tailieunhanh - Liabilities, Liquidity, and Cash ManagementB alancing Financial Risks phần 10

Di cư tín dụng là quan tâm đến thị trường vốn cho các mục đích đầu tư, đặc biệt là vì lý do đa dạng hóa. Contrarians nói rằng thị trường vốn như một toàn thể không có cam kết cùng một mối quan hệ tín dụng ngân hàng. Các ngân hàng có kinh nghiệm trong diễn xuất là người trung gian. | Credit Risk Market Risk Leverage and the Regulators The hedging approach would require structuring the transaction s in a way able to maximize the factors that provide the best protection for instance analyzing what is required by a perfect hedge if there is one compared to the practical hedge. We will return to this issue when we discuss the assessment of hedge effectiveness. We must feed our strengths and strangle our weaknesses says Peter Drucker. This is easier said than done. Hedges often fail because our assumptions do not materialize. Those forecasters and investors who were expecting a booming world economy in 2001 found out the hard way that they had to adjust for the fact that it was not booming because the world recovery was not happening in fits and starts. Those financial analysts who said that NASDAQ s first meltdown in late March early April 2000 was a short-lived event or that at the end of September 2000 the NASDAQ had reached bottom learned to their sorrow that stock market blues continued well into 2001. Recovery from a big shock is a much more gradual affair than what the fast-track analysts and investors imagine. The adjustment period often proves to be longer than expected. Real life rarely validates end-of-the-crisis optimism. Crosscurrents also were occurring which mean that the global market is changing. Investors gradually have to substitute individualized risks unique to specific investments instruments and industries for the world economic and financial system risk to which they have become accustomed. In 1998 for instance investors weathered a very difficult global economic climate by concentrating their ownership in the very best investments within each asset class thereby minimizing credit risk. Examples are Treasuries in the fixed income area and the most solid companies in equities. In 1999 with the world financial crisis gradually dissipating it was no longer important to own the very best in each asset class. In 2000 and early .