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Book Description
Appealing to students and finance practitioners alike, this text presents the four primary derivative contracts: forwards, futures, swaps and options, and shows how each of these can be used effectively to manage financial price risk.
Product Description
This new project will draw heavily on the author's previous work on derivative securities (published by McGraw-Hill): Options and Financial Futures. Because of increasing interest in the use (and misuse) of derivative securities in portfolio management, new courses have emerged that are called "risk management," but are primarily based on valuation and application of derivatives. Derivatives: Valuation and Risk Management will be reorganized in three parts: 1) Introduction to the securities and their use, 2) pricing of futures, swaps (new) and options, 3) using derivative securities to manage risk. It will be used in courses called "future and options" or "derivative securities" but will expand primarily into courses called "risk management" for which there is only one book, Smithson/Smith/Wilford: Managing Financial Risk (Irwin 1996). The author will prepare an Instructor's Manual (CRC) and a diskette on risk management. While we expect professional sales for the book, its primary market is for college courses, at the high end of the undergraduate and in MBA programs.
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First Sentence
A derivative is a financial contract whose value is "derived from," or depends on, the price of some underlying asset. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
A derivative is a financial contract whose value is "derived from," or depends on, the price of some underlying asset. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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2 reviews
1 of 2 people found the following review helpful
Better organized than Hull
23 Sep 2009
Format:Hardcover
I have used Miller & Dubofsky to teach my undergraduate options class in the past and this year I switched to Hull (7th edition). I find that I much prefer the way Miller & Dubofsky is organized. A good example would be the treatment of forwards and futures. Miller & Dubofsky begin with forwards and move on to futures. In Hull they are treated together and this serves to confuse students, especially when it comes to valuation and marking to market. Another strength of the book is that risk management is addressed right away whereas in Hull it seems to be an afterthought. Hull's notation is also quite confusing for students. Hull tries to do everything using continuously compounded rates but for many instruments (FRAs and Interest Rate Swaps for instance) this is not possible. The result is a mish-mash of compounding conventions in the same formula.
There are a few weaknesses of the Miller & Dubofsky text as well but these tend to be minor. I think it would benefit by a second edition.
There are a few weaknesses of the Miller & Dubofsky text as well but these tend to be minor. I think it would benefit by a second edition.
0 of 16 people found the following review helpful
E-Solutions
17 July 2004
Format:Hardcover
I always wanted to get the solutions for the chapter excercises. It does really help to understand the material .
Anyone interested in that can contact at : ankdadoo06@yahoo.com
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