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1、1IntroductiontoDerivativesTheworldoffinancehaschangeddramaticallyinrecentdecades.Electronicprocessing,globalization,andderegulationhavealltransformedmarkets,withmanyofthemostimportantchangesinvolvingderivatives.Thesetoffinancialclaimstradedtodayisquitedifferentthanitwasin1970.Inaddi
2、tiontoordinarystocksandbonds,thereisnowawidearrayofproductscollectivelyreferredtoasfinancialderivatives:futures,options,swaps,creditdefaultswaps,andmanymoreexoticclaims.Derivativessometimesmakeheadlines.Priortothefinancialcrisisin2008,therewereanumberofwell-knownderivatives-relatedl
3、osses:Procter&Gamblelost$150millionin1994,BaringsBanklost$1.3billionin1995,Long-TermCapitalManagementlost$3.5billionin1998,thehedgefundAmaranthlost$6billionin2006,Societ´eG´en´eralelost´=C5billionin2008.Duringthecrisisin2008theFederalReserveloaned$85billiontoAIGinconjunctionwithAI
4、G’slossesoncreditdefaultswaps.Inthewakeofthefinancialcrisis,asignificantportionoftheDodd-FrankWallStreetReformandConsumerProtectionActof2010pertainedtoderivatives.Whatisnotintheheadlinesisthefactthat,mostofthetime,formostcompaniesandmostusers,thesefinancialproductsareausefulandeveryd
5、aypartofbusiness.Justascompaniesroutinelyissuedebtandequity,theyalsoroutinelyuseswapstofixthecostofproductioninputs,futurescontractstohedgeforeignexchangerisk,andoptionstocompensateemployees,tomentionjustafewexamples.Besidestheirwidespreaduse,anotherimportantreasontounderstandderiv
6、ativesisthatthetheoryunderlyingfinancialderivativesprovidesalanguageandasetofanalyticaltechniquesthatisfundamentalforthinkingaboutriskandvaluation.Itisalmostimpossibletodiscussorperformassetmanagement,riskmanagement,creditevaluation,orcapitalbudgetingwithoutsomeunderstandingofderiv
7、ativesandderivativespricing.Thisbookprovidesanintroductiontotheproductsandconceptsunderlyingderiva-tives.Inthisfirstchapter,weintroducesomeimportantconceptsandprovidesomeback-groundtoplacederivativesincontext.Webeginbydefiningaderivative.Wewillthenbrieflyexaminefinancialmarkets,andsee
8、thatderivativesmarketshavebecomei
