本书共分4个部分。第一部分介绍衍生品的建筑基石；第二部分考虑的是远期、期货和互换合约的定价。第三部分研究期权定价。第四部分考察了衍生品的运用。本书适用于金融专业本科及MBA课程。
衍生品的基本知识是理解现代金融的必要工具。本书介绍了衍生品(主要是指期货、期权、互换和结构化产品)、交易衍生品的市场及其运用的一般性知识，目的在于帮助读者理解现存的衍生工具，这些工具是如何被使用的，谁在出售这些工具，这些工具是如何定价的，以及这些工具和概念如何在金融中被更广泛地使用。另外，本书中的案例计算可以使用Excel或OpenOffice进行，因此读者可以很容易地把期权定价函数结合到电子表格中，并且还可以检查和修改程序代码。标准的内嵌式电子表格函数也将贯穿全书。
本书适合金融学及相关专业本科生、研究生作为教材使用，也适合相关社会从业人员作为参考用书。
罗伯特L.麦克唐纳（Robert L.McDonald），是西北大学凯洛格商学院著名的金融学教授，从1984ff-开始他就在凯洛格商学院教学。他是《金融研究评论》(Review of Financial Studies)的联合主编，并且也是《金融学杂志》(Journal of Finance)、《财务与数量分析》(Journal of Finance and Ouantitative Anatysis)、《管理科学》(Management Science)以及其他杂志的副主编。他在北卡罗来纳大学教堂山分校获得经济学学士学位，在麻省理工学院获得经济学博士学位。
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Forward contracts——which permit firms and investors to guarantee a price for a future pur-chase or sale——are a basic financial risk management tool. In this chapter we continueto explore these contracts, studying in detail forward and futures contracts on stocksand stock indexes. In the next chapter we consider additional financial futures contracts,including currencies and Eurodollar futures. We also discuss commodities, energy fu-tures, and contracts on weather and housing. Our objectives are to understand how thesecontracts are priced, how they are used, and how market-makers hedge them.
Questions to keep in mind throughout the chapter include: Who might buy or sellspecific contracts？ What kinds of finns might use the contract for risk management？Why is the contract designed as it is？ALTERNATIVE WAYS TO BUY A STOCKThe purchase of a share of XYZ stock has three components:
（1） fixing the price, （2） thebuyer making payment to the seller, and （3） the seller transferring share ownership tothe buyer. If we allow for the possibility that payment and physical receipt can occur atdifferent times, say, time 0 and time T, then once the price is fixed there are four logicallypossible purchasing arrangements: Payment can occur at time 0 or T, and physical receiptcan occur at time 0 or T. Table 5.1 depicts these four possibilities, along with theircustomary names. Let's discuss these different arrangements.
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