Download Analysis of Derivatives for the CFA Program by Don M. Chance PDF

By Don M. Chance

Research of Derivatives for the CFA® software introduces scholars and practitioners to a realistic probability administration method of derivatives. The textbook captures present perform and displays what the overall funding practitioner must learn about derivatives. It doesn't easily carry an evidence of assorted derivatives tools and positions yet presents motivation for each derivatives place via explaining what the executive desires to accomplish ahead of addressing the main points of the location.

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Extra resources for Analysis of Derivatives for the CFA Program

Example text

Suppose stock AXE goes to $75. We deliver the stock to settle the obligation on the forward contract and receive $54 for it. We use $52 of the $54 to pay back the loan, leaving a gain of $2. Now suppose AXE goes to $40. We deliver the stock, fulfilling the obligation of the forward contract, and receive $54. Again, we use $52 of the $54 to pay back the loan, leaving a gain of $2. In either case we made $2, free and clear. In fact, we can even accommodate the possibility of more than two future prices for AXE.

It should be apparent that she has no further exposure to the price of the asset. For example, suppose she is long to buy at $40 and short to deliver at $42. Depending on the characteristics of the contract, one of several possibilities could occur at expiration. Everything could go as planned-the party holding the short position of the contract on which she is long at $40 delivers the asset to her, and she pays him $40. She then delivers the asset to the party who is long the contract on which she is short at $42.

But unlike a stock, a bond matures, and a forward contract on a bond must expire prior to the bond's maturity date. In addition, bonds often have many special features such as calls and convertibility. Finally, we should note that unlike a stock, a bond carries the risk of default. A forward contract written on a bond must contain a provision to recognize how default is defined, what it means for the bond to default, and how default would affect the parties to the contract. In addition to forward contracts on individual bonds, there are also forward contracts on portfolios of bonds as well as on bond indices.

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