Risk Management and Financial Institutions
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Risk Management and Financial Institutions
Fourth Edition
JOHN C. HULL
Cover image: ©iStock.com/Pinkypills
Cover design: Wiley
Copyright © 2015 by John C. Hull. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
The Third Edition was published by John Wiley & Sons, Inc. in 2012. The first and second editions of this book was published by Prentice Hall in 2006 and 2009.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data:
Hull, John, 1946–
Risk management and financial institutions / John C. Hull. – Fourth Edition.
pages cm. – (Wiley finance series)
Includes index.
ISBN 978-1-118-95594-9 (paper); ISBN 978-1-118-95596-3 (ePDF);
ISBN 978-1-118-95595-6 (ePUB)
1. Risk management. 2. Financial institutions – Management. I. Title.
HD61.H83 2015
332.1068′1 – dc23
2014037477
Business Snapshots
Preface
Risk management practices and the regulation of financial institutions have continued to evolve in the past three years. Risk Management and Financial Institutions has been expanded and updated to reflect this. Like my other popular text Options, Futures, and Other Derivatives, the book is designed to be useful to practicing managers as well as college students. Those studying for GARP and PRMIA qualifications will find the book particularly helpful.
The book is appropriate for university courses in either risk management or financial institutions. It is not necessary for students to take a course on options and futures markets prior to taking a course based on this book. But if they have taken such a course, some of the material in the first nine chapters does not need to be covered.
The level of mathematical sophistication and the way material is presented have been managed carefully so that the book is accessible to as wide an audience as possible. For example, when covering copulas in Chapter 11, I present the intuition followed by a detailed numerical example; when covering maximum likelihood methods in Chapter 10 and extreme value theory in Chapter 13, I provide numerical examples and enough details for readers to develop their own Excel spreadsheets. I have also provided my own Excel spreadsheets for many applications on my website:
