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Financial Derivatives and the Globalization of Risk (Public Planet)

Financial Derivatives and the Globalization of Risk (Public Planet)
Duke University Press 2004-10-15
ISBN: 0822334070
PDF 224 pages 23 MB

The market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations—particularly poorer nations—because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clothing, and housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee offer a concise introduction to financial derivatives.LiPuma and Lee explain how derivatives are essentially wagers—often on the fluctuations of national currencies—based on models that aggregate and price risk. They describe how these financial instruments are changing the face of capitalism, undermining the power of nations and perpetrating a new and less visible form of domination on postcolonial societies. As they ask: How does one know about, let alone demonstrate against, an unlisted, virtual, offshore corporation that operates in an unregulated electronic space using a secret proprietary trading strategy to buy and sell arcane financial instruments? LiPuma and Lee provide a necessary look at the obscure but consequential role of financial derivatives in the global economy.

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Financial Derivatives Pricing: Selected Works of Robert Jarrow

Financial Derivatives Pricing: Selected Works of Robert Jarrow
World Scientific Publishing Company English 2008-10-08
ISBN: 9812819207 608 pages
PDF 24,3 MB

This book is a collection of original papers by Robert Jarrow that contributed to significant advances in financial economics. Divided into three parts, Part I concerns option pricing theory and its foundations. The papers here deal with the famous Black Scholes Merton model, characterizations of the American put option, and the first applications of arbitrage pricing theory to market manipulation and liquidity risk. Part II relates to pricing derivatives under stochastic interest rates. Included is the paper introducing the famous Heath Jarrow Morton (HJM) model, together with papers on topics like the characterization of the difference between forward and futures prices, the forward price martingale measure, and applications of the HJM model to foreign currencies and commodities. Part III deals with the pricing of financial derivatives considering both stochastic interest rates and the likelihood of default. Papers cover the reduced form credit risk model, in particular the original Jarrow and Turnbull model, the Markov model for credit rating transitions, counterparty risk, and diversifiable default risk. Contents: Option Pricing Theory and Its Foundations:; Approximate Option Valuation for Arbitrary Stochastic Processes (R Jarrow & A Rudd); Arbitrage, Continuous Trading, and Margin Requirements (D Heath & R Jarrow); Market Manipulation, Bubbles, Corners, and Short Squeezes (R Jarrow); Liquidity Risk and Arbitrage Pricing Theory (U ?tin et al.); Stochastic Interest Rates:; Liquidity Premiums and the Expectations Hypothesis (R Jarrow); Forward Contracts and Futures Contracts (R Jarrow & G Oldfield); Pricing Foreign Currency Options Under Stochastic Interest Rates (K Amin & R Jarrow); Credit Risk:; Pricing Derivatives on Financial Securities Subject to Credit Risk (R Jarrow & S Turnbull); Counterparty Risk and the Pricing of Defaultable Securities (R Jarrow & F Yu); Market Pricing of Deposit Insurance (D Duffie et al.); and other papers.

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The Mathematics of Financial Derivatives: A Student Introduc

The Mathematics of Financial Derivatives: A Student Introduc
333 pages Dec 12, 2000 ISBN:0521496993 PDF 10 Mb

This, together with the sophistication of modern financial products, provides a rapidly growing impetus for new mathematical models and modern mathematical methods. Indeed, the area is an expanding source for novel and relevant "real-world" mathematics. In this book, the authors describe the modeling of financial derivative products from an applied mathematician's viewpoint Download Links (10 Mb) Download:
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Financial Derivatives in Theory and Practice by P.J Humt

Financial Derivatives in Theory and Practice by P.J Humt

Quote:"This one adopts the mathematics text style of approach...But, it is not a dry book...The book is deep and detailed..." -- Short Book Reviews, Vol. 20, No. 3, December 2000"This one adopts the mathematics text style of approach...But, it is not a dry book...The book is deep and detailed..." (Short Book Reviews, Vol. 20, No. 3, December 2000) "...It sets a new high standard for future texts on mathematical finance..." (The Statistician, Vol.51, No.2, 2002) --This text refers to an out of print or unavailable edition of this title.Product DescriptionThe term Financial Derivative is a very broad term which has come to mean any financial transaction whose value depends on the underlying value of the asset concerned. Sophisticated statistical modelling of derivatives enables practitioners in the banking industry to reduce financial risk and ultimately increase profits made from these transactions. The book originally published in March 2000 to widespread acclaim.?This?revised edition has been updated with minor corrections and new references, and now includes a chapter of exercises and solutions, enabling use as a course text.* Comprehensive introduction to the theory and practice of financial derivatives.* Discusses and elaborates on the theory of interest rate derivatives, an area of increasing interest.* Divided into two self-contained parts ? the first concentrating on the theory of stochastic calculus, and the second describes in detail the pricing of a number of different derivatives in practice.* Written by well respected academics with experience in the banking industry.A valuable text for practitioners in research departments of all banking and finance sectors. Academic researchers and graduate students working in mathematical finance.Product Details* Paperback: 468 pages*

Publisher: Wiley; Revised edition (July 23, 2004)*
Language: English* ISBN-10: 0470863595*
ISBN-13: 978-0470863596

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FINANCIAL DERIVATIVES IN SMC

FINANCIAL DERIVATIVES IN
SMC
The emergence of the market for derivatives products, most notably forwards, futures and options, can be tracked back to the willingness of risk-averse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets are marked by a very high degree of volatility. Through the use of derivative products, it is possible to partially or fully transfer price risks by locking-in asset prices. As instruments of risk management, these generally do not influence the fluctuations in the underlying asset prices. However, by locking-in asset prices, derivative product minimizes the impact of fluctuations in asset prices on the profitability and cash flow situation of risk-averse investors.
Derivatives are risk management instruments, which derive their value from an underlying asset. The underlying asset can be bullion, index, share, bonds, currency, interest, etc.. Banks, Securities firms, companies and investors to hedge risks, to gain access to cheaper money and to make profit, use derivatives. Derivatives are likely to grow even at a faster rate in future.






Financial Derivatives pdf books

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    Modelling Financial Derivatives with Mathematica
    Financial Derivatives in Theory and Practice
    Financial WMD?
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    Financial Derivatives Market and its Development in India
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