Robert C Merton's Books

Continuous-Time Finance

By: Robert C. Merton

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Robert C. Merton's widely-used text provides an overview and synthesis of finance theory from the perspective of continuous-time analysis. It covers individual finance choice, corporate finance, financial intermediation, capital markets, and selected topics on the interface between private and public finance.

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754

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Wiley-Blackwell

Published Date

ISBN 10

0631185089

ISBN 13

9780631185086

Money and Banking

An International Text

By: Robert Eyler

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Money and Banking

An International Text

By: Robert Eyler

This book focuses on the core issues in money and banking providing students with a background in how financial markets work, how banks as businesses function, how central banks make decisions, and how monetary policy affects the global economy.

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253

Publisher

Routledge

Published Date

ISBN 10

1135283036

ISBN 13

9781135283032

The Derivatives Sourcebook

By: Terence Lim,Andrew Wen-Chuan Lo,Robert C. Merton

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The Derivatives Sourcebook

By: Terence Lim,Andrew Wen-Chuan Lo,Robert C. Merton

The Derivatives Sourcebook is a citation study and classification system that organizes the many strands of the derivatives literature and assigns each citation to a category. Over 1800 research articles are collected and organized into a simple web-based searchable database. We have also included the 1997 Nobel lectures of Robert Merton and Myron Scholes as a backdrop to this literature.

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225

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Now Publishers Inc

Published Date

ISBN 10

1933019212

ISBN 13

9781933019215

Introduction to Quantitative Finance

A Math Tool Kit

By: Robert R. Reitano

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Introduction to Quantitative Finance

A Math Tool Kit

By: Robert R. Reitano

An introduction to many mathematical topics applicable to quantitative finance that teaches how to “think in mathematics” rather than simply do mathematics by rote. This text offers an accessible yet rigorous development of many of the fields of mathematics necessary for success in investment and quantitative finance, covering topics applicable to portfolio theory, investment banking, option pricing, investment, and insurance risk management. The approach emphasizes the mathematical framework provided by each mathematical discipline, and the application of each framework to the solution of finance problems. It emphasizes the thought process and mathematical approach taken to develop each result instead of the memorization of formulas to be applied (or misapplied) automatically. The objective is to provide a deep level of understanding of the relevant mathematical theory and tools that can then be effectively used in practice, to teach students how to “think in mathematics” rather than simply to do mathematics by rote. Each chapter covers an area of mathematics such as mathematical logic, Euclidean and other spaces, set theory and topology, sequences and series, probability theory, and calculus, in each case presenting only material that is most important and relevant for quantitative finance. Each chapter includes finance applications that demonstrate the relevance of the material presented. Problem sets are offered on both the mathematical theory and the finance applications sections of each chapter. The logical organization of the book and the judicious selection of topics make the text customizable for a number of courses. The development is self-contained and carefully explained to support disciplined independent study as well. A solutions manual for students provides solutions to the book's Practice Exercises; an instructor's manual offers solutions to the Assignment Exercises as well as other materials.

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747

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MIT Press

Published Date

ISBN 10

0262303981

ISBN 13

9780262303989

Introduction To Derivative Securities, Financial Markets, And Risk Management, An (Third Edition)

By: Robert A Jarrow,Arkadev Chatterjea

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Introduction To Derivative Securities, Financial Markets, And Risk Management, An (Third Edition)

By: Robert A Jarrow,Arkadev Chatterjea

The third edition updates the text in two significant ways. First, it updates the presentation to reflect changes that have occurred in financial markets since the publication of the 2nd edition. One such change is with respect to the over-the-counter interest rate derivatives markets and the abolishment of LIBOR as a reference rate. Second, it updates the theory to reflect new research related to asset price bubbles and the valuation of options. Asset price bubbles are a reality in financial markets and their impact on derivative pricing is essential to understand. This is the only introductory textbook that contains these insights on asset price bubbles and options.

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763

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World Scientific

Published Date

ISBN 10

9811291691

ISBN 13

9789811291692

Irrational Exuberance

Revised and Expanded Third Edition

By: Robert J. Shiller

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Irrational Exuberance

Revised and Expanded Third Edition

By: Robert J. Shiller

Why the irrational exuberance of investors hasn't disappeared since the financial crisis In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets—and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.

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392

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Princeton University Press

Published Date

ISBN 10

0691173125

ISBN 13

9780691173122

Justice Is an Option

A Democratic Theory of Finance for the Twenty-First Century

By: Robert Meister

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Justice Is an Option

A Democratic Theory of Finance for the Twenty-First Century

By: Robert Meister

More than ten years after the worst crisis since the Great Depression, the financial sector is thriving. But something is deeply wrong. Taxpayers bore the burden of bailing out “too big to fail” banks, but got nothing in return. Inequality has soared, and a populist backlash against elites has shaken the foundations of our political order. Meanwhile, financial capitalism seems more entrenched than ever. What is the left to do? Justice Is an Option uses those problems—and the framework of finance that created them—to reimagine historical justice. Robert Meister returns to the spirit of Marx to diagnose our current age of finance. Instead of closing our eyes to the political and economic realities of our era, we need to grapple with them head-on. Meister does just that, asking whether the very tools of finance that have created our vastly unequal world could instead be made to serve justice and equality. Meister here formulates nothing less than a democratic financial theory for the twenty-first century—one that is equally conversant in political philosophy, Marxism, and contemporary politics. Justice Is an Option is a radical, invigorating first page of a new—and sorely needed—leftist playbook.

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305

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University of Chicago Press

Published Date

ISBN 10

022673451X

ISBN 13

9780226734514

An Analysis of C. Wright Mills's The Sociological Imagination

By: Ismael Puga,Robert Easthope

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An Analysis of C. Wright Mills's The Sociological Imagination

By: Ismael Puga,Robert Easthope

C. Wright Mills’s 1959 book The Sociological Imagination is widely regarded as one of the most influential works of post-war sociology. At its heart, the work is a closely reasoned argument about the nature and aims of sociology, one that sets out a manifesto and roadmap for the field. Its wide acceptance and popular reception is a clear demonstration of the rhetorical power of Wright’s strong reasoning skills. In critical thinking, reasoning involves the creation of an argument that is strong, balanced, and, of course, persuasive. In Mills’s case, this core argument makes a case for what he terms the “sociological imagination”, a particular quality of mind capable of analyzing how individual lives fit into, and interact with, social structures. Only by adopting such an approach, Mills argues, can sociologists see the private troubles of individuals as the social issues they really are. Allied to this central argument are supporting arguments for the need for sociology to maintain its independence from corporations and governments, and for social scientists to steer away from ‘high theory’ and focus on the real difficulties of everyday life. Carefully organized, watertight and persuasive, The Sociological Imagination exemplifies reasoned argument at its best.

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CRC Press

Published Date

ISBN 10

1351353454

ISBN 13

9781351353458

Corporate Finance

By: Robert J. Rhee

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Corporate Finance

By: Robert J. Rhee

Corporate Finance provides coverage in a more concrete and problem-based approach than other books on the market. Robert J. Rhee distinguishes this casebook from other fine books in the field in a number of important ways. This book is interdisciplinary in nature, providing essential coverage of the basic concepts of accounting and finance needed for a business lawyer to understand the economics of the transaction. Additionally, the text facilitates ease of learning and teaching, avoiding excerpting technically dense academic writings in finance and economics, which can intimidate students and teachers. It further provides a basic understanding of financial instruments to prepare students for corporate practice, including many examples of actual financial contract terms and other transactional documents taken from various sources. Features: In depth coverage of accounting, finance, valuation, and capital markets in an accessible manner Inclusion of transactional documents and focus on financial contracts Generous use of graphics, tables, and charts to organize and convey complex information Accessibility of materials Business school-style case studies at the end of some chapters

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1451

Publisher

Aspen Publishing

Published Date

ISBN 10

1454877626

ISBN 13

9781454877622

Derivatives

Markets, Valuation, and Risk Management

By: Robert E. Whaley

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Derivatives

Markets, Valuation, and Risk Management

By: Robert E. Whaley

Robert Whaley has more than twenty-five years of experience in the world of finance, and with this book he shares his hard-won knowledge in the field of derivatives with you. Divided into ten information-packed parts, Derivatives shows you how this financial tool can be used in practice to create risk management, valuation, and investment solutions that are appropriate for a variety of market situations.

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962

Publisher

John Wiley & Sons

Published Date

ISBN 10

0470086386

ISBN 13

9780470086384

Profiting from Weekly Options

How to Earn Consistent Income Trading Weekly Option Serials

By: Robert J. Seifert

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Profiting from Weekly Options

How to Earn Consistent Income Trading Weekly Option Serials

By: Robert J. Seifert

Generate consistent income with a smart weekly options strategy Profiting From Weekly Options is a clear, practical guide to earning consistent income from trading options. Rather than confuse readers with complex math formulas, this book concentrates on the process of consistently profiting from weekly option serials by utilizing a series of simple trades. Backed by the author's thirty years of experience as a professional option trader and market maker, these ideas and techniques allow active individual traders and investors to generate regular income while mitigating risk. Readers will learn the fundamental mechanisms that drive weekly options, the market forces that affect them, and the analysis techniques that help them manage trades. Weekly options are structured like conventional monthly options, but they expire each week. Interest has surged since their inception three years ago, and currently accounts for up to thirty percent of total option volume, traded on all major indices as well as high volume stocks and ETFs. This book is a guide to using weekly options efficiently and effectively as income-generating investments, with practical guidance and expert advice on strategy and implementation. Discover the cycles and market dynamics at work Learn essential fundamental and technical analysis techniques Understand the option trading lexicon and lifecycle Gain confidence in managing trades and mitigating risk Weekly options can be integrated with any existing options strategy, but they are particularly conducive to credit spread strategies and short-term trades based on technical patterns. For investors looking for an easy-in/easy-out method of generating consistent income, Profiting From Weekly Options provides the wisdom of experience with practical, actionable advice.

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276

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John Wiley & Sons

Published Date

ISBN 10

1118980581

ISBN 13

9781118980583

Options Explained2

By: Robert Tompkins

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Options Explained2

By: Robert Tompkins

Unlike most books on derivative products, Options Explained 2 is a practical guide, covering theoretical concepts only where they are essential to applying options on a wide variety of assets. Written with the emphasis on a practical, straightforward approach, Options Explained succeeds in demystifying what has traditionally been treated as a highly complex product. The second edition also includes over 100 pages of new material, with sections on exotic options, worldwide accounting practices and issues in volatility estimation.

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603

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Springer

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ISBN 10

1349136360

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9781349136360

Animal Spirits

How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

By: George A. Akerlof,Robert J. Shiller

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Animal Spirits

How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

By: George A. Akerlof,Robert J. Shiller

From acclaimed economists George Akerlof and Robert Shiller, the case for why government is needed to restore confidence in the economy The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government—simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life—such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes—and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits—the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time—unless we are prepared to take further, decisive action.

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261

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Princeton University Press

Published Date

ISBN 10

1400834724

ISBN 13

9781400834723

Transparency, Risk Management and International Financial Fragility

By: Mario Draghi,Francesco Giavazzi,Robert C. Merton

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Transparency, Risk Management and International Financial Fragility

By: Mario Draghi,Francesco Giavazzi,Robert C. Merton

Discussions of the role of derivatives and their risks, as well as discussions of financial risks in general, often fail to distinguish between risks that are taken consciously and ones that are not. To understand the breeding conditions for financial crises, the prime source of concern is not risk per se, but the unintended, or unanticipated accumulation of risks by individuals, institutions or governments including the concealing of risks from stakeholders and overseers of those entities. This report, the fourth in the ICMB/CEPR series of Geneva Reports on the World Economy, analyses specific situations in which significant unanticipated and unintended financial risks can accumulate. The focus is, in particular, on the implicit guarantees that governments extend to banks and other financial institutions, and which may result in the accumulation, often unrecognised from the viewpoint of the government, of unanticipated risks in the balance sheet of the public sector. that a government's exposure to risk arising from a guarantee is non-linear. For instance, in the case of a government which guarantees the liabilities of the banking system, the additional liability transferred onto the government's balance sheet by a 10% shock to the capital of firms is larger the lower that capital is to start with. Recognising this non-linearity in the transmission of risk exposures is essential to the reduction of the accumulation of unanticipated risks on the government's balance sheet. Analyses of recent international financial crises recognise that the implicit guarantees governments extend to banks and corporations create the potential to greatly weaken their balance sheets. exist, rather than on measurement of the exposures they create. This report offers just such a framework for measuring the extent of a government's exposure to risk and how that exposure changes over time. The report also discusses ideas on how risk exposures can be controlled, hedged and transferred through the use of derivatives, swap contracts, and other contractual agreements.

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100

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Centre for Economic Policy Research

Published Date

ISBN 10

1898128685

ISBN 13

9781898128687

Too Much Is Not Enough

Incentives in Executive Compensation

By: Robert W. Kolb

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Too Much Is Not Enough

Incentives in Executive Compensation

By: Robert W. Kolb

The scholarly literature on executive compensation is vast. As such, this literature provides an unparalleled resource for studying the interaction between the setting of incentives (or the attempted setting of incentives) and the behavior that is actually adduced. From this literature, there are several reasons for believing that one can set incentives in executive compensation with a high rate of success in guiding CEO behavior, and one might expect CEO compensation to be a textbook example of the successful use of incentives. Also, as executive compensation has been studied intensively in the academic literature, we might also expect the success of incentive compensation to be well-documented. Historically, however, this has been very far from the case. In Too Much Is Not Enough, Robert W. Kolb studies the performance of incentives in executive compensation across many dimensions of CEO performance. The book begins with an overview of incentives and unintended consequences. Then it focuses on the theory of incentives as applied to compensation generally, and as applied to executive compensation particularly. Subsequent chapters explore different facets of executive compensation and assess the evidence on how well incentive compensation performs in each arena. The book concludes with a final chapter that provides an overall assessment of the value of incentives in guiding executive behavior. In it, Kolb argues that incentive compensation for executives is so problematic and so prone to error that the social value of giving huge incentive compensation packages is likely to be negative on balance. In focusing on incentives, the book provides a much sought-after resource, for while there are a number of books on executive compensation, none focuses specifically on incentives. Given the recent fervor over executive compensation, this unique but logical perspective will garner much interest. And while the literature being considered and evaluated is technical, the book is written in a non-mathematical way accessible to any college-educated reader.

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231

Publisher

Oxford University Press

Published Date

ISBN 10

0199829586

ISBN 13

9780199829583

Financial Regulation in the Global Economy

By: Richard J. Herring,Robert E. Litan

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Financial Regulation in the Global Economy

By: Richard J. Herring,Robert E. Litan

In recent years, the major industrialized nations have developed cooperative procedures for supervising banks, harmonized their standards for bank capital requirements, and initiated cooperative understanding about securities market supervision. This book assesses what further coordination and harmonization in financial regulation will be required in an era of increased globalization. A volume of Brookings' Integrating National Economies Series

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236

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Brookings Institution Press

Published Date

ISBN 10

0815791550

ISBN 13

9780815791553

Financial Derivatives Pricing

Selected Works of Robert Jarrow

By: Robert A. Jarrow

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Financial Derivatives Pricing

Selected Works of Robert Jarrow

By: Robert A. Jarrow

This book is a collection of original papers by Robert Jarrow that contributed to significant advances in financial economics. Divided into three parts, Part I concerns option pricing theory and its foundations. The papers here deal with the famous Black-Scholes-Merton model, characterizations of the American put option, and the first applications of arbitrage pricing theory to market manipulation and liquidity risk.Part II relates to pricing derivatives under stochastic interest rates. Included is the paper introducing the famous Heath?Jarrow?Morton (HJM) model, together with papers on topics like the characterization of the difference between forward and futures prices, the forward price martingale measure, and applications of the HJM model to foreign currencies and commodities.Part III deals with the pricing of financial derivatives considering both stochastic interest rates and the likelihood of default. Papers cover the reduced form credit risk model, in particular the original Jarrow and Turnbull model, the Markov model for credit rating transitions, counterparty risk, and diversifiable default risk.

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609

Publisher

World Scientific

Published Date

ISBN 10

9812819207

ISBN 13

9789812819208

Introduction To Derivative Securities, Financial Markets, And Risk Management, An (Second Edition)

By: Robert A Jarrow,Arkadev Chatterjea

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Introduction To Derivative Securities, Financial Markets, And Risk Management, An (Second Edition)

By: Robert A Jarrow,Arkadev Chatterjea

Written by two of the most distinguished finance scholars in the industry, this introductory textbook on derivatives and risk management is highly accessible in terms of the concepts as well as the mathematics.With its economics perspective, this rewritten and streamlined second edition textbook, is closely connected to real markets, and:Beginning at a level that is comfortable to lower division college students, the book gradually develops the content so that its lessons can be profitably used by business majors, arts, science, and engineering graduates as well as MBAs who would work in the finance industry. Supplementary materials are available to instructors who adopt this textbook for their courses. These include:Solutions Manual with detailed solutions to nearly 500 end-of-chapter questions and problemsPowerPoint slides and a Test Bank for adoptersPRICED! In line with current teaching trends, we have woven spreadsheet applications throughout the text. Our aim is for students to achieve self-sufficiency so that they can generate all the models and graphs in this book via a spreadsheet software, Priced!

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772

Publisher

World Scientific

Published Date

ISBN 10

1944659579

ISBN 13

9781944659578

Building Financial Derivatives Applications with C++

By: Robert Brooks

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Building Financial Derivatives Applications with C++

By: Robert Brooks

Radical developments in financial management, spurred by improvements in computer technology, have created demand for people who can use modern financial techniques combined with computer skills such as C++. Dr. Brooks gives readers the ability to express derivative solutions in an attractive, user-friendly format, and the ability to develop a permanent software package containing them. His book explains in detail how to write C++ source code and at the same time explains derivative valuation problems and methods. Entry level as well as experienced financial professionals have already found that the ability to understand and write C++ code has greatly enhanced their careers. This is an important hands-on training resource for practitioners and a clearly presented textbook for graduate-level students in business and finance. Dr. Brooks combines object-oriented C++ programming with modern derivatives technology and provides numerous examples to illustrate complex derivative applications. He covers C++ within the text and the Borland C++Builder program, on which the book is based, in extensive appendices. His book combines basic C++ coding with fundamental finance problems, illustrates traditional techniques for solving more complicated problems, and develops the reader's ability to express complex mathematical solutions in the object-oriented framework of C++. It also reviews derivative solutions techniques and illustrates them with C++ code, reviews general approaches to valuing interest rate contingent claims, and focuses on practical ways to implement them. The result is a book that trains readers simultaneously in the substance of its field, financial derivatives, and the programming of solutions to problems in it.

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232

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Bloomsbury Publishing USA

Published Date

ISBN 10

0313095175

ISBN 13

9780313095177

When Housing Markets Meet Shadow Banking: Bubbles, Mortgages, Securitization, And Fintech

By: Rose Neng Lai,Robert A Van Order

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When Housing Markets Meet Shadow Banking: Bubbles, Mortgages, Securitization, And Fintech

By: Rose Neng Lai,Robert A Van Order

This book contends that the housing markets and shadow banking have been involved in a kind of 'dance' over the last two decades. It traces this dance to be between the roles of mortgage markets since the 1980s in both the US and China and the developments of securitization and 'shadow banks.' It gives side-by-side comparisons between the two and suggests that house price dynamics have been similar, but also quite different. Both had booms. The US had a bubble that burst around 2007 — after prices became quite high relative to rents and then crashed. However, Chinese housing markets, which had a similar run-up, did not have a burst bubble. Rather, the rising property values appear to have been from space becoming more valuable as reflected in rent growth. In the US, prices chased prices; in China, prices chased rents.Mortgage markets were more complicated, beginning with the securitization in the US, and the rise of shadow banks that both led and followed. The US used shadow banks to hold pieces of securitization deals and funded them with deposit-like debt. These pieces were fragile and their collapse caused 'silent runs,' which were instrumental in the ensuing crash. China's shadow banks were more like traditional intermediaries, unattached to securitization. Their liabilities were mostly not short-term, as was the case with US shadow banks. So, runs were not a problem, but getting the market to work efficiently was.The markets have evolved. And while the music has changed, the dance is not over.

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Page Count

362

Publisher

World Scientific

Published Date

ISBN 10

9811283893

ISBN 13

9789811283895

Book's by Robert C Merton

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