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1、原文:ThesocialdimensionsoffinancialriskAsmoneyhascometoplayacentralroleinmodemsocietytheriskoflosingmoney,financialrisk,isamajorconcernforindividualsandsocieties.Thelossofajobwouldnotonlyhaveanimpactonanindividual'ssourceofincome,butcouldthreatentheindividual'sentirelivelihoodandbreakup
2、thefamily.Similarly,thelossofapensioncouldmeanhunger,illnessandmiseryforanold-agedpensioner.Thelossofsavingsthroughthecollapseofabankcouldhaveadevastatingblowonindividuals.Forcorporations,financialriskcanaffectthevalueoftheirbusinessinvestmentsandfinancialassets.Atasocietallevel,theba
3、nkruptcyofacurrency,ashappenedrecentlytotheMexicanpeso,couldhaveadramaticimpactontheentireeconomy.Theaimofthispaperistoanalysepresentdayknowledgeaboutfinancialriskandevaluatetheextenttowhichitprovidesacomprehensiveunderstandingofrisk.Thefindingssuggestthatbecauseoftheobsessionwithobje
4、ctivityandmathematicalcalculation,riskanalysisinfinanceleavesalottobedesired.RiskanalysisinfinancetheoryTosummarisethepresentunderstandingofriskinfinance,theonlywaytodosoreasonablyistolistvarioustopicsunderwhichriskiscovered.Theseare:—individualpreferencesandattitudestorisk:riskaverse
5、,riskneutral,riskseeker—portfoliotheory:riskasvarianceofreturn,riskreductionthroughdiversification,betariskandthecapitalassetpricingmodel—optionvolatilityandtheriskofderivativesecurities—measuringriskusingprobabilitytheory:state-preferencetheory—riskmanagement:hedgingstrategies,bonddu
6、rationandvolatility,portfolioinsurance—differenttypesofassetriskeginterestraterisk,marketrisk,credit/defaultrisk.Theabovelistoftopicsdemonstratesthepartialanddisjointedunderstandingofriskinfinance.Oneofthecentralconcernsoffinanceisthevaluationofsecurities,andriskisonlyreallyexaminedan
7、dexploredtotheextentthatitinfluencesthevaluation.However,examinedfromasocietalperspective,theimportanceattachedtovaluationisdirectlytiedtothebeliefinefficientmarketsasameansofresolvingsocialproblems.Thispreceptisthesubjectofdebateinthesocialsciences.Theassumptionthatifefficientandcomp
8、etiti