tailieunhanh - Liabilities, Liquidity, and Cash ManagementB alancing Financial Risks phần 8

Đây là những đặc điểm của một nền văn hóa nhạy cảm với rủi ro mà phải thấm nhập vào toàn bộ tổ chức. (Lưu ý rằng văn hóa này không tồn tại ở LTCM) Cả hai trách nhiệm trực tiếp của từng thành viên. | Cash Management accounts for the cost of money during the farther-out 30 years. This cost typically is included in the pricing equation as it happens with any other commodity. Yield curves also may be flat or even inverted the latter condition is known as backwardation. For instance since the end of the 1980s the yield structure in the German capital market has nearly completed an entire cycle. Starting from a slightly inverse curve the economic policy uncertainties in connection with reunification at the beginning of the 1990s led to an increase in longterm interest rates and therefore to a fairly flat curve. The fact that in Exhibit the shape of the 30-year yield curve of . Treasuries and British gilts is not the same reflects the particular economic conditions in each country. Usually a significant amount of inference about financial and economic conditions can be made by studying the prevailing yield curve s . For this reason yield curves have been one of the financial industry s most powerful predictors. If short-term interest rates are expected to rise relative to long-term interest rates then a curve flattening strategy will involve the selling of short-term interest-rate futures and buying of bond futures on a duration weighted basis. By contrast if short-term interest rates are expected to fall relative to long-term interest rates then curve-steepening trades are recommended. These involve the Buying of short-term interest rate futures Selling of bond futures on a duration-weighted basis This is an example of how knowledgeable analysts and traders can use derivatives to fine-tune risk and return trade-offs. Such deals however are not free from exposure. Therefore they should be made within established and accepted risk tolerances. Investors with high risk tolerance could use derivatives to leverage their portfolios for higher returns. In turn doing this requires them to manage their investment risk very effectively and in real time. For example .