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Python for Finance
Second Edition

Financial modeling and quantitative analysis explained

Yuxing Yan

BIRMINGHAM - MUMBAI
Python for Finance
Second Edition

Copyright © 2017 Packt Publishing

All rights reserved. No part of this book may be reproduced, stored in a retrieval
system, or transmitted in any form or by any means, without the prior written
permission of the publisher, except in the case of brief quotations embedded in
critical articles or reviews.

Every effort has been made in the preparation of this book to ensure the accuracy
of the information presented. However, the information contained in this book is
sold without warranty, either express or implied. Neither the author, nor Packt
Publishing, and its dealers and distributors will be held liable for any damages
caused or alleged to be caused directly or indirectly by this book.

Packt Publishing has endeavored to provide trademark information about all of the
companies and products mentioned in this book by the appropriate use of capitals.
However, Packt Publishing cannot guarantee the accuracy of this information.

First published: April 2014

Second edition: June 2017

Production reference: 1270617

Published by Packt Publishing Ltd.

Livery Place
35 Livery Street
Birmingham B3 2PB, UK.

ISBN 978-1-78712-569-8

www.packtpub.com

[ FM-2 ]
 Credits

Author Project Coordinator

Yuxing Yan Shweta H Birwatkar

Reviewers Proofreader
Dr. Param Jeet Safis Editing
Nabih Ibrahim Bawazir, M.Sc.
Joran Beasley Indexer
Mariammal Chettiyar

Commissioning Editor
Amey Varangaonkar Graphics
Tania Dutta

Acquisition Editor
Tushar Gupta Production Coordinator
Nilesh Mohite

Content Development Editor

Amrita Noronha Cover Work
Nilesh Mohite

Technical Editor
Akash Patel

Copy Editor
Safis Editing

[ FM-3 ]
 About the Author

Yuxing Yan graduated from McGill University with a PhD in finance. Over the
years, he has been teaching various finance courses at eight universities: McGill
University and Wilfrid Laurier University (in Canada), Nanyang Technological
University (in Singapore), Loyola University of Maryland, UMUC, Hofstra
University, University at Buffalo, and Canisius College (in the US).

His research and teaching areas include: market microstructure, open-source finance
and financial data analytics. He has 22 publications including papers published in
the Journal of Accounting and Finance, Journal of Banking and Finance, Journal
of Empirical Finance, Real Estate Review, Pacific Basin Finance Journal, Applied
Financial Economics, and Annals of Operations Research.

He is good at several computer languages, such as SAS, R, Python, Matlab, and C.

His four books are related to applying two pieces of open-source software to finance:
Python for Finance (2014), Python for Finance (2nd ed., expected 2017), Python for
Finance (Chinese version, expected 2017), and Financial Modeling Using R (2016).

In addition, he is an expert on data, especially on financial databases. From 2003 to

2010, he worked at Wharton School as a consultant, helping researchers with their
programs and data issues. In 2007, he published a book titled Financial Databases
(with S.W. Zhu). This book is written in Chinese.

Currently, he is writing a new book called Financial Modeling Using Excel — in an

R-Assisted Learning Environment. The phrase "R-Assisted" distinguishes it from
other similar books related to Excel and financial modeling. New features include
using a huge amount of public data related to economics, finance, and accounting;
an efficient way to retrieve data: 3 seconds for each time series; a free financial
calculator, showing 50 financial formulas instantly, 300 websites, 100 YouTube
videos, 80 references, paperless for homework, midterms, and final exams; easy to
extend for instructors; and especially, no need to learn R.

[ FM-4 ]
I would like to thank Ben Amoako-Adu, Brian Smith (who taught
me the first two finance courses and offered unstinting support for
many years after my graduation), George Athanassakos (one of his
assignments "forced" me to learn C), and Jin-Chun Duan.

I would also like to thank Wei-Hung Mao, Jerome Detemple, Bill

Sealey, Chris Jacobs, Mo Chaudhury, Summon Mazumdar (my
former professors at McGill), and Lawrence Kryzanowski. (His
wonderful teaching inspired me to concentrate on empirical finance
and he edited my doctoral thesis word by word even though he
was not my supervisor!). There is no doubt that my experience at
Wharton has shaped my thinking and enhanced my skill sets. I
thank Chris Schull and Michael Boldin for offering me the job; Mark
Keintz, Dong Xu, Steven Crispi, and Dave Robinson, my former
colleagues, who helped me greatly during my first two years at
Wharton; and Eric Zhu, Paul Ratnaraj, Premal Vora, Shuguang
Zhang, Michelle Duan, Nicholle Mcniece, Russ Ney, Robin
Nussbaum-Gold, and Mireia Gine for all their help. In addition, I'd
like to thank Shaobo Ji, Tong Yu, Shaoming Huang, Xing Zhang.

[ FM-5 ]
 About the Reviewers

Dr. Param Jeet has a Ph.D. in mathematics from one of India's leading engineering
institutes, IIT Madras. Dr. Param Jeet has a decade of experience in the data analytics
industry. He started his career with Bank of America and since then worked with a
few companies as a data scientist. He has also worked across domains such as capital
market, education, telecommunication and healthcare. Dr. Param Jeet has expertise
in Quantitative finance, Data analytics, machine learning, R, Python, Matlab, SQL,
and big data technologies. He has also published a few research papers in reputed
international journals, published and reviewed books, and has worked on Learning
Quantitative Finance with R.

Nabih Ibrahim Bawazir, M.Sc. is a data scientist at an Indonesian financial

technology start-up backed by Digital Alpha Group, Pte Ltd., Singapore. Most
of his work is research on the development phase, from financial modeling to
data-driven underwriting. Previously, he worked as actuary in CIGNA. He holds
M.Sc in Financial Mathematics from Gadjah Mada University, Indonesia.

Joran Beasley received his degree in computer science from the University
of Idaho. He works has been programming desktop applications in wxPython
professionally for monitoring large scale sensor networks for use in agriculture for
the last 7 years. He currently lives in Moscow Idaho, and works at Decagon Devices
Inc. as a software engineer.

I would like to thank my wife Nicole, for putting up with my long

hours hunched over a keyboard, and her constant support and help
in raising our two wonderful children.

[ FM-6 ]
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[ FM-8 ]
 Table of Contents
Preface ix
Chapter 1: Python Basics 1
Python installation 1
Installation of Python via Anaconda 2
Launching Python via Spyder 3
Direct installation of Python 4
Variable assignment, empty space, and writing our own programs 7
Writing a Python function 9
Python loops 10
Python loops, if...else conditions 11
Data input 15
Data manipulation 19
Data output 25
Exercises 27
Summary 29
Chapter 2: Introduction to Python Modules 31
What is a Python module? 32
Introduction to NumPy 38
Introduction to SciPy 41
Introduction to matplotlib 45
How to install matplotlib 45
Several graphical presentations using matplotlib 45
Introduction to statsmodels 49
Introduction to pandas 51
Python modules related to finance 59
Introduction to the pandas_reader module 60
Two financial calculators 61
How to install a Python module 64

[i]
Table of Contents

Module dependency 67
Exercises 68
Summary 69
Chapter 3: Time Value of Money 71
Introduction to time value of money 72
Writing a financial calculator in Python 81
Definition of NPV and NPV rule 86
Definition of IRR and IRR rule 88
Definition of payback period and payback period rule 90
Writing your own financial calculator in Python 91
Two general formulae for many functions 92
Appendix A – Installation of Python, NumPy, and SciPy 96
Appendix B – visual presentation of time value of money 98
Appendix C – Derivation of present value of annuity from present value
of one future cash flow and present value of perpetuity 99
Appendix D – How to download a free financial calculator written
in Python 101
Appendix E – The graphical presentation of the relationship between
NPV and R 102
Appendix F – graphical presentation of NPV profile with two IRRs 104
Appendix G – Writing your own financial calculator in Python 105
Exercises 106
Summary 108
Chapter 4: Sources of Data 109
Diving into deeper concepts 110
Retrieving data from Yahoo!Finance 113
Retrieving data from Google Finance 125
Retrieving data from FRED 126
Retrieving data from Prof. French's data library 127
Retrieving data from the Census Bureau, Treasury, and BLS 128
Generating two dozen datasets 130
Several datasets related to CRSP and Compustat 132
Appendix A – Python program for return distribution versus a
normal distribution 137
Appendix B – Python program to a draw
candle-stick picture 138
Appendix C – Python program for price movement 140
Appendix D – Python program to show a picture of a stock's
intra-day movement 141
Appendix E –properties for a pandas DataFrame 142

[ ii ]
 Table of Contents

Appendix F –how to generate a Python dataset with an extension of

.pkl or .pickle 144
Appendix G – data case #1 -generating several Python datasets 145
Exercises 145
Summary 147
Chapter 5: Bond and Stock Valuation 149
Introduction to interest rates 149
Term structure of interest rates 159
Bond evaluation 166
Stock valuation 171
A new data type – dictionary 176
Appendix A – simple interest rate versus compounding interest rate 176
Appendix B – several Python functions related to interest conversion 178
Appendix C – Python program for rateYan.py 179
Appendix D – Python program to estimate stock price based on an
n-period model 180
Appendix E – Python program to estimate the duration for a bond 181
Appendix F – data case #2 – fund raised from a new bond issue 182
Summary 184
Chapter 6: Capital Asset Pricing Model 185
Introduction to CAPM 186
Moving beta 192
Adjusted beta 193
Scholes and William adjusted beta 194
Extracting output data 197
Outputting data to text files 198
Saving our data to a .csv file 198
Saving our data to an Excel file 199
Saving our data to a pickle dataset 199
Saving our data to a binary file 200
Reading data from a binary file 200
Simple string manipulation 201
Python via Canopy 204
References 207
Exercises 209
Summary 212
Chapter 7: Multifactor Models and Performance Measures 213
Introduction to the Fama-French three-factor model 214
Fama-French three-factor model 218

[ iii ]
Table of Contents

Fama-French-Carhart four-factor model and Fama-French

five-factor model 221
Implementation of Dimson (1979) adjustment for beta 223
Performance measures 225
How to merge different datasets 228
Appendix A – list of related Python datasets 235
Appendix B – Python program to generate ffMonthly.pkl 236
Appendix C – Python program for Sharpe ratio 237
Appendix D – data case #4 – which model is the best, CAPM, FF3,
FFC4, or FF5, or others? 238
References 239
Exercises 240
Summary 242
Chapter 8: Time-Series Analysis 243
Introduction to time-series analysis 244
Merging datasets based on a date variable 246
Using pandas.date_range() to generate one dimensional time-series 246
Return estimation 250
Converting daily returns to monthly ones 252
Merging datasets by date 253
Understanding the interpolation technique 254
Merging data with different frequencies 256
Tests of normality 258
Estimating fat tails 260
T-test and F-test 262
Tests of equal variances 263
Testing the January effect 264
52-week high and low trading strategy 265
Estimating Roll's spread 266
Estimating Amihud's illiquidity 267
Estimating Pastor and Stambaugh (2003) liquidity measure 268
Fama-MacBeth regression 269
Durbin-Watson 270
Python for high-frequency data 273
Spread estimated based on high-frequency data 277
Introduction to CRSP 279
References 280
Appendix A – Python program to generate GDP dataset
usGDPquarterly2.pkl 281
Appendix B – critical values of F for the 0.05 significance level 282

[ iv ]
 Table of Contents

Appendix C – data case #4 - which political party manages the

economy better? 283
Exercises 285
Summary 288
Chapter 9: Portfolio Theory 289
Introduction to portfolio theory 290
A 2-stock portfolio 290
Optimization – minimization 294
Forming an n-stock portfolio 301
Constructing an optimal portfolio 307
Constructing an efficient frontier with n stocks 310
References 322
Appendix A – data case #5 - which industry portfolio do you prefer? 322
Appendix B – data case #6 - replicate S&P500 monthly returns 323
Exercises 325
Summary 331
Chapter 10: Options and Futures 333
Introducing futures 334
Payoff and profit/loss functions for call and put options 341
European versus American options 346
Understanding cash flows, types of options, rights and obligations 346
Black-Scholes-Merton option model on non-dividend paying stocks 347
Generating our own module p4f 348
European options with known dividends 349
Various trading strategies 350
Covered-call – long a stock and short a call 351
Straddle – buy a call and a put with the same exercise prices 352
Butterfly with calls 353
The relationship between input values and option values 355
Greeks 356
Put-call parity and its graphic presentation 359
The put-call ratio for a short period with a trend 363
Binomial tree and its graphic presentation 364
Binomial tree (CRR) method for European options 371
Binomial tree (CRR) method for American options 372
Hedging strategies 373
Implied volatility 374
Binary-search 377
Retrieving option data from Yahoo! Finance 378
Volatility smile and skewness 379

[v]
Table of Contents

References 381
Appendix A – data case 6: portfolio insurance 382
Exercises 384
Summary 387
Chapter 11: Value at Risk 389
Introduction to VaR 390
Normality tests 400
Skewness and kurtosis 402
Modified VaR 403
VaR based on sorted historical returns 405
Simulation and VaR 408
VaR for portfolios 409
Backtesting and stress testing 411
Expected shortfall 413
Appendix A – data case 7 – VaR estimation for individual stocks
and a portfolio 415
References 418
Exercises 418
Summary 420
Chapter 12: Monte Carlo Simulation 421
Importance of Monte Carlo Simulation 422
Generating random numbers from a standard normal distribution 422
Drawing random samples from a normal distribution 423
Generating random numbers with a seed 424
Random numbers from a normal distribution 425
Histogram for a normal distribution 425
Graphical presentation of a lognormal distribution 426
Generating random numbers from a uniform distribution 428
Using simulation to estimate the pi value 429
Generating random numbers from a Poisson distribution 431
Selecting m stocks randomly from n given stocks 432
With/without replacements 433
Distribution of annual returns 435
Simulation of stock price movements 437
Graphical presentation of stock prices at options' maturity dates 439
Replicating a Black-Scholes-Merton call using simulation 441
Exotic option #1 – using the Monte Carlo Simulation to price average 442
Exotic option #2 – pricing barrier options using the Monte Carlo
Simulation 443
Liking two methods for VaR using simulation 445

[ vi ]
Exploring the Variety of Random
Documents with Different Content
entirely amidst the uneventful routine of a sedentary life. He was a
daring horseman, well skilled in all the martial exercises of the age; a
soldier bearing upon his person the scars of honorable wounds
received in battle; a general whose coolness and intrepidity had
been tested by the perils of many a campaign. Such was the leader
selected by the aspiring Abul-Kasim to overturn the throne of the
dissolute and unpopular King of Granada.
The attractions of political intrigue obtained the mastery over
philosophical maxims and worldly experience in the mind of Abu-al-
Fotuh, and he embraced with ardor the proposals of the Kadi of
Seville. He secretly represented to Yahya, a cousin of Badis, that the
present conjunction of the planets was unusually favorable to his
fortunes, inasmuch as the calculations of astrology indicated the
speedy death of the sovereign and the promotion of his relative to
the honors and prerogatives of the crown. The vanity and the hopes
of a thoughtless prince were excited by this announcement so
authoritatively conveyed, and he willingly accepted a responsibility
which seemed to have received the sanction of heaven. The
discontent of the people was sedulously fomented; the support of a
number of disaffected nobles was secured; and the ramifications of a
formidable plot soon began to extend to every corner of the city and
the province. Unfortunately for the success of their scheme, the
conspirators had failed to take into consideration the sagacity and
vigilance of the Jewish vizier. The suspicious movements of well-
known malcontents could not long escape the observation of his
spies. The plot was betrayed; and the ringleaders, escaping with
some difficulty the vengeance of Badis, fled to Seville. Enraged by
the interference of a stranger in the affairs of his kingdom, an appeal
of the Lord of Carmona to Badis and to Edris of Malaga was made
an opportune pretext for the chastisement of the presumptuous ruler
of Seville. The hostile armies met near Ecija. The Sevillians,
commanded by Ismail, the son of the Kadi, were defeated; and the
sorrow of the catastrophe was aggravated by the death of the
youthful general, who, in a short but brilliant career of arms, had
displayed talents and resources worthy of an experienced veteran.
Solicitude for the safety of his wife and children, unprotected in the
power of his indignant sovereign, induced Abu-al-Fotuh soon after
the battle to throw himself upon the generosity of a tyrant whose
deafness to every appeal for mercy was notorious and proverbial.
With a diabolical refinement of cruelty, Badis, through an effectual
display of compassion, raised in the mind of the unfortunate captive
fallacious hopes of a speedy deliverance. Conducted to Granada
rather with the ceremony due to a guest than with the restraint
imposed upon a prisoner, as soon as the gate of the city was
reached the courtesy of the guard was abruptly changed into insult
and violence, and Abu-al-Fotuh received the ignominious treatment
of a common malefactor. His head was shaved; he was lashed upon
the back of a camel; and the driver of the animal, followed by a
guard of slaves, scourged the victim relentlessly, while the
procession exhibiting this suggestive example of royal justice
traversed with deliberate steps, and amidst the jeers of the populace,
the principal thoroughfares of the city. After submitting to this
punishment, Abu-al-Fotuh was cast into prison, and a few days
afterwards underwent the same fate the vizier of Almeria had
endured, and was buried by the side of that rash but accomplished
statesman.
I have described somewhat at length the personal characteristics
of the men who, in the troublous times which followed the
dismemberment of the khalifate, either attained to power or perished
in unsuccessful attempts to subvert the existing authority of the
state, in order to call the attention of the reader to the high standard
of intelligence and education demanded of a leader of the people.
The day had long since gone by when an illiterate faqui, no matter
how eminently gifted by nature with oratorical powers, could direct
the blind and headstrong passions of the multitude. The possession
of great talents and great learning was indispensable for the
acquisition of political influence and the management of important
national enterprises. The education of the masses, even in a country
for nearly half a century distracted by sedition, was too far advanced
to permit the successful exercise of the arts of the ignorant
demagogue. Without the accidental distinction of birth, no individual,
no matter how commanding his abilities or how thorough his
qualifications for office, could ever hope to secure the co-operation
of the proud Arab nobility. Nowhere, since the decadence of Attic
splendor, had so many men of varied talents and literary
accomplishments risen to political distinction as in the closing years
of the Hispano-Arab empire in Spain. No circumstances could well
be imagined more unfavorable to intellectual advancement. The
entire country was unsettled. Property was insecure. Revolutions
were frequent. The services of nearly every able-bodied man were
liable to be required at any moment for the protection of the existing
government. The tranquillity so essential to the full exercise of the
mental faculties in literary pursuits was, under such conditions,
absolutely unattainable. Yet, although beset by such formidable
difficulties, the genius of Arab culture continued to sustain the high
reputation which it had gained under the khalifate. The popular
system of education still preserved, amidst manifold interruptions,
the standard of excellence by which it had formerly been
distinguished. Each principality became a centre of learning, and, in
friendly emulation, endeavored to surpass the scientific
achievements of its neighbors. The Arabian society of the Peninsula,
having thus inherited and preserved the progressive spirit, the noble
traditions, and the literary tastes of the khalifate, was enabled to long
retain the undisputed intellectual supremacy of Europe.
Abul-Kasim-Mohammed, the Kadi of Seville, died in that city in
1042, after a reign of more than twenty years. Although never
formally vested with the supreme authority, he had, since the
dethronement of Yahya, practically exercised the functions of an
absolute sovereign. His son, Abbad, whose designation of Motadhid
is that by which he is best known to history, ascended the throne as
the minister of the mat-maker Khalaf, who, still fraudulently
representing the imperial dignity of the Ommeyades, continued to
pass his days in indolence and luxury, while the family of the Beni-
Abbad, through the serviceable agency of his imposture, was making
rapid progress towards the acquisition of despotic power. Motadhid
was a prince of excellent parts which had been improved by
assiduous study; but his temperament was fierce and sensual; his
ungovernable rage made him the terror of the city; and, in the
indulgence of his vices and the prosecution of his ambition, he
recognized neither the ties of kindred, the obligations of hospitality,
the faith of treaties, nor the law of nations. He wrote verses far
superior in quality to those usually produced by royal authors. Even
the bacchanalian poems of his hours of dissipation were
distinguished for the ingenuity of their conceits, the elegance of their
diction, and the delicacy of their sentiments. His patronage of
learning has served to compensate, in a measure, for the crimes
which have blackened his character in the eyes of posterity. The
taste displayed in some of his compositions is not surpassed by that
of any of the most elaborate productions of Arabian genius which
have descended to our times. One of the most striking peculiarities
of Motadhid was his taciturnity. He had no confidants. He never
betrayed, by word or gesture, the thoughts that were passing
through his mind. His designs were formed and carried into
execution with a skill and a success which argued not only unusual
powers of invention and combination, but a profound acquaintance
with the weaknesses and the inconsistencies of human nature. In his
personal habits, he was one of the most licentious and brutal princes
of his century. A skeptic in religion, it was said that he believed in
nothing but astrology and wine. His orgies were the reproach of the
court and the horror of the capital. His fits of intoxication lasted for
days, and in his capacity to consume large quantities of wine he far
exceeded the most seasoned and strong-headed of his boon
companions. “To drink at dawn is a religious dogma, and whoever
does not believe in it is a Pagan,” was one of his favorite maxims. An
ardent admirer of beauty, he caused the slave-markets of Europe
and Asia to be searched for the most attractive specimens of female
loveliness, and his harem contained eight hundred concubines,
selected for their extraordinary charms. The implacable animosity of
Motadhid was rarely assuaged by the completion of vengeance; it
demanded the preservation of mementos by which he might recall
with ferocious pleasure the fate of a hated and formidable enemy.
The skulls of such as had perished in rebellion or by the sword of the
executioner, as well as of those of hostile officers who had fallen in
battle, were all preserved. The garden of his palace was lined with
rows of these melancholy and suggestive trophies, in which he
caused to be planted flowers of brilliant colors and delightful
fragrance. Each skull was polished to a snowy whiteness, and bore
upon a label the name and the offence of its former owner. In a
casket among his treasures were preserved similar memorials of the
princes who had succumbed to the superior fortune of his arms.
These were adorned with a splendor which attested the value
attached to them by their possessor as evidences of victory. They
were set in gold; in the sockets, once brightened with the flashing of
the human eye, the cold glitter of the diamond arrested the glance of
the horrified observer; and around the temples was inserted a row of
precious stones of various colors,—sapphires, rubies, hyacinths, and
emeralds. These souvenirs of blood and cruelty always imparted
fresh inspiration to the mind of Motadhid, and the most joyous as
well as the most pathetic of his verses were composed while in their
contemplation.
The agents and spies of Motadhid were to be found in every
country and in every court. Nowhere was even the fugitive who had
incurred the enmity of the tyrant safe from his vengeance. In Seville
lived a blind citizen of great wealth. His possessions provoked the
avarice of the prince, and he unceremoniously appropriated the
greater portion of them. The victim having lost the remainder, and
being reduced to penury, travelled, dependent upon charity, as a
pilgrim to Mecca. To all who would listen, he told the story of his
wrongs, and declaimed against the injustice of the ruler of Seville
both in the Mosque and in the public places of the Holy City.
In the course of time his denunciations were reported to Motadhid.
The latter caused to be prepared a bronze casket, in which were
placed a number of pieces of gold that had been covered with a
deadly volatile poison. As the pilgrims were leaving to join the annual
caravan to Mecca, Motadhid caused one of them, in whom he could
confide, to be brought before him, and gave him the casket.
“When thou hast entered the Holy City,” said he, “seek out the
person whose name is inscribed hereon, and present this to him with
my compliments. But be sure not to open the casket or evil will befall
thee.”
On his arrival the messenger had little difficulty in finding the blind
beggar, who was accustomed each day, before the Great Mosque, to
revile the name and recount the crimes of his oppressor.
 “Friend,” said the Andalusian, “behold a gift which our Lord the
Prince of Seville hath charged me to deliver to you. Receive it with
joy, for methinks it is of great value.”
The blind man took the casket and shook it. “By the beard of the
Prophet, it contains gold!” he cried. “But why hath Motadhid sent me
this, after having reduced me to poverty and driven me into exile?”
“I know not,” responded the other. “It may be a royal caprice; it
may be the fruit of remorse. In any event, rejoice in thy good
fortune.”
“Thanks for thy kindness, and do not fail to convey to the Prince
the assurance of my appreciation of his generosity,” said the beggar,
as he departed to grope his way through the street leading to the
wretched lodging which public charity had bestowed upon him.
Opening the fatal casket, he poured the gold into his lap. He
counted it, fondled it, embraced it, with all the rapture of one who
long accustomed to abject poverty is suddenly raised to affluence.
But a few moments elapsed before the fumes of the poison
produced their effect; a convulsive shudder racked his frame, and
the victim of Motadhid’s hatred fell forward upon his treasure—a
corpse.
The military operations of Motadhid were characterized by great
energy and unusual success. At the very outset of his reign, he was
attacked by a coalition of Berber princes. Marching towards the west,
he desolated the territories of Modhaffer, Emir of Badajoz, the soul of
the hostile league. In a battle which followed, Modhaffer sustained a
decisive defeat, and a considerable number of the inhabitants of his
capital were killed and captured. The son of Mohammed, Emir of
Carmona, perished in this engagement, and his skull, duly bleached
and labelled and embellished with gold and jewels, was deposited by
the side of its grinning predecessors in the unique casket of the
Prince of Seville. Peace was finally adjusted between these two
petty sovereigns through the intervention of Ibn-Djahwar, ruler of
Cordova, who, in these sanguinary struggles, although his
sympathies were with the opponents of the Berbers, maintained a
politic neutrality. His most formidable enemy disposed of, Motadhid
attacked and conquered in detail the little states of Huelva, Silves,
and Santa-Maria. The extreme South of the Peninsula was at that
time in the hands of the Berbers. To such a commanding position
had the principality of Seville now attained, that the African lords of
Andalusia acknowledged the title and the supremacy of the false
Hischem, and paid tribute to the government he pretended to control.
The cupidity and ambition of Motadhid were aroused by the sight of
this fertile domain lying at his very door. He determined to secure the
prize by artifice, this method being more congenial to his politic
genius than the expensive and uncertain result of an appeal to arms.
The states of Ronda and Moron, the most important and accessible,
he selected as the object of his first attempt. Relying upon the
doubtful faith of his tributaries, and accompanied by only four
attendants, he boldly placed himself in the power of the Berber
chieftains. He was received with the greatest courtesy and kindness,
and while he was being feasted at the palace, his followers, who had
been selected for their acuteness and proficiency in all the arts of
deception, mingled in disguise with the people and ascertained their
sentiments towards the ruling powers. The information obtained was
most favorable to the plans of Motadhid. Under a delusive
appearance of contentment a wide-spread hatred of the African
domination was found to exist; and, by a judicious distribution of the
gold with which they were provided, his attendants experienced no
difficulty in purchasing the support of a number of influential officials,
through whose assistance, at the designated time, the strongholds of
the two Berber sovereigns were to be betrayed. Amidst the repeated
and prolonged festivities to which his visit had given rise, the ability
of Motadhid to resist the intoxicating fumes of wine stood him in
good stead among revellers whose convivial propensities and
experience were fully equal to his own. In the midst of a prolonged
debauch immediately preceding his intended departure, the crafty
prince pretended to be overcome with sleep. As soon as his heavy
breathing indicated loss of consciousness, his perfidious hosts
began to discuss, deliberately and in whispers, the propriety of his
assassination. The infamy of this proposal, sufficiently flagitious of
itself, was increased by the fact that among the Berbers, as well as
the Arabs, hospitality was regarded as the most noble of virtues, and
the person of a guest who had eaten at the board of his entertainer
was, for the time being, inviolably sacred. The few moral sensibilities
originally possessed by the Berbers had, however, amidst the
commotion of incessant conflict and through familiarity with the
insidious artifices constantly employed by the mixed and
demoralized population of the Peninsula, been effectually destroyed.
According to the unscrupulous maxims of their policy universally
entertained and constantly practised, considerations of present
expediency far outweighed the obligations of social courtesy or the
dictates of personal honor. The opportunity of delivering themselves
at a single blow and without personal risk from the most powerful
and implacable enemy of their race was too fortunate and
unexpected to be sacrificed to a mere question of casuistry or
sentiment by men long habituated to deeds of treachery and
violence. Of all the assemblage only one, Moadh-Ibn-Abi-Corra, a
youth of the most distinguished rank, had the principle and the
courage to remonstrate. The indignant reproaches of their young
companion, not yet sufficiently practised in duplicity and crime to
overcome the impulses of a noble and generous nature, prevailed
over the base resolve of the other princes, and realizing, in spite of
their blunted faculties, the flagrant enormity of the project, they
quietly abandoned it. While the discussion involving the fate of
Motadhid was being conducted, the self-control of the latter was
subjected to a far more severe strain than it had ever before been
called upon to endure. His drowsiness had been assumed as a
convenient ruse. By its means he had hoped to become acquainted
with the prejudices and the designs of his turbulent vassals
heedlessly betrayed in moments of conviviality. But he was entirely
unprepared for the revelations which fell upon his astonished ears.
Aware that the slightest indication of consciousness would only
precipitate the blow, he maintained, with a simulated calmness
incredible under the circumstances, the appearance of a profound
slumber. Finally he arose and resumed his place at the banquet. Not
a tremor of voice, not an agitation of muscle, disclosed the ordeal he
had just undergone. His marvellous self-command easily imposed
upon his unsuspecting hosts, who, partly from policy, partly from
remorse, now overwhelmed with assiduous attentions the guest
whom their deliberate malice had but a moment before been ready
to consign to a violent death.
The prince took his departure amidst mutual expressions of
esteem which, inspired by the profound dissimulation of both parties,
seemed to promise the most amicable intercourse for the future
between suzerain and vassal. The satisfaction of the Berbers was
soon increased by the arrival of messengers from Motadhid charged
with the delivery of costly and beautiful gifts as tokens of the
appreciative friendship of their sovereign. Several months elapsed;
assurances of amity continued to be reciprocally transmitted
between the palaces of Seville and Ronda, until, by every plausible
artifice, the unsuspicious Berbers were lulled into delusive security.
Then the governors of Ronda, Moron, and Xeres were invited, with
much ceremony, to partake of the hospitality of Motadhid. Their
attendants increased the party to the number of sixty persons,
splendidly mounted and equipped; and the gay cavalcade was
welcomed at the gates of Seville with the cordial greetings of the
prince and the acclamations of the people. Among Moslems the first
courtesy extended to a guest is the offer of a bath. It therefore
excited no suspicion among the Berber nobles when they were
conducted—with the single exception of Moadh, who, in the
momentary confusion, was, for the time, designedly separated from
his companions—into a series of magnificent vaulted chambers,
whose walls were encased with precious marbles, whose windows
were formed of painted glass, and whose floors and ceilings
sparkled with exquisite mosaics. In order to enjoy freedom from all
restraint, their own slaves attended them. The intolerable and
increasing heat caused the latter before long to attempt to open the
door. They found it fastened; by dint of superhuman effort it was
finally broken down, but behind it, as if by magic, had arisen a
massive wall of masonry; egress was seen to be impossible; and the
meditated treachery of the Africans was fearfully avenged. The next
day sixty steaming corpses were taken out of the bath, whose
apartments had been heated to a temperature far exceeding that
ordinarily maintained in an oven. The power of the Berber faction
was hopelessly impaired; a new terror invested the name of the
sanguinary Motadhid; and an unusual number of grisly but precious
and long-coveted trophies was deposited in the charnel-like caskets
preserved among the treasures of the palace.
The anxiety and suspicions of Moadh had been aroused by his
evidently preconcerted separation from his friends. When their fate
was announced to him, it required all the address and
condescension Motadhid could command to soothe his grief and
remove his apprehensions. His inestimable service to the prince
during the banquet at Ronda was recalled, and he was informed that
the reward of his noble championship of the laws of hospitality which
had saved the life of his guest was at hand. A splendid mansion was
set apart for him in the most aristocratic quarter of the city. As an
earnest of his future generosity, Motadhid presented him at once
with ten horses and an equal number of eunuchs, thirty beautiful
girls, and a purse of a thousand dinars. Scarcely a day passed
without revealing some new token of the attachment of his
benefactor. His precocious abilities, no less than the favor of the
monarch, procured for him the respectful admiration of the court. His
opinion was heard with attention in the Divan. He was appointed to a
high command in the army. The expenses of his household, which
vied in magnificence with those of the most opulent nobles, were
defrayed by an annual salary of twelve thousand pieces of gold. The
partiality of Motadhid was further evinced by the frequent bestowal of
costly presents, whose rarity and workmanship doubly enhanced
their value. In the brilliant society of the Sevillian court no one was
superior in rank, public estimation, or popular influence to the young
and talented Berber chieftain.
The demoralization which followed the death of their leaders,
aided by the corruption previously employed by Motadhid, gave him
almost immediate possession of the Berber strongholds. Arcos,
Xeres, and Moron surrendered without delay. The resistance of
Ronda threatened to be serious on account of its natural strength
and the predominance of the African population, but as soon as the
troops of Motadhid appeared the citizens of the other races—Arab,
Jew, and Christian—rose in rebellion; the Berbers were cut to
pieces; the gates were thrown open; and the strongest fortress of
Andalusia was added to the principality of Seville.
The news of the terrible fate of the Berber princes was heard with
undisguised consternation by the King of Granada. His own
unpopularity and the disaffection of his subjects were well known to
him. The great number of Arabs and infidels in his dominions was an
incessant menace to the stability of his throne, now rendered less
secure than ever through the example of Ronda; and even the
resource of habitual intoxication could not make him forget the
catastrophe which, at that very moment, might be impending.
Tortured by frightful suspicions, he determined to remove at one
blow all the Arabs in the capital. For the accomplishment of this
atrocious deed, he selected Friday, when the Moslems would be
assembled at service in the mosque, the commission of such a
sacrilege being a matter of indifference then compared with the
greater crime. In vain the Vizier Samuel, to whom the design had
been communicated, attempted to represent its folly. The King was
inexorable. Then the Jew took measures to warn the chief
personages of the Arab party. In consequence of this, on the
appointed day, the great Moslem temple, usually crowded with
worshippers, was almost deserted. It was evident that the bloody
project had been betrayed, and the King, having become convinced
of the dreadful evils it must inevitably produce, was finally prevailed
upon to relinquish it.
Not long afterwards the wise counsellor, whose commanding
abilities had almost caused the prejudice against his nation to be
forgotten, died. His son, Joseph, a man of finished education and
more than ordinary talents, inherited the honors but not the influence
of his father. His haughty behavior, the magnificence of his dress, the
number and pomp of his retinue, which equalled that of Badis
himself, provoked the envy of all classes. Moslems and Jews alike
were appalled by his blasphemous speeches. He was more than
suspected of apostasy from the religion of Moses, and was so
imprudent as to publicly hold up to derision the doctrines of the
Koran. It was determined by the enemies of the young minister,
whose power over the King was unbounded, to make his
unpopularity the excuse for the plunder of the members of his sect,
whose wealth had long excited the cupidity of the populace of
Granada. In furtherance of this plan, the vilest calumnies were
invented concerning him. Impossible crimes were attributed to the
promptings of his malignity and injustice. He was accused of a secret
understanding with the Prince of Almeria, an enemy of Badis; and
the public mind having been inflamed by the publication of satirical
poems which depicted in exaggerated terms the dishonesty and
rapacity of the Jews, the detested vizier was finally seized in the
royal palace by an infuriated mob and crucified. Four thousand
unhappy Hebrews were involved in the ruin of their countryman, and
paid the forfeit attaching to successful thrift and a proscribed
nationality. Their palaces were occupied and their property
appropriated by the assassins; and Jewish supremacy in a
Mohammedan state, a condition heretofore without precedent in the
history of Islam, was forever abolished in the Kingdom of Granada.
The designs of Motadhid had been accomplished by the
acquisition of the greater part of Andalusia, and, as no further
advantage could possibly accrue to his power by longer maintaining
a fraud, he publicly announced the death of the pretended Hischem
II. Whether this event, which under the circumstances was politically
of little importance, was hastened by his own instrumentality is
unknown. At all events the obsequies of the impostor were
conducted with regal magnificence, and by a will he was alleged to
have written was bequeathed to the hajib the once splendid legacy
of the Ommeyade empire.
Fortune, which had hitherto so singularly favored the ambition of
Motadhid, seemed now to avert her face from him. His eldest son,
Ismail, twice rebelled against his authority, and, having attempted to
storm the palace, was taken and died by the hand of his enraged
and merciless father. Motamid, his second son, lost the city and state
of Malaga, which he had captured, through his own negligence and
the want of discipline prevailing among his troops, who were
surprised and routed by the King of Granada.
The dominion of Abd-al-Aziz, Emir of Valencia, over Almeria was
terminated in 1041 by the rebellion of his vassal, Abu-al-Ahwac-Man,
of the tribe of Somadih. Under his son Motasim, the latter principality
became famous throughout the Moslem world for the literary
accomplishments of its sovereign and the intellectual culture and
exquisite courtesy of its people. Motasim was an enthusiastic patron
of the arts. His court was the resort of the learned of every land.
There the science of the khalifate, expelled by barbarians, found a
hospitable welcome. There the scholars of Granada, refugees from
Berber tyranny, pursued their studies in peace. There the faquis of
different sects discussed in amicable rivalry their doctrines in the
presence of the throne. The monarch was the model of every
princely virtue. He strove to revive the simple, patriarchal customs of
the Desert. He dispensed justice with an impartial yet with a merciful
hand. Like others of his race, he made poets the especial recipients
of his bounty. Many of them obtained more than a provincial
celebrity. Scarcely less honored and popular were the professors of
science. Physicians, chemists, and natural philosophers occupy a
high rank in the annals of his reign. Abu-Obeyd-Bekri, the most
distinguished geographer of Moorish Spain, was a resident of
Almeria.
The Christian states of the North, for fifty years torn by internal
dissensions, were now united under the sceptre of Ferdinand. The
kingdoms of Leon and Castile had been consolidated, and, the
differences of the more insignificant principalities being adjusted, the
attention of the Christians was again directed to the disunited and
helpless members of the khalifate. From this time forth the war
against the Moslem was destined to assume the character of a
crusade, and hostilities to be seldom suspended until the last
bulwark of Islam in the West had fallen and the Cross had been
raised upon the towers of the Alhambra.
The progress made by Ferdinand soon disclosed the weakness of
his adversaries. Badajoz, Lamego, and Visera fell before his arms.
The Emir of Saragossa was forced to abandon all the towns beyond
the Douro. The banners of the Castilian army were seen from the
walls of Alcala de Henares, in the dominions of Mamun, Emir of
Toledo. To preserve his cities from destruction, the latter consented
to pay an incredible ransom of money and jewels, which
impoverished his treasury, and, with the lords of Saragossa and
Badajoz, at once acknowledged the suzerainty of the Christian king.
The vanguard of the latter soon appeared in the territory of Seville,
and the proud Motadhid, aware of the futility of resistance, sued for
peace. It was granted in consideration of an enormous tribute and
the delivery of the body of St. Justa, a martyr whose sacrifice was
alleged to date as far back as the Roman domination. The bishops of
Leon and Astorga were sent at the head of an imposing embassy to
receive the relics of the saint. Unfortunately, these could not be
identified, and the pious brethren, unwilling to return empty handed,
by means of a miraculous vision discovered and obtained a far more
valuable prize,—the body of St. Isidore, of Seville. Motadhid affected
great sorrow at being compelled to part with such a treasure. With a
view to future profit in the trade of similar commodities, he
reverentially threw over the bier a magnificent robe of embroidered
silk, and, much to the delight of the prelates, who saw with
undisguised astonishment the salutary effect produced on the mind
of an infidel by the mouldering bones of a Father of the Church,
parted from the escort at the gate of the city with many simulated
expressions of sorrow and a flood of hypocritical tears. Covering his
face with his mantle, his voice choked with sobs, this interesting
example of royal piety exclaimed, to the profound edification of the
weeping bystanders: “Farewell, Isidore! Farewell, most holy man!
Thou knowest what a close intimacy had always existed between
us!”
With each year, with every season even, the Christian banners
continued to move steadily southward. The resources of the divided
Moslem empire could no longer oppose a concerted resistance to
their advance. The most powerful Moorish princes of the Peninsula
were already the tributaries of Ferdinand. Coimbra had been taken,
and nearly all of what is included within the limits of modern Portugal
was in his hands. Vast districts of the subjugated territory were
systematically depopulated by enforced emigration. The inhabitants
of the captured cities were in many instances also driven into exile,
and where a prolonged resistance had exasperated the conquerors,
the lands, the effects, and the seraglios of the wealthiest citizens
were seized, often in infringement of the terms of capitulation.
Establishing themselves in their new possessions, the rude cavaliers
of Castile and the Asturias carried the boisterous manners and brutal
tastes of the swineherd and the mountaineer into the splendid
abodes of Moorish art and luxury.
The states of Valencia and Malaga, owing to the political imbecility
of their rulers, had descended to a position greatly inferior to that to
which they were entitled by reason of their commercial and
agricultural resources. In the division of the khalifate, Valencia had
been retained by Abd-al-Aziz, the grandson of Al-Mansur, who,
during the subsequent disturbances, was the acknowledged head of
the Amiride faction. Gifted with rare talents for administration and
command, his indolence and love of pleasure counteracted these
great natural advantages, and his son, Abd-al-Melik, who succeeded
him, possessed all his indisposition to exertion, without his abilities.
The city of Valencia, invested by Ferdinand, proved too strong for his
efforts, but by a feigned retreat he lured the garrison and the citizens
outside the walls and into an ambuscade. The delightful climate of
that province, the garden of Andalusia, has never been propitious to
the creation of a race of warriors, and the effeminate Valencians,
who had donned their holiday attire in expectation of a triumph,
expired almost without resistance under the weapons of the
Christian knights. Resuming the siege, Ferdinand was attacked by
illness, and soon after returned to Leon to die. His adversary
Motadhid, whose crafty and unscrupulous policy had founded upon
the ruins of the khalifate a kingdom more imposing in its dimensions
than remarkable for its military strength, soon followed him to the
grave.
Malaga, governed by the Edrisites, was long a centre of Berber
influence. Its lords, also enervated by the temptations of a tropical
climate, to the disgust of their martial followers, suffered their lives to
pass in inglorious ease until their domain was finally absorbed by the
growing power of Granada.
Attracted by the fame of a crusade, by the hope of eternal
salvation, and by the more immediate prospect of worldly advantage,
crowds of European adventurers now poured into the Peninsula.
Among these a body of Normans, under William de Montreuil, laid
siege to Barbastro, a populous frontier town of Aragon. Their valor
eventually carried the day, and after a gallant defence the place was
surrendered under articles of capitulation. Scarcely had the Normans
entered, before these were repudiated; the garrison was surrounded
and killed; six thousand of the citizens were massacred outside the
walls, and the remainder were doomed to slavery. The atrocities
practised by these Christian barbarians seem incredible. Such was
the amount of booty, that an inferior officer is said to have received
as his share five hundred loads of merchandise and fifteen hundred
maidens. In the general division, as was customary, the master with
his household and possessions were delivered to the fortunate
soldier, who at once proceeded, by ingenious tortures, to insult the
distress of his victim and inflict upon him exquisite pain in order to
compel the discovery of hidden treasure. The female members of his
family were violated in his presence. His body was plunged into
boiling oil. He was hacked with swords and battle-axes and his limbs
were slowly wasted by fire. The inhumanities which attended the
capture of Barbastro are hardly paralleled in any of the bloody
annals which recount the crusading exploits of Christian Europe.
During the period of universal anarchy that succeeded the
disruption of the khalifate, it is only the larger principalities which,
either on account of greater political influence or more advanced
conditions of civilization, are worthy of the notice of the historian. An
innumerable number of insignificant states arose upon the ruins of
that splendid monarchy. Every wali of a district, every governor of a
city, aspired to the pomp and consequence of an independent
sovereign. A few of these escaped the ruin which overwhelmed their
less fortunate countrymen. Others were conquered by the
Andalusian princes. The domain of others was forcibly incorporated
into the fast-growing monarchy of Castile. With all war was the rule
and peace the exception. In the North, the Africans, banished thither
by the khalifs for their turbulence and encouraged by the proximity of
the Christians whose alliance had often encouraged them to defy the
edicts of the court of Cordova, had long been practically
independent. In the South, Berber adventurers, incited by the
success of Al-Mansur, indulged unmolested their natural propensity
to robbery and murder. In Valencia and Granada, the Slaves, whose
rapacity was under the early khalifs the reproach of the government,
predominated in numbers, wealth, and in influence. In the provinces
of Estremadura and the Algarves, the Arabs maintained their ancient
and hereditary pride and insubordination. None of these factions
were united under a single head. They were split up into a score of
bodies, acknowledging temporarily the authority of some petty
chieftain, and entertaining as much animosity against their neighbors
as they cherished towards their national enemies. The mutual
jealousies of these obscure rulers were sedulously inflamed by the
politic Christians, who never refused to promote, by supplies of men
and money, the quarrels which were constantly undermining the
Moslem power in the Peninsula.
Thus political demoralization, impelled both by internal discord
and foreign interference, went steadily on. National unity was
unknown to the Arabs, with whom the largest measure of personal
liberty was the rule of public as well as of private life. That principle
of cohesion which binds communities together by the ties of common
interest was not recognized in a society where each man considered
he had an inalienable right, based upon immemorial prescription and
the traditions of the Desert, to plunder his neighbor. Even the
greatest of the Ommeyade khalifs were hated by the people. Their
lives were never safe. Their persons were constantly guarded by
armed foreigners,—Christian Mamelukes, Berber mercenaries,
African eunuchs. Fear alone maintained their authority. Their
subjects were ignorant of loyalty, patriotism, public spirit, or national
honor. The victories of these princes might dazzle the populace.
Their liberality might for the moment secure the attachment of the
army. The erection of magnificent houses of worship might elicit the
applause of the devout; but the possession of the most noble
qualities availed nothing in the hour of disaster. The prestige of a
distinguished name, the memory of splendid exploits, the sight of
grand architectural monuments, the omnipresent culture of a great
people, were trifles in the eyes of the Arab bent on blood-revenge, or
of the Berber savage with the prospect of the booty of a palace like
that of the Medina-al-Zahrâ before him. The rottenness of the
Moslem system was disclosed by the death of Al-Mansur. He was
the most illustrious captain who ever led the armies of Islam to
battle. He was the greatest potentate in Europe. In a quarter of a
century of constant warfare no reverses had ever diminished his
popularity or tarnished his renown. To all appearances, his power,
nominally the power of the khalifate, was established upon an
enduring and impregnable basis. Yet he was hardly in his grave
before the imposing fabric of the Moorish empire crumbled into dust,
and with it disappeared forever the grandeur, the glory, and the
civilization of three hundred eventful years.
 CHAPTER XVII
WARS WITH THE CHRISTIANS, THE ALMORAVIDES

1044–1121

Dissensions in Castile—Alfonso the Guest of the Emir of Toledo—

Civilization of that Moorish Capital—Motamid, Prince of Seville—
His Prodigality—-Valencia and Murcia become subject to Mamun
—Motamid takes Seville—Military Genius of Alfonso VI.—The
Famous Game of Chess—Siege of Toledo—Capitulation of that
City—Depredations of Bands of Outlaws—Danger and Distress of
the Moslems—Rise of the Almoravides—Their Fanaticism and
Prowess—They conquer Northern Africa—The Spanish Emirs
appeal to Yusuf—He crosses the Strait—Rout of the Christians at
Zallaca—Second Expedition of Yusuf—His Popularity—He claims
the Sovereignty of the Peninsula—The Cid: His Character and
His Exploits—He serves the Emir of Saragossa—He obtains
Control of Valencia—Revolt and Siege of that City—Cruelties of
the Cid—Death of Yusuf—Greatness of the Almoravide Empire—
Accession of Ali—Demoralization of the Conquerors.
The temporary union of the Christian powers under Ferdinand I.,
which had so effectually demonstrated the weakness of the Moorish
states of the Peninsula and had conferred such distinction on the
Castilian arms, was followed by a series of domestic misfortunes
culminating in civil war, seriously threatening the stability of the
newly founded kingdom, and affording the Moslems an opportunity
for recuperation by which they unfortunately had no longer either the
energy or the capacity to profit. Ferdinand’s impolitic testamentary
disposition of his dominions among his children indicated an amiable
weakness, which, while it might be deserving of praise in a private
individual, was discreditable to the experience and political foresight
of a sovereign. With the public sanction of the nobles, his kingdom
was divided into three portions, of which his son Sancho received
Castile and a part of what is now Aragon; Alfonso, Leon and the
Asturias; and Garcia, Galicia and the Portuguese conquests. To his
daughters, Urraca and Elvira, were assigned respectively the cities
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