Hedge

Hedge (finance)  对冲(金融)

 

A hedge is an investment position intended to offset potential losses that may be incurred by a companion investment.

对冲是一种用来抵消可能由一个结伴投资所产生的潜在损失的投资。

A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, many types of over-the-counter and derivative products, and futures contracts.

对冲可以由多种类型的金融工具,包括股票,交易所买卖基金,保险,远期合约,掉期,期权,多种场外与衍生商品以及期货合约所组成。

Public futures markets were established in the 19th century[1] to allow transparent, standardized, and efficient hedging of agricultural commodity prices; they have since expanded to include futures contracts for hedging the values of energy, precious metals, foreign currency, and interest rate fluctuations.

公共期货市场在19世纪成立,好让农产品价格可以透明地,规范化,有效地对冲;从那时起,期货合约就不断扩大到包括和能源,贵重金属,外币和利率波动的对冲。

 

Contents  目录

1. Etymology  词源

2. Examples  例子

2.1 Agricultural commodity price hedging  农业商品价格的对冲

2.2 Hedging a stock price  对冲股价

2.3 Hedging Employee Stock Options  对冲员工股票期权

2.4 Hedging fuel consumption  对冲燃油消耗

3. Types of hedging  套期保值的类型

3.1 Hedging strategies  对冲策略

3.1.1 Financial derivatives such as call and put options  金融衍生工具如看涨和看跌期权

4. Natural hedges  自然对冲

5. Categories of hedgeable risk  可对冲风险的分类

6. Hedging equity and equity futures  对冲股权和股权期货

6.1 Futures hedging  期货套期保值

6.2 Contract for difference  价差合约

7. Related concepts  相关概念

8. See also  另见

8.1 Accountant views  会计师观点

9. References  参考文献

10 External links  外部链接

 

Etymology  词源

Hedging is the practice of taking a position in one market to offset and balance against the risk adopted by assuming a position in a contrary or opposing market or investment. The word hedge is from Old English hecg, originally any fence, living or artificial. The use of the word as a verb in the sense of “dodge, evade” is first recorded in the 1590s; that of insure oneself against loss, as in a bet, is from 1670s.

对冲交易的做法是在一个市场中用一个仓盘去抵消和平衡风险,在一个相反或对立的市场或投资中占有另一个仓位。对冲这个词出自旧式英语hecg,原本是指任何天然或人工的围栏。这个当作“躲闪,回避”来用的动词首度在1590年代有记载,在赌注中保证自己不受损失的意思则出自1670年代。

 

Examples  例子

Agricultural commodity price hedging  农业商品价格的对冲

A typical hedger might be a commercial farmer. The market values of wheat and other crops fluctuate constantly as supply and demand for them vary, with occasional large moves in either direction. Based on current prices and forecast levels at harvest time, the farmer might decide that planting wheat is a good idea one season, but the forecast prices are only that — forecasts. Once the farmer plants wheat, he is committed to it for an entire growing season. If the actual price of wheat rises greatly between planting and harvest, the farmer stands to make a lot of unexpected money, but if the actual price drops by harvest time, he could be ruined.

一个典型的对冲者可能是一个农商。小麦和其他作物的市场价值因为供应和需求各不相同而不断波动,偶尔在某一个方向有大幅度动作。根据目前的价格和在收割时的预测水平不一定准确,因为农民可能半途决定在某一个季节改种小麦是一个好主意,因此预测价格就只是一个预测。农民一旦开始种小麦,他就必须为整个生长季节付出努力。如果小麦的实际价格在种植与收成之间大幅度上涨,农民就会赚到很多意想不到的钱,但是,如果实际价格在收成时下降,他可能要倒贴。

If at planting time the farmer sells a number of wheat futures contracts equivalent to his anticipated crop size, he effectively locks in the price of wheat at that time: the contract is an agreement to deliver a certain number of bushels of wheat to a specified place on a certain date in the future for a certain fixed price. The farmer has hedged his exposure to wheat prices; he no longer cares whether the current price rises or falls, because he is guaranteed a price by the contract. He no longer needs to worry about being ruined by a low wheat price at harvest time, but he also gives up the chance at making extra money from a high wheat price at harvest times.

如果在播种期间,农民出售的小麦期货合约相当于他预计的农作物规模的数量,他就有效地锁定了当时的小麦价格:合同是一种要把一定数量的小麦在未来的固定日期以固定定价交付到指定的地点的协议。农民自己以小麦价格公开对冲,他就不必再关心目前的价格上升或下降,因为他已经得到合同的价格保证。他不必再担心小麦价格在收成时会被拉低,但他也放弃了在收成时小麦价格升高能赚到更多钱的机会。

 

Hedging a stock price  对冲股票价格

A stock trader believes that the stock price of Company A will rise over the next month, due to the company’s new and efficient method of producing widgets. He wants to buy Company A shares to profit from their expected price increase. But Company A is part of the highly volatile widget industry. If the trader simply bought the shares based on his belief that the Company A shares were underpriced, the trade would be a speculation.

一名股票交易员相信A公司的股票价格将会在下个月上涨,那是因为该公司刚开发出新的和有效生产部件的方法。他想购买A公司的股票,从他们预计的价格上涨中获利。但是A公司只是极不稳定的部件行业中的一部份。如果交易员只是相信A公司的股票被低估而买入,这种交易就是一种投机炒作。

Since the trader is interested in the company, rather than the industry, he wants to hedge out the industry risk by short selling an equal value (number of shares × price) of the shares of Company A’s direct competitor, Company B.

由于交易员只对公司而不是整个工业感兴趣,他要通过对冲去抛空A公司的最大竞争对手B公司同等价值的股份(股数×价格)。

The first day the trader’s portfolio is:

交易员第一天的投资组合是:

  • Long 1,000 shares of Company A at $1 each
  • Short 500 shares of Company B at $2 each
  • 买空A公司的一千股,每股1元
  • 卖空B公司的五百股,每股2元

(Notice that the trader has sold short the same value of shares)

(请注意交易员卖空的股值相等)

If the trader was able to short sell an asset whose price had a mathematically defined relation with Company A’s stock price (for example a put option on Company A shares), the trade might be essentially riskless. In this case, the risk would be limited to the put option’s premium.

如果交易员能够抛空一个在数学定义与上A公司的股票价格有关(例如对A公司股票的看跌期权)的资产,就可能是一个没有基本风险的交易。在这种情况下,风险将只限于看跌期权的溢价。

On the second day, a favorable news story about the widgets industry is published and the value of all widgets stock goes up. Company A, however, because it is a stronger company, increases by 10%, while Company B increases by just 5%:

第二天,一个有利于部件行业的新闻报道刊登,所有部件的股票价值都上涨。但是,A公司是一个比较强大的公司,股值上涨了10%,而B公司只涨了5%,投资组合的变动如下:

  • Long 1,000 shares of Company A at $1.10 each: $100 gain

   买空A公司那一千股每股值1.10元,获利100元

  • Short 500 shares of Company B at $2.10 each: $50 loss

   卖空B公司那五百股每股值2.10元,损失50元

(In a short position, the investor loses money when the price goes up.)

(在短盘的部份,价格上涨时投资者就亏损)

The trader might regret the hedge on day two, since it reduced the profits on the Company A position. But on the third day, an unfavorable news story is published about the health effects of widgets, and all widgets stocks crash: 50% is wiped off the value of the widgets industry in the course of a few hours. Nevertheless, since Company A is the better company, it suffers less than Company B:

交易员可能会后悔第二天的对冲,因为短盘这一边减少了A公司那一边的利润。到了第三天,一个不利的新闻报道发表了相关部件对健康的不良影响,所有跟部件有关的股市崩盘:50%部件行业的市值在几个小时内被刮掉。不过,因为A公司是更好的公司,遭受的损失就比B公司来得少,投资组合的变动如下:

Value of long position (Company A):

长仓的价值(A公司):

  • Day 1: $1,000
  • Day 2: $1,100
  • Day 3: $550 => ($1,000 − $550) = $450 loss

第1天:$ 1,000
第2天:$ 1,100
第3天:$ 550 =>($ 1,000 – $ 550)= $450的损失

Value of short position (Company B):

短盘的价值(B公司):

  • Day 1: −$1,000
  • Day 2: −$1,050
  • Day 3: −$525 => ($1,000 − $525) = $475 profit

第1天: – $ 1,000
第2天: – $ 1,050
第3天: – $ 525 =>($ 1,000 – $ 525)= $475元的利润

Without the hedge, the trader would have lost $450 (or $900 if the trader took the $1,000 he has used in short selling Company B’s shares to buy Company A’s shares as well). But the hedge – the short sale of Company B – gives a profit of $475, for a net profit of $25 during a dramatic market collapse.

没有对冲的话,交易员就会损失450元(或$900,如果交易员用卖空B公司股份的一千元去买A公司的股份)。但对冲卖空B公司的获利是475元,在一个戏剧性的市场崩盘中净赚了25元。

 

Hedging Employee Stock Options  对冲员工股票期权

Employee Stock Options are securities issued by the company generally to executives and employees. These securities are more volatile than stock and should encourage the holders to manage those positions with a view to reducing that risk. There is only one efficient way to manage the risk of holding employee stock options and that is by use of sales of exchange traded calls and to a lesser degree by buying puts. Companies discourage hedging versus ESOs but have no prohibitions in their contracts.

员工股票期权是由该公司发行给一般管理人员和员工的证券。这些证券比股市更会波动,应该鼓励持有人以减少这种风险的观点来管理。但也只有一个有效的方式来管理控股员工股票期权的风险,那就是卖出交易所买卖的看涨期权,较低程度地购买看跌期权。大部份公司都不鼓励与员工股票期权(ESOs)对冲,但是在合约中并没有禁止。

 

Hedging fuel consumption  对冲燃油消耗

Airlines use futures contracts and derivatives to hedge their exposure to the price of jet fuel. They know that they must purchase jet fuel for as long as they want to stay in business, and fuel prices are notoriously volatile. By using crude oil futures contracts to hedge their fuel requirements (and engaging in similar but more complex derivatives transactions), Southwest Airlines was able to save a large amount of money when buying fuel as compared to rival airlines when fuel prices in the U.S. rose dramatically after the 2003 Iraq war and Hurricane Katrina.

航空公司使用期货合约和衍生工具去对冲燃油价格的风险。他们知道,只要他们想要继续营业,就必须购买喷射机燃料,而燃油价格的波动性是出了名的。通过使用原油期货合约去对冲对燃油的需求(和从事类似但更复杂的衍生商品的交易),比起竞争对手的航空公司,美国的燃料价格在2003年的伊拉克战争和“卡特里娜”飓风过后大幅度上涨,西南航空公司就能够节省大量的资金来购买燃油。

 

Types of hedging  套期保值的类型

Hedging can be used in many different ways including foreign exchange trading.[3] The stock example above is a “classic” sort of hedge, known in the industry as a pairs trade due to the trading on a pair of related securities. As investors became more sophisticated, along with the mathematical tools used to calculate values (known as models), the types of hedges have increased greatly.

套期保值可以用在许多不同地方,包括外汇交易。上述股票的例子是“经典”的对冲,在业内被称为双贸易,因为是在一对相关的证券上进行交易。由于投资者变得更有技巧,加上用来计算价值(成为模式)的数学工具,对冲类型也大大地增加。

 

Hedging strategies  对冲策略

Examples of hedging include:

套期保值的例子有:

  • Forward exchange contract for currencies  外汇的远期货币合约
  • Currency future contracts  货币期货合约
  • Money Market Operations for currencies  外汇的货币市场操作
  • Forward Exchange Contract for interest  利息的远期货币合约
  • Money Market Operations for interest  利息的货币市场操作
  • Future contracts for interest  利息的远期合约

This is a list of hedging strategies, grouped by category.

这是一个按照类别分组的对冲策略的列表。

 

Financial derivatives such as call and put options

金融衍生工具如看涨和看跌期权有:

  • Risk reversal: Simultaneously buying a call option and selling a put option. This has the effect of simulating being long on a stock or commodity position.

风险逆转 : 同时购买看涨期权和卖出看跌期权,这么做有模拟股票或商品长仓的效果。

  • Delta neutral: This is a market neutral position that allows a portfolio to maintain a positive cash flow by dynamically re-hedging to maintain a market neutral position. This is also a type of market neutral strategy.

三角中性 : 这是一个市场中立的仓位,允许投资组合维持正现金流,通过动态的重新对冲去保持市场中立的仓位,这也是一种市场中立的策略。

 

Natural hedges  自然对冲

Many hedges do not involve exotic financial instruments or derivatives such as the married put. A natural hedge is an investment that reduces the undesired risk by matching cash flows (i.e. revenues and expenses). For example, an exporter to the United States faces a risk of changes in the value of the U.S. dollar and chooses to open a production facility in that market to match its expected sales revenue to its cost structure.

许多对冲不涉及外来的金融工具或衍生工具,比如结合式看跌。自然对冲是一种通过现金流量(即收入和支出)的配对来减少不受欢迎风险的投资。例如,美国的出口商面临美元价值的变化风险,就选择在那个市场设立生产设施来符合预期的销售收入以及成本结构的要求。

Another example is a company that opens a subsidiary in another country and borrows in the foreign currency to finance its operations, even though the foreign interest rate may be more expensive than in its home country: by matching the debt payments to expected revenues in the foreign currency, the parent company has reduced its foreign currency exposure. Similarly, an oil producer may expect to receive its revenues in U.S. dollars, but faces costs in a different currency; it would be applying a natural hedge if it agreed to, for example, pay bonuses to employees in U.S. dollars.

另一个例子是一家公司在另一个国家设立子公司,并借用外汇营运资金来经营,即使国外的利率可能比本国的更高,做法就是用外币匹配债务支出预期收入,母公司也就降低了自己面对的外汇波动风险。同样的,石油生产国也许有准备要收到美元,但也面对不同的货币成本,如果同意,就可以运用自然对冲,例如,用美元来支付雇员的薪金。

One common means of hedging against risk is the purchase of insurance to protect against financial loss due to accidental property damage or loss, personal injury, or loss of life.

一个对冲风险的普遍手段是购买保险,防止因意外造成的财物破损,人身伤害,丧失生命以及财务亏损。

 

Categories of hedgeable risk  可对冲风险的分类

  • There are varying types of risk that can be protected against with a hedge. Those types of risks include:

  对冲可以保障免受几种不同风险造成的损失。这些不同类型的风险包括:

  • Commodity risk: the risk that arises from potential movements in the value of commodity contracts, which include agricultural products, metals, and energy products.

商品风险 :商品合约的价值,其中包括农产品,金属,能源产品的潜在变动。

  • Credit risk: the risk that money owing will not be paid by an obligor. Since credit risk is the natural business of banks, but an unwanted risk for commercial traders, an early market developed between banks and traders that involved selling obligations at a discounted rate.

信用风险 :债务人不付钱的风险。由于信用风险是银行业务的一部份,但却不是商业贸易业者要的风险,因此银行和商人之间就发展出一个早期市场,以折扣价出售权益。

  • Currency risk (also known as Foreign Exchange Risk hedging) is used both by financial investors to deflect the risks they encounter when investing abroad and by non-financial actors in the global economy for whom multi-currency activities are a necessary evil rather than a desired state of exposure.

货币风险(又称外汇风险的对冲)被金融投资者用来转移海外投资时遇到的风险,也被金融投资者用来避开全球经济的风险,对他们来说,多种货币的活动是难免的坏事,而不是理想中的风险。

  • Interest rate risk: the risk that the relative value of an interest-bearing liability, such as a loan or a bond, will worsen due to an interest rate increase. Interest rate risks can be hedged using fixed-income instruments or interest rate swaps.

利率风险:生利息的债务风险,如贷款或债券的相对价值,会因为加息而进一步恶化。利率风险可以使用固定收益工具或利率掉期来对冲。

  • Equity risk: the risk that one’s investments will depreciate because of stock market dynamics causing one to lose money.

股权风险 : 这是因为股市的动态导致赔钱使到投资贬值的风险。

  • Volatility risk: is the threat that an exchange rate movement poses to an investor’s portfolio in a foreign currency.

波动的风险 :这是汇率变动对投资者的外币组合的威胁。

  • Volumetric risk: the risk that a customer demands more or less of a product than expected.

质量风险 :客户对产品的要求高过或低过预期的。

 

Hedging equity and equity futures  对冲股权和股权期货

Equity in a portfolio can be hedged by taking an opposite position in futures. To protect your stock picking against systematic market risk, futures are shorted when equity is purchased, or long futures when stock is shorted.

投资组合中的股权可以采取期货中相反的立场来对冲。为了保护您的选股避免系统性的市场风险,购买期货股权时用长仓,或者用长期期货来卖空股票。

One way to hedge is the market neutral approach. In this approach, an equivalent dollar amount in the stock trade is taken in futures – for example, by buying 10,000 GBP worth of Vodafone and shorting 10,000 worth of FTSE futures.

对冲的方式之一就是采取市场中立的态度。这种做法就是用相等的面值在期货中作股票交易 – 例如,用一万英镑购买Vodafone的股票再卖空价值一万FTSE富时指数的期货。

Another way to hedge is the beta neutral. Beta is the historical correlation between a stock and an index. If the beta of a Vodafone stock is 2, then for a 10,000 GBP long position in Vodafone an investor would hedge with a 20,000 GBP equivalent short position in the FTSE futures (the index in which Vodafone trades).

另一种对冲方式就是使用中立的Beta-贝塔系数。Beta-贝塔是股票和指数之间的历史性关系。如果Vodafone的股票的贝塔系数是2,那么在Vodafone的一万英镑长仓里,投资者会用两万英镑相等的短盘去持有FTSE富时指数的期货(Vodafone沃达丰在交易的市场里的指数)对冲。

Futures contracts and forward contracts are means of hedging against the risk of adverse market movements. These originally developed out of commodity markets in the 19th century, but over the last fifty years a large global market developed in products to hedge financial market risk.

期货合约和远期合约都是针对不利的市场变动风险而采取的对冲手段。这些方法原本是在19世纪的商品市场发展出来,但是,过去的五十多年已经在商品交易中开发出一个庞大的全球市场来对冲金融市场的风险。

 

Futures hedging  期货套期保值

Investors who primarily trade in futures may hedge their futures against synthetic futures. A synthetic in this case is a synthetic future comprising a call and a put position. Long synthetic futures means long call and short put at the same expiry price. To hedge against a long futures trade a short position in synthetics can be established, and vice versa.

那些原本在期货市场中交易的投资者可能会用他们的期货来对冲合成期货。这种情况的合成品是一种包括看涨和看跌期权的合成期货。长仓的合成期货是指用同样的到期价格维持长仓看涨与短盘看跌。为了对冲长期期货,可以在合成期货市场中建立淡仓或短盘,反之亦然。

Stack hedging is a strategy which involves buying various futures contracts that are concentrated in nearby delivery months to increase the liquidity position. It is generally used by investors to ensure the surety of their earnings for a longer period of time.

堆栈对冲是一项战略,牵涉购买各种集中在近期的交货月的期货合约来增加资金的流动。通常都被投资者用来确保他们的收入在较长时间内有所保障。

 

Contract for difference  价差合约

A contract for difference (CFD) is a two-way hedge or swap contract that allows the seller and purchaser to fix the price of a volatile commodity. Consider a deal between an electricity producer and an electricity retailer, both of whom trade through an electricity market pool. If the producer and the retailer agree to a strike price of $50 per MWh, for 1 MWh in a trading period, and if the actual pool price is $70, then the producer gets $70 from the pool but has to rebate $20 (the “difference” between the strike price and the pool price) to the retailer.

差价合约(CFD)是一个双向的对冲或掉期合约,允许卖方和买方为波动的商品定价。想像电力厂家和电力零售商之间的交易,两者都通过集合的电力市场交易。如果厂家和零售商同意在某个交易期内以每兆瓦时$50成交,而实际的市价是$70,那么厂家会从结合市场得到$70但却要退 $20(成交价和市价的“价差”)给零售商。

Conversely, the retailer pays the difference to the producer if the pool price is lower than the agreed upon contractual strike price. In effect, the pool volatility is nullified and the parties pay and receive $50 per MWh. However, the party who pays the difference is “out of the money” because without the hedge they would have received the benefit of the pool price.

相反的,如果市价比合约商定的成交价来得低,零售商就必须支付价差给厂家。结果就是,市价的波动的影响是无效的,各方依旧支付和接收每兆瓦时50元。然而,付出差价的一方是在“ 自掏腰包 ”,要是没有对冲,他们就会收到市价的实际利益。

 

Related concepts  相关概念

  • Forwards: A contracted agreement specifying an amount of currency to be delivered, at an exchange rate decided on the date of contract.

  远期交易 :这是以合约签订日的汇率为准指定交付货币金额的协议。

  • Forward Rate Agreement (FRA): A contract agreement specifying an interest rate amount to be settled at a pre-determined interest rate on the date of the contract.

远期利率协议(FRA): 这是以合约签订日预定的利率为准指定结算利率金额的协议。

  • Currency option: A contract that gives the owner the right, but not the obligation, to take (call option) or deliver (put option) a specified amount of currency, at an exchange rate decided at the date of purchase.

货币期权:这种合约赋予了业主权力,但没有义务以购买日的汇率为准,去接收(看涨期权)或交付(看跌期权)所指定的货币金额。

  • Non-Deliverable Forwards (NDF): A strictly risk-transfer financial product similar to a Forward Rate Agreement, but used only where monetary policy restrictions on the currency in question limit the free flow and conversion of capital. As the name suggests, NDFs are not delivered but settled in a reference currency, usually USD or EUR, where the parties exchange the gain or loss that the NDF instrument yields, and if the buyer of the controlled currency truly needs that hard currency, he can take the reference payout and go to the government in question and convert the USD or EUR payout. The insurance effect is the same; it’s just that the supply of insured currency is restricted and controlled by government. See Capital Control.

非交割远期期货(NDF):这完全是一个风险转移的金融产品,类似远期利率协议,但只用在货币政策限制该货币的自由流动和转换资金的货币之时。顾名思义,非交割远期期货不交付但会以参考货币来结算,通常是美元或欧元,合约双方交换NDF设施产生的收益或亏损,如果受控货币的买方需要硬货币,他可以采用参考支出的算法,到有关的政府部门去转换成美元或欧元。保险的作用是相同的,受保货币供应由政府控制和限制。详情另见“资本的控制”。

  • Interest rate parity and Covered interest arbitrage: The simple concept that two similar investments in two different currencies ought to yield the same return. If the two similar investments are not at face value offering the same interest rate return, the difference should conceptually be made up by changes in the exchange rate over the life of the investment. IRP basically provides the math to calculate a projected or implied forward rate of exchange. This calculated rate is not and cannot be considered a prediction or forecast, but rather is the arbitrage-free calculation for what the exchange rate is implied to be in order for it to be impossible to make a free profit by converting money to one currency, investing it for a period, then converting back and making more money than if a person had invested in the same opportunity in the original currency.

利率平价(IRP)和对销汇率风险的套息 :这个简单的概念是指两个不同币种的两个类似的投资应该产生相同的回报。如果两个类似的投资并没有以相同的面值提供相同利率的回报,在概念上,其差额应该由这个投资期的汇率变动来补偿。基本上,IRP提供了估算预测或不明示的远期汇率的数学模式。这个计算率不是也不可以被当成是一个预言或预测,而是一种无套利的计算方式,计算汇率不明示该有的正常状态让人无法通过转换货币,投资一段时间,再换回原币去赚无本的利润,赚的钱就无法比那些投资在原有货币不转换的人还多。

  • Hedge fund: A fund which may engage in hedged transactions or hedged investment strategies.

对冲基金 :这是一个会从事对冲交易或对冲投资策略的基金。

 

See also  另见

  • Arbitrage  套利
  • Asset-liability mismatch  资产负债不匹配
  • Diversification (finance)  多样化(金融名词)
  • Fixed bill  固定汇票
  • Foreign Exchange Hedge  外汇对冲
  • Fuel price risk management  燃油价格风险管理
  • Immunization (finance)  免疫(金融名词)
  • List of finance topics  金融主题列表
  • Option (finance)  期权(金融名词)
  • Spread  差价

Accountant views  会计师观点

  • IAS 39  国际会计准则第39号
  • FASB 133
  • Cash flow hedge  现金流量对冲
  • Hedge accounting  对冲会计法

External Links  外部链接

  • Guide to Hedging Interest Rate Risk  对冲利率风险指南
  • Basic Fixed Income Derivative Hedging Article on Financial-edu.com

  基本固定收入衍生对冲,文章在Financial-edu.com

  • Hedging Corporate Bond Issuance with Rate Locks article on Financial-edu.com

  企业债券的发行对冲汇率锁定,文章在金融edu.com

  • The curious moral paradox of Hedging, and how Regulation gives it a blank cheque on theotherschoolofeconomics.org

  奇特的道德悖论对冲,以及条规如何赋予它一张空白支票,文章在 theotherschoolofeconomics.org


Categories 
分类

  • Derivatives (finance)  衍生金融工具(金融)
  • Financial terminology  金融术语
  • Finance  金融
  • Financial markets  金融市场
  • Financial instruments  金融工具
  • Corporate finance  企业贷款
  • Personal finance  个人贷款
  • Public finance  公共贷款
  • Banks and banking  银行与银行业
  • Financial regulation  金融条规
  • Standards  标准
  • Economic history  经济史

—— END ——

 

Source > Wikipedia at en.wikipedia.org/wiki/Hedge_(finance)

Translated by > BlogHost

Word Count > approx.2600 words in English

 

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: