derivativesandriskmanagement(英文版)(參考版)
2025-01-08 07:50本頁面
【正文】 2023 by Harcourt, Inc. All rights reserved. 演講完畢，謝謝觀看！ 。 2023 by Harcourt, Inc. All rights reserved. ?Swaps: Involve the exchange of cash payment obligations between two parties, usually because each party prefers the terms of the other’s debt contract. Swaps can reduce each party’s financial risk. 18 34 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Derivative: Security whose value stems or is derived from the values of other assets. Swaps, options, and futures are used to manage financial risk exposures. ?Futures: Contracts that call for the purchase or sale of a financial (or real) asset at some future date, but at a price determined today. Futures (and other derivatives) can be used either as highly leveraged speculations or to hedge and thus reduce risk. Financial Risk Management Concepts (More...) 18 32 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Take actions to reduce the probability of occurrence of adverse events. ?Take actions to reduce the magnitude of the loss associated with adverse events. ?Avoid the activities that give rise to risk. 18 30 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Step 1. Identify the risks faced by the firm. Step 2. Measure the potential impact of the identified risks. Step 3. Decide how each relevant risk should be handled. What are the three steps of corporate risk management? 18 28 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Speculative risks: Those that offer the chance of a gain as well as a loss. ?Pure risks: Those that offer only the prospect of a loss. ?Demand risks: Those associated with the demand for a firm’s products or services. ?Input risks: Those associated with a firm’s input costs. Definitions of Different Types of Risk (More...) 18 26 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Corporate risk management relates to the management of unpredictable events that would have adverse consequences for the firm. What is corporate risk management? 18 24 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Current stock price: Call option value increases as the current stock price increases. ?Exercise price: As the exercise price increases
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