Hedging activities

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  • Tham khảo sách 'wiley cpa exam review', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

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  • Many investors are perfectly satisfied with the more traditional investing opportunities: They build solid portfolios containing individual stocks and bonds, mutual and exchange-traded funds, and so forth, and are generally content to let investment counselors manage their accounts. Other investors, however, prefer to take a more active role: Perhaps they want to manage their accounts themselves or broaden their investment horizons (and increase their potential returns) by delving into more volatile markets...

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  • During the last decade, hedge funds have become one of the most important institutional investors in global financial markets. Although their activities have been viewed critically by regulators, politicians, and the public, this negative perspective is often based more on myth than on thorough economic analysis and empirical facts. Most people lack the necessary information and understanding of the role that hedge funds play in financial markets. Blaming them for the financial crisis or other market turbulences is often based on specific conjectures and not on rigorous research.

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  • A banking entity may acquire or retain an owner- ship interest in a covered fund for hedging purposes if the acquisition or retention of the ownership interest meets specifi ed criteria.

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  • Options are financial instruments which are bought and sold in a market place. The people who do it well pocket large bonuses; companies that do it badly can suffer staggering losses. These are intensely practical activities and this is a technical book for practical people working in the industry.Options are financial instruments which are bought and sold in a market place. The people who do it well pocket large bonuses; companies that do it badly can suffer staggering losses.

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  • The dominant nature of this long-short or spread trading activity explains why hedge funds do so well in market downturns (i.e. it is not directional). But it also explains why leverage needs to be relatively high: investing in a strong stock market generates strong returns, while investing in a low-risk spread in a long-short strategy does not. So the trade has to be levered up a number of times in order for the spread trades to generate competitive returns (while keeping the benefit of avoiding directional risk in the market).

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  • Several studies conducted by of NGOs also focused on the role of these “new land owners”. 2 Also, well-attended international conferences named Global AgInvesting or World Agriculture In- vestment organised by financial actors have been held around the globe to further promote the involvement of the financial sector in the land and agribusiness. This study aims to add another part to the puzzle by focussing on the role of the German private sector.

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  • All of the workshop participants bring different examples to share, but some of the experiences of addressing poverty in Latin America and build- ing up poverty maps have been transferred to Africa and elsewhere. Simi- larly, from the African experiences, people in Latin America and in other regions are looking at delegated contract management very carefully. Lessons can be learned from each other; concrete examples of this have happened in the past and can happen more forcefully in the future.

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  • Chapter 9 - Foreign currency transactions and hedging foreign exchange risk. This chapter covers accounting issues related to foreign currency transactions and foreign currency hedging activities. To provide background for subsequent discussions of the accounting issues, the chapter begins by describing foreign exchange markets. The chapter then discusses accounting for import and export transactions, followed by coverage of various hedging techniques.

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  • Like many businesses, hedge funds have to make difficult decisions about which tasks they should perform in-house and which they should outsource. Third-party service providers are available to do nearly all of a fund’s activities outside of making investment decisions. Our observation is that funds typically prefer to do as much of their work in-house as is possible. As a result, they tend to build up significant fixed costs. Some hedge funds are concerned that reliance on a third-party will increase risk or lead to an opera- tional or compliance failure.

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  • Hedge funds rely on the economies of scale available through third-party providers all the time. They don’t borrow stock directly; they leverage the scale of their prime broker. They don’t issue commercial paper directly to finance long positions; they leverage the banks. Similar opportunities exist across a wide range of fund activities, from trading and technology, to human resource support, to risk manage- ment and reporting. By moving the burden of high-expense activities from their own P&L to a service provider, hedge funds can reduce their fixed expenses.

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  • With their high share of trading turnover, hedge funds play a critical role in providing liquidity for mis-priced assets, particularly when large volumes are traded in thin markets – thereby reducing volatility. This activity is particularly important, given the rapid growth in volume of new-generation structured products issued by investment banks. Hedge fund leverage estimated via an induction technique suggests a leverage ratio that must be above 3 (versus total AUM of USD 1.4 trillion).

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  • Wondering how to draw a cartoon raccoon? With that distinctive mask and stripey tail, this raccoon is primed and ready for action. It’s no coincidence that Bruce Willis was chosen for the voice of RJ the raccoon in the 2006 Dreamworks movie, Over The Hedge - these cute critters are always up to something and love to be in the centre of any activity. Indeed, raccoons have featured heavily in a wide range of stories, songs and movies over the centuries, with some native Americans believing they had special powers! So, pencils at the ready – let’s get started...

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  • The size of this market is very roughly estimated to be around USD 3.8 trillion, already over half of the notional size of the hedge fund industry (AUM plus leverage), and growing quickly in the last two years. Structured products are passive in nature (unlike hedge fund active styles), and focus on providing returns (for different risk profiles of clients) with some element of capital guarantee. Constant proportion portfolio insurance (CPPI) is one of the popular new- generation techniques. These products have not been tested when major anomalies in volatility arise.

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  • Hedge Funds have grown quickly over the past ten years, and are important part of the financial landscape. They are difficult to define as entities, because the line between what hedge funds do that other institutions do not is blurred – proprietary traders in investment banks, private equity funds, and fund managers all use extensive leverage and derivatives to trade markets or to shift risks.

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  • The analysis in this paper suggests that hedge funds play a very positive role in financial markets by providing liquidity to thin markets where mis-priced financial instruments are to be found. This type of activity reduces volatility rather than increasing it. Indeed with the rapid growth of structured products in recent years, particularly in Europe and Asia, hedge funds have been quite critical in containing the volatility that might otherwise have arisen.

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  • With the recent increase in shareholder activism, companies are increasingly considering roles for lead directors in communicating with shareholders. Although management remains principally responsible for investor relations, having a lead director who can assist in certain types of commu- nications may add a useful voice.

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  • A summary of the different styles of hedge funds and the proportion of the market they occupy is shown in Table 4, based on Hedge Fund Industry Research data. An indication of the broad activity involved in the style is shown on the right hand side. Most of these strategies are long-short in nature: all of the equity hedge (e.g. long a stock and long a put to hedge its fall); most of event driven (e.g. buy the target M&A company and sell the buyer); all of relative value arbitrage (e.g. buy the London listing and sell the...

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  • The volume of issuance (sales) and the size of outstanding structured product portfolios have a material impact on derivative pricing and spreads. An investment bank will issue derivatives into the market to construct portfolios for sellers of these products, creating natural opportunities for hedge funds to come in on the other side of the trade. It is common knowledge in investment banks that hedge funds help to reduce their volatility risk, providing liquidity in a very complementary way.

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  • In densely populated areas of Asia and Latin America, providing credit has been the driving force of microfinance because opportunities to invest in income-generating activities are many. But rural Africans have been left out, both because they have been hard to reach and because their bottom-rung economic status makes savings – often a hedge against starvation itself – a higher priority than credit. Up to now, most efforts have been focused on overcoming the obstacles involved in bringing banking and microfinance to Africa’s poor.

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