from statistical physics to risk management

231
Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management. : Cambridge University Press, . p 1 http://site.ebrary.com/id/10014876?ppg=1 Copyright © Cambridge University Press. . All rights reserved. May not be reproduced in any form without permission from the publisher, except fair uses permitted under U.S. or applicable copyright law.

Upload: hoangliem

Post on 31-Dec-2016

214 views

Category:

Documents


1 download

TRANSCRIPT

Page 1: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 1http://site.ebrary.com/id/10014876?ppg=1Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 2: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 2http://site.ebrary.com/id/10014876?ppg=2Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 3: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 3http://site.ebrary.com/id/10014876?ppg=3Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 4: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 4http://site.ebrary.com/id/10014876?ppg=4Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 5: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 5http://site.ebrary.com/id/10014876?ppg=5Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 6: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 6http://site.ebrary.com/id/10014876?ppg=6Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 7: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 7http://site.ebrary.com/id/10014876?ppg=7Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 8: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 8http://site.ebrary.com/id/10014876?ppg=8Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 9: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 9http://site.ebrary.com/id/10014876?ppg=9Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 10: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 10http://site.ebrary.com/id/10014876?ppg=10Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 11: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 11http://site.ebrary.com/id/10014876?ppg=11Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 12: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 12http://site.ebrary.com/id/10014876?ppg=12Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 13: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 13http://site.ebrary.com/id/10014876?ppg=13Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 14: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 14http://site.ebrary.com/id/10014876?ppg=14Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 15: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 15http://site.ebrary.com/id/10014876?ppg=15Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 16: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 16http://site.ebrary.com/id/10014876?ppg=16Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 17: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 17http://site.ebrary.com/id/10014876?ppg=17Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 18: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 18http://site.ebrary.com/id/10014876?ppg=18Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 19: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 19http://site.ebrary.com/id/10014876?ppg=19Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 20: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 20http://site.ebrary.com/id/10014876?ppg=20Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 21: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 21http://site.ebrary.com/id/10014876?ppg=21Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 22: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 22http://site.ebrary.com/id/10014876?ppg=22Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 23: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 23http://site.ebrary.com/id/10014876?ppg=23Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 24: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 24http://site.ebrary.com/id/10014876?ppg=24Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 25: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 25http://site.ebrary.com/id/10014876?ppg=25Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 26: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 26http://site.ebrary.com/id/10014876?ppg=26Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 27: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 27http://site.ebrary.com/id/10014876?ppg=27Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 28: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 28http://site.ebrary.com/id/10014876?ppg=28Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 29: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 29http://site.ebrary.com/id/10014876?ppg=29Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 30: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 30http://site.ebrary.com/id/10014876?ppg=30Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 31: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 31http://site.ebrary.com/id/10014876?ppg=31Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 32: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 32http://site.ebrary.com/id/10014876?ppg=32Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 33: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 33http://site.ebrary.com/id/10014876?ppg=33Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 34: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 34http://site.ebrary.com/id/10014876?ppg=34Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 35: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 35http://site.ebrary.com/id/10014876?ppg=35Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 36: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 36http://site.ebrary.com/id/10014876?ppg=36Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 37: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 37http://site.ebrary.com/id/10014876?ppg=37Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 38: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 38http://site.ebrary.com/id/10014876?ppg=38Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 39: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 39http://site.ebrary.com/id/10014876?ppg=39Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 40: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 40http://site.ebrary.com/id/10014876?ppg=40Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 41: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 41http://site.ebrary.com/id/10014876?ppg=41Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 42: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 42http://site.ebrary.com/id/10014876?ppg=42Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 43: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 43http://site.ebrary.com/id/10014876?ppg=43Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 44: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 44http://site.ebrary.com/id/10014876?ppg=44Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 45: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 45http://site.ebrary.com/id/10014876?ppg=45Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 46: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 46http://site.ebrary.com/id/10014876?ppg=46Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 47: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 47http://site.ebrary.com/id/10014876?ppg=47Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 48: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 48http://site.ebrary.com/id/10014876?ppg=48Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 49: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 49http://site.ebrary.com/id/10014876?ppg=49Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 50: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 50http://site.ebrary.com/id/10014876?ppg=50Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 51: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 51http://site.ebrary.com/id/10014876?ppg=51Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 52: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 52http://site.ebrary.com/id/10014876?ppg=52Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 53: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 53http://site.ebrary.com/id/10014876?ppg=53Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 54: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 54http://site.ebrary.com/id/10014876?ppg=54Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 55: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 55http://site.ebrary.com/id/10014876?ppg=55Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 56: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 56http://site.ebrary.com/id/10014876?ppg=56Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 57: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 57http://site.ebrary.com/id/10014876?ppg=57Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 58: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 58http://site.ebrary.com/id/10014876?ppg=58Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 59: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 59http://site.ebrary.com/id/10014876?ppg=59Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 60: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 60http://site.ebrary.com/id/10014876?ppg=60Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 61: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 61http://site.ebrary.com/id/10014876?ppg=61Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 62: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 62http://site.ebrary.com/id/10014876?ppg=62Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 63: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 63http://site.ebrary.com/id/10014876?ppg=63Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 64: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 64http://site.ebrary.com/id/10014876?ppg=64Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 65: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 65http://site.ebrary.com/id/10014876?ppg=65Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 66: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 66http://site.ebrary.com/id/10014876?ppg=66Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 67: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 67http://site.ebrary.com/id/10014876?ppg=67Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 68: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 68http://site.ebrary.com/id/10014876?ppg=68Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 69: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 69http://site.ebrary.com/id/10014876?ppg=69Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 70: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 70http://site.ebrary.com/id/10014876?ppg=70Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 71: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 71http://site.ebrary.com/id/10014876?ppg=71Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 72: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 72http://site.ebrary.com/id/10014876?ppg=72Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 73: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 73http://site.ebrary.com/id/10014876?ppg=73Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 74: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 74http://site.ebrary.com/id/10014876?ppg=74Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 75: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 75http://site.ebrary.com/id/10014876?ppg=75Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 76: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 76http://site.ebrary.com/id/10014876?ppg=76Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 77: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 77http://site.ebrary.com/id/10014876?ppg=77Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 78: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 78http://site.ebrary.com/id/10014876?ppg=78Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 79: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 79http://site.ebrary.com/id/10014876?ppg=79Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 80: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 80http://site.ebrary.com/id/10014876?ppg=80Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 81: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 81http://site.ebrary.com/id/10014876?ppg=81Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 82: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 82http://site.ebrary.com/id/10014876?ppg=82Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 83: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 83http://site.ebrary.com/id/10014876?ppg=83Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 84: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 84http://site.ebrary.com/id/10014876?ppg=84Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 85: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 85http://site.ebrary.com/id/10014876?ppg=85Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 86: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 86http://site.ebrary.com/id/10014876?ppg=86Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 87: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 87http://site.ebrary.com/id/10014876?ppg=87Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 88: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 88http://site.ebrary.com/id/10014876?ppg=88Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 89: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 89http://site.ebrary.com/id/10014876?ppg=89Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 90: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 90http://site.ebrary.com/id/10014876?ppg=90Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 91: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 91http://site.ebrary.com/id/10014876?ppg=91Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 92: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 92http://site.ebrary.com/id/10014876?ppg=92Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 93: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 93http://site.ebrary.com/id/10014876?ppg=93Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 94: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 94http://site.ebrary.com/id/10014876?ppg=94Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 95: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 95http://site.ebrary.com/id/10014876?ppg=95Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 96: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 96http://site.ebrary.com/id/10014876?ppg=96Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 97: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 97http://site.ebrary.com/id/10014876?ppg=97Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 98: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 98http://site.ebrary.com/id/10014876?ppg=98Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 99: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 99http://site.ebrary.com/id/10014876?ppg=99Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 100: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 100http://site.ebrary.com/id/10014876?ppg=100Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 101: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 101http://site.ebrary.com/id/10014876?ppg=101Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 102: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 102http://site.ebrary.com/id/10014876?ppg=102Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 103: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 103http://site.ebrary.com/id/10014876?ppg=103Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 104: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 104http://site.ebrary.com/id/10014876?ppg=104Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 105: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 105http://site.ebrary.com/id/10014876?ppg=105Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 106: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 106http://site.ebrary.com/id/10014876?ppg=106Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 107: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 107http://site.ebrary.com/id/10014876?ppg=107Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 108: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 108http://site.ebrary.com/id/10014876?ppg=108Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 109: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 109http://site.ebrary.com/id/10014876?ppg=109Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 110: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 110http://site.ebrary.com/id/10014876?ppg=110Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 111: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 111http://site.ebrary.com/id/10014876?ppg=111Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 112: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 112http://site.ebrary.com/id/10014876?ppg=112Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 113: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 113http://site.ebrary.com/id/10014876?ppg=113Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 114: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 114http://site.ebrary.com/id/10014876?ppg=114Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 115: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 115http://site.ebrary.com/id/10014876?ppg=115Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 116: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 116http://site.ebrary.com/id/10014876?ppg=116Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 117: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 117http://site.ebrary.com/id/10014876?ppg=117Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 118: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 118http://site.ebrary.com/id/10014876?ppg=118Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 119: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 119http://site.ebrary.com/id/10014876?ppg=119Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 120: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 120http://site.ebrary.com/id/10014876?ppg=120Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 121: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 121http://site.ebrary.com/id/10014876?ppg=121Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 122: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 122http://site.ebrary.com/id/10014876?ppg=122Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 123: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 123http://site.ebrary.com/id/10014876?ppg=123Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 124: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 124http://site.ebrary.com/id/10014876?ppg=124Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 125: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 125http://site.ebrary.com/id/10014876?ppg=125Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 126: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 126http://site.ebrary.com/id/10014876?ppg=126Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 127: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 127http://site.ebrary.com/id/10014876?ppg=127Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 128: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 128http://site.ebrary.com/id/10014876?ppg=128Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 129: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 129http://site.ebrary.com/id/10014876?ppg=129Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 130: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 130http://site.ebrary.com/id/10014876?ppg=130Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 131: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 131http://site.ebrary.com/id/10014876?ppg=131Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 132: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 132http://site.ebrary.com/id/10014876?ppg=132Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 133: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 133http://site.ebrary.com/id/10014876?ppg=133Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 134: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 134http://site.ebrary.com/id/10014876?ppg=134Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 135: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 135http://site.ebrary.com/id/10014876?ppg=135Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 136: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 136http://site.ebrary.com/id/10014876?ppg=136Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 137: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 137http://site.ebrary.com/id/10014876?ppg=137Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 138: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 138http://site.ebrary.com/id/10014876?ppg=138Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 139: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 139http://site.ebrary.com/id/10014876?ppg=139Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 140: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 140http://site.ebrary.com/id/10014876?ppg=140Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 141: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 141http://site.ebrary.com/id/10014876?ppg=141Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 142: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 142http://site.ebrary.com/id/10014876?ppg=142Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 143: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 143http://site.ebrary.com/id/10014876?ppg=143Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 144: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 144http://site.ebrary.com/id/10014876?ppg=144Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 145: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 145http://site.ebrary.com/id/10014876?ppg=145Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 146: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 146http://site.ebrary.com/id/10014876?ppg=146Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 147: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 147http://site.ebrary.com/id/10014876?ppg=147Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 148: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 148http://site.ebrary.com/id/10014876?ppg=148Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 149: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 149http://site.ebrary.com/id/10014876?ppg=149Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 150: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 150http://site.ebrary.com/id/10014876?ppg=150Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 151: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 151http://site.ebrary.com/id/10014876?ppg=151Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 152: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 152http://site.ebrary.com/id/10014876?ppg=152Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 153: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 153http://site.ebrary.com/id/10014876?ppg=153Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 154: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 154http://site.ebrary.com/id/10014876?ppg=154Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 155: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 155http://site.ebrary.com/id/10014876?ppg=155Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 156: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 156http://site.ebrary.com/id/10014876?ppg=156Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 157: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 157http://site.ebrary.com/id/10014876?ppg=157Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 158: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 158http://site.ebrary.com/id/10014876?ppg=158Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 159: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 159http://site.ebrary.com/id/10014876?ppg=159Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 160: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 160http://site.ebrary.com/id/10014876?ppg=160Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 161: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 161http://site.ebrary.com/id/10014876?ppg=161Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 162: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 162http://site.ebrary.com/id/10014876?ppg=162Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 163: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 163http://site.ebrary.com/id/10014876?ppg=163Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 164: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 164http://site.ebrary.com/id/10014876?ppg=164Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 165: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 165http://site.ebrary.com/id/10014876?ppg=165Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 166: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 166http://site.ebrary.com/id/10014876?ppg=166Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 167: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 167http://site.ebrary.com/id/10014876?ppg=167Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 168: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 168http://site.ebrary.com/id/10014876?ppg=168Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 169: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 169http://site.ebrary.com/id/10014876?ppg=169Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 170: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 170http://site.ebrary.com/id/10014876?ppg=170Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 171: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 171http://site.ebrary.com/id/10014876?ppg=171Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 172: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 172http://site.ebrary.com/id/10014876?ppg=172Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 173: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 173http://site.ebrary.com/id/10014876?ppg=173Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 174: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 174http://site.ebrary.com/id/10014876?ppg=174Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 175: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 175http://site.ebrary.com/id/10014876?ppg=175Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 176: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 176http://site.ebrary.com/id/10014876?ppg=176Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 177: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 177http://site.ebrary.com/id/10014876?ppg=177Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 178: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 178http://site.ebrary.com/id/10014876?ppg=178Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 179: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 179http://site.ebrary.com/id/10014876?ppg=179Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 180: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 180http://site.ebrary.com/id/10014876?ppg=180Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 181: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 181http://site.ebrary.com/id/10014876?ppg=181Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 182: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 182http://site.ebrary.com/id/10014876?ppg=182Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 183: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 183http://site.ebrary.com/id/10014876?ppg=183Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 184: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 184http://site.ebrary.com/id/10014876?ppg=184Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 185: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 185http://site.ebrary.com/id/10014876?ppg=185Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 186: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 186http://site.ebrary.com/id/10014876?ppg=186Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 187: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 187http://site.ebrary.com/id/10014876?ppg=187Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 188: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 188http://site.ebrary.com/id/10014876?ppg=188Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 189: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 189http://site.ebrary.com/id/10014876?ppg=189Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 190: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 190http://site.ebrary.com/id/10014876?ppg=190Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 191: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 191http://site.ebrary.com/id/10014876?ppg=191Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 192: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 192http://site.ebrary.com/id/10014876?ppg=192Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 193: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 193http://site.ebrary.com/id/10014876?ppg=193Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 194: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 194http://site.ebrary.com/id/10014876?ppg=194Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 195: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 195http://site.ebrary.com/id/10014876?ppg=195Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 196: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 196http://site.ebrary.com/id/10014876?ppg=196Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 197: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 197http://site.ebrary.com/id/10014876?ppg=197Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 198: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 198http://site.ebrary.com/id/10014876?ppg=198Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 199: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 199http://site.ebrary.com/id/10014876?ppg=199Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 200: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 200http://site.ebrary.com/id/10014876?ppg=200Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 201: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 201http://site.ebrary.com/id/10014876?ppg=201Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 202: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 202http://site.ebrary.com/id/10014876?ppg=202Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 203: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 203http://site.ebrary.com/id/10014876?ppg=203Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 204: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 204http://site.ebrary.com/id/10014876?ppg=204Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 205: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 205http://site.ebrary.com/id/10014876?ppg=205Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 206: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 206http://site.ebrary.com/id/10014876?ppg=206Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 207: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 207http://site.ebrary.com/id/10014876?ppg=207Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 208: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 208http://site.ebrary.com/id/10014876?ppg=208Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 209: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 209http://site.ebrary.com/id/10014876?ppg=209Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 210: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 210http://site.ebrary.com/id/10014876?ppg=210Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 211: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 211http://site.ebrary.com/id/10014876?ppg=211Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 212: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 212http://site.ebrary.com/id/10014876?ppg=212Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 213: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 213http://site.ebrary.com/id/10014876?ppg=213Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 214: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 214http://site.ebrary.com/id/10014876?ppg=214Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 215: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 215http://site.ebrary.com/id/10014876?ppg=215Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 216: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 216http://site.ebrary.com/id/10014876?ppg=216Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 217: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 217http://site.ebrary.com/id/10014876?ppg=217Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 218: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 218http://site.ebrary.com/id/10014876?ppg=218Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 219: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 219http://site.ebrary.com/id/10014876?ppg=219Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 220: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 220http://site.ebrary.com/id/10014876?ppg=220Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 221: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 221http://site.ebrary.com/id/10014876?ppg=221Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 222: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 222http://site.ebrary.com/id/10014876?ppg=222Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 223: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 223http://site.ebrary.com/id/10014876?ppg=223Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 224: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 224http://site.ebrary.com/id/10014876?ppg=224Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 225: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 225http://site.ebrary.com/id/10014876?ppg=225Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 226: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 226http://site.ebrary.com/id/10014876?ppg=226Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 227: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 227http://site.ebrary.com/id/10014876?ppg=227Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 228: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 228http://site.ebrary.com/id/10014876?ppg=228Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 229: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 229http://site.ebrary.com/id/10014876?ppg=229Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 230: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 230http://site.ebrary.com/id/10014876?ppg=230Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.

Page 231: From Statistical Physics to Risk Management

Bouchaud, Jean-Philippe. Theory of Financial Risks : From Statistical Physics to Risk Management.: Cambridge University Press, . p 231http://site.ebrary.com/id/10014876?ppg=231Copyright © Cambridge University Press. . All rights reserved.May not be reproduced in any form without permission from the publisher,except fair uses permitted under U.S. or applicable copyright law.