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This is an industry-independent exploration of financial engineering_an area sweeping the world of corporate, bank, and investment finance. From reviewing the basic building blocks of financial engineering to examining the many processes involved in creating innovative financial instruments, this lucid text provides professional advice to custom-tailor the solutions to any organization's risk-management problems. The text provides illustrative charts, tables, diagrams and fully worked-out examples. Table of Contents Forewords Preface SECTION I: OVERVIEW OF FINANCIAL ENGINEERING An Introduction to Financial Engineering Factors Contributing to the Growth of Financial Engineering The Knowledge Base of the Financial Engineer SECTION II: THE CONCEPTUAL TOOLS OF THE FINANCIAL ENGINEER Valuation Relationships and Applications Measuring Return Risk: Portfolio Considerations, Investment Horizons, Leverage Measuring Risk: Advanced Topics Understanding Interest Rates and Exchange Rates Speculation, Arbitrage and Market Efficiency The Corporate Treasurer's Perspective: Reading Between the Lines SECTION III: THE PHYSICAL TOOLS OF THE FINANCIAL ENGINEER Product Development Futures and Forwards Swaps Single Period Options: Calls and Putsbv Multiperiod Options: Caps, Floors, Collars, Captions, Swaptions, and Compound Options Fixed Income Securities Recent Debt Market Innovations Equity and Equity-Related Instruments Hybrid Securities SECTION IV: FINANCIAL ENGINEERING PROCESSES AND STRATEGIES Asset/Liability Management Hedging and Related Risk Management Techniques Corporate Restructuring and the LBO Arbitrage and Synthetic Instruments Tax-Driven Deals Miscellaneous Equity-Based Strategies SECTION V: FUTURE DIRECTIONS IN FINANCIAL ENGINEERING Future Trends: Globalization and Technology Legal Protections for Innovative Financial Products and Services Index