By Don M. Chance, Roberts Brooks
Supply your scholars a great realizing of monetary derivatives and their use in dealing with the dangers of economic judgements with this major textual content. Chance/Brooks' AN advent TO DERIVATIVES AND danger administration, 8E deals an excellent mix of institutional fabric, thought, and functional purposes. the most recent monetary details all through this variation and well timed net updates at the text's web site make sure the fabric displays the latest alterations in today's monetary global. You'll locate targeted, yet versatile, assurance of innovations, futures, forwards, swaps, and probability administration in addition to a balanced creation to pricing, buying and selling, and technique. you could simply deal with purely the subjects and chapters that top suit you. various sensible end-of-chapter functions, memorable examples from actual companies through the studying gains, and minimum use of technical arithmetic maintain the text's presentation obtainable and fascinating. Stock-Trak software program, to be had with every one new textual content, presents extra price and chance for sensible operating event. expect this remarkable textual content to supply the thorough advent to derivatives and probability administration that scholars desire for fulfillment in monetary enterprise at the present time.
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Additional resources for Introduction to Derivatives and Risk Management (8th Edition)
Example text
Problems have been split into two groups: Concept Checks, the answers of which are now provided at the end of the book, and Questions and Problems, the answers of which are available in the Solutions Manual. Addition problems have been added in each chapter. com/finance/chance. This presentation provides a very visual and dynamic explanation of many of the important option pricing principles. With the rapidly changing ownership structure of financial derivatives exchanges, great care was taken to update all references to reflect the present ownership structure.
With risk out of the picture, all one really needs to understand is arbitrage. Arbitrage is a condition resulting from the fact that two identical combinations of assets are selling for different prices. An investor who spots such an opportunity will buy the lower-priced combination and sell the higher-priced combination. Because the combinations of assets perform identically, the performance of one combination hedges the performance of the other so that the risk is eliminated. Yet one was purchased for one price and the other was sold for a higher price.
Many types of assets can be purchased and stored. Holding a stock or bond is a form of storage. Even making a loan is a form of storage. One can also buy a commodity, such as wheat or corn, and store it in a grain elevator. Storage is a form of investment in which one defers selling the item today in anticipation of selling it at a later date. Storage spreads consumption across time. 12 Chapter 1 Introduction Because prices constantly fluctuate, storage entails risk. Derivatives can be used to reduce that risk by providing a means of establishing today the item’s future sale price.