财务风险的社会层面[文献翻译]

《财务风险的社会层面[文献翻译]》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、原文：ThesocialdimensionsoffinancialriskAsmoneyhascometoplayacentralroleinmodemsocietytheriskoflosingmoney,financialrisk,isamajorconcernforindividualsandsocieties.Thelossofajobwouldnotonlyhaveanimpactonanindividual'ssourceofincome,butcouldthreatentheindividual'sentirelivelihoo

2、dandbreakupthefamily.Similarly,thelossofapensioncouldmeanhunger,illnessandmiseryforanold-agedpensioner.Thelossofsavingsthroughthecollapseofabankcouldhaveadevastatingblowonindividuals.Forcorporations,financialriskcanaffectthevalueoftheirbusinessinvestmentsandfinancialassets.

3、Atasocietallevel,thebankruptcyofacurrency,ashappenedrecentlytotheMexicanpeso,couldhaveadramaticimpactontheentireeconomy.Theaimofthispaperistoanalysepresentdayknowledgeaboutfinancialriskandevaluatetheextenttowhichitprovidesacomprehensiveunderstandingofrisk.Thefindingssuggest

4、thatbecauseoftheobsessionwithobjectivityandmathematicalcalculation,riskanalysisinfinanceleavesalottobedesired.RiskanalysisinfinancetheoryTosummarisethepresentunderstandingofriskinfinance,theonlywaytodosoreasonablyistolistvarioustopicsunderwhichriskiscovered.Theseare:—indivi

5、dualpreferencesandattitudestorisk:riskaverse,riskneutral,riskseeker—portfoliotheory:riskasvarianceofreturn,riskreductionthroughdiversification,betariskandthecapitalassetpricingmodel—optionvolatilityandtheriskofderivativesecurities—measuringriskusingprobabilitytheory:state-p

6、referencetheory—riskmanagement:hedgingstrategies,bonddurationandvolatility,portfolioinsurance—differenttypesofassetriskeginterestraterisk,marketrisk,credit/defaultrisk.Theabovelistoftopicsdemonstratesthepartialanddisjointedunderstandingofriskinfinance.Oneofthecentralconcern

7、soffinanceisthevaluationofsecurities,andriskisonlyreallyexaminedandexploredtotheextentthatitinfluencesthevaluation.However,examinedfromasocietalperspective,theimportanceattachedtovaluationisdirectlytiedtothebeliefinefficientmarketsasameansofresolvingsocialproblems.Thisprece

8、ptisthesubjectofdebateinthesocialsciences.Theassumptionthatifefficientandcompetiti