The Handbook of Equity Derivatives

Front Cover
John Wiley & Sons, 2000 - Business & Economics - 696 pages
1 Review
"There are so many ways to use derivatives that I'm almost surprised when someone doesn't use them. Producers and consumers, investors and issuers, hedgers and speculators, governments and financial institutions: almost everyone can use them." -from the Foreword by Fischer Black, cocreator of the Black-Scholes Model Never before has there been so much interest in equity derivatives-or so much innovation in structuring these products. As new forms of instruments proliferate, their complexity has grown as well. Even equity derivatives professionals are unlikely to know all the details about every existing structure. With equity derivatives comprising one of the most important components of the capital markets, it's more crucial than ever for every financial professional, specialist and nonspecialist alike, to understand how derivative instruments behave, how they're structured, and how to use them profitably. Edited by leading thinkers in the field, The Handbook of Equity Derivatives, Revised Edition, assembles dozens of experts from universities and Wall Street to help the reader gain a practical grasp of the growing variety of financial instruments and how they work. Contributions from such respected authorities as Gary Gastineau, Mark Rubinstein, J. Gregg Whittaker, and Fischer Black outline the full range of the equity derivatives market, from classic warrants, options, and futures to the new and innovative PERCs, equity swaps, and equity-linked bonds. In nonmathematical language, the book provides a clear introduction to equity derivatives, including the fundamentals and history of options, basic equity structures, and pricing determinants, along with a historical perspective on their evolution. You'll find thorough surveys of:
* The burgeoning field of synthetic structures-OTC options and exotics, equity swaps, SPINs, SIGNs, PENs, MITTs, and SuperShares
* U.S. and foreign derivatives traded on organized exchanges
* Issuer derivative structures, such as warrants, convertibles, PERCs, and unbundled stock units
* The unique tax, legal, accounting, and regulatory features of derivatives
* How to make the most profitable use of the many equity derivative products
* Why some financial instruments succeed-and others fail
* The future of the equity derivative marketplace
Whether you're a finance student becoming familiar with the field or a practicing professional seeking better ways to exploit the tremendous potential of equity derivatives for profit, The Handbook of Equity Derivatives, Revised Edition belongs on your bookshelf.
  

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

INTRODUCTION
1
A HISTORICAL PERSPECTIVE ON EQUITY
34
PRODUCTS TRADED ON ORGANIZED
53
U S STOCK INDEX FUTURES MARKETS
77
INDEX PARTICIPATION UNITS
100
EXCHANGETRADED EQUITY FUNDSGENESIS
121
INTERNATIONAL EQUITY DERIVATIVES
142
ISSUER DERIVATIVE STRUCTURES
165
NIKKEI 225 PUT WARRANTS
368
SYNTHETIC WARRANTS
395
SUPERSHARES
404
STRUCTURED EQUITY DERIVATIVE PRODUCTS
415
A PRACTITIONERS GUIDE TO STRUCTURING
433
ACCOUNTING TAX AND REGULATORY ISSUES
463
LEGAL ISSUES CONCERNING EQUITY
497
THE U S TAXATION OF EQUITY DERIVATIVE
549

JAPANESE WARRANTS
184
CONVERTIBLES
200
BUYWRITE SECURITIES
230
SYNTHETIC STRUCTURES
279
PRECURSORS
301
PUBLIC EQUITYLINKED DEBT
329
STRUCTURES USES AND PRICING
343
DEVELOPMENTS IN U S DERIVATIVES REGULATION
609
SEARCHING FOR MEANINGFUL PATTERNS
629
WHAT LIES AHEAD?
651
THE THEORY OF SECURITY DESIGN
665
INDEX
689
Copyright

Common terms and phrases

References to this book

New Financial Instruments
Julian Walmsley
No preview available - 1998
All Book Search results »

About the author (2000)

JACK CLARK FRANCIS is Professor of Economics and Finance at Bernard M. Baruch College in New York City and author of several well-known college textbooks. He previously served as a Federal Reserve economist and on the finance faculty of the University of Pennsylvania's Wharton School.

WILLIAM W. TOY is a Vice President in the Equity Derivatives Department at Goldman, Sachs & Co. and a codeveloper of the Black-Derman-Toy interest rate options model. He holds a PhD in physics from MIT.

J. GREGG WHITTAKER is a Managing Director and the global head of Credit Derivatives for Chase Securities in New York City and a former senior vice president of S. G. Warburg, where he headed the Equity-Structured Products Division. He earned a PhD in economics from the University of Wisconsin.