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页数:16页
时间:2018-02-10
《the uses and risks of derivativestment firm》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、CHAPTER31THEUSESANDRISKSOFDERIVATIVES∗JoanneM.HillDerivativeproductsofferameansofimprovingperformance,controllingrisk,andincreasingflexibility.Theuseofderivativesalsointroducesrisks,however,andthoseriskshavebeenincreasedbytheglobalizationoffinancialmarketsandthes
2、peedandcomplexitybroughtbytechnologicaladvances.Choiceamongthevariousderivativeinstrumentsandstrategiesrequirescarefulconsiderationofthebenefitsanddrawbacksofeachinstrument.Riskmanagementrequiresscenarioanalysisforexistingstrategiesandinternalrisk-controlprocess
3、es.Sincetheirinception,derivativesecuritieshavealwaysbeencontroversial,andanyoneinvolvedinderivativeresearchcanexpecttobeonthedefensive.Thispresentationprovidesadefinitionofderivativesecurities,followedbythehistoryoftheiruseandadiscussionofwhytheyarereceivinginc
4、reasedattentiontoday.Thepresentationthenfocusesonwhyderivativesshouldbeconsideredreturn-enhancementandrisk-managementtoolsandlooksatwaysinwhichequityderivativesarebeingappliedininternationalinvesting.Thepresentationcloseswithadiscussionoftherisksincurredinderiv
5、ativesuseandsuggestssomewaystomanagethisriskinternally.1DERIVATIVESDerivativesecuritiesallowinvestorstomatchasetofsecuritiesorportfoliostoasetofriskandreturnopportunities.Inotherwords,byusingderivatives,investorscantransformtherisk–returnprofilesofexistingportfo
6、liostomatchtheirdesiredrisk–returnprofiles.Many∗ReprintedfromAIMRConferenceProceedings:InvestingWorldwideVI(January1996):46–58.459CH031.indd4598/28/108:40:16PM460PartIII:ManagingRisk—Derivativesofthesetransformationsarestandardandcarriedoutbynumerousinvestors,wh
7、ichhasledtothecreationofbasic,standardized,exchange-tradedoptionsandindexfutures.Othertransformationsareunique—perhapsforaninvestorwhohasanaccountingissueoracapitalconstraintthatrequirescustomizedderivatives.Derivativesecuritiescanbeboughtorsold,andcounterparti
8、escanbeanexchangeclearinghouseor,inthecaseofcustomizedcontracts,otherfinancialmarketparticipants.Derivativescanbedefinedastradablecontractsthatprovideapayoffcontingentonthepri
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