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The definitive guide to derivatives markets, updated with contemporary examples and discussions

Known as “the bible” to business and economics instructors and a consistent best-seller in the university and college marketplace, Options, Futures, and Other Derivatives gives students a modern look at derivatives markets. By incorporating the industry’s hottest topics, such as the securitization and credit crisis, author John C. Hull helps bridge the gap between theory and practice. The 10th Edition covers all of the latest regulations and trends, including the Black-Scholes-Merton formulas, overnight indexed swaps, and the valuation of commodity derivatives.

Available with the latest version of DerivaGem software--includes two Microsoft Excel® applications, Options Calculator, Applications Builder, and a Monte Carlo simulation worksheet:The Options Calculator features easy-to-use software to help value a wide range of options.The Applications Builder enables instructors and students to build their own applications, using a variety of Excel functions. Students can explore the properties of numerical procedures and options more effectively, and instructors can design more engaging assignments around custom applications. It also includes a number of sample applications.A Monte Carlo simulation worksheet illustrates how to use the simulation for valuing options.

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Bridges the gap between theory and practice--considered “the bible” of derivatives markets by practitioners, the best-selling college text provides the most up-to-date information on key topics:Regulations for over-the-counter derivativesOvernight indexed swap (OIS) ratesThe Black-Scholes-Merton formulasCredit risk, discount rates, and funding costsPerpetual options and other perpetual derivativesProducts such as DOOM options and CEBOs offered by CME GroupCentral Clearing, margin requirements, and swap execution facilitiesOne-factor equilibrium models of the term structure
Provides a delicate balance of mathematical sophistication--careful attention to mathematical concepts and notation:Expanded numerical examples of key conceptsEnd-of-chapter appendices for non-essential mathematical materialDetailed explanations of concepts likely new to students
Offers a comprehensive understanding of important topics--includes helpful resources for teachers and students:Hundreds of PowerPoint® slides are available for download from allisonbrookephotography.com’s Instructor Resource Center or the author’s website.The Solutions Manual features answers to the “Questions and Problems” at the end of each chapter.The Instructor’s Manual contains solutions to all end-of-chapter exercises, including “Further Questions” sections. The manual also includes test bank questions, relevant Excel worksheets, and notes on course organization and teaching each chapter.Technical Notes elaborate on points made in the text and can be downloaded from the author’s website at www.rotman.utoronto.ca/~hull/TechnicalNotes.UPDATED! Chapter 7 has been rewritten to improve presentation and reflect changing market practices in relation to swaps.NEW! Chapter 9 has been added to cover valuation adjustments, such as CVA, DVA, FVA, MVA, and KVA.NEW! Chapter 31 provides details about equilibrium models of the term structure, which are widely used in long-term scenario analysis.EXPANDED! Negative interest rates are now covered throughout the book to reflect a number of European and Asian markets.EXPANDED! More detailed explanations give a fuller picture of the calculation of Greek letters and smile dynamics.EXPANDED! Discussion of the expected shortfall measure and stressed risk measures has been expanded to reflect their increasing use in regulation and risk management.EXPANDED! Increased coverage of the SABR model gives students a more firm grasp on stochastic volatility.UPDATED! Materials on CCPs and OTC derivative regulation includes the most current information.UPDATED! Examples have been revisited to reflect current market conditions.REVISED! Improved material on martingales and measures, tailing the hedge, bootstrap methods, and convertible bonds helps students better understand important concepts.EXPANDED! End-of-chapter problems have been expanded and revised. ">

The Options Calculator features easy-to-use software to help value a wide range of options.

The Applications Builder enables instructors and students to build their own applications, using a variety of Excel functions. Students can explore the properties of numerical procedures and options more effectively, and instructors can design more engaging assignments around custom applications. It also includes a number of sample applications.

A Monte Carlo simulation worksheet illustrates how to use the simulation for valuing options.


Bridges the gap between theory and practice--considered “the bible” of derivatives markets by practitioners, the best-selling college text provides the most up-to-date information on key topics:

Regulations for over-the-counter derivatives

Overnight indexed swap (OIS) rates

The Black-Scholes-Merton formulas

Credit risk, discount rates, and funding costs

Perpetual options and other perpetual derivatives

Products such as DOOM options and CEBOs offered by CME Group

Central Clearing, margin requirements, and swap execution facilities

One-factor equilibrium models of the term structure


Provides a delicate balance of mathematical sophistication--careful attention to mathematical concepts and notation:

Expanded numerical examples of key concepts

End-of-chapter appendices for non-essential mathematical material

Detailed explanations of concepts likely new to students


Offers a comprehensive understanding of important topics--includes helpful resources for teachers and students:

The Solutions Manual features answers to the “Questions and Problems” at the end of each chapter.

The Instructor’s Manual contains solutions to all end-of-chapter exercises, including “Further Questions” sections. The manual also includes test bank questions, relevant Excel worksheets, and notes on course organization and teaching each chapter.

UPDATED! Chapter 7 has been rewritten to improve presentation and reflect changing market practices in relation to swaps.

NEW! Chapter 9 has been added to cover valuation adjustments, such as CVA, DVA, FVA, MVA, and KVA.

NEW! Chapter 31 provides details about equilibrium models of the term structure, which are widely used in long-term scenario analysis.

EXPANDED! Negative interest rates are now covered throughout the book to reflect a number of European and Asian markets.

EXPANDED! More detailed explanations give a fuller picture of the calculation of Greek letters and smile dynamics.

EXPANDED! Discussion of the expected shortfall measure and stressed risk measures has been expanded to reflect their increasing use in regulation and risk management.

EXPANDED! Increased coverage of the SABR model gives students a more firm grasp on stochastic volatility.

UPDATED! Materials on CCPs and OTC derivative regulation includes the most current information.

UPDATED! Examples have been revisited to reflect current market conditions.

REVISED! Improved material on martingales and measures, tailing the hedge, bootstrap methods, and convertible bonds helps students better understand important concepts.

EXPANDED! End-of-chapter problems have been expanded and revised.


Chapter 7 has been rewritten to improve presentation and reflect changing market practices in relation to swaps.

Chapter 9 has been added to cover valuation adjustments, such as CVA, DVA, FVA, MVA, and KVA.

Chapter 31 provides details about equilibrium models of the term structure, which are widely used in long-term scenario analysis.

Negative interest rates are now covered throughout the book to reflect a number of European and Asian markets.

More detailed explanations give a fuller picture of the calculation of Greek letters and smile dynamics.

Discussion of the expected shortfall measure and stressed risk measures has been expanded to reflect their increasing use in regulation and risk management.

Increased coverage of the SABR model gives students a more firm grasp on stochastic volatility.

Materials on CCPs and OTC derivative regulation includes the most current information.

Examples have been revisited to reflect current market conditions.

Improved material on martingales and measures, tailing the hedge, bootstrap methods, and convertible bonds helps students better understand important concepts.

See more: How To Wrap Candles, And More, How To Wrap Candles For Gifts

End-of-chapter problems have been expanded and revised.


Table of Contents

List of Business Snapshots

List of Technical Notes

Preface

1. Introduction

2. Futures markets and central counterparties

3. Hedging strategies using futures

4. Interest rates

5. Determination of forward and futures prices

6. Interest rate futures

7. Swaps

8. Securitization and the credit crisis of 2007

9. XVAs

10. Mechanics of options markets

11. Properties of stock options

12. Trading strategies involving options

13. Binomial trees

14. Wiener processes and Itô’s lemma

15. The Black—Scholes—Merton model

16. Employee stock options

17. Options on stock indices and currencies

18. Futures options and Black’s model

19. The Greek letters

20. Volatility smiles

21. Basic numerical procedures

22. Value at risk and expected shortfall

23. Estimating volatilities and correlations

24. Credit risk

25. Credit derivatives

26. Exotic options

27. More on models and numerical procedures

28. Martingales and measures

29. Interest rate derivatives: The standard market models

30. Convexity, timing, and quanto adjustments

31. Equilibrium models of the short rate

32. No-arbitrage models of the short rate

33. HJM, LMM, and multiple zero curves

34. Swaps Revisited

35. Energy and commodity derivatives

36. Real options

37. Derivatives mishaps and what we can learn from them

Glossary of terms

DerivaGem software

Major exchanges trading futures and options

Tables for N (x)

Author index

Subject index


Show resources for All Course ResourcesDiscipline ResourcesInstructor ResourcesOther Student ResourcesWebsites and online courses
Instructor's Resource Manual & Test Bank (Download only) for Options, Futures, and Other Derivatives, 10th Edition

Instructor's Resource Manual & Test Bank (Download only) for Options, Futures, and Other Derivatives, 10th Edition Hull ©2018


Instructor's Resource Manual & Test Bank (Download only) for Options, Futures, and Other Derivatives, 10th Edition

Download Download Instructor's Manual (application/zip) (application/zip) (10.6MB)


Download Download Instructor's Manual (application/zip) (application/zip) (10.6MB)


PowerPoint Presentation (Download only) for Options, Futures, and Other Derivatives, 10th Edition

PowerPoint Presentation (Download only) for Options, Futures, and Other Derivatives, 10th Edition Hull ©2018


PowerPoint Presentation (Download only) for Options, Futures, and Other Derivatives, 10th Edition