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HEDGING INSTRUMENTS AND RISK MANAGEMENTCUASTI P., THOMAS M.wydawnictwo: MCGRAW-HILL , rok wydania 2005, wydanie Icena netto: "Most markets share a fundamental structure that can be managed with a common set of mechanics. Our objective in writing this book is to provide the reader with a self-contained, accessible guide to the mechanics and risks of hedging in various markets."From Chapter Businesses today are exposed to systematic price risk in many forms. Because this risk exposure can impact the ability to forecast, plan, or even operate a business in an efficient and competitive manner, most financial decision-makers turn to hedging to neutralize this risk so they can focus on core business opportunities. Hedging Instruments (5 Risk Management provides a comprehensive and results-oriented approach to making informed and profitable hedging decisions. Focusing on practical details of key hedging instruments as well as insights into the real-world application of these instruments, it covers information including: Basic concepts of valuation, including how to accurately calculate present value of future cash flows Mathematics of bond pricing and risk measurement, including volatility, duration, and convexity How to extract spot and implied forward rates from coupon bonds, as well as construct a swap zero-coupon yield curve from market prices Structure and uses of the futures markets, including specifications of major contracts in commodity, fixed income, and equity markets Basic knowledge of binomial option pricing, along with Black-Scholes options pricing models and extensions Techniques for hedging exposure to commodity price fluctuations and foreign currency risk Effective ways for corporations to establish fixed rate financing in the current market using swaptions along with forward delivery bonds and swaps Swap contract structure, pricing, and volatility, including descriptions of not only plain vanilla interest rate swaps but also currency, equity, basis, credit default, and total rate of return swaps Hedging allows financial professionals to accomplish a number of risk management objectives, from decreasing cash flow volatility and offsetting interest rate fluctuations to minimizing price risk, default risk, and more. In a world of razor-thin margins, the challenge is to select a hedge that provides the most protection while incurring the least expense. Hedging Instruments 5 Risk Management compiles the information, data, definitions, and examples hedgers need to consistently meet this challenge, and develop a stable, long-term, and cost-effective hedging strategy. About Authors Patrick Cusatis is a professor of finance at Penn State University. Martin Thomas is principal of financial services consulting firm Penn Data Mining.
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