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Options, Futures and Other Derivatives (6th Edition) (精装)
by John C. Hull
| Category:
Investment, Finance, Textbooks |
| Market price: ¥ 1568.00
MSL price:
¥ 1498.00
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
Very well written, clear, and pretty easy to understand, this text is the Bible of options and futures markets. |
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AllReviews |
1 2   | Total 2 pages 13 items |
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A reader (MSL quote), USA
<2006-12-29 00:00>
There is a reason that this text has been in print for so many years - in my view it is the Samuelson of the financial world because there is no other work that presents such a cogent as well as comprehensive introduction to the mechanics of derivatives securities. As a person involved in dealing with these monsters on a daily basis, Hull lives on my desk and has been a constant source of reference. It is also widely used by others in the industry. If Wiener Processes and Ito's Lemma are part of your life, this book is the one to get! PS... the solutions manual is a very useful companion if you want to get full value out of the book, but I have always thought it unfair of textbook publishers to print separate solutions texts when the main work is so expensive in the first place. Is it so hard or costly to tack on 50 extra pages, or it the old story of the monopolist extracting his due? |
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A reader (MSL quote), USA
<2006-12-29 00:00>
Hull's text is the definitive text on futures and options. The book provides the basis for understanding the underlying principles for valuing derivatives instruments. Since the text is academic and theoretical in nature, the book is geared towards graduate business school students and Wall Street professionals (and maybe only those working on trading/research desks). For the day-trading crowd, you will not find any specific discussions about trading strategies that make money. Instead, you will be enriched with a fundamental understanding of derivatives pricing - from there you can try to earn your riches. |
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A reader (MSL quote), USA
<2006-12-29 00:00>
John Hull manages to give a useful overview of all of the major derivatives products. He gives methods of valuation that are easy to understand. The first step to understanding is to get the correct terminology and breadth. Critics might say he doesn't give the most technical valuation techniques. That's not the point of a work like this. This is a reference which promotes illumination and allows one to integrate knowledge in the entire field. Detailed pricing models for each of these products and sophisticated yield curve building methods require additional study and separate debate. No one said it wasn't work, but this gives the dedicated professional the best cognitive guide book in the field. The coverage of credit derivatives is light, however. In addition to this book, I also highly recommend Tavakoli's Credit Derivatives & Synthetic Structures. |
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A reader (MSL quote), USA
<2006-12-29 00:00>
I have read most of the books on derivatives and mathematical finance. I have also read the most important papers on the subject, and no book covers the subject so extensively and so carefully. The difficult math is explained by Hull in a brilliantly intuitive way, without sacrificing the mathematical rigor. He explains succinctly and accurately the heart of the most advanced papers in the subject, in unpretentious terms, and always with the reader in mind (unlike most of the other academics' attempt at writing a book.) Having studied the subject in depth, from a practical and a theoretical point of view, I can say, without reservation, that (up to 1996) this book is all you need to learn about the subject. In fact, I dare say that if you read the book cover to cover you will be an expert in the subject. I read the second version, and some of the most recent topics (like Value at Risk) are not treated in it, but it is my understanding that the third edition includes all of these newer developments. If they are explained as all the other subjects in the 2nd edition, then they should be the best explanations around. Excellent book for novices in the subject, excellent reference book for experts, great mathematical education for finance people, and great financial exposition for mathematicians. (From a mathematical point of view, the only details missing are the mathematical foundations of risk-neutral valuation, i.e. Girsanov's theorem) This book should be read (and more importantly CAN be read) by any financial officer, county treasurer (is Orange County listening?), trader, regulator investor and banker. I also recommend this book to unemployed mathematicians, physicists, and engineers. The starting salary for these quantitative disciplines goes up by $30,000 a year after reading that book.
John Hull's options book is regarded very highly in the field and is often quoted as a standard text for this subject in both undergraduate and graduate level courses. It strikes a good balance between the mathematical theory of option pricing and the details of the markets, though it does not say much about the practical side of options trading. It is, however, an introductory text. It does not dwell on the theory, and leaves many of the results underived. His section on numerical methods for solving complex option pricing problems is very good, though there are better (such as Wilmott's book).
Besides Introduction to the Mathematics of Financial Derivatives (Hardcover) by Salih N. Neftci, other important references include Credit Derivatives & Synthetic Structures: A Guide to Instruments and Applications, 2nd Edition (Hardcover) by Janet M. Tavakoli and Paul Wilmott Introduces Quantitative Finance (Paperback) by Paul Wilmott, Modeling Derivatives in C++ (Wiley Finance) (Paperback) by Justin London.
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Sunanda Dutta (MSL quote), USA
<2006-12-29 00:00>
The book has its merits - it is comprehensive, has all the right materials, and also the derivations of all the complicated formulae. However, the manner in which the material is presented can only be described as unimaginative. There is a constant stream of cross-references through- out the book, which will leave the reader feeling frustrated.
The book goes forward in fits and starts and there is a distinct lack of cohesion in the treatise. Also, the book assumes that the reader is not mathematically sophisticated, but uses shortcuts and jumps computational steps regularly, which adds to the students' woes. The description of the different types of options is pleasant to read, and so also is the chapter on value at risk, but the rest of the book leaves the students confused. To read this book, the reader should be adept in using standard mathematical tools like arithmetic and algebra and also be somewhat proficient in probability. However, this book is great for practitioners. I have simulated all sorts of options scenarios, from simple Black-Scholes model, to the AMM approach, barrier options and multinomial models. For each of these models I found direct or indirect help from the Hull book. For beginners, I would recommend the book by Jarrow and Turnbull and advise them to keep this book as a reference for the future |
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Kevin Wang (MSL quote), USA
<2006-12-29 00:00>
This is a great manual for market practitioners. It does not use detailed math, does not go into issues of corporate finance. But it is very easy to follow and it is "complete". More than that, the book is to the point and very clear. Market professionals will find the examples spread around the book very useful for their daily work. The surprising new book by Nefci which I just got, but did not have time to study in detail, seems to provide all the missing links.
I had used an earlier edition of Hull, and it appears that John Hull adds all the relevant material needed for market finance with each new edition. In fact I have purchased several books on Mathematical Finance and Derivatives but few of them remain on my desk for future consultation.
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Craig Matteson (MSL quote), USA
<2006-12-29 00:00>
I am a huge fan of this book. The fourth edition was the single most influential text in my study for my MBA. It opened new kinds of thinking for me and helped me understand the intuitions and they methods for valuing the various kinds of derivatives. While the language is not simple, it is not arcane. Some complain that the mathematics are not rigorous. So what? There are such books on the market and are suitable for those that want them. This is the standard book for thousands of MBAs who need a solid foundation, but do not need to be able to higher math to understand how a binomial tree works or to even create one my hand. Certainly, it is helpful to understand the math as deeply as you can. However, the reality is that most of the time practitioners use pre-made tools to run their Monte Carlo simulations rather than programming from scratch.
There are several new chapters on very helpful and interesting topics (using futures for hedging, numerical procedures, swaps, credit risk, real options, insurance, derivative crises, and more). Some of this is new and some adapted from previous editions. Other material has been rewritten and clarified.
DerivaGem 1.5 is included with the book, but a URL is provided to get the latest version from Prof. Hull's website.
This is a terrific book and I consider it one of the most valuable on my shelf of business texts. It is one I would never want to be without and one of the few I am willing to keep up with the new editions. While no book is perfect for every use in every situation, this is one of the great foundation texts. |
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Frank Rayal (MSL quote), Canada
<2006-12-29 00:00>
This is the bible of options and futures markets. It is very well written, clear, and relatively easy to understand. However, you have to read it carefully as it minces its words. Every sentence is packed with information and is important. You may find `easier' books, but they will not go the distance. So, save your money and get the best of them all. Risk Magazine lists this book as #4 among most widely cited papers/books between 1988 and 2003. No surprise there! |
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Luo Yin (MSL quote), Canada
<2006-12-29 00:00>
I took Prof. Hull's Advanced Risk Management class a few years ago with lecture notes. I also have the previous edition of this book, but I still bought this one. It took me three days to read the book cover-to-cover, and I have to say I still enjoy reading it very much. Assuming minimum math background (basic calculus and prob theory), Prof. Hull introduced the world of derivatives, pricing, risk mgmt in plain English. By far, it's still the best introductory level book on derivatives, with balanced treatment of pde and risk-neutral valuation (not like Wilmott's book - almost 100% pde and ignoring risk-neutral altogether). For a bit more advanced reading, Neftci's Intro to Math of Derivatives is a good one. However, to have a complete picture of derivatives pricing, stochastic calculus (at the level of Karatzas & Shreve' Brownian Motion and Stochastic Calculus) is a must, which will instead need a fair exposure to real analysis, measure-theory level prob theory, and ode/pde. For readers who want some knowledge of derivatives but don't want to be quant, Hull's book pretty much tells you everything you ever want to know about derivatives. |
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A reader (MSL quote), USA
<2006-12-29 00:00>
This book is a solid introduction to pricing derivatives and explains in lucid detail all the techniques you need to get up and running with numerical valuation. It is aimed, I would say, at advanced MBA students and practitioners on the job already. That is to say, Hull doesn't spend too much time on theory (for instance, his explanation of HJM summarizes several of their papers and a number of preludes into a few paragraphs).
I would also say that the more theory-oriented reader would benefit from reading Hull. It provides a fresh picture, distinct from the essential theoretical foundations of Merton, Duffie, Campbell, and Cochrane. Thus, to learn CAPM, state prices, or portfolio choice, look elsewhere; to learn how to price derivatives in practice, this is your best bet.
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