A comprehensive overview of trading and risk management in the energy markets
Energy Trading and Risk Management provides a comprehensive overview of global energy markets from one of the foremost authorities on energy derivatives and quantitative finance. With an approachable writing style, Iris Mack breaks down the three primary applications for energy derivatives markets – Risk Management, Speculation, and Investment Portfolio Diversification – in a way that hedge fund traders, consultants, and energy market participants can apply in their day to day trading activities.
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Praises for Energy Trading and Risk Management
"Iris Mack's Energy Trading and Risk Management is built on the rare combination of decades of academic research and practical trading experience. A compelling and highly enjoyable book, this is essential reading for anyone wishing to succeed in today's increasingly complex and fast-paced trading arena where risk management clearly takes centre stage."
—Dr Guenther Dobrauz-Saldapenna, Technical & Markets Leader, R&C Services, PricewaterhouseCoopers, PwC, Zurich/Switzerland
"Iris Mack's book is a must read for those interested in the convergence of Energy and Financial Markets. View it as a short encyclopedia or a detailed navigator in this complex area. Being a strong quant and using a techno-fundamentalist approach Iris gives a clearly structured exposition understandable for beginners and catching for professionals. Be prepared for the fast-moving journey from the real-life basics and business cases to the rocket science formulas and if that’s not enough, find a reference to further reading after every topic touched."
—Dr. Alexei Kazakov, partner at AB Solutions
"Iris Mack's book Energy Trading and Risk Management is both a practical guide and a reference manual for anyone interested in investing in the rapidly developing energy trading markets. This remarkable book is a must have. It is an insightful tool that explains in detail the finer points in the use of derivatives as risk management tools. It delivers an easy to understand guideline while providing a whole vision about the industry, going through how the energy market works, who are the main players, in which kind of energy derivatives you could invest and how to create and manage risk in an energy portfolio, among many other factors."
—Eduardo Viesca Quiroz, Private Equity Investor
"Dr. Iris Mack's latest book Energy Trading and Risk Management is an ideal introduction to the topic. It helps professionals in both the energy and financial industries by providing a comprehensive overview of trading and risk management in these markets with its thorough coverage. This book includes case studies, illustrations, and trading models that make it an ideal read for trainers and professors. Clear and well-manifested graphical illustrations in the book make the toughest of concepts easier to grasp. This well-supported and structured work is for professionals who need a complete understanding of how energy markets work."
—Mohammad Asif, Director, JaZaa Financial Advisory Pvt. Ltd.
"Iris Mack's handbook serves as both gateway and reference to the complex world of energy derivatives. The theoretical foundations of every subject are treated with the utmost mathematical rigor, leading to a diligent treatment of hot topics in the energy derivatives industry. Each concept is expertly broken down and presented in an accessible manner, even to those less versed in stochastic calculus and quantitative finance. Energy Trading and Risk Management is highly valuable to all practitioners and academics seeking a one-stop reference to derivatives instruments, risk management and portfolio management in the energy industry."
—Dario Raffaele, ETRM Professional and Management Consultant, Accenture
Energy Trading and Risk Management provides a comprehensive overview of global energy markets from one of the foremost authorities on energy derivatives and quantitative finance. With an approachable writing style, Iris Mack breaks down the three primary applications for energy derivatives markets – Risk Management, Speculation, and Investment Portfolio Diversification – in a way that hedge fund managers, consultants, and energy market participants can apply in their day to day trading activities.
Moving from the fundamentals of energy markets through simple and complex derivatives trading, hedging strategies, and industry-specific case studies, Dr. Mack walks readers through energy trading and risk management concepts at an instructive pace, supporting her explanations with real-world examples, charts, and precise definitions of important and often-misunderstood terms. Energy Trading and Risk Management is intended as a resource to help energy professionals and those interested in careers in energy trading understand the complex issues that arise in energy derivatives trading.
From stochastic pricing models for exotic derivatives, to modern portfolio theory (MPT), to case studies dealing specifically with risk management challenges unique to wind and hydro-electric power, Energy Trading and Risk Management guides readers through the complex world of energy trading to help investors, executives, and energy professionals ensure profitability and optimal risk mitigation in every market climate.
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