派生市场（第二版）（英文）
Derivatives Markets (2nd Edition)by Robert L. McDonald
Hardcover: 912 pages
Publisher: Addison Wesley; 2 edition (December 15, 2005)
Language: English
ISBN-10: 032128030X
ISBN-13: 978-0321280305
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Date: 2007-07-11Rating: 5
Review:
advanced, comprehensive treatment
As financial instruments become ever more complex, McDonald's book gives a systematic treatment of the most common forms of derivatives. Providing a unified etymology that can help you understand how they work.
He groups options (puts and calls) with forward contracts like zero coupon bonds. Through numerous simple payoff graphs, as well as explanatory accompanying text, the ideas are easily grasped. The book starts with these ideas in its early chapters. Then it builds on them, to illustrate associated and often more elaborate constructs, as in insurance strategies for hedging.
Nor is the discussion confined to minimising one's risk. There is an alternative method, of deliberately speculating on volatility, for example.
The modelling of futures and options pricing is dealt with in detail. Including the seminal Black-Scholes formula and related analysis. The assumptions behind Black-Scholes are examined in detail, given the crucial influence of this on many types of pricing. The treatment gets rather advanced, invoking ideas like Monte Carlo simulations of stock prices.
The text is well suited for a graduate program in finance.
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