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Clifford S. Ang (auth.)-Analyzing Financial Data and Implementing Financial Models Using R 2015
This is a financial modeling book aimed at the relative beginner to R. The student
does not need to have prior financial modeling background, but having gone through
a corporate finance and investments course would be helpful. The goal of this text
is for the student to be able to obtain raw data, manipulate and analyze that data,
implement financial models, and generate the output required for the analysis.
There are three main features of this book. First, we use a R as the program of
choice because it is free and has a large on-line community that can provide support
to programmers of all levels. This means that the student can gain familiarity with
software that is being used by many people and does not cost the students anything to
acquire and update. In contrast, many texts use commercial software that the student
has to end up paying hundreds, if not thousands, of dollars in acquisition or renewal
costs to use after they get out of school.
Second, the examples in the book only use real-world data available for free to
the student for their personal use. We will primarily use data obtained from Yahoo
Finance and the Federal Reserve Electronic Database. Unlike typical textbook examples
in which students see sample data that are sanitized for a particular purpose,
real-world data comes in a generic format that will likely not be suited for a specific
analysis. Although by using traditional textbook examples the student may be able
to say that they have learned to “analyze” data or “implemented” models, the lack of
experience using real world data will likely make the student feel challenged when
applying such analyses in practice.
Finally, the discussion in this text handholds the student through every step of
the way. The examples take the student from obtaining the raw data to manipulating
that data to performing the analysis and ends by showing how to generate a typical
output for that particular analysis. In addition, we also present intermediate output,
so students can quickly identify which portion of their code contains the error and
should get them back on track sooner.
Now that I have discussed what this book is about, let me briefly go through
what you will not see in this book. First, although this book teaches students how
to program in R, this is not a technical programming book. As such, I will be loose
with programming terminology. I will also sacrifice efficiency in writing code. The
primary reason is that the data used in our examples is relatively small, so the entire
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