles; Analysis of Insurance Contracts; Life and Health Risks: Life Insurance; Life Insurance Contractual Provisions; Buying Life Insurance; Annuities and Individual Retirement Accounts; Individual Health Insurance Coverages; Employee Benefits: Group Health Insurance; Employee Benefits: Retirement Plans; Social Insurance; Personal Property and Liability Risks : The Liability Risk; Homeowners Insurance, Section I; Homeowners Insurance, Section II; Auto Insurance; Auto Insurance and Society; Other Property and Liability Insurance Coverages; Commercial Property and Liability Risks: Commercial Property Insurance; Commercial Liability Insurance; Crime Insurance and Surety Bonds. For all readers interested in risk management and insurance.

Customer Reviews:

Excellent Guide / Overview of Insurance for CFP .......2006-11-05

As part of an overall CFP class, provided an excellent overview of Insurance and Risk management. After buying insurance for many years, I now know what I'm getting

Average customer rating:

Health & Physical Assessment in Nursing
Donita D'Amico , and Colleen Barbarito
Manufacturer: Prentice Hall
ProductGroup: Book
Binding: Hardcover

Health Risk Assessment | Administration & Policy | Medicine | Subjects | Books

General | Medicine | Subjects | Books

Assessment & Diagnosis | Nursing | Medicine | Subjects | Books

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Diagnosis | Physician & Patient | Medicine | Subjects | Books

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ASIN: 0130493732

The Psychology of Trading: Tools and Techniques for Minding the Markets

Average customer rating:

great book
Not an Easy Study
Psychology of Trading
It's all about Psychology
Don't trade without it

The Psychology of Trading: Tools and Techniques for Minding the Markets
Brett N. Steenbarger
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471267619

Book Description

"The one, only, and by far the best book synthesizing psychology and investing. In addition to providing modern, scientific knowledge about psychology, this book provides a mirror into the mind and wide breadth of knowledge of one of the leading practitioners of brief and effectual cures. Will help to cure your trading and your life."
-Victor Niederhoffer, Chief Speculator, Manchester Investments
Author, The Education of a Speculator and Practical Speculation

"How refreshing! A book that rises above the old NLP model of the 80's and provides insights on how our relationship with the market is indeed a very personal one. Not only has Steenbarger provided some fantastic tools for the trader to transform his mindset, but he has contributed unique trading ideas as well. Brilliant!"
-Linda Raschke, President, LBRGroup, Inc.

"`Investigate, before you invest' was for many years the slogan of the New York Stock Exchange. I always thought a better one would be, `Investigate YOURSELF, before you invest.' The Psychology of Trading should help you increase your annual investment rate of return. Mandatory reading for anyone intending to earn a livelihood through trading. "
-Yale Hirsch, The Hirsch Organization Inc., Editor, The Stock Trader's Almanac

"This highly readable, highly educational, and highly entertaining book will teach you as much about yourself as about trading. It's Oliver Sacks meets Mr. Market-extraordinary tales of ordinary professionals and individuals with investment disorders, and how they successfully overcame them. It is a must-read both for private investors who have been shell-shocked in the bear market and want to learn how to start again, as well as for pros who seek an extra edge from extra inner knowledge. Steenbarger's personal voyage into the mind of the market is destined to become a classic."
-Jon Markman, Managing Editor, CNBC on MSN Money
Author, Online Investing and Swing Trading

"Dr. Steenbarger's fascinating, highly readable blend of practical insights from his dual careers as a brilliant psychologist and trader will benefit every investor; knowing oneself is as important as knowing the market."
-Laurel Kenner, CNBC.com Columnist, Author, Practical Speculation

Download Description

Essential information for mastering the psychology of trading
Success in the markets, as in life, depends on a healthy and clear strategy for emotional risk management in addition to market knowledge. In The Psychology of Trading, Brett Steenbarger, a leading practitioner of brief therapy, presents readers with cutting-edge ideas in the psychology of trading by combining his research and experiences in psychology with his knowledge of trading. Steenbarger walks readers through the most common "issues" the market will force him/her to face and provides practical solutions to these trading problems. From breaking destructive patterns and managing uncertainty to developing the capacity for focus and discipline to manage crises, The Psychology of Trading offers readers a practical way to identify their patterns of success and failure, and provides them with the knowledge to exert greater control over these issues. The case studies, research, and ideas presented in this book will help transform any trader's approach to risk and reward.

Brett Steenbarger, PhD, is Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY. Dr. Steenbarger has published over fifty peer-reviewed journal articles and book chapters on topics related to brief therapy. An active trader who conducts his own statistical modeling research into markets, Dr. Steenbarger writes occasional feature columns for MSN's MoneyCentral.com.

Customer Reviews:

great book.......2007-06-05

all of the above positive reviews are applicable.

You can not start day/swing/option trading without understanding yourself, fear and greed.

Dr Brett will move you into action to become move familiar with yourself

Not an Easy Study .......2006-12-02

I have found the book difficult to apply to my real life. The case histories shared seem promising and interesting, but when I ask,"How does this mirror my own life, and how do I apply the information?" I can't come up with the answers. I am pragmatic, very "bottom line," and this book isn't.

After reading through page 100 and still finding no clear directives, I became bored with it and turned to a more consice, and more interactive book on trading psychology (an ebook titled, "Emotion Free Trading" by Larry Levine, available through [...]: much easier to interpret and utilize).

I gave the book two stars because it is professionally written, and may be suitable to other personality types.

Psychology of Trading.......2006-08-27

I am a relatively new currency trader, and started reading this book after loosing some money. It perfectly parallels some of my behaviour and gave me insight on how to change my trading (and my life) in order to avoid repating past errors. I highly recommend this book for any trader.

It's all about Psychology.......2006-04-13

I believe that this book will be of interest to everyone who is interested in Psychology.
Whether or not interested in trading.
The author was able throughout the whole book to capture my interest and attention. I continuously found myself immersed in the book.
His approach is funny and interesting; the real life stories are highly educational where anyone could relate to or knows about someone who could fit the picture. This makes it easy to use and to take the advice and turn ones own life around.
I strongly recommend this book to any person who is considering taking up trading or is trading already. This is a must read before any technical or fundamental book.
It is absolute great value for money.

Don't trade without it.......2006-03-17

I have been recommending this book to all my trader friends.

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