Audit Trail

In: Science

Submitted By ANIR
Words 17362
Pages 70
ΤΙΜΟΛΟΓΗΣΗ ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΩΝ ΠΑΡΑΓΩΓΩΝ

1

ΚΕΦΑΛΑΙΟ 1 ΕΙΣΑΓΩΓΗ ΚΑΙ ΒΑΣΙΚΕΣ ΕΝΝΟΙΕΣ 1.1 ΟΡΙΣΜΟΙ ΒΑΣΙΚΩΝ ΕΝΝΟΙΩΝ. Οι χρηµατοοικονοµικοί τίτλοι µπορούν να χωριστούν σε δύο γενικές κατηγορίες: στους πρωτογενείς τίτλους, όπως µετοχές, οµόλογα, και ξένα νοµίσµατα, και στους δευτερογενείς ή παράγωγους τίτλους (derivatives), δηλαδή συµβόλαια που υπόσχονται πληρωµή ή διάθεση ενός πρωτογενούς τίτλου σε µελλοντικό χρόνο ανάλογα µε την µελλοντική συµπεριφορά του τίτλου αυτού. Τα παράγωγα επιτρέπουν στον επενδυτή να καθορίσει την τιµή µιας µελλοντικής αγοροπωλησίας τώρα, και µπορούν είτε να µειώσουν είτε να αυξήσουν τον κίνδυνο που αναλαµβάνει. Ένα συµβόλαιο δίχως κόστος στο οποίο ο ένας εκ των δύο συµβαλλοµένων συµφωνεί να πληρώσει την διαφορά µεταξύ της αξίας του τίτλου σε κάποιο µελλοντικό χρόνο και µιας προκαθορισµένης τιµής επιτρέπει και στις δύο πλευρές να αποφύγουν τον ενδογενή κίνδυνο που έχει ο κάτοχος µιας µετοχής, χωρίς να χρειάζονται το κεφάλαιο για την αγορά της. Η σχέσεις µεταξύ των δύο τύπων χρηµατοοικονοµικών τίτλων είναι επαρκώς πεπλεγµένες και αβέβαιες ώστε και οι δύο να αποτελούν αντικείµενο έντονων αγοραπωλησιών (trading) ταυτόχρονα στην ίδια αγορά. Η προφανής στοχαστική φύση της τιµής των πρωτογενών τίτλων κληρονοµείται και στην τιµή των παραγώγων τους. Ο κεντρικός σκοπός µας είναι ο καθορισµός της τιµής που ο επενδυτής πρέπει να είναι διατεθειµένος να πληρώσει για έναν παράγωγο τίτλο. Αλλά πριν µπούµε σε αυτή την συζήτηση πρέπει πρώτα ορίσουµε µερικές βασικές έννοιες. Ορισµός 1.1.1 Ένα συµβόλαιο forward (forward contract) είναι µια συµφωνία για την αγορά (ή την πώληση) ενός τίτλου σε ένα προκαθορισµένο µελλοντικό χρόνο Τ, και σε µια προκαθορισµένη τιµή Κ. Λέµε ότι ο αγοραστής κατέχει την καλυµένη θέση (long position), και ο πωλητής την ακάλυπτη θέση (short position). Με τον όρο forward εννοούµε ένα οποιοδήποτε συµβόλαιο που συνάπτεται µεταξύ δύο επενδυτών…...

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