Overview
A rare opportunity to go one-on-one with an industry giant and oneof today's most respected financial thinkers, Merton Miller onDerivatives is a refreshingly accessible overview of derivatives,the revolution they have wrought, and the disasters they'vesupposedly caused.
Though routinely assailed by regulators and the media, derivativesare hailed by a celebrated group of practitioners, analysts, andtheorists, led most notably by Nobel laureate Merton Miller. Milleris legendary for repeatedly demonstrating-often with humor andalways with grace-the value of derivatives in price discovery,managing financial risk, and tailoring a risk-return profile.
Here, in this collection of his recent essays, Miller expounds on anumber of critical derivatives issues. Is it a problem that someorganizations have lost substantial sums on derivatives? Miller'sshort answer: Some organizations will always find ways to losemoney. Nor does he believe that more government regulation is theanswer. He notes, for example, that for all the horror storiesabout derivatives, the world's banks have lost vastly more in badreal estate deals than they'll ever lose on their derivativesportfolios.
Merton Miller on Derivatives offers twenty-two provocativechapters. A sampling: "The Recent Derivatives 'Disasters':Assessing the Damage" takes a close look at such debacles asProcter & Gamble, Orange County, and Barings Bank. "FinancialRegulation: The Inside Game" uses an apt sports analogy to show howthe derivatives regulatory game is really played, as opposed to theway outsiders imagine it is played. "Japanese-American TradeRelations: Can Rambo Beat Godzilla?" succinctly sums up the natureof Japanese-American trade. And "Risk and Return on FuturesContracts: A Chicago View" highlights the pivotal role derivativesplay in hedging risk.
There are also penetrating pieces on corporate governance thatcompare the system existing in the United States and England withthe one existing in Germany and Japan. To complete the collection,a section called "Questions I'm Often Asked" features Miller'sunique perspective on a wide range of topics, from what's ahead forChina to what we've learned from the Crash of 1987.
Contrary to widely held perceptions, the so-called "derivativesrevolution" has made the world safer, not more dangerous. Thisexplains the phenomenal growth of financial futures. As Millershows, derivatives enable organizations to deal effectively withrisks that have plagued them for decades, even centuries.
Praise for merton miller on derivatives
"Miller is one of the clearest thinkers of our time. Once again, heprovides a simple, insightful, and witty analysis of an importantand complex topic. This book is truly fun to read." -Kenneth R.French Beinecke Professor of Management Studies and Finance YaleUniversity School of Management.
"Some of us trade markets; others of us observe markets; MertonMiller understands markets. As this volume demonstrates, ProfessorMiller is unsurpassed at cutting through fluff, misinterpretation,and even obfuscation to get to the heart of highly charged issues."-Charles W. Smithson Managing Director, CIBC Wood Gundy.
"Vintage Merton Miller: zesty writing and forcefully communicatedideas, not only on derivatives, but on a wide range of topics infinancial markets. This is no ponderous academic tome, but rather aseries of entertaining, yet devastatingly analytical essays oncontroversial issues in finance. Great reading and great analysis."-Hans R. Stoll Walker Professor of Finance and Director of theFinancial Markets Research Center, Vanderbilt University.
"I am grateful to Merton Miller for setting the record straight,once again, regarding derivatives. With his customary brilliance,Merton cuts through the fog of misunderstanding and nonsense thattoo often surrounds derivatives and reveals them for what theytruly are: phenomenally successful and essential risk managementtools." -Jack Sandner Chairman, Chicago Mercantile Exchange.
Though routinely assailed by regulators and the media, derivativesare hailed by a celebrated group of practitioners, analysts, andtheorists, led most notably by Nobel laureate Merton Miller. Milleris legendary for repeatedly demonstrating-often with humor andalways with grace-the value of derivatives in price discovery,managing financial risk, and tailoring a risk-return profile.
Here, in this collection of his recent essays, Miller expounds on anumber of critical derivatives issues. Is it a problem that someorganizations have lost substantial sums on derivatives? Miller'sshort answer: Some organizations will always find ways to losemoney. Nor does he believe that more government regulation is theanswer. He notes, for example, that for all the horror storiesabout derivatives, the world's banks have lost vastly more in badreal estate deals than they'll ever lose on their derivativesportfolios.
Merton Miller on Derivatives offers twenty-two provocativechapters. A sampling: "The Recent Derivatives 'Disasters':Assessing the Damage" takes a close look at such debacles asProcter & Gamble, Orange County, and Barings Bank. "FinancialRegulation: The Inside Game" uses an apt sports analogy to show howthe derivatives regulatory game is really played, as opposed to theway outsiders imagine it is played. "Japanese-American TradeRelations: Can Rambo Beat Godzilla?" succinctly sums up the natureof Japanese-American trade. And "Risk and Return on FuturesContracts: A Chicago View" highlights the pivotal role derivativesplay in hedging risk.
There are also penetrating pieces on corporate governance thatcompare the system existing in the United States and England withthe one existing in Germany and Japan. To complete the collection,a section called "Questions I'm Often Asked" features Miller'sunique perspective on a wide range of topics, from what's ahead forChina to what we've learned from the Crash of 1987.
Contrary to widely held perceptions, the so-called "derivativesrevolution" has made the world safer, not more dangerous. Thisexplains the phenomenal growth of financial futures. As Millershows, derivatives enable organizations to deal effectively withrisks that have plagued them for decades, even centuries.
Praise for merton miller on derivatives
"Miller is one of the clearest thinkers of our time. Once again, heprovides a simple, insightful, and witty analysis of an importantand complex topic. This book is truly fun to read." -Kenneth R.French Beinecke Professor of Management Studies and Finance YaleUniversity School of Management.
"Some of us trade markets; others of us observe markets; MertonMiller understands markets. As this volume demonstrates, ProfessorMiller is unsurpassed at cutting through fluff, misinterpretation,and even obfuscation to get to the heart of highly charged issues."-Charles W. Smithson Managing Director, CIBC Wood Gundy.
"Vintage Merton Miller: zesty writing and forcefully communicatedideas, not only on derivatives, but on a wide range of topics infinancial markets. This is no ponderous academic tome, but rather aseries of entertaining, yet devastatingly analytical essays oncontroversial issues in finance. Great reading and great analysis."-Hans R. Stoll Walker Professor of Finance and Director of theFinancial Markets Research Center, Vanderbilt University.
"I am grateful to Merton Miller for setting the record straight,once again, regarding derivatives. With his customary brilliance,Merton cuts through the fog of misunderstanding and nonsense thattoo often surrounds derivatives and reveals them for what theytruly are: phenomenally successful and essential risk managementtools." -Jack Sandner Chairman, Chicago Mercantile Exchange.
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