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| Options, Futures and Other Derivatives: Middle East, Asia, Africa, Eastern Europe Edition, 7/E |
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JOHN C HULL
Publisher: Pearson Higher Education
Copyright: 2009
Format: Paper; 848 pp
| ISBN-10: | 0135009944 | | | ISBN-13: | 9780135009949 | |
Our Price: £59.85
Status: Instock
Published: 12 Jun 2008
This title is not for sale to the US or Canada.
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This Emerging Markets Edition of Hull is selling into the Middle East, Africa, South Africa and Eastern Europe - if you are not in these regions please refer to the following ISBN: 9780136015864 |
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New To This Edition
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Derivatives Markets in Developing Countries
A new chapter 14, Derivatives Markets in Developing Countries,discusses the progress derivatives markets have made in developing countries since 2000 and suggests that these markets will become increasingly important in the years to come.
Credit Derivatives Extensively Revised
The chapter on credit derivatives (Chapter 23 in the new edition) has been largely rewritten. Before covering CDOs it discusses subprime mortgage lending in the US, the different types of asset-backed securities that were used for securitization, and the current credit crisis. This material can be used without the material in the rest of the chapter to cover the subprime crisis. For instructors who want to talk about the valuations of ABSs and CDOs, the Gaussian copula model is explained in more detail than in the sixth edition and a Gaussian quadrature Excel spreadsheet is provided to help students implement the model. (The material on convertibles has been moved from the credit derivatives chapter to Chapter 26.)
Reorganization for Better Flow
Options on futures are now covered in a separate chapter from options on indices and currencies. (See Chapters 15 and 16). There has also been some restructuring of the material. Chapter 15, which covers options on indices and currencies, first gives examples of how index and currency options can be used and then covers valuation issues. This makes the chapter flow better. Chapter 16, which covers options on futures, provides more details on how Black's model is used as an alternative to Black--Scholes for valuing a wide range of European options.
Restructuring of Chapter 17, Greek Letters
Chapter 17, which covers Greek letters, has also been restructured. Delta, gamma, theta, vega, etc are explained in the context of an option on a non-dividend paying stock. Formulas for the Greek letters for other types of options are given in a table toward the end of the chapter. This approach to teaching the material has been found to work well.
Consistency with CFA Exam
Issues associated with tailing the hedge are covered in Chapter 3. This resolves some minor inconsistencies between formulas in the book and those used in CFA exams.
Other New Topics
• The VIX volatility index is explained in 24
• Variance swaps (including their valuation) are covered in Chapter 24
• How transactions involving index credit spreads work is explained in detail in Chapter 23
• There is more material on volatility smiles in Chapter 18 including an explanation (with a numerical example) of how an implied probability distribution can be calculated from implied volatilities.
• Lookback options are covered in more detail in Chapter 24 with fixed lookbacks being distinguished from floating lookbacks.
• Futures-style options are covered in Chapter 16
Revisions to Supplements
• A new release of the widely acclaimed software, DerivaGem, is included with the book (Version 1.52). An installation routine is now provided with the software. This ensures that files are loaded into the correct directories, creates icons, and makes it easier for students to use the software.
• Solutions to end-of-chapter Questions and Problems are in the Solutions Manual. The Instructors Manual has been restructured so that it contains the answers to both Questions and Problems and Assignment Questions. (Both Manuals are written by the author.) For ease of reference the end-of-chapter questions, as well as the answers, are given in the Manuals.
• Several hundred PowerPoint slides (prepared by the author) have been updated and will be provided with the book.
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