| ISBN | Product | Product | Edition | Cover | Date | Price CHF | Available |
|---|---|---|---|---|---|---|---|
| Understanding Arbitrage | 9780137010028 Understanding Arbitrage |
1 | Softcover | October 2005 | 45.20 |
|
For upper level finance and investment students.
The first brief, intuitive, 'low-math' guide to modern arbitrage and its importance in the practice of finance and investing. This text makes arbitrage understandable to the widest possible audience. It shows how to identify and exploit arbitrage opportunities in securities, commodities, currencies, interest rates, and more. Understanding Arbitrage leverages the author's unsurpassed experience teaching arbitrage to thousands of financial students and practitioners.
The first brief, intuitive, 'low-math' guide to modern arbitrage and its importance in the practice of finance and investing.
Q: "What is the importance of arbitrage to the practice of investing?"
Modern- Arbitrage is central both to corporate risk management and to a wide range of investment strategies. Thousands of financial executives, managers, and sophisticated investors want to understand it, but most books on arbitrage are far too abstract and technical to serve their needs. Billingsley presents arbitrage from a less narrow perspective, preparing readers for practicing modern arbitrage.
Q: "How does your current text cover arbitrage?"
A broad perspective- Most other texts about arbritrage cover material from one narrow perspective. Whether in the context of hedge-funds or portfolio management, other texts not only assume prior knowledge of arbitrage, but rarely cover the broad amount of material that Billingsley depicts. Students will learn how to establish relative prices between underlying stock, puts, calls, and 'riskless' securities like Treasury bills -- and how these techniques support derivatives pricing and hedging.
Q: "How much prior knowledge of arbitrage do your students have?"
Accessible and brief- Billingsley presents the first accessible and realistic guide to the concepts and modern practice of arbitrage. He starts with a lucid introduction to the fundamentals of arbitrage, including the Laws of One Price and One Expected Return. The language is easy to understand and can reach the widest possible audience of investment and finance students.
Q: "What level of math does your current text require of your students?"
Easy- Modern arbitrage relies on institution, not advanced math. Basic algebra is sufficient to understand these concepts and to begin using Billingsley's methods.
Q: "How high-quality are arbitrage examples in your current text?"
Realistic examples- Using realistic examples, he shows how to identify assets and portfolios ripe for exploitation: mispriced commodities, securities, misvalued currencies; interest rate differences; and more. Learn how to establish relative prices between underlying stock, puts, calls, and 'riskless' securities like Treasury bills -- and how these techniques support derivatives pricing and hedging. Billingsley then illuminates options pricing, the heart of modern risk management and financial engineering. He concludes with an accessible introduction to the Nobel-winning Modigliani-Miller theory, and its use in analyzing capital structure.
Preface.
1. Arbitrage, Hedging, and the Law of One Price.
2. Arbitrage in Action.
3. Cost of Carry Pricing.
4. International Arbitrage.
5. Put-Call Parity and Arbitrage.
6. Option Pricing.
7. Arbitrage and the (Ir)Relevance of Capital Structure.
References and Further Reading.
Index.
Arbitrage is central both to corporate risk management and to a wide range of investment strategies. Thousands of financial executives, managers, and sophisticated investors want to understand it, but most books on arbitrage are far too abstract and technical to serve their needs. Billingsley addresses this untapped market with the first accessible and realistic guide to the concepts and modern practice of arbitrage. It relies on intuition, not advanced math: readers will find basic algebra sufficient to understand it and begin using its methods. The author starts with a lucid introduction to the fundamentals of arbitrage, including the Laws of One Price and One Expected Return. Using realistic examples, he shows how to identify assets and portfolios ripe for exploitation: mispriced commodities, securities, misvalued currencies; interest rate differences; and more. You'll learn how to establish relative prices between underlying stock, puts, calls, and 'riskless' securities like Treasury bills -- and how these techniques support derivatives pricing and hedging. Billingsley then illuminates options pricing, the heart of modern risk management and financial engineering. He concludes with an accessible introduction to the Nobel-winning Modigliani-Miller theory, and its use in analyzing capital structure.
Randall S. Billingsley, Ph.D., CFA is a finance professor at Virginia Tech as well as a Chartered Financial Analyst charterholder and holder of the Certified Rate of Return Analyst (CRRA) designation. He consults worldwide, and was
formerly Vice President at the Association for Investment Management and Research (now the CFA Institute). An award-winning teacher at both the undergraduate and graduate levels, he has taught review courses for CFA® charter candidates throughout the U.S. and Europe. His equity valuation case study was assigned in AIMR's Level II of the CFA® Curriculum. Billingsley serves as an expert witness on valuation and investment-related litigation.
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