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Publisher: Addison Wesley (January 8, 2004)
Author: John E. Marthinsen is a professor of Economics and International Business at Babson College where he teaches in the areas of global macroeconomic analysis, risk management, and international finance. From 1992 to 1998, he served as chairman of the Economics Division. In 1997, Babson College awarded him the Distinguished Chair in Swiss Economics of the newly founded Glavin Center for Global Entrepreneurial Leadership.

Description: Risk Takers profiles seven real-life situations in which financial derivatives resulted in fabulous success or spectacular failure while also exploring some everyday uses of derivatives, such as stock options. Beyond simple case studies, this book fully explores the events, providing context and discussing outcomes. Studying the affects of the derivative-related decisions made by companies and municipalities, readers gain a full understanding of these complex instruments. These clearly written stories bridge the gap between financial theory and real world applications, and are recommended reading for all students of finance and anyone interested in the world of finance and financial derivatives.

Table of Contents:
Preface xiii
Chapter 1 Employee Stock Options: What Every MBA Should Know 3
Introduction 3
Employee Stock Options: A Major Pillar of Executive Compensation 6
Why Do Companies Use Employee Stock Options 6
Option Valuation Differences and Human Resource Management 12
Problems with Employee Stock Options 26
Some Innovative Solutions to Employee Stock Option Problems 29
Conclusion 35
Review Questions 36
Bibliography 38
Chapter 2 Roche Holding: The Company, Its Financial Strategy, and Bull Spread Warrants 41
Introduction 41
Roche Holding AG: Transition from a Lender to a Borrower 43
Roche's 1991 Bull Spread Issue 49
Conclusion 70
Review Questions 72
Further Reading 74
Bibliography 74
Chapter 3 The Three Amigos 75
Introduction: The Three Amigos and Their Strategy 75
Developing and Implementing a Speculation Strategy: A Conversation 78
A Deeper Look at the Three Amigos' Strategy 87
What Happened to the Three Amigos' Trade 97
Conclusion 98
Review Questions 99
Bibliography 100
Chapter 4 Metallgesellschaft AG: Illusion of Profits and Losses, Reality of Cash Flows 103
Introduction 103
Metallgesellschaft: Evolution of the Company and Its Product Lines 104
Energy Derivatives at MGRM 105
Understanding How MGRM Hedged Its Forward Exposures 109
What Went Wrong at MGRM? 114
Was MGRM Hedging or Speculating? 121
Corporate Governance Issues 122
Conclusions 123
Review Questions 124
Epilogue: What Happened to the Key Players in the MGAG Disaster? 126
Further Reading 126
Bibliography 127
Chapter 5: Swaps That Shook an Industry: Procter 6 Gamble versus Bankers Trust 128
Introduction 128
P&G1s Motivation for the Swaps 130
The U.S. Dollar-Denominated Swap 135
German Mark-Denominated Interest Rate Swap 143
The Suit Against Bankers' Trust 145
The P&G-BT Settlement 147
How Did BT Fare After the Swaps? 147
P&G-BT from an Investor's Perspective 148
The Landmark P&G-BT Court Opinion 149
Disclosure Reform After P&G-BT 151
Should Corporate Treasuries Be Profit Centers? 152
Conclusions 152
Review Questions 153
Epilogue: What Happened to the Players in P&G-BT? 154
Further Reading 156
Bibliography 156
Chapter 6: Orange County: The Largest Municipal Failure in U.S. History 158
Introduction 158
Robert Citron and the Orange County Board of
Supervisors 159
The Orange County Investment Pool 162
The Major Risks Facing Assets in the OClP Porlfolio 165
OCIP's Assets and Funding Sources 167
The Consequences 179
Sentences, Blame, and Reform 187
Lessons Learned from Orange County 190
Conclusion 191
Review Questions 192
Further Reading 192
Bibliography 192
Chapter 7: Barings Bank PLC: Leeson's Lessons 194
Introduction 194
NickLeeson 195
Leeson's Trading Strategy 200
Fictitious Trades, Falsified Records, and Option Sales to Raise Funds 206
Leeson's Trading Position: The Net Profit-and-Loss Profile of His Exposures 206
Leeson Accumulates Losses 210
Blame Beyond Leeson: Management Control of Trading Operations 212
A Bank for a Pound 214
Aftermath of the Barings Failure 214
Conclusions: Leeson's Lessons 2 15
Review Questions 2 16
Bibliography 21 7
Chapter 8: Long-Term Mismanagement: "JM and the Arb Boys" 218
Introduction 21 8
LTCM: The Company 221
LTCM's Strategy 223
LTCM's Impressive Performance: 1994- 1997 234
LTCM's Contributions to Efficient Markets 237
Why and How LTCM Failed 237
The Fed, Warren Buffett, and the Rescue of LTCM 244
Conclusions and Lessons to Be Learned 248
Review Questions 250
Epilogue: What Happened to the Partners, Creditors, Investors, and the Consortium? 251
Further Reading 253
Bibliography 253
Appendix 8.1: LTCM's Major Trades 255
Index 261