Book Description
The book is a step-by-step guide to derivative products. By distilling the complex mathematics and theory that underlie the subject, Chisholm explains derivative products in straightforward terms, focusing on applications and intuitive explanations wherever possible. Case studies and examples of how the products are used to solve real-world problems, as well as an extensive glossary and material on the latest derivative products make this book a must have for anyone working with derivative products.
Download Description
"The book is a step-by-step guide to derivative products. By distilling the complex mathematics and theory that underlie the subject, Chisholm explains derivative products in straightforward terms, focusing on applications and intuitive explanations wherever possible. Case studies and examples of how the products are used to solve real-world problems, as well as an extensive glossary and material on the latest derivative products make this book a must have for anyone working with derivative products. "
Customer Reviews:
The best book.......2007-06-13
This is the best book I read on derivatives till date. I am a novice in finance but have a good understanding of maths. Mr. Andrew has done a fabulous job in explaining derivatives complexities. I would recommend this book to anyone interested in finance.
Perfect starting book.......2006-11-06
If you are interested in starting on derivatives instrument this is one of the right books.
Well done........2005-10-12
This book is what you expect from the title. It is a clear concise guide to understanding the logic and execution behind derivative trades. These principles can be used for trading but even more so for corporate finance executives to handle everyday currency exchange problems or to hedge against potential volatility in the future market. I read this one for a class first but am eager to pick up the Capital Markets book too.
Does exactly what it says in the title.......2005-03-22
This book is for everyone in finance and banking or studying the subject who needs a well-written introduction or recap on derivative products. There are lots of examples and cases and the writing style is excellent, not that common in books about finance. Highly recommended.
Brilliant and clear introduction.......2005-01-01
This is a really good introduction to derivative products. I have tried a lot of other books in this field and ended up thinking that they were far too complicated and obscure. This book is written in a very clear and simple way, and finally I have a real understanding of what is going on in derivative products, a subject I need to understand for my job in banking.
Book Description
Written in an accessible, non-technical style, Futures, Options, and Swaps is the most comprehensive text on derivatives markets available. As the only book to utilize such a reader-friendly, instructive approach, students will find the material readily comprehensible without a professor's guidance, thereby freeing instructors to cover only the vital topics, or to teach a more technical course. This fifth edition has been extensively revised to address the most recent developments in this rapidly evolving field. New and updated information reflects current conditions in a variety of areas, including electronic trading platforms, globalization of markets, hedge funds, financial scandals involving derivatives, and government regulation. Also new to this edition are text boxes containing anecdotes or vignettes related to topics discussed more formally in the text, and product profiles to describe some of the more successful contracts around the world and to highlight innovative or unusual features of traded contracts. The treatment in this text emphasizes financial derivatives, but it does not neglect traditional commodity futures. An accompanying website can be found online at www.blackwellpublishing.com/kolb, containing the OPTION! program that allows the user to compute virtually every option and swap value discussed in this book, as well as many of the relationships among different option prices. The website also includes more than 80 exercises designed to enhance the understanding of option pricing principles and applications.
Customer Reviews:
Much better than many realize.......2005-09-19
Let's face it: the big Kahuna in this space is Hull's 6th Edition of "Options, Futures, and Other Derivatives" (I actually prefer the 5th Edition), which is frequently referred to as "The Bible" by financial quants. Paul Wilmott's two volume "Quantitative Finance" also has a solid following, in addition to growing appreciation for Mark Joshi's "The Concepts and Practice of Mathematical Finance." Robert Kolb's "Futures, Options, and Swaps" therefore is often confined to an "also-ran" and treated as unserious because of its inclusion in the CFA curriculum. This is unfair, and for most undergraduate and MBA students who are not destined for derivatives dealing desks, and even many who are, Kolb is the better volume.
Critics of Hull frequently cite that he is dry and technical to the point of somnolence. For Wilmott the opposite is the case. Critics hold his tone is flippant and that he glosses over major dimensions. My own view is these harsh reactions to these fine authors are exaggerations, but do have some evidence to support their expression. This, as a professor, leads me to the conclusion that for many students the author's tone is a major factor in their successful engagement with a fundamental teaching text.
This leads me to Kolb's excellent works. Many undergraduate and some MBA students of derivatives use "Hull lite" ("Fundamentals of Futures and Options Markets"), but I encourage the wider adoption and use of Kolb's "Futures, Options, and Swaps." Kolb is superior to Hull for tone, accessibility, lucidity, and utility. Where Hull reaches for a completist coverage of obscure pricing models, Kolb's coverage is instead complete in a practical sense, while not abandoning treatment of less well-known options and their pricing models. Kolb's clarity is commendable, and never dry. Kolb does not gloss over or ignore difficult topics, and his style is never pedantic or superficial.
This text does, however, contain any number of horrible errors and editing snafus that frustrate the reader. The errata sheet from the publisher does little to ameliorate the pain from these howlers. One wonders how a book can contain so many errors in such a competitive field. But it is fairly easily explained: because of Kolb's adoption by the CFA curriculum, there is a floor of near guaranteed sales that creates a non-competitive economic rent.
I particularly recommend Kolb over Hull and Wilmott for those students whose background is not mathematics, engineering, or hard sciences. While the book is technical, it is not written in near-code geek speak. For my MBA students who are "poets" rather than "rocket scientists" Kolb wins as hands down favorite. Hull remains excellent for experts, PhD students, technicians, and pricing specialists, however, Kolb certainly deserves wider respect and use by the majority of students of derivatives. In short, while flawed, Kolb is an excellent and accessible work. I recommend the wide adoption of Kolb's "Futures, Options, and Swaps," and in fact, all his other works, for most students of finance.
This book delivers on its title.......2003-05-29
After studying this book, you will know the technical intricacies of futures, options, and swaps. It has also excellent definitions of all the "Greek" risk measures (Delta, Vega, Gamma, etc...).
The book is well organized. The chapter sequence makes good sense. This is a good book overall.
I bought it becasue I had to...........2001-06-21
Many of us ended up with this book on the shelf because it was recommended by the AIMR for the CFA course. This book was so badly edited that it was distracting - figures in tables not matching figures in the text, some calculations just plain wrong, and everything covered at a very superficial level. This had the potential to bridge the gap between a Hull-type presentation and an undergrad-type. Sadly, this book really disappoints.
Comprehensive book on Derivatives.......2000-04-13
Got many books on derivatives, but Kolb's is my favourite one. He covers the topic in a slightly less quantitative way than Hull does and goes straight to all the different derivatives while avoiding any further explanations like Ito's Lemma etc. I especially liked the part on swaps with many examples like flavoured swaps or equity swaps. Nevertheless, if you're looking for a good software, than I would recommend The Complete Guide to Option Pricing Formulas (build on Excel VBA).
Expensive Books.......1999-10-29
This and four other books required for the CFA level I exam are priced a lot more than that offered by the AIMR
Book Description
Pricing Money provides a highly practical introduction to the principles of bonds and fixed income and is aimed at readers who have little prior knowledge.
The book is written in a style that is not overly mathematical or theoretical but takes a practical approach focusing on the aspects of pricing and trading fixed-income securities that are most relevant to the day-to-day activities of people working in the markets.
Starting at a basic level the author explains the concepts and principles behind fixed income in an informative way using every day examples that can be understood by the layman. It includes a listing of the terms used; the rules and conventions; the techniques for valuation and pricing and a description of the different roles within the industry. This book will be an excellent training tool for new recruits to the financial markets.
Customer Reviews:
A readable and thorough introduction to fixed income markets.......2001-12-23
Extremely readable. One could read this book in a single sitting and get a great jumpstart to an understanding of fixed income markets - the why and the how.
Wiseman has an engaging style of writing which prevents the stifled yawns normally associated with reading this genre, and keeps one turning the pages...
The book nicely covers the fundamental theory of why there exists a fixed income market, then turns to the players and discusses what they do, and finally covers some of the fundamental trading strategies and math employed to turn a buck.
Nice one...
i could not put this book down.......2001-12-10
i found this book very well written. It provides detail and yet covers that what it says it does. I find that Wiseman explains concepts in a verystraight forward way. Although i had to pause to eat and think about some of the financial products discussed such as "par yields". I found I was able to understand the book. The book contains some of the trader jargon and a outline of the players involved in the market. I think that anyone who wants to something with securities or trading should read this, before/during/after an intership. As the english say "Wiseman" is the dogs ballocks!! get this book!
Average customer rating:
- An MBA's guide to Options
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Applied Derivatives: Options, Futures and Swaps
Richard Rendleman
Manufacturer: Blackwell Publishing Limited
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Swaps and Other Derivatives (With CD-ROM) (The Wiley Finance Series)
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Options, Futures and Other Derivatives (6th Edition)
ASIN: 0631215905 |
Book Description
Applied Derivatives provides a detailed, yet relatively non-technical, treatment of the conceptual foundations for derivative securities markets pricing and investment principles. This book draws from the most fundamental concepts of pricing for options, futures, and swaps to provide insight into the potential risks and returns from conventional option investing. This book combines traditional topics in pricing theory with nontraditional topics that the author has researched throughout his career. Topics include, but are not limited to:a CAPM-based derivation of the binomial model which shows no strategies involving fairly-priced options can simultaneously reduce risk and increase returnthe effects of volatility misestimation in synthetic option replicationthe use of linear programming in options arbitrage and replicationthe formation of optimal portfolios consisting of stock, options, and safe assetspricing options when the source of risk is a potential change in interest rates, unit and tailed-based futures hedginginterest rate immunization using swaps.Applied Derivatives is supported by the website http://www.rendleman.com/book which contains course software referenced in the text and additional questions and problems as they become available.
Customer Reviews:
An MBA's guide to Options.......2005-11-23
This is a very well written book from an MBA's perspective. In other words, the emphasis is more on intuition rather than the underlying mathematics of option pricing. The book in fact starts with the Binomial Tree approach to option pricing - a method that is much more intuitive and powerful compared to Black-Scholes. The author walks you through certain arbitrage relationships before developing the binomial tree approach. Black-Scholes is introduced once you have obtained a thorough understanding of the binomial tree approach. There is a decent treatment of Forwards, Futures and Swaps and a very elegant proof for how CAPM weaves into option pricing. I strongly recommend the book to anyone starting out in option pricing. Once you have developed sufficient competence with trees and formulae, you can move to Hull's book which is much more technical but provides robust treatment of exotic options.
Average customer rating:
- Very good Book for a practitioner
- Very poorly written
- He knows how to design derivatives and make them work
- EXCELLENT AND IN PATCHES OUTSTANDING
|
Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities (Financial Management Association Survey and Synthesis Series)
Fred D. Arditti
Manufacturer: Harvard Business School Press
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All About Derivatives (All About)
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Options, Futures and Other Derivatives (6th Edition)
ASIN: 0875845606 |
Book Description
Arditti describes and explains four major classes of derivative instruments: options, futures, interest rate swaps, and mortgage derivatives. He discusses each market's structure and the applications and pricing of each instrument, focusing on the valuation methods that are most commonly used by professional market participants. Each segment begins with a description of the institutional arrangements that have come to characterize the markets in which the instruments trade. Arditti examines basic derivatives in each class with respect to their risk transference properties, risk management applications, and pricing. He then traces the evolution of these markets in terms of new instruments introduced, the factors inspiring their development, and the alterations in pricing technology required by more complex derivatives. Arditti includes numerical examples to clarify the procedures. The Financial Management Association Survey and Synthesis Series.
Customer Reviews:
Very good Book for a practitioner.......2005-12-09
I found the book very useful in practice. It gave you a lot of details.
Very poorly written.......2004-02-13
I found Arditti's writing to be simply attrocious. What the marketplace needs is a clear, concise guide to instrument structure and valuation, and Mr. Arditti writes in circles. As an example, his chapter on option pricing refers to "using the methods used previously in this chapter" without referring to how to apply these to the method just introduced. The method just introduced was explained using numbers that were presumably fabricated, but lord only knows, because the author can't be bothered to specify how his example was structured.
In trying to explain things simply, the author fails to explain anything clearly. "Derivatives" is an extreme disappointment. As a reference, this book may have some use, but if you're looking to learn something from it, stear clear.
He knows how to design derivatives and make them work.......2003-07-28
I am completely satisfied with this book. He knows how to design derivatives and make them work. This book does a remarkable job of explaining the theory and practice of derivative securities.
EXCELLENT AND IN PATCHES OUTSTANDING.......2000-08-09
This book is an excellent resource for beginning and intermediate level fund managers who want to understand the derivatives to be able to use them in risk hedging and income maximization.
The book is excellently organized in four sections and each section is self sufficient. Each of the sections begin with basics, illustrates the concepts with example, introduces the mathematics of pricing and methodology of hedginag of risks
Every section has also a nice subsection on terminology and definitions.
The book is an excellent attempt to explain a highly technical and complex subject.The section on Interest Rate swaps is outstanding. A must read for all corporate money managers and a must addition to all financial libraries.
Average customer rating:
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Financial Derivatives: Hedging With Futures, Forwards, Options and Swaps
David Winstone
Manufacturer: Thomson Learning
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ASIN: 1861522053 |
Book Description
This text provides a comprehensive introduction to financial derivatives - futures, forwards, options and swaps - and how they are used to manage treasury risk. The author encourages an intuitive understanding of the hedging process using simple numerical examples, with illustrations from the London International Financial Futures and Options Exchange (LIFFE), and self-test questions. The text assumes little prior knowledge of finance theory, and the practical non-mathematical approach makes it ideal for all students from intermediate undergraduate to postgraduate/MBA and professional, as well as practising treasurers.
Customer Reviews:
Never recommended!.......1998-02-20
Our course has bought this book for us, but I can't understant why they chose this book. It's too simple and the explanations of each topic is undetailed. It's not recommended to beginners because its illustration is not clear enough and its explanation is inadequate, it's also unsuitable for advanced because it's too simple. All my classmates agree with me.
Customer Reviews:
excellent non-mathematical primer.......2003-09-21
I work in the securities industry, and this book accurately described the markets and products without the detailed mathematics. I would recommend this book as a first reading before the Hull and White book which is much more mathematical.
Too bad it's out of print. I'd like everyone in my group to have a copy.
perfect for practical use.......2000-08-17
I consider the book a perfect guide written by a professional for professionals. If you are looking for scientific completeness and complication, go somewhere else. If you are looking for a competent down-to-earth reference, this is your book. I wonder when the third edition of this valuable tool will be published.
Average customer rating:
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Advance Interest Rate and Currency Swaps: State-of-the-Art Products, Strategies & Risk Management Applications
Ravi E. Dattatreya , and
Kensuke Hotta
Manufacturer: McGraw-Hill Companies
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Binding: Hardcover
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ASIN: 1557384444 |
Book Description
This book analyzes and integrates the latest developments in this rapidly changing fields. Chapters by financial officers at major corporations such as Rolls Royce, PepsiCo, United Technology and Siemens Electronics further enhance the value of this truly unique book. Topics include: New products, such as indexed and cross-rate swaps; Managing swap credit risk; Liability hedging using swaps; Risk management at major corporations; Financial risk management for developing countries.
Customer Reviews:
Informative.......1997-04-24
This book is a good review of the subject.
Regards, Jerry Green, Green Interest Rate Swap Management, http://home.earthlink.net/~green/
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Advanced Strategies in Financial Risk Management (New York Institute of Finance)
Robert J. Schwartz
Manufacturer: New York Institute of Finance
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ASIN: 0130688835 |
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