Download e-book for iPad: An Introduction to Derivative Securities, Financial Markets, by Robert A. Jarrow

By Robert A. Jarrow

ISBN-10: 0393913074

ISBN-13: 9780393913071

The first genuine introductory textual content in derivatives.

Written by way of Robert Jarrow, one of many real titans of finance, and his former pupil Arkadev Chatterjea, Introduction to Derivatives is the 1st textual content constructed from the floor up for college students taking the introductory derivatives path. the maths is gifted on the correct point and is usually prompted by way 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 crucial subject.

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Extra resources for An Introduction to Derivative Securities, Financial Markets, and Risk Management

Example text

1930) attended the Wharton School at the University of Pennsylvania, graduated from the University of Nebraska–Lincoln, and got an MS (economics) from Columbia University, where he became a disciple of Benjamin Graham, the famed pioneer of value investing. Buffett filed his first tax return at thirteen, became a millionaire at thirty-two, and topped Forbes magazine’s list of the world’s billionaires in 2008. ” A strong critic of derivatives, Buffett nonetheless trades derivatives when he understands the risks involved.

This is a risk that you must understand and decide whether to hedge using currency derivatives. 2. No less important is interest rate risk. It is hard to find companies like Microsoft, with tens of billions of dollars in cash holdings that can be quickly deployed for value-enhancing investments. Most companies are cash strapped. Interest rate fluctuations therefore affect their cost of funds and influence their investment activities. Interest rate derivatives offer many choices for managing this risk.

Miller’s View: Regulations and Taxes Spur Financial Innovation What leads to revolutionary change in financial institutions and instruments? University of Chicago professor Merton Miller (1923–2000) argued that a major cause of financial innovation is regulations and taxes. Innovative financial securities are often created to avoid government regulations that prohibit otherwise lucrative transactions. And because most countries tax income from different sources (and uses) at different rates, derivative securities can be designed to save tax dollars.

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An Introduction to Derivative Securities, Financial Markets, and Risk Management by Robert A. Jarrow

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