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Optimal Hedging Strategy Re Visited
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Book Synopsis Optimal Hedging Strategy Re-visited by : Ying Qian
Download or read book Optimal Hedging Strategy Re-visited written by Ying Qian and published by World Bank Publications. This book was released on 1994 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The optimal portfolio model for hedging commodity price and exchange rate risks is extended to nonstationary economic time series data. The new approach corrects the problem of unstable solutions often found with earlier models using economic time series that are nonstationary.
Book Synopsis Hedging Commodities by : Slobodan Jovanovic
Download or read book Hedging Commodities written by Slobodan Jovanovic and published by Harriman House Limited. This book was released on 2014-02-03 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an invaluable resource of hedging case studies and examples, explaining with clarity and coherence how various instruments - such as futures and options - are used in different market scenarios to contain, control and eliminate price risk exposure. Its core objective is to elucidate hedging transactions and provide a systematic, comprehensive view on hedge performance. When it comes to hedge strategies specifically, great effort has been employed to create new instruments and concepts that will prove to be superior to classic methods and interpretations. The concept of hedge patterns - introduced here - proves it is possible to tabulate a hedging strategy and interpret its use with diagrams, so each example is shown visually with the result of radical clarity. A compelling visual pattern is also attached to each case study to give you the ability to compare different solutions and apply a best-fit hedging strategy in real-world situations. A diverse range of hedging transactions showing the ultimate payoff profiles and performance metrics are included. These have been designed to achieve the ultimate goal - to convey the necessary skills to allow business and risk management teams to develop proper hedging mechanisms and apply them in practice.
Book Synopsis VaR-Based Optimal Partial Hedging by : Jianfa Cong
Download or read book VaR-Based Optimal Partial Hedging written by Jianfa Cong and published by . This book was released on 2014 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedging is one of the most important topics in finance. When a financial market is complete, every contingent claim can be hedged perfectly to eliminate any potential future obligations. When the financial market is incomplete, the investor may eliminate his risk exposure by superhedging. In practice, both hedging strategies are not satisfactory due to their high implementation costs which erode the chance of making any profit. A more practical and desirable strategy is to resort to the partial hedging which hedges the future obligation only partially. The quantile hedging of Follmer and Leukert (1999), which maximizes the probability of a successful hedge for a given budget constraint, is an example of the partial hedging. Inspired by the principle underlying the partial hedging, this paper proposes a general partial hedging model by minimizing any desirable risk measure of the total risk exposure of an investor. By confining to the Value-at-Risk (VaR) measure, analytic optimal partial hedging strategies are derived. The optimal partial hedging strategy is either a knock-out call strategy or a bull call spread strategy, depending on the admissible classes of hedging strategies. Our proposed VaR-based partial hedging model has the advantage of its simplicity and robustness. The optimal hedging strategy is easy to determine. Furthermore, the structure of the optimal hedging strategy is independent of the assumed market model. This is in contrast to the quantile hedging which is sensitive to the assumed model as well as the parameter values. Extensive numerical examples are provided to compare and contrast our proposed partial hedging to the quantile hedging.
Book Synopsis Optimal Hedging in Futures Markets with Multiple Delivery Specifications by : Avraham Kamara
Download or read book Optimal Hedging in Futures Markets with Multiple Delivery Specifications written by Avraham Kamara and published by . This book was released on 1986 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Affluent Society Revisited by : Mike Berry
Download or read book The Affluent Society Revisited written by Mike Berry and published by OUP Oxford. This book was released on 2013-12-12 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book revisits John Kenneth Galbraith's classic text The Affluent Society in the context of the background to, and causes of, the global economic crisis that erupted in 2008. Each chapter takes a major theme of Galbraith's book, distils his arguments, and then discusses to what extent they cast light on current developments, both in developed economies and in the economics discipline. The themes include: inequality, insecurity, inflation, debt, consumer behaviour, financialization, the economic role of government ('social balance'), the power of ideas, the role of power in the economy, and the nature of the good society. It considers the current problems of capitalism and the huge challenges facing democratic governments in tackling them. Written in non-technical language, this book is accessible to students of economics and the social sciences as well as to those who would have read The Affluent Society and the general reader interested in contemporary affairs and public policy.
Book Synopsis U.S.-China Economic Relations Revisited by : United States. Congress. Senate. Committee on Finance
Download or read book U.S.-China Economic Relations Revisited written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2006 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Uncertainty-Governance Choice Puzzle Revisited by : Franziska König
Download or read book The Uncertainty-Governance Choice Puzzle Revisited written by Franziska König and published by Springer Science & Business Media. This book was released on 2009-06-20 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Franziska König examines the anatomy of uncertainty-governance choice relationships from different theoretical angles, including transaction costs economics, resource-based theory, and real options theory. The book provides, furthermore, comprehensive empirical insights both from secondary data examined with a “vote-counting” analysis as well as from primary data, collected through a “policy-capturing” study.
Book Synopsis Microeconomic Risk Management and Macroeconomic Stability by : Andreas Röthig
Download or read book Microeconomic Risk Management and Macroeconomic Stability written by Andreas Röthig and published by Springer Science & Business Media. This book was released on 2009-08-02 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The essence of a hedging contract is a coincident purchase and sale in two markets which are expected to behave in such a way that any loss realized in one will be offset by an equivalent gain in the other. If such behavior follows a perfect hedge has been effected. ” Hardy and Lyon (1923, p. 276). 1. 1 LiteratureReviewandMotivation In the traditional hedging literature, the two markets in which hedgers trade are spot and futures markets. The trader’s position in the spot market is generally considered as given. According to Johnson (1960), hedging can be meaningfully de?ned only if the spot market is regarded as the trader’s primary market. The futures market is used solely to counterbalance an existing position in the spot market. Speculators, in contrast, do not have a commitment in the spot market. They take on risk in futures markets in order to pro?t from expected price changes. The hedger synchronizes his trading activities in spot and futures markets in order to reduce spot risk. In the lit- ature this approach to hedging is labeled risk reduction concept. Risk reduction will be achieved if spot and futures prices move more or less in parallel. If prices are p- fectly correlated, risk is abolished, since losses in one market are perfectly offset by pro?ts in the other market. However, as Hardy and Lyon (1923) point out, any div- gence from perfect correlation results in an imperfect hedge.
Book Synopsis The War Puzzle Revisited by : John A. Vasquez
Download or read book The War Puzzle Revisited written by John A. Vasquez and published by Cambridge University Press. This book was released on 2009-07-23 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: A scientific explanation of the onset and expansion of war and the conditions of peace.
Book Synopsis The Affluent Society Revisited by : Michael Berry
Download or read book The Affluent Society Revisited written by Michael Berry and published by Oxford University Press, USA. This book was released on 2013-12 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book revisits John Kenneth Galbraith's The Affluent Society from the perspective of the background to, and causes of, the 2008 global economic crisis. Each chapter takes a major theme of his book, distils Galbraith's arguments, and then discusses to what extent they cast light on current developments.
Book Synopsis Reykjavik Revisited by : George P. Shultz
Download or read book Reykjavik Revisited written by George P. Shultz and published by Hoover Press. This book was released on 2013-09-01 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawn from presentations made at the Hoover Institution's October 2007 conference, this collection of essays examines the practical steps necessary to address the current security challenges of nuclear weapons and to move toward the Reykjavik goal of eliminating all nuclear weapons. The distinguished group of contributors includes former officials of the past six administrations—Republican and Democratic—along with senior scholar and scientific experts on nuclear issues.
Book Synopsis Globalization Revisited by : Grahame Thompson
Download or read book Globalization Revisited written by Grahame Thompson and published by Routledge. This book was released on 2014-11-27 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by one of the leading scholars of global politics, Globalization Revisited is a major new book for students of globalization. It describes and explains the challenges to liberalism and the global order as result of globalizing forces - from financial interconnectedness to the growth of religious fundamentalisms. The text: provides a detailed analysis of the economic and financial aspects of globalization; examines the changes to global power and governance created by globalization including its effect on the sovereignty of the nation state; discusses recent trends such as the increased use of networks and social media; assesses the rise of globalizing fundamentalism; analyzes the challenges to globalization posed by contemporary events such as the global financial crisis. This book will be essential reading for all students of globalization, and will be of great interest to students of global politics and global governance.
Book Synopsis The Strategic Corporal Revisited by : David Lovell
Download or read book The Strategic Corporal Revisited written by David Lovell and published by Juta and Company (Pty) Ltd. This book was released on 2017-10-16 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the ordinary soldier, the non-commissioned officer and the junior officer—the large proportion of the lower strata in military organisations—the expectations of levels of responsibility and decision-making are rapidly increasing. In 1999, US Marine Corps General Charles C. Krulak addressed this in his essay ‘The Strategic Corporal: Leadership in the Three-Block War’, which described the range of challenges likely to be faced by marines on the modern battlefield and where a range of operations (fighting, peace works and humanitarian assistance) might occur simultaneously within a very limited precinct (three blocks). The chapters in this book use the metaphor of the ‘strategic corporal’ to focus on the demands facing junior leaders in military operations in the twenty-first century, and what might be done to enhance their ability to respond to them. The circumstances in which these decisions are made need to be better understood, by soldiers and their critical onlookers, be they villagers on the scene, senior military or political leaders remote from the operation, or anti-war activists thousands of miles away. Being ‘strategic’ is not just about a soldier’s professional mastery. Increasingly it also means a genuine familiarity with legal and ethical issues, and an ability in low-intensity conflict to understand local culture and communicate with those in villages and neighbourhoods whose goodwill, or at least neutrality, are vital to ultimate success. In the non-war circumstances in which many Western militaries operate, such as humanitarian assistance and disaster relief as well as peacekeeping operations, it means dealing with civil authorities in the distribution of aid or even the administration of justice if local institutions have broken down. Sometimes it involves negotiation and mediation. It may even mean having an understanding of the ways pervasive modern media works, and its potential to surveil—and sometimes derail—a mission. Sometimes it also means having a better understanding of the challenges that face the soldier’s own defence force: including the malign effects of bureaucratic inertia and the ‘outsourcing’ of key capabilities to private contractors. The book combines theoretical discussions with practical examples, but it is not—as so many books about future conflict are—a discussion of the technology of future war. Rather, it provides opportunities for specialists in a range of security-related fields to consider the issues and challenges of military leadership, the role of civilians and contractors, the importance of International Humanitarian Law, and even whether strategic gains can be made without the deployment of troops (‘strategic corporals’ or otherwise).
Book Synopsis The Coupling of Climate and Economic Dynamics by : Alain Haurie
Download or read book The Coupling of Climate and Economic Dynamics written by Alain Haurie and published by Springer Science & Business Media. This book was released on 2005-11-10 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews the different approaches used to model the dynamic interactions between climate and economies, and proposes new avenues of research. Its fourteen chapters deal with various aspects of the building of integrated assessment models, either by coupling economic growth and climate change modules, or using mathematical models of viability or dynamic game theory to represent the interactions between the world regions concerned.
Book Synopsis Dynamic Hedging by : Nassim Nicholas Taleb
Download or read book Dynamic Hedging written by Nassim Nicholas Taleb and published by John Wiley & Sons. This book was released on 1997-01-14 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: Destined to become a market classic, Dynamic Hedging is the only practical reference in exotic options hedgingand arbitrage for professional traders and money managers Watch the professionals. From central banks to brokerages to multinationals, institutional investors are flocking to a new generation of exotic and complex options contracts and derivatives. But the promise of ever larger profits also creates the potential for catastrophic trading losses. Now more than ever, the key to trading derivatives lies in implementing preventive risk management techniques that plan for and avoid these appalling downturns. Unlike other books that offer risk management for corporate treasurers, Dynamic Hedging targets the real-world needs of professional traders and money managers. Written by a leading options trader and derivatives risk advisor to global banks and exchanges, this book provides a practical, real-world methodology for monitoring and managing all the risks associated with portfolio management. Nassim Nicholas Taleb is the founder of Empirica Capital LLC, a hedge fund operator, and a fellow at the Courant Institute of Mathematical Sciences of New York University. He has held a variety of senior derivative trading positions in New York and London and worked as an independent floor trader in Chicago. Dr. Taleb was inducted in February 2001 in the Derivatives Strategy Hall of Fame. He received an MBA from the Wharton School and a Ph.D. from University Paris-Dauphine.
Book Synopsis Handbook of Integrated Risk Management in Global Supply Chains by : Panos Kouvelis
Download or read book Handbook of Integrated Risk Management in Global Supply Chains written by Panos Kouvelis and published by John Wiley & Sons. This book was released on 2011-10-26 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive, one-stop reference for cutting-edge research in integrated risk management, modern applications, and best practices In the field of business, the ever-growing dependency on global supply chains has created new challenges that traditional risk management must be equipped to handle. Handbook of Integrated Risk Management in Global Supply Chains uses a multi-disciplinary approach to present an effective way to manage complex, diverse, and interconnected global supply chain risks. Contributions from leading academics and researchers provide an action-based framework that captures real issues, implementation challenges, and concepts emerging from industry studies.The handbook is divided into five parts: Foundations and Overview introduces risk management and discusses the impact of supply chain disruptions on corporate performance Integrated Risk Management: Operations and Finance Interface explores the joint use of operational and financial hedging of commodity price uncertainties Supply Chain Finance discusses financing alternatives and the role of financial services in procurement contracts; inventory management and capital structure; and bank financing of inventories Operational Risk Management Strategies outlines supply risks and challenges in decentralized supply chains, such as competition and misalignment of incentives between buyers and suppliers Industrial Applications presents examples and case studies that showcase the discussed methodologies Each topic's presentation includes an introduction, key theories, formulas, and applications. Discussions conclude with a summary of the main concepts, a real-world example, and professional insights into common challenges and best practices. Handbook of Integrated Risk Management in Global Supply Chains is an essential reference for academics and practitioners in the areas of supply chain management, global logistics, management science, and industrial engineering who gather, analyze, and draw results from data. The handbook is also a suitable supplement for operations research, risk management, and financial engineering courses at the upper-undergraduate and graduate levels.
Book Synopsis R Guide for Introductory Econometrics for Finance by : Chris Brooks
Download or read book R Guide for Introductory Econometrics for Finance written by Chris Brooks and published by Cambridge University Press. This book was released on 2019-03-28 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This free software guide for R with freely downloadable datasets brings the econometric techniques to life, showing readers how to implement the approaches presented in Introductory Econometrics for Finance using this highly popular software package. Designed to be used alongside the main textbook, the guide will give readers the confidence and skills to estimate and interpret their own models while the textbook will ensure that they have a thorough understanding of the conceptual underpinnings.
