Praise for Lecturing Birds On Flying “Finally, a book taking a critical look at Pablo Triana knows both thefinancial industry and the academic. Lecturing Birds on Flying has 68 ratings and 10 reviews. Pablo Triana knows both the financial industry and the academic community from the inside. Lecturing Birds on Flying: Can Mathematical Theories Destroy the Financial Markets? Pablo Triana. John Wiley & Sons, , ISBN.
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For the past few decades, the financial world has often displayed an unreasonable willingness to believe that “the model is right, the market is wrong,” in spite of the fact that these theoretical flyig were largely responsible for the stock market crash ofthe LTCM crisis ofthe credit crisis ofand many other blow-ups, large and small.
Why have both financial insiders traders, risk managers, executives and outsiders academics, journalists, regulators, the public consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between bkrds and real finance in his technical treatise on options, Dynamic Hedging.
Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining-in jargon-free plain English-how malfunctions in these quantitative machines have wreaked havoc in our real world.
Triana first analyzes the fundamental question of whether financial markets can in principle really be solved mathematically. He shows that the markets indeed cannot be tamed with equations, presenting a long and powerful list of obstacles to prove his point: The author then examines the sources of origin of many prevalent theories and mathematical dictums.
Lecturing Birds on Flying : Pablo Triana :
He details how the field of financial economics evolved from a descriptive discipline to an abstract one dedicated to technically concocting professors’ own versions of how such a world should work. He goes on to explain how Wall Street and other financial centers became eager employers of scientists, and how scientists became eager employees of financial firms.
Triana concludes with an in-depth discussion of the most significant historical episodes of theory-caused real-life market malaise, with a strong emphasis on the current credit crisis.
In the end, Lecturing Birds on Flying calls for the radical substitution of good old-fashioned common sense in place of mathematical decision-making and the restoration to financial power of those who are completely unchained to the iron ball of classroom-obtained qualifications.
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Lecturing Birds on Flying : Can Mathematical Theories Destroy the Financial Markets?
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