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The Handbook of Equity Derivatives. Revised Edition. Wiley Series in Financial Engineering

  • ID: 2220207
  • Book
  • 720 Pages
  • John Wiley and Sons Ltd
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"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 market– place

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.

"I heartily endorse The Handbook of Equity Derivatives . . . while the market is continuously inventing new instruments and discarding older ones, the clarity and straightforward nature of the handbook hints at a longevity that will make it useful for many years to come." – Stephen A. Ross Sterling Professor of Economics and Finance, MIT (on the first edition)

The most relied–upon resource on equity derivative instruments, their structure, and diverse global markets– now extensively revised and updated

Once, equity derivatives were exotic instruments relegated to the hands of specialists. Today, they are among the institutional investor′s most popular tools for managing risk and uncovering new profit opportunities. Recognized for its authoritative contributors and its accessible, comprehensive coverage of the entire field, The Handbook of Equity Derivatives has become the standard reference on the subject for specialist and nonspecialist alike. Now, this essential resource has been carefully updated and revised to cover the most current innovations in these continually evolving investment vehicles, including:

∗ Comprehensive coverage of the all–important OTC market

∗ Basic equity structures and how they work

∗ Pricing determinants

∗ PERCs, SPIDERs, and WEBs

∗ The Black–Scholes model

∗ The best uses for and profit potential of new derivative products

∗ Key accounting, tax, and regulatory issues
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Options Fundamentals (T. Weithers).

A Historical Perspective on Equity Derivatives (J. Hill & B. Dunn).


U.S. Options Exchanges (J. Junkus).

U.S. Stock Index Futures Markets (T. Petzel).

Index Participation Units (E. Kirzner).

Exchange–Traded Equity Funds–Genesis, Growth, and Outlook (G. Gastineau & C. Weber).

International Equity Derivatives (J. Junkus).


Warrants (E. Harty).

Japanese Warrants (B. Sucher & J. Knight).

Convertibles (A. Aithal).

Buy–Write Securities (T. McManus).

The Enigma of Tax–Driven Security Design: The Unbundled Stock Units and Other Experiences (R. Sah & N. Vasavada).


Applications of OTC Options and Other Structured Products (M. Zurack).

Americus Trust′s Primes and Scores: Precursors to Leaps, Percs, Elks, Yeelds and Chips, and Supertrust (E. Harty).

Public Equity–Linked Debt (W. Toy & M. Ryan).

Equity Swaps: Structures, Uses, and Pricing (J. Marshall & R. Yuyuenyongwatana).

Nikkei 225 Put Warrants (M. Ryan & R. Granovsky).

Synthetic Warrants (T. Lindberg).

Supershares (M. Rubinstein).

Structured Equity Derivative Products (J. Whittaker).

A Practitioner′s Guide To Structuring Listed Equity Derivative Securities (J. Braddock & B. Krause).


Accounting Considerations for Equity Derivatives (M. Joseph).

Legal Issues Concerning Equity Derivative Instruments (P. Gottlieb & J. Gatsos).

The U.S. Taxation of Equity Derivative Instruments (E. Kleinbard).

Developments in U.S. Derivatives Regulation (T. Russo & M. Vinciguerra).


Why Financial Instruments Fail or Succeed (J. Francis).

What Lies Ahead? (G. Gastineau & L. Margolis).

The Theory of Security Design (A. Boot, et al.).

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Jack Clark Francis
William W. Toy
J. Gregg Whittaker
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