Equity Derivatives Applications in Risk Management and Investment

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9781899332168: Equity Derivatives Applications in Risk Management and Investment
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This work tracks the evolution of the reinvention of the equity derivatives market, focusing on the major product and application innovations.

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At first glance, this book looks like it could answer the age-old problem: "How do you pay an executive a huge pile of money without leaving a trace in the income statement?" But, in fact, this compilation of 13 papers covers many topics in equity derivatives, targeting a very wide spectrum of readers, from portfolio managers to derivative traders to quant experts. The articles fall into three main categories: corporate applications, investment and portfolio strategies, and valuation and risk analysis. By far the most useful and relevant articles appear in the corporate applications section, which makes very good reading for corporate users, corporate financiers and structurers within investment banks. It opens with an overview of different structured equity products and the reasons why firms use them. There follows a very well-written article by Girish Reddy and Jim Ziperski on corporate crossholdings that goes way beyond the title of the article to cover more examples of corporate applications. One issue likely to be of particular interest to corporates - employee ownership and stock-related compensation - reviews several schemes and their risk management approach. The highlight of the investment and portfolio strategies section is an article by Ivan Stux, "Prudent uses of derivatives in asset management". This is a well-written basic introduction to various derivatives products that will be particularly enlightening for fund managers with little or no derivatives experience. The remaining articles in this section cover topics such as basic instruments and the rationale for their use by investment managers, equity index products, diversification and an insight into the retail products market. The last section is targeted at quantitative researchers, analysts and very technical traders, and is so mathematical that it will only appeal to a very small audience. Overall, the book does have a few interesting sections. However, by trying to cover topics ranging from the relatively straightforward to in-depth mathematical analysis, it ends up being of use to a limited section of the financial audience. -- Cyril Cannamela - Commerzbank Global Equities

Highly recommended to financial managers and traders as an essential information source on the latest trends in equity financial products. -- Satyajit Das, Finance and Treasury Association

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9781899332113: Equity Derivatives: Applications in Risk Management and Investment

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ISBN 10:  1899332111 ISBN 13:  9781899332113
Publisher: Risk Publications, 1997
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