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Create value while you manage risk
Today s increasingly volatile financial markets have caused an explosion of new financial instruments designed to transfer risk--from collateralized mortgage-backed securities to swaptions that trade directly between financial actors. And now these complex financial instruments have become standard operating procedure at most large and mid-sized businesses. Managers overseeing any substantial business, financial or non-financial, must thoroughly understand these financial instruments and their value in hedging and diversifying to succeed.

With this unique casebook, you ll have the opportunity to gain the analytical, institutional, and functional knowledge you need to use these instruments to solve new problems. Featuring cases from the authors MBA and Executive Education level courses at Harvard Business School, the book covers the basics of financial instruments, from terminology to pricing, and the markets in which these instruments trade. Throughout, the emphasis is on how these securities accomplish risk transfer from actors who do not want risk to those who are willing to take it on--for a fee of course.

These cases include:
Deutsche Bank: Finding Relative Value Trades
Ticonderoga Capital: Inverse Floating Rate Bonds
100-Year Liabilities at Prudential Insurance
Swedish Lottery Bonds
The Enron Odyssey: The Special Purpose of SPEs
Building Hedge Funds at Prospero Capital
Dell Computer Corporation: Share Repurchase Program
First American Bank: Credit Default Swaps
Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market
and more

Financial Instruments and Markets: A Casebook

Acknowledgments.
About the Authors.

1. Introduction.

SECTION 1: FIXED-INCOME SECURITIES.

Module FI-1: Fixed-Income Securities: Concepts.

2. Reading Note-Note on Bond Valuation & Returns.

3. Case-Deutsche Bank: Finding Relative Value Trades.

4. Reading Note-Note on Duration and Convexity.

5. Case-Ticonderoga Capital: Inverse Floating Rate Bonds.

6. Case-100-Year Liabilities at Prudential Insurance.

Module FI-1: Fixed-Income Securities:Applications.

7. Case-Deutsche Bank: Discussing the Equity Risk Premium.

8. Case-Swedish Lottery Bonds.

9. Case-Bank Leu's Prima Cat Bond Fond.

10. Case-Catastrophe Bonds at Swiss Re.

11. Case-Mortgage Backs at Ticonderoga.

12. Case-KAMCO and the Cross-Border Securitization of Korean Non-Performing Loans.

13. Case-Nexgen: Structuring Collateralized Debt Obligations (CDOs).

14. Reading Notes-Forward and Swap Contracts.

15. Case-The Enron Odyssey (A):The Special Purpose of SPEs.

SECTION 2: DERIVATIVE SECURITIES (EQUITY AND INTEREST RATE OPTIONS).

Module DS-1: Equity Options: Concepts.

16. Reading Notes-Note on Basic Option Properties.

17. Dell Computer Corporation: Share Repurchase Program.

18. Reading Notes-Note on Option Valuation.

19. Sally Jameson-1999.

Module DS-2: Equity Options: Applications.

20. Case-Pine Street Capital.

21. Case-Tribune Company: The PHONES Proposal.

22. Case-Cox Communications, Inc., 1999.

23. Case-DigaMem Inc.

24. Case-ALZA and Bio-Electro Systems (A): Technological and Financial Innovation.

Module DS-3: Credit Derivatives.

25. Reading Notes- Note on Credit Derviatives.

26. Case-First American Bank: Credit Default Swaps.

27. Case-Morgan Stanley and TRAC-X: The Battle for the CDS Indexes Market.

Module DS-4: Interest Rate Derviatives.

28. Reading Note-Introduction to Interest Rate Options.

29. Case-Advising on Currency Risk at ICICI Bank.

Module DS-5: Equity and Options Exchanges.

30. Case-Deutsche Borse.

31. Case-The Chicago Board Options Exchange.

32. Case-The International Securities Exchange: New Ground in Options Markets.

Module DS-6: Real Options.

33: Case-RTY Telecom: Network Expansion.

Index.