خرید و دانلود نسخه کامل کتاب Derivatives: Theory and Practice of Trading, Valuation, and Risk Management – Original PDF

Derivatives are financial instruments that are built on (derived from) more basic underlying assets. They are designed to transfer risk easily between different counterparties. Instruments such as forwards, futures, swaps, or options are nowa- days normally used by banks, asset managers, or corporate treasurers for hedging or speculation. Trading with derivatives has become increasingly important in the last 30 years throughout the world. It has been made easier due to electronic communi- cation and settlement systems, and has grown exponentially in recent years. On the other hand, derivatives are closely related to many bank failures and even many financial crises, including the global financial crisis of 2007–2008. The goal of this book is not to make derivatives more popular, but to understand their nature; in fact, our point of view will be rather critical. In order to understand modern financial markets, it has become necessary to know how derivatives work, how they can be used, and how they are priced. This text aims to give an overview of the basic (plain vanilla) derivatives as well of the more complex (exotic) ones. We will focus not only on the mechanics of trading and settlement, but also on the more difficult issues of valuation, hedging, and risk management in general. In order to understand the valuation and hedging techniques, we have to develop and apply the necessary mathematical and statistical tools