具體描述
本書適用於商學和經濟學研究生和高年級本科生選修課。對那些想獲得如何分析衍生證券實際知識的實際工作者來說，本書也適閤。 ……
這本書係統地探討瞭期權及衍生證券這一重要的金融工具，旨在為讀者提供全麵而深入的理解。這一書不僅涵蓋瞭這些復雜産品的基本概念，還詳細闡述瞭它們在現代金融市場中的作用和重要性。內容豐富，不僅介紹瞭不同類型的期權，如單式、看漲期權、看跌期權等，還深入分析瞭各類衍生證券如何幫助投資者管理風險和抓住市場機會。書中通過大量實例與案例，使讀者能夠更直觀地瞭解這些金融工具在實際操作中的錶現。 作者特彆注重對市場機製的解析，闡述瞭期權和衍生證券是如何通過供需關係、利率變化、經濟指標等多種因素影響資産價格的。這部分內容不僅幫助讀者理解産品本身，還強調瞭它們在多樣化投資組閤中的戰略價值。書中還詳細介紹瞭不同國傢和地區的市場環境，分析瞭各個市場中期權及衍生證券的法律法規和監管政策，為讀者提供全麵的國際視野。 此外，該書還深入探討瞭期權交易的風險管理技巧與策略，包括對衝、套利等方法，幫助讀者更好地掌握這些金融工具在實際操作中的應用。書中還特彆關注瞭新興市場的發展趨勢，以及全球金融一體化背景下，這些證券産品的重要性和潛力。 讀者可期待一部既理論紮實又富有實踐指導的內容，通過本書，能夠全麵提升對期權和衍生證券的認知和應用能力。這是一篇麵嚮廣泛受眾的專業著作，無論是投資新手，還是資深分析師，都能從中獲得有益的見解。通過詳細的章節設計與實用案例，書旨在成為金融領域知識愛好者的重要參考資料。整個內容結構清晰，語言流暢，力求兼顧學術性和讀者友好性，真正滿足深度學習和實際應用的需求。 總體而言，這本書不僅是一部理論上的綜閤指南，更是理解現代金融生態係統中關鍵工具的重要載體。希望通過這本書，讀者能夠從多角度、深入層次地認識期權及衍生證券，在復雜市場中找到智慧和策略。
作者簡介
目錄資訊
Brief Contents
1 INTRODUCTlON
2 FUTURES MARKETS AND THE USE OF FUTURES
FOR HEDGlNG
3 FORWARD AND FUTURES PRlCES
4 INTEREST RATE FUTURES
5 SWAPS
6 OPTlONS MARKETS
7 PROPERTlES OF STOCK OPTlON PRlCES
8 TRADlNG STRATEGlES INVOLVlNG OPTlONS
9 INTRODUCTlON TO BlNOMlAL TREES
10 MODEL OF THE BEHAVlOR OF STOCK PRlCES
11 THE BLACK-SCHOLES ANALYSlS
12 OPTlONS ON STOCK INDlCES, CURRENClES
AND FUTURES CONTRACTS
13 GENERAL APPROACH TO PRlClNG DERlVATlVES
14 THE MANAGEMENT OF MARKET RlSK
15 NUMERlCAL PROCEDURES
16 INTEREST RATE DERlVATlVES AND THE USE
OF BLACK'S MODEL
17 INTEREST RATE DERlVATlVES AND MODELS
OF THE YlELD CURVE
18 EXOTlC OPTlONS
19 ALTERNATlVES TO BLACK-SCHOLES
FOR OPTlON PRlClNG
20 CREDlT RlSK AND REGULATORY CAPYTA
21 REVlEW OF KEY CONCEPTS
Contents
PREFACE
1 INTRODUCTlON
1.1 Forward Contracts
1.2 Futures Contracts
1.3 Options
1.4 Other Derivatives
1.5 Types of Traders
1.6 Summary
Questions and Problems
2 FUTURES MARKETS AND THE USE OF FUTURES
FOR HEDGlNG
2.1 Trading Futures Contracts
2.2 Specification of the Futures Contract
2.3 Operation of Margins
2.4 Newspaper Quotes
2.5 Convergence of Futures Price to Spot Price
2.6 Settlement
2.7 Regulation
2.8 Hedging Using Futures
2.9 Optimal Hedge Ratio
2.10 Rolling the Hedge Forward
2. 11 Accounting and Tax
2.12 Summary
Suggestions for Further Reading
Questions and Problems
3 FORWARD AND FUTURES PRlCES
3.1 Some Preliminaries
3.2 Forward Contracts on a Security That Provides
No Income
3.3 Forward Contracts on a Security That Provides
a Known Cash Income
3.4 Forward Contracts on a Security That Provides
a Known Dividend Yield
3.5 General Result
3.6 Forward Prices versus Futures Prices
3.7 Stock Index Futures
3.8 Forward and Futures Contracts on Currencies
3.9 Futures on Commodities
3.10 The Cost of Carry
3.11 Delivery Choices
3.12 Futures Prices and the Expected Future Spot Price
3.13 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 3A Proof That Forward and Futures Prices Are
Equal When Interest Rates Are Constant
4 INTEREST RATE FUTURES
4.I Some Preliminaries
4.2 Forward Rate Agreements
4.3 Treasury Bond and Treasury Note Futures
4.4 Treasury Bill Futures
4.5 Eurodollar Futures
4.6 Duration
4.7 Duration-Based Hedging Strategies
4.8 Limitations of Duration
4.9 Summary
Suggestions for Further Reading
Questions and Problems
5 SWAPS
5.1 Mechanics of Interest Rate Swaps
5.2 The Comparative Advantage Argument
5.3 Valuation of Interest Rate Swaps
5.4 Currency Swaps
5.5 Valuation of Currency Swaps
5.6 Other Swaps
5.7 Credit Risk
5.8 Summary
Suggestions for Further Reading
Questions and Problems
6 OPTlONS MARKETS
6. l Exchange-Traded Options
6.2 Over-the-Counter Options
6.3 Specification of Stock Options
6.4 Newspaper Quotes
6.5 Trading
6.6 Commissions
6.7 Margins
6.8 The Options Clearing Corporation
6.9 Regulation
6.10 Taxation
6.11 Warrants and Convertibles
6.12 Summary
Suggestions for Further Reading
Questions and Problems
7 PROPERTlES OF STOCK OPTlON PRlCES
7.1 Factors Affecting Option Prices
7.2 Assumptions and Notation
7.3 Upper and Lower Bounds for Option Prices
7.4 Early Exercise: Calls on a Non-Dividend-Paying Stock
7.5 Early Exercise: Puts on a Non-Dividend-Paying Stock
7.6 Put-Call Parity
7.7 Effect of Dividends
7.8 Empirical Research
7.9 Summary
Suggestions for Further Reading
Questions and Problems
8 TRADlNG STRATEGlES INVOLVlNG OPTlONS
8.1 Strategies Involving a Single Option and a Stock
8.2 Spreads
8.3 Combinations
8.4 Other Payoffs
8.5 Summary
Suggestions for Further Reading
Questions and Problems
9 INTRODUCTlON TO BlNOMlAL TREES
9.1 One-Step Binomial Model
9.2 Risk-Neutral Valuation
9.3 Two-Step Binomial Trees
9.4 Put Example
9.5 American Options
9.6 Delta
9.7 Using Binomial Trees in Practice
9.8 Summary
Suggestions for Further Reading
Quesdons and Problems
10 MODEL OF THE BEHAVlOR OF STOCK PRlCES
10.1 The Markov Property
10.2 Wiener Processes
10.3 The Process for Stock Prices
10.4 Review of the Model
10.5 The Parameters
10.6 Ito's Lemma
10.7 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 10A Derivation of Ito's Lemma
11 THE BLACK-SCHOLES ANALYSlS
11.1 Lognonnal Property of Stock Prices
11.2 The Distribudon of the Rate of Return
11.3 Estimating Volatility from Historical Data
11.4 Concepts Underiying the Black-Scholes Differential
Equation
11.5 Derivation of the Black-Scholes Differential Equation
11.6 Risk-Neutral Valuation
11.7 Black-Scholes Pricing Formulas
11.8 Cumulative Normal Distribution Function
11.9 Warrants Issued by a Company on Its Own Stock
11.10 Implied Voladlities
11.11 The Causes of Volatility
11.12 Dividends
11.13 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 11A Exact Procedure for Calculating Values
of American Calls on Dividend-Paying
Stocks
Appendix llB Calculation ofCumulative Probability
in Bivariate Normal Distribution
12 OPTlONS ON STOCK INDlCES, CURRENClES
AND FUTURES CONTRACTS
12.1 Extending Black-Scholes
12.2 Pricing Fonnulas
12.3 Options on Stock Indices
12.4 Currency Options
12.5 Futures Opdons
12.6 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 12A Derivation of Differential Equation Satisfied
by a Derivative Dependent on a Stock Paying
a Continuous Dividend Yield 284
Appendix 12B Derivation of Differential Equation Satisfied
by a Derivative Dependent on a Futures
Price
13 GENERAL APPROACH TO PRlClNG DERlVATlVES
13.1 Single Underlying Variable
13.2 Interest Rate Risk
13.3 Securities Dependent on Several State Variables
13.4 Is It Necessary to Estimate the Market Price
of Risk?
13.5 Derivatives Dependent on Commodity Prices
13.6 Quantos
13.7 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 13A Generalization of Ito's Lemma
Appendix 13B Derivation of the General Differential Equation
Satisfied by Derivatives
14 THE MANAGEMENT OF MARKET RlSK
14.1 Example
14.2 Naked and Covered Positions
14.3 A Stop-Loss Strategy
14.4 More Sophisticated Hedging Schemes
14.5 Delta Hedging
14.6 Theta
14.7 Gamma
14.8 Relationship among Delta, Theta and Gamma
14.9 Vega
14.10 Rho
14.11 Scenario Analysis
14.12 Portfolio Insurance
14.13 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 14A Taylor Series Expansions
and Hedge Parameters
15 NUMERlCAL PROCEDURES
15.1 Binomial Trees
15.2 Using the Binomial Tree for Options on Indices
Currencies and Futures Contracts
15.3 Binomial Model for a Dividend-Paying Stock
15.4 Extensions of the Basic Tree Approach
15.5 Altemative Procedures for Construcdng Trees
15.6 Monte Carlo Simulation
15.7 Variance Reduction Procedures
15.8 Finite Difference Methods
15.9 Analytic Approximations in Option Pricing
15.10 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 15A Analytic Approximation to American Option
Prices of Macmillan and Barone-Adesi
and Whaley
16 DSTTEREST RATE DERlVATlVES AND THE USE
OF BLACK'S MODEL
16.1 Exchange-Traded interest Rate Options
16.2 Embedded Bond Options
16.3 Mortgage-Backed Securities
16.4 Option-Adjusted Spread
16.5 Black's Model
16.6 European Bond Options
16.7 Interest Rate Caps
16.8 European Swap Options
16.9 Accrual Swaps
16.10 Spread Options
16.11 Convexity Adjustments
16.11 Summary 411
Suggestions for Further Reading
Questions and Problems
Appendix 16A Proof of the Convexity Adjustment Formula
17 INTEREST RATE DERlVATlVES AND MODELS
OF THE YlELD CURVE
17.1 Introduction to Equilibrium Models
17.2 One-Factor Models
17.3 The Rendleman and Bartter Model
17.4 The Vasicek Model
17.5 The Cox, Ingersoll and Ross Model
17.6 Two-Factor Models
17.7 Introduction to No-Arbitrage Models
17.8 Modeling Forward Rates
17.9 Developing Markov Models
17.10 Ho and Lee Model
17.11 Hull and White Model
17.12 Interest Rate Trees
17.13 A General Tree-Building Procedure
17.14 Nonstationary Models
17.15 Forward Rates and Futures Rates
17.16 Summary
Suggestions for Further Reading
Questions and Problems
18 EXOTlC OPTlONS
18.1 Types of Exotic Options
18.2 Basic Numerical Procedures
18.3 Path-Dependent Derivatives
18.4 Lookback Options
18.5 Barrier Options
18.6 Options on Two Correlated Assets
18.7 Hedging issues
18.8 Static Options Replication
18.9 Summary
Suggestions for Further Reading
Questions and Problems
19 ALTERNATlVES TO BLACK-SCHOLES
FOR OPTlON PRlClNG
19.1 Known Changes in the Interest Rate
and Volatility
19.2 Merton's Stochastic interest Rate Model
19.3 Pricing Biases
19.4 Altemative Models
19.5 Overview of Pricing Biases
19.6 Stochastic Volatility
19.7 How Black-Scholes Is Used in Practice
19.8 Implied Trees
19.9 Empirical Research
19.10 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 19A Pricing Formulas for Altemative Models
20 CREDlT RlSK AND REGULATORY CAPlTAL
20.1 Background
20.2 Adjusting the Prices of Options for Credil Risk
20.3 Contracts That Can Be Assets or Liabilities
20.4 Historical Default Experience
20.5 Valuation of Convertible Bonds
20.6 The BlS Capital Requirements
20.7 Reducing Exposure to Credit Risk
20.8 Summary
Suggestions for Further Reading
Questions and Problems
21 REVIEW OF KEY CONCEPTS
21.1 Riskless Hedges
21.2 Traded Securities versus Other Underlying Variables
21.3 Risk-Neutral Valuation
21.4 Those Big Losses
21.5 A Final Word
MAJOR EXCHANGES
GLOSSARY OF NOTATlON
TABLE FOR N(x) WHEN x 0
TABLE FOR N(x) WHEN x 0
AUTHOR INDEX
SUBJECT INDEX
· · · · · · (收起)
1 INTRODUCTlON
2 FUTURES MARKETS AND THE USE OF FUTURES
FOR HEDGlNG
3 FORWARD AND FUTURES PRlCES
4 INTEREST RATE FUTURES
5 SWAPS
6 OPTlONS MARKETS
7 PROPERTlES OF STOCK OPTlON PRlCES
8 TRADlNG STRATEGlES INVOLVlNG OPTlONS
9 INTRODUCTlON TO BlNOMlAL TREES
10 MODEL OF THE BEHAVlOR OF STOCK PRlCES
11 THE BLACK-SCHOLES ANALYSlS
12 OPTlONS ON STOCK INDlCES, CURRENClES
AND FUTURES CONTRACTS
13 GENERAL APPROACH TO PRlClNG DERlVATlVES
14 THE MANAGEMENT OF MARKET RlSK
15 NUMERlCAL PROCEDURES
16 INTEREST RATE DERlVATlVES AND THE USE
OF BLACK'S MODEL
17 INTEREST RATE DERlVATlVES AND MODELS
OF THE YlELD CURVE
18 EXOTlC OPTlONS
19 ALTERNATlVES TO BLACK-SCHOLES
FOR OPTlON PRlClNG
20 CREDlT RlSK AND REGULATORY CAPYTA
21 REVlEW OF KEY CONCEPTS
Contents
PREFACE
1 INTRODUCTlON
1.1 Forward Contracts
1.2 Futures Contracts
1.3 Options
1.4 Other Derivatives
1.5 Types of Traders
1.6 Summary
Questions and Problems
2 FUTURES MARKETS AND THE USE OF FUTURES
FOR HEDGlNG
2.1 Trading Futures Contracts
2.2 Specification of the Futures Contract
2.3 Operation of Margins
2.4 Newspaper Quotes
2.5 Convergence of Futures Price to Spot Price
2.6 Settlement
2.7 Regulation
2.8 Hedging Using Futures
2.9 Optimal Hedge Ratio
2.10 Rolling the Hedge Forward
2. 11 Accounting and Tax
2.12 Summary
Suggestions for Further Reading
Questions and Problems
3 FORWARD AND FUTURES PRlCES
3.1 Some Preliminaries
3.2 Forward Contracts on a Security That Provides
No Income
3.3 Forward Contracts on a Security That Provides
a Known Cash Income
3.4 Forward Contracts on a Security That Provides
a Known Dividend Yield
3.5 General Result
3.6 Forward Prices versus Futures Prices
3.7 Stock Index Futures
3.8 Forward and Futures Contracts on Currencies
3.9 Futures on Commodities
3.10 The Cost of Carry
3.11 Delivery Choices
3.12 Futures Prices and the Expected Future Spot Price
3.13 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 3A Proof That Forward and Futures Prices Are
Equal When Interest Rates Are Constant
4 INTEREST RATE FUTURES
4.I Some Preliminaries
4.2 Forward Rate Agreements
4.3 Treasury Bond and Treasury Note Futures
4.4 Treasury Bill Futures
4.5 Eurodollar Futures
4.6 Duration
4.7 Duration-Based Hedging Strategies
4.8 Limitations of Duration
4.9 Summary
Suggestions for Further Reading
Questions and Problems
5 SWAPS
5.1 Mechanics of Interest Rate Swaps
5.2 The Comparative Advantage Argument
5.3 Valuation of Interest Rate Swaps
5.4 Currency Swaps
5.5 Valuation of Currency Swaps
5.6 Other Swaps
5.7 Credit Risk
5.8 Summary
Suggestions for Further Reading
Questions and Problems
6 OPTlONS MARKETS
6. l Exchange-Traded Options
6.2 Over-the-Counter Options
6.3 Specification of Stock Options
6.4 Newspaper Quotes
6.5 Trading
6.6 Commissions
6.7 Margins
6.8 The Options Clearing Corporation
6.9 Regulation
6.10 Taxation
6.11 Warrants and Convertibles
6.12 Summary
Suggestions for Further Reading
Questions and Problems
7 PROPERTlES OF STOCK OPTlON PRlCES
7.1 Factors Affecting Option Prices
7.2 Assumptions and Notation
7.3 Upper and Lower Bounds for Option Prices
7.4 Early Exercise: Calls on a Non-Dividend-Paying Stock
7.5 Early Exercise: Puts on a Non-Dividend-Paying Stock
7.6 Put-Call Parity
7.7 Effect of Dividends
7.8 Empirical Research
7.9 Summary
Suggestions for Further Reading
Questions and Problems
8 TRADlNG STRATEGlES INVOLVlNG OPTlONS
8.1 Strategies Involving a Single Option and a Stock
8.2 Spreads
8.3 Combinations
8.4 Other Payoffs
8.5 Summary
Suggestions for Further Reading
Questions and Problems
9 INTRODUCTlON TO BlNOMlAL TREES
9.1 One-Step Binomial Model
9.2 Risk-Neutral Valuation
9.3 Two-Step Binomial Trees
9.4 Put Example
9.5 American Options
9.6 Delta
9.7 Using Binomial Trees in Practice
9.8 Summary
Suggestions for Further Reading
Quesdons and Problems
10 MODEL OF THE BEHAVlOR OF STOCK PRlCES
10.1 The Markov Property
10.2 Wiener Processes
10.3 The Process for Stock Prices
10.4 Review of the Model
10.5 The Parameters
10.6 Ito's Lemma
10.7 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 10A Derivation of Ito's Lemma
11 THE BLACK-SCHOLES ANALYSlS
11.1 Lognonnal Property of Stock Prices
11.2 The Distribudon of the Rate of Return
11.3 Estimating Volatility from Historical Data
11.4 Concepts Underiying the Black-Scholes Differential
Equation
11.5 Derivation of the Black-Scholes Differential Equation
11.6 Risk-Neutral Valuation
11.7 Black-Scholes Pricing Formulas
11.8 Cumulative Normal Distribution Function
11.9 Warrants Issued by a Company on Its Own Stock
11.10 Implied Voladlities
11.11 The Causes of Volatility
11.12 Dividends
11.13 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 11A Exact Procedure for Calculating Values
of American Calls on Dividend-Paying
Stocks
Appendix llB Calculation ofCumulative Probability
in Bivariate Normal Distribution
12 OPTlONS ON STOCK INDlCES, CURRENClES
AND FUTURES CONTRACTS
12.1 Extending Black-Scholes
12.2 Pricing Fonnulas
12.3 Options on Stock Indices
12.4 Currency Options
12.5 Futures Opdons
12.6 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 12A Derivation of Differential Equation Satisfied
by a Derivative Dependent on a Stock Paying
a Continuous Dividend Yield 284
Appendix 12B Derivation of Differential Equation Satisfied
by a Derivative Dependent on a Futures
Price
13 GENERAL APPROACH TO PRlClNG DERlVATlVES
13.1 Single Underlying Variable
13.2 Interest Rate Risk
13.3 Securities Dependent on Several State Variables
13.4 Is It Necessary to Estimate the Market Price
of Risk?
13.5 Derivatives Dependent on Commodity Prices
13.6 Quantos
13.7 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 13A Generalization of Ito's Lemma
Appendix 13B Derivation of the General Differential Equation
Satisfied by Derivatives
14 THE MANAGEMENT OF MARKET RlSK
14.1 Example
14.2 Naked and Covered Positions
14.3 A Stop-Loss Strategy
14.4 More Sophisticated Hedging Schemes
14.5 Delta Hedging
14.6 Theta
14.7 Gamma
14.8 Relationship among Delta, Theta and Gamma
14.9 Vega
14.10 Rho
14.11 Scenario Analysis
14.12 Portfolio Insurance
14.13 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 14A Taylor Series Expansions
and Hedge Parameters
15 NUMERlCAL PROCEDURES
15.1 Binomial Trees
15.2 Using the Binomial Tree for Options on Indices
Currencies and Futures Contracts
15.3 Binomial Model for a Dividend-Paying Stock
15.4 Extensions of the Basic Tree Approach
15.5 Altemative Procedures for Construcdng Trees
15.6 Monte Carlo Simulation
15.7 Variance Reduction Procedures
15.8 Finite Difference Methods
15.9 Analytic Approximations in Option Pricing
15.10 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 15A Analytic Approximation to American Option
Prices of Macmillan and Barone-Adesi
and Whaley
16 DSTTEREST RATE DERlVATlVES AND THE USE
OF BLACK'S MODEL
16.1 Exchange-Traded interest Rate Options
16.2 Embedded Bond Options
16.3 Mortgage-Backed Securities
16.4 Option-Adjusted Spread
16.5 Black's Model
16.6 European Bond Options
16.7 Interest Rate Caps
16.8 European Swap Options
16.9 Accrual Swaps
16.10 Spread Options
16.11 Convexity Adjustments
16.11 Summary 411
Suggestions for Further Reading
Questions and Problems
Appendix 16A Proof of the Convexity Adjustment Formula
17 INTEREST RATE DERlVATlVES AND MODELS
OF THE YlELD CURVE
17.1 Introduction to Equilibrium Models
17.2 One-Factor Models
17.3 The Rendleman and Bartter Model
17.4 The Vasicek Model
17.5 The Cox, Ingersoll and Ross Model
17.6 Two-Factor Models
17.7 Introduction to No-Arbitrage Models
17.8 Modeling Forward Rates
17.9 Developing Markov Models
17.10 Ho and Lee Model
17.11 Hull and White Model
17.12 Interest Rate Trees
17.13 A General Tree-Building Procedure
17.14 Nonstationary Models
17.15 Forward Rates and Futures Rates
17.16 Summary
Suggestions for Further Reading
Questions and Problems
18 EXOTlC OPTlONS
18.1 Types of Exotic Options
18.2 Basic Numerical Procedures
18.3 Path-Dependent Derivatives
18.4 Lookback Options
18.5 Barrier Options
18.6 Options on Two Correlated Assets
18.7 Hedging issues
18.8 Static Options Replication
18.9 Summary
Suggestions for Further Reading
Questions and Problems
19 ALTERNATlVES TO BLACK-SCHOLES
FOR OPTlON PRlClNG
19.1 Known Changes in the Interest Rate
and Volatility
19.2 Merton's Stochastic interest Rate Model
19.3 Pricing Biases
19.4 Altemative Models
19.5 Overview of Pricing Biases
19.6 Stochastic Volatility
19.7 How Black-Scholes Is Used in Practice
19.8 Implied Trees
19.9 Empirical Research
19.10 Summary
Suggestions for Further Reading
Questions and Problems
Appendix 19A Pricing Formulas for Altemative Models
20 CREDlT RlSK AND REGULATORY CAPlTAL
20.1 Background
20.2 Adjusting the Prices of Options for Credil Risk
20.3 Contracts That Can Be Assets or Liabilities
20.4 Historical Default Experience
20.5 Valuation of Convertible Bonds
20.6 The BlS Capital Requirements
20.7 Reducing Exposure to Credit Risk
20.8 Summary
Suggestions for Further Reading
Questions and Problems
21 REVIEW OF KEY CONCEPTS
21.1 Riskless Hedges
21.2 Traded Securities versus Other Underlying Variables
21.3 Risk-Neutral Valuation
21.4 Those Big Losses
21.5 A Final Word
MAJOR EXCHANGES
GLOSSARY OF NOTATlON
TABLE FOR N(x) WHEN x 0
TABLE FOR N(x) WHEN x 0
AUTHOR INDEX
SUBJECT INDEX
· · · · · · (收起)
讀後感
評分
評分
評分
評分
評分
用戶評價
评分
這本書的敘事節奏掌控得爐火純青，簡直是教科書級彆的懸疑構建。它圍繞一個核心的社會事件展開，但作者的視角卻極其巧妙地在微觀的個人經曆和宏觀的製度缺陷之間遊走。你永遠不知道下一章會揭示齣什麼新的綫索，但所有的綫索都指嚮一個更深層、更令人不安的真相。我幾乎是連夜讀完的，完全被那種層層剝開真相的快感所吸引。最讓我印象深刻的是，它沒有提供一個簡單的“好人”與“壞人”的二元對立，而是深入探討瞭環境、壓力和集體無意識如何塑造瞭個體的選擇，使得每一個角色都具有瞭難以言喻的復雜性和悲劇色彩。它不僅僅是在講述一個故事，更是在解剖一個時代的病竈，其批判的力度是柔和卻極其有力的。讀完之後，久久不能平靜，它留給讀者的思考遠比故事本身要沉重得多。
评分這本書的文字功底實在是令人嘆服，它仿佛擁有魔力，能將那些原本晦澀難懂的哲學思辨變得清晰可見。作者在探討人性與社會結構的關係時，展現齣瞭一種近乎詩意的錶達能力。我特彆喜歡它對“權力”這一概念的解構，並非簡單地將其歸類為壓迫或治理，而是深入挖掘瞭其在文化傳承和個體意識形成中的復雜作用。每一次翻閱，我都會在不經意的角落發現新的深意，那不是靠死記硬背能獲得的，而是通過文字的韻律和作者精心編排的論證結構自然湧現的。這種體驗，就像是在迷宮中探索，每一步都有新的風景。對於那些尋求精神滋養和深刻反思的讀者來說，這本書無疑是一座寶庫。它迫使你走齣舒適區，去麵對那些你可能一直迴避的、關於存在與意義的終極問題。閱讀過程需要耐心，但迴報是巨大的，它重塑瞭我看待自身和社會的基本框架。
评分我必須承認，起初我對這類題材有些抗拒，總覺得會陷入無休止的術語和抽象的數學公式中而感到窒息。然而，這本書完全顛覆瞭我的預設。它更像是一部精心打磨的敘事作品，將科學發現的曆史脈絡編織得引人入勝。作者的高明之處在於，他沒有將科學傢塑造成不食人間煙火的聖人，而是真實地展現瞭他們的掙紮、誤解和天纔的瞬間。閱讀時，我仿佛能聽到那些實驗室裏的對話，感受到理論突破前夜的緊張與興奮。尤其是在描述關鍵實驗的步驟時，那種注重細節的描述，讓那些復雜的物理或生物學原理不再是冰冷的公式，而是變成瞭有血有肉的探索過程。這本書極大地激發瞭我對科學探索本身的熱情，它證明瞭嚴謹的求證過程也可以擁有史詩般的魅力。對於想瞭解知識是如何誕生和演進的人來說，這是一本不可多得的佳作。
评分這是一部關於文化人類學的田野考察報告，但其寫作風格卻達到瞭散文的藝術高度。作者長期駐紮在那個偏遠的社區，對當地的儀式、語言和信仰體係進行瞭近乎癡迷的細緻記錄。我特彆欣賞它如何處理文化差異帶來的衝擊——作者沒有采取居高臨下的審視態度，而是以一種近乎謙卑的姿態融入其中，細心捕捉那些轉瞬即逝的、非語言的交流信號。書中對色彩、聲音和氣味等感官體驗的描繪極為豐富，讓我這個遠在韆裏之外的讀者，仿佛也能聞到雨林中泥土的芬芳，聽到部落長老吟唱的古老歌謠。這本書教會瞭我真正的“他者化”視角，即放下既有的文化濾鏡，去理解另一種生活方式的內在邏輯和美感。它是一次溫柔的提醒，告訴我們人類經驗的廣度和深度遠遠超齣瞭我們日常接觸的狹隘範圍。閱讀體驗是沉浸式的，令人心神寜靜，充滿瞭對生命多樣性的敬畏。
评分這本書真是讓我耳目一新，它不是那種枯燥的教科書，反而是以一種非常生動有趣的方式，帶我走進瞭宏觀經濟學的世界。作者的筆觸細膩，把那些復雜的理論講得深入淺齣，即便是初學者也能輕鬆跟上思路。我尤其欣賞它在分析曆史事件時所展現齣的洞察力，比如如何將那些看似無關的政治變動與經濟周期的起伏聯係起來，這種跨學科的視角讓人對世界的理解更加立體。書中對不同經濟學流派的觀點進行瞭公平的梳理，沒有偏袒任何一方，這讓我得以形成自己獨立的判斷。閱讀過程中，我常常會停下來思考，作者提齣的那些類比和模型，如何能更有效地應用到我們日常的商業決策中。它不僅僅是一本知識的傳遞，更像是一場思維方式的訓練，讓人學會用更宏大的尺度去看待問題，而不是拘泥於眼前的得失。總的來說，它成功地將嚴肅的學術內容轉化成瞭富有啓發性的閱讀體驗，極大地拓寬瞭我的視野。
评分隻讀瞭所學內容的一部分
评分隻讀瞭所學內容的一部分
评分隻讀瞭所學內容的一部分
评分隻讀瞭所學內容的一部分
评分隻讀瞭所學內容的一部分
相關圖書
本站所有內容均為互聯網搜索引擎提供的公開搜索信息，本站不存儲任何數據與內容，任何內容與數據均與本站無關，如有需要請聯繫相關搜索引擎包括但不限於百度，google,bing,sogou 等
© 2026 onlinetoolsland.com All Rights Reserved. 本本书屋 版权所有