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1、Chapter12:FinancialRiskManagement:TechniquesandApplicationsRiskmanagementisakintoadialysismachine.Ititdoesn’twork,youmighthaveanobleobituary,butyou’redead.BenGolubDerivativesStrategy,October,2000,p.26D.M.ChanceCh.15:1AnIntroductiontoDerivativesandRiskManagement,6thed.ImportantConceptsinChapter
2、15TheconceptandpracticeofriskmanagementThebenefitsofriskmanagementThedifferencebetweenmarketandcreditriskHowmarketriskismanagedusingdelta,gamma,vega,andValue-at-RiskHowcreditriskismanaged,includingcreditderivativesRisksotherthanmarketandcreditriskD.M.Chance2AnIntroductiontoDerivativesandRiskMa
3、nagement,6thed.Definitionofriskmanagement:thepracticeofdefiningtherisklevelafirmdesires,identifyingtherisklevelitcurrentlyhas,andusingderivativesorotherfinancialinstrumentstoadjusttheactualriskleveltothedesiredrisklevel.D.M.Chance3AnIntroductiontoDerivativesandRiskManagement,6thed.WhyPracticeR
4、iskManagement?TheImpetusforRiskManagementFirmspracticeriskmanagementforseveralreasons:Interestrates,exchangeratesandstockpricesaremorevolatiletodaythaninthepast.SignificantlossesincurredbyfirmsthatdidnotpracticeriskmanagementImprovementsininformationtechnologyFavorableregulatoryenvironmentSome
5、timeswecallthisactivityfinancialriskmanagement.D.M.Chance4AnIntroductiontoDerivativesandRiskManagement,6thed.WhyPracticeRiskManagement?(continued)TheBenefitsofRiskManagementWhatarethebenefitsofriskmanagement,inlightoftheModigliani-Millerprinciplethatcorporatefinancialdecisionsprovidenovaluebec
6、auseshareholderscanexecutethesetransactionsthemselves?Firmscanpracticeriskmanagementmoreeffectively.Theremaytaxadvantagesfromtheprogressivetaxsystem.Riskmanagementreducesbankruptcycosts.Managersaretryingtoreducetheirownrisk.D.M.Chance5AnIntroductiontoDerivativesandRiskManagement,6thed.WhyPract
7、iceRiskManagement?(continued)TheBenefitsofRiskManagement(continued)Byprotectingafirm’scashflow,itincreasesthelikelihoodthatthefirmwillgenerateenoughcashtoallowittoengageinprofitableinvestments.Somefirmsuseriskmanagementasanexcusetospecu
