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Informationen zum Autor ARON GOTTESMAN is professor of finance and the chair of the department of finance and economics at the Lubin School of Business at Pace University. He teaches courses on derivative securities, financial markets, and asset management, and presents corporate workshops on derivative securities to bulge bracket financial institutions. Klappentext A clear, practical guide to working effectively with derivative securities productsDerivatives Essentials is an accessible, yet detailed guide to derivative securities. With an emphasis on mechanisms over formulas, this book promotes a greater understanding of the topic in a straightforward manner, using plain-English explanations. Mathematics are included, but the focus is on comprehension and the issues that matter most to practitioners--including the rights and obligations, terms and conventions, opportunities and exposures, trading, motivation, sensitivities, pricing, and valuation of each product. Coverage includes forwards, futures, options, swaps, and related products and trading strategies, with practical examples that demonstrate each concept in action. The companion website provides Excel files that illustrate pricing, valuation, sensitivities, and strategies discussed in the book, and practice and assessment questions for each chapter allow you to reinforce your learning and gauge the depth of your understanding.Derivative securities are a complex topic with many "moving parts," but practitioners must possess a full working knowledge of these products to use them effectively. This book promotes a truly internalized understanding rather than rote memorization or strict quantitation, with clear explanations and true-to-life examples.* Understand the concepts behind derivative securities* Delve into the nature, pricing, and offset of sensitivities* Learn how different products are priced and valued* Examine trading strategies and practical examples for each productPricing and valuation is important, but understanding the fundamental nature of each product is critical--it gives you the power to wield them more effectively, and exploit their natural behaviors to achieve both short- and long-term market goals. Derivatives Essentials provides the clarity and practical perspective you need to master the effective use of derivative securities products. Zusammenfassung A clear, practical guide to working effectively with derivative securities products Derivatives Essentials is an accessible, yet detailed guide to derivative securities. Inhaltsverzeichnis Preface xiii Acknowledgements xvii About the Author xix Part One Introduction to Forwards, Futures, and Options Chapter 1 Forwards and Futures 3 1.1 Forward contract characteristics 3 1.2 Long forward payoff 6 1.3 Long forward P&L 8 1.4 Short forward payoff 9 1.5 Short forward P&L 10 1.6 Long forward P&L diagram 12 1.7 Short forward P&L diagram 13 1.8 Forwards are zero-sum games 15 1.9 Counterparty credit risk 17 1.10 Futures contracts 19 Chapter 2 Call Options 22 2.1 Call option characteristics 22 2.2 Long call payoff 25 2.3 Long call P&L 27 2.4 Short call payoff 29 2.5 Short call P&L 30 2.6 Long call P&L diagram 32 2.7 Short call P&L diagram 33 2.8 Call options are zero-sum games 35 2.9 Call option moneyness 37 2.10 Exercising a call option early 38 2.11 Comparison of call options and forwards/futures 40 Chapter 3 Put Options 44 3.1 Put option characteristics 44 3.2 Long put payoff 47 3.3 Long put P&L 49 3.4 Short put payoff 50 3.5 Short put P&L 52 3.6 Long put P&L diagram 53 3.7 Short put P&L diagram 55 3.8 Put options are zero-sum games 57 3.9 Put option mon...
