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MODELS BEHAVING BADLY

机译:模型表现不佳

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Few people understand the rise of quantitative financial techniques, and their limits, as well as Emanuel Derman does. The South Africanborn scientist earned a Ph. D. in theoretical particle physics from Columbia University and spent 12 years doing research in academia and at AT&T Bell Laboratories before joining Goldman, Sachs & Co. in 1985. Over the next 18 years, he did pioneering work in derivatives and developed the Black-Derman-Toy interest rate options model with William Toy and Fischer Black. In the process he helped transform Wall Street into a place where rocket scientists rather than street-smart traders were the ultimate power brokers.
机译:很少有人像伊曼纽尔·德曼那样理解量化金融技术的兴起及其局限性。这位来自南非的科学家在哥伦比亚大学获得理论粒子物理学博士学位,并在学术界和AT&T贝尔实验室进行了12年的研究,然后于1985年加入高盛公司。在随后的18年中,他的确开创了从事衍生产品业务,并与威廉·玩具和菲舍尔·布莱克共同开发了Black-Derman-Toy利率期权模型。在此过程中,他帮助华尔街转型为火箭科学家而不是街头智能商人成为最终权力经纪人的地方。

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