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  • ISBN-10 ‏ : ‎ 1133190197
  • ISBN-13 ‏ : ‎ 978-1133190196
  • Author:   Don M. Chance (Author), Roberts Brooks (Author)

Give your students a solid understanding of financial derivatives and their use in managing the risks of financial decisions with this leading text. Chance/Brooks’ AN INTRODUCTION TO DERIVATIVES AND RISK MANAGEMENT, 9E offers an outstanding blend of institutional material, theory, and practical applications. The latest financial information throughout this edition and timely Internet updates on the text’s website ensure the material reflects the most recent changes in today’s financial world. You’ll find detailed, but flexible, coverage of options, futures, forwards, swaps, and risk management as well as a balanced introduction to pricing, trading, and strategy. You can easily address only the topics and chapters that best fit your needs. A variety of practical end-of-chapter applications, memorable examples from real businesses throughout the learning features, and minimal use of technical mathematics keep the text’s presentation accessible and engaging. Stock-Trak software, available with each new text, provides additional value and opportunity for practical working experience. Count on this exceptional text to provide the thorough introduction to derivatives and risk management that students need for success in financial business today.

Table of Content:

  1. Ch 1: Introduction
  2. Chapter Objectives
  3. Derivative Markets and Instruments
  4. The Underlying Asset
  5. Important Concepts in Financial and Derivative Markets
  6. Making the Connection Risk and Return and Arbitrage
  7. Fundamental Linkages Between Spot and Derivative Markets
  8. Role of Derivative Markets
  9. Making the Connection Jet Fuel Risk Management at Southwest Airlines
  10. Criticisms of Derivative Markets
  11. Misuses of Derivatives
  12. Derivatives and Ethics
  13. Derivatives and Your Career
  14. Sources of Information on Derivatives
  15. Book Overview
  16. Summary
  17. Key Terms
  18. Further Reading
  19. Concept Checks
  20. Questions and Problems
  21. Part I: Options
  22. Ch 2: Structure of Options Markets
  23. Chapter Objectives
  24. Development of Options Markets
  25. Call Options
  26. Put Options
  27. Over-the-Counter Options Market
  28. Exchange-Listed Option Trading
  29. Mechanics of Trading
  30. Option Price Quotations
  31. Types of Options
  32. Transaction Costs in Option Trading
  33. Regulation of Options Markets
  34. Summary
  35. Key Terms
  36. Further Reading
  37. Concept Checks
  38. Questions and Problems
  39. Appendix 2.A: Margin Requirements
  40. Appendix 2.B: Taxation of Option Transactions
  41. Ch 3: Principles of Option Pricing
  42. Chapter Objectives
  43. Basic Notation and Terminology
  44. Principles of Call Option Pricing
  45. Principles of Put Option Pricing
  46. Summary
  47. Key Terms
  48. Further Reading
  49. Concept Checks
  50. Questions and Problems
  51. Appendix 3: Dynamics of Option Boundary Conditions: A Learning Exercise
  52. Ch 4: Option Pricing Models: The Binomial Model
  53. Chapter Objectives
  54. One-Period Binomial Model
  55. Two-Period Binomial Model
  56. Extensions of the Binomial Model
  57. Summary
  58. Key Terms
  59. Further Reading
  60. Concept Checks
  61. Questions and Problems
  62. Ch 5: Option Pricing Models: The Black-Scholes-Merton Model
  63. Chapter Objectives
  64. Origins of the Black-Scholes-Merton Formula
  65. Black-Scholes-Merton Model as the Limit of the Binomial Model
  66. Assumptions of the Black-Scholes-Merton Model
  67. A Nobel Formula
  68. Variables in the Black-Scholes-Merton Model
  69. Black-Scholes-Merton Model When the Stock Pays Dividends
  70. Black-Scholes-Merton Model and Some Insights into American Call Options
  71. Put Option Pricing Models
  72. Managing the Risk of Options
  73. Summary
  74. Key Terms
  75. Further Reading
  76. Concept Checks
  77. Questions and Problems
  78. Appendix 5: A Shortcut to the Calculation of Implied Volatility
  79. Ch 6: Basic Option Strategies
  80. Chapter Objectives
  81. Terminology and Notation
  82. Stock Transactions
  83. Call Option Transactions
  84. Put Option Transactions
  85. Calls and Stock: The Covered Call
  86. Puts and Stock: The Protective Put
  87. Synthetic Puts and Calls
  88. Summary
  89. Key Terms
  90. Further Reading
  91. Concept Checks
  92. Questions and Problems
  93. Ch 7: Advanced Option Strategies
  94. Chapter Objectives
  95. Option Spreads: Basic Concepts
  96. Money Spreads
  97. Calendar Spreads
  98. Ratio Spreads
  99. Straddles
  100. Box Spreads
  101. Summary
  102. Key Terms
  103. Further Reading
  104. Concept Checks
  105. Questions and Problems
  106. Part II: Forwards, Futures, and Swaps
  107. Ch 8: The Structure of Forward and Futures Markets
  108. Chapter Objectives
  109. Development of Forward and Futures Markets
  110. Over-the-Counter Forward Market
  111. Organized Futures Trading
  112. Futures Traders
  113. Mechanics of Futures Trading
  114. Futures Price Quotations
  115. Types of Futures Contracts
  116. Transaction Costs in Forward and Futures Trading
  117. Regulation of Futures and Forward Markets
  118. OTC Central Clearing
  119. Summary
  120. Key Terms
  121. Further Reading
  122. Concepts Checks
  123. Questions and Problems
  124. Appendix 8: Taxation of Futures Transactions in the United States
  125. Ch 9: Principles of Pricing Forwards, Futures, and Options on Futures
  126. Chapter Objectives
  127. Generic Carry Arbitrage
  128. Carry Arbitrage When Underlying Generates Cash Flows
  129. Pricing Models and Risk Premiums
  130. Pricing Options on Futures
  131. Summary
  132. Key Terms
  133. Further Reading
  134. Concept Checks
  135. Questions and Problems
  136. Ch 10: Futures Arbitrage Strategies
  137. Chapter Objectives
  138. Short-Term Interest Rate Arbitrage
  139. Intermediate- and Long-Term Interest Rate Arbitrage
  140. Stock Index Arbitrage
  141. Foreign Exchange Arbitrage
  142. Summary
  143. Key Terms
  144. Further Reading
  145. Concept Checks
  146. Questions and Problems
  147. Appendix 10: Determining the CBOT Treasury Bond Conversion Factor
  148. Ch 11: Forward and Futures Hedging, Spread, and Target Strategies
  149. Chapter Objectives
  150. Why Hedge?
  151. Hedging Concepts
  152. Determination of the Hedge Ratio
  153. Hedging Strategies
  154. Spread Strategies
  155. Target Strategies
  156. Summary
  157. Key Terms
  158. Further Reading
  159. Concept Checks
  160. Questions and Problems
  161. Appendix 11: Taxation of Hedging
  162. Ch 12: Swaps
  163. Chapter Objectives
  164. Interest Rate Swaps
  165. Currency Swaps
  166. Equity Swaps
  167. Some Final Words about Swaps
  168. Summary
  169. Key Terms
  170. Further Reading
  171. Concept Checks
  172. Questions and Problems
  173. Part III: Advanced Topics
  174. Ch 13: Interest Rate Forwards and Options
  175. Chapter Objectives
  176. Forward Rate Agreements
  177. Interest Rate Options
  178. Interest Rate Swaptions and Forward Swaps
  179. Summary
  180. Key Terms
  181. Further Reading
  182. Concept Checks
  183. Questions and Problems
  184. Ch 14: Advanced Derivatives and Strategies
  185. Chapter Objectives
  186. Advanced Equity Derivatives and Strategies
  187. Advanced Interest Rate Derivatives
  188. Exotic Options
  189. Some Unusual Derivatives
  190. Summary
  191. Key Terms
  192. Further Reading
  193. Concepts Checks
  194. Questions and Problems
  195. Appendix 14: Monte Carlo Simulation
  196. Ch 15: Financial Risk Management Techniques and Applications
  197. Chapter Objectives
  198. Why Practice Risk Management?
  199. Managing Market Risk
  200. Managing Credit Risk
  201. Other Types of Risks
  202. Perspectives on Financial Risk Management
  203. Summary
  204. Key Terms
  205. Further Reading
  206. Concepts Checks
  207. Questions and Problems
  208. Ch 16: Managing Risk in an Organization
  209. Chapter Objectives
  210. The Structure of the Risk Management Industry
  211. Organizing the Risk Management Function in a Company
  212. Risk Management Accounting
  213. Risk Management Industry Standards
  214. Responsibilities of Senior Management
  215. Summary
  216. Key Terms
  217. Further Reading
  218. Concepts Checks
  219. Questions and Problems
  220. Appendix A: List of Important Formulas
  221. Appendix B: References
  222. Appendix C: Solutions to Concept Checks
  223. Glossary
  224. Index

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