Extreme Risk Management: Revolutionary Approaches to Evaluating and Measuring Risk: Revolutionary…

Hardcover | June 28, 2010

byChristina Ray

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A revolutionary new approach for detecting and managing inherent risk

The unprecedented turmoil in the financial markets turned the field of quantitative finance on its head and generated severe criticism of the statistical models used to manage risk and predict “black swan” events. Something very important had been lost when statistical representations replaced expert knowledge and statistics substituted for causation.

Extreme Risk Management brings causation into the equation. The use of causal models in risk management, securities valuation, and portfolio management provides a real and much-needed alternative to the stochastic models used so far. Providing an alternative tool for risk modeling and scenario-building in stress-testing, this game-changing book uses causal models that help you:

  • Evaluate risk with extraordinary accuracy
  • Predict devastating worst-case scenarios
  • Enhance transparency
  • Facilitate better decision making

    TABLE OF CONTENTS

    • Plausibility vs. Probability: Alternative World Views
    • The Evolution of Modern Analytics
    • Risk Management Metrics and Models
    • The Future as Forecast: Assumptions Implicit in Stochastic Risk Measurement Models
    • An Alternative Path to Actionable Intelligence
    • Solutions: Moving Toward a Connectivist Approach
    • An Introduction to Causality: Theory, Models, and Inference
    • Risk Inference Networks: Estimating Vulnerability, Consequences, and Likelihood
    • Securities Valuation, Risk Measurement, and Portfolio Management Using Causal Models
    • Risk Fusion and Super Models: A Framework for Enterprise Risk Management
    • Inferring Causality from Historical Market Behavior
    • Sensemaking for Warnings: Reverse-Engineering Market Intelligence
    • The United States as Enterprise: Implications for National Policy and Security

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From the Publisher

A revolutionary new approach for detecting and managing inherent riskThe unprecedented turmoil in the financial markets turned the field of quantitative finance on its head and generated severe criticism of the statistical models used to manage risk and predict “black swan” events. Something very important had been lost when statistica...

Christina Ray is senior managing director for Market Intelligence at Omnis Inc. She has over 25 years experience in quantitative finance and is the author of The Bond Market and Think Like a Trader, Invest Like a Pro.

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Format:HardcoverDimensions:304 pages, 9.3 × 6.4 × 0.93 inPublished:June 28, 2010Publisher:McGraw-Hill EducationLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0071700595

ISBN - 13:9780071700597

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Table of Contents

Introduction: A Profound Transformation in Risk Management
1. Plausibility vs. Probability: Alternative World Views
2. The Evolution of Modern Analytics
3. Risk Management Metrics and Models
4. The Future as Forecast: Assumptions Implicit in Stochastic Risk Measurement Models
5. An Alternative Path to Actionable Intelligence
6. Solutions: Moving Toward a Connectivist Approach
7. An Introduction to Causality: Theory, Models, and Inference
8. Risk Inference Networks: Estimating Vulnerability, Consequences, and Likelihood
9. Securities Valuation, Risk Measurement, and Portfolio Management Using Causal Models
10. Risk Fusion and Super Models: A Framework for Enterprise Risk Management
11. Inferring Causality from Historical Market Behavior
12. Sensemaking for Warnings: Reverse-Engineering Market Intelligence
13. The United States as Enterprise: Implications for National Policy and Security