By Robert A. Jarrow
The first genuine introductory textual content in derivatives.
Written via Robert Jarrow, one of many actual titans of finance, and his former scholar Arkadev Chatterjea, Introduction to Derivatives is the 1st textual content built from the floor up for college kids taking the introductory derivatives path. the maths is gifted on the correct point and is usually inspired by means of what’s taking place within the monetary markets. And, as one of many builders of the Heath-Jarrow-Morton version, Robert Jarrow offers a singular, available strategy to comprehend this significant subject.
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Extra resources for An Introduction to Derivative Securities, Financial Markets, and Risk Management
The organization of this book is purposely designed to facilitate its use in many courses relating to options, futures, derivatives, risk management, investments, fixed income securities, and financial institutions. Three major courses that can be taught from this book are: (1) derivatives, (2) futures and commodities, and (3) fixed income securities and interest rate derivatives. In a sense, there are many books within this one cover. O Derivatives. This is a standard course on basic derivatives that gives an introduction to forwards, futures, options, and swaps but excludes interest rate derivatives for the most part.
Investment banking and Wall Street firms have no choice but to use the best models. It’s just too important for their survival. Powerful models also help traders manage risk. 4 Defining, Measuring, and Managing Risk Risk is an elusive concept and hard to define. In finance and business, risk can be defined and measured in many ways, none of them completely universal. Risk often depends on the user’s perspective. We begin by looking at risk through a regulator’s eyes. Next, we discuss risk from an individual’s as well as an institutional trader’s viewpoint.
N Protecting a portfolio against a market meltdown: A money manager whose portfolio has reaped huge gains can protect these gains by buying put options. N Avoiding market restrictions: A trader can avoid short selling restrictions that an exchange might impose by taking a sell position in the options or the futures market. N Ruining oneself: A wretch can gamble away his inheritance with derivatives. Before you finish this book, you will have a better understanding of the role derivatives play in each of these scenarios, except for the last one.
An Introduction to Derivative Securities, Financial Markets, and Risk Management by Robert A. Jarrow