对不起，这个文件有问题，在传一个新的。
本书 517 pages,  以下是本书内容。              

Contents
Preface xvii
I THE SETTING: MARKETS, MODELS, INTEREST RATES,
UTILITY MAXIMIZATION, RISK 1
1 Financial Markets 3
1.1Bonds 3
1.1.1 Types of Bonds 5
1.1.2 Reasons for Trading Bonds 5
1.1.3 Risk of Trading Bonds 6
1.2Stocks 7
1.2.1 How Are Stocks Different from Bonds? 8
1.2.2 Going Long or Short 9
1.3 Derivatives 9
1.3.1 Futures and Forwards 10
1.3.2 Marking to Market 11
1.3.3 Reasons for Trading Futures 12
1.3.4Options 13
1.3.5 Calls and Puts 13
1.3.6 Option Prices 15
1.3.7 Reasons for Trading Options 16
1.3.8 Swaps 17
1.3.9 Mortgage-Backed Securities; Callable Bonds 19
1.4 Organization of Financial Markets 20
1.4.1Exchanges 20
1.4.2 Market Indexes 21
1.5 Margins 22
1.5.1 Trades That Involve Margin Requirements 23
1.6 Transaction Costs 24
Summary 25
Problems 26
Further Readings 29
2 Interest Rates 31
2.1 Computation of Interest Rates 31
2.1.1 Simple versus Compound Interest; Annualized Rates 32
2.1.2 Continuous Interest 34
viii Contents
2.2 Present Value 35
2.2.1 Present and Future Values of Cash Flows 36
2.2.2 Bond Yield 39
2.2.3 Price-Yield Curves 39
2.3 Term Structure of Interest Rates and Forward Rates 41
2.3.1 Yield Curve 41
2.3.2 Calculating Spot Rates; Rates Arbitrage 43
2.3.3 Forward Rates 45
2.3.4 Term-Structure Theories 47
Summary 48
Problems 49
Further Readings 51
3 Models of Securities Prices in Financial Markets 53
3.1 Single-Period Models 54
3.1.1 Asset Dynamics 54
3.1.2 Portfolio and Wealth Processes 55
3.1.3 Arrow-Debreu Securities 57
3.2 Multiperiod Models 58
3.2.1 General Model Specifications 58
3.2.2 Cox-Ross-Rubinstein Binomial Model 60
3.3 Continuous-Time Models 62
3.3.1 Simple Facts about the Merton-Black-Scholes Model 62
3.3.2 Brownian Motion Process 63
3.3.3 Diffusion Processes, Stochastic Integrals 66
3.3.4 Technical Properties of Stochastic Integrals∗ 67
3.3.5 Itˆo’s Rule 69
3.3.6 Merton-Black-Scholes Model 74
3.3.7 Wealth Process and Portfolio Process 78
3.4 Modeling Interest Rates 79
3.4.1 Discrete-Time Models 79
3.4.2 Continuous-Time Models 80
3.5 Nominal Rates and Real Rates 81
3.5.1 Discrete-Time Models 81
3.5.2 Continuous-Time Models 83
Contents ix
3.6 Arbitrage and Market Completeness 83
3.6.1 Notion of Arbitrage 84
3.6.2 Arbitrage in Discrete-Time Models 85
3.6.3 Arbitrage in Continuous-Time Models 86
3.6.4 Notion of Complete Markets 87
3.6.5 Complete Markets in Discrete-Time Models 88
3.6.6 Complete Markets in Continuous-Time Models∗ 92
3.7 Appendix 94
3.7.1 More Details for the Proof of Itˆo’s Rule 94
3.7.2 Multidimensional Itˆo’s Rule 97
Summary 97
Problems 98
Further Readings 101
4 Optimal Consumption/Portfolio Strategies 103
4.1 Preference Relations and Utility Functions 103
4.1.1 Consumption 104
4.1.2 Preferences 105
4.1.3 Concept of Utility Functions 107
4.1.4 Marginal Utility, Risk Aversion, and Certainty Equivalent 108
4.1.5 Utility Functions in Multiperiod Discrete-Time Models 112
4.1.6 Utility Functions in Continuous-Time Models 112
4.2 Discrete-Time Utility Maximization 113
4.2.1 Single Period 114
4.2.2 Multiperiod Utility Maximization: Dynamic Programming 116
4.2.3 Optimal Portfolios in the Merton-Black-Scholes Model 121
4.2.4 Utility from Consumption 122
4.3 Utility Maximization in Continuous Time 122
4.3.1 Hamilton-Jacobi-Bellman PDE 122
4.4 Duality/Martingale Approach to Utility Maximization 128
4.4.1 Martingale Approach in Single-Period Binomial Model 128
4.4.2 Martingale Approach in Multiperiod Binomial Model 130
4.4.3 Duality/Martingale Approach in Continuous Time∗ 133
4.5 Transaction Costs 138
4.6 Incomplete and Asymmetric Information 139
4.6.1 Single Period 139
x Contents
4.6.2 Incomplete Information in Continuous Time∗ 140
4.6.3 Power Utility and Normally Distributed Drift∗ 142
4.7 Appendix: Proof of Dynamic Programming Principle 145
Summary 146
Problems 147
Further Readings 150
5 Risk 153
5.1 Risk versus Return: Mean-Variance Analysis 153
5.1.1 Mean and Variance of a Portfolio 154
5.1.2 Mean-Variance Efficient Frontier 157
5.1.3 Computing the Optimal Mean-Variance Portfolio 160
5.1.4 Computing the Optimal Mutual Fund 163
5.1.5 Mean-Variance Optimization in Continuous Time∗ 164
5.2 VaR: Value at Risk 167
5.2.1 Definition of VaR 167
5.2.2 Computing VaR 168
5.2.3 VaR of a Portfolio of Assets 170
5.2.4 Alternatives to VaR 171
5.2.5 The Story of Long-Term Capital Management 171
Summary 172
Problems 172
Further Readings 175
II PRICING AND HEDGING OF DERIVATIVE SECURITIES 177
6 Arbitrage and Risk-Neutral Pricing 179
6.1 Arbitrage Relationships for Call and Put Options; Put-Call Parity 179
6.2 Arbitrage Pricing of Forwards and Futures 184
6.2.1 Forward Prices 184
6.2.2 Futures Prices 186
6.2.3 Futures on Commodities 187
6.3 Risk-Neutral Pricing 188
6.3.1 Martingale Measures; Cox-Ross-Rubinstein (CRR) Model 188
6.3.2 State Prices in Single-Period Models 192
6.3.3 No Arbitrage and Risk-Neutral Probabilities 193
Contents xi
6.3.4 Pricing by No Arbitrage 194
6.3.5 Pricing by Risk-Neutral Expected Values 196
6.3.6 Martingale Measure for the Merton-Black-Scholes Model 197
6.3.7 Computing Expectations by the Feynman-Kac PDE 201
6.3.8 Risk-Neutral Pricing in Continuous Time 202
6.3.9 Futures and Forwards Revisited∗ 203
6.4Appendix 206
6.4.1 No Arbitrage Implies Existence of a Risk-Neutral Probability∗ 206
6.4.2 Completeness and Unique EMM∗ 207
6.4.3 Another Proof of Theorem 6.4∗ 210
6.4.4 Proof of Bayes’ Rule∗∗ 211
Summary 211
Problems 213
Further Readings 215
7 Option Pricing 217
7.1 Option Pricing in the Binomial Model 217
7.1.1 Backward Induction and Expectation Formula 217
7.1.2 Black-Scholes Formula as a Limit of the Binomial
Model Formula 220
7.2 Option Pricing in the Merton-Black-Scholes Model 222
7.2.1 Black-Scholes Formula as Expected Value 222
7.2.2 Black-Scholes Equation 222
7.2.3 Black-Scholes Formula for the Call Option 225
7.2.4 Implied Volatility 227
7.3 Pricing American Options 228

7.4 Options on Dividend-Paying Securities 235
7.4.1 Binomial Model 236
7.4.2 Merton-Black-Scholes Model 238
7.5 Other Types of Options 240
7.5.1 Currency Options 240
7.5.2 Futures Options 242
7.5.3 Exotic Options 243
xii Contents
7.6 Pricing in the Presence of Several Random Variables 247
7.6.1 Options on Two Risky Assets 248
7.6.2 Quantos 252
7.6.3 Stochastic Volatility with Complete Markets 255
7.6.4 Stochastic Volatility with Incomplete Markets; Market Price
of Risk∗ 256
7.6.5 Utility Pricing in Incomplete Markets∗ 257
7.7 Merton’s Jump-Diffusion Model∗ 260
7.8 Estimation of Variance and ARCH/GARCH Models 262
7.9 Appendix: Derivation of the Black-Scholes Formula 265
Summary 267
Problems 268
Further Readings 273
8 Fixed-Income Market Models and Derivatives 275
8.1 Discrete-Time Interest-Rate Modeling 275

8.2 Interest-Rate Models in Continuous Time 286

8.3 Swaps, Caps, and Floors 301
8.3.1 Interest-Rate Swaps and Swaptions 301
8.3.2 Caplets, Caps, and Floors 305
8.4 Credit/Default Risk 306
Summary 308
Problems 309
Further Readings 312
9 Hedging 313
9.1 Hedging with Futures 313
9.1.1 Perfect Hedge 313
Contents xiii
9.1.2 Cross-Hedging; Basis Risk 314

9.3 Hedging Options Positions; Delta Hedging 322

9.4 Perfect Hedging in a Multivariable Continuous-Time Model 334
9.5 Hedging in Incomplete Markets 335
Summary 336
Problems 337
Further Readings 340
10 Bond Hedging 341
10.1 Duration 341

10.2Immunization 347

10.3 Convexity 351
Summary 352
Problems 352
Further Readings 353
xiv Contents
11 Numerical Methods 355
11.1 Binomial Tree Methods 355
11.1.1 Computations in the Cox-Ross-Rubinstein Model 355
11.1.2 Computing Option Sensitivities 358
11.1.3 Extensions of the Tree Method 359
11.2 Monte Carlo Simulation 361

Utility Maximization∗ 371
11.3 Numerical Solutions of PDEs; Finite-Difference Methods 373

Summary 377
Problems 378
Further Readings 380
III EQUILIBRIUM MODELS 381
12 Equilibrium Fundamentals 383
12.1 Concept of Equilibrium 383

Contents xv
12.4.2 Equilibrium Existence in Continuous Time 400
12.4.3 Determining Market Parameters in Equilibrium 403
Summary 406
Problems 406
Further Readings 407
13 CAPM 409
Summary 430
Problems 430
Further Readings 432
14 Multifactor Models 433

Summary 445
Problems 445
Further Readings 445
xvi Contents
15 Other Pure Exchange Equilibria 447

Summary 466
Problems 466
Further Readings 467
16 Appendix: Probability Theory Essentials 469

References 479
Index 487

2# hgrdady
文件已经损坏，无法下载，建议其他会员谨慎下载，楼主尽责改正。
附本人邮箱，holdser@yhoo.cn。如果您方便就给俺发到邮箱下，辛苦您了，楼主！

2楼所发的附件依然是损坏的
请楼主再次改善

对不起各位，我再传一次 ，希望这回应该没问题了。      

这回没问题了， 我自己用快车试着下了，没问题。
如再有问题，发贴说一声 。