"A brilliantly conceived and lucidly written exposition of the most
important topic on the frontier of modern finance. This book takes
the mystery out of derivatives. Bravo "--John H. Langbein,
Professor, Yale Law School
"Derivatives for Decision Makers is a first in explaining
derivatives to those who need to understand them. It explains what
derivatives are, how they can be used as risk management tools, and
what managers and decision makers need to know about the subject.
Not only is the technical substance superb, but the form is
accessible to all decision makers."--Afsaneh Mashayekhi Beschloss,
Director, The World Bank Group
"Derivatives for Decision Makers is an excellent resource for
both users and providers of derivative products, regardless of the
reader's level of sophistication. The recent highly publicized
derivatives problems are objectively reviewed by the authors who
contribute important and sensible recommendations to avoid similar
situations in the future."--Dipak K. Rastogi, Executive Vice
President and former Head of Global Derivatives, Citibank, N.
A.
"Derivatives can play a critical role in achieving corporate
financing and investment strategies. Whether you are a novice or a
seasoned practitioner, Crawford and Sen present a superb roadmap
with well-chosen, real-world illustrations. Their vivid insights
make this book a 'must-read' for corporate and pension fund
managers."--Sandra S. Wijnberg, Vice President & Assistant
Treasurer, PepsiCo, Inc.
"Crawford and Sen have done a fine job of making derivatives
comprehensible for managers who need to understand the basic
features and uses of these instruments. This coverage, together
with the book's unique emphasis on senior management's fiduciary
obligations to the firm's shareholders, sets this book apart from
other attempts to make derivatives accessible to senior management.
This book is an important read."--John F. Marshall, Executive
Director, International Association of Financial Engineers and
Professor of Financial Engineering, Polytechnic University
Derivatives are the power tools that enable users to analyze
components of risk and return inherent in an investment or a
business. The popularity of derivative use in the marketplace has
surged in recent years, spurring financial innovation and better
risk management. Yet this popular instrument is double-edged:
derivatives are as risky as they are beneficial. In light of
recent, highly publicized disasters--the Orange County bankruptcy
and the Barings fiasco--it is imperative that business and finance
professionals have a current and basic knowledge of this
complicated and venturesome field.
If you are a shareholder, director, or other decision maker in a
company utilizing derivatives, it is important that you know how to
maximize the benefits of derivatives and minimize the damage that
they can cause. Now, two leading financial experts provide the
solid principles you need to understand and properly use derivative
products and structured financing. Starting upwards from the ground
floor, this straightforward, no-nonsense resource is replete with
tables, graphs, and common examples and common sense, offering
invaluable information on: The three major types of
derivatives-options, futures, and swaps Leverage--what it is, why
it is so important, how it is used to increase returns, and how it
multiplies risk Hedging a stock portfolio and hedging industry risk
with synthetic futures Business risks--core and secondary risks;
which business risks to hedge with derivatives Investment
strategies using derivatives Derivative risks--market, credit,
legal, and systemic Fiduciary duties--the duties of loyalty and
care, exceptions, the prudent investor rule, business judgment,
rule and disclosure requirements Delegating management
functions--selecting, instructing, and monitoring experts
Whether you're a manager, director, attorney, accountant,
corporate executive, or corporate shareholder, this comprehensive
book will prove to be an invaluable guide on utilizing and handling
derivatives wisely, resourcefully, and successfully.
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