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 Contents

Introduction xiii
Why You Should Read This Book xiii
The Intended Reader xiv
Why MATLAB® ? xiv
How to Use This Book xvi
Font Conventions xvi
About the Author xvii
MathWorks Information xviii
References xviii

Part I MATLAB Conventions and Basic Skills 1

Chapter 1 Working with MATLAB® Data 3

1.1 Introduction 3
1.2 Arrays 3
1.2.1 Numerical Arrays 4
1.2.2 Math Calculations with Scalars,
Vectors, and Matrices 10
1.2.3 Statistical Calculations on Vectors
and Matrices 16
1.2.4 Extracting Values from Numerical
Vectors and Matrices 19
1.2.5 Counting Elements 26
1.2.6 Sorting Vectors and Matrices 28
1.2.7 Relational Expressions and Logical
Arrays 31
1.2.8 Dealing with NaNs (Not a Number) 35
1.2.9 Dealing with Missing Data 39
1.3 Character Arrays 40
1.3.1 String Arrays 44
vii
viii Contents

1.4 Flexible Data Structures 46

1.4.1 Cell Arrays 47
1.4.2 Structure (“struct”) Arrays 49
1.4.3 Tables 51
References 60
Further Reading 60

Chapter 2 Working with Dates and Times 61

2.1 Introduction 61
2.2 Finance Background: Why Dates and Times
Matter 61
2.2.1 First Challenge: Day Count
Conventions 62
2.2.2 Second Challenge: Date Formats 63
2.3 Dates and Times in MATLAB 64
2.3.1 Datetime Variables 64
2.3.2 Date Conversions 73
2.3.3 Date Generation Functions with
Serial Number Outputs 79
2.3.4 Duration Arrays 83
2.3.5 Calendar Duration Variables 86
2.3.6 Date Calculations and Operations 89
2.3.7 Plotting Date Variables Introduction 94
References 95

Chapter 3 Basic Programming with MATLAB® 97

3.1 Introduction 97
3.1.1 Algorithms 101 97
3.1.2 Go DIY or Use Built-In Code? 98
3.2 MATLAB Scripts and Functions 99
3.2.1 Scripts 99
3.2.2 Developing Functions 106
3.2.3 If Statements 112
3.2.4 Modular Programming 115
3.2.5 User Message Formats 121
3.2.6 Testing and Debugging 124
References 127
 Contents ix

Chapter 4 Working with Financial Data 129

4.1 Introduction 129
4.2 Accessing Financial Data 129
4.2.1 Closing Prices versus Adjusted
Close Prices for Stocks 130
4.2.2 Data Download Examples 131
4.2.3 Importing Data Interactively 133
4.2.4 Automating Data Imports with
a Script 138
4.2.5 Automating Data Imports with
a Function 140
4.2.6 Importing Data Programmatically 147
4.3 Working with Spreadsheet Data 154
4.3.1 Importing Spreadsheet Data
with Import Tool 154
4.3.2 Importing Spreadsheet Data
Programmatically 154
4.4 Data Visualization 156
4.4.1 Built-In Plot Functions 156
4.4.2 Using the Plot Tools 158
4.4.3 Plotting with Commands 159
4.4.4 Other Plot Tools 162
4.4.5 Built-In Financial Charts 173
References 176

Part II Financial Calculations with MATLAB 177

Chapter 5 The Time Value of Money 179

5.1 Introduction 179
5.2 Finance Background 180
5.2.1 Future Value with Single Cash Flows 180
5.2.2 Future Value with Multiple Cash
Flows 185
5.2.3 Present Value with Single Cash Flows 187
5.2.4 Present Value with Multiple Variable
Cash Flows 188
x Contents

5.3 MATLAB Time Value of Money Functions 189

5.3.1 Future Value of Fixed Periodic
Payments 190
5.3.2 Future Value of Variable Payments 191
5.3.3 Present Value of Fixed Payments 193
5.3.4 Present Value of Variable Payments 194
5.4 Internal Rate of Return 197
5.5 Effective Interest Rates 198
5.6 Compound Annual Growth Rate 198
5.7 Continuous Interest 200
5.8 Loans 200
References 202

Chapter 6 Bonds 203

6.1 Introduction 203
6.2 Finance Background 204
6.2.1 Bond Classifications 204
6.2.2 Bond Terminology 205
6.3 MATLAB Bond Functions 206
6.3.1 US Treasury Bills 206
6.3.2 Bond Valuation Principles 208
6.3.3 Calculating Bond Prices 209
6.3.4 Calculating Bond Yields 212
6.3.5 Calculating a Bond’s Total Return 214
6.3.6 Pricing Discount Bonds 216
6.4 Bond Analytics 216
6.4.1 Interest Rate Risk 217
6.4.2 Measuring Rate Sensitivity 219
6.4.3 Yield Curves 227
6.5 Callable Bonds 229
References 231
Further Reading 231

Chapter 7 Dealing with Uncertainty and Risk 233

7.1 Introduction 233
7.2 Overview of Financial Risk 234
7.3 Data Insights 234
7.3.1 Visualizing Data 235
7.3.2 Basic Single Series Plots 237
 Contents xi

7.3.3 Basic Multiple Series Plots 237

7.3.4 Adding Plot Customization 238
7.3.5 Histograms 239
7.3.6 Measures of Central Location 241
7.3.7 Measures of Data Dispersion 243
7.4 Data Relationships 249
7.4.1 Covariance and Correlation 251
7.4.2 Correlation Coefficients 252
7.5 Creating a Basic Simulation Model 253
7.6 Value at Risk (VaR) 258
References 261
Further Reading 262

Chapter 8 Equity Derivatives 263

8.1 Introduction 263
8.2 Options 264
8.2.1 Option Quotes 265
8.2.2 Market Mechanics 266
8.2.3 Factors in Option Valuation 267
8.3 Option Pricing Models 268
8.3.1 Arbitrage 269
8.3.2 Binomial Option Pricing 270
8.3.3 Black-Scholes 274
8.4 Options’ Uses 276
8.4.1 Hedging 277
8.4.2 Speculation and Leverage 277
8.4.3 Customizing Payoff Profiles 278
8.5 Appendix: Other Types of Derivatives 279
8.5.1 Commodity and Energy 279
8.5.2 Credit 279
8.5.3 Exotic Options 280
References 281
Further Reading 281

Chapter 9 Portfolios 283

9.1 Introduction 283
9.2 Finance Background 283
9.3 Portfolio Optimization 285
9.4 MATLAB Portfolio Object 286
xii Contents

9.4.1 Object-Oriented Programming

(OOP) 286
9.4.2 A Basic Example 287
9.4.3 Using Data Stored in a Table
Format 294
References 296

Chapter 10 Regression and Time Series 297

10.1 Introduction 297
10.2 Basic Regression 297
10.2.1 Understanding Least Squares 300
10.2.2 Model Notation 301
10.2.3 Fitting a Polynomial with polyfit
and polyval 303
10.2.4 Linear Regression Methods 305
10.3 Working with Time Series 308
10.3.1 Step 1: Load the Data (Single
Series) 308
10.3.2 Step 2: Create the FTS Object 309
10.3.3 Step 3: Using FTS Tools 311
References 314

Appendix 1 Sharing Your Work 315

A1.1 Introduction 315
A1.2 Publishing a Script 316
A1.2.1 Publishing with Code Sections 317
A1.2.2 futureValueCalc3 319
A1.2.3 Formatting Options 321
A1.2.4 Working with Live Scripts 322
A1.2.5 Editing and Control 325
References 326

Appendix 2 Reference for Included MATLAB® Functions 327

Index 335
 Introduction

Why You Should Read This Book

If you’re planning a career in corporate or investment finance or
already working in one of those areas, you’re probably proficient
with financial calculators and spreadsheets. Those technologies
have proven their value, and it’s likely they will remain essential
tools for many years. (I still use a 30-year-old Hewlett Packard 12C
calculator regularly and it works perfectly, albeit a bit slower than
newer models.)
But the nature of data and analytics are changing, and those
changes are influencing financial analysis and management. Tradi-
tional financial data still drive decisions, but those data are being
supplemented by increasing volumes of nontraditional information
and new computational tools. Consider these headlines from recent
years, which are just a small sample of the articles on these themes:

• “Stop Using Excel, Finance Chiefs Tell Staffs” (Wall Street

Journal, 1/22/1017)
• “The Quants Run Wall Street Now” (Wall Street Journal, article
series in May 2017)
• “At New Digital Lenders, Math Rules” (New York Times,
1/19/2016)
• “Leveraging Data to Own the Engaged Customer” (Utility Ana-
lytics, 11/4/2015)
• “The Morning Ledger: The Rising Profile of Financial Plan-
ning and Analysis” (Wall Street Journal, 12/22/2015)
• “How Computers Trawl a Sea of Data for Stock Picks” (Wall
Street Journal, 4/1/2015)
• “As Big Data and AI Take Hold, What Will It Take to Be an
Effective Executive?” (Wall Street Journal, 1/23/2015)

xiii
xiv Introduction

I believe this paradigm shift requires a new approach to financial

analysis and management. Specifically, finance professionals must
supplement their calculators and spreadsheets with more flexible
and powerful computational platforms. These platforms can work
with the new data models while still providing the tools needed for
traditional financial analysis. As the headlines suggest, remaining
competitive in financial analysis and management will require
an understanding of and skill with computational finance. This
knowledge will allow you to access data from multiple sources,
develop customized financial analytics, and then distribute your
tools and findings across a variety of platforms.

The Intended Reader

Transitioning to the new paradigm is a challenge, though, because
it means learning about computational finance. Other authors have
addressed this topic, but they focused on advanced material for
readers who combine extensive math, statistics, programming, and
finance backgrounds, such as financial engineers and academics.
In contrast, I wrote this book for readers seeking an introduc-
tory text that links traditional finance material to the MATLAB
computational platform. This includes upper-level undergraduate
finance students, graduate students, finance practitioners, and
those with STEM backgrounds seeking to learn about finance. My
assumption is that your background will be: (1) A business student or
finance professional who is comfortable with finance theory but has
modest computer programming experience beyond spreadsheets,
or (2) A STEM student or professional who has a more extensive
programming background but less experience with finance.
I’m also assuming you have completed first courses in linear alge-
bra and statistics and will have access to MATLAB and the required
MATLAB Toolboxes. Many universities have MATLAB licenses, but if
you must buy the software, it’s very inexpensive for students, and the
MATLAB Home edition makes it readily affordable for nonacademic
users. (Pricing details are available on the mathworks.com site.)

Why MATLAB® ?
That’s a fair question, because there are a host of programming
languages being used in finance. But there’s a question-and-answer
 Introduction xv

dialogue I’ve seen numerous times on web message boards for

quantitative and computational finance that helps answer the
question. It goes something like this:
Q. I’m thinking of getting into quantitative finance (or applying
to a quant educational program) and need advice on programming
languages. Should I start with MATLAB or Python? R or S? C++ or
Java?
A. Yes.
The answer is a bit snarky, so the respondent usually explains that
learning a programming language is not a one-and-done lifetime
proposition. People change employers during their careers and the
new employer might emphasize a different language. Computer
technologies and programming languages evolve, too, and it’s
necessary to keep up with those changes, as those of us who started
programming with punched cards and card readers can attest.
I have no business affiliation with The MathWorks but I believe
the MATLAB software is well-suited for an introduction to computa-
tional finance for several reasons:

• It’s an integrated development environment that combines

a code editor, compiler, debugger, interpreter, and graphics
capability in a well-designed graphical user interface.
• It’s relatively easy to develop basic MATLAB skills. Of course, it
takes time and effort to learn any computer language but the
program’s consistent syntax usage and extensive documenta-
tion improve user productivity.
• The finance-related MATLAB Toolboxes provide access to
multiple financial functions running tested algorithms, which
can save many programming hours and much frustration.
Additional MATLAB Toolboxes can make it easier to move
into other areas, such as big data analytics, as well.
• MATLAB is used in numerous financial firms, other industries,
and over 5,000 universities. If you’re a student, your school
probably has a MATLAB license.
• Prices for students and educators have always been low, and
several years ago The MathWorks began offering inexpensive
personal licenses.
• Users can access multiple training and support channels
through general and specialized books, online and live
xvi Introduction

training courses, and formal and informal (community) sup-

port resources. I’ve completed several of the online training
programs offered by The MathWorks, and they were very good.
• Finally, I believe the knowledge and skills developed in learn-
ing MATLAB make it easier to subsequently learn other pro-
gramming languages.

How to Use This Book

Part I introduces the MATLAB syntax and how to use the program.
If you’re new to MATLAB or need a review, start with those chapters.
For a deeper introduction, you can supplement that material with
the resources online The MathWorks offers, including the no-cost
MATLAB Onramp course at matlabacademy.mathworks.com. That
course uses an interactive format and takes about two hours to com-
plete. Other online tutorials can be found at www.mathworks.com/
support/learn-with-matlab-tutorials.html. If you have the time and
funds, the MATLAB Fundamentals course is an excellent in-depth
introduction.
Part II demonstrates how MATLAB can be used as a computa-
tional platform in finance. The material in Chapter 5, “The Time
Value of Money,” has general applications throughout the remain-
ing chapters, so I suggest reviewing that material. The text reviews
the underlying finance material being discussed in each chapter and
includes suggestions for further reading.
Finally, practice using the program interactively or programmat-
ically by entering commands in the MATLAB Command window as
you work through the examples. Learning to use software is some-
what like learning to drive. Reading a book on safe driving gives you
an intellectual perspective but it makes driving sound deceptively
easy. Coding—like getting behind the steering wheel and pulling into
high-speed traffic for the first time—is best experienced hands-on.
Fortunately, writing code is a lot less nerve-wracking than highway
driving.

Font Conventions
The book uses several different font styles to help you distinguish the
material:
Bold: Function names, reserved keywords, matrices, and vectors
 Introduction xvii

Monospaced italic: Command window inputs. Example:

x = 7

Monospaced: MATLAB output and responses. Example:

x =
7

Monospaced starting with %: Code comment lines that

do not execute

Normally spaced lines starting with %: Text comments

About the Author

I have worked as a freelance finance writer since the mid-1980s, and
during that time I have written for many of the financial service
industry’s leading publications. These include Bloomberg Wealth
Manager, CFA Institute Magazine, Institutional Investor online, Financial
Planning, Journal of Accountancy, and the Journal of Financial Planning.
Earlier in my career I published a technology book for financial
advisors, The Financial Advisor’s Analytical Toolbox (Irwin), and one
for consumers, Fast Forward MBA in Personal Finance (Wiley). I have
also written numerous print and web articles for custom publishers
and many of the largest U.S. and international financial services
firms. My primary experience as a writer and the focus for many
of my articles has been explaining complex finance topics and
technologies to readers.
My first exposure to MATLAB was in the mid-1990s when I was
doing research for my first book, which included a discussion of the
software’s financial modeling capabilities. My use of the program
intensified while I was studying for a PhD in finance, and I believe
my experience at that time supports the premise for this book. The
lack of available resources to link finance theory with the requisite
computer programming made that aspect of the work more difficult
than it needed to be. I chose not to finish my dissertation and left
school to write full-time, but I continued to use the software and
periodically work through new financial mathematics and MATLAB
texts to stay current. I am a MathWorks Certified MATLAB Asso-
ciate and am working toward The MathWorks Certified MATLAB
Professional designation.
xviii Introduction

MathWorks Information
The material in this book was developed using the MATLAB R2016B,
2017A, and 2017B releases and MATLAB Toolboxes for the same
releases.
For MATLAB and Simulink product information, please contact:

The MathWorks, Inc.

3 Apple Hill Drive
Natick, MA, 01760-2098 USA Tel: 508-647-7000
Fax: 508-647-7001
E-mail: [email protected]
Web: mathworks.com
How to buy: www.mathworks.com/store

References
Hope, Bradley. “How Computers Trawl a Sea of Data for Stock Picks.” Wall
Street Journal, April 1, 2015. Accessed January 15, 2016. https://www
.wsj.com/articles/how-computers-trawl-a-sea-of-data-for-stock-picks-
1427941801.
Lohr, Steve. “At New Digital Lenders, Math Rules.” New York Times, January
19, 2016. Accessed January 20, 2016. https://bits.blogs.nytimes.com/
2016/01/19/at-new-digital-lenders-math-rules/.
Shumsky, Tatyana. “Stop Using Excel, Finance Chiefs Tell Staffs.” Wall
Street Journal, January 22, 2017. Accessed January 22, 2017. https://
www.wsj.com/articles/stop-using-excel-finance-chiefs-tell-staffs-
1511346601.
Willhite, James. “The Morning Ledger: The Rising Profile of Financial
Planning and Analysis.” Wall Street Journal, December 22, 2015.
Accessed January 15, 2016. https://blogs.wsj.com/cfo/2015/12/22/
the-morning-ledger-the-rising-profile-of-financial-planning-analysis/.
Wladawsky-Berger, Irving. “As Big Data and AI Take Hold, What Will
It Take to Be an Effective Executive?” Wall Street Journal, January
23, 2015. Accessed February 1, 2016. https://blogs.wsj.com/cio/
2015/01/23/as-big-data-and-ai-take-hold-what-will-it-take-to-be-an-
effective-executive/.
Zuckerman, Gregory and Bradley Hope. “The Quants Run Wall Street
Now,” Wall Street Journal. May 21, 2017. Accessed June 1, 2017.
https://www.wsj.com/articles/the-quants-run-wall-street-now-
1495389108.
Foundations of Computational
Finance with MATLAB®
Discovering Diverse Content Through
Random Scribd Documents
ivory-white. Compared with A. falcatum, the spur is here bent
under at an angle, while in that plant it is straight; the side
laciniæ of the lip are much broader and shorter in the present
plant, and the two keels on the lip here stand close together at
the base, and become divergent, whilst in falcatum they are
distant at the base, and become convergent near the middle of
the lip. This species is described as being the best in the genus.
It may be grown near the glass, suspended in a basket.
Burmah, 1877.
 FIG. 34. FLOWER OF AERIDES CRISPUM.

A. crispum (curled).* fl. white, suffused with purplish rose,

nearly 2in. in diameter; sepals and petals ovate, acute; lip
three-lobed, the middle lobe being very large, toothed at the
base, and fringed at the margin; the horn-like spur is slightly
incurved; racemes ascending, more than double the length of
the leaves, many-flowered. l. deep green, flat and broad, blunt
at the ends, and two-lobed, about 4in. or 5in. long. Bombay,
1840. Lasts a long time in beauty. See Fig. 34.
A. c. Lindleyanum (Lindley's). A robust-growing variety,
producing a large, much-branched panicle of flowers; sepals
and petals white; lip large, bright rich rose-coloured.
A. c. Warneri (Warner's).* The leaves are smaller, and more
slender than in the species; the sepals and petals are white,
with a soft, rich, rose-coloured lip.
A. cylindricum (cylindric).* fl. white and pink, as large as
those of A. crispum; sepals and petals crispy. l. elongate,
subulate, terete, 4in. to 6in. long. East Indies. A very rare and
distinct species. SYN. A. vandarum.
A. dasycarpum (thick-fruited). fl. brownish, rosy. India, 1865.
A. dasypogon. See Sarcanthus erinaceus.
A. difforme (deformed). fl. green and brown. India, 1865.
A. Dominiana (Dominy's).* This is a garden hybrid between A.
Fieldingii and A. affine, with the colour of the former, but
markings and shape of the latter. Very rare.
A. falcatum (sickle-leaved).* fl. sepals and petals white, dotted
with reddish crimson, and tipped with soft rose; lip white at the
sides, with a rosy-crimson centre; spur short, parallel with the
lip; racemes pendulous, many flowered. l. closely set upon the
stem, peculiar blue-green, coriaceous, obtuse and mucronate.
This species is very closely allied to A. crassifolium. SYN. A.
Larpentæ.

A. Fieldingii (Fielding's).* The Fox-

brush Ærides. fl. white, numerous,
large, beautifully mottled with bright
rose colour; the much branched
racemes are 2ft. to 3ft. long, and
continue blooming three or four weeks.
l. 8in. to 10in. long, in some plants light
green, and in others dark green; long,
broad, thick, and fleshy, obliquely two-
lobed at the apex. h. 3ft. to 4ft. Assam.
A. Houlletianum (Houllet's).* fl.
sepals and petals buff, shading off into
cream white at the base, with a purplish
eye-spot at their tips; lip white; front
part dark purplish, with some lines of
the same colour on the sides; on
densely crowded spikes. l. and growth
similar to A. virens. Cochin China. SYN.
A. Mendelii. FIG. 35. AERIDES ODORATUM.
A. japonicum (Japanese).* fl. white,
with the lateral sepals slightly barred with brown purple; several
on the pendent racemes; lip purple, spotted, marked with a
dark violet central ridge. l. short, linear-oblong, obtusely
bilobed. Stems short, about 4in. high. A pretty cool house
species from Japan, 1862.
A. Larpentæ (Lady Larpent's). Synonymous with A. falcatum.
A. Lobbii (Lobb's).* fl. white in the centre, slightly tinted with
blush-rose towards the outside, somewhat spotted with violet;
lip marked with a whitish central bar, and stained with a deep
violet on either side; on long, dense, cylindrical, pendent spikes.
l. ligulate, obliquely two-lobed at the apex, thick and fleshy in
texture, about 18in. long, and of a light green hue. Moulmein,
1868. This elegant plant, of which many distinct varieties are in
cultivation, is one of the most delicate of the genus.
A. maculosum (spotted). fl. large, with obtuse pale rose-
coloured sepals and petals, which are spotted with purple; lip
flat and undivided, bluntly ovate, and of a deep rosy-purple;
racemes pendulous, proceeding from among the upper leaves,
somewhat lax and branching. l. ligulate, thick, and fleshy,
obtuse at the apex, 8in. or 9in. long, dark green. A somewhat
slow growing species, with a rather stiff, dwarf habit. Bombay,
1840.
A. m. Schrœderi (Schrœder's).* fl. very delicate white, tinged
with lilac and spotted with rose; labellum beautiful rose
coloured. l. dark green, 10in. long. h. 18in. East Indies. A very
free growing and handsome variety, superior to the species, but
rare in cultivation.
A. Mendelii (Mendel's). Synonymous with A. Houlletianum.
A. mitratum (mitred).* fl. waxy-white; lip violet coloured, on
numerous dense erect racemes. April. l. cylindrical, attenuated,
about 2ft. long, dark green. Moulmein, 1864. A rare but elegant
species.
A. nobile (noble).* fl. sepals and petals white tipped, and
spotted with bright rose; lip three-lobed, the side lobes creamy
yellow, and the middle lobe slightly bifid at the apex, white,
dotted with rose-purple, very fragrant; racemes 2ft. to 3ft. long,
pendulous, much branched, many flowered. l. strap-shaped,
obliquely emarginate at the apex, light green, slightly spotted
with brown. Not unlike A. suavissimum, but with larger and
better coloured flowers, and more robust growth. East Indies.
A. odontochilum (tooth-lipped). h. 2ft. Sylhet, 1837.
A. odoratum (fragrant).* fl. sepals and petals creamy and
white, tipped with pink; lip cucullate, with even side lobes, the
middle lobe being ovate and inflexed, the spur conical and
incurved, of the same colour as the sepals, very fragrant;
racemes longer than the leaves, many-flowered, pendulous. l.
oblique, obtuse, mucronate at the apex, and dark green. East
Indies, 1800. See Fig. 35.
A. o. cornutum (horned). fl. pink and white. Distinct.
A. o. majus (greater).* Like A. odoratum in growth, but with
larger and longer spike of flowers.
A. o. purpurascens (purplish).* A very robust variety, with
broad dark green leaves and massive spike of large flowers,
which are white, tipped with bright pink.
A. pachyphyllum (thick-leaved). fl. light crimson lake; spur
and column white, the small laciniæ of the blade of the lip on
front part of spur painted with more or less warm purple (these
laciniæ are just as insignificant as the spur is preponderant);
raceme short, few-flowered. l. fleshy, short; apex obtuse, and
unequally two-lobed. Burmah, 1880.
A. quinquevulnerum (five-wounded).* fl. fragrant; sepals and
petals obtuse, white, marked with five reddish crimson blotches,
and tipped with purple; lip cucullate and funnel-shaped, the side
lobes being erect and the centre lobe oblong, incurved and
serrated, of the same colour as the sepals; spur conical, green,
large; racemes longer than the leaves, pendulous, and many-
flowered. Late summer and early autumn. l. ligulate, about 12in.
long, tightly clasping the stem at the base, obliquely mucronate
at the apex, bright shining green. Philippines, 1838.
A. q. Farmeri (Farmer's).* A very rare variety of the above,
with similar habit, but the flowers are pure white throughout,
and fragrant.
A. Reichenbachii (Reichenbach's).* fl., sepals neatly striped
(not blotched); lip deep orange colour; racemes densely
crowded. Borneo, 1858. A very rare species.
A. roseum (rose-coloured).* fl., sepals and petals narrow,
acute, pale rose colour, with darker spots; lip flat, entire, and
acute, of a bright rose, freckled—like the sepals and petals—
with spots of a darker hue; raceme pendulous, dense, and
many-flowered, upwards of 1ft. in length. l. coriaceous,
recurved, and channelled above with a blunt two-lobed apex.
Moulmein, 1840. As this does not root freely, it requires less
moisture than any other species.
A. r. superbum (superb).* A fine variety, with stronger growth
and larger and richer-coloured flowers. The spikes of this, as
well as the typical species, are apt to die off if much water is
given.
A. rubrum (red). A synonym of Sarcanthus erinaceus.
A. suavissimum (sweetest). fl. sepals and petals obtusely
ovate, white, tipped or tinged throughout with deep lilac; lip
three-lobed, pressed to the column, the side lobes being oblong
and denticulate, the middle lobe linear and bifid, the whole lip
being of a pale lemon colour, and the spur rosy-eyed; the
numerous racemes are half pendulous and branched, bearing a
profusion of deliciously fragrant flowers. l. flaccid, about 10in.
long, light green, profusely freckled with brown dots. Malacca,
1848. There are one or two varieties.
A. tesselatum (chequered). fl. lined and streaked with green,
white, and purple. East Indies, 1838. A scarce species.
A. testaceum (testaceous). A synonym of Vanda testacea.
 A. Thibautianum (Thibaut's). A synonym of Saccolabium
Huttoni.
A. vandarum (Vanda). A synonym of A. cylindricum.
A. virens (vigorous). fl. deliciously fragrant; sepals and petals
ovate, obtuse, soft white, tipped with rosy-purple; lip large; side
lobes toothed at the apex, white, dotted with crimson; middle
lobe bearing a red inflated tongue; racemes long, drooping,
many-flowered, commencing to bloom early in April, and lasting
until July. l. broad, oblique, rounded at the apex, with a
depression in the centre, and very bright green, about 8in. long.
A. v. Ellisii (Ellis's).* fl. sepals and petals large, white, suffused
with rose, and tipped with amethyst; the lower sepals very
round and broad; lip large; side lobes white, beautifully freckled
towards the base, with short lines of amethyst; middle lobe
broad, and deep rich amethyst in colour; spur stout, curved
upwards, and tipped with brown; racemes about 18in. long,
bearing generally from thirty to forty, or more, large flowers. l.
pale green. A splendid variety.
A. Wightianum. See Vanda testacea.
A. Williamsii (Williams's).* fl. delicate pinkish white, produced
in great abundance; spikes 2ft. to 3ft. long, and branched, l.
broad, dark green, drooping. A very scarce and pretty species.

AEROBION. See Angræcum.

AEROPHYTES. Plants that are grown entirely in the air.
ÆSCHYNANTHUS (from aischuno, to be ashamed, and anthos, a
flower). ORD. Gesneraceæ. A genus of very beautiful twining,
radicant or parasitical stove shrubs, with opposite, simple, entire
leaves, and axillary, terminal, few flowered, umbellate peduncles.
They possess all the qualifications worthy of extensive cultivation—
handsome flowers, fine deep green leaves, an agreeable fragrance,
and are easily grown on blocks, which must be covered with green
moss, fastened on with small copper wire. Preparatory to fastening
them on, the roots should be covered with moss, and the plants
secured to the block also by wire. After this, but little attention is
requisite, except duly syringing and occasionally dipping in tepid
water. As pot plants they are very beautiful, and in this method
perfection is only obtained by growing them on fast and strong by
generous treatment, which consists in frequently repotting in light
rich compost till they are large enough to be trained up a trellis,
formed of slender rods of willow or hazel. Propagated by seeds and
cuttings. The former are very unsatisfactory; the latter root readily
during spring in a well-drained pot, filled with a light compost, and
having a surface of pure white sand, about 1in. deep. The best are
obtained from half-ripened wood, cut into 2in. or 3in. lengths, and
all leaves, with the exception of one or two at the top, removed. The
cuttings should then be covered over with a bell glass, and placed in
moderate bottom heat. So soon as rooted, transfer them singly to
small pots, and again place under hand glasses, until they are
thoroughly established, then gradually harden off. When about
twelve months old, place the plants in their permanent quarters.
Baskets are commonly and very effectively employed. Line these
with moss, and fill with a light rich compost; place the plant as near
the centre as possible, and, to promote a uniform growth, fasten
down the branches with small neat pegs, at equal distances. During
the summer, give copious supplies of water, to produce a liberal
growth, which is of the utmost importance the first season, when
they should not be permitted to flower. The following winter they
should be kept cool and rather dry, thus giving them a rest. The year
following, if properly managed, they will bloom profusely.

Æ. atrosanguinea (dark-red).* fl. dark red; corolla 1½in.

long, cylindrical, saccate at base, pilose; peduncle one-flowered.
July. l. pilose, oblong, sub-cordate, serrated, unequal. h. 1½ft.
Guatemala, 1848.
Æ. Aucklandi. (Lord Auckland's). Synonymous with Æ.
speciosus.
Æ. Boschianus (Bosch's).* fl. scarlet, axillary, clustered;
corolla tubular, with wide throat; calyx tubular, smooth, purplish-
brown. July. l. ovate, obtuse, entire. h. 1ft. Java, 1844. See Fig.
36.
Æ. cordifolius (heart-leaved).* fl. deep red, striped with black,
inside of the tube orange, axillary, clustered. Summer. l.
cordate, quite smooth, dark green on the upper side, paler
below. h. 1ft. Borneo, 1858.
Æ. fulgens (shining).* fl. bright crimson, very long; throat and
the under side of the tube orange; lobes striped with black,
disposed in terminal umbels. October. l. large, oblong-
lanceolate, acuminate, thick and fleshy, bright dark green. h.
1ft. East Indies, 1855.
Æ. grandiflorus (large-flowered).* fl. deep crimson and
orange, large; corolla clavate; segments obtuse, with a dark
mark at top, equal; umbels many-flowered. August. l. oblong-
lanceolate, acuminated, serrated, obscurely-nerved, fleshy, dark
green, h. 5ft. East Indies, 1838.
Æ. javanicus (Java). fl. bright red, stained with yellow in the
throat; corolla downy, tubular; corymbs terminal, bracteate.
June. l. small, ovate, slightly toothed, with sunk veins. Java,
1848. Plant scandent.
Æ. Lobbianus (Lobb's).* fl. rich scarlet; calyx large,
campanulate; corolla downy; corymbs terminal, bracteate. June.
l. elliptic, entire or slightly serrated, glaucous. Java, 1845. Plant
subscandent.
 FIG. 36. ÆSCHYNANTHUS BOSCHIANUS.

Æ. longiflorus (long-flowered).* fl. scarlet, erect, fascicled;

corolla with a long clavate curved tube, and oblique constructed
bilobed mouth; upper lobe bifid. Summer. l. broad-lanceolate,
acuminate, entire. Java, 1845. Plant pendulous.
Æ. miniatus (vermilion).* fl. rich vermilion; corolla tomentose;
upper lip bilobed, lower one tripartite; peduncles axillary, three-
flowered. June. l. oval acute, entire. h. 1½ft. Java, 1845. SYN.
Æ. radicans.
Æ. pulcher (fair).* fl. bright scarlet; corolla three times larger
than the calyx; corymbs terminal, bracteate. June. l. ovate,
obscurely toothed. Java, 1845. Scandent.
Æ. radicans (stem-fibred). Synonymous with Æ. miniatus.
Æ. speciosus (showy).* fl. rich orange-coloured; corolla with
long clavate curved tube, and obliquely four-lobed limb; upper
lobe bifid, terminal, numerous, downy. Summer. l. upper ones
always verticillate, ovate-lanceolate, acuminate, slightly serrate.
h. 2ft. Java, 1845. SYN. Æ. Aucklandi.
Æ. splendidus (splendid).* fl. bright scarlet, spotted with black
on the margins; corolla clavate, 3in. long, in terminal fascicles.
 Summer, lasting in perfection for a considerable time. l. elliptic
lanceolate, acuminated, entire, rather undulated. h. 1ft. Hybrid.
Æ. tricolor (three-coloured).* fl. deep blood red, usually twin;
throat and base of the lobes bright orange, the three upper
lobes being striped with black. July. l. cordate, dark green
above, paler on the under side; edges, under surface, and stem,
slightly hairy. h. 1ft. Borneo, 1857.
Æ. zebrinus (zebra-marked). fl. green, brown. Autumn. Java,
1846.

ÆSCHYNOMENE (from aischuno, to be ashamed; in reference to

the leaves of some of the species falling on the slightest touch, like
those of the Sensitive plant). ORD. Leguminosæ. Stove herbs and
shrubs, with impari-pinnate leaves, having many pairs of leaflets,
and axillary racemes of usually yellow flowers. They thrive well in a
good rich loam. Propagated by cuttings, placed in sand under a bell
glass, in a brisk heat. Seeds of the herbaceous species require a
good heat to start them into growth. The annuals are not worth
growing. There are about forty other species known besides those
mentioned, some of which may prove worthy of cultivation when
introduced.

Æ. aristata (awned). A synonym of Pictatia aristata.

Æ. aspera (rough-stemmed). fl. yellow; racemes compound;
peduncles, bracteas, calyces, and corollas, hispid. June. l. with
thirty to forty pairs of linear leaflets, which (as well as the
legumes) are smooth. Stem herbaceous, erect. h. 6ft. to 8ft.
East Indies, 1759. Perennial.
Æ. sensitiva (sensitive).* fl. white; legumes and racemes
glabrous; peduncles branched, few-flowered. June. l. with
sixteen to twenty pairs of linear leaflets. Stem smooth. h. 3ft. to
6ft. Jamaica, 1733. This shrub requires a sandy soil.
ÆSCULUS (a name given by Pliny to a kind of oak having an edible
fruit; derived from esca, nourishment). The Horse Chestnut. ORD.
Sapindaceæ. A genus of hardy showy trees, well adapted for lawns
or parks, having a beautiful appearance when in flower. They will do
well in any soil, but the more loamy the better. Increased by layers,
put down in the spring, or by grafting or budding on the common
horse chestnut. Seeds, where procurable, should be sown singly in
rows in spring, where they may remain until they are of sufficient
size to be permanently planted out. This genus is distinguished from
Pavia, in having its capsules echinated, i.e., covered with prickles,
like a hedgehog; but this character is not always consistent.

Æ. carnea (flesh-coloured). Synonymous with Æ. rubicunda.

Æ. glabra (smooth-leaved).* fl. greenish yellow; corolla of four
spreading petals, with their claws about the length of the calyx;
stamens longer than the corolla. June. l. with five leaflets, very
smooth; foliage larger than the common species. h. 20ft. North
America, 1821. SYNS. A. ohioensis, A. pallida.
Æ. Hippocastanum (Common Horse-Chestnut). fl. white,
tinged with red, on very handsome terminal racemes, which are
produced in great profusion; petals five. April and May. l. with
seven obovately-cuneated, acute, toothed leaflets. Asia, 1629.
This, the common horse chestnut, is well known by the
beautiful parabolic form in which it grows, and during the period
of its flowering no tree possesses greater beauty. It has two or
three unimportant varieties, differing in the variation of their
leaves, and one also with double flowers. These are increased
by grafting only.
Æ. ohioensis (Ohio). A synonym of A. glabra.
Æ. pallida (pale-flowered). A synonym of A. glabra.
Æ. rubicunda (red-flowered).* fl. scarlet, in very fine terminal
racemes; petals four, having the claws shorter than the calyx;
stamens eight. June. l. with five to seven obovately-cuneated,
acute, unequally serrated leaflets. h. 20ft. North America, 1820.
 This is a very distinct and beautiful tree when in flower, and
does not attain so large a size as Æ. Hippocastanum. SYN. Æ.
carnea.

ÆSTIVATION. The manner of the folding of the calyx and corolla

in the flower bud.
ÆTHIONEMA (from aitho, to scorch, and nema, a filament;
apparently in allusion to some tawny or burnt appearance in the
stamens). ORD. Cruciferæ. A genus of elegant little plants,
distinguished from allied genera in having the four larger stamens
winged, and with a tooth. Herbs or sub-shrubs, perennial or annual,
branched from the base, diffuse or erect. Flowers in crowded
terminal racemes. Leaves fleshy, sessile. They are well worth
cultivating in sunny situations, where they form a freer flowering
habit than when growing in a wild state. Some of the more hardy
species may be planted on rock work, which, by their dwarf growth,
they are well adapted for. The annual and biennial species may
either be sown on rockwork or in the front of the flower-border. A
light dry soil suits them best. The shrubby kinds of this genus should
be kept in pots, which should be well drained with potsherds, and
treated like other alpine plants. Propagated by seeds, sown in May;
or by cuttings, planted in summer.

Æ. Buxbaumii (Bauxbaum's). fl. pale red; racemes crowded,

aggregate. June. l. oblong-spathulate, glaucous. h. 6in. Thrace,
1823. A pretty annual, with erect branched stems. SYN. Thlaspi
arabicum.
 FIG. 37. ÆTHIONEMA CORIDIFOLIUM, showing Habit and Flowers.

Æ. coridifolium (Coris-leaved).* fl. rosy lilac, small, in terminal

dense rounded racemes. June. l. linear, glaucous, crowded. Asia
Minor, 1871. A pretty perennial, shrubby below, with erect stems
6in. to 8in. high. See Fig. 37.
Æ. gracile (slender). fl. purplish; racemes crowded, terminal;
when in fruit, loose. June. l. lanceolate, pointed. h. 8in.
Branches and branchlets slender, elongated. Sandy hills in
Carniola, 1820. Shrubby perennial.
 FIG. 38. ÆTHIONEMA GRANDIFLORUM, showing Habit and Flowers.

Æ. grandiflorum (large-flowered).* fl. of a warm shaded rose;

racemes crowded, terminal, numerous. May to August. l. ovate-
oblong, glaucous. Mount Lebanon, 1879. This perennial species
forms a spreading bush about 1½ft. high, and is perhaps the
handsomest of the genus. It succeeds well in the ordinary
border, but is far better suited for the rockery. See Fig. 38.
Æ. membranaceum (membranous-podded). fl. purplish, in
terminal racemes. June. l. linear, distant, somewhat fleshy,
strictly appressed. h. 3in. to 6in. Persia, 1828. A small shrub,
with filiform branches.
Æ. monospermum (one-seeded). fl. purple, largish, in
terminal racemes. July. l. oval or obovate, blunt, coriaceous;
pods one-celled, one-seeded. h. 3in. to 6in. Spain, 1778. A
pretty little biennial, with hardish branches.
 Æ. pulchellum (pretty).* This is said to be a new species, but
it much resembles Æ. coridifolium. It is scarcely in full
cultivation yet, but it proves one of the hardiest as well as one
of the most handsome kinds.
Æ. saxatilis (rock).* fl. purplish; racemes loose, terminal. May
and June. l. lanceolate, acutish. h. 8in. Spain, 1820. A pretty
annual.

AFRICAN ALMOND. See Brabejum.

AFRICAN BLADDER NUT. See Royena lucida.
AFRICAN FLEABANE. See Tarchonanthus.
AFRICAN HAREBELL. See Roella ciliata.
AFRICAN LILY. See Agapanthus.
AFRICAN LOTUS. See Zizyphus.
AFRICAN MARIGOLD. See Tagetes erecta.
AFRICAN OAK OR TEAK. See Vitex Doniana.
AFRICAN SATIN-BUSH. See Podalyria sericea.
AFZELIA (named after Adam Afzelius, M.D., Professor of Botany in
the University of Upsal, and for many years resident at Sierra
Leone). ORD. Leguminosæ. A pretty stove evergreen tree. For
culture, see Ægiphila.

A. africana (African).* fl. crimson, disposed in racemes; petals

four (furnished with claws), upper one largest. June. Legume
ligneus, many-celled; seeds black, with scarlet aril. l. abruptly
pinnate. h. 30ft. Sierra Leone, 1821.

AGALMYLA (from agalma, an ornament; and hule, a wood; the

species are great ornaments to the woods in which they grow wild).
ORD. Gesneraceæ. A small but very handsome genus of climbing or
radicant herbs, with simple alternate leaves and axillary fascicles of
flowers, something like the blooms of a Gesnera. Corolla limb
oblique, five-lobed, scarcely two-lipped. A. staminea, the most
generally cultivated species, is best grown in a basket, planted in a
compost of rough peat, a little leaf soil, fresh sphagnum moss, and
nodules of charcoal. Give an abundance of moisture when growing,
which should be lessened after flowering, and allow the plant to rest
during winter. It may be planted out on rockwork in the stove. Half-
ripened cuttings will root freely in heat under a glass. The
temperature in summer should not be less than 75deg. by day, and
65deg. by night.

A. longistyla (long-styled). fl. crimson. Java, 1873.

A. staminea (long-stamened).* fl. scarlet, disposed in axillary
fascicles; corolla tubular, incurved, with a dilated throat.
Summer. l. alternate, oblong, acuminated, denticulated, nearly
equal at the base, downy beneath, and on the edges. Stem and
petioles hairy. h. 2ft. Java, 1846. Stove species.

AGANISIA (from aganos, desirable; in reference to the beauty of

these neat little plants). ORD. Orchidaceæ. A small genus of
epiphytal orchids, requiring to be grown upon a block of wood
suspended from the rafters of the stove. A damp atmosphere,
syringing the roots and leaves freely when in a growing state, and
shade during very bright sunshine, are primary points to be
observed in their cultivation. Increased by dividing the pseudo-bulbs
just previous to starting into new growth.

A. cœrulea (dark blue).* fl. peduncles axillary, few flowered.

"The colour is the well known one of Vanda cœrulea. There are,
however, darker blue blotches quasi-tesselated over the flower.
The lip is veiled, and has two very small basilar teeth, and then
a veiled middle lacinia, that is sacciform, bordered with most
remarkable long bristles, and with a deep violet blotch on its
middle part beneath. The white column has two cartilaginous
quadrate arms close to the stigmatic hollow." l. cuneate, oblong,
acuminate. Pseudo-bulbs distichous, depresso-ovoid. Brazil,
1876.
 A. fimbriata (fringed).* fl. white; lip blue. Demerara, 1874.
This species has also a sacciform, fimbriate lip, but, when
compared with the foregoing, its flowers, leaves, and bulbs are
much smaller, and the lip is not slit up to the apex, but the sac
is round.
A. graminea (grass-leaved). A weedy looking species, of no
garden value. Guiana, 1836.
A. ionoptera (violet-winged). The flowers, not very much
larger than those of the lily of the valley, are white, with violet
petals, and violet tips and streaks on the sepals. Peru, 1871.
A. pulchella (pretty).* fl. white, with a blotch of yellow in the
centre of the lip; the spike is produced from the bottom of the
bulb. h. 8in. Demerara, 1838. It blossoms at different times of
the year, and lasts two or three weeks in perfection. This
species is very rare and pretty, and is best grown in a pot, with
peat, and good drainage; requires a liberal supply of water at
the roots, and the hottest house.

AGANOSMA (from aganos, mild, and osme, a smell; scent of

flowers). ORD. Apocynaceæ. A genus of showy stove or warm
greenhouse shrubs, with opposite leaves and terminal corymbs of
large funnel-shaped flowers, the coronet of which is cup-shaped or
cylindrical, "having its parts so united that they appear only as lobes
around the mouth of the cup." All the species mentioned are well
worth cultivating. They thrive best in a mixture of loam, sand, and
peat, in equal proportions. Propagated by cuttings in sand, under
glass, and with bottom heat.

A. acuminata (pointed-leaved).* fl. large, white, fragrant;

petals linear, falcate, curled; panicles axillary, longer than the
leaves, scattered. l. from oblong to broad-lanceolate,
acuminated, glabrous. Sylhet. Shrubby climber.
A. caryophyllata (clove scented).* fl. pale yellow, tinged with
red, deliciously clove scented; corymbs terminal. October. l.
 oval, acutish at both ends, tomentose beneath as well as the
branches. India, 1812. Shrubby twiner.
A. cymosa (cymose-flowered).* fl. small, whitish, fragrant;
calyx and corolla hoary outside; cymes terminal, shorter than
the leaves. l. elliptic, acuminated. Sylhet. Shrub.
A. elegans (elegant).* fl. small, purple; corolla downy outside,
as well as the calyces, bracteas, and pedicels; sepals longer
than the tube of the corolla; corymbs terminal, crowded. l.
elliptic, short-acuminated, glabrous. India. Shrubby twiner.
A. marginata (bordered).* fl. numerous, large, white, fragrant;
petals linear, falcate; panicles terminal, loose, corymbose,
glabrous. l. lanceolate, smooth. Sylhet. Shrubby climber.
A. Roxburghii (Roxburgh's).* fl. pure white, large, fragrant;
calyx and corolla hoary outside; petals triangular; corymbs
terminal. October. l. ovate-cordate, acuminated; petioles and
veins red, glabrous, pale beneath, and shining above. India,
1812. Shrubby twiner.
A. Wallichii (Wallich's).* fl. white, fragrant; calyx and corolla
downy outside; corymbs terminal. l. elliptic-acuminated, shining
above and pale beneath, glabrous. India. This species differs
from the last in the veins of the leaves being parallel, not
longitudinal, from the base to the apex. Shrubby twiner.

AGAPANTHUS (from agape, love, and anthos, a flower). ORD.

Liliaceæ. African Lily. A genus, with numerous varieties, of very
handsome greenhouse or conservatory herbaceous plants. Flowers
large, scapose; perianth tubular, tube short; stamens six, having the
filaments somewhat declinate. Leaves linear or lorate, arching,
radical. They are of easy culture, and thrive best in strong turfy
loam, leaf mould, decomposed manure, and river sand. They may be
grown in large pots or tubs outside, to be removed in autumn, and
placed under the stage in the greenhouse, or where they will be
protected from frost, and kept moderately dry. If planted and left
outside, the crowns should be well covered with cocoa-nut fibre in
winter. During the summer, and especially in dry weather, the plants
can hardly be over watered. They thrive admirably on the margins of
lakes or running streams, and few plants, alike in flower and foliage,
are more effective. Clear manure water may be given previous to or
when the plants are in flower, and, after flowering, gradually lessen
the quantity of water, until they are stowed away for the winter.
They increase very rapidly, by offsets, and, if necessary, the old
plants may be divided in early spring, to any extent required. In the
more southern parts of this country they are quite hardy.

A. umbellatus (umbelled).* fl. bright

blue; perianth funnel-shaped, regular,
deeply six-parted; tube short; scape tall,
naked, bearing a many-flowered umbel.
Summer and autumn. l. numerous,
radical, linear, somewhat fleshy. h. 2ft.
to 3ft. Cape of Good Hope, 1692. See
Fig. 39.
A. u. albidus (whitish).* fl. pure white,
on large full-sized umbels, smaller than
those of the species, but very showy.
Cape of Good Hope. This requires
carefully drying off during the winter.
FIG. 39. AGAPANTHUS
UMBELLATUS. A. u. aureus (golden). A variety in
which the leaves are marked
longitudinally with yellow. 1882.
A. u. flore-pleno (double-flowered).* Identical in all respects
with the species, except that it has double flowers, which are
therefore, much more lasting than the single ones. A very
handsome variety.
A. u. Leichtlinii (Leichtlin's).* fl., perianth deep bright
hyacinthine blue, 1¼in. long; scape about 1½ft. long, with a
more compact umbel than any other known form. June. l.
similar in size to the species. Cape of Good Hope, 1878.