Overview
In the beginning, there were four financial instruments: a bankdeposit, a bill of exchange, a bond, and an equity. Today, as aresult of a steady stream of financial innovations, the marketlandscape is far less sparse-and far more complex. To help youmaneuver smoothly and profitably within this crowded andmuch-evolved arena, Julian Walmsley's New Financial Instruments hasbeen thoroughly revised and expanded to include complete coverageof all the new financial instruments available to marketpractitioners.
New Financial Instruments, Second Edition offers a clear, practicalperspective on the shifts and changes behind today's dizzyingproliferation of market tools and techniques. Its in-depthexamination of both international and domestic markets probes thenature, causes, and consequences of financial innovation, as wellas the ins and outs, advantages and disadvantages of the myriadproducts engendered by change.
New Financial Instruments, Second Edition is a comprehensive,comparative guide offering concise descriptions of convertibles,warrants, preferred stocks, and other instruments. In addition,Walmsley's clear-eyed analysis distills the latest variations inareas such as barrier options, asset-backed securities, creditderivatives, structured notes, and equity derivatives. There'simportant information on the origin and methodology of eachinnovative technique, as well as essential details on the risks,rewards, and key considerations that must be understood beforedeciding on one instrument over another.
New Financial Instruments, Second Edition takes you step-by-stepthrough a wide range of procedures, revealing how to:
* Analyze risk level and return
* Use interest rates and currency swaps in syntheticsecurities
* Value exotic options, weighing the risks they entail against theleverage they provide
The book also addresses such key topics as:
* Basic analytical tools-present value calculations, zero-couponcurves, modern portfolio theory, value at risk, continuouscompounding
* Securitization-transferable loan instruments, Eurocommercialpaper, and asset-backed securities
* Swaps-interest rate, currency, diff, zero coupon, asset, andequity
* Options-barrier, binary, cliquet, ladder, rainbow, shout
* Mortgage-backed securities-market development, superfloaters andinverse superfloaters, PAC bonds, reverse PACs and lockouts, TACbonds
Supported by extensive illustrations and working examples, thisindispensable resource is a must for anyone seeking to understandand apply the latest financial innovations.
A comprehensive guide to today's new financial instruments-whatthey are, how they work, and how you can profit from them
Written by an expert practitioner in the field, this up-to-date,systematic guide takes you through the ins and outs, advantages anddisadvantages, risks and rewards of today's sophisticated newfinancial tools and techniques. Now revised and expanded, NewFinancial Instruments has complete coverage of bonds, equities,warrants, and other traditional vehicles, as well as acomprehensive overview of the latest developments in asset- andmortgage-backed securities, credit and equity derivatives,convertibles, and preferred stocks.
"With the flood of innovations we have seen in internationalfinance in recent years there was a great need for a succinct,comprehensive survey of the field. New Financial Instruments fillsthat need admirably."-Professor Brian Scott-Quinn, ISMA Centre,University of Reading, U.K.
(www.ismacentre.rdg.ac.uk)
"For the practitioner to keep up with innovations across a widerange of markets is always difficult. This book will be a greathelp to those who need to bring themselves up to date with a greatvariety of markets."-John Langton, Chief Executive, InternationalSecurities Market Association, Zurich
New Financial Instruments, Second Edition offers a clear, practicalperspective on the shifts and changes behind today's dizzyingproliferation of market tools and techniques. Its in-depthexamination of both international and domestic markets probes thenature, causes, and consequences of financial innovation, as wellas the ins and outs, advantages and disadvantages of the myriadproducts engendered by change.
New Financial Instruments, Second Edition is a comprehensive,comparative guide offering concise descriptions of convertibles,warrants, preferred stocks, and other instruments. In addition,Walmsley's clear-eyed analysis distills the latest variations inareas such as barrier options, asset-backed securities, creditderivatives, structured notes, and equity derivatives. There'simportant information on the origin and methodology of eachinnovative technique, as well as essential details on the risks,rewards, and key considerations that must be understood beforedeciding on one instrument over another.
New Financial Instruments, Second Edition takes you step-by-stepthrough a wide range of procedures, revealing how to:
* Analyze risk level and return
* Use interest rates and currency swaps in syntheticsecurities
* Value exotic options, weighing the risks they entail against theleverage they provide
The book also addresses such key topics as:
* Basic analytical tools-present value calculations, zero-couponcurves, modern portfolio theory, value at risk, continuouscompounding
* Securitization-transferable loan instruments, Eurocommercialpaper, and asset-backed securities
* Swaps-interest rate, currency, diff, zero coupon, asset, andequity
* Options-barrier, binary, cliquet, ladder, rainbow, shout
* Mortgage-backed securities-market development, superfloaters andinverse superfloaters, PAC bonds, reverse PACs and lockouts, TACbonds
Supported by extensive illustrations and working examples, thisindispensable resource is a must for anyone seeking to understandand apply the latest financial innovations.
A comprehensive guide to today's new financial instruments-whatthey are, how they work, and how you can profit from them
Written by an expert practitioner in the field, this up-to-date,systematic guide takes you through the ins and outs, advantages anddisadvantages, risks and rewards of today's sophisticated newfinancial tools and techniques. Now revised and expanded, NewFinancial Instruments has complete coverage of bonds, equities,warrants, and other traditional vehicles, as well as acomprehensive overview of the latest developments in asset- andmortgage-backed securities, credit and equity derivatives,convertibles, and preferred stocks.
"With the flood of innovations we have seen in internationalfinance in recent years there was a great need for a succinct,comprehensive survey of the field. New Financial Instruments fillsthat need admirably."-Professor Brian Scott-Quinn, ISMA Centre,University of Reading, U.K.
(www.ismacentre.rdg.ac.uk)
"For the practitioner to keep up with innovations across a widerange of markets is always difficult. This book will be a greathelp to those who need to bring themselves up to date with a greatvariety of markets."-John Langton, Chief Executive, InternationalSecurities Market Association, Zurich
This book title, New Financial Instruments, ISBN: 9780471121367, by Julian Walmsley, published by Wiley (January 19, 1998) is available in paperback. Our minimum order quantity is 25 copies. All standard bulk book orders ship FREE in the continental USA and delivered in 4-10 business days.
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