To maximize the benefits from this book readers are urged to sketch out their own solutions to the questions before consulting mine. Hull bridges the gap between theory and practice by providing a current lookat the industry, a careful balance of mathematical sophistication, and anoutstanding ancillary package that makes it accessible to a wide audience.
Through its Designed to bridge the gap between theory and practice, this introductory text on the futures and options markets is ideal for those with a limited background in mathematics. Packed with numerical examples and accounts of real-life situations, this text effectively guides students through the material while helping them prepare for the working world.
Since the first edition of this book was published in , there have been many developments in the options and derivatives markets. This custom edition is published for the University of Wollongong. It is compiled from the following texts. Pearson Education India, Chennai Hull JC b Student solutions manual for options , futures , and other derivatives global edition , 9th edn. Pearson, London Jacques I Mathematics for economics and business, 9th edn. French, K. Hull, J. Das, S.
It is sometimes hard for me to believe that the first edition of this book, published in , was only pages and 13 chapters long. The book has grown and been adapted to keep up with the fast pace of change in derivatives markets.
Like earlier editions, this book serves several markets. It is appropriate for graduate courses in business, economics, and financial engineering. It can be used on advanced undergraduate courses when students have good quantitative skills.
Many practitioners who are involved in derivatives markets also find the book useful. I am delighted that half the purchasers of the book are analysts, traders, and other professionals who work in derivatives and risk management. One of the key decisions that must be made by an author who is writing in the area of derivatives concerns the use of mathematics.
If the level of mathematical sophistication is too high, the material is likely to be inaccessible to many students and practitioners. If it is too low, some important issues will inevitably be treated in a rather superficial way. I have tried to be particularly careful about the way I use both mathematics and notation in the book. Nonessential mathematical material has been either eliminated or included in end-of-chapter appendices and the technical notes on my website.
Concepts that are likely to be new to many readers have been explained carefully and many numerical examples have been included. Options, Futures, and Other Derivatives can be used for a first course in derivatives or for a more advanced course. There are many different ways it can be used in the classroom.
Instructors teaching a first course in derivatives are likely to want to spend most classroom time on the first half of the book.
Instructors teaching a more advanced course will find that many different combinations of chapters in the second half of the book can be used. I find that the material in Chapter 36 works well at the end of either an introductory or an advanced course.
DerivaGem Software DerivaGem 3. The Options Calculator consists of easy-to-use software for valuing a wide range of options. The Applications Builder consists of a number of Excel functions from which users can build their own applica- tions.
A number of sample applications enabling students to explore the properties of options and use different numerical procedures are included. The Applications Builder software allows more interesting assignments to be designed. Students have access to the code for the functions.
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