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1、ElementsofFinancialRiskManagementElementsofFinancialRiskManagementSecondEditionPeterF.ChristoffersenAMSTERDAMBOSTONHEIDELBERGLONDONNEWYORKOXFORDPARISSANDIEGOSANFRANCISCOSINGAPORESYDNEYTOKYOAcademicPressisanimprintofElsevierAcademicPressisanimprintofElsevier225WymanStreet,Waltham,MA02
2、451,USATheBoulevard,LangfordLane,Kidlington,Oxford,OX51GB,UKc2012Elsevier,Inc.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,electronicormechanical,includingphotocopying,recording,oranyinformationstorageandretrievalsystem,withoutpermissioninwritingf
3、romthepublisher.Detailsonhowtoseekpermission,furtherinformationaboutthePublisher’spermissionspoliciesandourarrangementswithorganizationssuchastheCopyrightClearanceCenterandtheCopyrightLicensingAgency,canbefoundatourwebsite:www.elsevier.com/permissions.Thisbookandtheindividualcontributionscont
4、ainedinitareprotectedundercopyrightbythePublisher(otherthanasmaybenotedherein).NoticesKnowledgeandbestpracticeinthisfieldareconstantlychanging.Asnewresearchandexperiencebroadenourunderstanding,changesinresearchmethods,professionalpractices,ormedicaltreatmentmaybecomenecessary.Practitionersandr
5、esearchersmustalwaysrelyontheirownexperienceandknowledgeinevaluatingandusinganyinformation,methods,compounds,orexperimentsdescribedherein.Inusingsuchinformationormethodstheyshouldbemindfuloftheirownsafetyandthesafetyofothers,includingpartiesforwhomtheyhaveaprofessionalresponsibility.Tothefull
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7、ressCataloging-in-PublicationDataChristoffersen,PeterF.Elementsoffinancialriskmanagement/PeterChristoffersen.—2nded.p.cm.ISBN978-0-12-374448-71.Financialriskmanagement.I.Title.HD61.C5482012658.1505—dc232011030909BritishLibraryCataloguing-in-Pu