套期保值(hedging)是指把期货市场当作转移价格风险的场.pptVIP

文库专用 Chapter2 Corporate Risk Management---A Primer Member：原 虹 王冰冰 黎幸彬 张麒发 Content Why not to manage risk in theory Reasons for managing risk in practice Hedging operations versus hedging financial positions Putting risk management into practice Why not to manage risk in theory ◆1958 Franco Modigliani and Merton Miller (MM) -----the value of a firm cannot be changed merely by means of financial transactions ◆1964 William Sharpe-----a way of pricing assets: the capital asset pricing model (CAPM) ◆those who opposed: a senior manager at a U.K. a retailer----reducing volatilit