Book
xiii, 226 p. : ill. ; 24 cm.
  • Partial table of contents: THE DERIVATIVES REVOLUTION. The Derivatives Revolution: Accomplishments and Prospects. Swaps, Derivatives, and Systemic Risk. FINANCIAL MARKET REGULATION IN THEORY AND PRACTICE. Financial Regulation: The Inside Game. Regulating Derivatives: Enough Already! DERIVATIVES MARKETS AND RISK MANAGEMENT. Derivative Markets and Their Cash Market Counterparts. Risk and Return on Futures Contracts: A Chicago View. CORPORATE FINANCE AND CORPORATE GOVERNANCE. Alternative Strategies for Corporate Governance in China. Leverage. QUESTIONS I'M OFTEN ASKED. Can China Make It? Do the Laws of Economics Apply to Japan? How Much University Research is Enough? Endnotes. Index.
  • (source: Nielsen Book Data)9780471183402 20160528
A rare opportunity to go one-on-one with an industry giant and one of today's most respected financial thinkers, Merton Miller on Derivatives is a refreshingly accessible overview of derivatives, the revolution they have wrought, and the disasters they've supposedly caused. Though routinely assailed by regulators and the media, derivatives are hailed by a celebrated group of practitioners, analysts, and theorists, led most notably by Nobel laureate Merton Miller. Miller is legendary for repeatedly demonstrating-often with humor and always with grace-the value of derivatives in price discovery, managing financial risk, and tailoring a risk-return profile. Here, in this collection of his recent essays, Miller expounds on a number of critical derivatives issues. Is it a problem that some organizations have lost substantial sums on derivatives? Miller's short answer: Some organizations will always find ways to lose money. Nor does he believe that more government regulation is the answer. He notes, for example, that for all the horror stories about derivatives, the world's banks have lost vastly more in bad real estate deals than they'll ever lose on their derivatives portfolios. Merton Miller on Derivatives offers twenty-two provocative chapters. A sampling: "The Recent Derivatives 'Disasters': Assessing the Damage" takes a close look at such debacles as Procter & Gamble, Orange County, and Barings Bank. "Financial Regulation: The Inside Game" uses an apt sports analogy to show how the derivatives regulatory game is really played, as opposed to the way outsiders imagine it is played. "Japanese-American Trade Relations: Can Rambo Beat Godzilla?" succinctly sums up the nature of Japanese-American trade. And "Risk and Return on Futures Contracts: A Chicago View" highlights the pivotal role derivatives play in hedging risk. There are also penetrating pieces on corporate governance that compare the system existing in the United States and England with the one existing in Germany and Japan. To complete the collection, a section called "Questions I'm Often Asked" features Miller's unique perspective on a wide range of topics, from what's ahead for China to what we've learned from the Crash of 1987. Contrary to widely held perceptions, the so-called "derivatives revolution" has made the world safer, not more dangerous. This explains the phenomenal growth of financial futures. As Miller shows, derivatives enable organizations to deal effectively with risks that have plagued them for decades, even centuries. Praise for merton miller on derivatives "Miller is one of the clearest thinkers of our time. Once again, he provides a simple, insightful, and witty analysis of an important and complex topic. This book is truly fun to read." -Kenneth R. French Beinecke Professor of Management Studies and Finance Yale University School of Management. "Some of us trade markets; others of us observe markets; Merton Miller understands markets. As this volume demonstrates, Professor Miller is unsurpassed at cutting through fluff, misinterpretation, and even obfuscation to get to the heart of highly charged issues." -Charles W. Smithson Managing Director, CIBC Wood Gundy. "Vintage Merton Miller: zesty writing and forcefully communicated ideas, not only on derivatives, but on a wide range of topics in financial markets. This is no ponderous academic tome, but rather a series of entertaining, yet devastatingly analytical essays on controversial issues in finance. Great reading and great analysis." -Hans R. Stoll Walker Professor of Finance and Director of the Financial Markets Research Center, Vanderbilt University. "I am grateful to Merton Miller for setting the record straight, once again, regarding derivatives. With his customary brilliance, Merton cuts through the fog of misunderstanding and nonsense that too often surrounds derivatives and reveals them for what they truly are: phenomenally successful and essential risk management tools." -Jack Sandner Chairman, Chicago Mercantile Exchange.
(source: Nielsen Book Data)9780471183402 20160528
Green Library
Book
xxi, 394 p. : ill ; 25 cm.
  • Part 1 Options: stock option basics-- the institutional environment for stock options-- stock option pricing-- risk management of an option portfolio-- option products-- exotic option - option innovations to meet special needs-- interest rate options-- option references and suggested readings. Part 2 Financial futures: contract characteristics and the institutional environment-- pricing futures, forwards and options on futures - general considerations-- treasury bill futures-- Eurodollars-- US treasury bond and notes futures-- the Standard and Poor's 500 stock price index futures contract-- futures references and suggested readings. Part 3 Interest rate swaps/basics: swap pricing and hedging-- non-generic swaps-- options on swaps-- interest rate swap references and suggested readings. Part 4 Mortgage derivatives: the underlying instruments and market characteristics-- valuation and hedging of MPTs-- CMOs, STRIPs and other mortgage derivative instruments-- mortgage derivative references and suggested readings.
  • (source: Nielsen Book Data)9780875845609 20160605
The growth of derivative markets during the past decade has been nothing short of astounding and so, of late, has been the misunderstanding of their use. This book is the definitive resource on derivatives. It is the first to explain all four major classes of derivative instruments - options, futures, interest rate swaps, and mortgage securities - in terms of their market structure, applications, and pricing, with a focus on the valuation methods used most commonly by professional market participants. Unlike most treatments of derivatives, this book offers detailed explanations of the institutional procedure and market practice for each class of derivative as well as the pricing and hedging of mortgage-backed securities and the central role of prepayment in both activities. It also covers a wide variety of topics such as the structuring of CMOs, PACs, and TACs; smile option pricing; and pricing and hedging of long-dated swaps.
(source: Nielsen Book Data)9780875845609 20160605
Business Library
Book
xvii, 222 p. : ill. ; 24 cm.
  • INTRODUCING DERIVATIVES. Options and Futures. Swaps and Structured Notes. Mortgage "Derivatives." Leverage. DERIVATIVES IN ACTION. Overview of Modern Derivatives Uses. Hedging a Stock Portfolio. Business Risk Management. Investing Through Derivatives. UNDERSTANDING AND MANAGING RISK. Summary of Risk. Derivative Disasters. Derivative Regulation. Controlling Risk. FIDUCIARY RESPONSIBILITIES OF USING DERIVATIVES. Your Fiduciary Duty. Standard of Care in Delegation. Legal Liability in Using Derivatives. Looking Forward. Glossary. Index.
  • (source: Nielsen Book Data)9780471129943 20160528
Everything today's executives and finance pros need to know about the freewheeling derivatives market to understant and manage risk with confidence Swaps, swaptions, caps, floors. Almost daily, new, more exotic forms of derivatives sweep through the marketplace, bringing their innovators one step closer to the holy grail of completely hedging risk on huge institutional investments. That's fine for traders. But what about those in the managerial chairs responsible for financial oversight of derivatives deals? This book satisfies their hunger for reliable information about how derivatives really work. Written in down-to-earth language everyone can understand, Derivatives for Decision Makers uses common examples from business and the markets to explain how derivatives work and how they are being used right now. Armed with its insights, executives, attorneys, accountants, and corporate board members will understand derivatives well enough to ask the right questions of themselves, their employees, and their trusted advisors. * Covers the principles of derivatives, from their use in common situations such as refinancing a mortgage, through advanced financial applications * Goes beyond media coverage to explain recent derivatives use, misuse, and regulation GEORGE CRAWFORD (Palo Alto, California) lectures on fiduciary investing at Stanford Law School, where he also directs The Institutional Shareholder's Forum. He is a Visiting Scholar at the Hoover Foundation, and a former Partner and Firm Director of the Private Capital Section at Jones Day Reavis & Progue. BIDYUT C. SEN (New York, New York) has been a leading figure in derivative products and structured financings over the last decade. He is a Managing Director at Morgan Stanley, where he is co-head of the Worldwide Derivative Products Group.
(source: Nielsen Book Data)9780471129943 20160528
Law Library (Crown)
Book
222 p.
  • INTRODUCING DERIVATIVES. Options and Futures. Swaps and Structured Notes. Mortgage "Derivatives." Leverage. DERIVATIVES IN ACTION. Overview of Modern Derivatives Uses. Hedging a Stock Portfolio. Business Risk Management. Investing Through Derivatives. UNDERSTANDING AND MANAGING RISK. Summary of Risk. Derivative Disasters. Derivative Regulation. Controlling Risk. FIDUCIARY RESPONSIBILITIES OF USING DERIVATIVES. Your Fiduciary Duty. Standard of Care in Delegation. Legal Liability in Using Derivatives. Looking Forward. Glossary. Index.
  • (source: Nielsen Book Data)9780471129943 20160528
Everything today's executives and finance pros need to know about the freewheeling derivatives market to understant and manage risk with confidence Swaps, swaptions, caps, floors. Almost daily, new, more exotic forms of derivatives sweep through the marketplace, bringing their innovators one step closer to the holy grail of completely hedging risk on huge institutional investments. That's fine for traders. But what about those in the managerial chairs responsible for financial oversight of derivatives deals? This book satisfies their hunger for reliable information about how derivatives really work. Written in down-to-earth language everyone can understand, Derivatives for Decision Makers uses common examples from business and the markets to explain how derivatives work and how they are being used right now. Armed with its insights, executives, attorneys, accountants, and corporate board members will understand derivatives well enough to ask the right questions of themselves, their employees, and their trusted advisors. * Covers the principles of derivatives, from their use in common situations such as refinancing a mortgage, through advanced financial applications * Goes beyond media coverage to explain recent derivatives use, misuse, and regulation GEORGE CRAWFORD (Palo Alto, California) lectures on fiduciary investing at Stanford Law School, where he also directs The Institutional Shareholder's Forum. He is a Visiting Scholar at the Hoover Foundation, and a former Partner and Firm Director of the Private Capital Section at Jones Day Reavis & Progue. BIDYUT C. SEN (New York, New York) has been a leading figure in derivative products and structured financings over the last decade. He is a Managing Director at Morgan Stanley, where he is co-head of the Worldwide Derivative Products Group.
(source: Nielsen Book Data)9780471129943 20160528
SAL3 (off-campus storage)
Book
2 v. : ill. ; 24 cm.
SAL3 (off-campus storage)
Book
48 p. : ill ; 23 cm.
SAL3 (off-campus storage)
Book
xiv, 256 p. ; 24 cm.
  • Welcome to the Jungle
  • Into the Groove
  • This is How We Do It
  • Don't Speak
  • Wanna Be Startin' Something
  • Dirty Laundry
  • Under Pressure
  • ICE ICE Baby
  • War
  • Suspicious Minds
  • Land of Confusion
  • Fight for Your Right
  • Down Under
  • Take the Money and Run.
"In 2007, the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange (CME) ended their bitter, century-long rivalry and merged to form CME Group. The combined company went on to acquire the New York Mercantile Exchange in 2008, and now dominates regulated futures trading with a 95% share of the U.S. market. The Zero-Sum Game: The Rise of the World's Largest Derivatives Exchange and its Influence on the Global Economy tells the gripping (and often comical) story of the multi-billion-dollar bidding war that erupted between financial giants as they fought for control of CBOT. Through the lens of the historic CME/CBOT deal, the book: Introduces the colorful and outspoken personalities who call the shots in this close-knit and frequently misunderstood industry. Details the reasons behind the recent, spectacular growth of a market that's existed for over 160 years. Explains how derivatives affect the lives of average consumers worldwide by influencing everything from interest rates on credit cards to the cost of a cheeseburger to the price of a gallon of gas. Reveals the inner workings of futures exchanges, and differentiates the various types of derivatives that are routinely lumped together and vilified by the media. Erika Olson is a former managing director of the Chicago Board of Trade and spent over ten years working in and consulting to the financial services industry. She received her MBA from Harvard Business School and her BBA from the University of Michigan Ross School of Business."-- Provided by publisher.
Business Library
Book
232 p. : ill.
  • INTRODUCTION EUROPEAN CONTINGENT CLAIMS Definitions The Economy Attainable Contingent Claims Valuation of Attainable Claims Claims Involving Negative Payoffs The Structure of Contingent Claims' Prices Changes of Numeraire and Valuation Option and Forward Contracts Markets with Deterministic Coefficients Markets with Multiple Assets Appendix: Proofs AMERICAN CONTINGENT CLAIMS Contingent Claims with Random Maturity American Contingent Claims Exercise Premium Representations A Duality Formula: Upper Price Bounds American Options and Forward Contracts Multiple Underlying Assets Appendix: Proofs STANDARD AMERICAN OPTIONS The Immediate Exercise Region The Call Price Function Early Exercise Premium Representation A One-Dimensional Integral Equation Hedging Diffusion Processes Floating Strike Asian Options American Forward Contracts Appendix: Proofs BARRIER AND CAPPED OPTIONS Barrier Options Capped Options Diffusion Processes Appendix: Proofs OPTIONS ON MULTIPLE ASSETS Definitions, Examples and Literature The Financial Market Call Options on the Maximum of 2 Assets American Spread Options Options on an Average of 2 Assets Call Options on the Minimum of 2 Assets Options with n > 2 Underlying Assets Appendix A: Derivatives on Multiple Assets Appendix B: Proofs OCCUPATION TIME DERIVATIVES Background and Literature Definitions Symmetry Properties Quantile Options Parisian Options Cumulative Parisian Contingent Claims Step Options American Occupation Time Derivatives Multiasset Claims Appendix: Proofs NUMERICAL METHODS Numerical Methods for American Options Integral Equation Methods Exercise Time Approximations: LBA-LUBA Diffusion Processes Other Recent Approaches Performance Evaluation Methods for Multiasset Options Methods for Occupation Time Derivatives Appendix: Proofs Bibliography Index.
  • (source: Nielsen Book Data)9781584885672 20160604
While the valuation of standard American option contracts has now achieved a fair degree of maturity, much work remains to be done regarding the new contractual forms that are constantly emerging in response to evolving economic conditions and regulations. Focusing on recent developments in the field, American-Style Derivatives provides an extensive treatment of option pricing with an emphasis on the valuation of American options on dividend-paying assets. The book begins with a review of valuation principles for European contingent claims in a financial market in which the underlying asset price follows an Ito process and the interest rate is stochastic and then extends the analysis to American contingent claims. In this context the author lays out the basic valuation principles for American claims and describes instructive representation formulas for their prices. The results are applied to standard American options in the Black-Scholes market setting as well as to a variety of exotic contracts such as barrier, capped, and multi-asset options. He also reviews numerical methods for option pricing and compares their relative performance. The author explains all the concepts using standard financial terms and intuitions and relegates proofs to appendices that can be found at the end of each chapter. The book is written so that the material is easily accessible not only to those with a background in stochastic processes and/or derivative securities, but also to those with a more limited exposure to those areas.
(source: Nielsen Book Data)9781584885672 20160604
Book
xvi, 238 p. : ill., charts ; 28 cm.
Law Library (Crown)
Book
xviii, 424 p. : ill.
Equity strategies are closely guarded secrets and as such, there is very little written about how investors and corporate can utilise equity vehicles as part of their growth strategies. In this much-needed book, industry expert Juan Ramiraz guides readers through the whole range of equity derivative instruments, showing how they can be applied to a range of equity capital market situations, including hedging, yield enhancement and disposal of strategic stakes, mergers and acquisitions, stock options plan hedging, equity financings, share buybacks and other transactions on treasury shares, bank regulatory capital arbitrage and tax driven situations. The book includes case studies to highlight how equity derivative strategies have been used in real-life situations.
(source: Nielsen Book Data)9781118467244 20160610
Book
1 online resource (42 p.) : ill.
Book
283 p. ; 20 cm.
  • 1. A Better Opportunity
  • 2. The House of Cards
  • 3. Playing Dice
  • 4. A Mexican Bank Fiesta
  • 5. F.I.A.S.C.O.
  • 6. The Queen of RAVs
  • 7. Don't Cry for Me, Argentina
  • 8. The Odd Couple
  • 9. The Tequila Effect
  • 10. MX
  • 11. Sayonara.
"Fiasco is an insider's diary, a shocking education in the jungle of high finance in the 1990s from New York to Tokyo. It tracks the progress of a young Morgan Stanley salesman as he learns the ropes of this sophisticated and ruthless web, where billions of dollars are lost in the creation and trading of securities so unlikely and so complicated that almost nobody understands them." "Frank Partnoy presents a world filled with feral "rocket scientists" - the clever masterminds who persuade unsuspecting victims to buy derivatives (whose value is linked to or "derived" from some other security). These salesman often joke about their creations as weapons of mass destruction; and, in fact, the clients are often "blown up" or have their "faces ripped off." Against such well-trained salesmen, buyers often don't stand a chance, and the actual fiascos involve well-publicized losses at Orange County, Barings, Procter & Gamble and many others." "Frank Partnoy's book is partly comical and brims with incredible characters, but his revelations should stir fear in anyone who owns mutual funds, stocks, or even insurance."--BOOK JACKET.
SAL3 (off-campus storage)
Book
xiv, 576 p. ; 28 cm.
SAL3 (off-campus storage)
Book
305 p. ; 24 cm.
SAL3 (off-campus storage)
Book
252 p. ; 25 cm.
F.I.A.S.C.O. is an insider's diary, a shocking education in the jungle of high finance in the 1990s from New York to Tokyo. It tracks the progress of a young Morgan Stanley salesman as he learns the ropes of this sophisticated jungle, where billions of dollars are lost in the creation and trading of securities so unlikely and so complicated that almost nobody - certainly not the unwary or undereducated buyer - understands them. And some of that money, whether you know it or not, may be yours. Frank Partnoy's journey is partly comical, and full of incredible characters, but what he learns should stir fear in anyone who owns mutual funds, stocks, or even insurance. Partnoy's colleagues sharpen their killer instincts at an annual drunken skeet-shooting competition called F.I.A.S.C.O., the Fixed Income Annual Sporting Clays Outing. Against well-trained derivatives salesmen, buyers don't face much better odds than a clay pigeon, and the actual fiascoes involve billions of dollars of well-publicized losses at Orange County, Barings, Procter & Gamble, and many others. In 1994, when the author attended F.I.A.S.C.O., and when the first big derivatives losses hit, the rallying cry at Morgan Stanley should have struck fear into the heart of any investor: "There's blood in the water. Let's go kill someone." Partnoy's story shows how Morgan Stanley's sales force put that advice to work.
(source: Nielsen Book Data)9780393046229 20160610
Law Library (Crown)
Book
165 p. : ill. ; 28 cm.

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