American Barrick Resrces Crpratin Gergia State University美国巴里克资源有限公司乔治亚州立大学.ppt

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2018-10-11 发布于湖北
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American Barrick Resrces Crpratin Gergia State University美国巴里克资源有限公司乔治亚州立大学.ppt

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American Barrick Resrces Crpratin Gergia State University美国巴里克资源有限公司乔治亚州立大学

* * * * * * * * * * * * * * * * * * Maturity effect for FX hedging Maturity of exposure Percentage of responding firms Does market view matter? 49% sometimes alter timing of hedges and 51% sometimes alter size according to market view. 6% frequently take positions, 26% do so sometimes, to exploit market view. Interest rate derivatives Almost all firms using interest rate derivatives report swapping from floating to fixed. Options 68% of firms use options; 44% use FX options. 42% use European, 38% use American, 19% use average rate, 9% use basket, 13% use barrier. 47% of FX derivatives users use basket options, 39% use average rate, and 69% use barrier! Reporting and valuation 4% report to directors monthly, 23% quarterly, and 17% annually. 19% value daily; 9% weekly; 27% monthly. 40% want risk management to decrease volatility; 22% want increased profit. 60% of those who do not use do so because lack of exposure. Tufano’s analysis Looks at gold industry. Advantage: Detailed data on exposures and hedges. Disadvantage: One industry. Key result: Managerial options and ownership are important. Why the Spectacular Success of Derivatives? They enable you to alter risk. Derivatives can allow you to take risks that are advantageous. Derivatives make it possible for you to shed risks that are costly. It is only recently that finance figured out how to do all this well. * * * * * * * * * * * * * * * * * * * * * * American Barrick Resources Corporation How Sensitive Would Barrick Stock Be to Changes in Gold Price in the Absence of Risk Management? Elasticity of Earnings and Profits for 1% Change in Gold Price 1% change in gold price $3.45 Number of ounces 1,280m Additional pre-tax profits $4.4m Additional after-tax profits $3.5 Additional profits as % of earnings 3.5% Cash flow = Earnings + Noncash charges = 98m + 69m = 167m Additional profits as % of cash flow 2.1% What is Barrick’s Risk Management Program? Guidelines Fully protected against price declines for 3 y