Derivatives Markets (2nd Edition)
by Robert L. McDonald
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Book Summary Information
Author: Robert L. McDonaldEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2005-12-25
ISBN: 032128030X
Number of pages: 912
Publisher: Addison Wesley
Accessories:
- Practice Problems and Solutions to accompany Derivatives Markets
- Solutions Manual for Even Numbered Problems
Book Reviews of Derivatives Markets (2nd Edition)
Book Review: advanced, comprehensive treatment
Summary: 5 Stars
As financial instruments become ever more complex, McDonald's book gives a systematic treatment of the most common forms of derivatives. Providing a unified etymology that can help you understand how they work.
He groups options (puts and calls) with forward contracts like zero coupon bonds. Through numerous simple payoff graphs, as well as explanatory accompanying text, the ideas are easily grasped. The book starts with these ideas in its early chapters. Then it builds on them, to illustrate associated and often more elaborate constructs, as in insurance strategies for hedging.
Nor is the discussion confined to minimising one's risk. There is an alternative method, of deliberately speculating on volatility, for example.
The modelling of futures and options pricing is dealt with in detail. Including the seminal Black-Scholes formula and related analysis. The assumptions behind Black-Scholes are examined in detail, given the crucial influence of this on many types of pricing. The treatment gets rather advanced, invoking ideas like Monte Carlo simulations of stock prices.
The text is well suited for a graduate program in finance.
Summary of Derivatives Markets (2nd Edition)
To be financially literate in today's market, business students must have a solid understanding of derivatives concepts and instruments and the uses of those instruments in corporations. The Second Edition has an accessible mathematical presentation, and more importantly, helps students gain intuition by linking theories and concepts together with an engaging narrative that emphasizes the core economic principles underlying the pricing and uses of derivatives.Finance Books
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