Fields Notes 17:3 | Page 12

Navigating stock market crashes in the Brexit- Trump era

THE FIELDS CENTRE FOR FINANCIAL INDUSTRIES arranged for Bill Ziemba to give a public lecture on Wednesday September 20 , 2017 at the Fields Institute . Dr . Ziemba is Professor Emeritus at the Sauder School of Business at UBC , and is currently a Distinguished Visiting Research Associate at the London School of Economics .
Titled " Navigating stock market crashes in the Brexit-Trump era ", the talk centred on work ( joint with Sebastian Lleo and Mikhail Zhitlukin ) that forms the basis for his recent book

New Frontiers in Complex Dynamics : From One to Several Variables

THE WORKSHOP ON NEW FRONTIERS in Complex Dynamics : From One to Several Variables brought together a vibrant community of researchers in the field , with many younger mathematicians , graduate students , and postdocs in attendance . Sixty-six mathematicians registered , and some of the lectures were attended by more than seventy people !
The workshop opened with a comprehensive talk from Misha Lyubich on dissipative complex Hénon maps . These maps can be viewed as perturbations of one-dimensional quadratic polynomials , and understanding the similarities and differences between the one- and two-dimensional cases has led much of the recent development of the field . In his talk , Lyubich overviewed several themes in this area that have been advanced in recent years . Over the course of the conference , these themes were expanded upon by many speakers .
In contrast to dissipative Hénon maps , the dynamics of conservative Hénon maps is quite mysterious , since onedimensional intuition mostly does not apply . Eric Bedford gave an overview of some of the beautiful puzzles awaiting in this area which led to a lively discussion during the conference ,
" Stock market crashes : big and small and what to do about them ". In particular , they try to understand stock price bubbles , and have developed a risk measure aimed at predicting crashes in the stock market . Dr . Ziemba described how this risk measure would have performed in a number of recent market downturns , and compared it to the predictive tools that have already been developed by others . Being a public lecture , the talk didn ’ t dwell on technical details . Instead , it shared interesting stories about Dr . Ziemba ’ s many years spent as both an academic and a money manager , along with anecdotes about the colorful and outspoken friends and colleagues he has worked with ( or in opposition to ) over that time . �
and will without a doubt lead to much future work .
One of the highlights of the workshop was a talk by 1962 Fields medallist , Wolf and Abel prize winner , John Milnor , about his work in progress with Araceli Bonifant . They study a moduli space of projective isomorphism classes of algebraic curves in the projective plane , but have to deal with the difficulty that the action of the automorphism group of P2 on the appropriate space of curves is not proper .
— Tom Salisbury
On Tuesday evening , the participants had the pleasure of witnessing the stunning spectacle of the sunset over the Toronto skyline , as seen from the Kajama , a traditional 165 foot three-mast schooner . Many fond memories were made during the workshop , and , without a doubt , many new mathematical breakthroughs will follow from this activity . �
Check the Fields Youtube channel for a video interview with John Milnor .
— Michael Yampolsky