奇异期权（原书第2版）（精装）（注重知识系统性的介绍及操作方法，为我们提供了复杂金融问题的解决之道，是横跨理论和实务之间关于奇异期权问题的参考书）
相关从业人员的学习和工作参考书
现代金融更多地依赖数学做各类资产的定价，作为买卖双方交易的基础，数学用自己*简洁之美刻画了金融与经济中非常困难之事，这就是布莱克-斯科尔斯定理所揭示的期权定价理论，其数学美与实用性的统一，在数学和金融的历史上都是划时代的，达到了数学金融的一个辉煌。
该书从基础的无套利定价原理出发，通过布莱克-斯科尔斯环境描述，逐步获得不同类型的奇异期权定价公式。对于买方和卖方做风险管理来说，这些都是非常好的理论工具。这些均是包括投资银行、商业银行和各类资产管理人的高级金融产品设计与管理的核心。该书花了大量篇幅介绍如何将定价公式应用到实践中。
该书的组织结构如下：
部分主要是对奇异期权的鸟瞰和期权定价理论——无套利原理的回顾。
第二部分回顾了欧式与美式期权的各要素，包括布莱克-斯科尔斯期权定价公式的扩展、希腊字母表示的风险指标意义、隐含波动率等。
第三和第四部分用了24章介绍非常流行的奇异期权——8种路径相依期权和15种相关型期权，依产品复杂性依次介绍。
—— 王永进
中国期货业协会专家组成员、中国银行业协会专家组成员、中国金融工程协会常务理事
南开大学数学教授、财务管理教授
作为期货行业的行者，非常高兴本书为我们产品设计、资产管理提供了更精细的工具，也为我们的客户对冲风险带来了便利。本书从标准期权的对冲原理出发，梳理了期权不同类型的变化，为这些第二代期权的应用和风险管理提供了清晰的描述。在我们为这些奇异期权的复杂变化感慨的同时，更应该将这些奇妙的工具嵌入到业务拓展中。
—— 施建军
利用衍生品，你可以得到几乎所有你想要的回报方式。只要你能够写在纸上或者用文字描述，就有人可以根据你的回报方式设计出一种衍生品。
——费希尔布莱克（1995）
近我们经常在报纸、期刊、杂志和许多其他金融报告中看到奇异期权。和我两年前一样，你也许想知道奇异期权到底是什么。那时我已在金融业工作，也曾困惑于“奇异期权”这个词语。由于我以前在学校教过几年期权定价理论，这些困惑让我感觉有些不安。我尝试去找一些系统性的资源对自己进行再教育，却发现这几乎是不可能的，因为这门学科没有这些资源。两年后，尽管情况有一定改善，奇异期权对于大多数人依然很神秘。我一直尝试对这门学科进行系统化的记录，虽然我初的本意并不是写一本关于奇异期权的书。
近两年前，我发表了篇奇异期权方面的研究论文，是关于复式期权的。自那以后，我陆续发表了许多其他的论文。尽管当时我并没有在写这本书，但写论文的过程是如此美妙，我从来没有学得如此迅速。这本书记载了我积累的关于奇异期权的知识，我也愿同你们所有人分享我的学习曲线。
在某种程度上而言，奇异期权几乎同标准期权一起产生。早关于奇异期权的文章可以追溯到由施耐德（Snyder）撰写发表于《金融分析家》期刊的一篇名为“期权的第二形式”的文章。这发生在1969年，比世界上家期权交易所——芝加哥期权交易所（CBOE）的建立还要早四年，比布莱克和斯科尔斯对衍生品做出了开创性的研究雏形也要早四年。但是奇异期权直到20世纪70年代后期才真正流行起来，并在过去的10年里经历了令人惊叹的成长。费用的减免和特殊客户的需求（如表外交易工具机会和避税等）是驱动近衍生品创新的主要动力。
对奇异期权的研究是必不可少的，不仅因为其交易活跃而重要，还因为其为其他更复杂的金融衍生品提供了简单而有效的基础构建方式。为了不使大部分读者充满困惑，我设法花大量时间在几乎所有章节中阐述如何使用这些定价公式以及怎样在实际中应用它们。
自1994年以来，奥兰治县发生了一系列衍生品行业的大事件，如基德公司、宝洁公司、吉布森贺卡公司、阿斯金资本管理公司等公司被卷入其中，引起了金融业和大众的极大的关注。这些事件萌生了对于特殊目的衍生品活动的透明化的需求。本书的主题之一便是提供方便有效的奇异期权的信息来提高市场的透明度。我会尽可能提供完整的学科信息。在每个章节我都会介绍一种奇异期权，以及如何构建、定价和使用它们。
Shipping Overview:
• Shipping: Standard Domestic Shipping within the United States charges USD 4.99. Standard International Shipping from United Kingdom, Germany and Japan to the United States charges 14.99.
• Order Processing: Please allow 1-2 business days for order processing and preparation before shipment.
• Domestic Shipping: Orders within the U.S. are shipped via USPS or FedEx, depending on the origin of the product. The average transit time is 3-7 business days.
• International Shipping: Currently, we only ship within the USA.
• Tracking Information: Every order is trackable. You will receive a tracking number once your order has been shipped. Products may be shipped from various global fulfillment centers.
Shipping Delays:
Please note that shipping times may vary due to factors beyond our control, such as weather conditions, natural disasters, or peak holiday periods. While we strive to ensure timely delivery, the exact arrival time cannot be guaranteed and is managed by the shipping carrier.
Shipping Options:
-
Standard Delivery: Most orders are shipped within 3-7 business days. Larger items may utilize LTL shipping for safe handling.
-
Handling Time: We handle shipments on business days (Monday - Friday), with a preparation time of 1-2 days.
-
Additional Charges: Some items require additional shipping charges due to their size, weight, or special handling. These charges are specified on the product pages and are not eligible for shipping discounts.
-
Exclusions: Gift cards, packaging, taxes, and prior purchases do not count toward the minimum purchase requirement for free shipping. This offer is valid only for shipments to U.S. addresses, including Puerto Rico.
Delivery Details:
-
Estimates: Standard shipping within the US typically takes 3-7 business days. These are estimates and not guarantees.
-
Shipping Restrictions: We ship to all 50 states, Washington, DC, U.S. territories, and APO/FPO/DPO addresses. Shipping options vary based on the delivery address.
-
Remote Areas: Shipments to remote areas may incur additional charges or require pickup from a nearby shipping partner’s location.
Shipping Confirmation:
You will receive a shipping confirmation email with a tracking number as soon as your order is dispatched. If you do not receive this email immediately, please be assured that your items will arrive within the estimated delivery window provided at checkout.
Order Modifications:
If you need to cancel or modify your order, please contact our customer support immediately.
Issues with Delivery:
If your order shows as delivered but you have not received it, please contact the shipping carrier directly to resolve the issue. For persistent problems, contact our customer service at cs@everymarket.com.
Customer Support:
Our team is available 24/7 to assist you with any questions or concerns regarding your order. We are committed to ensuring a smooth shopping experience.
Return & Refund Policy Overview
Please review our return and refund policies below to ensure a smooth transaction process.
Return Policy
-
Duration: You have 30 days from receiving your item to initiate a return.
-
Condition: Items must be unworn, unwashed, with original tags and packaging intact.
-
Shipping Costs: Customers are responsible for return shipping costs.
-
Packaging: Ensure returned items are well-packaged to avoid damage during transit.
-
Tracking: Use a trackable and insured shipping method as we are not liable for items lost or damaged on return.
-
Initiating a Return: Contact us at cs@everymarket.com to start your return. We will provide a return shipping label and instructions upon approval. Returns without prior approval will not be accepted.
How to Return
-
Method: Returns must be sent back by mail to the address provided in the return instructions.
Return Label
-
Defective Products: Return labels are provided for defective items.
-
Non-Defective Returns: Customers are responsible for obtaining their return shipping label.
Product Conditions for Return
-
Eligible Products: Returns are only accepted for items in new condition.
Nonreturnable Items
Certain items are not eligible for return:
-
Electronic devices after 30 days (e.g., computers, laptops, Kindles)
-
Gift cards, prepaid game cards
-
Perishable goods, live insects, some jewelry, some health and personal care items
-
Customized or personalized products
-
Items with special shipping restrictions
Refund Policy
-
Window: Eligible products may be returned within 30 days of delivery for a refund.
-
Refund Method: Refunds are processed to the original payment method or as store credit for items purchased with gift cards.
-
Processing Time: Refunds are processed within 3-5 business days after we receive the return; please allow additional time for shipping and bank processing.
Claims
Inspect your order upon arrival and report any defects, damages, or incorrect items immediately to allow us to address the issue. For claims, contact our support team with details of the issue.
Exchange Policy
For the quickest service, return your original item and place a new order for the desired product once your return is accepted.
Return Address
EveryMarket Customer Service 2101 E Terra Ln, O'Fallon, MO 63366
Customer Support
Available 24/7 for any questions or assistance needed:
-
Phone: +1 636-312-5925
-
Email: cs@everymarket.com
相关从业人员的学习和工作参考书
现代金融更多地依赖数学做各类资产的定价，作为买卖双方交易的基础，数学用自己*简洁之美刻画了金融与经济中非常困难之事，这就是布莱克-斯科尔斯定理所揭示的期权定价理论，其数学美与实用性的统一，在数学和金融的历史上都是划时代的，达到了数学金融的一个辉煌。
该书从基础的无套利定价原理出发，通过布莱克-斯科尔斯环境描述，逐步获得不同类型的奇异期权定价公式。对于买方和卖方做风险管理来说，这些都是非常好的理论工具。这些均是包括投资银行、商业银行和各类资产管理人的高级金融产品设计与管理的核心。该书花了大量篇幅介绍如何将定价公式应用到实践中。
该书的组织结构如下：
部分主要是对奇异期权的鸟瞰和期权定价理论——无套利原理的回顾。
第二部分回顾了欧式与美式期权的各要素，包括布莱克-斯科尔斯期权定价公式的扩展、希腊字母表示的风险指标意义、隐含波动率等。
第三和第四部分用了24章介绍非常流行的奇异期权——8种路径相依期权和15种相关型期权，依产品复杂性依次介绍。
—— 王永进
中国期货业协会专家组成员、中国银行业协会专家组成员、中国金融工程协会常务理事
南开大学数学教授、财务管理教授
作为期货行业的行者，非常高兴本书为我们产品设计、资产管理提供了更精细的工具，也为我们的客户对冲风险带来了便利。本书从标准期权的对冲原理出发，梳理了期权不同类型的变化，为这些第二代期权的应用和风险管理提供了清晰的描述。在我们为这些奇异期权的复杂变化感慨的同时，更应该将这些奇妙的工具嵌入到业务拓展中。
—— 施建军
利用衍生品，你可以得到几乎所有你想要的回报方式。只要你能够写在纸上或者用文字描述，就有人可以根据你的回报方式设计出一种衍生品。
——费希尔布莱克（1995）
近我们经常在报纸、期刊、杂志和许多其他金融报告中看到奇异期权。和我两年前一样，你也许想知道奇异期权到底是什么。那时我已在金融业工作，也曾困惑于“奇异期权”这个词语。由于我以前在学校教过几年期权定价理论，这些困惑让我感觉有些不安。我尝试去找一些系统性的资源对自己进行再教育，却发现这几乎是不可能的，因为这门学科没有这些资源。两年后，尽管情况有一定改善，奇异期权对于大多数人依然很神秘。我一直尝试对这门学科进行系统化的记录，虽然我初的本意并不是写一本关于奇异期权的书。
近两年前，我发表了篇奇异期权方面的研究论文，是关于复式期权的。自那以后，我陆续发表了许多其他的论文。尽管当时我并没有在写这本书，但写论文的过程是如此美妙，我从来没有学得如此迅速。这本书记载了我积累的关于奇异期权的知识，我也愿同你们所有人分享我的学习曲线。
在某种程度上而言，奇异期权几乎同标准期权一起产生。早关于奇异期权的文章可以追溯到由施耐德（Snyder）撰写发表于《金融分析家》期刊的一篇名为“期权的第二形式”的文章。这发生在1969年，比世界上家期权交易所——芝加哥期权交易所（CBOE）的建立还要早四年，比布莱克和斯科尔斯对衍生品做出了开创性的研究雏形也要早四年。但是奇异期权直到20世纪70年代后期才真正流行起来，并在过去的10年里经历了令人惊叹的成长。费用的减免和特殊客户的需求（如表外交易工具机会和避税等）是驱动近衍生品创新的主要动力。
对奇异期权的研究是必不可少的，不仅因为其交易活跃而重要，还因为其为其他更复杂的金融衍生品提供了简单而有效的基础构建方式。为了不使大部分读者充满困惑，我设法花大量时间在几乎所有章节中阐述如何使用这些定价公式以及怎样在实际中应用它们。
自1994年以来，奥兰治县发生了一系列衍生品行业的大事件，如基德公司、宝洁公司、吉布森贺卡公司、阿斯金资本管理公司等公司被卷入其中，引起了金融业和大众的极大的关注。这些事件萌生了对于特殊目的衍生品活动的透明化的需求。本书的主题之一便是提供方便有效的奇异期权的信息来提高市场的透明度。我会尽可能提供完整的学科信息。在每个章节我都会介绍一种奇异期权，以及如何构建、定价和使用它们。
Shipping Overview:
• Shipping: Standard Domestic Shipping within the United States charges USD 4.99. Standard International Shipping from United Kingdom, Germany and Japan to the United States charges 14.99.
• Order Processing: Please allow 1-2 business days for order processing and preparation before shipment.
• Domestic Shipping: Orders within the U.S. are shipped via USPS or FedEx, depending on the origin of the product. The average transit time is 3-7 business days.
• International Shipping: Currently, we only ship within the USA.
• Tracking Information: Every order is trackable. You will receive a tracking number once your order has been shipped. Products may be shipped from various global fulfillment centers.
Shipping Delays:
Please note that shipping times may vary due to factors beyond our control, such as weather conditions, natural disasters, or peak holiday periods. While we strive to ensure timely delivery, the exact arrival time cannot be guaranteed and is managed by the shipping carrier.
Shipping Options:
-
Standard Delivery: Most orders are shipped within 3-7 business days. Larger items may utilize LTL shipping for safe handling.
-
Handling Time: We handle shipments on business days (Monday - Friday), with a preparation time of 1-2 days.
-
Additional Charges: Some items require additional shipping charges due to their size, weight, or special handling. These charges are specified on the product pages and are not eligible for shipping discounts.
-
Exclusions: Gift cards, packaging, taxes, and prior purchases do not count toward the minimum purchase requirement for free shipping. This offer is valid only for shipments to U.S. addresses, including Puerto Rico.
Delivery Details:
-
Estimates: Standard shipping within the US typically takes 3-7 business days. These are estimates and not guarantees.
-
Shipping Restrictions: We ship to all 50 states, Washington, DC, U.S. territories, and APO/FPO/DPO addresses. Shipping options vary based on the delivery address.
-
Remote Areas: Shipments to remote areas may incur additional charges or require pickup from a nearby shipping partner’s location.
Shipping Confirmation:
You will receive a shipping confirmation email with a tracking number as soon as your order is dispatched. If you do not receive this email immediately, please be assured that your items will arrive within the estimated delivery window provided at checkout.
Order Modifications:
If you need to cancel or modify your order, please contact our customer support immediately.
Issues with Delivery:
If your order shows as delivered but you have not received it, please contact the shipping carrier directly to resolve the issue. For persistent problems, contact our customer service at cs@everymarket.com.
Customer Support:
Our team is available 24/7 to assist you with any questions or concerns regarding your order. We are committed to ensuring a smooth shopping experience.
Return & Refund Policy Overview
Please review our return and refund policies below to ensure a smooth transaction process.
Return Policy
-
Duration: You have 30 days from receiving your item to initiate a return.
-
Condition: Items must be unworn, unwashed, with original tags and packaging intact.
-
Shipping Costs: Customers are responsible for return shipping costs.
-
Packaging: Ensure returned items are well-packaged to avoid damage during transit.
-
Tracking: Use a trackable and insured shipping method as we are not liable for items lost or damaged on return.
-
Initiating a Return: Contact us at cs@everymarket.com to start your return. We will provide a return shipping label and instructions upon approval. Returns without prior approval will not be accepted.
How to Return
-
Method: Returns must be sent back by mail to the address provided in the return instructions.
Return Label
-
Defective Products: Return labels are provided for defective items.
-
Non-Defective Returns: Customers are responsible for obtaining their return shipping label.
Product Conditions for Return
-
Eligible Products: Returns are only accepted for items in new condition.
Nonreturnable Items
Certain items are not eligible for return:
-
Electronic devices after 30 days (e.g., computers, laptops, Kindles)
-
Gift cards, prepaid game cards
-
Perishable goods, live insects, some jewelry, some health and personal care items
-
Customized or personalized products
-
Items with special shipping restrictions
Refund Policy
-
Window: Eligible products may be returned within 30 days of delivery for a refund.
-
Refund Method: Refunds are processed to the original payment method or as store credit for items purchased with gift cards.
-
Processing Time: Refunds are processed within 3-5 business days after we receive the return; please allow additional time for shipping and bank processing.
Claims
Inspect your order upon arrival and report any defects, damages, or incorrect items immediately to allow us to address the issue. For claims, contact our support team with details of the issue.
Exchange Policy
For the quickest service, return your original item and place a new order for the desired product once your return is accepted.
Return Address
EveryMarket Customer Service 2101 E Terra Ln, O'Fallon, MO 63366
Customer Support
Available 24/7 for any questions or assistance needed:
-
Phone: +1 636-312-5925
-
Email: cs@everymarket.com
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