Credit Portfolio Management (CPM) - University of Essex信贷组合管理（CPM）-埃塞克斯大学.pptVIP

Accounting: The Hedging Trap * Assets Balence Sheet PL Value of the book hedged Value of the book hedged Value of the book hedged Economic value of the combined position Economic view Accounting view Asymmetrical accounting treatment of the book hedged and the hedging instrument shows increase volatility where it has been economically reduced The Main Levers of Portfolio Management * Front Door Back Door Limits Pricing Incentive systems Acquisitions Securitisation Swaps/Pooling Derivatives Diversification/Overlay Investments Derivatives L/S Beta Overlays X-Asset class Securitisation * Refe