Derivative Securities
Author: Stuart Turnbull, Robert A. Jarrow
List Price: $120.95
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ISBN: 0538877405
Publisher: South-Western College/West (05 November, 1999)
Average Customer Rating: 3.5 out of 5
Customer Reviews
Rating: 4 out of 5
Excellent introduction to the subject
The book by Jarrow and Turnbull serves three important purposes- it gives a solid introduction to derivatives, does not complicate matters with complex mathematical derivations and provides a cohesive reading material. Any person who wishes to embark on the subject of derivatives, will benefit from reading this book. The subject has been treated at an elementary level, and so, people with modest mathematical skills would be able to master the book with minimal efforts. The negative aspect of the book is its incompleteness. There have been very little efforts to discuss the different types of options like straddles, butterfly options etc. Also, there is no Value at Risk in this book. From practicability considerations, the book would be rated low- it only serves as a foundation for other books. It is best to use it with some other book like Hull (which by itself is a nightmare). The problems at the end of the chapters are challenging and will stimulate the mature readers. From personal experience, this book has helped me a lot.
Rating: 4 out of 5
Excellent introdution for the mathematically mature reader!
Readers with exposure to abstract mathematics will appreciate the care in which the authors develop each topic, from notations to derivations to examples. All results are obtained axiomatically. Readers who prefer careful derivations in which all results seem to follow intuitively will probably prefer John C. Hull.
Rating: 1 out of 5
Awful!
This book is absolutely awful to say the least...yes, it does cover several topics but the ability of these authors to make even the simplest problems seem complicated is rather uncanny in my opinion. The notation used through out the book is unique to them and there requires that you first try to decipher that before getting through what they've written - worked examples seem only to exist to complicate things further. My worst derivatives book I doubt that I'll ever be going back to it for refernce except when forced to. You could do better with Hull, Chriss or Wilmott!
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