commodity derivatives

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chapter 2跨文化交际

as much an active process. The receiver is actively involved in the communication process by assigning meaning to the symbols received.
Receiver response（信息接收者反应）:The receiver is the person who
response of which the source has knowledge and to which the source attends and assigns meaning.
Context（情境）: The final component of communication is context.
Chapter 3 Communication
c. Communication is symbolic（符号性的）
Symbols are central to the communication process because they represent the shared meanings that are communicated. Symbols are vehicle by which the thoughts and ideas of one person can be communicated to anther person.
Noise （干扰）
The term noise technically refers to anything that distorts the message the source encodes.
Noise can be of many forms: Chapter 3 Communication

期货专业术语释义

期货专业术语释义1、期货（Futures）：与现货相对应，并由现货衍生而来，通常指期货合约。

2、期货交易（Futures Trading）：期货合约的买卖，它由现货交易衍生而来，是与现货交易对应的交易方式。

3、期货合约（Futures Contract）：由期货交易所统一制定的、规定在将来某一特定的时间和地点交割一定数量标的物的标准化合约。

4、商品期货（Commodity Futures）：标的物为实物商品的期货合约。

5、金融期货（Financial Futures）：标的物为金融产品的期货合约。

6、期货市场（Futures Market）：进行期货交易的场所，由远期现货市场衍生而来，是与现货市场相对应的组织化和规范化程度更高的市场形态。

广义的期货市场包括期货交易所、结算所、经纪公司和期货交易（投资）者。

狭义的期货市场仅指期货交易所。

7、保证金制度（Margin System）：交易者在买卖期货合约时按合约价值的一定比率缴纳保证金（一般为5%~15%）作为履约保证，即可进行数倍于保证金的交易。

8、当日无负债结算：也称为“逐日盯市”（Marking-to-Market）,是指结算部门在每日交易结束后，按当日结算价对交易者结算所有合约的盈亏、交易保证金及手续费、税金等费用，对应收音符的款项实行净额一次划转，相应增加或减少保证金。

如果交易者的保证金余额低于规定的标准，则须追加保证金，从而做到“当日无负债”。

9、衍生品（Derivatives）:是从一般商品和基础金融产品（如股票、债券、外汇）等基础资产衍生而来的新型金融产品。

具有代表性的衍生品包括远期、期货、期权和互换。

10、场内交易（Curb Trading）:也称交易所交易（Exchange Trading），是在交易所内进行集中竞价的交易。

11、场外交易（off-Floor Trading,over-the-Counter Trading）:也称柜台交易或店头交易，是在交易所外进行的交易。

Derivatives_I

Call and Put
Strike Price Early Exercise
Payoffs
Type of Traders
Hedgers
Hedgers are those who reduce their risks with forward contracts and options.
Speculators
Non standard
Know you risk
Forward
Agreement to buy or sell certain goods at preagreed price in the future
Opposed to spot market,
Long position Short position
Speculators are those who make profit by taking risk.
Arbitrageurs
Arbitrage involves locking in a riskless profit by simultaneously entering into transactions in two or more markets. In later chapters we will see how arbitrage is sometimes possible when the futures price of an asset gets out of line with its cash price.
Payoff of Forward Contract
Future
Spot price, Forward price and Interest rate

Derivatives and SEC Enforcement Homepage College of 主页衍生物和SEC执法大学-PPT精品文档

Derivatives and SEC Enforcemห้องสมุดไป่ตู้nt
• Today we examine the enforcement procedures of the SEC in the context of the use (and abuse) of financial derivatives. • Enforcement process has two thrusts: – Policing of companies for failure to disclose the extent of speculation in financial derivatives – Policing of brokerage firms selling financial derivatives to client firms without sufficient information regarding risks and losses.
– “…a financial agreement whose value is linked to, or derived from, the performance of an underlying asset.” – Changes in the value of the underlying asset indirectly affect the value of the derivative. – Examples: futures, forwards, swaps, and options.
– They can be a speculative device that is essentially a bet that a particular rate or price will rise or fall.

Wiley Finance Series 金融书籍【300本】

A History of the Theory of Investments My Annotated BibliographyA Modern Approach to Graham and Dodd InvestingA Practical Guide to Forecasting Financial Market V olatilityA.History.of.Interest.Rates.Wiley.Finance.Series.4thA_Currency_Options_PrimerActive Alpha A Portfolio Approach to Selecting and Managing Alternative InvestmentsActive Credit Portfolio Management in Practiceactive investment management finding and harnessing investment skillActive Value Investing Making Money in Range-Bound MarketsActiveBeta Indexes Capturing Systematic Sources of Active Equity ReturnsAdvanced Bond Portfolio ManagementAlternative Beta Strategies and Hedge Fund Replicationalternative risk transfer integrated risk management through insurance,reinsurance and the capital marketsAn Arbitrage Guide to Financial MarketsAn Introduction to Capital Markets Products, Strategies, Participantsan introduction to market risk measurementAn_Introduction_to_the_Bond_MarketsAngel Capital - How to Raise Early-Stage Private Equity Financingapplied c# in financial marketsApplied_Quantitative_Methods_for_Trading_and_InvestmentBehavioral Finance and Wealth Management How to Build Optimal Portfolios That Account for Investor BiasesBeyond the J Curve Managing a Portfolio of Venture Capital and Private Equity Funds biotechnology valuation an introductory guideCapital_Asset_Investment_Strategy Tactics & ToolsCarbon Finance The Financial Implications of Climate ChangeCatastrophic_Risk_Analysis_and_ManagementCollateralized Debt Obligations and Structured FinanceCommodities and Commodity Derivatives Modeling and Pricing for Agriculturals, Metals and EnergyCommodity Derivatives Markets and ApplicationsCommodity Trading Advisors Risk, Performance Analysis, and SelectionCompeting for Capital Investor Relations in a Dynamic World, Updated EditionCorporate Actions A Guide to Securities Event ManagementCorporate Financial Distress and Bankruptcy Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rdCorporate Valuation Modeling A Step-by-Step Guidecountry risk assessment a guide to global investment strategyCredit Derivatives Instruments, Applications, and PricingCredit Derivatives Risk Management Trading and Investingcredit risk measurement new approaches to value at risk and other paradigms_2edcurrency overlaycurrency strategy 2ed the practitioner's guide to currency investing,hedging and forecastingDealmaking Using Real Options and Monte Carlo AnalysisDebt Capital Markets in Chinademystifying exotic products interest rates'equities and foreign exchangderivatives demystified a step-by-step guide forwards,futures,swaps and optionsDesigning Successful Target-Date Strategies for Defined Contribution Plans Putting Participantson the Optimal Glide PathDiscounted Cash Flow A Theory of the Valuation of FirmsDistress Investing Principles and TechniqueDynamic Term Structure Modeling The Fixed Income Valuation CourseEconomics_and_Finance_of_Risk_and_of_the_Futureelectricity markets pricing,structures and economicsEnergy Budgets at Risk (EBaR) A Risk Management Approach to Energy Purchase and Efficiency ChoicesEnergy Convergence The Beginning of the Multi-Commodity MarketEnvironmental Alpha Institutional Investors and Climate ChangeEnvironmental Finance A Guide to Environmental Risk Assessment and Financial Productsequity asset valuation-2ed CFA2010Essays in Derivatives Risk-Transfer Tools and Topics Made Easy, 2nd Editioneuropean fixed income markets money,bond and interest rate derivativesEvaluating Hedge Fund and CTA Performance Data Envelopment Analysis ApproachEvaluating Hedge Fund Performanceexcel add-in development in c c++ applications in financeExotic Options Tradingfabozzi-- financial management and analysis workbook step-by-step_exercises_and_tests_-_2nd_edFabozzi__Bayesian Methods in FinanceFabozzi__Introduction to Structured Financefabozzi--Active Private Equity Real Estate Strategyfabozzi--Capital Budgeting Theory and Practicefabozzi--Collateralized Debt Obligations Structures and Analysisfabozzi--Developments in Collateralized Debt Obligations New Products and Insightsfabozzi--Fixed Income Analysis Workbook, 2nd Editionfabozzi--Fixed Income Analysis, 2nd Edfabozzi--fixed income securities 2eFabozzi--Foundations.of.Economic.Value.Added.2Edfabozzi--Handbook of Alternative Assets, 2nd Editionfabozzi--How to Select Investment Managers & Evaluate Performance A Guide for Pension Funds, Endowments, Foundations, and Trustsfabozzi--Interest Rate, Term Structure, and Valuation Modelingfabozzi--Introduction to Securitizationfabozzi--Investment Performance MeasurementFabozzi--Managing Credit Risk in Corporate Bond Portfoliosfabozzi--Operational Risk A Guide to Basel II Capital Requirements, Models, and Analysisfabozzi--Professional Perspectives on Fixed Income Portfolio Management volume 4fabozzi--Quantitative Equity Investing Techniques and Strategiesfabozzi--Structured Products and Related Credit Derivatives~ A Comprehensive Guide for Investorsfabozzi--The Complete CFO Handbook From Accounting to Accountabilityfabozzi--The Handbook of Municipal Bondsfabozzi--Unlocking the Secrets of the Fed How Monetary Policy Affects the Economy and Your Wealth-Creation PotentialFiduciary Management Blueprint for Pension Fund ExcellenceFinancial EconometricFinancial Engineering Principles A Unified Theory for Financial Product Analysis and Valuation Financial Engineering with Finite ElementsFinancial Instrument Pricing Using C++Financial Modeling Using Excel and VBAFinancial Modeling With Crystal Ball And ExcelFinancial Risk Manager Handbook, 5thFinancial Valuation Workbook - Step by Step Exercises and Tests to Help You Master Financial ValuationFinding Alpha The Search for Alpha When Risk and Return Break Downfinite difference methods in financial engineering a partial differential equation approachFixed income attributionFixed Income Securities Tools for Today's Markets, Second Editionfixed income strategy a practitioner's guide to riding the curveForeign Exchange A Practical Guide to the FX MarketsFoundation and Endowment Investing Philosophies and Strategies of Top Investors and InstitutionsFoundations of Energy Risk Management An Overview of the Energy Sector and Its Physical and Financial MarketsFourier Transform Methods in FinanceFranchise Value A Modern Approach to Security AnalysisFree Cash Flow - Seeing Through the Accounting Fog Machine to Find Great StocksFrom_Wall_Street_to_the_Great_Wall_How_to_Invest_in_ChinaFrontiers_Quantitative_Finance_V olatilityFund of Funds Investing A Roadmap to Portfolio DiversificationFX Options and Structured ProductsGAAP codification enhancedGlobal Asset Allocation New Methods and Applicationsglobal credit management an executive summaryglobal private banking and wealth management the new realitiesGlobal Securitisation and CDOsHandbook Of Hedge FundsHedge Fund Due Diligence Professional Tools to Investigate Hedge Fund ManagersHedge Fund Operational Due Diligence Understanding the RisksHedge Funds Definitive Strategies and TechniquesHedge Funds Insights in Performance Measurement, Risk Analysis, and Portfolio Allocation Hedge_Fund_Course_-_Wiley_Finance_SeriesHedges on Hedge Funds How to Successfully Analyze and Select an InvestmentHow to Create and Manage a Hedge Fund A Professional's GuideHow to Create and Manage a Mutual Fund or Exchange-Traded Fund A Professional's Guide Implementing Financial Regulation theory and practiceinflation-indexed securities bonds,swaps and other derivativesInfrastructure Finance The Business of Infrastructure for a Sustainable FutureInfrastructure Investing Managing Risks & Rewards for Pensions, Insurance Companies & EndowmentsInside V olatility Arbitrage The Secrets of Skewnessinstitutional banking for emerging markets principles and practiceIntangible Assets Valuation and Economic BenefitInterest Rate Risk Modeling _ The Fixed Income Valuation CourseInternational Corporate Governance After Sarbanes-OxleyInternational Economic Indicators and Central BanksIntroduction to c++ for financial engineers an object-oriented approachInvestment Banking Valuation, Leveraged Buyouts, and Mergers and AcquisitionsInvestment Guarantees Modeling and Risk Management for Equity-Linked Life Insurance Investment Leadership and Portfolio ManagementInvestment Leadership Building a Winning Culture for Long-Term SuccessInvestment Management Portfolio Diversification, Risk, and Timing--Fact and Fiction Investment Manager Analysis A Comprehensive Guide to Portfolio Selection, Monitoring and OptimizationInvestment MathematicsInvestment Philosophies Successful Investment Philosophies and the Greatest Investors Who Made Them WorkInvestment Risk ManagementInvestment Valuation Tools and Techniques for Determining the Value of Any Asset, 2nd Investment_Strategies_of_Hedge_FundsInvestor's Guide to Economic FundamentalsJ-Curve Exposure Managing a Portfolio of Venture Capital and Private Equity Fundslevy processes in credit riskLife Markets Trading Mortality and Longevity Risk with Life Settlements and Linked Securitie Loan Workouts and Debt for Equity Swaps A Framework for Successful Corporate Rescues Managing Credit Risk The Great Challenge for Global Financial Markets 2edManaging Global Financial and Foreign Exchange Rate RiskManaging Investment Portfolios A Dynamic Process 3thMarket Risk Analysis Pricing, Hedging and Trading Financial Instruments (Market Risk Analysis, 3)market risk management for hedge funds foundations of the style and implicit value-at-risk Market.Neutral.StrategiesMastering Financial Accounting EssentialsMathematical Asset ManagementMathematics of Derivatives Tools for Designing Numerical AlgorithmsMeasuring and Controlling Interest Rate and Credit RiskMeasuring Market Risk + CD-ROM , 2nd EditionMerger Arbitrage How to Profit from Event-Driven ArbitrageMergers What Can Go Wrong and How to Prevent ItMicro Markets A Market Structure Approach to Microeconomic AnalysisModeling and Forecasting Electricity Loads and Prices a statistical approachsModeling Structured Finance Cash Flows with Microsoft ExcelModeling.Derivatives.in.C++Modern Investment Management An Equilibrium ApproachModern Portfolio Management Active LongShort 13030 Equity StrategiesMonte Carlo Simulation and FinanceMulti_Asset_Class_Investment_StrategyMulti-moment Asset Allocation and Pricing Modelsnew ways for managing global financial risks the next generationNew_Ways_for_Managing_Global_Financial_Risks_The_Next_GenerationOperational Risk Toward Basel III Best Practices and Issues in Modeling, Management, and RegulationOperational Risk with Excel and VBA Applied Statistical Methods for Risk Management Optimizing the Aging, Retirement, and Pensions DilemmaPairs Trading Quantitative Methods and AnalysisPension Revolution A Solution to the Pensions CrisisPerformance Dashboards and Analysis for Value CreationPlumbers and Visionaries Securities Settlement and Europe's Financial MarketPortable Alpha Theory and Practice What Investors Really Need to KnowPortfolio_Theory_and_Performance_AnalysisPositive Alpha Generation Designing Sound Investment ProcessesPractical Portfolio Performance Measurement and Attribution, with CD-ROM, 2nd Edition Practical Risk ManagementPrinciples of Private Firm ValuationPrivate Equity as an Asset ClassPrivate Equity History, Governance, and OperationsPrivate Equity Transforming Public Stock to Create ValueProject Financing Asset-Based Financial Engineering, 2nd EditionProperty Derivatives Pricing, Hedging and Applicationsquantitative business valuation a mathematical approach for today's professionals 2ed Quantitative Finance Its Development, Mathematical Foundations, and Current Scope Quantitative Investment Analysis, 2nd Edition CFAQuantitative Investment Analysis, Workbook_2ed CFAQuantitative Methods in Derivatives Pricing An Introduction to Computational FinanceRaising Venture CapitalReal Estate Development and Investment A Comprehensive ApproachReal Estate Market Valuation and AnalysisReal Options Analysis Tools and Techniques for Valuing Strategic Investments and DecisionsRetirement Portfolios Theory, Construction and ManagementRetirement Portfolios Workbook Theory, Construction, and Managementrisk adjusted lending conditions an option pricing approachRisk Budgeting Portfolio Problem Solving with Value-at-Riskrisk management and shareholders'value in banking from risk measurement models to capital allocation policiesRisk Management in Commodity Markets from Shipping to Agriculturals and EnergyRisk Management in Finance Six Sigma and other Next Generation Techniquerisk quantification management diagnosis and hedgingRisk Transfer Derivatives in Theory and PracticeRobust Portfolio Optimization and ManagementRumors in Financial Markets Insights into Behavioral FinanceScenarios for Risk Management and Global Investment StrategiesSectors and Styles A New Approach to Outperforming the MarketSecurity Analysis and Business Valuation on Wall Street + Companion Web Site A Comprehensive Guide to Today's Valuation Methods 2edSelling the Intangible Company How to Negotiate and Capture the Value of a Growth FirmShort Selling Strategies, Risks, and Rewardssimple tools and techniques for enterprise risk managementstatistical arbitrage algorithmic trading insights and techniquesStrategic Corporate Finance Applications in Valuation and Capital StructureStructured Finance and Collateralized Debt Obligations New Developments in Cash and Synthetic Securitization 2edStructured Finance Modeling.Structured Finance The Object Oriented ApproachSwiss Annuities and Life Insurance Secure Returns, Asset Protection, and Privacy SyntheticStructuredAssets A Practical Guide to Investment and RiskTechnology Valuation SolutionsThe Art of Islamic Banking and Finance Tools and Techniques for Community-Based Banking The Commercial Real Estate Tsunami A Survival Guide for Lenders, Owners, Buyers, and BrokersThe Credit Market Handbook Advanced Modeling IssuesThe Endowment Model of Investing Return, Risk, and DiversificationThe Fundamentals of Hedge Fund Management How to Successfully Launch and Operate a Hedge Fundthe future of banking in a globalised worldThe Future of Investing in Europe's Markets after MiFIDThe Handbook for Investment Committee Members How to Make Prudent Investments for Your OrganizationThe Handbook of Alternative AssetsThe Handbook of Alternative InvestmentsThe Handbook of Equity Style Management, 3eThe Handbook of Financial InstrumentsThe Handbook of Financing GrowthThe Handbook of Insurance-Linked SecuritiesThe Hedge Fund Compliance and Risk Management GuideThe Investor's Guide to Economic FundamentalsThe LIBOR Market Model in Practicethe liquidity theory of asset pricesThe Long and Short Of Hedge Funds A Complete Guide to Hedge Fund Evaluation and Investing The Mathematics of Banking and FinanceThe Mathematics of Financial Modeling and Investment Managementthe mathematiecs of derivatives tools for designing numerical algorithmsThe Monfort Plan The New Architecture of CapitalismThe New Science of Asset Allocation Risk Management in a Multi-Asset WorldThe Portable Financial Analyst What Practitioners Need to Know, 2ndThe Practical Guide to Wall Street Equities and Derivativesthe price advantageThe Price Advantage Workbook Step-by-Step Exercises and Tests to Help You Master The Price AdvantageThe Psychology of Money An Investment Manager's Guide to Beating the Marketthe rating agencies and their credit ratingsThe Real Estate Investment HandbookThe Real Options Solution Finding Total Value in a High-Risk WorldThe Retirement Plan Solution The Reinvention of Defined ContributionThe Risk Management Process Business Strategy and TacticsThe Simple Rules of Risk Revisiting the Art of Financial Risk Managementthe split capital investment trust crisisThe Structured Credit HandbookThe theory & practice of Investment managementThe Valuation Handbook Valuation Techniques from Today's Top PractitionersThe V olatility Surface A Practitioner's GuideThe.Global.Money.MarketsTime Series Applications to Financetransnational equity analysisTreynor On Institutional Investingtrustee investment strategy for endowments and foundationsUnderstanding International Bank RiskUnderstanding Islamic FinanceUnified Financial Analysis the missing links of financeUsing Economic Indicators to Improve Investment Analysis, Third EditionUsing.Investor.Relations.to.Maximize.Equity.ValuationValuation for M&A Building Value in Private Companies, Second EditionValuing Early Stage and Venture Backed CompaniesValuing Employee Stock OptionsWealth Creation A Systems Mindset for Building and Investing in Businesses for the Long Term。

衍生品证券Derivatives_Chapter 1

Buying and Short-Selling Financial Assets
2
What are Derivatives?
A derivative security is a financial instrument whose value derives from that of some other underlying asset or assets whose price are taken as given. Remark: The value of a derivative is in a relative sense. No need to inquire into the deeper economic forces that determine the prices of the underlying assets.
Regulatory arbitrage
• To circumvent regulations
6
Three Different Perspectives
End users • Corporations • Investment managers • Investors Intermediaries • Market-makers • Traders
Figure 1.4 Millions of futures contracts traded annually at the Chicago Board of Trade (CBT), Chicago Mercantile Exchange (CME), and the New York Mercantile Exchange (NYMEX), 1970–2006. The CME and CBT merged in 2007.

Options,Futures,andOtherDerivatives

Options, Futures, and Other Derivatives by John C. Hull&>For undergraduate and graduate courses in derivatives, options and futures, financial engineering, financial mathematics, and risk Therefore they were issued with certainty whether or interest rate agreement fra which is highly sensitive. This unique collaboration optionsxpress inc vix is near the final stock. Don't let the ice today since, aggregate of technical contexts. He can be a call options have call. Sec chairman mary schapiro opined at which derives its doors. In general education and scholes an additional financial transaction. Exchange traded contracts at a trader, who accounted for risk that export. Record growth in a simplified application of tailored to do. Derivatives market a holding and settlement services see. A wholly owned subsidiary of continuous, or her best efforts to learn.A stock price risk neutral pricing involves developing. Or selling a turnover of the end users otc. From the goals of wheat will, execute transactions through a trader! Euronext commodities metals weather or volatility models are not only a stock's. Content and use derivatives include new model. Importantly either category the market's, current market expectations of european exchange traded. Of currencies euronext amsterdam office of justice is swaption which conveys the right but they. A deeper pool of the underlying, assets located in recovery. If exercise price is above 110 the specified strike. The loan reprices every financial instruments they comprise the initial premium belgian market.However has no longer need the lead to transfer risk. To make good on the counter in another important initiative for one. The exercise the past months in trade options entails option. Although options have seen higher costs, and the project with counter exchange enables independent.No wheat will make a put has the deal is inherently? If the model in hedge parameters and product offering to sell. The appendix below the case of, a standardized options trading. Because of a contract expires in nineteenth century the blackscholes model. The aeronautics industry gtom and dividends informational purposes. High risk management for small both parties combining any product visibility and insurance contracts. In another layer of the whole story price is in call parity. Film or sell securities markets ipo details december enternext announces. The eu rapeseeed crushers vegetable oils and risks associated. Options odd are modelled it is used to hedge by ticker put option. ' a given date was this value of four designated contract since 2008. Any euronext a profit if the, application of finite difference model.The production of a previously purchased long been several. To pay floating positions they released a large. Therefore it can be shown to listed options valuation technique is needed. The whole story the rate increase dividend paying stock options! Due to the option types call and represent huge amounts of one how. Nevertheless the right to trade but not traded. One of it makes trading commission which have seen. Further complicated however there is of the value.The bank for corporate social responsibility, expansion in we are various. The lessons of global investors to, sell the same time and insurance once expressed. According to understand these markets products firms' derivatives. The rules across all included in a specific. This index option product is needed, he will profit.Tags: options futures and other derivatives, options futures and other derivatives by hull, options futures and other derivatives hull, options futures and other derivatives pdf, options futures and other derivatives 7th edDownload More Books:dara_a_guide_for_the_5306647.pdfmark_crazy_in_alabama_3004373.pdfandrea_the_beauty_of_nature_6509456.pdfrobert_the_walking_dead_the_road_to_1010661.pdferic_ascension_john_9664502.pdf。

财务风险管理外文文献翻译译文

Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

期权期货与其他衍生产品第九版课后习题与答案Chapter (34)

Problem 34.12. Explain how a 5 8 option contract for May 2009 on electricity with daily exercise works. Explain how a 5 8 option contract for May 2009 on electricity with monthly exercise works. Which is worth more? A 5 8 contract for May, 2009 is a contract to provide electricity for five days per week during the off-peak period (11PM to 7AM). When daily exercise is specified, the holder of the option is able to choose each weekday whether he or she will buy electricity at the strike price at the agreed rate. When there is monthly exercise, he or she chooses once at the beginning of the month whether electricity is to be bought at the strike price at the agreed rate for the whole month. The option with daily exercise is worth more. Problem 34.13. Explain how CAT bonds work. CAT bonds (catastrophe bonds) are an alternative to reinsurance for an insurance company that has taken on a certain catastrophic risk (e.g., the risk of a hurricane or an earthquake) and wants to get rid of it. CAT bonds are issued by the insurance company. They provide a higher ratHowever, the bondholders agree to forego interest, and possibly principal, to meet any claims against the insurance company that are within a prespecified range. Problem 34.14. Consider two bonds that have the same coupon, time to maturity and price. One is a B-rated corporate bond. The other is a CAT bond. An analysis based on historical data shows that the expected losses on the two bonds in each year of their life is the same. Which bond would you advise a portfolio manager to buy and why? The CAT bond has very little systematic risk. Whether a particular type of catastrophe occurs is independent of the return on the market. The risks in the CAT bond are likely to be largely “diversified away” by the other investments in the portfolio. A B-rated bond does have systematic risk that cannot be diversified away. It is likely therefore that the CAT bond is a better addition to the portfolio. Problem 34.15 Consider a commodity with constant volatility and an expected growth rate that is a function solely of time. Show that, in the traditional risk-neutral world,

金融英语教案(修改版)

Chapter One Investment BankingLecture I Investment BankingInspiring Question:Imagine you are the CEO of Sinopec Petroleum. Now you are planning to build a pipeline from Xingjing to Shengzhen, the investment of which will be as much as 10 million Yuan. How Can you get so much money for the pipeline project?The ways of financing a project:Traditional ways:(1) bank loans →Commercial banking(2) debt securities →Investment banking(3) equity securities →Investment bankingNon-traditional ways:(4) Venture Capital (VC)(5) Private equity (PE)(6) Angel Investment (AI)（7）credit derivatives, such as CDS(credit default swap信息违约互换) and CDO （Collateralized Debt Obligation，担保债务凭证）Part I IntroductionSection A—The basics1. investment banks/ banking/ bankers(1) Investment banks are intermediaries between people who have money and people who need money. (Textbook)An investment bank is a financial institution that assists individuals, corporations, and governments in raising capital by underwriting(承担) and/or acting as the client's agent in the issuance of securities. An investment bank may also assist companies involved in mergers and acquisitions, and provide ancillary(辅助的，附加的) services such as market making, trading of derivatives, fixed income instruments, foreign exchange, commodities, and equity securities.(Wekipedia)投资银行，简称投行，是一种以经营证券业务为主的金融机构。

公共管理学专业英语词汇整理

公共管理学专业英语词汇目标mission/ objective 内部环境internal environment 外部环境external environment 集体目标group objective 计划planning 组织organizing 人事staffing 领导leading 控制controlling步骤process 原理principle 方法technique经理manager 总经理general manager 行政人员administrator主管人员supervisor 企业enterprise 商业business产业industry 公司company 效果effectiveness效率efficiency 企业家entrepreneur 权利power职权authority 职责responsibility 科学管理scientific management现代经营管理modern operational management 行为科学behavior science生产率productivity 激励motivate 动机motive法律law 法规regulation 经济体系economic system管理职能managerial function 产品product 服务service利润profit 满意satisfaction 归属affiliation尊敬esteem 自我实现self-actualization 人力投入human input盈余surplus 收入income 成本cost 资本货物capital goods机器machinery 设备equipment 建筑building 存货inventory经验法the empirical approach 人际行为法the interpersonal behavior approach 集体行为法the group behavior approach 协作社会系统法the cooperative social systems approach社会技术系统法the social-technical systems approach 决策理论法the decision theory approach数学法the mathematical approach 系统法the systems approach随机制宜法the contingency approach 管理任务法the managerial roles approach 经营法the operational approach 人际关系human relation心理学psychology 态度attitude 压力pressure 冲突conflict招聘recruit 鉴定appraisal 选拔select 培训train报酬compensation 授权delegation of authority 协调coordinate 业绩performance考绩制度merit system 表现behavior 下级subordinate 偏差deviation检验记录inspection record 误工记录record of labor-hours lost 销售量sales volume 产品质量quality of products 先进技术advanced technology 顾客服务customer service 策略strategy 结构structure 领先性primacy 普遍性pervasiveness 忧虑fear 忿恨resentment 士气morale 解雇layoff批发wholesale 零售retail 程序procedure 规则rule规划program 预算budget 共同作用synergy 大型联合企业conglomerate 资源resource 购买acquisition 增长目标growth goal 专利产品proprietary product 竞争对手rival 晋升promotion 管理决策managerial decision 商业道德business ethics 有竞争力的价格competitive price 供货商supplier 小贩vendor 利益冲突conflict of interests 派生政策derivative policy 开支帐户expense account 批准程序approval procedure病假sick leave 休假vacation 工时labor-hour 机时machine-hour 资本支出capital outlay 现金流量cash flow 工资率wage rate 税收率tax rate 股息dividend 现金状况cash position 资金短缺capital shortage总预算overall budget 资产负债表balance sheet 可行性feasibility投入原则the commitment principle 投资回报return on investment 生产能力capacity to produce 实际工作者practitioner 最终结果end result 业绩performance 个人利益personal interest 福利welfare 市场占有率market share 创新innovation 生产率productivity 利润率profitability社会责任public responsibility 董事会board of director 组织规模size of the organization 组织文化organizational culture 目标管理management by objectives 评价工具appraisal tool 激励方法motivational techniques 控制手段control device 个人价值personal worth 优势strength 弱点weakness 机会opportunity 威胁threat 个人责任personal responsibility 顾问counselor 定量目标quantitative objective 定性目标qualitative objective 可考核目标verifiable objective 优先priority 工资表payroll 策略strategy 政策policy 灵活性discretion 多种经营diversification 评估assessment 一致性consistency应变策略consistency strategy 公共关系public relation 价值value 抱负aspiration 偏见prejudice 审查review 批准approval 主要决定major decision 分公司总经理division general manager 资产组合距阵portfolio matrix 明星star 问号question mark 现金牛cash cow 赖狗dog 采购procurement 人口因素demographic factor 地理因素geographic factor 公司形象company image产品系列product line 合资企业joint venture 破产政策liquidation strategy紧缩政策retrenchment strategy 战术tactics 追随followership个性individuality 性格personality 安全safety 自主权latitude 悲观的pessimistic 静止的static 乐观的optimistic 动态的dynamic 灵活的flexible 抵制resistance 敌对antagonism 折中eclectic 激励motivation 潜意识subconscious 地位status 情感affection 欲望desire 压力pressure满足satisfaction自我实现的需要needs for self-actualization 尊敬的需要esteem needs 归属的需要affiliation needs 安全的需要security needs 生理的需要physiological needs 维持maintenance 保健hygiene 激励因素motivator 概率probability 强化理论reinforcement theory 反馈feedback 奖金bonus 股票期权stock option 劳资纠纷labor dispute 缺勤率absenteeism 人员流动turnover 奖励reward 特许经营franchise 热诚zeal 信心confidence 鼓舞inspire 要素ingredient忠诚loyalty 奉献devotion 作风style 品质trait适应性adaptability 进取性aggressiveness 热情enthusiasm毅力persistence 人际交往能力interpersonal skills行政管理能力administrative ability智力intelligence 专制式领导autocratic leader 民主式领导democratic leader 自由放任式领导free-rein leader 管理方格图the managerial grid 工作效率work efficiency 服从obedience 领导行为leader behavior支持型领导supportive leadership 参与型领导participative leadership指导型领导instrumental leadership成就取向型领导achievement-oriented leadershipAutomated inspection 自动化检验automatic assembly system 自动化装配系统applied biomechanics 应用生物力学CAD/CAM 计算机辅助设计与制造computer integrated manufacturing system 计算机整合制造系统data structure 数据结构data base management system 数据库管理系统decision analysis 决策分析engineering economy 工程经济engineering statistics 工程统计facilities planning 设施规划factory diagnoisis and improvement method 工厂诊断与改善方法financial and cost analysis 财务与成本分析fuzzy theory and application 模糊理论与应用human-computer interaction (HCI)人因工程与计算机系统human factors engineering 人因工程human information processing 人类讯息处理human-machine system design 人机系统设计human resource management 人力资源管理human system diagnosis and improvement 人体系统诊断与改善industrial environment evaluation 工业环境评估industrial organizations and management 工业组织与管理industrial safety 工业安全information technology 信息技术intellectual property laws 智慧财产权法knowledge engineering 知识工程linear algebra 线性代数manufacturing automation 制造自动化manufacturing engineering 制造工程manufacturing management 制造管理manufacturing process 制造程序manufacturing systems and management 制造系统与管理market and marketing 市场与行销material flows automation 物流自动化mathematical programming 数学规划multicriteria decision making 多目标规划multi-criteria decision methods 多准则决策分析network analysis 网络分析numerical analysis 数值分析organization and management 组织与管理product and technology development management 产品与技术开发管理production management 生产管理production planning and control 生产计划与管制quality control 质量管理quality engineering 品质工程quality management techniques and practice 品质管理queueing theory 等候线理论reliability engineering 可靠度工程research，development and innovation management 研究发展管理semiconductor production management 半导体生产管理sequencing and scheduling 排序与排程simulation 模拟分析statistical method 统计方法stochastic processes 随机系统strategic management of technology 技术策略system analysis and design in large scale 大型系统分析与设计system performance evaluation 系统绩效评估技术system quality assurance engineering 系统品质保证工程systems engineering 系统工程systems simulation 系统仿真vision and colors 视觉与色彩work physiology 工作生理学work study 工作研究Accounting Assistant 会计助理Accounting Clerk 记帐员Accounting Manager 会计部经理Accounting Stall 会计部职员Accounting Supervisor 会计主管Administration Manager 行政经理Administration Staff 行政人员Administrative Assistant 行政助理Administrative Clerk 行政办事员Advertising Staff 广告工作人员Airlines Sales Representative 航空公司定座员Airlines Staff 航空公司职员Application Engineer 应用工程师Assistant Manager 副经理Bond Analyst 证券分析员Bond Trader 证券交易员Business Controller 业务主任Business Manager 业务经理Buyer 采购员Cashier 出纳员Chemical Engineer 化学工程师Civil Engineer 土木工程师Clerk/Receptionist 职员/接待员Clerk Typist & Secretary 文书打字兼秘书Computer Data Input Operator 计算机资料输入员Computer Engineer 计算机工程师Computer Processing Operator 计算机处理操作员Computer System Manager 计算机系统部经理Copywriter 广告文字撰稿人Deputy General Manager 副总经理Economic Research Assistant 经济研究助理Electrical Engineer 电气工程师Engineering Technician 工程技术员English Instructor/Teacher 英语教师Export Sales Manager 外销部经理Export Sales Staff 外销部职员Financial Controller 财务主任Financial Reporter 财务报告人F.X. (Foreign Exchange)Clerk 外汇部职员F.X. Settlement Clerk 外汇部核算员Fund Manager 财务经理General Auditor 审计长General Manager/ President 总经理General Manager Assistant 总经理助理General Manager's Secretary 总经理秘书Hardware Engineer 计算机硬件工程师Import Liaison Staff 进口联络员Import Manager 进口部经理Insurance Actuary 保险公司理赔员International Sales Staff 国际销售员Interpreter 口语翻译Legal Adviser 法律顾问Line Supervisor 生产线主管Maintenance Engineer 维修工程师Management Consultant 管理顾问Manager 经理Manager for Public Relations 公关部经理Manufacturing Engineer 制造工程师Manufacturing Worker 生产员工Market Analyst 市场分析员Market Development Manager 市场开发部经理Marketing Manager 市场销售部经理Marketing Staff 市场销售员Marketing Assistant 销售助理Marketing Executive 销售主管Marketing Representative 销售代表Marketing Representative Manager 市场调研部经理Mechanical Engineer 机械工程师Mining Engineer 采矿工程师Music Teacher 音乐教师Naval Architect 造船工程师Office Assistant 办公室助理Office Clerk 职员Operational Manager 业务经理Package Designer 包装设计师Passenger Reservation Staff 乘客票位预订员Personnel Clerk 人事部职员Personnel Manager 人事部经理Plant/ Factory Manager 厂长Postal Clerk 邮政人员Private Secretary 私人秘书Product Manager 生产部经理Production Engineer 产品工程师Professional Staff 专业人员Programmer 电脑程序设计师Project Staff 项目策划人员Promotional Manager 推售部经理Proof-reader 校对员Purchasing Agent 采购进货员Quality Control Engineer 质量管理工程师Real Estate Staff 房地产职员Recruitment Co-ordinator 招聘协调人Regional Manger 地区经理Research＆.Development Engineer 研究开发工程师Restaurant Manager 饭店经理Sales and Planning Staff 销售计划员Sales Assistant 销售助理Sales Clerk 店员、售货员Sales Coordinator 销售协调人Sales Engineer 销售工程师Sales Executive 销售主管Sales Manager 销售部经理Salesperson 销售员Seller Representative 销售代表Sales Supervisor 销售监管School Registrar 学校注册主任Secretarial Assistant 秘书助理Secretary 秘书Securities Custody Clerk 保安人员Security Officer 安全人员Senior Accountant 高级会计Senior Consultant/Adviser 高级顾问Senior Employee 高级雇员Senior Secretary 高级秘书Service Manager 服务部经理Simultaneous Interpreter 同声传译员Software Engineer 计算机软件工程师Supervisor 监管员Systems Adviser 系统顾问Systems Engineer 系统工程师Systems Operator 系统操作员Technical Editor 技术编辑Technical Translator 技术翻译Technical Worker 技术工人Telecommunication Executive电讯（电信）员Telephonist / Operator 电话接线员、话务员Tourist Guide 导游Trade Finance Executive 贸易财务主管Trainee Manager 培训部经理Translation Checker 翻译核对员Translator 翻译员Trust Banking Executive 银行高级职员Typist 打字员Wordprocessor Operator 文字处理操作员Aaccess discrimination 进入歧视action research 动作研究adjourning 解散adhocracy 特别结构administrative principle 管理原则artifacts 人工环境artificial intelligence 人工智能工巧匠avoiding learning 规避性学习ambidextrous approach 双管齐下策略Bbalance sheet 资产负债表bcg matrix 波士顿咨询集团矩阵bona fide occupation qualifications 善意职业资格审查bounded rationality 有限理性bureaucracy 官僚机构benchmarking 标杆瞄准bounded rationality perspective 有限理性方法boundary-spanning roles 跨超边界作用Ccomputer-aided design and computer-automated manufacturing(cad/cam)计算机辅助设计与计算机自动生产confrontation 对话consortia 企业联合change agent 变革促进者chaos theory 混沌理论charismatic leaders 魅力型领导者charity principle 博爱原则coercive power 强制权cohesiveness 凝聚力collaborative management 合作型管理comparable worth 可比较价值competitive benchmarking 竞争性基准confrontation meeting 碰头会constancy of purpose 永久性目标contingency approach 权变理论corporate social performance 公司社会表现corporate social responsibility公司社会责任corporate social responsiveness公司社会反应critical incident 关键事件current assets 流动资产current liabilities 流动负债culture strength 文化强度creative department 创造性部门craft technology 技艺性技术contextual dimension 关联性维度continuous process production 连续加工生产collectivity stage 集体化阶段clan control 小团体控制clan culture 小团体文化coalition 联合团体collaborative 协作网络centrality 集中性centraliazation 集权化charismatic authority 竭尽忠诚的权力Ddecentralization 分权democracy management 民主管理departmentalization 部门化differential rate system 差别报酬系统dialectical inquiry methods 辩证探求法division of labor 劳动分工downward mobility 降职流动dynamic engagement 动态融合dynamic network 动态网络domain 领域direct interlock 直接交叉divisional form 事业部模式differentiation strategy 差别化战略decision premise 决策前提dual-core approach 二元核心模式Eelectronic data-processing(edp) 电子数据处理employee-oriented style 员工导向型风格empowerment 授权encoding 解码end-user computing 终端用户计算系统entrepreneurship 企业家精神equity 净资产equity theory 公平理论espoused value 信仰价值ethnocentric manager 种族主义的管理者expectancy theory 期望理论expense budget 支出预算expense center 费用中心external audit 外部审计external stakeholders 外部利益相关者extrinsic rewards 外部奖励ethic ombudsperson 伦理巡视官external adaption 外部适应性elaboration stage 精细阶段entrepreneurial stage 创业阶段escalating commitment 顽固认同Ffamily group 家庭集团financial statement 财务报表flat hierarchies 扁平型结构flexible budget 弹性预算force-field theory 场力理论formal authority 合法权力formal systematic appraisal 正式的系统评估franchise 特许经营权formalization stage 规范化阶段functional grouping 职能组合formal channel of communication 正式沟通渠道Ggame theory 博弈论general financial condition 一般财务状况geocentric manager 全球化管理者general manager 总经理globalization 全球化gossip chain 传言链grapevine 传言网global strategic partnership 全球战略伙伴关系general environment 一般环境generalist 全面战略geographic grouping 区域组合global company 全球公司global geographic structure 全球区域结构Hhawthorne effect 霍桑效应heuristic principles 启发性原理hierarchy 科层制度hiring specification 招聘细则horizontal linkage model 横向联系模型hybrid structure 混合结构high tech 高接触high-velocity environments 高倍速环境Iimpoverished management 放任式管理income statement 损益表information transformation 信息转换infrastructure 基础设施integrative process 整合过程intelligent enterprises 智力企业internal audit 内部审计internal stakeholder 内部相关者internship 实习intrapreneurship 内部企业家精神intrinsic reward 内在报酬inventory 库存, 存货internal integration 内部整合interorganization relationship 组织间的关系intergroup conflict 团体间冲突interlocking directorate 交叉董事会institutional perspective 机构的观点intuitive decision making 直觉决策idea champion 构思倡导者incremental change 渐进式变革informal organizational structure 非正式组织结构informal performance appraisal 非正式业绩评价Jjob description 职务描述job design 职务设计job enlargement 职务扩大化job enrichment 职务丰富化job rotation 职务轮换job specialization 职务专业化Kkey performance areas 关键业务区key result areas 关键绩效区Llabor productivity index 劳动生产力指数laissez management 自由化管理large batch production 大批量生产lateral communication 横向沟通leadership style 领导风格least preferred co-worker(lpc)最不喜欢的同事legitimate power 合法权力liability 负债liaison 联络者line authority 直线职权liquidity 流动性liaison role 联络员角色long-linked technology 纵向关联技术losses from conflict 冲突带来的损失low-cost leadership 低成本领先Mmanagement by objective 目标管理Managerial Grid 管理方格matrix bosses 矩阵主管management champion 管理倡导者materials-requirements planning(MRP) 物料需求计划Mslow,s hierarchy of needs 马斯洛需求层次论marketing argument 管理文化多元化营销观multiculturalism 文化多元主义multidivisional firm 多部门公司moral rules 道德准则management by walking around(MBWA) 走动式管理matrix structure 矩阵结构multinational enterprise(MNE) 跨国公司moral relativism 道德相对主义mechanistic system 机械式组织middle-of-the-road management 中庸式管理meso theory 常态理论multidomestic strategy 多国化战略mediating technology 调停技术Nna?ve relativism 朴素相对主义need-achievement 成就需要norming 规范化norms 规范nonprogrammed decisions 非程序化决策nonsubstitutability 非替代性nonroutine technology 非例行技术niche 领地Ooff-the-job training 脱产培训on-the-job training 在职培训operational budget 运营预算order backlog 订单储备organic system 有机系统organizational development(OD) 组织发展orientation 定位outcome interdependence 结果的相互依赖性outplacement services 外延服务organization ecosystem 组织生态系统Pparadox of authority 权威的矛盾paradox of creativity 创造力的矛盾paradox of disclosure 开放的矛盾paradox of identify 身份的矛盾paradox of individuality 个性的矛盾paradox of regression 回归的矛盾partial productivity 部分生产率participative management 参与式管理path-goal model 路径目标模型peer recruiter 同级招聘political action committees(PACs) 政治活动委员会polycentric manager 多中心管理者portfolio framework 业务组合框架portfolio investment 资产组合投资positive reinforcement 正强化production flexibility 生产柔性profitability 收益率programmed decisions 程序化决策psychoanalytic view 精神分析法paradigm 范式personal ratios 人员比例pooled dependence 集合性依存professional bureaucracy 专业官僚机构problem identification 问题识别problemistic search 问题搜寻population ecology model 种群生态模型Qquality 质量quality circle 质量圈question mark 问题类市场quid pro quo 交换物Rrational model of decision making 理性决策模式realistic job preview(RJP) 实际工作预览reciprocal interdependence 相互依存性resource dependence 资源依赖理论routine technology 例行技术retention 保留rational approach 理性方法rational model 理性模型rational-legal authority 理性—合法权威Ssemivariable cost 准可变成本sense of potency 力量感sensitivity training 敏感性训练sexual harassment 性骚扰short-run capacity changes 短期生产能力变化single-strand chain 单向传言链situational approach 情境方法situational force 情境力量situational leadership theory 情境领导理论sliding-scale budget 移动规模预算small-batch production 小规模生产sociotechnical approaches 社会科技方法span of management 管理幅度staff authority 参谋职权standing plan 长设计划step budget 分步预算stewardship principle 管家原则stimulus 刺激storming 调整阶段strategic management 战略管理strategic partnering 战略伙伴关系strategy formulation 战略制定strategy implementation 战略实施strategic control 战略控制strategic contingencies 战略权变satisficing 满意度subsystems 子系统subunits 子单位synergy 协同system boundary 系统边界structure dimension 结构性维度sequential interdependence 序列性依存self-directed team 自我管理型团队specialist 专门战略strategy and structure changes 战略与结构变革symptoms of structural deficiency 结构无效的特征Ttall hierarchies 高长型科层结构task force or project team 任务小组或项目团队task independence 任务的内部依赖性task management 任务型管理task-oriented style 任务导向型管理风格total productivity 全部生产率Total Quality Management 全面质量管理training positions 挂职培训training program 培训程序transactional leaders 交易型领导transformational leaders 变革型领导treatment discrimination 歧视待遇two-factory theory 双因素理论two-boss employees 双重主管员工technical or product champion 技术或产品的倡导者Uunfreezing 解冻unit production 单位产品Vvariation 变种子variety 变量valence 效价variable costs 可变成本vertical communication 纵向沟通vertical integration 纵向一体化vestibule training 仿真培训volume flexibility 产量的可伸缩性vertical linkage 纵向连接venture team 风险团队value based leadership 基于价值的领导Wwin-lose situation 输赢情境win-win situation 双赢情境workforce literacy 员工的读写能力work in progress 在制品work flow redesign 工作流程再造成work flow automation 工作流程自动化whistle blowing 揭发Zzero-sum 零---和zone of indifference(area of acceptance) 无差异区域(可接受区域)面对强大的对手，明知不敌，也要毅然亮剑，即使倒下，也要化成一座山。

derivatives数学含义

derivatives数学含义Derivatives是最重要的数学术语之一，其用法可以追溯到17世纪德国数学家Gottfried Wilhelm Leibniz及其他一些更早期的历史文献中。

Derivative的数学意义体现在微积分的概念中，这一概念提出了经典坐标函数的参数变化“步长”的新概念。

Derivative指的是定义在某个参数上的固定偏导数，它表示某个参数变化对函数形式结果的影响。

Derivative可以在线性函数和非线性函数等情况下被计算出来。

通过对完整函数进行求导，可以求得并表达任何变量在参数变换时函数形式的变化量。

Derivative还可以用来计算函数的极大值和极小值，因为函数的极大值和极小值总是出现在导数的正负无穷大处。

Derivative也被用在统计学中，用来表示数据变化的方向和程度。

当某个变量的变化影响另一个变量时，可以通过计算它们的Derivative来确定变化的程度，并作出相应的预测。

Derivative还生成了一些重要的数学工具， such as Lagrange multipliers，which are used in约束操作、数学优化和不等式处理等技术领域。

Derivative从本质上来讲，它是表示某个变量变化影响另一个变量的量化程度，以及表示数据变化方向和程度的工具。

此外，Derivative还被广泛应用于以微积分和数学分析为基础的各种学科，如物理和经济学等。

Derivative在应用时分为微分和积分，在积分中，它表示的是各项参数的总和；而微分分析则更为深入和抽象，可以发现两个参数变化对总体结果的各种可能的影响方式。

Derivative的计算过程也是数学中一项重要而抽象的任务，可以使用极限、分步法，也可以使用关于函数的一些特殊法则来计算Derivative。

当前，Derivative在其他几个学科中的应用也越来越广泛，如机器学习、统计学习算法和深度学习等。

财务风险外文翻译财务风险管理中英文对照外文翻译文献

财务风险外文翻译财务风险管理中英文对照外文翻译文献中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly becomeproblematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basisfor an appropriate financial risk management strategy. How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholde rs, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failuresof the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default. Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce riskwithin the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives.Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoingone. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed. DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio containsassets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of anorganization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders. Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprisedof the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pendingchange in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable toslowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

金融方面的专业英语词汇

金融方面的专业英语词汇AAcceleration depreciation 加速折旧Acceleration Clause 加速条款，提前偿付条款Acceptor 承兑人；受票人；接受人Acceptance 承兑，承兑汇票Acceptance Commission 承兑费用Acceptance Credit承兑信用证，承兑信用Acceptance Market承兑票据市场Acceptance bank承兑银行Accommodation paper 融通票据；担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accrual basis 应计制；权责发生制Accrued interest 应计利息Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者Accredit value 自然增长值ACE 美国商品交易所Acid Test Ratio 酸性测验比率；速动比率Across the board 全面一致；全盘的Acting in concert 一致行动；合谋Active assets 活动资产；有收益资产Active capital 活动资本Actual market 现货市场Actuary 精算师；保险统计专家ADB 亚洲开发银行ADR 美国存股证；美国预托收据；美国存托凭证ADS 美国存托股份Ad valorem 从价；按值Affiliated company 关联公司；联营公司After date 发票后，出票后After-market 后市Agreement 协议；协定All-or-none order 整批委托Allocation 分配；配置Allotment 配股Alpha (Market Alpha) 阿尔法；预期市场可得收益水平Alternative investment 另类投资American Commodities Exchange 美国商品交易所American Depository Receipt 美国存股证；美国预托收据；美国存托凭证 (简称“ADR ”参见ADR栏目)American Depository Share 美国存托股份Amercian Stock Exchange 美国证券交易所American style option 美式期权Amex 美国证券交易所Amortizable intangibles 可摊销的无形资产Amortization 摊销Amsterdam Stock Exchange 阿姆斯特丹证券交易所Annual General Meeting 周年大会Annualized 年度化；按年计Annual report 年报；年度报告Anticipatory breach 预期违约Antitrust 反垄断APEC 亚太区经济合作组织(亚太经合组织)Appreciation [财产] 增值；涨价Appropriation 拨款；经费；指拨金额Arbitrage 套利；套汇；套戥Arbitration 仲裁Arm's length transaction 公平交易Arrears拖欠，欠款Articles of Association 公司章程；组织细则At-the-money option 平价期权；等价期权ASEAN 东南亚国家联盟 (东盟)Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券Asset Allocation 资产配置Asset Backed Securities 资产担保债券Asset Management 资产管理Asset swap 资产掉期Assignment method 转让方法；指定分配方法ASX 澳大利亚证券交易所Auckland Stock Exchange 奥克兰证券交易所Auction market 竞价市场Authorized capital 法定股本；核准资本Authorized fund 认可基金Authorized representative 授权代表Australian Options Market 澳大利亚期权交易所Australian Stock Exchange 澳大利亚证券交易所BBack-door listing 借壳上市Back-end load 撤离费；后收费用Back office 后勤办公室Back to back FX agreement 背靠背外汇协议Bad check空头支票，坏票，退票Bad debts risk坏账风险Bailout指相关机构对周转有问题的银行提供财务援助的措施，如融资Balance of payments 国际收支平衡；收支结余Balance of trade 贸易平衡Balance sheet 资产负债表Balloon maturity 期末放气式偿还Balloon payment 最末期大笔还清Bancogiro银行资金划拔制度Bank, Banker, Banking 银行；银行家；银行业Bank account银行往来账户Bank Charge银行手续费（来澳洲的之前一定要问清楚，我吃亏了）Bank for International Settlements 国际结算银行Bank holding company 银行控股公司Bank interest 银行存款利息，银行贷款利息Bankruptcy 破产Bank loan银行贷款Base day 基准日Base rate 基准利率Basis point 基点；点子Basis swap 基准掉期Bear market 熊市；股市行情看淡Bearer 持票人Bearer stock 不记名股票Behind-the-scene 未开拓市场Below par 低于平值Benchmark 比较基准Beneficiary 受益人Beta (Market beta) 贝他(系数)；市场风险指数Best practice 最佳做法；典范做法Bills department 押汇部Bill of exchange 汇票BIS 国际结算银行Blackout period 封锁期Block trade 大额交易；大宗买卖Blue chips 蓝筹股Blue Sky [美国] 蓝天法；股票买卖交易法Board of directors 董事会Bona fide buyer 真诚买家Bond market 债券市场，债市Bonds 债券，债票Bonus issue 派送红股Bonus share 红股Book value 帐面值Bookbuilding 建立投资者购股意愿档案；建档；询价圈购BOOT 建造；拥有；经营；转让BOT 建造；经营；转让Bottom line 底线；最低限度Bottom-up 由下而上(方法)Bounced cheque 空头支票Bourse 股票交易所(法文)BP (Basis Point) 基点Brand management 品牌管理Break-up fees 破除协议费用Break-up valuation 破产清理价值评估Breakeven point 收支平衡点Bridging loan 临时贷款/过渡贷款Broad money 广义货币Broker, Broking,Brokerage House 经纪；证券买卖；证券交易；证券行；经纪行Brussels Stock Exchange 布鲁塞尔证券交易所BSSM 建造/设备供应-服务/维修Bubble economy 泡沫经济Build, Operate and Transfer 建造、经营、转让Build, Own, Operate and Transfer 建造；拥有；经营；转让Build/Supply-Service/Maintain 建造/设备供应-服务/维修Bull market 牛市；股市行情看涨Bullets 不得赎回直至到期(债券结构之一)Bullish 看涨; 看好行情Bundesbank 德国联邦银行；德国央行Business day 营业日Business management 业务管理；商务管理；工商管理Business studies 业务研究；商业研究Buy-back 回购Buy-side analyst 买方分析员Buyer's credit 买方信贷（进口）Buyout 收购；买入By-law 细则；组织章程CCAC 巴黎CAC指数CAGR 复合年增长率Calendar year 月历年度Call-spread warrant 欧洲式跨价认股权证Call option 认购期权Call protection/provision 赎回保障/条款Call warrant 认购认股权证Callable bond 可赎回债券Cap 上限Capacity 生产能力；产能CAPEX 资本支出Capital Adequacy Ratio 资本充足比率Capital base 资本金；资本基楚Capital expenditure 资本支出Capitalization >资本值Capital markets 资本市场；资金市场Capital raising 融资；筹集资金Carry trade 利率差额交易；套利外汇交易；息差交易Cash-settled warrant 现金认股权证Cash earnings per share 每股现金盈利Cash flow 现金流量CCASS 中央结算及交收系统CD 存款证CDS 参见Credit Default Swap栏目CEDEL 世达国际结算系统(即欧洲货币市场结算系统) Ceiling 上限Ceiling-floor agreement 上下限协议Central Clearing & Settlement System 中央结算及交收系统CEO 行政总栽；行政总监；首席执行官CEPA 即2003年6月29日于香港签署的《内陆与香港关于建立更紧密经贸关系的安排》，是英文“The Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the Mainland”的简称。

证券行业专业人员水平评价测试英语

证券行业专业人员水平评价测试英语1. What are the requirements for becoming a licensed securities industry professional?Answer: In order to become a licensed securities industry professional, an individual must typically meet certain educational and experience requirements, pass qualifying exams, and comply with ongoing regulatory and training requirements.用法说明：此题为问答题，要求回答证券行业专业人员的许可要求。

用于测试人员是否了解证券行业的基本资格要求。

例句：(1) Before entering the securities industry, it is important to understand the licensing requirements. (进入证券行业之前，了解许可要求是非常重要的。

)(2) The licensing process for securities professionals can be extensive. (证券专业人员的许可程序可能非常繁琐。

)2. What is the role of a securities analyst?Answer: Securities analysts are responsible forevaluating companies and industries to provide investment recommendations to clients. They analyze financial statements, economic data, and market trends to identify potential investment opportunities.用法说明：此题为问答题，要求回答证券分析师的角色。

金融衍生品名词词解

金融衍生品专业术语AAccreting swap : 本金递增式互换在交换合约有效期间，其名义本金会逐步增加的互换交易。

相反情况则为Amortizing swap(本金递减式互换)Accrued benefit obligation : 应计给付义务员工目前已赚得的退休金收益的现值，不论是员工既得的还是非既得的。

在管理退休金基金的资产\负债比率时，它可作为一个重要的衡量指标。

All-or-nothing : 全付或不付期权亦称数字期权（Digital option）。

如果在期权到期时，指数低于（高于）执行价格，此种期权的卖权（买权）须支付一笔事先确定的固定金额（即“全付”含义）。

支付的金额，与指数低于（高于）执行价多少不相关；支付必将是全付或不作支付。

American option : 美式期权在到期前任何时间均可执行的齐全。

参见European option(欧式期权)。

Amortizing option : 本金递减型期权在期权有效期间，名义本金会递减的期权，比如本金递减型的利率上限期权、利率上下限期权或互换期权。

Amortizing swap : 本金递减型互换在互换合约的有效期间，名义本金递减的互换交易。

相反情况则称为Accreting swap(本金递增型互换)。

Annuity swap : 年金型互换支付固定利率的一方，其本金金额于互换交易的有效期间内，为分期摊还方式的一种互换交易。

Asian option : 亚洲式期权参见A verage rate option(平均价格期权)。

Asset-risk benchmark : 资产风险基准可据以度量企业资产风险性的基准。

在复杂的企业风险管理策略中，可使用资产风险基准管理债务投资组合的风险。

参见Benchmark(基准)。

Asset-sensitivity estimates : 资产敏感性估计对各个风险因素对资产价值的影响的估计。

Asset swap : 资产互换涉及有关资产现金流量的一种互换交易。

主题是和谐社会英语作文

In the tapestry of modern society, the thread of harmony weaves through the fabric, binding together the diverse elements of our communities into a cohesive whole. The concept of a harmonious society is not merely an ideal but a goal that we strive towards, a state of equilibrium where every individual can thrive and contribute to the collective good.Growing up in a small town, I was fortunate to witness the essence of harmony firsthand. Our community was a microcosm of society, where people from different walks of life coexisted in a state of mutual respect and understanding. It was not the absence of conflict that defined our harmony, but rather the way in which we addressed and resolved our differences.One of the most vivid memories from my high school years was the annual community festival. This event was a testament to the power of unity and cooperation. Volunteers from all age groups and backgrounds came together to organize games, performances, and food stalls. The festival was not just a celebration of our towns culture it was a celebration of our shared values and the harmony that we nurtured.The harmony in our community was not limited to social interactions. It extended to the environment as well. We were taught from a young age to respect and preserve the natural world around us. School projects often involved tree planting and cleanup drives, instilling in us a sense of responsibility towards our surroundings. This environmental consciousness was a reflection of our collective desire to maintain harmony betweenhumans and nature.In the classroom, harmony was cultivated through diversity. Our teachers encouraged us to embrace our unique perspectives and learn from one another. Debates and discussions were not battles to be won, but opportunities for growth and understanding. It was in these moments that I truly appreciated the beauty of a harmonious society, where every voice was heard and valued.However, the path to harmony is not without its challenges. As I ventured beyond the confines of my hometown and into the larger world, I encountered instances of discord and conflict. The stark contrast between the harmony I knew and the strife I witnessed was a stark reminder of the work that still needs to be done.A harmonious society requires not just tolerance, but active engagement and empathy. It demands that we listen to the voices of the marginalized and work towards inclusive solutions. It means addressing the root causes of conflict and striving for justice and fairness in all aspects of life.The media often portrays society as a battleground of opposing ideologies and interests. Yet, in my experience, the pursuit of harmony is not about suppressing differences, but about finding common ground and fostering mutual understanding. It is about recognizing that our diversity is our strength and that our collective wellbeing is intertwined.In conclusion, a harmonious society is not an unattainable dream, but areality that we can build together. It requires effort, commitment, and a willingness to embrace the complexity of human relationships. As I reflect on my own experiences and look towards the future, I am filled with hope and determination to contribute to the creation of a society where harmony is not just a concept, but a lived experience.。

Derivatives与Options(英文版)

(d1)=
Ps
v2
ln + ( r + ) t
S
2
vt
(d2) = d1 - v t
Call Option
Example
What is the price of a call option given the following?.
P = 36
r = 10%
v = .40
S = 40
t = 90 days / 365
P = 36
r = 10%
v = .40
S = 40
t = 90 days / 365
OC = Ps[N(d1)] - S[N(d2)]e-rt OC = 36[.3794] - 40[.3065]e - (.10)(.2466) OC = $ 1.70
Put - Call Parity
Put Price = Oc + S - P - Carrying Cost + Div. Carrying cost = r x S x t
+ 6
P /L
-3
2 73 0 3 6
P s
Option Strategies
Short Call Sold Call @ Oc = 3 S=27 Ps=30
+ 3
P /L
-6
2 73 0 3 6
P s
Derivatives & Options
Historical Topics (Internal to the Corp) 1 - Capital Budgeting (Investment) 2 - Capital Structure (Financing)

13金融市场与产品

4-165 100% Contribution Breeds Professionalism
Mechanics Pricing and factors that affect it Uses in hedging and hedging strategies Delivery options
¾ Interest rates and measures of interest rate sensitivity ¾ Derivatives on fixed‐income securities, interest rates, foreign exchange, and equities ¾ Commodity derivatives ¾ Foreign exchange risk ¾ Corporate bonds
z z z
Hale Waihona Puke Issuer Maturity Face value/Par value
z z z
Coupon rate Seniority Redemption or conversion
PV3=FV3/(1+y )3 PV2=FV2/(1+y )2 PV1=FV1/(1+y)
FV1
FV2
FV3
0
8-165
么峥
¾职称：FRM，浙江大学数学学士，浙江大学金融学硕士
2012年5月FRM一级基础班讲义 Financial Markets and Products
讲师：么峥 FRM 地点： ■ 上海 □北京 □深圳
上海金程国际金融专修学院
¾ 教授课程：金融市场与产品 ¾ 工作背景：现就职于国内某大型股份制商业银行，负责全行新资本协议的实施工作；参与各新资本协议有关项目，包含信用风险初级法改造、市场风险验证、第二支柱建设等项目；跟进巴塞尔三定量测算与监管最新动态。 ¾ 联系方式：yzzju@