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Economics is not widely considered to be one of the sexier sciences. The annual Nobel Prize winner in that field never receives as much publicity as his or her compatriots in peace, literature, or physics. But if such slights are based on the notion that economics is dull, or that economists are concerned only with finance itself, Steven D. Levitt will change some minds. In Freakonomics (written with Stephen J. Dubner), Levitt argues that many apparent mysteries of everyday life don't need to be so mysterious: they could be illuminated and made even more fascinating by asking the right questions and drawing connections. For example, Levitt traces the drop in violent crime rates to a drop in violent criminals and, digging further, to the Roe v. Wade decision that preempted the existence of some people who would be born to poverty and hardship. Elsewhere, by analyzing data gathered from inner-city Chicago drug-dealing gangs, Levitt outlines a corporate structure much like McDonald's, where the top bosses make great money while scores of underlings make something below minimum wage. And in a section that may alarm or relieve worried parents, Levitt argues that parenting methods don't really matter much and that a backyard swimming pool is much more dangerous than a gun. These enlightening chapters are separated by effusive passages from Dubner's 2003 profile of Levitt in The New York Times Magazine, which led to the book being written. In a book filled with bold logic, such back-patting veers Freakonomics, however briefly, away from what Levitt actually has to say. Although maybe there's a good economic reason for that too, and we're just not getting it yet. --John Moe
Book Description
Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did the legalization of abortion affect the rate of violent crime?
These may not sound like typical questions for an econo-mist to ask. But Steven D. Levitt is not a typical economist. He is a much-heralded scholar who studies the riddles of everyday life—from cheating and crime to sports and child-rearing—and whose conclusions turn conventional wisdom on its head.
Freakonomics is a groundbreaking collaboration between Levitt and Stephen J. Dubner, an award-winning author and journalist. They usually begin with a mountain of data and a simple question. Some of these questions concern life-and-death issues; others have an admittedly freakish quality. Thus the new field of study contained in this book: freakonomics.
Through forceful storytelling and wry insight, Levitt and Dubner show that economics is, at root, the study of incentives—how people get what they want, or need, especially when other people want or need the same thing. In Freakonomics, they explore the hidden side of . . . well, everything. The inner workings of a crack gang. The truth about real-estate agents. The myths of campaign finance. The telltale marks of a cheating schoolteacher. The secrets of the Klu Klux Klan.
What unites all these stories is a belief that the modern world, despite a great deal of complexity and downright deceit, is not impenetrable, is not unknowable, and—if the right questions are asked—is even more intriguing than we think. All it takes is a new way of looking.
Freakonomics establishes this unconventional premise: If morality represents how we would like the world to work, then economics represents how it actually does work. It is true that readers of this book will be armed with enough riddles and stories to last a thousand cocktail parties. But Freakonomics can provide more than that. It will literally redefine the way we view the modern world.
Download Description
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Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? What kind of impact did Roe v. Wade have on violent crime?
These may not sound like typical questions for an economist to ask. But
Steven D. Levitt is not a typical economist. He is a much heralded scholar who studies the stuff and riddles of everyday life -- from cheating and crime to sports and child rearing -- and whose conclusions regularly turn the conventional wisdom on its head. He usually begins with a mountain of data and a simple, unasked question. Some of these questions concern life-and-death issues; others have an admittedly freakish quality. Thus the new field of study contained in this book: freakonomics.
Through forceful storytelling and wry insight, Levitt and co-author
Stephen J. Dubner show that economics is, at root, the study of incentives -- how people get what they want, or need, especially when other people want or need the same thing. In
Freakonomics, they set out to explore the hidden side of ... well, everything. The inner workings of a crack gang. The truth about real-estate agents. The myths of campaign finance. The telltale marks of a cheating schoolteacher. The secrets of the Ku Klux Klan.
What unites all these stories is a belief that the modern world, despite a surfeit of obfuscation, complication, and downright deceit, is not impenetrable, is not unknowable, and -- if the right questions are asked -- is even more intriguing than we think. All it takes is a new way of looking. Steven Levitt, through devilishly clever and clear-eyed thinking, shows how to see through all the clutter.
Freakonomics establishes this unconventional premise: If morality represents how we would like the world to work, then economics represents how it actually does work. It is true that readers of this book will be armed with enough riddles and stories to last a thousand cocktail parties. But
Freakonomics can provide more than that. It will literally redefine the way we view the modern world.
"
Customer Reviews:
Mind blowing .......2007-10-02
This book changed the way I think about economics, while being entertaining and fun. Highly recommended!
Dumbed Down Levitt.......2007-09-27
I saw Steven Levitt (the economist) on CSPAN Book-TV. He was intelligent, incisive & insightfull and presented his information clearly with a wry sense of humor. I very much anticipated reading this book. What a disappointment! Clearly the book was written by Dubner, not Levitt, and it's origins as a Sunday magazine profile are too apparent. The sharp intelligence and clear ideas are made fuzzy by Dubner's generic, puffy non-fiction writing techniques. This is not to say this book is without merit. Levitt's ideas manage to shine throught the murk of Dubner's writing. But if you want to get a clearer picutre of Levitt and his thinking, go to the C-SPAN Book-TV archives and watch the show with Steven Levitt discussing the book.
I hope that next time Levitt and/or his publisher will have the confidence to have him write a popular, non-academic book on his own and won't feel the need to hire a "professional" to translate his ideas to a popular audience. His ideas need simple clarity, not fancy dressing up.
Spray-Painted Fruit.......2007-09-25
"Freakonomics" has all the elements of great nonfiction. It approaches old subjects in new ways. It combines a "rogue" economist's out-of-the-box thinking with the concise work of a disciplined writer. A quick read, it also challenges Americans to think for themselves--now there's a real accomplishment!
Levitt and Dubner make some interesting points about our education system, medical and parental fears, and racial divides. They never claim to tie all these insights into a cohesive treatise, although they do meander back and forth over unifying themes of what motivates us as human beings and what causes us to buy into collective myths. For years, I've observed the lemming effect in our society, usually driven by the media, and by the average person's seeming inability to override knee-jerk fears with a small dollop of logic. Raising my own children, I heard the flip-flopping of the experts: "Babies should sleep on their backs...their bellies...their sides...in your bed...in their own bed..." ad nauseum.
"Freakonomics" has worthy goals. It reaches them on many levels. On the other hand, it is marketed toward those who already see through these societal deceits. It's not high-minded enough to satisfy those seeking true "rogue" economics, and it's not accessible enough for those nominative readers who might benefit from it the most. Also, on a number of occasions, it draws from a hodgepodge of statistics and extrapolates theories that, while very reasonable, are not proven here with any certainty. And yet we are expected to believe them, even while the same authors are telling us to stop believing such extrapolations from other "experts."
For a book that'll cause you to reconsider certain "established" norms" and to carry on lively discussions, "Freakonomics" is a wonderful coffee table addition. I was disappointed, though, in its overall lack of depth. Most of the subjects addressed are ones I, as a regular individual, have questioned on basic principles of logic in the first place. I didn't need a "rogue" economist for this, or a catchy title. I could've extracted the same tidbits from a decent magazine article by the same pair.
An apple is an apple is an orange. Yes, there are some nutrients in this tasty book, but the authors, like many grocers, have spray-painted the fruit to appear a bit more delectable than it actually is.
This book makes economics entertaining.......2007-09-23
Think you won't be entertained by a book about economics? Think again. Reduced to its essence, economics is about people's response to incentives. This book abounds with examples that you probably aren't accustomed to thinking of as economics. The author excels at analyzing mounds of data and extracting nuggets of wisdom from it. He even steps you through a couple of them, though once he's sure you've got the idea he sticks to giving you the pertinent information. After reading this book I became aware of how economics permeates human interactions.
Boring and pedantic to listen to on CD........2007-09-20
I couldn't make it past the second chapter even though the stories and ideas were engaging. As an audio product, the narrator repeats himself too many times and recaps and re-summarizes again and again. It's hard to listen to. If you're kind of slow, this CD may be just your speed. If you're sharp, you will be bored out of your skin. Perhaps an abridged version would be easier to sit through. It's too watered down and repetitive - at least as an audio version where you can't skim to avoid the redundancy.
Book Description
You have more information at hand about your business environment than ever before. But are you using it to “out-think” your rivals? If not, you may be missing out on a potent competitive tool.
In Competing on Analytics: The New Science of Winning , Thomas H. Davenport and Jeanne G. Harris argue that the frontier for using data to make decisions has shifted dramatically. Certain high-performing enterprises are now building their competitive strategies around data-driven insights that in turn generate impressive business results. Their secret weapon? Analytics: sophisticated quantitative and statistical analysis and predictive modeling.
Exemplars of analytics are using new tools to identify their most profitable customers and offer them the right price, to accelerate product innovation, to optimize supply chains, and to identify the true drivers of financial performance. A wealth of examples—from organizations as diverse as Amazon, Barclay’s, Capital One, Harrah’s, Procter & Gamble, Wachovia, and the Boston Red Sox—illuminate how to leverage the power of analytics.
Customer Reviews:
Covers the basics of both the what-is and the how-to of fact-based decision making.......2007-10-04
Mark Twain once said something to the effect that it isn't what you don't know that gets you into trouble, it's what you know for certain that isn't so that will get you. Too many businesses are run on assumptions, guesses, and inertia. What we are doing now worked in the past so lets keep doing it. Shareholders lose a lot of money when their businesses are run with that kind of thinking.
This book is about fact-based decision making. It is really more of an introduction to the subject than a detailed text, but it is still quite useful for those wanting to learn the basics of the subject. The first five chapters discuss what analytics are, how you compete using them, and the growth path from wondering what an analytic competitor is through the fives steps to becoming one. They also discuss what it means when using internal data that you completely control, and what it means when you do it using data you control and supplier or customer data that you do not control.
The last four chapters take on the practical side of implementing a road map to becoming an analytic competitor. I particularly enjoyed the chapter emphasizing that all your plans will fail if you don't have the right people. Systems alone won't do it. The next chapter discusses the kinds of systems you need. The last chapter discusses the future of analytics.
For the right audience, this is a fascinating book. The stories about businesses succeeding by using analytics or getting themselves into serious trouble by ignoring them are all good and entertaining. Be careful, though. Some of the stories talk about instances (such as the Red Sox losing the World Series by letting the pitcher go beyond his statistical maximum pitching range) rather than trends and large numbers of events. Statistics don't work on instances. That is, at any given moment a coin might come up heads or tails. Just because there have been ten heads flips in a row does not mean you should take less than 50-50 odds on the next flip. It is still 50-50. That pitcher might have won, might have lost that game and it would have become part of the statistical information. However, for the stats to become powerful, you would have to be able to make a strong prediction over a series of games that he pitched. That is, if he goes beyond X pitches in 10 games he will lose about 8 of them. That means he still wins two (or one or three) and you don't know when in the series the wins will come.
The idea that very small observations can be exploited for big advantage is very important in today's ever more competitive business climate. For example Harrah's learned that moving the odds on slot machines one-tenth of one percent in their favor did not affect customer play at all, but netted them at extra $80 million (company wide). Marriott's hotel management system improves hotel performance by a couple percent. Remember that these improvements incur little cost, so most of the improvement flows quickly to the bottom line.
I thought that might get your attention. Read it so you can learn and profit from it.
Reviewed by Craig Matteson, Ann Arbor, MI
A limited introduction to business analytics.......2007-09-21
MY RATING SYSTEM:
* - if you have to chose between torture and reading this book, then you might want to consider reading the book - although it depends on just how severe the torture would be.
** - if you've lost your job and have quite a bit of free time on your hands, and don't have anything else better to do, then you might want to consider reading this book; don't expect to learn much or really be entertained. It will however, help you pass the time until your death.
*** - meh...I'm indifferent. Reading this book will not alter your life in any significant way, yet it is not so horrendously dreadful that your taking the time to read it will be a complete waste of time.
**** - Good book to great book zone here. You should probably read this book if you have some spare time. This book could be interesting, entertaining, or informative.
***** - Outstanding book! Make time to read this book - you'll learn or be entertained or intrigued. The book might even be good enough to provide original or helpful insights into the world that we live in.
REVIEW:
Competing on Analytics serves as an interesting, albeit limited, introduction to the concept of using complex data collection, management, and analysis techniques to gain a competitive edge in business.
For me, the book served as a useful introduction, but fell far short of satisfying the objectives I had in mind when I first came across it. What I was expecting was a book that provide a detailed guide to developing and implementing an analytical approach to business decision making. While early on the authors acknowledge the limitations of the book, I found what followed to be less than satisfying.
The book contained a variety of examples of companies that were using analytical techniques to improve the quality of business decision making, and discussed a variety of business areas in which companies might want to adopt such analytical techniques but failed to present comprehensive case studies that would provide real guidance to readers. I would have liked to have been led through a few cases, from a diverse set of industries, where the authors describe what information was collected and why, how the information was manipulated, analyzed and presented, and how the entire analytics process was influenced by and/or influenced the company's strategy and performance. Instead, the book left me with the impression that I need to go out an hire a consulting firm to lead me through the development of an analytics program.
One of the most ironic components of the book was that while it touted the use of analytical techniques and objective analysis to motivate business decision making, it's argument was largely based on anecdotal evidence of a handful of companies that have adopted analytical approaches.
Good Overview of Business Analytics.......2007-09-20
Technology & the easy with which information spreads has rendered many products and services easily replicable. Companies need to compete on the basis of something their competitors can't recreate. What companies don't have ready access to is each other's data, i.e., on customers, suppliers, & processes. What companies do with this data is what can set them apart from competitors.
Davenport & Harris describe how data is transformed into competitive advantage by discussing the types of information used in analytics, the stages of becoming a more analytic corporation, and many examples of companies who have applied analytics to successful operations. Problems encountered down the road to becoming more analytical were similar to those described in another recent book on the criticality of enterprise data, Information Revolution by Davis, Miller, & Russell.
This book contains no numeric formulas or specific procedures for using analytics, but it is an excellent as an overall survey of business analytics as used today.
Who Is The Audience.......2007-08-30
This book is meant for those who make things happen and need to gain a fresh perspective. It is not meant for those who know a lot but can't make things happen yet keep looking for more information, while criticizing a good effort, which without doubt could have been better.
Great Subject/Weak Effort.......2007-08-26
Not a lot of meat to this topic other than the obvious. Not very exciting stuff.
Book Description
This worldwide best-selling business statistics text teaches students how to apply statistics to real business problems through the author's unique three-step approach to problem solving. Students learn to IDENTIFY the right technique by focusing on the problem objective and data type. They then learn to COMPUTE the statistics either by hand, using Excel, or using MINITAB. Finally, they INTERPRET the results in the context of the problem. Keller's approach enhances student comprehension as well as practical skills. The book offers maximum flexibility to instructors wishing to teach concepts by hand or with the computer, or by using both hand and computer methods.
Customer Reviews:
Not so good!.......2005-12-10
Now in my second statistics course, I have a great base in statistics. This book seems to confuse everything that i've already learned. I would recommend using The Basic Practice of Statistics over this book anyday.
Book Description
The million-copy bestseller, revised and updated with new investment strategies for retirement and the most current research into behavioral finance.
Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, here is the best-selling, authoritative, and gimmick-free guide to investing. Burton Malkiel evaluates the full range of investment opportunities, from stocks, bonds, and money markets to real estate investment trusts and insurance, home ownership, and tangible assets such as gold and collectibles. This edition includes new strategies for rearranging your portfolio for retirement, along with the book's classic life-cycle guide to investing, which matches the needs of investors in any age bracket. A Random Walk Down Wall Street long ago established itself as a must-read, the first book to purchase before starting a portfolio. So whether you want to brief yourself on the ways of the market before talking to a broker or follow Malkiel's easy steps to managing your own portfolio, this book remains the best investing guide money can buy.
Customer Reviews:
Quarterlife Finance says, "A Classic that Every Investor Should Read".......2007-10-03
I recently finished reading the 9th edition of Burton Malkiel's classic text A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition. First published in 1973, this book is a classic text that deserves a place on any investor's bookshelf.
Malkiel presents two possible security valuation models - one based on a firm foundation of value and one based on finding a "greater fool" to sell your speculative buys to. He analyzes the history of investment bubbles from the Dutch tulip mania some two hundred years ago all the way through the tech stock bubble of the late 1990s. He discusses fundamental analysis of stocks and thoroughly trashes technical analysis. Finally, Malkiel presents a strategy that virtually guarantees that your investments will keep pace with the market with minimal investment of time.
I enjoyed and recommend this book for several reasons. First and foremost, it blows the whistle on many common "beat the market" strategies, including all manner of technical analysis. As a relatively young investor, I was always intimidated by the chartist strategies (moving averages, buy points, etc) but after reading Malkiel there is no cause for fear. Those strategies simply do not work.
Moreover, I found the book to be an easy read relative to many texts on investment. While he covers different types of stock analysis, modern portfolio theory, the efficient market hypothesis, and asset allocation in detail, the book is not weighted down with too much heavy terminology. His writing style, use of historical anecdotes, and ability to challenge your beliefs again and again keeps you riveted to the book.
Finally, I believe that the strategies presented in the book are clear, concise, and can be employed by anyone to their immense gain. Too many people pay for poor investment advice, make mistakes by chasing gains and paying for active portfolio management, or even pay absurd 12b-1 fees on underperforming mutual fund investments. By reading this book and taking Malkiel's advice to heart, I believe that just about anyone can end up with more dollars in hand.
On the other hand, the book does delve into financial topics that may be intimidating for someone completely new to the investment world. The basic message (buy and hold a well-diversified portfolio of extremely low-cost index funds) could be expressed much more succinctly. However, I wouldn't change a thing with this book...just be prepared for a wild ride that challenges everything you thought you knew about investing.
not a fan........2007-10-03
This book was not what it was trumped up to be, as far as I am concerned. It's a gloomy, negative, pessimistic, unending drivel of known and common sense information and data presented in a much more complicated manner that they are in real life. After reading this book you may be inclined to start taking anti-depressants and definitely stay away from the stock and other securities markets. Weeooogh!!
Excellent Message. Sweeps some exceptions (particularly those noted herein) under the rug........2007-10-02
Particularly in a day and age where mutual funds are often touting themselves on the television, this book has an excellent, largely unbiased message for the average investor: buy low cost index funds and stay in them for the long haul.
The book is exceptionally well written, covering most of the lessons of an introductory to intermediate finance course in a very accessible format (i.e. all the right *ideas* without the confusing math). He utilizes dozens of powerful examples and good data to show that his basic premise, despite now being 30 years old, is sound. Due to its theoretical strength and accessible style, this book could be of particular value to Undergrad Business and MBA students who find the professor's academic approach to an Introductory Finance course confusing. Get the big picture here, making the math just that much easier to follow. (5 stars for making difficult financial concepts readable and interesting)
Despite my strong recommendation for both his message and style, the book does have some drawbacks. Number one is that he has clearly taken a side on the issue and has thrown impartiality to the wind. Regularly, the author depends on "transaction costs" (the cost to trade) to ensure that a trading strategy cannot beat his preferred portfolio (implying that it would have succeeded without the transaction costs). This "sweeps under the rug" several clear counter-examples to the basic efficient market thesis in order to reinforce his index-investment message. While I understand his reasoning for doing so -- a desire not to encourage investment in high cost funds or heaven forbid day trading -- it does lead to some skepticism about his willingness to admit any possibility that his thesis has weaknesses. To that end, I would discourage readers who are familiar with CAPM and efficient-markets from reading the book (2 stars as a brush up).
In the end, however, I think the message is sound. Rather than cite trading costs, I think the message can effectively be said another way: If you spent 5h a day investigating stocks, what are the odds that you can beat a professional manager? If a manager has a staff of 20 that invest 8h per day investigating stocks, what are the odds that they're going to beat the whole financial services industry? If the whole industry is taking advantage of every opportunity to profit from small deviations, and you're going to pay a manager most if not all of that profit anyway, investing in an index basically gets you the benefit of thousands of mutual funds and investment bankers without the cost of any of them (or of your time to do research).
With qualifications to the highly technical reader, who should pass on the book, I can't, in good conscience, fail to give this book 5 stars for a profoundly valuable message targeted at the individual investor.
Best guide ever.......2007-10-02
A good informative writing on the handling of your finances in regards to investing. I found it to be quite basic but I have been investing since a club in the 1960's. It still gave me a lot of information and ideas that I knew a little or nothing on. I would recommend it highly to any and all that wish to have anything in the future for their retirement.
Still the Best.......2007-09-10
I first read this book in its seventh edition. I was great then. I recently purchased the ninth edition as a "refresher." It's still a great book and the one I recommend to prospective clients or other investors prone to believe all of the active management garbage out there. Burton Malkiel does a masterful job of dismantling all of the Wall Street hype and laying out investing in a simple, straight-forward, and long-term approach.
If you read this book and still believe in the Wall Street gurus then you're hopeless. And, you deserve every bit of the bad advice you're following.
Book Description
Well-suited for the non-statistician, this applications-oriented introduction to multivariate analysis focuses on the fundamental concepts that affect the use of specific techniques rather than the mathematical derivation of the technique.
Provides an overview of several techniques and approaches that are available to analysts today — e.g., data warehousing and data mining, neural networks and resampling/bootstrapping. Chapters are organized to provide
a practical, logical progression of the phases of analysis and to
group similar types of techniques applicable to most situations.
Customer Reviews:
Best general Multivariate stats book.......2007-06-07
This is without question THE BEST introduction to Multivariate Statistics book currently available. It is designed for the user of the techniques, not someone who wants to examine the math underlying the techniques. I have created a collection of the various editions of this book and I have all of them going from the 1st edition to the current one. Personally I really likely the 2nd and 3rd editions but the current one is also very good. Whether you are interested in Exploratory Factor Analysis, Multiple Regression Analysis, Discriminant Analysis [I think that there should have been more on classification analysis in this section], Logistic regression, multivariate analysis of variance, conjoint analysis, cluster analysis, multidimensional scaling, Confirmatory Factor Analysis or Structural Equation Modeling, this book provides a good broad overview as to how to use and interpret the techniques. The key terms for each technique are defined clearly technique by technique. Having taught faculty how to teach multivariate statistics this is the book that I chose to use. It is important to remember that it is BROAD overview and if you are going to do serious analyses that you'd likely want to get additional books about the specific technique or techniques that you are going to use.
Probably the best advanced stats book ever written...GOD bless the authors!.......2007-05-12
Over the course of my undergrad, grad, and post grad, I have read a variety of statistics books. Without a doubt, Hair's Multivariate Data Analysis is THE BEST book of them all. Here is a brief outline of the awesome features of the book:
1. The book itself is very well organized - chapter order and the order within each chapter helps the reader in knowing what is coming next and provides a sense of direction. I think this is a very important feature for any book to have especially when the topics are complex and are discussed over 800 odd pages.
2. The HBAT data set that comes along with the book (or that is provided by the instructor of the course depending on the version of the book you purchase) is really a very good resource. All multivariate techniques in the book can be carried out using this data set. The data set is clearly explained at the end of the first chapter.
3. Tables of examples, the 'Rules of thumb" after each important concept discussion prove invaluable. This is akin to the managerial implication written at the end of lenghty academic articles. This is almost like saying - Here is the deal folks.....Much precise than the summary section, in bullet points, these rules of thumb acts as quick referece that captures the content of the discussion.
4. From chapter 4 onwards till the very end of the book, each chapter is divided into two halves - the first half is the concept dicsussion - in detail, with examples and in very simple and understandable language. The second half is the illustration of the discussed concept through a very elaborate example using the HBAT data set. This arrangement not only helps the reader in better understanding the complex concepts, but also allows the reader to get their hands dirty by actually working out.
5. Keywords at the begining of each chapter provides a list of all the 'jargon' that would be used in that chapter. This list provides a detail definition of each term. Many times while reading the chapter, you would come across a confusing term and in those times the keyword list can prove invaluable.
All in all, this is an invaluable book. If you are a taking stats and you have not read this book, you are missing something. In spite of all the above great things, the best feature of this book is the writing style. I have not come across a book that explains concepts is such easy to understand language but at the same time not over simplifying the subject matter.
My advanced stats became enjoyable because of this book. Really may GOD bless these authors for writing this book!!
Sure it's good, and a good price by the pund too!.......2005-10-26
A pretty good overview and a lot of in-depth material on Multivariate data analysis. Not quite a bed time read though.
I recommend this book as part of your analytical library.
If you liked this book, another good book on multivariate data analysis you may want to check out as well is Sharma, S.; Applied Multivariate Techniques, New York: John Wiley & Sons, Inc., 1996.
If you want something easier to read/more practical, and you prefer SPSS over SAS you may want to check out either `Discovering Statistics using SPSS for Windows' by Andy Field, or probably even better/simpler `SPSS Survival Manual' by Pallant.
Tom Anderson
Anderson Analytics, LLC
(...)
Good for a second stats course & reference.......2005-08-03
We used this book for our Stats 2 course in grad school, and although our professor was good enough to eclipse Hair, et al. (he had written his own Stats text), I am most pleased at how much mileage I have drawn from Hair, et al. in the years since I took the course. In my subsequent career, reviewers have often sent me back to Hair, et al. when they have questions about something I'm doing with a data analysis, so it has become an invaluable reference for that reason alone.
The chapters on structural equation modeling, MANOVA, and factor analysis are particularly useful and well-written. I recommend this book without reservations for graduate students and others who work with advanced statistics as part of their daily work.
simple but great!!.......2005-06-02
I used this book as a reference on the topics while I was working on a research project at the university. Because the book does not use complex mathematics to explain the multivariate statistics, it is easy for social sciences students to understand. Each chapter starts with an overview, step-by step procedures and ends with an example from the data set that is used throughout the book.
In addition to the common topics in multivariate, the book also includes the new analysis techniques as CHAID, neural network, and data mining.
Book Description
Gain the statistical tools and techniques you need to understand today's financial markets with the Second Edition of this critically acclaimed book.
Youll find a comprehensive and systematic introduction to financial econometric models and their applications in modeling and predicting financial time series data. This edition continues to emphasize empirical financial data and focuses on real-world examples. Youll master key aspects of financial time series, including volatility modeling, neural network applications, market microstructure and high-frequency financial data, continuous-time models and Ito's Lemma, Value at Risk, multiple returns analysis, financial factor models, and econometric modeling via computation-intensive methods.
This is an ideal textbook for MBA students and a key reference for researchers and professionals in business and finance. Order your copy today.
Download Description
Analysis of Financial Time Series, Second Edition provides a comprehensive and systematic introduction to current financial econometric models and their applications to modeling and prediction of financial time series data. It utilizes real-world examples and real financial data throughout the book to apply the models and methods described. The author begins with basic characteristics of financial time series data before covering three main topics: analysis and application of univariate financial time series; the return series of multiple assets; and Bayesian inference in finance methods.
Customer Reviews:
Excellent and detailed reference.......2007-05-03
The coverage of the topic is broad and deep. It is one of the few introductory books that devotes some space to transfer function modeling and does so intelligibly.
A must have for the novice as well as those more familiar with the topic that need a solid reference.
The best for Masters level, great all-around.......2007-02-12
This text is absolutely perfect for Masters students learning financial econometrics. There is a little theory, clear explanations, and quite a few real world examples. (I don't think any text would tell the reader what model to use when, because that's application-specific.) It assumes some knowledge of finance and basic econometrics/statistics, which is fair enough. To get more theory, Hamilton (1994) remains the authority, and Campbell, Lo, MacKinlay (1997) is a great introduction for PhD students, and generally an ideal companion volume to this one.
Excellent reference!.......2006-11-05
This book is an excellent toolbox for anyove dealing in the field of financial engineering, however, as a real toolbox, the author doesn't explain the exact use of all tools and how to interpret the results. This is why this book is for advanced users who need a well documented reference but it is not very suitable for beginners in the field. The Splus code is welcome.
Broad coverage, but not for the faint-hearted.......2006-07-05
Written by a University of Chicago professor, this book comprehensively covers times series topics relative to investment and trading-oriented finance (i.e., Wall Street money-making machines). Treatment is generally clear and thorough, but an advanced math and stat background is an absolute prerequisite for understanding the materials.
S-Plus/R code is given, but strangely, there is very little on *why* and
*when* one uses each of the techniques. Under what cirmcustances should I use or not use GARCH? What exactly is PCA good for in real-world applications? These important questions are not answered, in other words, you don't get a sense of the real-world context for these topics.
Best textbook I have ever read .......2005-09-19
First of all, it is well written in a very practical point of view. The whole book is aimed fullly to real financial data(appended in the author's web). People can gain not only the well-explained theories but the hand-on experience with data analysis using SPLUS or any other package.
Secondly, the author is a real expert in this field and has been publishing lots of nice work. All models in the book are clearly illustrated and commented.
Thirdly, it covers a lot of topics in analysis of FT. Reader can learn almost all the valuable things in this field from this book.
If anyone wanna truly learn this book, she/he has to sit down and plays some real data on computer. I think this is the best way and the only way to use this book.
Book Description
This market leading text offers proven, comprehensive, applications-oriented approach. Written by authors who are highly regarded in the field, the text provides sound methodological development. The discussion and development of each technique is presented in an application setting, with the statistical results providing insights to decisions and solutions to problems. Statistics for Business and Economics, 9e offers proven accuracy that has led instructors to adopt it simply for its superior examples and exercises alone.
Customer Reviews:
Covers all the bases without unnecessary verbage!.......2006-11-03
Very good text for any statistics student. Clear and concise explanations. Ten times better than the text I used in undergrad by Newbold.
Great starter book.......2006-10-24
Basic information is all covered in the book. Great if you are taking AP Statistics or a statistics course in your undergrads.
Not Too Bad.......2006-08-03
I have a basic statistics background before I read this book. For me, the book is useful for my basic quantitative research. Last few chapters apply the statistics rules in earlier chapters to the real business environment, which I think it's really practical and interesting. The most I like in this book is the practice questions at the end of each chapter, which apply to everyone's daily life. However, first four chapters cover too many unnecessary topics.
This book requires outside help!.......2006-06-03
This book tends to jump off topic (most aren't explained well). For example, they talk about one thing but the exercises are a bit different than the chapter's topic. Most of the information isn't fully explained. If you are in a class where the instructor assigns the exercise questions for homework, you are screwed. You may not know what to do unless you seek outside help (study guide, tutor etc.) or read beyond the chapter.
A very interesting book... for those who understand statistics.......2006-05-28
The book has a lot of examples and is a must have for those majoring in Finance. Some Universities use this for Intro to Statistics and this book is very didactic. The way it's written out in a form that takes you a another level of reading which makes you feel you're in a rainbow... a reading rainbow... Anway... The book has answers in the back so it's good enough for whenever the professor assigns Homework.
Amazon.com
If the prescriptions for getting rich that are outlined in books such as The Millionaire Next Door and Rich Dad Poor Dad are successful enough to make the books bestsellers, then one must ask, Why aren't there more millionaires? In Fooled by Randomness, Nassim Nicholas Taleb, a professional trader and mathematics professor, examines what randomness means in business and in life and why human beings are so prone to mistake dumb luck for consummate skill. This eccentric and highly personal exploration of the nature of randomness meanders from the court of Croesus and trading rooms in New York and London to Russian roulette, Monte Carlo engines, and the philosophy of Karl Popper. Part of what makes this book so good is Taleb's ability to make seemingly arcane mathematical concepts (at least to this reviewer) entirely relevant in evaluating and understanding everything from the stock market to the success of those millionaires cited in the aforementioned bestsellers. Here's an articulate, wise, and humorous meditation on the nature of success and failure that anyone who wants a little more of the former would do well to consider. Highly recommended. --Harry C. Edwards
Book Description
“[Taleb is] Wall Street’s principal dissident. . . . [Fooled By Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-nine theses were to the Catholic Church.”
–
Malcolm Gladwell, The New Yorker
Finally in paperback, the word-of-mouth sensation that will change the way you think about the markets and the world.This book is about luck: more precisely how we perceive luck in our personal and professional experiences.
Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of business–
Fooled by Randomness is an irreverent, iconoclastic, eye-opening, and endlessly entertaining exploration of one of the least understood forces in all of our lives.
Customer Reviews:
Not as good as the Black Swan.......2007-10-01
I read the Black Swan and I loved it. So, of course, I had to read this book too. It turned out to be a rehash of the same material, but not told with the same conviction. In the Black Swan he pulls no punches. Here he has not quite gotten all his material together and you can feel it. If I had not read the Black Swan I would have liked this book. But, since he wrote a better one, I would recommend the Black Swan and not this one.
A MUST read.......2007-09-29
A great book that everyone can read and understand. Wonderful insight into the ramdomness of life.
Fallacies of inductive reasoning.......2007-09-02
If you ever felt a little queasy about that article in the paper - the one that connected all the dots and claims to have explained yesterdays news - then this is a book you must read. Taleb covers a lot of ground, at times in seemingly sporadic jumps, but each chapter is a mini research library in itself. The reviews for this book span the whole gamut, and I will not try to add to the noise short of saying that if you are interested in probability, in how it affects our lives, and how it skews our perception of the world, then you should judge the book for yourself - I happened to have read it twice.
It's a book - breath deep.......2007-08-31
A good read and many valuable insights that will keep you thinking long after you've moved on.
Attacking this author is besides the point; frankly, why should anyone care if he is or isn't a arrogant, ivy league brat, a walking contradiction that doesn't appreciate the "businessman"? The book is either worth the read or it isn't. My opinion - it has something important to add and does so in a fun, refreshing style to boot.
Risk Management 404.......2007-08-31
Hard to rate this book too highly. It is not without flaws and even the author describes is as something along the lines of a self-indulgent and eccentric essay (my words). That is of nonetheless part of its charm. This is an unorthodox look at a very important topic for our world.
It would be a mistake to come to this book as your first introduction to risk management, life, philosophy, probability or derivatives trading. It covers all of those topics and much, much more but this book is not written as an introductory read. You need to have some life experience and at least a working knowledge of risk management (in whatever field of endeavour you pursue). The joy of this book is it's ability to stretch your mind with new ways of thinking.
Taleb's fundamental premise is that we underestimate the role of luck (or Lady Fortuna) in our lives and he argues compellingly to that end with a range of interesting examples. The survivorship bias of 'successful' people is well illustrated using a number of examples to show how (for example) derivatives traders start and fail on a regular basis, eventually leaving only the ones who have been continuously successful. That although skill and experience are important, many wealthy trader have basically thrown 'heads' 20 times in a row (ie. survived 20 years trading). We then back-test their methods to find the 'secret of their success' assuming that it is more than luck which of course it usually (but not always is) but that we for the most part a) underestimate the role of luck and b) assume that what has worked in the past will continue to work in the future. He uses the black swan example (all swans were white until the discovery of black swans in Australia in the 17th century) to illustrate the point that even if the processes that trader has used in the past worked out, we need to keep challenging our thinking and continually learn anew. In a complementary but very different vein, have a look at 'Managing the Unexpected' by Karl Weick and Kathleen Sutcliffe. They give new meaning to the concept of mindfulness and how 'high reliability organisations' such as nuclear aircraft carriers use a 'Pre-occupation with Failure' to sustain mindfulness and avoid Black Swans.
Some reviewers seem to have found Taleb's style challenging (and yes he can be sarcastic) but overall I loved it and found it a compelling read. I have a Masters in Risk Management, trade options, help clients with risk management and international security solutions and am a better practitioner now for having read this shotgun blast of scattered but linked ideas. I thoroughly enjoyed the places that it took and continues to take my thinking and am just grateful that he took the time to share his thought with the rest of us.
Mandatory reading for anyone who manages risk (which is after all just about everyone). When you think you understand something about risk management, then it is time to read this.
Customer Reviews:
Good Overall.......2006-10-11
Pretty thorough text for anyone learning or brushing up on their skills...quite intuitive.
This is one of the best business statistics book.......2001-10-27
This book is used in the course of Business Statistics at University of Massachusetts Dartmouth. This is a useful and understandable book. The questions are well-prepared.Also,the statistics program PhSTAT is given with this book. I advise you to buy.
Good, but could be better.......2000-10-20
This book is okay, but it could definitely be better. For a basic statistics class, this book contains WAY too much information to digest in a semester of college. No professor I know of has ever gotten past chapter 8. Further, the problems are quite wimpy as far as the amount of thought required for them. Quite wimpy. Could be better. The only good thing is that for doing it on a spreadsheet, the data comes on a CD, so that you don't have to re-type it, thankfully.
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The World Is Flat [Updated and Expanded]: A Brief History of the Twenty-first Century
The Tipping Point: How Little Things Can Make a Big Difference
Blink: The Power of Thinking Without Thinking
The Kite Runner
Crimes Against Logic
