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Futures, Options, and Swaps [Hardcover]

Robert Kolb , James A. Overdahl
3.8 out of 5 stars  See all reviews (14 customer reviews)

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Book Description

February 27, 2007 1405150491 978-1405150491 5
A new and updated edition of the most readable, comprehensive text available on derivatives markets.

  • Utilizes an even more applied approach than previous editions
  • Provides an excellent balance between introductory and advanced topics
  • Extensively updated to incorporate and explicate development in the field including the areas of electronic trading platforms, globalization of markets, hedge funds, financial scandals involving derivatives, and government regulation
  • Revised to include over 50 text boxes with applied vignettes on topical issues, product profiles, and historical anecdotes

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Futures, Options, and Swaps + Essentials of Strategic Management (5th Edition)
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Editorial Reviews


“This is a revision of an already excellent textbook that has a very clear way of explaining the often difficult concepts that the student needs to understand in this very technical subject area. What I particularly like is the careful way the text builds up the material in a simple style without skipping any steps. This incremental approach makes it a very useful teaching resource. The book clearly knows what it is trying to do and makes no assumption about the knowledge level of the reader. I also like the way material is presented through the use of concrete examples.”
Peter Moles, University of Edinburgh<!--end-->

Book Description

Widely regarded as the most comprehensive and most accessible text on derivatives markets, the 5th edition of Futures, Options, and Swaps now features an even more applied perspective than previous editions. Renowned for providing an excellent balance between introductory and advanced topics, this extenstively updated text addresses changes in the always-developing field of derivatives including areas such as electronic exchanges, exotic options, predictive markets, hedge funds, corporate abuse and government regulation.

Product Details

  • Hardcover: 840 pages
  • Publisher: Wiley-Blackwell; 5 edition (February 27, 2007)
  • Language: English
  • ISBN-10: 1405150491
  • ISBN-13: 978-1405150491
  • Product Dimensions: 1.7 x 7.8 x 9.9 inches
  • Shipping Weight: 3.5 pounds (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Best Sellers Rank: #675,839 in Books (See Top 100 in Books)

More About the Author

Robert W. Kolb

Kolb holds two Ph.D.s from the University of North Carolina at Chapel Hill (philosophy 1974, finance 1978) and has been a finance professor at the University of Florida, Emory University, the University of Miami, the University of Colorado, and currently at Loyola University Chicago, where he holds the Considine Chair of Applied Ethics.

Kolb's recent writings include Understanding Futures Markets 6e, and Futures, Options, and Swaps 5e, co-authored with James A. Overdahl. Edited volumes include The Ethics of Executive Compensation, The Ethics of Genetic Commerce, Corporate Retirement Security: Social and Ethical Issues, Corporate Boards: Managers of Risk, Sources of Risk, and the Encyclopedia of Business Ethics and Society, a five-volume 1.5 million word work. Bob recently published Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. Current projects include: Employee Stock Options: Financial, Social, and Ethical Issues and The Financial Crisis of Our Time, forthcoming from John Wiley & Sons, Inc. and Oxford University Press, respectively.

Bob also is the sponsoring editor for the Robert W. Kolb Series in Finance:

Also, visit Bob's web pages:

Academic and professional:


Customer Reviews

3.8 out of 5 stars
3.8 out of 5 stars
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Most Helpful Customer Reviews
34 of 35 people found the following review helpful
4.0 out of 5 stars Much better than many realize September 19, 2005
Let's face it: the big Kahuna in this space is Hull's 6th Edition of "Options, Futures, and Other Derivatives" (I actually prefer the 5th Edition), which is frequently referred to as "The Bible" by financial quants. Paul Wilmott's two volume "Quantitative Finance" also has a solid following, in addition to growing appreciation for Mark Joshi's "The Concepts and Practice of Mathematical Finance." Robert Kolb's "Futures, Options, and Swaps" therefore is often confined to an "also-ran" and treated as unserious because of its inclusion in the CFA curriculum. This is unfair, and for most undergraduate and MBA students who are not destined for derivatives dealing desks, and even many who are, Kolb is the better volume.

Critics of Hull frequently cite that he is dry and technical to the point of somnolence. For Wilmott the opposite is the case. Critics hold his tone is flippant and that he glosses over major dimensions. My own view is these harsh reactions to these fine authors are exaggerations, but do have some evidence to support their expression. This, as a professor, leads me to the conclusion that for many students the author's tone is a major factor in their successful engagement with a fundamental teaching text.

This leads me to Kolb's excellent works. Many undergraduate and some MBA students of derivatives use "Hull lite" ("Fundamentals of Futures and Options Markets"), but I encourage the wider adoption and use of Kolb's "Futures, Options, and Swaps." Kolb is superior to Hull for tone, accessibility, lucidity, and utility. Where Hull reaches for a completist coverage of obscure pricing models, Kolb's coverage is instead complete in a practical sense, while not abandoning treatment of less well-known options and their pricing models.
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29 of 31 people found the following review helpful
By jvdi
This is the only non-AIMR text that is required reading for all three CFA exams. I feel the Dr. Kolb's strength is laying out the basic tenents of finance for the layman. He also includes advanced formulas in the latter part of the book if you want to get deeper.Certain other authors of finance and accounting texts seem more interested in impressing their readers with their acumen in the field. In this book you don't have to read a paragraph 3 times to get the basic gist of what he is trying to say. It is very plain and straightforward. If only more academics would write in this manner. My main problem with this book is I found it so interesting I wandered off the required reading sections for the CFA test too much.
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15 of 16 people found the following review helpful
5.0 out of 5 stars Comprehensive book on Derivatives April 12, 2000
Got many books on derivatives, but Kolb's is my favourite one. He covers the topic in a slightly less quantitative way than Hull does and goes straight to all the different derivatives while avoiding any further explanations like Ito's Lemma etc. I especially liked the part on swaps with many examples like flavoured swaps or equity swaps. Nevertheless, if you're looking for a good software, than I would recommend The Complete Guide to Option Pricing Formulas (build on Excel VBA).
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32 of 41 people found the following review helpful
4.0 out of 5 stars Expensive Books October 28, 1999
By A Customer
This and four other books required for the CFA level I exam are priced a lot more than that offered by the AIMR
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21 of 27 people found the following review helpful
1.0 out of 5 stars I bought it becasue I had to.... June 20, 2001
By A Customer
Many of us ended up with this book on the shelf because it was recommended by the AIMR for the CFA course. This book was so badly edited that it was distracting - figures in tables not matching figures in the text, some calculations just plain wrong, and everything covered at a very superficial level. This had the potential to bridge the gap between a Hull-type presentation and an undergrad-type. Sadly, this book really disappoints.
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9 of 11 people found the following review helpful
2.0 out of 5 stars ... October 15, 1998
By A Customer
Some of the mistakes in the book, especially vis-a-vis swaps and swap options make parts of the book virtually useless. This is supposed to be a text book written by an authority in the field, how do basic mistakes in logic and nomenclature make it through the editing process?
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2 of 2 people found the following review helpful
5.0 out of 5 stars Great book even for those not familiar with Derivatives December 2, 2009
Format:Hardcover|Verified Purchase
I found this book very useful, easy to read, and easy to navigate when trying to quickly find how to structure hedges or trades. I was also lucky enough to have one of the authors as my professor. Though I highly recommend previous coursework in Derivatives, this book will also introduce basic fundamentals of Derivatives.
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Most Recent Customer Reviews
1.0 out of 5 stars Dull
The content is so dull and the layout makes reading it even duller. The chapters are too long as well.
Published 5 months ago by SherryS
5.0 out of 5 stars An superb guide
Used this text for a course to fulfill a requirement for the MBA.

This book is very exhaustive and the review K. Read more
Published 7 months ago by J. Ilog
5.0 out of 5 stars The Book was missing an IBM compatible program called OPTION! Please...
The book is excellent

It was supposed to come with an IBM-PC compatible program called OPTION! But the program did NOT accompany the book. Read more
Published 9 months ago by Eric Salat
3.0 out of 5 stars Shipping took over two weeks
They sent e-mails letting me know that the book had been shipped, and another email saying that my satisfaction was #1 priority. Read more
Published on September 27, 2010 by SimCaste
4.0 out of 5 stars Good Coverage of Several Types of Financial Derivatives
"Futures, Options and Swaps" offers good coverage of several major types of financial derivatives (futures, options and swaps). Read more
Published on December 12, 2007 by K. Scott Proctor
4.0 out of 5 stars This book delivers on its title
After studying this book, you will know the technical intricacies of futures, options, and swaps. It has also excellent definitions of all the "Greek" risk measures... Read more
Published on May 28, 2003 by Gaetan Lion
5.0 out of 5 stars Best college textbook in finance
In my opinion, every finance practitioner and every finance professor should have a copy of this book. Read more
Published on February 13, 1999
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