Glasgow, United Kingdom

Finance, Mathematics and Statistics

Bachelor's
Language: EnglishStudies in English
Subject area: economy and administration
Qualification: BA
Kind of studies: full-time studies
Bachelor of Arts (BA)
University website: www.strath.ac.uk
Finance
Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainties and risks. Finance can also be defined as the science of money management. Market participants aim to price assets based on their risk level, fundamental value, and their expected rate of return. Finance can be broken into three sub-categories: public finance, corporate finance and personal finance.
Mathematics
Mathematics (from Greek μάθημα máthēma, "knowledge, study, learning") is the study of such topics as quantity, structure, space, and change. It has no generally accepted definition.
Statistics
Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data. In applying statistics to, for example, a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model process to be studied. Populations can be diverse topics such as "all people living in a country" or "every atom composing a crystal". Statistics deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments. See glossary of probability and statistics.
Mathematics
The final truth about a phenomenon resides in the mathematical description of it; so long as there is no imperfection in this, our knowledge of the phenomenon is complete. We go beyond the mathematical formula at our own risk; we may find a model or a picture which helps us understand it, but we have no right to expect this, and our failure to find such a model or picture need not indicate that either our reasoning or our knowledge is at fault. The making of models or pictures to explain mathematical formulas and the phenomena they describe is not a step towards, but a step away from reality; it is like making a graven image of a spirit.
Sir James Jeans, The Mysterious Universe (1930)
Finance
The real reason that physicians are rotten investors is that it never occurs to them that finance is a science, just like medicine.
William J. Bernstein The Four Pillars of Investing (2002), Introduction, p. ix.
Statistics
I wish that people would be persuaded that psychological experiments, especially those on the complex functions, are not improved (by large studies); the statistical method gives only mediocre results; some recent examples demonstrate that. The American authors, who love to do things big, often publish experiments that have been conducted on hundreds and thousands of people; they instinctively obey the prejudice that the persuasiveness of a work is proportional to the number of observations. This is only an illusion.
Alfred Binet (1903). L’Etude experimentale de l’intelligence. Paris: Schleicher Freres and Cie. p. 299; As cited in: Carson (1999, 360)
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