If you’ve ever wanted to find a better way to save for the future, pay for unexpected expenses, or perhaps supplement your existing income, Stock Market Investing & Options Trading 2020 is the perfect guide to help you get started and guide you down the path to financial success.Inside, you will find everything you need to know to jump into these industries and to get your finances on the right track.This comprehensive beginner’s guide offers the fundamentals and builds upon them to help you find your way and make smart money decisions.While there is no guaranteed path to success, there are guides like this that provide the information and tools you need to understand these dynamic industries and to dip your proverbial toe in the water, so that you too can reap the benefits of wise financial decisions.Discover:The basic terms and definitionsOptions to achieve the success you desireProven success strategiesThe how’s, why’s, and where’s of stock market investing and options tradingAnd anything and everything in between!To get your questions answered or to help you shape how you’ll create a passive income stream, do yourself a favor and pick up a copy of this two-in-one financial bundle today! 1. Language: English. Narrator: Peter Prova. Audio sample: http://samples.audible.de/bk/acx0/188628/bk_acx0_188628_sample.mp3. Digital audiobook in aax.
Real exchange rate is usually used as a measure of export competitiveness of a country. This study mainly focuses on examining whether Ethiopia's exports are determined by movements in real exchange rate. To scrutinize this issue, the aggregate export and the exports of two main subsectors, namely, coffee and oilseeds are taken into consideration using bilateral exports to seventeen major trading partners over the period 2000-2009. Accordingly, a dynamic panel data gravity model that takes into account the persistent nature of trade is estimated using the system GMM estimator. Both the current and one year lagged real exchange rates are included, where the latter is intended to account for the sluggish adjustment of trade to changes in relative prices. The results of the study show that neither lagged nor does current real exchange rate exert significant effect on the bilateral exports of the country. Diversifying exports from traditional primary commodities to nontraditional price elastic export items, expanding exports destinations and giving due attention to the quality of exports may be reasonable options to gain competitiveness in international market.
This book is dedicated to examining Exchange-Traded Funds (ETFs) market in the Asia-Pacific region between 2004 and 2017. It offers a broad examination of the attributes and development of the ETF markets. The book presents a new approach to ETF markets modeling that uses innovation diffusion model. In addition, it explores the empirical links between ETFs and Information and Communication Technologies (ICTs). The book also compares ETFs and competing investment options. This book should appeal to both academics and practitioners as it includes detailed descriptions of the ETF markets and prepared projections regarding their future development. As the Asia-Pacific region plays a significant role in the global economy, this book should be useful for international readers beyond this area.The Emergence of ETFs in Asia-Pacific begins with an overview of the Asia-Pacific economies, focusing on their importance for the global economy and their features. Next, the book introduces an analytical framework. It explains major features of ETFs (such as their creation, distribution, and trading) and key categories, which facilitates profound understanding of the book merit even for readers with little knowledge about ETFs. The following chapter explores the role of ICTs in economy and society identifying channels of their impact on financial markets. It discusses how ICTs foster dynamic spread of financial innovations (including ETFs) across financial markets. Next, the book examines the ETF market's development in different countries in the Asia-Pacific region, by analyzing their level of development in terms of turnover. In this part it also provides brief characteristics of all markets, including their structures and categories of ETFs in various countries. Consecutive part of the book is dedicated to reports on the process of ICTs growing penetration across Asia-Pacific countries, showing the changes observed during recent years. It then continues the empirical analysis of the ETF markets in the Asia-Pacific region by attempting to trace the links between the development of ETF markets and ICT penetration during the period 2004-2017. As complementary material, a methodological annex is included showing major analytical techniques used throughout the research.
Supercharge options analytics and hedging using the power of PythonDerivatives Analytics with Python shows you how to implement market-consistent valuation and hedging approaches using advanced financial models, efficient numerical techniques, and the powerful capabilities of the Python programming language. This unique guide offers detailed explanations of all theory, methods, and processes, giving you the background and tools necessary to value stock index options from a sound foundation. You'll find and use self-contained Python scripts and modules and learn how to apply Python to advanced data and derivatives analytics as you benefit from the 5,000+ lines of code that are provided to help you reproduce the results and graphics presented. Coverage includes market data analysis, risk-neutral valuation, Monte Carlo simulation, model calibration, valuation, and dynamic hedging, with models that exhibit stochastic volatility, jump components, stochastic short rates, and more. The companion website features all code and IPython Notebooks for immediate execution and automation.Python is gaining ground in the derivatives analytics space, allowing institutions to quickly and efficiently deliver portfolio, trading, and risk management results. This book is the finance professional's guide to exploiting Python's capabilities for efficient and performing derivatives analytics.* Reproduce major stylized facts of equity and options markets yourself* Apply Fourier transform techniques and advanced Monte Carlo pricing* Calibrate advanced option pricing models to market data* Integrate advanced models and numeric methods to dynamically hedge optionsRecent developments in the Python ecosystem enable analysts to implement analytics tasks as performing as with C or C++, but using only about one-tenth of the code or even less. Derivatives Analytics with Python -- Data Analysis, Models, Simulation, Calibration and Hedging shows you what you need to know to supercharge your derivatives and risk analytics efforts.
Dynamic Hedging is the definitive source on derivatives risk. It provides a real-world methodology for managing portfolios containing any nonlinear security. It presents risks from the vantage point of the option market maker and arbitrage operator. The only book about derivatives risk written by an experienced trader with theoretical training, it remolds option theory to fit the practitioner s environment. As a larger share of market exposure cannot be properly captured by mathematical models, noted option arbitrageur Nassim Taleb uniquely covers both on-model and off-model derivatives risks. The author discusses, in plain English, vital issues, including: The generalized option, which encompasses all instruments with convex payoff, including a trader s potential bonus. The techniques for trading exotic options, including binary, barrier, multiasset, and Asian options, as well as methods to take into account the wrinkles of actual, non-bellshaped distributions. Market dynamics viewed from the practitioner s vantage point, including liquidity holes, portfolio insurance, squeezes, fat tails, volatility surface, GARCH, curve evolution, static option replication, correlation instability, Pareto-Levy, regime shifts, autocorrelation of price changes, and the severe flaws in the value at risk method. New tools to detect risks, such as higher moment analysis, topography exposure, and nonparametric techniques. The path dependence of all options hedged dynamically. Dynamic Hedging is replete with helpful tools, market anecdotes, at-a-glance risk management rules distilling years of market lore, and important definitions. The book contains modules in which the fundamental mathematics of derivatives, such as the Brownian motion, Ito s lemma, the numeraire paradox, the Girsanov change of measure, and the Feynman-Kac solution are presented in intuitive practitioner s language. Dynamic Hedging is an indispensable and definitive reference for market makers, academics, finance students, risk managers, and regulators. The definitive book on options trading and risk management 'If pricing is a science and hedging is an art, Taleb is a virtuoso.' -Bruno Dupire, Head of Swaps and Options Research, Paribas Capital Markets 'This is not merely the best book on how options trade, it is the only book.' -Stan Jonas, Managing Director, FIMAT-Society GARCH 'Dynamic Hedging bridges the gap between what the best traders know and what the best scholars can prove.' -William Margrabe, President, The William Margrabe Group, Inc. 'The most comprehensive, insightful, intuitive work on the subject. It is instrumental for both beginning and experienced traders.'- 'A tour de force. That rare find, a book of great practical and theoretical value. Taleb successfully bridges the gap between the academic and the real world. Interesting, provocative, well written. Each chapter worth a fortune to any current or prospective derivatives trader.'-Victor Niederhoffer, Chairman, Niederhoffer Investments
Praise for THE FOREX OPTIONS COURSE The Forex Options Course is a practical, hands-on guide to understanding and trading forex options. Designed to build a trader's knowledge base in a step-by-step manner, this reliable resource moves from the straightforward to the more sophisticated with discussions of everything from basic plain vanilla calls and puts to intriguing first-generation exotic binary options. Organized as a self-paced guide, The Forex Options Course: * Lays out the key elements of forex options-from how option premiums are impacted by volatility to the basic elements of 'the Greeks' * Highlights different forex option strategies and tactics * Breaks down essential forex market drivers * Reviews important chart patterns that identify conditions for entering a trade and display market sentiment Learning about trading must be interactive, so throughout the book, you'll also find 'assignments' that test your skills. They're designed to help you assess how well you understand the material, and guide you in finding and using valuable information for scanning currency conditions. Filled with in-depth insights and practical advice, The Forex Options Course will help you develop the skills and strategies needed to succeed in today's dynamic forex market.
Written by leading market risk academic, Professor Carol Alexander, Pricing, Hedging and Trading Financial Instruments forms part three of the Market Risk Analysis four volume set. This book is an in-depth, practical and accessible guide to the models that are used for pricing and the strategies that are used for hedging financial instruments, and to the markets in which they trade. It provides a comprehensive, rigorous and accessible introduction to bonds, swaps, futures and forwards and options, including variance swaps, volatility indices and their futures and options, to stochastic volatility models and to modelling the implied and local volatility surfaces. All together, the MARKET RISK ANALYSIS four volume set illustrates virtually every concept or formula with a practical, numerical example or a longer, empirical case study. Across all four volumes there are approximately 300 numerical and empirical examples, 400 graphs and figures 30 case studies many of which are contained in interactive Excel spreadsheets available from the accompanying CD-ROM. In this volume alone there are over 200 spreadsheets in 25 workbooks. Here are just some of he illustrative empirical examples and case studies in this volume: * Duration-Convexity approximation to bond portfolios, and portfolio immunization; * Pricing floaters and vanilla, basis and variance swaps; * Coupon stripping and yield curve fitting; * Proxy hedging, and hedging international securities and energy futures portfolios; * Pricing models for European exotics, including barriers, Asians, look-backs, choosers, capped, contingent, power, quanto, compo, exchange, 'best-of' and spread options; * Libor model calibration; * Dynamic models for implied volatility based on principal component analysis; * Calibration of stochastic volatility models (Matlab code); * Simulations from stochastic volatility and jump models; * Duration, PV01 and volatility invariant cash flow mappings; * Delta-gamma-theta-vega mappings for options portfolios; * Volatility beta mapping to volatility indices.
A groundbreaking collection on currency derivatives, including pricing theory and hedging applications. 'David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders.'-Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley. 'A comprehensive selection of the major references in currency option pricing.'-Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options. 'A useful compilation of articles on currency derivatives, going from the essential to the esoteric.'-Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk. Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments. This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore. The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options.
This volume includes papers on topics related to efficiency issues in U.S. and European equity and options markets, as well as the productive efficiency of various types of depository financial institutions. In the capital market context, the book highlights the provisions of efficient trading services in the capital markets and the role of market size, concentration, quality, governance and automation of trading. In the banking perspectives, the volume presents topics related to market integration, dynamic models of bank production, regulatory closure rules for banking firms, risk based insurance premiums in banking, and the economics of the research and development in private firms.