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If you aren't an environmentalist already, "At the Cutting Edge" will certainly convert you. Written in a straight-to-the-heart style, this book is a page-turner, with an incredulous tale of industry greed and government duplicity.
But the book is also an unparalleled piece of journalism. May is an unrelenting journalist, dissecting forestry management across Canada and province-by-province with a surgeon's skill and attention to detail. Yet she always manages to keep readers focused on "the big picture" -- the upcoming shortage of Canadian wood.
She does this by focusing on how each province calculates its Annual Allowable Cut (AAC) and showing how governments include essentially unusable land to inflate the AAC for industry's benefit. May also makes sound economic arguments against the technique of clear-cutting, and shows how governments subsidize industry and undervalue forests through low stumpage rates.
"At the Cutting Edge" is essential reading for politicians, journalists, investors, environmentalists -- and every citizen who has ever thought that perhaps we may be cutting down too many trees.
This book is very nicely done for the beginner who wants to read his first book on credit risk.
Even for me I found some information in it that was extremely beneficial; it will probbaly save our corporation a great deal of money.
The title does not say "Theory and application". So I don't complain about its "lack of substance". I don't believe either it is for beginners. Design is related to science, but design is often more an art than science; I don't expect it to be a theoretic tome. It is more like a "programmer's pocket book". So certain level of prerequistion and experience will max out the benefits for the reader.
I look forward to seeing another update.
On the cap price issue, all inputs to the cap pricing were reproduced exactly, so that the failure to reproduce the prices themselves is a mystery.
Regarding the prepayment aging function it does not appear that the function presented in equation (22) on page 183, using the GNSF model coefficients, produced the output contained in figure 6, on page 184.
I point out these two issues in order to indicate the extent to which replicating the results of this chapter are possible. Finally, I was dissapointed in the willingness of the author to respond to clarifying questions regarding the presented material. I was surprised when I did not receive a response because the author was eager to answer a prior inquiry from me asking about the appicability of his chapter to my MBS modeling interests.
In any event, the chapter provides the best documentation of OAS model construction I have found. For those practitioners wanting to learn how to construct a workable OAS model for MBS fixed rate pass throughs I highly recommend chapter 10 of this book.
Three stars, of course, is lukewarm praise, and there were various features of the book that I was not thrilled with, although some of them were unavoidable. The book is an edited collection of essays by various academics, and the quality is uneven. Some of them seem to almost be too thorough, and get bogged down in detail (Iranian, Japanese). Some are too sketchy (West African, Peruvian). Some just aren't there (other Native American). A couple seem to have provided an opportunity for the writer to air his or her pet projects (Chinese). Perhaps out of a jealousy to guard their preserves, most of the articles studiously avoided talking about cross-cultural influences (e.g., Arabic music on Iranian - or is it the other way round?), regarding which I would have appreciated some comment.
I also think that it would not have been out of place to discuss some of the lesser known traditions with links to the West, such as gypsy music. Also, in general most (but not all) of the articles avoid discussing modern trends. Well, I suppose that there are limitations to what you can include between the covers of one book. This book does cover a lot of turf, and it has an extensive bibliography if you want to look into any one subject in more depth. Recommended if like me you want to have this kind of information in one volume on your bookshelf.
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