This is an advanced text on the theory of forward and futures markets that aims at providing readers with a comprehensive knowledge of how prices are established and evolve over time, what optimal strategies one can expect from the participants, what characterizes such markets and what major theoretical and practical differences distinguish futures from forward contracts. Between a streamlined textbook and a research monograph, the book emphasizes economic meaning and financial interpretation rather than mathematical rigor.

Advanced text on the theory of forward and futures markets, in-between a streamlined textbook and a research monograph Emphasis is on economic meaning and financial interpretation rather than on mathematical rigor, also theoretical and practical differences between strategies using futures and those using forwards Includes supplementary material: sn.pub/extras

Inhalt
The Basics.- Forward and Futures Markets.- Standard Pricing Results under Deterministic and Stochastic Interest Rates.- Investment and Hedging.- Pure Hedging.- Optimal Dynamic Portfolio Choice in Complete Markets.- Optimal Dynamic Portfolio Choice in Incomplete Markets.- Optimal Currency Risk Hedging.- Optimal Spreading.- Pricing and Hedging under Stochastic Dividend or Convenience Yield.- General Equilibrium Pricing.- Equilibrium Asset Pricing in an Endowment Economy with Non-Redundant Forward or Futures Contracts.- Equilibrium Asset Pricing in a Production Economy with Non-Redundant Forward or Futures Contracts.- General Equilibrium Pricing of Futures and Forward Contracts Written on the CPI.