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ch18derivativesandriskmanagement(財務管理-英文版)-資料下載頁

2025-10-11 23:39本頁面

　　

【正文】 e 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.,第二十九頁，共三十五頁。,Financial risk exposure refers to the risk inherent in the financial markets due to price fluctuations. Example: A firm holds a portfolio of bonds, interest rates rise, and the value of the bonds falls.,What is a financial risk exposure?,第三十頁，共三十五頁。,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.),第三十一頁，共三十五頁。,Hedging: Generally conducted where a price change could negatively affect a firm’s profits. Long hedge: involves the purchase of a futures contract to guard against a price increase. Short hedge: involves the sale of a futures contract to protect against a price decline in commodities or financial securities.,(More.),第三十二頁，共三十五頁。,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.,第三十三頁，共三十五頁。,The purchase of a commodity futures contract will allow a firm to make a future purchase of the input at today’s price, even if the market price on the item has risen substantially in the interim.,How can commodity futures markets be used to reduce input price risk?,第三十四頁，共三十五頁。,內容(n232。ir243。ng)總結,Derivative securities。$25.00 $25.00 $0.00。(More.)。(0.3317)(0.7071),第三十五頁，共三十

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