金融代写|金融数学代写Financial Mathematics代考|MATH3090

statistics-lab™ 为您的留学生涯保驾护航 在代写金融数学Financial Mathematics方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写金融数学Financial Mathematics代写方面经验极为丰富，各种代写金融数学Financial Mathematics相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

金融代写|金融数学代写Financial Mathematics代考|Market Prices, Risk, and Randomness

Risk is a fascinating topic that is central to financial economics. What causes risk, and what causes security prices to change? The answers to these questions and the study of financial risk in general have progressed primarily using financial math.

The terms value and price (as well as the terms valuation and pricing) are often used interchangeably in finance. This book tends to use the term value to describe how much a particular person believes an item is worth and uses the term price to describe the amount of money that people receive or pay when they exchange the item. However, the term asset pricing is used frequently in financial economics to describe very important models even when the context is more clearly described as involving asset valuation.

Since the general meaning of the terms are quite similar, this book often uses the terms price and pricing to describe values and valuation in cases where price and pricing are conventionally used.

The value of an asset tends to change through time because the preferences of people change through time and the abilities of a modern economy to meet those preferences changes through time. Agricultural prices change due to factors such as weather, energy prices change due to factors such as economic activity, and stock prices change due to factors such as predictions of future revenues and expenses. Prices respond to changes as soon as the information about those changes is revealed. The effects of a frost on orange harvests begin changing market prices of orange juice when the weather is forecasted, not just when the damage is done.

The spot price is the price today for delivery today. The spot price of an asset such as a stock or bond reflects a consensus in the marketplace with regard to the future benefits that the asset offers. As time passes, the asset price changes because the market’s predictions of future conditions change. More generally, asset prices change because of the arrival of new information. Good news for a stock such as higher forecasts of earnings causes a positive price change, while bad news such as a disappointment regarding the sales of a new product causes a negative price change. To the extent that market participants rationally and efficiently process available information to form the current price of an asset, it follows that future price changes will be based on the arrival of new information.

Therefore, security prices can be viewed as random variables that change through time based on the arrival of new information. Simply put, the future price of an asset can be modeled as being equal to its future expected value plus or minus price changes due to new information that becomes available to market participants.

金融代写|金融数学代写Financial Mathematics代考|Expected Value as a Foundation of Asset Valuation

The starting point for valuing a financial asset is that the price of the asset should reflect the expected cash inflows that the asset offers. We know that future cash flows are uncertain. In order to find expected cash flows, we have to use probability models to model the likelihood of cash flows occurring. Let’s review some mathematics with a focus on expected value.

Expected value’s intuitive meaning is that it is a long-run average. If a random variable is sampled many times, the long-run average of these sampled values is the expected value of the variable. We begin by reviewing how to calculate expected value from probability model perspective.

In a competitive market, a financial asset’s price is determined by supply and demand. To simplify an example, let’s consider an asset that will distribute its final cash flow to the owner of the asset immediately (e.g., before the end of the day). Financial analysts compete to identify and purchase assets with current market prices below the asset’s expected distribution (i.e., final payoff) and to identify and sell assets with current market prices above their expected payoff. Thus the expected value of the random payoff of a financial asset drives the current market price of the asset. Throughout this book, we assume that financial analysts have estimates of the probability distribution of these random variables (i.e., asset or security prices). Without going into detail here about how the values of expected cash flows are adjusted for time (i.e., for the delay between buying an asset and receiving its payoffs) and risk (i.e., the uncertainty of the size and timing of future payoffs), the value of a financial asset or contract is based on expected cash flows as indicated in Basic Principle 1.1.

Let’s look at some simple examples of assets or contracts with random future payoffs and calculate their expected values. To simplify the first example, future cash flows are not discounted for time or risk. Later examples in this chapter include discounting for time and risk.

有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。