Introduction
Probabilitatem Non Esse Delendam, Esse Deducendam1
This book covers the latest theories and empirical findings of financial market risk, its measurement, analysis and management, and its applications in finance, e.g., for dynamic asset valuation, derivatives pricing and for hedging and portfolio management. A special and rather unique part of this book is devoted to measuring when financial turbulence can occur and when financial catastrophes are probable.
To gain a basic understanding of financial market risk, we must ask at least four fundamental questions:
(1) What is financial market risk?
(2) How do we measure financial market risk? For example, which frequency and timing distributions of financial market risk do we ...
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