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## 金融代写|金融风险管理代写Financial Risk Management代考|Scenario analysis and stress testing

A typical statement

“There is a probability of $\widehat{c}$ that the return will be less than $\hat{r}$ “

The calculation of the VaR for this scenario is not straightforward

$\operatorname{Prob}(R<\hat{r})=\widehat{c}$

We do not have a statement on the volatility consistent with this statement

Assuming a normal distribution the volatility can be determined

$Z=\frac{R-\mu}{\sigma}$

$\Phi\left(\frac{\hat{r}-\mu}{\sigma}\right)=\operatorname{Prob}\left(Z<\frac{\hat{r}-\mu}{\sigma}\right)=\widehat{c}$

$\sigma=\frac{\hat{r}-\mu}{\Phi^{-1}(\widehat{c})}$

Using this volatility we can then determine the VaR of this scenario easily

## 金融代写|金融风险管理代写Financial Risk Management代考|Mixture distribution VaR

Mixture distribution

Assume we have 2 possible states, with probability distributions $F_i$

The probability of being in state $i$ is $\pi_i$

The joint distribution is $G=\pi_1 F_1+\left(1-\pi_1\right) F_2$

$G$ is called a mixture distribution

The VaR is simply given by $G(R)=c$

Assume we think that with some probability $\pi$ the current market conditions turn into a crash scenario

This crash scenario has a different distribution

Hence the aggregate distribution is a mixture distribution

If both distributions are normal the mixture distribution is usually NOT normal

$\mu=\sum_{i=1}^n \pi_i \mu_i$

$\sigma^2=\sum_{i=1}^n \pi_i\left(\sigma_i^2+\mu_i^2\right)-\mu^2$

## 金融代写|金融风险管理代写Financial Risk Management代考|Scenario analysis and stress testing

$\operatorname{Prob}(R<\hat{r})=\hat{c}$

\begin{aligned} & Z=\frac{R-\mu}{\sigma} \ & \Phi\left(\frac{\hat{r}-\mu}{\sigma}\right)=\operatorname{Prob}\left(Z<\frac{\hat{r}-\mu}{\sigma}\right)=\hat{c} \ & \sigma=\frac{\hat{r}-\mu}{\Phi-1} \hat{(\hat{c})} \end{aligned}

## 金融代写|金融风险管理代写Financial Risk Management代考|Mixture distribution VaR

$G$ 称为混合分布
$\operatorname{VaR}$ 简单地由下式給出 $G(R)=c$

\begin{aligned} & \mu=\sum_{i=1}^n \pi_i \mu_i \ & \sigma^2=\sum_{i=1}^n \pi_i\left(\sigma_i^2+\mu_i^2\right)-\mu^2 \end{aligned}

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

Posted on Categories:Financial Risk Management, 金融代写, 金融风险管理

## avatest™帮您通过考试

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## 金融代写|金融风险管理代写Financial Risk Management代考|Credit derivatives

Definition
A credit default swap (CDS)is a contract in which the buyer makes a regular cash payment and the seller repays the face value of a bond if the underlying company defaults
Financial Risk Management (Lecture 6)
Credit derivatives
Andreas Krause $5 / 27$
Credit Default Swaps
Valuation of CDS

Assume defaults can only happen once a year in mid-year

Payments are due at the end of year and if the default happens in that year pro-rata for this year

The pricing determines the annual payments, the spread

Payments without default

Default intensity $\lambda$

Present value of payments for a $T$-year CDS

$P V_{\text {pay }}=s \sum_{t=1}^T(1-\lambda)^t e^{-r t}$
Payment with default

Default happens in mid-year, hence half the spread is payable

$P V_{\text {accrual }}=\frac{1}{2} s \sum_{t=1}^T \lambda(1-\lambda)^{t-1} e^{-r\left(t-\frac{1}{2}\right)}$

Payment with default

Default happens in mid-year, hence half the spread is payable

$P V_{\text {accrual }}=\frac{1}{2} s \sum_{t=1}^T \lambda(1-\lambda)^{t-1} e^{-r\left(t-\frac{1}{2}\right)}$
Financial Risk Management (Lecture 6)
Total payments

$P V_{\text {payments }}=s \sum_{t=1}^T(1-\lambda)^t e^{-r t}+\frac{1}{2} s \sum_{t=1}^T \lambda(1-\lambda)^{t-1} e^{-r\left(t-\frac{1}{2}\right)}$

$=s \sum_{t=1}^T(1-\lambda)^t e^{-r t}+\frac{1}{2} \frac{\lambda s}{1-\lambda} \sum_{t=1}^T(1-\lambda)^t e^{-r\left(t-\frac{1}{2}\right)}$

$=s\left(1+\frac{1}{2} \frac{\lambda}{1-\lambda} e^{\frac{1}{2} r}\right) \sum_{t=1}^T(1-\lambda)^t e^{-r t}$

## 金融代写|金融风险管理代写Financial Risk Management代考|Collaterized debt obilgations

Relevance of CDOs

CDOs have become the most widely used credit derivative

Large amounts of CDOs have been issued by banks are held within the financial sector

Losses from CDOs, especially also from higher tranches, have contributed to the credit crunch

The valuation of CDOs is very similar to a basket CDS

We need to find the probability of a loss for a given tranche and its distribution within a tranche

This can be achieved similarly to the probability of default in a basket CDS

The valuation is time-consuming but in principle not difficult

The problem

When trading derivatives the counterparty often has obligations:

Deliver the underlying asset

Make regular payments on the contract
Financial Risk Management (Lecture 6)
Collateral

Collateral reduces the counterparty exposure

Mark-to-market is commonly used

Often not sufficient for full coverage of the risks

## 金融代写|金融风险管理代写Financial Risk Management代考|Credit derivatives 定义 衍生 品Andreas

Krause5 $/ 27$
$\operatorname{CDS}$ 的信用违约互换估值

$$P V_{\text {pay }}=s \sum_{t=1}^T(1-\lambda)^t e^{-r t}$$

$$P V_{\text {accrual }}=\frac{1}{2} s \sum_{t=1}^T \lambda(1-\lambda)^{t-1} e^{-r\left(t-\frac{1}{2}\right)}$$

$$P V_{\text {accrual }}=\frac{1}{2} s \sum_{t=1}^T \lambda(1-\lambda)^{t-1} e^{-r\left(t-\frac{1}{2}\right)}$$

\begin{aligned} & P V_{\text {payments }}=s \sum_{t=1}^T(1-\lambda)^t e^{-r t}+\frac{1}{2} s \sum_{t=1}^T \lambda(1-\lambda)^{t-1} e^{-r\left(t-\frac{1}{2}\right)} \ & =s \sum_{t=1}^T(1-\lambda)^t e^{-r t}+\frac{1}{2} \frac{\lambda s}{1-\lambda} \sum_{t=1}^T(1-\lambda)^t e^{-r\left(t-\frac{1}{2}\right)} \ & =s\left(1+\frac{1}{2} \frac{\lambda}{1-\lambda} e^{\frac{1}{2} r}\right) \sum_{t=1}^T(1-\lambda)^t e^{-r t} \end{aligned}

## 金融代写|金融风险管理代写Financial Risk Management代考|Collaterized debt obilgations

CDO 的相关性

CDOs已成为最广泛使用的信用衍生品

CDO 的损失，尤其是较高档次的损失，导致了信贷紧缩

CDO 的估值与一篮子 CDS 非常相似

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

Posted on Categories:Financial Risk Management, 金融代写, 金融风险管理

## avatest™帮您通过考试

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## 金融代写|金融风险管理代写Financial Risk Management代考|Modeling the interdependence of asset prices

A common model

Using the covariance is the most common way of modeling the interdependence of assets

Covariances assume a linear relationship between assets
$$E\left[v_2 \mid v_1\right]=E\left[v_2\right]+\frac{\operatorname{Cov}\left[v_1, v_2\right]}{\operatorname{var}\left[v_2\right]}\left(v_1-E\left[v_1\right]\right)$$

Uncorrelated does not mean independent

Relevance of non-linear relationships

Such extreme non-linearities might occur when we use derivatives

Also for shares we find non-linearities

It is commonly observed that for extreme movements the correlation increases

The slope of the relationship is proportional to the local correlation

Modeling covariances

From the definition it is
$$\operatorname{Cov}[x, y]=E[(x-E[x])(y-E[y])]=E[x y]-\mu_x \mu_y$$

Again we assume that $\mu_x, \mu_y \approx 0$ and hence
$$\operatorname{Cov}[x, y] \approx E[x y]$$

An estimate would give us
$$\widehat{\sigma}{x y}=\frac{1}{N} \sum{i=1}^N x_i y_i$$

Multivariate GARCH $(1,1)$

In the same way we get a multivariate GARCH model

$\Sigma_t=\omega+\alpha \mathbf{x}{t-1}^{\prime} \mathbf{x}{t-1}+\beta \Sigma_{t-1}$

$\omega, \alpha, \beta$ are matrices of coefficients

The long-term average covariance is $\frac{\omega_{i j}}{1-\alpha_{i j}-\beta_{i j}}$

The persistence of a shock is $\alpha_{i j}+\beta_{i j}$

## 金融代写|金融风险管理代写Financial Risk Management代考|Copulae

Modeling non-linearities

The most common way is to model the interdependence of assets, apart from the covariance are copulae

We have 2 random variables with CDF $F_1$ and $F_2$

Copulae allow us to model the interaction between those two random variables
Matching quantiles

We use another distribution which is well known, e.g. a standard normal distribution

We match the quantiles of the distributions
$$F_i\left(v_i\right)=N\left(u_i\right)$$

Introducing correlations

We now assume that the $u_i$ are linearly correlated with each other

Using the correlation, we can determine the bivariate distribution of the $u_i$

From this CDF we can then determine the bivariate distribution of the $v_i$
Bivariate distribution

Using $F_i\left(v_i\right)=N\left(u_i\right)$ we get

$v_i=F_i^{-1}\left(N\left(u_i\right)\right)$

## 金融代写|金融风险管理代写Financial Risk Management代考|Modeling the interdependence of asset prices

$$E\left[v_2 \mid v_1\right]=E\left[v_2\right]+\frac{\operatorname{Cov}\left[v_1, v_2\right]}{\operatorname{var}\left[v_2\right]}\left(v_1-E\left[v_1\right]\right)$$

$$\operatorname{Cov}[x, y]=E[(x-E[x])(y-E[y])]=E[x y]-\mu_x \mu_y$$

$$\operatorname{Cov}[x, y] \approx E[x y]$$

$$\widehat{\sigma} x y=\frac{1}{N} \sum i=1^N x_i y_i$$

$$\Sigma_t=\omega+\alpha \mathbf{x} t-1^{\prime} \mathbf{x} t-1+\beta \Sigma_{t-1}$$
$\omega, \alpha, \beta$ 是系数矩阵

## 金融代写|金融风险管理代写Financial Risk Management代考|Copulae 建模非栈性

Copulde 允许我们对这两个随机变量之间的相互作用进行建模

$$F_i\left(v_i\right)=N\left(u_i\right)$$

$$v_i=F_i^{-1}\left(N\left(u_i\right)\right)$$

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

Posted on Categories:Financial Risk Management, 金融代写, 金融风险管理

## avatest™帮您通过考试

avatest™的各个学科专家已帮了学生顺利通过达上千场考试。我们保证您快速准时完成各时长和类型的考试，包括in class、take home、online、proctor。写手整理各样的资源来或按照您学校的资料教您，创造模拟试题，提供所有的问题例子，以保证您在真实考试中取得的通过率是85%以上。如果您有即将到来的每周、季考、期中或期末考试，我们都能帮助您！

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## 金融代写|金融风险管理代写Financial Risk Management代考|Credit risk

Credit risk arises whenever a positive cashflow is expected in the future: if we are expecting to receive cash from someone, there is a chance they might not perform on that obligation, in which case we would lose money because we have to replace that missing cashflow. Credit risk, then, is the risk of loss from the failure of the counterparty to fulfil its contractual obligations, perhaps because they have defaulted.

The magnitude of the loss can be gauged by the free market cost of replacing the lost cashflow or cashflows.
Credit risk occurs in a lot of settings:

• Loans, where we lend a corporation money on a bilateral basis, expecting them to make payments of interest and to repay principal;
• Contractual agreements such as IRSs or purchased options where our counterparty either certainly has to make payments in the future (as in the swap) or may have to (if we exercise an option they have written);
• Receivables, where goods are delivered or services performed before they have been paid for.

## 金融代写|金融风险管理代写Financial Risk Management代考|Convention: specific risk versus credit risk

We will make the choice that failure to pay on a security is market risk rather than credit risk. This is partly because we are concerned with the effect of creditworthiness on the market price of bonds and credit derivatives, and partly because bank regulators have enforced this (rather artificial) distinction. Thus, specific risk (SR) will be used to refer to risks relating to specific issuers of securities such as the default risk of a bond, and credit risk will be used to refer to the risk of non-performance on contractual arrangements such as loans that are not packaged up as a security.

The extent of credit risk borne depends on how large the cashflow or cashflows at risk are, the probability of being deprived of them and the amount we are likely to receive, if any, if our counterparty does not perform.
The varieties of credit risk include the following:

• Direct exposure. We have lent someone some money: will they pay it back?
• Settlement risk. Suppose we have traded with the counterparty, perhaps by buying an equity or engaging in a spot $F X$ transaction with them, but there is not a simultaneous
• exchange of asset for cash. If we give them something before they give us the other side of the bargain, there is settlement risk because they may default before we get what they have contracted to give us.
• A well-known example of this is the failure of the German bank Herstatt in 1974. Herstatt engaged in (among other things) spot FX transactions. One day in June 1974 (as on many other days), the bank sold USD and bought European currencies. As was the convention then, its counterparties paid their side of the trade during the European day. At the end of that day, German supervisors closed down the bank. The expected USD legs owed by the bank were not due until several hours later during the New York business day. Since the supervisor had closed the bank by then, they could not be paid, and the bank’s spot FX counterparties were left holding an unsecured claim against the by-now-insolvent Herstatt’s assets. Since the failure of Herstatt, there have been a number of initiatives to reduce settlement risk culminating in the development of gross real-time settlement services recently.

## 金融代写|金融风险管理代写Financial Risk Management代考|Credit risk

• 贷款，我们在双边基础上借给公司资金，期望他们支付利息并偿还本金；
• 合同协议，例如 IRS 或购买的期权，我们的交易对手在未来肯定必须支付（如在掉期中）或可能必须支付（如果我们行使他们书面的选择权）；
• 应收账款，即在付款之前交付货物或提供服务。

## 金融代写|金融风险管理代写Financial Risk Management代考|Convention: specific risk versus credit risk

• 直接曝光。我们借给某人一些钱：他们会还吗？
• 结算风险。假设我们与交易对手进行了交易，可能是通过购买股票或参与现货交易FX与他们进行交易，但没有同时进行
• 资产换现金。如果我们在他们给我们交易的另一面之前给他们一些东西，就会有结算风险，因为他们可能在我们得到他们约定给我们的东西之前违约。
• 一个著名的例子是 1974 年德国银行 Herstatt 的倒闭。Herstatt 从事（除其他外）即期外汇交易。1974 年 6 月的一天（与其他许多日子一样），银行卖出美元并买入欧洲货币。按照当时的惯例，其交易对手在欧洲交易日支付了他们的交易费用。那天结束时，德国监管机构关闭了该银行。银行所欠的预期美元款项要到纽约工作日几个小时后才到期。由于当时监管者已经关闭了银行，他们无法获得付款，银行的现货外汇交易对手对目前资不抵债的 Herstatt 资产持有无担保债权。自从赫斯塔特失败后，

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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## 金融代写|金融风险管理代写Financial Risk Management代考|Current and Past Markets

As I write, the past few years have been relatively benign in the capital markets. Since the market falls of 2000-2001, we have seen rising equity markets, a low and stable interest rate environment, and tight credit spreads. There are some signs that market conditions are becoming more choppy with a minor equity market correction, rising default rates on some types of mortgage and increasing concerns about inflation (at least from some commentators).

This relatively calm environment should probably give us pause for thought. Although the future never replays the past exactly, it is worth having a view to history since calm usually precedes the storm. We will review the history of equity markets in some detail and touch upon interest rate market history.

## 金融代写|金融风险管理代写Financial Risk Management代考|Equity market history

The claim for the first equity market, like the claim to be the oldest pub in London, is shrouded in historical controversy. It is certainly true that by the seventeenth century, the idea of the joint-stock company with publicly issued shares traded on a secondary market was well established: before this, the trail is harder to follow.

The industrial revolution gave a major boost to the development of the markets, and many of the major stock exchanges were established in the decades around 1800. Securities trading developed during the nineteenth century and stock broker became an established profession.

The early twentieth century was a time of considerable volatility for equities. In the United States, for instance, stocks entered the 1900s trending higher and rose $35 \%$ in less than 3 years. They swung wildly, peaking around 1909 and then fell heavily. By late 1921 , the market was about $40 \%$ lower. Then in the bull market of the 1920s, stocks returned more than $400 \%$, a situation that ended in the great market plunge of 1929 . The size of the crash is well known: the DJIA went from 381 in early September 1929 to a low of 41 in July 1932. It did not recover its pre-crash levels until November 1954.

Perhaps less famous than the big ups and downs of the market are its doldrums. During the immediate post war period, for instance, the Dow did very little. The market did have a big surge from the early 50 s to the mid-1960s, but there was then another stagnant phase.

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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## 金融代写|金融风险管理代写Financial Risk Management代考|Principal Investment and Private Equity

Private equity or $\mathrm{PE}$ is the provision of medium to long-term financing to a company in exchange for an equity stake, usually in an unlisted and so hard-to-trade company. In the past typical PE, targets were young, high-growth companies, but this has changed recently as more innovative financing mechanisms are used together with PE.

The motivation for private equity is that the public equity market sometimes finds it difficult to assess new companies’ growth prospects. This is a classic agency problem: most investors need to do significant due diligence on these situations, but it is too expensive for everyone to do this separately. As there is no trusted source investors can all go for this information, no investor ends up buying the stock, or those that do put a significant discount on it for the information they do not have. A single experienced owner of a large stake can afford to do the necessary due diligence and hence to pay more for the stock than a multitude of smaller players.
The advantages and disadvantages of PE are shown in the table below.

## 金融代写|金融风险管理代写Financial Risk Management代考|Methodology

PE investors typically take a significant, although not necessarily controlling equity stake. They typically prefer situations with:

• Good existing staff. As the industry phrase goes, ‘bet the jockey, not the horse’;
• Products or processes which have passed through at least the early prototype stage and are adequately protected by patents or copyrights;
• The potential of an exit within a few years via either an initial public offering or a trade sale;
• The opportunity for the venture capitalist to make a value added contribution to the management and/or funding of the company.
• Some financial institutions use the term principal investment for their PE activities, as the bank’s capital is committed (sometimes alongside the bank’s clients). One motivation here is to lock in investment banking fees once the private company is taken public or sold. Principal investment activities were very profitable in the high-tech boom of the late 1990s, but this form of proprietary risk taking is going out of favour as the new Basel II regulatory capital rules [discussed in Chapter 7] considerably increase the capital required for them.

## 金融代写|金融风险管理代写Financial Risk Management代考|European stock exchanges

• 在伦敦，伦敦证券交易所或伦敦证券交易所；
• 在德国，由德意志交易所经营的法兰克福证券交易所；
• 在法国、荷兰和比利时，泛欧交易所由国家市场合并而成。
大多数欧洲国家都有国家证券交易所：有些国家也有区域证券交易所。

## 金融代写|金融风险管理代写Financial Risk Management代考|Stock market indices

• 道琼斯工业平均指数 (DJIA) 是美国 30 家最大和最广泛持有的上市公司的价格加权平均值，由道琼斯指数计算得出。道琼斯工业平均指数有趣的原因之一是它历史悠久：它于 1896 年首次发布（尽管其中只有 12 只股票），因此有大量历史信息可用于研究其行为；
• SerP 500 是根据市场规模、流动性和行业分组选择的 500 支最重要的美国股票的市值加权平均值。它代表70%美国上市公司的资本化；
• 富时 100 指数，俗称“footsie”，是伦敦证券交易所上市的 100 家最大公司的指数，符合一定的流动性等标准。与许多指数一样，其组成由委员会根据广泛的规则决定。就 FTSE 而言，该委员会每季度召开一次会议。根据其精确的行动和市场事件，FTSE 可能随时包含略多于或少于 100 家公司；
• CAC 40 或简称 CAC 是在巴黎证券交易所交易的 40 只最大和最具流动性的股票的浮动加权指数；
• 这D一个X是在法兰克福证券交易所交易的 30 家主要德国公司的指数。与上面提到的所有其他指数不同，它是一个总回报指数：股息和价格变化都被纳入指数计算，而不仅仅是价格变化。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

Posted on Categories:Financial Risk Management, 金融代写, 金融风险管理

## avatest™帮您通过考试

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## 金融代写|金融风险管理代写Financial Risk Management代考|European stock exchanges

The largest European stock exchanges are:

• In London, the London Stock Exchange or LSE;
• In Germany, the Frankfurt Stock Exchange, operated by Deutsche Börse;
• In France, the Netherlands and Belgium, Euronext, formed by a merger of national markets.
Most European countries have a national stock exchange: some have regional ones too.

## 金融代写|金融风险管理代写Financial Risk Management代考|Stock market indices

A stock market index is a measure of the performance of the broad market. It is typically some average of the prices of all or some stocks traded on the market, perhaps weighted by market capitalisation. There are thousands of different indices calculated by the exchanges, various information providers, and investment banks. Some of the best known ones (and the only ones we will use for examples) are:

• The Dow Jones Industrial Average (DJIA) is a price-weighted average of the 30 largest and most widely held public companies in the U.S., calculated by Dow Jones Indices. One of the reasons the DJIA is interesting is that it has a long history: it was first published in 1896 (albeit only with 12 stocks in it), and so there is a large amount of historical information available for studying its behaviour;
• The SerP 500 is a market-value-weighted average of the 500 most important U.S. stocks chosen for their market size, liquidity and industry grouping. It represents $70 \%$ of the capitalisation of U.S. publicly traded companies;
• The FTSE 100 index, colloquially the ‘footsie’, is an index of the 100 largest companies listed on the LSE meeting certain criteria of liquidity etc. As with many indices, the composition is decided by a committee based on broad rules. In the case of the FTSE, this committee meets quarterly. Depending on its precise actions and market events, the FTSE may at any time contain slightly more or less than 100 companies;
• The CAC 40 or just CAC is a float-weighted index of the 40 largest and most liquid stocks traded on the Paris Bourse;
• The $D A X$ is an index of 30 major German companies trading on the Frankfurt Stock Exchange. Unlike all the others mentioned above, it is a total return index: both dividends and price changes are factored into the index calculation, rather than just price changes.

The major stock indices of large European countries used to be important, but they are now fading a little, with some liquidity moving to pan-European or pan-Eurozone indices, notably the EuroSTOXX 50 .

The diversity of means of calculation, number of stocks and total capitalisation of the indices above is worth noting. The DAX with only 30 stocks and its total return nature is a very different beast from the S\&P with 500 stocks.

## 金融代写|金融风险管理代写Financial Risk Management代考|European stock exchanges

• 在伦敦，伦敦证券交易所或伦敦证券交易所；
• 在德国，由德意志交易所经营的法兰克福证券交易所；
• 在法国、荷兰和比利时，泛欧交易所由国家市场合并而成。
大多数欧洲国家都有国家证券交易所：有些国家也有区域证券交易所。

## 金融代写|金融风险管理代写Financial Risk Management代考|Stock market indices

• 道琼斯工业平均指数 (DJIA) 是美国 30 家最大和最广泛持有的上市公司的价格加权平均值，由道琼斯指数计算得出。道琼斯工业平均指数有趣的原因之一是它历史悠久：它于 1896 年首次发布（尽管其中只有 12 只股票），因此有大量历史信息可用于研究其行为；
• SerP 500 是根据市场规模、流动性和行业分组选择的 500 支最重要的美国股票的市值加权平均值。它代表70%美国上市公司的资本化；
• 富时 100 指数，俗称“footsie”，是伦敦证券交易所上市的 100 家最大公司的指数，符合一定的流动性等标准。与许多指数一样，其组成由委员会根据广泛的规则决定。就 FTSE 而言，该委员会每季度召开一次会议。根据其精确的行动和市场事件，FTSE 可能随时包含略多于或少于 100 家公司；
• CAC 40 或简称 CAC 是在巴黎证券交易所交易的 40 只最大和最具流动性的股票的浮动加权指数；
• 这D一个X是在法兰克福证券交易所交易的 30 家主要德国公司的指数。与上面提到的所有其他指数不同，它是一个总回报指数：股息和价格变化都被纳入指数计算，而不仅仅是价格变化。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

Posted on Categories:Financial Risk Management, 金融代写, 金融风险管理

## avatest™帮您通过考试

avatest™的各个学科专家已帮了学生顺利通过达上千场考试。我们保证您快速准时完成各时长和类型的考试，包括in class、take home、online、proctor。写手整理各样的资源来或按照您学校的资料教您，创造模拟试题，提供所有的问题例子，以保证您在真实考试中取得的通过率是85%以上。如果您有即将到来的每周、季考、期中或期末考试，我们都能帮助您！

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## 金融代写|金融风险管理代写Financial Risk Management代考|Ownership and dividends

Shareholders elect the board of directors of a public company to run the company for them. Or, at least, that is the theory. In practice it seems that, in many cases, the board of directors has a certain amount of staying power even in the face of shareholder hostility.*
If a company is sufficiently profitable, the directors may pay some or all of the profits back to shareholders via a dividend. The right to dividends and the right to elect directors form two of the chief benefits of owning equity.

## 金融代写|金融风险管理代写Financial Risk Management代考|U.S. stock markets

In the United States, there are three major stock exchanges where securities are traded:

• The New York Stock Exchange (NYSE)
• The NASDAQ
• The American Stock Exchange, or Amex
Additionally, U.S. (and many other) equities trade on electronic communications networks (ECNs) such as Archipelago, Instinet or Island.

The U.S. stock markets are particularly important because together they constitute a substantial fraction of global equity trading. This makes them very liquid, at least for the larger stocks, and hence they give good price discovery. Furthermore, a large number of non-U.S. companies are listed on U.S. markets.
Exercise. Find out the 20 most liquid stocks on the NYSE in some convenient period. How many of them are U.S. companies?
More recently, changes in the corporate governance requirements for listing in the United States under the Sarbanes-Oxley Act had decreased the attractions of U.S. markets for foreign companies. [This is discussed further in section 5.5.1.]

## 金融代写|金融风险管理代写Financial Risk Management代考|U.S. stock markets

• 纽约证券交易所 (NYSE)
• 纳斯达克
• 美国证券交易所或 Amex
此外，美国（和许多其他）股票在 Archipelago、Instinet 或 Island 等电子通信网络 (ECN) 上进行交易。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

Posted on Categories:Financial Risk Management, 金融代写, 金融风险管理

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## 金融代写|金融风险管理代写Financial Risk Management代考|Introducing the Markets

The financial markets are sometimes portrayed as huge arenas of money filled with voracious traders making and losing fortunes each day. This cinematic conceit sees every market as fast moving and massively volatile with enormous volumes being traded. What is being traded hardly matters for the film maker’s purposes: usually we are led to believe that it is equities, but it could equally well be bonds, pork belly futures or gold.

Of course, the stereotype has an element of truth. If we take the London Stock Exchange (LSE) as a representative equity market, it has over 2,500 companies listed on it with a comglobal spot foreign exchange (FX) market is even more impressive: daily volume there is often in excess of $\$ 1.75$trillion, much of it in one of only three crosses: USD/JPY, USD/EUR or USD/ GBP. The bond markets hold their end up well too: there are estimated to be over$\$25$ trillion of U.S. dollars (USD)-denominated bonds outstanding, with U.S. Treasury securities comprising about $20 \%$ of that. Treasury trading volume alone is around half a trillion dollars per day.

## 金融代写|金融风险管理代写Financial Risk Management代考|Market prices

There is nothing magical about a market price. It is simply the result of a transaction between a willing buyer and a willing seller. If there are more sellers than buyers, the price they trade at tends to go down.

This process of matching buyers and sellers may be intermediated by technology-as in a screen market-or by a broker-but fundamentally it is a sociological phenomenon. Price discovery is only possible if there are sufficiently many buyers and sellers, and it only comes about because of their actions. Thus, we distinguish a market price for an asset from its value:

• An asset may have a long-term value to its holder without being saleable, or only saleable at a much lower price than its value to the holder;
• On the other hand, we may well believe that market prices are too high and do not reflect the real value of an asset. For instance recently someone paid $\$ 135 \mathrm{M}$for Gustav Klimt’s portrait of Adele Bloch-Bauer when he could have had a great Rembrandt for$\$40 \mathrm{M}$, but that does not mean that everyone thinks it was a good trade.

Value, then, is context dependent: how valuable something is to you may depend on many factors including your holding period, your accounting policy, your funding costs, your capital allocation strategy and how desperately you want a particular painting on your wall. In contrast, a market price is a single idealised number representing ‘free market’ transactions in an asset at some point in time.

Market prices are often quoted with a two way price: a lower price at which we can sell, the bid, and a higher one at which we can buy, the offer. Mid market is half way between the bid and offer price, and the difference between them is known as the bid/offer spread.

## 金融代写|金融风险管理代写Financial Risk Management代考|Market prices

• 一项资产可能对其持有人具有长期价值，但无法出售，或者只能以远低于其对持有人价值的价格出售；
• 另一方面，我们很可能认为市场价格太高，不能反映资产的真实价值。例如最近有人付款$135米古斯塔夫·克里姆特 (Gustav Klimt) 为阿黛尔·布洛赫-鲍尔 (Adele Bloch-Bauer) 画的肖像，当时他本可以拥有伟大的伦勃朗$40米，但这并不意味着每个人都认为这是一笔不错的交易。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。