Options and Futures: A Tutorial

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Overview

The growth of the options and futures markets for financial assets has made available important tools to the professional investor. Derivative securities allow the investor to alter the risk-return characteristics of an investment in many different ways. This tutorial introduces the important characteristics of options and futures so that they can be used intelligently.

About the Author(s)

Roger G. Clarke

Roger Clarke is chairman of the board of Analytic Investors, Inc., an investment management firm, and serves as president of Ensign Peak Advisors, Inc. He is currently on the editorial board of the Journal of Portfolio Management and the Journal of Investment Management and previously served on the editorial board of the Financial Analysts Journal. Dr. Clarke has authored numerous articles and papers relating to quantitative investment management and is the recipient of three Graham and Dodd Scrolls from CFA Institute. He holds a BA degree in physics and an MBA degree from Brigham Young University, and an MS degree in economics and a PhD degree in finance from Stanford University.

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