Derivatives Markets (2nd Edition) (Addison-Wesley Series in Finance)

Customer Reviews:

advanced, comprehensive treatment.......2007-07-11

As financial instruments become ever more complex, McDonald's book gives a systematic treatment of the most common forms of derivatives. Providing a unified etymology that can help you understand how they work.

He groups options (puts and calls) with forward contracts like zero coupon bonds. Through numerous simple payoff graphs, as well as explanatory accompanying text, the ideas are easily grasped. The book starts with these ideas in its early chapters. Then it builds on them, to illustrate associated and often more elaborate constructs, as in insurance strategies for hedging.

Nor is the discussion confined to minimising one's risk. There is an alternative method, of deliberately speculating on volatility, for example.

The modelling of futures and options pricing is dealt with in detail. Including the seminal Black-Scholes formula and related analysis. The assumptions behind Black-Scholes are examined in detail, given the crucial influence of this on many types of pricing. The treatment gets rather advanced, invoking ideas like Monte Carlo simulations of stock prices.

The text is well suited for a graduate program in finance.

Average customer rating:

Very concise, focus on intuition
Excellent for final year undergraduate or postgrads
Excellent Derivatives Book
A brilliant book by a master teacher
Excellent Book on Derivatives Markets

Derivatives Markets
Robert L. McDonald
Manufacturer: Addison Wesley
ProductGroup: Book
Binding: Hardcover

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Derivatives Markets (Student Solutions Manual)
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Investments

ASIN: 0201729601

Customer Reviews:

Very concise, focus on intuition.......2005-02-08

As an MBA student at Kellogg School, I find this book is concise and easy to read. It also teaches me the intuition in derivatives and asset pricing. As it has both basic and advanced material, it can be used as a reference book as well.

Excellent for final year undergraduate or postgrads.......2004-10-15

I have used this book as text for my final year undergraduates majoring in Finance and the response is great ! The students love it as the writing is clear and most chapters provide enough working examples for independent learning. The mathematical portions in this text are very crucial for understanding derivatives and this is where i think the author scores highly, given his background from MIT !

The later chapters (Chapter 15 onwards) in Part 4 and 5 are more advanced and more suitable for postgraduate studies, which i would love to explore more but unfortunately did not have much time to explore as an undergraduate lecturer.

Excellent Derivatives Book.......2003-11-19

The cover and page quality make this book a joy to read compared to other derivatives texts on the market.

Even more important, Dr. McDonald's writing is clear and logical. His theory is current and well laid-out. Compared to Hull it has more PDE's and sound theory. Compared to still other derivatives texts, Dr. McDonald gives more applications to supplement the theory.

If I could only recommend one derivatives texts to students and practitioners needing a thorough overview of the market, this would be the one.

A brilliant book by a master teacher.......2003-08-19

Far too many books on derivatives are written by academics who claim to be writing for intelligent professionals but are in fact really trying to impress their colleagues. This book is a wonderful exception to that general rule. It is written by a master teacher who understands the importance of knowing several different ways to solve problems, and who provides numerous examples so that the reader can check his/her own answer. The book also provides software in VBA (Visual Basic for Applications) so that the reader can experiment with the results explained in the text and apply them to his/her own problems.

McDonald is very concerned to explain the intuition behind the numerous formulas presented in the text, and presents the various chapters in an expertly-designed sequence so that new results nearly always become understandable as more general ways of seeing results presented in earlier chapters. The material progresses gradually from basic to complex, so that the dedicated reader becomes thoroughly acquainted with results that have only recently been discovered. As a consequence, this textbook becomes a handy reference work to be kept at one's desk for daily use.

I came across this book more or less by accident, and as I was browsing through it I noted with particular interest several substantial discussions of how derivative pricing can be done with real probabilities so as to arrive at the same results as pricing done with the pseudo-probabilities (or risk-neutral probabilities) discussed in most texts. These sections provided an extremely important clarification of an issue that undoubtedly occurs to nearly all students of derivative pricing but is nonetheless ignored in nearly all of the relevant textbooks and literature. I knew right then that the author understood what questions were occurring in the minds of his students and how to deal with them.

This book is a bit more expensive than some rival texts, but it is entirely worth it because of its tremendous clarity and because of the software that accompanies it. In reality, this book is a bargain.

Excellent Book on Derivatives Markets.......2002-10-08

I had the privilege of using the manuscript of this book for two advanced finance courses I did at Kellogg School of Management (Northwestern University---the Author's home) and just got a chance to read the final published book. This is an excellent book on derivatives markets which should appeal to three types of readers: 1) MBA students doing their first finance course on derivatives; 2) Non-finance professionals who can easily grasp quantitative aspects of derivatives pricing schemes but lack an an intuitive understanding of why, where and how derivatives are used (I was in this category until I attended Kellogg); and, 3) Corporate finance professionals trying to understand different risk management tools. Bob McDonald did a great job in maintaining a good balance between mathematics of derivatives pricing schemes and logical explanations of several economic concepts one would encounter in derivatives. This book is going to be a popular MBA text book very soon.

In the first four chapters of the book, the author assumes that the prices of different derivative securities are known and discusses how these securities can be used for insurance and speculation (Chapter 4 has a nice introduction to risk management). Chapters 5-8 explain pricing methods for futures, forwards and swaps using simple discounting models. Chapter 6 has a lucid discussion on how would "futures contract price vs. time" curves for different commodities differ based on the seasonality, transportation costs and storability aspects specific to each commodity.

Starting in Chapter 9, the author discusses different option pricing models. The material presented in Chapters 10-13, where in the author discusses binomial option pricing models, Black-Scholes formula and delta hedging, is clearly the highlight of this book. I did not find such a crystal clear discussion of binomial pricing models and the rationale behind delta hedging in any other text book. In Chapters 15-17, the author discusses financial engineering (how to create a required payoff from basic building blocks) and corporate applications of derivatives (including real options). In the remaining chapters (Chapters 18-24), I would recommend Chapters 18, 19 and 24 to all the readers. The other chapters are not really necessary unless you plan to work on developing derivatives pricing schemes.

In summary, I strongly recommend this book to every serious student of finance.

Financial Instruments and Markets: A Casebook
Average customer rating:
Financial Instruments and Markets: A Casebook
George Chacko , Vincent Dessain , Peter Hecht , and Anders Sjoman
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Options, Futures and Other Derivatives (6th Edition)

International Finance: A Casebook

Credit Derivatives: A Primer on Credit Risk, Modeling, and Instruments

Real Estate Finance & Investments (Real Estate Finance and Investments)

Financial Derivatives: Pricing, Applications, and Mathematics

Accessories:

International Finance: A Casebook

Financial Institutions, Markets, and Money

ASIN: 0471737674

Book Description

Create value while you manage risk
Today's increasingly volatile financial markets have caused an explosion of new financial instruments designed to transfer risk--from collateralized mortgage-backed securities to swaptions that trade directly between financial actors. And now these complex financial instruments have become standard operating procedure at most large and mid-sized businesses. Managers overseeing any substantial business, financial or non-financial, must thoroughly understand these financial instruments and their value in hedging and diversifying to succeed.

With this unique casebook, you'll have the opportunity to gain the analytical, institutional, and functional knowledge you need to use these instruments to solve new problems. Featuring cases from the authors' MBA and Executive Education level courses at Harvard Business School, the book covers the basics of financial instruments, from terminology to pricing, and the markets in which these instruments trade. Throughout, the emphasis is on how these securities accomplish risk transfer from actors who do not want risk to those who are willing to take it on--for a fee of course.

These cases include:
* Deutsche Bank: Finding Relative Value Trades
* Ticonderoga Capital: Inverse Floating Rate Bonds
* 100-Year Liabilities at Prudential Insurance
* Swedish Lottery Bonds
* The Enron Odyssey: The Special Purpose of SPEs
* Building Hedge Funds at Prospero Capital
* Dell Computer Corporation: Share Repurchase Program
* First American Bank: Credit Default Swaps
* Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market
* and more

The Oxford Guide to Financial Modeling: Applications for Capital Markets, Corporate Finance, Risk Management and Financial Institutions

Average customer rating:

Not recommended
Much worse than Hull's book
Excellent Book
Fake reviewers
Brilliant educational project

The Oxford Guide to Financial Modeling: Applications for Capital Markets, Corporate Finance, Risk Management and Financial Institutions
Thomas S. Y. Ho , and Sang Bin Lee
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover

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Options, Futures and Other Derivatives (6th Edition)
The Equity Risk Premium: Essays and Explorations
Securities Valuation: Applications of Financial Modeling
Volatility and Correlation: The Perfect Hedger and the Fox (Wiley Finance)
The Concepts and Practice of Mathematical Finance (Mathematics, Finance and Risk)

ASIN: 019516962X

Book Description

The essential premise of this book is that theory and practice are equally important in describing financial modeling. In it the authors try to strike a balance in their discussions between theories that provide foundations for financial models and the institutional details that provide the context for applications of the models. The book presents the financial models of stock and bond options, exotic options, investment grade and high-yield bonds, convertible bonds, mortgage-backed securities, liabilities of financial institutions -- the business model and the corporate model. It also describes the applications of the models to corporate finance. Furthermore, it relates the models to financial statements, risk management for an enterprise, and asset/liability management with illiquid instruments. The financial models are progressively presented from option pricing in the securities markets to firm valuation in corporate finance, following a format to emphasize the three aspects of a model: the set of assumptions, the model specification, and the model applications. Generally, financial modeling books segment the world of finance as "investments," "financial institutions," "corporate finance," and "securities analysis," and in so doing they rarely emphasize the relationships between the subjects. This unique book successfully ties the thought processes and applications of the financial models together and describes them as one process that provides business solutions. Created as a companion website to the book readers can visit www.thomasho.com to gain deeper understanding of the book's financial models. Interested readers can build and test the models described in the book using Excel, and they can submit their models to the site. Readers can also use the site's forum to discuss the models and can browse server based models to gain insights into the applications of the models. For those using the book in meetings or class settings the site provides Power Point descriptions of the chapters. Students can use available question banks on the chapters for studying.

Customer Reviews:

Not recommended.......2007-09-17

"Hodge-podge" is the first term that comes to mind after reading this book. The breadth of topics is notable, but the material itself is far from satisfactory as applied to the real world. If someone offers to pay you to read this book, it would be worth reading. Also, please note that several five-star reviews were written professionally for promotional purposes.

Much worse than Hull's book.......2005-05-20

Ho and Lee's book is not bad, but not as good as Hull's book. First, this book tries to include everything, making it not easy to learn for beginners. Second, the definition in this book is not very clear as hull's book. Third, after reading the book, I really don't know what are models for and how to implement these models; hence, I still have to refer these model from Hull's book.

Excellent Book.......2004-10-07

The field of quantitative financial modeling, young as it is, has seen a massive explosion of published books in recent times. While it may appear that there is now a wealth of literature on financial modeling out there, the sad reality is it has become very difficult to find well-written comprehensive books. Dr T. S. Y. Ho and Prof S. B. Lee's book is in my opinion the most comprehsive book on financial modeling since J. Hull's book. Their book even takes a big step further than John Hull in setting a mathematical framework for consistent valuation of derivatives, corporate liabilities and valuation of firms (Corporate Finance).
This is a an excellent book for researchers, practitioners and students alike. Readers will benefit from a wealth of academic and industrial experience of the two authors, which is very well portrayed in every section of the book. In addition to the book they provide a free interactive website (www.thomasho.com) where one can be more intimate with the financial models discussed in book. One may recall that Dr Ho and Prof Lee are the authors of the Ho-Lee model.

Fake reviewers.......2004-07-17

I am afraid that the 3 reviewrs before me are the same person.
Amazon makes it quite easy for promotional wizards to do that so sales can be increased.
So far there is not even one review that tackes or critisizes this book. Are we all that perfect or should we become a victims of made up book?

Brilliant educational project.......2004-04-04

Most textbooks on financial modeling are devoted to describing specific models, such as those for stocks, bonds, or options, or to their specific applications such as arbitrage trading and portfolio management. Few books describe the financial principles behind the models and tie the models to business solutions.

The Oxford Guide to Financial Modeling by Thomas S.Y. Ho and Sang Bin Lee (yes, the authors of the Ho-Lee model, the first arbitrage-free interest rate model) successfully ties the thought processes and applications of the financial models together and describes them as one process which provides business solutions. The authors very ably explain all the models used in finance, take the financial theory and modeling to the next level and develop a business model framework that integrate the fields of corporate finance, fixed income, derivatives, and Asset & Liability management.

Each chapter begins by introducing a practical problem. The financial models that provide solutions to the problem are then described. The chapter concludes with how the models can be applied. Because of the nature of the material on financial models, the book presents many results as mathematical formulations, yet the text is very enjoyable as the more rigorous mathematical derivations are deferred to the appendices and to the epilogue.

Book Description

A groundbreaking collection on currency derivatives, including pricing theory and hedging applications.

"David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders."-Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley.

"A comprehensive selection of the major references in currency option pricing."-Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options.

"A useful compilation of articles on currency derivatives, going from the essential to the esoteric."-Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk.

Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments.

This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore.

The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options.

Customer Reviews:

Excellent choice of papers!.......2001-08-18

DeRosa has picked excellent papers. If one reads the papers in detail, the currency derivatives literature, as well as related derivatives literature, becomes very easy to understand.

Comprehensive.......1999-06-19

This book presents highly technical papers on diverse topics from variuous academics. It would be very helpful to anyone looking to understand theoretical aspects of FX derivatives. Since most papers are written by different authors, notation is not consistent. In addition, academics do not always write like Hemingway. Nevertheless, the book covers everyhting from vanillas to exotics very well.

Structured Products Volume 2: Equity; Commodity; Credit & New Markets (The Swaps & Financial Derivatives Library) (Wiley Finance)

Average customer rating:

Structured Products Volume 2: Equity; Commodity; Credit & New Markets (The Swaps & Financial Derivatives Library) (Wiley Finance)
Satyajit Das
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Traders, Guns & Money: Knowns and unknowns in the dazzling world of derivatives

ASIN: 0470821671

Book Description

Structured Products Volume 2 consists of 5 Parts and 21 Chapters covering equity derivatives (including equity swaps/options, convertible securities and equity linked notes) , commodity derivatives (including energy, metal and agricultural derivatives), credit derivatives (including credit linked notes/collateralised debt obligations ("CDOs")), new derivative markets (including inflation linked derivatives and notes, insurance derivatives, weather derivatives, property, bandwidth/telephone minutes, macro-economic index and emission/environmental derivatives ) and tax based applications of derivatives. It also covers the structure and evolution of derivative markets including electronic trading markets and the origins, evolution and prospects for derivative markets.

EQUITY LINKED STRUCTURES

1 Equity Derivatives - Equity Futures; Equity Options/Warrants & Equity Swaps

2. Convertible Securities

3. Structured Convertible Securities

4. Equity Linked Notes

5. Equity Derivatives - Investor Applications

6. Equity Capital Management - Corporate Finance Applications of Equity Derivatives

COMMODITY LINKED STRUCTURES

7. Commodity Derivatives - Commodity Futures/Options, Commodity Swaps and Commodity Linked Notes

8. Commodity Derivatives - Energy (Oil, Natural Gas and Electricity) Markets

9. Commodity Derivatives - Metal Markets

10. Commodity Derivatives - Agricultural and Other Markets

CREDIT DERVIATIVES

11. Credit Derivative Products

12. Credit Linked Notes/Collateralised Debt Obligations

13. Credit Derivatives/Default Risk - Pricing and Modelling

14. Credit Derivatives - Applications/Markets

NEW MARKETS

15. Inflation Indexed Notes and Derivatives.

16. Alternative Risk Transfer/Insurance Derivatives

17. Weather Derivatives

18. New Markets - Property; Bandwidth; Macro-Economic and Environmental Derivatives

19. Tax and Structured Derivatives Transactions

EVOLUTION OF DERIVATIVES MARKETS

20. Electronic Markets and Derivatives Trading

21. Financial Derivatives - Evolution and Prospects

Average customer rating:

Me thinks some reviewers protest too much
Outdated and Shallow

Understanding Interest Rate Swaps
Mary S. Ludwig
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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Analysing and Interpreting the Yield Curve (Wiley Finance)

ASIN: 0070390207

Book Description

Interest rate swaps--used globally by both corporate finance departments and investment firms to control interest payments, manage debt, and enhance investment portfolios--constitute a growing 1.9 trillion market. Now, financial personnel, swap traders, corporate treasurers, and professional cash managers can turn to this clear, authoritative guide to master all the methodologies used in the international swap market. Written for anyone whose work is touched by swap market activity, the guide uses diagramming techniques to first explain what swaps are, and how and why they are traded. It then addresses more sophisticated financial transactions, such as rate setting, analysis of swap desks, market-to-market, speculating, and financial statements. Readers will find detailed coverage of more than two dozen derivative products, including spreadlocks, swaptions, caps, and flows, and learn how swap trading works in foreign currencies and interest rates. Critical light is also shed on questions regulators are currently raising about the security and future of the swaps markets.

Customer Reviews:

Me thinks some reviewers protest too much.......2004-07-11

This book has been damned for being too simplistic, therefore consign it to the trash cart, or so we are expected to do. But given the relative novelty of these financial products simplicity in the best sense of word could be seen as a virtue in any work dealing with this topic. So, why the evident annoyance from some. Could it be that this work dissolves some of the mystery involved, and threatens some closed shop in these markets ?

Outdated and Shallow.......1999-09-02

The book easily shows its age in its focus on standards and issues which have long ago fallen by the wayside in this dynamic market. Far worse is that the book is preciously short on quantitative and analytic methods, and long on third-grade-teacher types of admonishments. I read the whole book becasue I paid for it, there are better, more up-to-date volumes out there. Could possibly be re-named "Swaps for English Majors", although, English majors as a group might correctly be upset at this association.

U.S. Regulation of the International Securities And Derivatives Markets: United States Regulation of the International Securities And Derivatives Markets (2 Volume Set)

Average customer rating:

U.S. Regulation of the International Securities And Derivatives Markets: United States Regulation of the International Securities And Derivatives Markets (2 Volume Set)

Manufacturer: Aspen Publishers
ProductGroup: Book
Binding: Ring-bound

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ASIN: 0735554684

U.S. Regulation of the International Securities and Derivatives Markets

Average customer rating:

Very good

U.S. Regulation of the International Securities and Derivatives Markets
Edward J. Rosen , Leslie N. Silverman , Daniel A. Braverman , and Sebastian R. Sperber
Manufacturer: Aspen Publishers
ProductGroup: Book
Binding: Hardcover

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ASIN: 073554218X

Book Description

Now you can navigate the complex legal world of international securities and derivatives with this all-new fourth edition of an expert guide to today's global financial markets. You'll find clear analysis of the legal framework for all types of cross-border securities offerings by U.S. and non-U.S. issuers - from U.S. registered ADR programs and private offerings to international issues and highly structured instruments.

U.S. Regulation of the International Securities and Derivatives Markets offers authoritative answers to just about any question you'll face on such topics as:

* Recent legal developments affecting foreign access to U.S. capital markets
* The distribution of securities outside the U.S.
* How foreign companies can access U.S. capital markets
* How U.S. regulations affect foreign issuers of securities traded in the U.S.
* New trends in private offerings and the effect of Rule 144A
* How public offerings of securities made abroad can be exempt from registration requirements of the Securities Act
* How the U.S. regulates investment advisors
* How foreign banks and their affiliates doing business with the U.S. are regulated
* How various categories of derivative instruments are classified under U.S. securities and commodities laws
* New initiatives by the SEC, the Federal Reserve Board and the CFTC to facilitate the increasing pace of cross-border activity
* And much more

Customer Reviews:

Very good.......2000-05-31

I have used an earlier edition of this book to get some background for academic work. Very thorough and very clear.

Managing Risk in the Foreign Exchange, Money and Derivative Markets

Average customer rating:

Managing Risk in the Foreign Exchange, Money and Derivative Markets
Heinz Riehl
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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Money & Monetary Policy | Economics | Business & Investing | Subjects | Books

Foreign Exchange | Finance | Business & Investing | Subjects | Books

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ASIN: 0070526737

Book Description

A professional's guide to controlling risk when investing in the foreign exchange and money markets. Particular emphasis on the use of derivatives. The book offers a unique perspective combining coverage of all three areas.

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