金融代写|期货期权代写Futures Options代考|AFIN546

相信许多留学生对数学代考都不陌生,国外许多大学都引进了网课的学习模式。网课学业有利有弊,学生不需要到固定的教室学习,只需要登录相应的网站研讨线上课程即可。但也正是其便利性,线上课程的数量往往比正常课程多得多。留学生课业深重,时刻名贵,既要学习知识,又要结束多种类型的课堂作业,physics作业代写,物理代写,论文写作等;网课考试很大程度增加了他们的负担。所以,您要是有这方面的困扰,不要犹疑,订购myassignments-help代考渠道的数学代考服务,价格合理,给你前所未有的学习体会。

我们的数学代考服务适用于那些对课程结束没有掌握,或许没有满足的时刻结束网课的同学。高度匹配专业科目,按需结束您的网课考试、数学代写需求。担保买卖支持,100%退款保证,免费赠送Turnitin检测报告。myassignments-help的Math作业代写服务,是你留学路上忠实可靠的小帮手!


金融代写|期货期权代写Futures Options代考|Hedging Can Lead to a Worse Outcome

It is important to realize that a hedge using futures contracts can result in a decrease or an increase in a company’s profits relative to the position it would be in with no hedging. In the example involving the oil producer considered earlier, if the price of oil goes down, the company loses money on its sale of 1 million barrels of oil, and the futures position leads to an offsetting gain. The treasurer can be congratulated for having had the foresight to put the hedge in place. Clearly, the company is better off than it would be with no hedging. Other executives in the organization, it is hoped, will appreciate the contribution made by the treasurer. If the price of oil goes up, the company gains from its sale of the oil, and the futures position leads to an offsetting loss. The company is in a worse position than it would be with no hedging. Although the hedging decision was perfectly logical, the treasurer may in practice have a difficult time justifying it. Suppose that the price of oil at the end of the hedge is $\$ 59$, so that the company loses $\$ 10$ per barrel on the futures contract. We can imagine a conversation such as the following between the treasurer and the president:

President: This is terrible. We’ve lost $\$ 10$ million in the futures market in the space of three months. How could it happen? I want a full explanation.
Treasurer: The purpose of the futures contracts was to hedge our exposure to the price of oil, not to make a profit. Don’t forget we made $\$ 10$ million from the favorable effect of the oil price increases on our business. President: What’s that got to do with it? That’s like saying that we do not need to worry when
Treasurer: If the price of oil had gone down…
President: I don’t care what would have happened if the price of oil had gone down. The fact is that it went up. I really do not know what you were doing playing the futures markets like this. Our shareholders will expect us to have done particularly well this quarter. I’m going to have to explain to them that your actions reduced profits by $\$ 10$ million. I’m afraid this is going to mean no bonus for you this year.

金融代写|期货期权代写Futures Options代考|Choice of Contract

One key factor affecting basis risk is the choice of the futures contract to be used for hedging. This choice has two components:

  1. The sluise of the asset underlying the futures soutrast
  2. The choice of the delivery month.
    If the asset being hedged exactly matches an asset underlying a futures contract, the first choice is generally fairly easy. In other circumstances, it is necessary to carry out a careful analysis to determine which of the available futures contracts has futures prices that are most closely correlated with the price of the asset being hedged.

The choice of the delivery month is likely to be influenced by several factors. In the examples given earlier in this chapter, we assumed that, when the expiration of the hedge corresponds to a delivery month, the contract with that delivery month is chosen. In fact, a contract with a later delivery month is usually chosen in these circumstances. The reason is that futures prices are in some instances quite erratic during the delivery month. Moreover, a long hedger runs the risk of having to take delivery of the physical asset if the contract is held during the delivery month. Taking delivery can be expensive buy the asset from their usual suppliers.)

In general, basis risk increases as the time difference between the hedge expiration and the delivery month increases. A good rule of thumb is therefore to choose a delivery month that is as close as possible to, but later than, the expiration of the hedge. Suppose delivery months are March, June, September, and December for a futures contract on a particular asset. For hedge expirations in December, January, and February, the March contract will be chosen; for hedge expirations in March, April, and May, the June contract will be chosen; and so on. This rule of thumb assumes that there is sufficient liquidity in all contracts to meet the hedger’s requirements. In practice, liquidity tends to be greatest in short-maturity futures contracts. Therefore, in some situations, the hedger may be inclined to use shortmaturity contracts and roll them forward. This strategy is discussed later in the chapter.

金融代写|期货期权代写Futures Options代考|AFIN546

金融代写|期货期权代写Futures Options代考|Hedging Can Lead to a Worse Outcome

重要的是要认识到,使用期货合约的对冲可能会导致公司的利润相对于没有对冲时的头寸减少或增加。在前面考虑的涉及石油生产商的例子中,如果石油价格下跌,该公司在出售 100 万桶石油时会亏损,而期货头寸会导致抵消收益。可以祝贺司库有远见将对冲到位。显然,该公司比没有对冲的情况要好。希望该组织的其他高管能够感谢财务主管的贡献。如果石油价格上涨,公司会从出售石油中获利,而期货头寸会导致抵消损失。与没有对冲的情况相比,该公司的处境更糟。尽管对冲决定完全合乎逻辑,但财务主管在实践中可能很难证明其合理性。假设对冲结束时的石油价格为$59, 使公司亏损$10每桶期货合约。我们可以想象财务主管和总裁之间的对话如下:

总统:这太可怕了。我们输了$10在三个月的时间里,在期货市场上交易了 100 万美元。怎么会发生?我想要一个完整的解释。
财务主管:期货合约的目的是对冲我们对石油价格的敞口,而不是为了获利。别忘了我们做了$10百万美元来自油价上涨对我们业务的有利影响。总统:这有什么关系?这就像说我们不需要担心当
财长:如果石油价格下跌……
总统:我不在乎如果石油价格下跌会发生什么。事实是涨了。我真的不知道你在玩这种期货市场做什么。我们的股东会期望我们本季度的表现特别好。我将不得不向他们解释你的行为减少了利润$10百万。恐怕这意味着你今年没有奖金。

金融代写|期货期权代写Futures Options代考|Choice of Contract

影响基差风险的一个关键因素是选择用于套期保值的期货合约。这个选择有两个组成部分:

  1. 期货的底层资产的混乱
  2. 交货月份的选择。
    如果被对冲的资产与期货合约的基础资产完全匹配,那么首选通常相当容易。在其他情况下,有必要进行仔细分析,以确定哪些可用期货合约的期货价格与被对冲资产的价格最密切相关。

交割月份的选择可能会受到几个因素的影响。在本章前面给出的示例中,我们假设当对冲到期对应于一个交割月份时,选择具有该交割月份的合约。事实上,在这种情况下,通常会选择交货月份较晚的合同。原因是期货价格在某些情况下在交割月份非常不稳定。此外,如果合约在交割月期间持有,多头套期保值者将面临必须交割实物资产的风险。从通常的供应商处购买资产可能会很昂贵。)

一般来说,基差风险随着对冲到期和交割月份之间的时间差的增加而增加。因此,一个好的经验法则是选择一个尽可能接近但晚于对冲到期的交割月份。假设特定资产期货合约的交割月份是 3 月、6 月、9 月和 12 月。对于 12 月、1 月和 2 月的对冲到期,将选择 3 月合约;对于 3 月、4 月和 5 月的对冲到期,将选择 6 月合约;等等。这个经验法则假设所有合约都有足够的流动性来满足套期保值者的要求。在实践中,流动性往往在短期期货合约中最大。因此,在某些情况下,套期保值者可能倾向于使用短期合约并将其展期。这一策略将在本章后面讨论。

金融代写|期货期权代写Futures Options考|

myassignments-help数学代考价格说明

1、客户需提供物理代考的网址,相关账户,以及课程名称,Textbook等相关资料~客服会根据作业数量和持续时间给您定价~使收费透明,让您清楚的知道您的钱花在什么地方。

2、数学代写一般每篇报价约为600—1000rmb,费用根据持续时间、周作业量、成绩要求有所浮动(持续时间越长约便宜、周作业量越多约贵、成绩要求越高越贵),报价后价格觉得合适,可以先付一周的款,我们帮你试做,满意后再继续,遇到Fail全额退款。

3、myassignments-help公司所有MATH作业代写服务支持付半款,全款,周付款,周付款一方面方便大家查阅自己的分数,一方面也方便大家资金周转,注意:每周固定周一时先预付下周的定金,不付定金不予继续做。物理代写一次性付清打9.5折。

Math作业代写、数学代写常见问题

留学生代写覆盖学科?

代写学科覆盖Math数学,经济代写,金融,计算机,生物信息,统计Statistics,Financial Engineering,Mathematical Finance,Quantitative Finance,Management Information Systems,Business Analytics,Data Science等。代写编程语言包括Python代写、Physics作业代写、物理代写、R语言代写、R代写、Matlab代写、C++代做、Java代做等。

数学作业代写会暴露客户的私密信息吗?

我们myassignments-help为了客户的信息泄露,采用的软件都是专业的防追踪的软件,保证安全隐私,绝对保密。您在我们平台订购的任何网课服务以及相关收费标准,都是公开透明,不存在任何针对性收费及差异化服务,我们随时欢迎选购的留学生朋友监督我们的服务,提出Math作业代写、数学代写修改建议。我们保障每一位客户的隐私安全。

留学生代写提供什么服务?

我们提供英语国家如美国、加拿大、英国、澳洲、新西兰、新加坡等华人留学生论文作业代写、物理代写、essay润色精修、课业辅导及网课代修代写、Quiz,Exam协助、期刊论文发表等学术服务,myassignments-help拥有的专业Math作业代写写手皆是精英学识修为精湛;实战经验丰富的学哥学姐!为你解决一切学术烦恼!

物理代考靠谱吗?

靠谱的数学代考听起来简单,但实际上不好甄别。我们能做到的靠谱,是把客户的网课当成自己的网课;把客户的作业当成自己的作业;并将这样的理念传达到全职写手和freelancer的日常培养中,坚决辞退糊弄、不守时、抄袭的写手!这就是我们要做的靠谱!

数学代考下单流程

提早与客服交流,处理你心中的顾虑。操作下单,上传你的数学代考/论文代写要求。专家结束论文,准时交给,在此过程中可与专家随时交流。后续互动批改

付款操作:我们数学代考服务正常多种支付方法,包含paypal,visa,mastercard,支付宝,union pay。下单后与专家直接互动。

售后服务:论文结束后保证完美经过turnitin查看,在线客服全天候在线为您服务。如果你觉得有需求批改的当地能够免费批改,直至您对论文满意为止。如果上交给教师后有需求批改的当地,只需求告诉您的批改要求或教师的comments,专家会据此批改。

保密服务:不需求提供真实的数学代考名字和电话号码,请提供其他牢靠的联系方法。我们有自己的工作准则,不会泄露您的个人信息。

myassignments-help擅长领域包含但不是全部:

myassignments-help服务请添加我们官网的客服或者微信/QQ,我们的服务覆盖:Assignment代写、Business商科代写、CS代考、Economics经济学代写、Essay代写、Finance金融代写、Math数学代写、report代写、R语言代考、Statistics统计学代写、物理代考、作业代写、加拿大代考、加拿大统计代写、北美代写、北美作业代写、北美统计代考、商科Essay代写、商科代考、数学代考、数学代写、数学作业代写、physics作业代写、物理代写、数据分析代写、新西兰代写、澳洲Essay代写、澳洲代写、澳洲作业代写、澳洲统计代写、澳洲金融代写、留学生课业指导、经济代写、统计代写、统计作业代写、美国Essay代写、美国代考、美国数学代写、美国统计代写、英国Essay代写、英国代考、英国作业代写、英国数学代写、英国统计代写、英国金融代写、论文代写、金融代考、金融作业代写。

发表评论

您的电子邮箱地址不会被公开。 必填项已用*标注

Scroll to Top