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Options, Futures, and Other Derivatives (5th Edition)

Options, Futures, and Other Derivatives (5th Edition)

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For undergraduate and graduate courses in Options and Futures, Financial Engineering, and Risk Management, typically found in business, finance, economics and mathematics departments.
This fifth edition text represents how academia and real-world practice have come together with a common respect and focus of theory and practice. It provides a unifying approach to the valuation of all derivatives - not just futures and options. It assumes that the student has taken an introductory course in finance and an introductory course in probability and statistics.

Features and Benefits:

  • New - New chapter on the use of futures for hedging. The use of futures for hedging was in Chapter 2 in the previous edition. Covers this important area in more depth and makes the opening two chapters easier for readers to understand.
  • New - Expanded coverage of the LIBOR market model. The LIBOR market model has become progressively more important to derivatives analysts since it was first developed in 1997. Allows instructors to cover it in their courses more than before.
  • New - New chapter on real options. Many reviewers requested a chapter on real options because this material is increasingly being taught to students in a variety of different courses. Provides students the background they need.
  • New - Chapter on value at risk rewritten. Provides students with a better balance between the historical simulation approach and the model building approach.

    One- and two-step binomial trees - Provide a good introduction to no-arbitrage arguments, risk-neutral valuation, and numerical procedures. Guides students through difficult subject matter using a visual, model-based approach for easy understanding.
    Discussion of credit risk and credit derivatives. Credit risk is becoming a progressively more important issue in derivatives markets and the volume of trading in credit derivatives is growing fast.