Principles of Finance · 免费预览
商品价格风险
企业通过长期供应合同、纵向一体化和期货合约管理商品价格风险，其中期货提供流动性充足、由交易所担保的对冲，其逐日盯市机制消除了交易对手风险。
1. The exposure and the menu
The exposure and the menu
2. Vertical integration
Vertical integration
3. Futures contracts
Futures contracts
4. Choosing among the three
Choosing among the three
5. The double direction
Commodity price risk flows in which directions for different firms?
6. Long-term contracts' weakness
What is the principal weakness of hedging through long-term supply contracts?
7. Vertical integration's trade
Why is vertical integration usually a strategic decision rather than a pure hedge?
8. The futures mechanism's safety
How do futures exchanges remove counterparty risk?
9. The offset in a falling market
An airline buys fuel futures and the fuel price then falls. What happens?
10. Basis risk's residue
What residual risk remains even in a well-designed futures hedge?
11. The daily settlement's name
What two-word term names the daily exchange of gains and losses on futures positions? Answer in lowercase.
12. The collateral's name
What one-word term names the collateral futures traders post to guarantee performance? Answer in lowercase.
13. The ownership hedge's name
What two-word term names hedging by merging with one's supplier? Answer in lowercase.
14. The offset position's rule
To hedge a future physical purchase, a firm should buy or sell futures today? Answer with one word.