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Details the characteristics of derivatives, which act as the functional form of speculative capital in financial markets.
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Specualtive Capital & Derivatives: The nature of risk in capital markets In Vol. 2 of his groundbreaking work on speculative capital, Nasser Saber turns his attention to derivatives and their risks.
"Derivatives are the functional form that speculative capital assumes in the market. It is impossible to understand them without knowing what speculative capital is." With that insight, he reveals the true meaning of options for the first time ever, provides a definite interpretation of the law of securities and derivatives by dispelling the existing uncertainties and shows the nature of systems and operations risk in a way bound to change the landscape of modern finance and securities laws.
No other book in contemporary finance and economics takes its readers farther from their starting point or present them with more insightful discoveries. What emerges at the end is an understanding of the nature of risk in financial markets that was never known before.From the Back Cover:
Saber shows that valuation of derivatives presupposes speculative capital; the Black-Scholes option valuation model outside its financial context has no meaning.
What is more, options are not what they seem to be: rights to buy or sell. They are rights to default in a forward. The implications of that discovery for options valuation, risk management, portfolio insurance, hedging and credit risk quantification cannot be over-emphasized.
Next is the uncertainty in the law of securities and derivatives which has bedeviled the practitioners and scholars of law in the US for over half a century, and whose theoretical difficulties are put to rest thanks to Saber's logical development of the meaning of securities and his explanation of how they differ from derivatives.
Finally, there is the question of systems and operations risk, where confusion and arbitrary interpretation have managed to obfuscate the true source of the risk: the attempts of insiders to circumvent the control mechanism of the institutions.
Speculative Capital & derivatives is the continuation of the journey that began in Vol. 1, with the aim of discovering the consequences of the operation of speculative capital. No other book in contemporary finance an economics takes its readers farther from their starting point or presents them with more insightful discoveries. What emerges at the end of this journey is an understanding of the true nature of risk in capital markets that was never known before.
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Book Description Financial Times/Prentice Hall, 1999. Hardcover. Condition: New. book. Seller Inventory # M027364422X
Book Description Financial Times/Prentice Hall, 1999. Hardcover. Condition: New. Never used!. Seller Inventory # P11027364422X