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Structured Equity Derivatives: The Definitive Guide to Exotic Options and Structured Notes Hardcover – September 12, 2001


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Structured Equity Derivatives: The Definitive Guide to Exotic Options and Structured Notes + Handbook of Corporate Equity Derivatives and Equity Capital Markets
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Product Details

  • Hardcover: 392 pages
  • Publisher: Wiley; 1 edition (September 12, 2001)
  • Language: English
  • ISBN-10: 0471486523
  • ISBN-13: 978-0471486527
  • Product Dimensions: 6.7 x 9.6 inches
  • Shipping Weight: 1.7 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Best Sellers Rank: #1,401,461 in Books (See Top 100 in Books)

Editorial Reviews

Review

"...there is no question that many industry participants will learn from and enjoy reading his book." (Risk, March 2002)

From the Inside Flap

Although the pricing and hedging of derivatives contracts has been the subject of a large number of books, hardly any books exist on the actual design of derivatives contracts. Structured Equity Derivatives fills this gap in a remarkable way. The book introduces an approach to the structuring and practical application of derivatives that allows readers to create their own derivatives solutions to an endless variety of problems. The approach is extremely natural -- the only limit is the reader's own creativity.

Since it clearly explains the reasons why derivatives exist and why there is such a large variety, this is the book that should be read before picking up any other book on the pricing and hedging of derivatives. As the book concentrates on product design instead of pricing, there are no complex pricing formulas or numerical procedures. The emphasis is on intuition and common sense rather than complex formal results, which makes the book accessible to people from many different backgrounds.

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Customer Reviews

4.4 out of 5 stars
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I found it extremely insightful and easy to understand.
Babak
These people are probably affraid that their clients will buy this book and find out later that they got ripped of by their ruthless bankers.
Anthony Geoerge
For my postgrad course, I have read a number of books to get an understanding of the world of Derivatives.
Dominic Nys

Most Helpful Customer Reviews

9 of 9 people found the following review helpful By Babak on March 26, 2002
Format: Hardcover
I had to read this book as a requirement for a postgraduate level finance course which I took this year. I found it extremely insightful and easy to understand.
I believe (keeping fingers crossed!) that there are a lot of highly technical books out there for those with several years of experience in structured derivatives and the so called rocket scientists. But what about those who don't fall under this category? Where should those new to this field ( structured derivatives) or students who want to grasp a better understanding of derivatives after reading books such a Hull's , start with? This is exactly where Dr. Kat's book comes to picture, with a claim to offer an through understanding of structured derivatives, nothing more or less.
Reading criticism such as the one from "reader from Seattle" (below) is surprising to me, specially when he says: "I bought this book with high hopes, but I found little knowledge in it that I couldn't get from my own colleagues. And now, where is the value of reading a long book if all your colleagues know it from the word go?" Well, let me tell you something, it's for those who are not surrounded by "colleagues who know it from the word go"! And, there are a lot of us out there.
I bought it with little hopes as a text book for my course, but I found insightful knowledge of derivatives in it, which I couldn't get from a lot of my teachers let alone my colleagues!
I highly recommend it to all those who have had an introductory course on derivatives covering books such as Hull's, and want to progress further.
Suggestion: Check your colleagues first, if they know the subject, drop the book!! : )
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10 of 11 people found the following review helpful By Franco Arda on October 28, 2001
Format: Hardcover
I view and judge this book from a Structured Equity Derivatives Sales point of view. First the chapters:
1) the General Framework
2) Stocks and Market Indices
3) Special Contract Features
4) Index Linked Cash Flows
5) Pricing and Hedging
6) Improving Efficiency
7) Risk Management
8) Reducing the Cost of Buying Options
9) Equity Linked Notes
10) Raising the Participation Rate
11) Market Timing and Non-Bullish Views
12) Digital and Coupon Bearing Notes
13) Equity Linked Savings
First and foremost, this book is unique in the sense that it concentrates on payoff formulas, rather than mathematical formulas. Congratulation! The author has an excellent theoretical AND practical knowledge of the topic. One recognises the later in the phylosophical notes. What I do not understand though, are the chapters 5,6, or 7 to the overall topic. Sorry, but I sometimes had the feeling the products alone could not fill the book (even though including the questioned chapters, the book is still pretty slim). Nevertheless, the authors comments and analysise and many standard products are very well explained and graphically supported. It's 100% a book for the beginner and semi-pro in the world of structuring/selling/using equity derivatives. The pro might miss some new "hot" structures used today (like worst-of constructions or selection mechanism), but then, no book will ever be that up to date...
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6 of 6 people found the following review helpful By Jakub A Bartosik on May 14, 2002
Format: Hardcover
Very good book on structuring of derivaties. Yes, this book is mainly on structuring not pricing and some reviewers seem to forget about that blaiming it on the lack of mind-boggling maths! Good one for someone who is new in the area or read some introductory books as Hull; everything is really decomoposed into easily understandable pieces so that you can understad every possible structure. Strong recommendation for those who want to _really_ understand structuring of derivatives.
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4 of 4 people found the following review helpful By Katerina Tanti on March 31, 2002
Format: Hardcover
I was lucky enough to have studied this book for my Financial Engineering course during my MSc.
Harry Kat manages to present an otherwise complicated topic, by other authors, professionals or professors, as an easy to understand, logical and highly attractive subject. As a result I believe that this book is aimed at students who wish to understand the basics of equity derivatives, or investors who wish to communicate better with their brokers and understand how to add features to their contracts in order to make them more suitable to their interests and wallets.
I strongly recommend this book to anyone who wishes to understand the essence of structured equity derivatives without getting confused and bogged down by unnecessary quants.
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4 of 4 people found the following review helpful By Rodrigo Sanchez Arriola Luna on March 22, 2002
Format: Hardcover
I don't know what the occupation of the reader from Seattle is (Anonymous?), but for students of finance, like myself, who are looking for an easy understanding of how the derivatives industry works and what are the more common products traded on it, beginning with the less complex like calls, puts, followed by more complex derivatives structures and how to hedge the exposure of each of those products with out the use of complex maths, the Structured Equity Derivatives is a well written book that has help me to understand much better the world of the derivatives industry. Actually it has help me much more than other books talking about the same subject but in a different way.
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4 of 4 people found the following review helpful By Dominic Nys on April 27, 2002
Format: Hardcover
For my postgrad course, I have read a number of books to get an understanding of the world of Derivatives. Books from Hull and Natzenberg are a good introduction, but when it comes to the use of derivatives I find them rather poor. This book from Dr.Kat has done it, it gives a look into the kitchen of the derivative structurer. It is written in a pleasant way, without number cunching and extreme mathimatical equitations. It gives and UNDERSTANDING and that is what makes this book so unique.
Well done Dr. Kat with this masterpiece!!!!!!!!!!!!!!
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