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Download PDF Merton Miller on Derivatives

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Published on: 2008-05-02
Released on: 2008-05-02
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A rare opportunity to go one-on-one with an industry giant and one of today's most respected financial thinkers, Merton Miller on Derivatives is a refreshingly accessible overview of derivatives, the revolution they have wrought, and the disasters they've supposedly caused. Though routinely assailed by regulators and the media, derivatives are hailed by a celebrated group of practitioners, analysts, and theorists, led most notably by Nobel laureate Merton Miller. Miller is legendary for repeatedly demonstrating-often with humor and always 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 a number of critical derivatives issues. Is it a problem that some organizations have lost substantial sums on derivatives Miller's short answer: Some organizations will always find ways to lose money. Nor does he believe that more government regulation is the answer. He notes, for example, that for all the horror stories about derivatives, the world's banks have lost vastly more in bad real estate deals than they'll ever lose on their derivatives portfolios. Merton Miller on Derivatives offers twenty-two provocative chapters. A sampling: "The Recent Derivatives 'Disasters': Assessing the Damage" takes a close look at such debacles as Procter Gamble, Orange County, and Barings Bank. "Financial Regulation: The Inside Game" uses an apt sports analogy to show how the derivatives regulatory game is really played, as opposed to the way outsiders imagine it is played. "Japanese-American Trade Relations: Can Rambo Beat Godzilla" succinctly sums up the nature of Japanese-American trade. And "Risk and Return on Futures Contracts: A Chicago View" highlights the pivotal role derivatives play in hedging risk. There are also penetrating pieces on corporate governance that compare the system existing in the United States and England with the one existing in Germany and Japan. To complete the collection, a section called "Questions I'm Often Asked" features Miller's unique perspective on a wide range of topics, from what's ahead for China to what we've learned from the Crash of 1987. Contrary to widely held perceptions, the so-called "derivatives revolution" has made the world safer, not more dangerous. This explains the phenomenal growth of financial futures. As Miller shows, derivatives enable organizations to deal effectively with risks 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, he provides a simple, insightful, and witty analysis of an important and complex topic. This book is truly fun to read." -Kenneth R. French Beinecke Professor of Management Studies and Finance Yale University School of Management. "Some of us trade markets; others of us observe markets; Merton Miller understands markets. As this volume demonstrates, Professor Miller 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 communicated ideas, not only on derivatives, but on a wide range of topics in financial markets. This is no ponderous academic tome, but rather a series of entertaining, yet devastatingly analytical essays on controversial issues in finance. Great reading and great analysis." -Hans R. Stoll Walker Professor of Finance and Director of the Financial 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 Top 7 Best Books on Derivatives WallStreetMojo Book Review. This best derivatives book is a collection of essays on derivatives by Nobel laureate Merton Miller which address a number of critical issues related to ... Merton Miller - Wikipedia Merton Howard Miller (May 16 1923 June 3 2000) was an American economist and the co-author of the ModiglianiMiller theorem (1958) which proposed the ... InvestorWords.com: Terms starting with M InvestorWords - The Most Comprehensive Investing Glossary on the Web! Over 18000 financial and investing definitions with links between related terms. Financial innovation - Wikipedia There are several interpretations of the phrase financial innovation. In general it refers to the creating and marketing of new types of securities. The Journal of Portfolio Management: Home Frank J. Fabozzi Editor The Journal of Portfolio Management. Upon Receiving the 2015 James R. Vertin Award. Frank Fabozzi discusses his career and background ... Why do firms hedge 20061128 - Stockholm School of Economics WHY DO RISK NEUTRAL FIRMS HEDGE? A REVIEW OF THE LITERATURE Emanuel Viklund Jacob Zachrison Major in Finance Major in Accounting Stockholm School of Economics ... Structured Finance Books by Janet Tavakoli Janet Tavakoli's groundbreaking structured finance books: credit derivatives collateralized debt obligations global systemic risk and more. Futures and Options Markets: The Concise Encyclopedia of ... Miller Merton H. Financial Innovations and Market Volatility. Cambridge Mass.: Basil Blackwell 1991. AUSTRALIA - 'STRANGE' AND DERIVATIVES All from Belinda (belilindt(at)gmail(dot)com) Western Australia unless otherwise stated. 1. STRANGE - Convicts to Australia Below are the names of 6 STRANGE ... Robert C. Merton - Biographical - Nobel Prize Robert C. Merton - Biographical. I was born in New York New York on July 31 1944 the middle child between two sisters Stephanie and Vanessa.
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