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The Research and

Exploration of Financial Risk

M anagement

Using

Derivative Products
Wang Mingjia
Management Department Shanghai University of Engineering Science,shanghai,20 1 620,China

E-mail:jiaxinf@126.com
Abstract:Financial risk management is a systematic program.And financiaI risk is a comprehensive concept with a very complex structure. Commercial banks should develop financial derivatives products actively in order to reduce financial risks.This paper focuses on the use of financiaI derivatives in about how
to

develop financial derivatives market in China and abeut how to

management of financial risks,analyzes the characteristics of financial risks in China and gives some new ideas manage financial risks using tools ofderivatives.

Keywords:Financial management,derivative products,financial financial risks
1.1

risks,he趣ing.1
are

Characteristics

and

causes

of

financiaI institutions
System risks and potential risks
of

different.for the Central Bank

Financial risks is the possibility
when economic
entities

lOSS of income

or

assets

implements classified supervision.Thus,fair competition within the financialindustry has not been formed.

in financial engaged accommodation.Only when we do in.depth analysis of features and causes of financiaJ risks in China and fully understand that,the advanced and mature technology and experience can be learned from the West. In China,the characteristics of financiaI risks are mainly credit risk,intervention risk,regulatory risk,risk of overly
management

4)Risks of overly increasing savings.At present,total balance of saving deposits of both urban and rural residents
is
over



trillion Yuan.A payrment crisis is beinR faced by
sum

banks.Meanwhile,driven by benefits,the remaining

may flow into other markets.which lcads to instability. 5)Interest rate risks.The market system of jnterest rate has
not

been formed in China.And the interest rate risks
as

are

not

increasing savings,interest rate risk,exchange rate risk, stock market risk and risk of financial derivative products. And credit risk.intervention risk and regulatory risk are
system

as obvious

that in American financial markets.But it has

been alreadY exposed:In instance.the current interest rates are a little Iower than normal level.and bank deposits
narrow

financiaI risks.while other

ones

belong to potential

financial risks.


1 Credit risks.The expression of credit risks is that the

proportion of non-performing assets of loans in state.owned banks is very high.and that the ratio of bad loans is trending
to

margm. 61 Exchange rate risks.Along with the furthcr ref01Tn and opening,commercial banks offer more foreign exchange businesses.Meanwhilc,banks have more chances to face kinds of exchange rate risks,including foreign exchange rate risks of management of money supply,completing risks of foreign exchange transactions,credit risks of foreign exchange and transaction risks of financial derivative of foreign exchange. 7)Stock market risks.As transactions in stock market have
products

increase.Credit risks

are

major financial risks faced by

banks in China. 21 Intervention risks.Its expressions are bank lending politic loans and industriaI politic losses.For example.10cal
government

interferes

loans.

which

resulted

in

non’pertormmg assets;openmgs ot

torelgn guarantees

are

interfered,making banks commit money advanced for foreign economic entities to be paid back latcr. 31 Supervision risks.The financial supervision system ofthe CentraI Bank influences the financial risk directly.The

been standardized gradually,stock market divorces from real economic.It causes stock market risks which resulted from‘‘bubble economy”,which has become the most important risk of the present financiaI risks. 8)The risk of financiaJ derivative products.The risks involved in financiaI derivatives products are divided into systematic risk and non.systematic risk.The latter includes market risk(mainly poor-risk),credit risk,liquid risk, operational risk.1egal risk and so on. System risk is the main reason for the financial risks in China.The politic use of credit funds makes the high rate of non—performing loans in financiaI institutions。Excessive

objectives ofthe Central Bank’s supervision should foCUS
on

focuses

the centrel of financial risks.However.it actually on compliance with rules and regulation i11 China.

The scope of supervision is not right for China。and particularly,the supervision of bank businesses focusing market.innovation is imperfect.And the standards for

on

567

administrative intervention b r.n2s about difncult
implementation of

independent banking operations. 1 mproper operations of enterprises help to transfer risks to financiaI“sks.The financiaI“sks in China have dif诧rent nature.manifestations,results and the last committee of rjsks丘.om financiaI risks of market svstem.The financial
risks

would car拶out the contract.So generaJJy speakjng,in the curb exchange of derivative products,there is a convention that the countemart must be 3)The liquidity risk the liquidity nsk lies on standardiza“on contract,the scope of market t豫ding and the transformation market environment. Since the desi2n of The
extent of degree of the


member

of the ISDA.

in western developed market

are

typical market risks,

whose expression is paying crisis——a run on a bank— financial instinnions cIosing down or froing bankrupt-
merger and reorganization of results

product fbm the curb exchange is according to the especial demand of the client,the liquidity of these products is less than the
won’t
ones so

financial capital.The nnaI

the depreciation 0f currency,of exchange rate and of assets.The main undertakers of risks
are are

Of financial“s王(S

be

eaLsy t0 seek

under standardization pmduct line,possibIy,it the suitabie competitors in time it couId
are

during the deal,and

not

fix



property

haves.However,in China,the current financiaI


neither,therefore,there

greater

liquidity risks

reasonable price on curb

risk is that is

essentially

systematic

risk.It has speciaI expression

paying crisis—money supply increased by the PeoDle’s Bank—infIation.And the 6nal r.sk undertakers
consumers.The

exchange than transaction 4)The operational risk
That’s

ones.

are

the risk which brought by the deficiency of inner
operatIon system, the IntormatIon system and

emDhasis of svstem risk in China does not mean that there js no market risk.or that market risk in
China

management,

man.made mistakes in

commercial

banks during

the

is

not se rious.Instead.market

risk exists

in China at

present,and it has greater deveIoped
not

potentiality than in Western

exchange of derivative products.It represents into two types shown below:Firstly,the risk of a huge amount of loss caused by natural disasters and contingency in the daily management.Secondly,another risk of a hu2e amount of
loss the

counties,for perfect market economic system has been fbrmed.

1.2 Risk of exchange de r.VatiVe products

caused by designed or undersigned mistakes attribute to de矗ciency of the system of derivatjve pmducts exchange and to the default in the management,during swapperS’

Commercial banks would take hu2e risks when f.acin2 the exchange of derivative products.That due to the participator
can

decision.making of the dealing.There are lots of causations which cause the oDerational risk.For instance:Abuse of innuence in the exchange,
error

control

little among if

the contract of Iarge among of money with only of bankmll.It would Iead to a tremendous Ioss

in

the

disposaI

of

there are any mistakes in the dealing procedure.The exchange of derivative products has risks in kinds of aspects.
Base
on

accoumlng,error m management,mlsaaVlsmg or entlcmg clients, i嗽gulari锣 in the principal part,illegal dealing which is unapproved,making a hedge in priVate,the risks in those
will
cases

the

classmcation of“BaSel Committee".me risk

mentioned in the exchange of derivative product

incIudes of the market risk,the credit risk,the liquidity risk, the operational risk and the legal risk. ¨Themarket risk the actual exchange,an idiographic f-air of derivative 行nancial exchange wouId be made up of various kinds of
In risks.In market

be trenlendous.

51ThelegaI risk That’s the risk which brought by the unsuitable of the Iaw,
or

scope

the unenforceabIe of the contract.For example,in cenain of law,the ef琵ct of the Regulation of Expire Net
can

these risks of derivative financial

exchange,the

Settlement’s is not eff.ective.whether it
the

take efI’cct

on a

risk is the most prevaIent and redupIicative one,for it exists in aII the process of derivative exchanges.To a
great

de r.vative product

and hypothecated goods is still

along by

intent,the credit risk and the Iiquidity risk are brought the ea’ect of the market risk.In the banks which

problem.For another thing,base on the ISDA,if there are problems in the trade bet、veen two pans,and they w柚t to
soh,e

it

on

the couft.the coun in

our

nation

can

take

th;s

took exchange

of deriva“ve products,the market risk by the nuctuating p“ces of the derivative productS is widely e×isted,and it goes aIong in the same way with the te帆of
the

task.Nevertheless,due to the fact that national regulation in financial derivative products is still missing,it does not make senses for our court to take that job when our commercial bank signs ISDA with foreign counterpan.This Iead
to

exchange. 21 The credit risk

the

fact mat,
can

in

cenain

extent,

our our

country’s country’s

The砌ount

of the credit risk,which bought by der.vative

commercial bank

not get

exchange,is the result-of its open’position multipli℃岫一the pmbability of deriVatiVe products contract breaking by its counterpan.The longer time limit of the derivative products,
the higher of

law and regulation.

一—=~

protection foml

credit risk it would take.In the contract of
are

2 AVOIDING FINANCIAL RISKS USING FlNANCIAL

derivative product exchange,there
open

cfedit risks in the

DERIVATIVE PRODUCTS
As part haVe

posjtion,accordingJy, menstruating and controlIing of the credit“sk would be especially necessary to the commercial banks,which hold a large open position.There
are

conf}onted

credit risks in the curb exchange as well,f.0r it wouId be with whether the counterpan of the exchange

of financial innovation,行nancial derivative products leVerage,which is its most distinctive characteristic Most traditionaI financiaI compared with products. transactions of nnanciaI de rivatives that lhe partjcipants
can are margin trading,so small amount of fundjng

only

use a

to

controI transactions

of huge

capital.It

also


provides
investor

meantime,regulating

market rule,carrying

out

powerful

participants with expects that the

tools of hedging.For example.if

development of stock market wilI remain bearish in a long term.but is not willing to sell shares in his hands(due to holding),he may sell stock index futures contracts.If stock prices fall.the lOSS of spots will be of.fset by the profit of futures contracts;conversely,if the share prices rise.the loss of futures contracts will be offSet by the profit of spots.Through hedging,it can reduce the risk of holding stocks.Therefore,adopting the new approach of risk management with leveraged transactions.investors can sign derivatives contracts of large amounts with of funds and
can a

supervision,avoiding by reasonably should be assured hedge function of
our

risk

using
as

derivative

well

product as cultivating the

derivative

market.

3.2

institutions is the guarantee of As

Strengthening the supervision of financial managing financial risk

smalI

a managing technology,inner supervision can guard against and dissolve financial risk effectively.PICC has built up complete inner supervision system by continuous research and exploration.The system mainly includes risk

avoid risks by the way of hedge. The role of hedge in risk management also Iies in reducing the distribution derivation of company value.If one
number

assessment,risk controlling,inner re—supervision and timely information feedback.It has gained satisfying result in practice. be paid on strengthening enforcement implementation of iBrier supervision.The main reason of world—shocked bankruptcy of severaI big banks in financial industry,in recent years,lies in failing carrying out
Also,attention must and

company is managing the price risk of its financial products, the company’s value or the value of its real cash flow wilI be reduced along.
The emergence of financiaI derivative products is the inevitable choice when the demand for avoiding risks is

of risk

increasing.Unlike traditional financial tools.derivatives can separate risks and price respectively.According to the principle of risk transfer.one of two basic ideas of risk mallagement.financiaI derivatives.separate financial risks which
are

guard measure and having already drawn up.

inner supervising regulation

3.3 Value-reserved consciOusness and strategy is the key of

value.reserved

originally combined

with financial tools.and

managing risk

transfer the risks from the hedging side
For

to speculative side. example,a company with floating rate debts may be worried that the market rate has bottomed out when market

(1)Defining the hedge target
In

the first。fulI estimation must be made

on

financiaI risk,

declines.However,if the company simply continues maturity swap,receiving floating interest rate and paying fixed one。the worries will be removed,and it will be not
rate

including the size,property of risk and probability happened, etc.The price risk means possibility of future price deviating its expectation value。here measured by derivation

its financing tools. Market of financial derivatives.as a market that can transfer
necessary to reorganize

(or standardized derivation)in Statisties.One of the ways to identifying and measuring risk exposition degree is to make
use

risks,has unique effectiveness of risk management.Using derivative tools,it can manage risks effectively and cheaply. The main way of financiaI institutions and multinational corporations to manage financial risks is using financial derivative tools for hedging.Among lots of derivative tools.

target

of risk condition diagram.Then,make sure a hedge involving foDr aspects:whether avoiding price both
advantageous

fluctuation avoiding

and

disadvantageous,

disadvantageous change but gaining from advantageous change.how much fee it would like to provide,and the expectation of market change. (2)Establishing a hedge
strategy

financial futures and interest
most

rate swaps

become the tow

important risk management tools in multinational commercial banks.Financial futures trailsfcr risks though hedging.And interest rate swap is a way to provide investors of difierent credit levels with fixed rate bonds, which swaps financing loans with floating exchange rates.It gives play to comparative advantages of both sides in order
to

Selecting derivative product tool first.In this step.pay attention that there must have high correlation between the

object and

asset

on

hand of selected derivative

tool,

particularly in cross hedge.According to expected hedge time,choose financial futures contract as closest to delivery date
as

possible.in addition,notice the liquidity of futures

reduce financing costs and risks.

market,the better the high liquidity.Sometimes you can choose difierent futures contracts complex.Then,establish hedge ratio.Hedge Ratio(ⅫR)is the needed hedge tool unit of one unit cash position when hedging.Di仃erent calculation of appropriate HR is made according to different hedge tools,but the properness of this amount,to extent.decides the hedge efficiency.There are
some some



THE EXPLoRATloN oF DERIVATIVES’

MANAGING FINANCIAL RISK

3.1 Developing financial derivative market is the basis of

managing financial risk The development of our derivative product market needs dialectical understanding of the role which derivative instruments and market

calculating

modeI

of HR,such

as

Basis

Point

Model,

Regression Model。Duration Model etc. The last step is establishing hedge strategy.Financial futures hedge can be divided into two basic strategy,long position hedge and short position hedge.Generally speaking,if the investor holds a short position on spot market.he should

play.When

exerting

the the

insurance-avoided function

of derivative product,in

569

chooselong positionfbuyin、hedge Other more complicated strategies need adopting when a special problem comes out Such as Strip Hedgn eto large—and-medium sized state—owned copper enterprises has been at ease when utilizing future market to do nskⅡ删agement For example to a large
Nowadays,many extent,the rely
on

viceⅧ

hedge

is mainly about its efficiency

3.4 Innovala the exchange mechanism affinance

a洲atlves
derivatives The
1s coue

1)Cultivate
In

the bank

core

competition

power

of

finance

production and operation plan of Jiangxi Copper the price discovery and risk management of futalre
In recent years.with the scale enlarging.Jiangxi

congretition powcr of finance derivatives

ln

bank

lnarket

Copper’s hedge level and hedge volume by year It sold

is increasing year outhedeethrough SHFE froml995fi】I now /iangxi Copper’s future copper is 100 to 200 Yuan higher than on hand goods per ton,also higher than average monthly

mainly reflected ln the abillty otbIdding and smoothing the riskofmore derivativeswhich arcmore complicated As
to the mostly exchange

used operation‘Back


to

back’1s
ln

to

seek and

witb

price—bener

party

the

Intemational

market

settlementprice

every bang

which scarcely has high profit At the same time ls able to deai with some almple products like

foreign exchange

It…s



to reduce

the risk oflt However
competition power

the high profit ofa bank with s口ong

core

derives from Its ability to divide
Into

the

In fact,the ability of dividing complicated derivatives aIId smoothing the risk with simple tools 1s 1ust thelndicarion ofa bank’s competition powerinthefield of derivative products the price-gap is 21 Fasten the finance lnnovation After China’s competition
ln

product㈣the tfansparent】is㈣rket


complicated derivation
NlOre


simple

ones

wIm h1曲liquidi钾Since the
re

basic

stil】】ess

entrance

Into

WTO

the

growing

fieme

banking has made the Chinese cornmercial banks.who take RMB as main assets.take notice ln the

篙:sE勰黧:裟Z警一…。“”9“i
Natinnalitv Numberof ProbabIlltv of

management offoreign exchange risk and the applicalion of RMl3 derivation tools ln foreign exehallge risk management RMB finance derivatives by】ntematinnal companies market has come ln[o existence m Singapore and Hong Kong Its main products include NDF NDO NDO NDS
Structured appreciation rSDA

Notes、foreign deposit Iink up with the 0f RMB etc 2003 4 the research result of that 92%of world
manage
ln

enterprises in top 500

showed

top5fiO made and

use

of

derivatives
Japan

comparty 92%

effectively to are distributed
to

offset
of

risk,these

26

nations

world,from
At the
to

astronautics industry

office

aⅡd
so

electronics equipment

wholesale industry,involving
same 80

many 1ndustries

England GelTaanv
Table 2

time,JD】993



panel of 30

made卸invesOgahnn

self-owned companies and 72 end
answered
1n

us…n
etc

US、Japan、

British、Germany、France、Brazil
Cbmpany,itualion

78%of the using finaneia】
It
Is

oftop500螂”wderivativefto

respoeders
derivati、|es beginning 】nnovagon

that

the3

had been

congFol r}3E

asset and liability

management

a∞0d

Probability of

Controlled
types

risk

Probability of

fur
to

the

derivative-exchange

mechanism

enterprises usmg
derivatives m top

enterprlscS

111

top

produce appropriate finance derivations wlm

good condition
In lelTn¥of
at


Interest

rate

risk

Exchange rate

we should develop specifled futurc date at n哪then futures swap and options The prmnotion ofthelaner needs amore rigid trade condition a morc complete market environment and

products…formation

in time and to advance in proper sequence

forward

nlore

complicated technology
assets

So

lt needs 10nger time stock.index

In
as

Share pricensk

the knn of original best In

we take

fitures

sightofthemarketizationoflDterest rate andforeign

rate,we lnust develop nadona】bond futures, future cxchange and othcr finance derivatives step by step exchange

裟cE裟舞兰篙:;挈篙鬈。。。。。。dgc。。。。,。
how 1ts result
Is

As

for

the

exchange

technique,we

should

deveinp

so

evaluation

Is

needed The evaluation of

inner-exchange tools with high

liquidity,good transparency,

strict risk.control system and much safer guarantee. the and function 3) Improve management system mechanism of derivatives


risk managemerit,combine the‘building of derivatives and development with continuously perfecting the a11.round risk controI of financial institutions.cafotee system all-round financial
risk management to

finance

complete economic index revealing system is the basic of However.the market. information revealing the banks available;n the market revealing their CSRC(China Securities reports according to

reduce

the

condition of mainland commerciaI banks is not standard.
Except annual

happening of financiaI risk.However.the limitation of financial derivatives technology still exists in preventing financiaI risk.so
we

in and

the

practice
draw

of

financial
tally
from up

risk
the

management,
experience. standardized

should in

continuously
Iessons current

Regulatory

Commission).there is little revealers among

inherit

present

other banks.Even for those who have revealed index.the information scarcely touch on their finance derivatives condition.Owing to its failing in reflecting the activities in finance derivatives、investors can’t anticipate the market price rationally.which wil J hamper the healthy development of derivative market.As the booming of currency assets business in foreign-capital commercial banks.they can
insure swap

derivatives


international
market

finance

market,build

fairly

competed

environment,

strengthen govemment’s supervision to financial derivatives market,set up a whole credit guarantee mechanism of

financial derivatives market。build



scientific risk rating

and measuring system,enhance self-discipline management
of financial institutions.reinforoe international control and cooperation to financiaI derivatives.increase China’s word power in the international financiaI market.in continuously leaning and practice,according to our country’s condition, create all newly derivatives which match the Chinese market demand
to

their income through futures,options,forward and in internationaI market.whereas the domestic
carl’t
use

commercial banks banks
are

these tools.So the internal

disadvantage.Even more.the domestic commerciaI banks should come across some mediate dealers the global market ifthey operate finance derivatives. Classie and complex finance derivatives should be used to
to enter

in

make

sure

financial system to operate

safely,healthily and effectively.

meet

exchange we
are

the needs of customers in a lit-tie complicated foreign finance。Derivative is a high.tech finance t001.But

REFERENCES

lack of relative technology method and enough professors in domestic banks.

Maijun,etc.,(2004)‘Supervision of Financial Derivative Market’、Beijing Prices Press, Wu Xiaoling,etc.,(2004)China’s Financial Yearbook,Beoing,
Yang China’s Financial Yearbook Editorial. Fan Product

3.5 Pay attention to the cultivation of professional masters and learn

from the experience abroad

Minjuan.(2006)‘Risk Control of FinanciaI Derivatives and Innovation of Transaction Mechanism’.Modern
Economics-Fournat of

Derivatives
operators

are

must

knowledge Probability

in

high-tech financial toots.This means the be armed with financial principles and other engineering subjects.For instance, Econometrics, FinanciaI

Finance and Han Yus and Tian Products

Tianjin

University

of

Finance and Economics,No.7. Juan,(2006)‘Analysis for Financial Derivative
Economy and Risks and Prevention’,The Border

Statistics,

Math,

Culture.No.25,PP.1 09.1l O. Xiao

Computer skills etc.We arc in need of talents in this field. So we must emphasize the training of derivative professors and study from advanced technologies and experiences in market.Though derivatives are good tools in financial risk management,the supervision methods,means and measures in their trade risk should be completed.We global should aim at strengthening the profit-making power of banks jn the prerequisite of avoid the accumulation of risk.and make financiaI derivatives useful commercial tools for the healthy development of domestic commercial banks.

Wen and Hu Yan.(2006)‘Chinese Financial Institutions Rate

Products Operational Trading off." System Framework Design’.Joumal of Central University of Finance Derivative &Economics.No.6. Zhang

Hongbin,,(2004)‘FinanciaJ Derivative Market Risks and

Prevention’,Enterprise Economy,No.7. Li Xianglu.(20041‘Building A Management System of Modem Enterprise Risk Appling for Financial Engineering’,Financial Theory and Practice.No,1 0. Meng Yan and Zhang Yishan.(2003)‘Analysis Derivative Products Risk’,Socio.economic No.2. n for Financial development,

989)Bank for Intemational Settlements Quarterly Review I FR
Publishing. Committee
on Banking Supervision,Trading Derivatives Disclosures of Banks and Securities Firms.

(1999)Basel
4 CONCLUSIONS

and

short,developing financial derivatives transaction market, using derivatives to prevent financiaI risk is the most financial risk management way in effective present economic development,which has a very important
ln

Jason,Georgette,Taylor Jeffrey,(1 994)‘Derivatives force first closure ofmoney fund’.The WaII Street Journal,No.28.

Graham,John,and David

Smith,(1999)‘协Incentives

to

Hedge’,Joumal ofFinance,V01.54,pp.2241?2262. (2002)British Bankers’Association.,Credit Derivatives Report

meaning in stabilizing,developing,and making perfect

our

financial market,improving market competitive,promoting financial system renovation.We should make use of the development of derivatives technology,exert the key role of in financial system construction and business process design

[RI,London,BBA. (2002)The Office of the Comptroller of the Currency 0CC Bank Derivatives Report Second Quaner[R 1. (2002)Washington D C:OCC Administrator ofNationaI Banks.

57l

The Research and Exploration of Financial Risk Management Using Derivative Products
作者: 作者单位: Wang Mingjia Management Department Shanghai University of Engineering Science,shanghai,201620,China

相似文献(2条) 1.外文期刊 Bill Wilson.Larry Walter Is the average cost method a permissible inventory method for federal income tax purposes in the oil and gas industry?
Many oil and gas compaines have significant inventories of purchased and/or produced oil, gas, and derivative products. For financial accounting purposes, inventory cost may be determined by specific identification or by the association of the flow of cost factors-first-in, first-out (FIFO), last-in, first-out (LIFO), and average cost. Although the FIFO and LIFO methods are commonly used for tax purposes, some taxpayers also use the average cost method for tax accounting, primarily in cases where the accounting system used for book purposes is designed to track inventory under the average cost method. This article addresses whether the use of the average cost method clearly reflects income for federal income tax purposes and illustrates the potential impact that using the average cost method rather than FIFO can have on taxable income during periods of rising prices.

2.外文期刊 Mark C. Freeman.Paul R. Cox.Brian Wright Credit risk management The use of credit derivatives by non-financial corporations
Purpose - This paper aims to explore the possible use of credit derivatives by corporate treasurers. Corporations have, in recent years, grown comfortable with the idea of using traditional derivative products to hedge their exposure to, for example, interest rate and foreign exchange risk. Credit risk, on the other hand, has proven a more difficult animal to tame. Whilst avenues for the management of credit risk do exist, for example, by the use of traditional insurance products and letters of credit, such means are not always convenient. Design/methodology/approach - In this paper, both the academic and practitioner literature on credit derivatives and their application are reviewed. Then, by means of some simple numerical examples, the possible uses to which corporate treasurers might put credit default swaps and total return swaps are illustrated. Findings - The credit derivatives market is, at present, dominated by large banks and insurance companies who trade credit exposure among themselves. As the credit derivatives market becomes more liquid and transparent, it is asked: "Should corporate treasurers consider using credit derivatives to manage their credit risk exposure?" A number of simple and practical ways in which corporations can use credit derivatives to manage risk are explored and the practical strengths and weaknesses of following such approaches are emphasised. Originality/value This paper is of particular value to corporate treasurers. This is one of the first academic papers to consider credit derivatives from a financial management perspective.

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mathematics standard level exploration_其它_高等教育_教育专区。Mathematics ...volume is a maximum when x = 1.67, I shall use the second derivative. ...
the calculus of fractalinterpolation functions_图文.pdf
(1.2) and because some derivative of these functions is typically fractal....9, we mention a generalization and some directions for further exploration. ...
Acoustic numerical simulation for VTI media.pdf
the finite difference is the most widely used numerical computation method in exploration seismology so far. In the actual research, we find that the ...
AUV.pdf
s derivative leads to a complicate controller form...efficient tools for ocean exploration and ...(Grant No.20092304110008); Research Operation Item...
lec11 - Generalized Hough Transform + Line Fitting.pdf
(n) = nTSn λ(nTn 1) Take partial derivative (gradient) w.r.t...Connected component exploration ? Features, moments ?? Edges & Edge ...
financial modelling exampaper.pdf
financial modelling exampaper_经济学_高等教育_教育专区。Examination in School ...model to price a foreign exchange (FX) derivative W on the exchange rate...
A Review of Point Target Spectra for Bistatic SAR Processing.....pdf
ight path is based on the geometry used in the bistatic exploration project...The parameter, k1 , is the ?rst derivative of the expanded range equation...
Financial+Engineering+Fall+2011+9-8-2011+Rev.+1_图文.ppt
Financial+Engineering+Fall+2011+9-8-2011+Rev.+1_经济学_高等教育_教育专区。FINANCIAL ENGINEERING Fall , 2011 Sung Suh 1. Exploration and Course Goals ?...
Xslide04-s_图文.pdf
Chapter 4 Chapter 4 Color in Image and Video 4.1 Color Science 4.2 Color Models in Images 4.3 Color Models in Video 4.4 Further Exploration 1 Zhu-...
科技翻译2_图文.ppt
? derivative 派生物 (daily usage) 衍生物 (in chemistry) 导数/微商 (in ...Nominalization (1) Rockets have found application for the exploration of the...
Country Report India.ppt
Research Programmes… ? Studies related to exploration and surveys are ...? ? Conservation Priorities, Management and Enforcement Needs for Snake ...
电法勘探中异常响应特征的增强算法及其实现_图文.pdf
Key words: electrical exploration; abnor
Opportunities+for+Unconventional+Oil+and+Gas+Technology+for+....ppt
Aeroderivative Gas Turbines Energy Management Digital...Five World class technology, research centers with...exploration 5/21/2013 GE Helps You Achieve the ...
...Inverse Filtering Techniques on the Residual Signal of Spe....pdf
ow, its derivative, and the residual signal. [1] Burg, J. P. (1967)...of the 37th Meeting of the Society of Exploration Geophysicists, Oklahoma ...
...and Avoidance A Case Study For Design Space Exploration in....pdf
Real Time Collision Detection and Avoidance A Case Study For Design Space Exploration in HW_专业资料。In this paper we study a collision detection ...
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