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Options, Futures and Other Derivatives [Hardcover]

John C. Hull (Author)

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Options, Futures and Other Derivatives [With CDROM]
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Product details

Hardcover: 720 pages
Publisher: Prentice Hall; 4 edition (26 July 1999)
Language English
ISBN-10: 0130224448
ISBN-13: 978-0130224446
Product Dimensions: 22.6 x 15.2 x 3.3 cm
Amazon Bestsellers Rank: 1,186,833 in Books (See Top 100 in Books)

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Product Description

For undergraduate and graduate courses in Options and Futures, Financial Engineering and Risk Management, typically found in business, finance, economics and mathematics departments. Also suitable for practitioners who want to acquire a working knowledge of how derivatives can be analyzed.

This best seller 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 reader has taken an introductory course in finance and an introductory course in probability and statistics. No prior knowledge of options, futures contracts, swaps, and so on is assumed.

From the Back Cover

One of the exciting developments in finance over the last 20 years has been the growth of derivatives markets. In many situations, both hedgers and speculators find it more attractive to trade a derivative on an asset than to trade the asset itself. Some derivatives are traded on exchanges. Others are traded by financial institutions, fund managers, and corporations in the over-the-counter market, or added to new issues of debt and equity securities. Much of this book is concerned with the valuation of derivatives. The aim is to present a unifying framework within all derivatives-not just options or futures-can be valued.

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Amazon.com: 18 reviews

31 of 34 people found the following review helpful

The classic on derivatives. 1 Aug 2000

By Rick Zuma - Published on Amazon.com

Format:Hardcover

This book has been the standard text for mathematicians, physicists, and engineers retooling for Wall Street. I agree with the praise of other reviewers - especially 'a reader' on September 20, 1996. This book is still a gem. For a full PDE approach I recommend "Option Pricing: Mathematical Models and Computations" by Wilmott, Dewynne, and Howison. For a good probability theory approach, I recommend "Financial Calculus" by Baxter and Rennie. One reservation on Hull's book - it will be difficult for many readers with economic/finance/MBA backgrounds not completely fluent in calculus.

76 of 95 people found the following review helpful

This bible contains errors 3 Mar 2002

By Professor Joseph L. McCauley - Published on Amazon.com

Format:Hardcover

First, my review refers to the 1997 3rd edition.

Since this book is regarded as the bible of derivatives (it was also my first introduction) I will leave it to others to praise it and concentrate instead on what's wrong with it. First and foremost, one cannot learn how correctly to formulate solutions to stochastic differential equations from this text: eqns. (10.7,8), e.g., are not correct for arbitrary returns but are valid only as approxmations for small returns (Hull leads the reader to believe the opposite). The problem is that Ito's lemma is only stated, not proven, and it's the proof that shows one how to formulate correctly the stochastic integral equations that Hull calls 'stochastic difference equations'. When volatility depends on returns and/or time, then the errors made from following Hull's oversimplified treatment become serious.

My first impression of Baxter & Rennie's 'Financial Calculus' was that it was unnecessary and a waste of money. My opinion reversed completely after realizing (under prodding by a physics colleague who's an expert on sde's) how badly Hull's approach to sde's really is. Also, the systematic derivation of Black-Scholes from the assumption of a replicating, self-financing strategy in B&R is very nice. As Feynman said, we don't really understand a result until we can derive it from many different viewpoints. The method is not really different in principle from the standard short derivation given in Hull, but it does provide a nice, clear example of what is meant by replication and self-financing in the terminology of Brownian motion/sde's.

23 of 28 people found the following review helpful

This is still the best intro level book on derivatives. 29 Nov 2002

By "yin_luo" - Published on Amazon.com

Format:Hardcover

I took Prof Hull's Advanced Risk Management class a few years ago with lecture notes. I also have the previous edition of this book, but I still bought this one. It took me three days to read the book cover-to-cover, and I have to say I still enjoy reading it very much. Assuming minimum math background (basic calculus and prob theory), Prof Hull introduced the world of derivatives, pricing, risk mgmt in plain English. By far, it's still the best introductory level book on derivatives, with balanced treatment of pde and risk-neutral valuation (not like Wilmott's book - almost 100% pde and ignoring risk-neutral altogether). For a bit more advanced reading, Neftci's Intro to Math of Derivatives is a good one. However, to have a complete picture of derivatives pricing, stochastic calculus (at the level of Karatzas & Shreve' Brownian Motion and Stochastic Calculus) is a must, which will instead need a fair exposure to real analysis, measure-theory level prob theory, and ode/pde. For readers who want some knowledge of derivatives but don't want to be quant, Hull's book pretty much tells you everything you ever want to know about derivatives.

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