Research Catalog

Title

Merton Miller on derivatives / Merton H. Miller.

Author

Miller, Merton H.

Publication

New York : Wiley, [1997], ©1997.

Items in the Library & Off-site

Details

Description

xiii, 226 pages : illustrations; 24 cm

Summary

• Here, in this collection of his recent essays, Miller expounds on a number of critical derivatives issues. Is it a problem that some organizations have lost substantial sums on derivatives? Miller's short answer: Some organizations will always find ways to lose money. Nor does he believe that more government regulation is the answer.
• He notes, for example, that for all the horror stories about derivatives, the world's banks have lost vastly more in bad real estate deals than they'll ever lose on their derivatives portfolios.
• Merton Miller on Derivatives offers twenty-two provocative chapters.
• A sampling: "The Recent Derivatives 'Disasters': Assessing the Damage" takes a close look at such debacles as Procter & Gamble, Orange County, and Barings Bank. "Financial Regulation: The Inside Game" uses an apt sports analogy to show how the derivatives regulatory game is really played, as opposed to the way outsiders imagine it is played. "Japanese-American Trade Relations: Can Rambo Beat Godzilla?" succinctly sums up the nature of Japanese-American trade.
• And "Risk and Return on Futures Contracts: A Chicago View" highlights the pivotal role derivatives play in hedging risk. There are also penetrating pieces on corporate governance that compare the system existing in the United States and England with the one existing in Germany and Japan. To complete the collection, a section called "Questions I'm Often Asked" features Miller's unique perspective on a wide range of topics, from what's ahead for China to what we've learned from the Crash of 1987.
• Contrary to widely held perceptions, the so-called "derivatives revolution" has made the world safer, not more dangerous. This explains the phenomenal growth of financial futures. As Miller shows, derivatives enable organizations to deal effectively with risks that have plagued them for decades, even centuries.

Alternative Title

Derivatives

Subject

• Derivative securities > United States

Note

• "Wiley investment"--Jacket.

Bibliography (note)

• Includes bibliographical references and index.

Contents

• 1. The Derivatives Revolution: Accomplishments and Prospects -- 2. The Recent Derivatives "Disasters": Assessing the Damage -- 3. The Economics and Politics of Index Arbitrage -- 4. Swaps, Derivatives, and Systemic Risk -- 5. The Modern Theory of Regulation -- 6. Financial Regulation: The Inside Game -- 7. Regulating Derivatives: Enough Already! -- 8. Futures and Options Exchanges as Insurance Markets -- 9. Derivative Markets and Their Cash Market Counterparts -- 10. Risk and Return on Futures Contracts: A Chicago View -- 11. Do Futures Markets Have a Future? -- 12. Japanese Versus American Corporate Governance -- 13. German Bank-Driven Corporate Governance -- 14. Alternative Strategies for Corporate Governance in China -- 15. Leverage -- 16. Can China Make It? -- 17. What's Really Going to Happen to Interest Rates? -- 18. What Have We Learned From the Crash of 1987? -- 19. Do the Laws of Economics Apply to Japan? --
• 20. Japanese-American Trade Relations: Can Rambo Beat Godzilla? -- 21. Do the M&M Propositions Apply to Banks? -- 22. How Much University Research is Enough?

ISBN

0471183407

LCCN

97210562

OCLC

• 37712789
• ocm37712789

Owning Institutions

Columbia University Libraries