Tao Lu - Böcker

Bridging the gap between theoretical asset pricing and industry practices in factors and factor investing, Zhang et al. provides a comprehensive treatment of factors, along with industry insights on practical factor development.Chapters cover a wide array of topics, including the foundations of quantamentals, the intricacies of market beta, the significance of statistical moments, the principles of technical analysis, and the impact of market microstructure and liquidity on trading. Furthermore, it delves into the complexities of tail risk and behavioral finance, revealing how psychological factors affect market dynamics. The discussion extends to the sophisticated use of option trading data for predictive insights and the critical differentiation between outcome uncertainty and distribution uncertainty in financial decision-making. A standout feature of the book is its examination of machine learning's role in factor investing, detailing how it transforms data preprocessing, factor discovery, and model construction. Overall, this book provides a holistic view of contemporary financial markets, highlighting the challenges and opportunities in harnessing alternative data and machine learning to develop robust investment strategies.This book would appeal to investment management professionals and trainees. It will also be of use to graduate and upper undergraduate students in quantitative finance, factor investing, asset management and/or trading.

Bridging the gap between theoretical asset pricing and industry practices in factors and factor investing, Zhang et al. provides a comprehensive treatment of factors, along with industry insights on practical factor development.Chapters cover a wide array of topics, including the foundations of quantamentals, the intricacies of market beta, the significance of statistical moments, the principles of technical analysis, and the impact of market microstructure and liquidity on trading. Furthermore, it delves into the complexities of tail risk and behavioral finance, revealing how psychological factors affect market dynamics. The discussion extends to the sophisticated use of option trading data for predictive insights and the critical differentiation between outcome uncertainty and distribution uncertainty in financial decision-making. A standout feature of the book is its examination of machine learning's role in factor investing, detailing how it transforms data preprocessing, factor discovery, and model construction. Overall, this book provides a holistic view of contemporary financial markets, highlighting the challenges and opportunities in harnessing alternative data and machine learning to develop robust investment strategies.This book would appeal to investment management professionals and trainees. It will also be of use to graduate and upper undergraduate students in quantitative finance, factor investing, asset management and/or trading.

Mysterious "supercharge effects," encountered in formation testing pressure transient analysis, and reservoir invasion, mudcake growth, dynamic filtration, stuck-pipe remediation, and so on, are often discussed in contrasting petrophysical versus drilling contexts.  However, these effects are physically coupled and intricately related. The authors focus on a comprehensive formulation, provide solutions for different specialized limits, and develop applications that illustrate how the central ideas can be used in seemingly unrelated disciplines. This approach contributes to a firm understanding of logging and drilling principles. Fortran source code, furnished where applicable, is listed together with recently developed software applications and conveniently summarized throughout the book. In addition, common (incorrect) methods used in the industry are re-analyzed and replaced with more accurate models, which are then used to address challenging field objectives.Sophisticated mathematics is explained in "down to earth" terms, but empirical validations, in this case through Catscan experiments, are used to "keep predictions honest." Similarly, early-time, low mobility, permeability prediction models used in formation testing, several invented by one of the authors, are extended to handle supercharge effects in overbalanced drilling and near-well pressure deficits encountered in underbalanced drilling. These methods are also motivated by reality. For instance, overpressures of 2,000 psi and underpressures near 500 psi are routinely reported in field work, thus imparting a special significance to the methods reported in the book.This new volume discusses old problems and modern challenges, formulates and develops advanced models applicable to both drilling and petrophysical objectives. The presentation focuses on central unifying physical models which are carefully formulated and mathematically solved. The wealth of applications examples and supporting software discussed provides readers with a unified focus behind daily work activities, emphasizing common features and themes rather than unrelated methods and work flows. This comprehensive book is "must" reading for every petroleum engineer.

A popular 1990s formation tester with a single "pumping" probe and one passive "observation port" displaced 180 deg away, designed to measure pressures at two locations for permeability prediction, encounters well known detection problems at low mobilities. This book, using aerodynamics methods, explains why and also reveals the existence of a wide stagnation zone that hides critical formation details. And it does much more.  An exact analytical solution is used to validate a new transient, three-dimensional, finite difference model for more general testers, one that guides new hardware designs with independent azimuthally displaced probes having with different rates, flow schedules and nozzle geometries, supports interpretation and formation evaluation, and assists with job planning at the rigsite. The methods also apply to conventional tools, allowing comparisons between older and newer technologies. Importantly, the authors introduce a completely new three-probe design with independently operable active elements that eliminate all older tool deficiencies.Numerous subjects are discussed, such as pressure transient analyses with multiple operating probes, supercharge analysis with invasion and mudcake buildup, accurate and rapid calculations that allow more than 1,000 simulations per minute, extremely rapid batch mode calculations using convergence acceleration methods, rapid fluid withdrawal with minimal dissolved gas release, dip angle, heterogeneity and anisotropy evaluation, and many other topics.  In addition, tool operation sequences, detailed engineering and design functions, field test procedures and laboratory facilities, are discussed and illustrated in photographs that go "behind the scenes" at one of the world’s largest international oil service companies. The book hopes to educate new engineers and veteran engineers alike in hardware and software design at a time when increasing efficiency is crucial and "doing more with less" represents the new norm.