Merton Miller on Derivatives (Wiley Investment)

Book Description

A rare opportunity to go one-on-one with an industry giant and one of today's most respected financial thinkers, Merton Miller on Derivatives is a refreshingly accessible overview of derivatives, the revolution they have wrought, and the disasters they've supposedly caused.

Though routinely assailed by regulators and the media, derivatives are hailed by a celebrated group of practitioners, analysts, and theorists, led most notably by Nobel laureate Merton Miller. Miller is legendary for repeatedly demonstrating-often with humor and always with grace-the value of derivatives in price discovery, managing financial risk, and tailoring a risk-return profile.

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.

Praise for merton miller on derivatives

"Miller is one of the clearest thinkers of our time. Once again, he provides a simple, insightful, and witty analysis of an important and complex topic. This book is truly fun to read." -Kenneth R. French Beinecke Professor of Management Studies and Finance Yale University School of Management.

"Some of us trade markets; others of us observe markets; Merton Miller understands markets. As this volume demonstrates, Professor Miller is unsurpassed at cutting through fluff, misinterpretation, and even obfuscation to get to the heart of highly charged issues." -Charles W. Smithson Managing Director, CIBC Wood Gundy.

"Vintage Merton Miller: zesty writing and forcefully communicated ideas, not only on derivatives, but on a wide range of topics in financial markets. This is no ponderous academic tome, but rather a series of entertaining, yet devastatingly analytical essays on controversial issues in finance. Great reading and great analysis." -Hans R. Stoll Walker Professor of Finance and Director of the Financial Markets Research Center, Vanderbilt University.

"I am grateful to Merton Miller for setting the record straight, once again, regarding derivatives. With his customary brilliance, Merton cuts through the fog of misunderstanding and nonsense that too often surrounds derivatives and reveals them for what they truly are: phenomenally successful and essential risk management tools." -Jack Sandner Chairman, Chicago Mercantile Exchange.

Customer Reviews:

Profound, economically rigorous - and hugely entertaining.......2002-03-23

Merton Miller, who died in 2001, was an outstanding figure in modern economics. He was one of three financial economists to win the Nobel Prize for Economics in 1990, in his case for his work on the capital structure of corporations - a field that, with his associate Franco Modigliani, he revolutionised if not invented. His great insight was that the value of a company, other things being equal, is invariant with regard to the mix of debt and equity that makes up its capital structure - or, to invoke one of Miller's own picturesque analogies, if I take a dollar out of my right pocket and put it into my left pocket, I am no better off.

This book is a collection of speeches given by Miller in the early to mid-1990s, largely covering the subjects of the derivatives revolution, regulation and corporate governance. The subject matter sounds dry; the speeches are anything but. Miller's jokes are exceptionally good - he has great sport in particular by satirising the convoluted German system of corporate cross-shareholdings, and reflecting ruefully on the inevitable question that is always posed to professional economists ('what will happen to interest rates?' - to which the only sensible answer is 'they will fluctuate'). But underlying the wit and engaging manner is a serious and profound point. Modern finance consists principally in the management of risk. Derivatives perform an exceptionally valuable function in a modern, complex economy by enabling economic agents to accomplish this end. Ill-conceived regulation can do harm by making it impossible for corporations to manage their business risk efficiently; this will have significant economic cost, with no compensating social benefit.

Many collections of speeches are testament merely to an author's vanity, and do not last beyond the occasions for which the speeches were written. This one is different: it is the fruit of an extraordinary intellect, a fine prose style, and a formidable technical expertise. It deserves to last, and is much to be recommended.

To leverage or not to leverage?.......2001-06-06

Accidently I met this book on the lecture-the one about the risk management.I guess Merton Miller is a great story teller. And most of them are full of wisdom and financial philosophy. The M&M theory is one of the milestone in the finance which does intrigue a lot of work about Leveage buyout,coporate governace,etc. This one also contains a lecture he gave in the Royal Swedish Academy of Sciences in Stockholm for his Noble prize winning.The one is titled "Leverage". I guess I am moved

and totally.....Mr. Miller has many greatest students,as you know,the one is Fama, another great scholar in the finance society.This book is a collection of his lectures he gave before.Unfortunately, Mr. Miller died in June,2000.So this one seems turn out to be the last fine words he gives us.

Merton Miller on Regulation.......2000-02-01

This collection of speeches from the early/mid 1990s would be more correctly titled "Merton Miller on Regulation." Some of the speeches indeed cover the regulation of the derivatives markets. The speeches make for good reading, but this book is not a reference work for one's library. Good speeches must be relatively simple and entertaining. These are. But one should not expect a rigorous investigation of regulation (nor of derivatives regulation) in this book. The advertising on this book is misleading. This is not a book written by Merton Miller. It is a good collection of speeches given by him.

Breezy, Brillant, Refreshing........1998-09-06

I agree with vcpnttp@aol: "a collection of speechs ....comparable to a sunday newspaper article". Each chapter was breezy and easy to read. But I completely disagree with vcpnttp's conclusion. Miller is obviously brillant and knows derivatives well. Miller's view is of the forest, not the trees. There are too many techno-nerdy how-to books on swaps; this was a refreshing, insightful read. His understanding of the regulatory environment you'll find nowhere else. I only wish the speeches were as current as the publication date, most were from 1994 or earlier.

I'm writing software for a commodity swap dealer. This is a great read.

A general book on derivatives designed for the casual reader.......1998-02-24

This book was very dissapointing to me. I consider myself well read but a novice at derivatives. This is a book of speeches made by its author and is focussed on making the point that derivatives are a cheap insurance tool for certain situations and like all tools can be misused. There is the usual polemics of why a mandarinate government like Japan cannot manage a twenty first century country and why China should reject this form of development. I found the book lacking in rigor, insight and relatively low on substance. This book compares roughly to a sunday newspaper article from a not very good newspaper.

Merton Miller on Derivatives (Wiley Investment S.)

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Merton Miller on Derivatives (Wiley Investment S.)
Merton H. Miller
Manufacturer: NY
ProductGroup: Book
Binding: Hardcover
ASIN: B000MUF7IS

Book Description

Whether we are black, gay, Republican, women, or deaf, our associations--whether voluntary or assigned--constitute crucial and inescapable elements of our identities. Both voluntary and involuntary groups have been important in American history--more important than is generally recognized. But these groups have never been adequately addressed by law, which has as its primary focus the relationship between the individual and the state. The company we keep, says the constitutional law scholar Aviam Soifer, is presumed to be each person's own business, and generally beyond notice of the law. But as America becomes a more varied country and issues arising out of multiculturalism threaten to divide us, it becomes essential, Soifer argues, to recognize rights under the First Amendment that will protect the crucial roles of groups and communities within the larger national community.

Legal doctrine and the outcomes reached in judicial proceedings will be more coherent if we acknowledge that groups qua groups have significant legal impact. The building blocks of any quest for justice must include the groups--social, political, professional, civil, interpretive, religious--from which we derive and apply ethical standards in search of a better life. The ability to step outside traditional doctrinal boxes that concentrate on relationships between individuals and government will help not only legal thinkers but every person to reason toward justice.

Using history and literature to explore the complex issues of individual and group rights, Law and the Company We Keep is the first sustained account of the presence and importance of groups in our legal culture. It confronts central questions about the multiple roles of culture and symbol in defining our groups, and through them, our lives.

Sticks & stones: keep your stuffy old names--see if we care!(Influence and laws and regulations of names of wineries): An article from: Wines & Vines

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Sticks & stones: keep your stuffy old names--see if we care!(Influence and laws and regulations of names of wineries): An article from: Wines & Vines
Jennifer Rosen
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Management | Management & Leadership | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Wines & Vines, published by Thomson Gale on June 1, 2007. The length of the article is 852 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Sticks & stones: keep your stuffy old names--see if we care!(Influence and laws and regulations of names of wineries)
Author: Jennifer Rosen
Publication: Wines & Vines (Magazine/Journal)
Date: June 1, 2007
Publisher: Thomson Gale
Volume: 88 Issue: 6 Page: 112(1)

Distributed by Thomson Gale

Things to keep in mind while we mend a broken state.(From The Newsroom)(Editorial): An article from: San Fernando Valley Business Journal

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Things to keep in mind while we mend a broken state.(From The Newsroom)(Editorial): An article from: San Fernando Valley Business Journal
Jason Schaff
Manufacturer: CBJ, L.P.
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Management | Management & Leadership | Business & Investing | Subjects | Books

Book Description

This digital document is an article from San Fernando Valley Business Journal, published by CBJ, L.P. on November 24, 2003. The length of the article is 1072 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Things to keep in mind while we mend a broken state.(From The Newsroom)(Editorial)
Author: Jason Schaff
Publication: San Fernando Valley Business Journal (Magazine/Journal)
Date: November 24, 2003
Publisher: CBJ, L.P.
Volume: 8 Issue: 24 Page: 35(1)

Article Type: Editorial

Distributed by Thomson Gale

Book Description

A superb guidebook described in Bookwatch as 'the home astronomer's "bible"', Turn Left at Orion provides all the information beginning amateur astronomers need to observe the Moon, the planets and a whole host of celestial objects. Large format diagrams show these objects exactly as they appear in a small telescope and for each object there is information on the current state of our astronomical knowledge. Revised and updated, this new edition contains a chapter with ten new spreads describing spectacular deep sky objects visible from the southern hemisphere, and tips on observing the upcoming transits of Venus. It also discusses Dobsonian telescopes, with hints on using personal computers and the Internet as aids for planning an observing session. Also new to this edition are redrawn "Guidepost" figures at the beginning of each season chapter that allow readers to visualize a three-dimensional view of the sky's dome; redesigned seasonal object layouts that provide more space for the naked-eye charts; a new spread on double stars near Boötes has been added to Spring, replacing the "Shrinking Double" spread; and a unique "When and Where to Look" table has been added to the last page, among other new features. Unlike many guides to the night sky, this book is specifically written for observers using small telescopes. Clear and easy to use, this fascinating book will appeal to skywatchers of all ages and backgrounds. No previous knowledge of astronomy is needed.

Customer Reviews:

Best Book for Prospective Telescope Owners.......2007-09-25

Most astronomy books and magazines for amateurs are filled with highly-processed, color photographs of planets and deep sky objects taken with long-exposures through observatory telescopes. I call these photos astroporn because they raise new telescope owner's expectation to unrealistic levels. One cannot see full color detailed images through a small telescope with the naked eye. "Turn Left at Orion" accurately describes with sketches what one will actually see.

I recommend that prospective telescope buyers check out "Turn Left at Orion" before they fork over their hard earned cash. If you decide to buy a telescope anyway, this book gives clear directions on how to find and observe over one hundred objects in a non-technical way making it the best book to start with. While this book may be too simple for experienced amateurs, I highly recommend it for it's accurate descriptions and clear instructions.

Good but..........2007-09-01

Many have sung the praise of this book...I'm somewhat of a "newbie" had a 13" Dobsonian "light-bucket" 20 years ago, but never really did much...just bot a 102mm Celestron spotting scope. So have been buying books to aid me in getting into Astronomy better this time...This book is good for children...but a better book for adults is Neil Bone's Deep Sky Observer's Guide. It's also set up for small scopes under 100mm. The Orion book has very simple finder maps and is organized by season. Bone's book is organized by type of object, such as "open cluster" and then by easy to difficult to find. Bone's finder charts are much better in artistic value and use, being white stars on blue background, where as most of Orion's are black stars on white background. Orion has 100 objects to view, Bone has over 200...At the end of Bone's are: 8 very nice star charts as well as each constellation listing objects and a Messier List and a list of Objects by Magnitude and finally a list of Objects by Seasons (to view). All in all 215 power packed pages!...Yes the Orion is a hard back, but the binding is glue-injected pages, will the binding crack and pages fall out??...Bone's is a paperback, but the leaves are folded and stitched, so pages will NEVER fall out. Bone's book is 5X8, Orion is 9X11 1/2 much bigger to take outside and pack around. I woun't be using Orion much. Bone I will use a lot.

Not the book for me!.......2007-06-22

I am an amateur and bought this book based on the other reviews and ratings given. I was looking for a book to help me locate some of the more interesting night sky objects and this one seemed to be "the book." Well, when I got the book, I opened it up and immediately felt a little overwhelmed by all of the text-and I do mean there is a lot of text. More than I wanted. This book just wasn't what I was looking for in a guide to the night sky. Perhaps later on, I will find this book more helpful.

Don't get frustrated with your small scope!!!!!!.......2007-04-30

I've read a series of astronomy books, but Left at Orion and Nightwatch (by Dickinson) are at the top of my list. If I had a small refractor, Left at Orion would be the best pick. Nightwatch by Dickinson is best for picking the right scope and accessories and learing the celestrial objects (e.g. planets and stuff). However, Left at Orion is the best for learing how to locate objects in the night sky USING A SMALL TELESCOPE. I've been pulling my hair out about not being able to locate objects for the longest, but now I have a great tool that will help me. This is the book you use in the dark. I sit down by my scope with my RED flashlight and this book that is such a great guidance. So don't get frustrated and throw away your small scope just yet. Get comfortable and use this guide. You can always upgrade and have the small scope for for any company who wants to join you. I wish I didn't return my small scope so quickly. Anyways, after reading this book, I bought an 80mm refractor to travel on the plane with because I can't lug that big Newtonian Dob around. Yes, Left at Orion and Nightwatch are the best picks whether you have a small refractor or a big reflector. However, Nightwatch (by Dickinson) is a book to buy when you want to upgrade your telescope. Be ware: Dickinson does NOT have the nicest things to say about the small telescopes, however, if you want to upgrade, BUY NIGHTWATCH FIRST BEFORE PURCHASING A NEW TELESCOPE!!! Please read the other reviews to help guide your purchase.

Get this book for ASTRONOMY buffs........2007-02-12

This book was given to an ASTRONOMY buff along with a telescope.

Turn Left at Orion: A Hundred Night Sky Objects to See in a Small Telescope-And How to Find Them (Revised Edition, Tables Updated to AD 2006)

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Turn Left at Orion: A Hundred Night Sky Objects to See in a Small Telescope-And How to Find Them (Revised Edition, Tables Updated to AD 2006)
Guy; Davis, Dan M. Consolmagno
Manufacturer: Cambridge Univ Press
ProductGroup: Book
Binding: Hardcover
ASIN: B000OB3LY2

Book Description

This is the first book-length, integrated treatment of impedance spectroscopy with an emphasis on solid state electrochemical systems. Impedance spectroscopy is a method for characterizing the electrical behavior of systems in which the overall system behavior is determined by a number of coupled processes, each proceeding at a different rate. The scope of this volume is comprehensive: provides coverage of fundamental theory, illustrates applications of the technique, and discusses practical considerations in regard to data acquisition and analysis. Those with little prior experience in impedance measurements will find this an excellent introduction. Senior investigators will find that the book provides a useful summary of fundamentals as well as a survey of recent developments in the field.

Customer Reviews:

Classic work.......2000-05-10

A classic work in the field of electrical impedancecharacterization. MacDonald provides a series of methodologies andmodels to characterize chemical processes and materials in general.The main contribution of this book is the introduction of the constant phase elements that formally help to match the experimental measurements with basic electrical circuits.

The book also expands on the physical meaning of the different electrical circuits that the author proposes as models to characterize materials. This book is a "must" for any researcher in the field of electrical impedance.

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The value of inner beauty -- Recommended.......2001-08-10

Concern sends private investigator Matt Ross to Atlanta to find the sexy TV personality Eve Masterson. Matt was permanently injured following a tragic accident while he was a cop. Rather than accepting desk duty, he's agreed to become a private investigator with locating Eve as his first assignment.

Eve apparently quit her New York job for a fantastic opportunity in Atlanta, but she's not appeared on any of the news shows, and with Christmas coming, has been completely out of touch with family and friends. When Matt shows up on her doorstep, she's terribly ill and only his intervention offers hope that she might recover. But Eve's illness stems from more than just physical symptoms as she struggles with career goals, betrayal, and an identity crisis.

Debra Salonen presents a powerful reminder of the value of internal beauty over external beauty in SOMETHING ABOUT EVE. As Eve struggles with her identity issues, including adoption and appearances, the reader receives a strong reminder of our culture's misconceptions regarding the value of physical appearance. The narrative flow itself, however, lacks the expected fluidity, perhaps because this novel attempts to pull together so many narrative paths, including the struggles of parenting, recovery from illness or an accident, and reevaluation of career goals. Nevertheless, with strong characterization and excellent account of the challenges of non-custodial parenting, SOMETHING ABOUT EVE comes recommended.

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JURGEN; THE CREAM OF THE JEST; DOMNEI; FIGURES OF EARTH; THE HIGH PLACE; THE SILVER STALLION; SOMETHING ABOUT EVE
James Branch (introductions by Lin Carter) Cabell
Manufacturer: Tandem Books; Del Rey - Ballantine
ProductGroup: Book
Binding: Paperback
ASIN: B000NP9V84

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Something About Eve
James Branch. Cabell
Manufacturer: Robert M. McBride & Company
ProductGroup: Book
Binding: Hardcover
ASIN: B000NUFZ16

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Something About Eve
James Branch Cabell
Manufacturer: ROBERT M. MCBRIDE AND COMPANY
ProductGroup: Book
Binding: Hardcover
ASIN: B000OKR3R4

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Something About Eve
James Branch Cabell
Manufacturer: ROBERT M. MCBRIDE & COMPANY
ProductGroup: Book
Binding: Hardcover
ASIN: B000OL4RGS

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Something About Eve
Jourdyn Kelly
Manufacturer: MoonChild Innovations, Inc.
ProductGroup: Book
Binding: Paperback

General | Romance | Subjects | Books
General | Contemporary | Romance | Subjects | Books
ASIN: 0615141862

Book Description

"Something About Eve" is a story about Eve, a woman haunted by her past whose path crosses with a married woman afraid of her future. As they set out to help each other, an unsuspected and passionate friendship evolves between them. When Eve's past catches up to her, she finds herself having to save the lives of those she loves or lose everything she has worked so hard to achieve. This is a unique and powerful story of two completely different women who, through fate, find each other and teach each other how to love.

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Something About Eve
James Branch Cabell
Manufacturer: Robert McBride & Co.
ProductGroup: Book
Binding: Hardcover
ASIN: B000NUJYRM

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Something About Eve

Manufacturer: Robert M. McBride & Company
ProductGroup: Book
Binding: Hardcover

Antiquarian & Rare Books | Books & Reading | Literature & Fiction | Subjects | Books
ASIN: B000B8ING4

Product Description

A Comedy of Fig Leaves

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Tale of Manhood, Dreams, Reality, Routine, Games &Compromise

Something about Eve ;: A comedy of fig-leaves,
James Branch Cabell
Manufacturer: R. M. McBride & Company
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006AK66W

Book Description

1927. Today, some recognize Cabell as one of the first contemporary writers from the South. He is also noted for his unique blending of classic myths and legends with his own imagination and is considered a pioneer of fantasy writing. The book begins: For some moments after he had materialized, and had become perceivable by human senses, the Sylvan waited. He waited, looking down at the very busy, young, red-haired fellow who sat within arm's reach at the writing-table. This boy, as yet, was so unhappily engrossed in literary composition as not to have noticed his ghostly visitant. So the Sylvan waited. See other titles by this author available from Kessinger Publishing.

Customer Reviews:

Tale of Manhood, Dreams, Reality, Routine, Games &Compromise.......2000-06-17

The story began on the evening of April 30, 1805 in Lichfield. Gerald Musgrave was in his study working on a manuscript about his ancestors Dom Manuel and Madame Niafer. However, he couldn't concentrate on his work because he wanted out of his illicit love-affair with Evelyn Townsend, his second cousin. He wanted to become a major author and an accomplished magician but his time spent with Evelyn was taking too much of his time. However, she did not want to end the affair, and the conventions of that time placed the choice for ending it upon the female. A Sylan materialized in Gerald's study and offered to take his place in Lichfield and Gerald could take his in the spiritual world. Gerald agreed and found himself on the road of greater myths to Antan where he was to become its ruler. Horvendile, Lord of the Marches of Antan provided him with a silver stallion named Kalki for him to ride. On his way to Antan, he met Eradne who invited him join her in the rites of pleasure. He declined. In Doonham, he met Princess Evershah from whom he secured a vial of six drops of water from the Churning of the Ocean, but was forced to destroy her. In the land of Dersam, he met Evarvan of the mirror, but managed to escape from her after a series of adventures. In Lytreia, he saved the holy relic of the Temple of the Holy Nose, but outraged its devotees by pointing out that it was really a tongue; however, before he left Lytreia, he destoyed Evaine, a sorceress who held the Veiled Mirror which he found to be a painting. In the country of Tourine everyone was so concerned with learning to become a better sorcerer that no one would talk to him. Next, he encountered the Sphinx with whom he had an unsatisfying conversation. On Mispec Moor, he met Maya of the Fair Breasts and settled down with her for 30 years. When he wasn't engaged in domestic activities, he amused himself by talking to poets, gods and the eminent on the way to Antan. He especially enjoyed his talk with the Emperor Nero, Francois Villon and Merlin. Gerald never arrived in Antan and became responsible for its destruction. After Maya disappeared, Horvendile gave Gerald a word of power that enabled him to return to Lichfield. Back in Lichfield, Gerald learned that his body had become an ethnographer of great reputation and had a son by Evelyn. Gerald returned to his body and sent the Sylan on his way, and took up where his body had left off.

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