国际财务管理学与财务知识分析(英文版).pptxVIP

;Chapter Outline;Chapter Outline (continued);Definitions;Size of the Swap Market;The Swap Bank;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;10 3/8%;10 3/8%;LIBOR – ?%;LIBOR – ?%;LIBOR + ?%;LIBOR + ?%;The QSD;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;A is the more credit-worthy of the two firms. ;B has a comparative advantage in borrowing in ￡.;A has a comparative advantage in borrowing in dollars. B has a comparative advantage in borrowing in pounds. If they borrow according to their comparative advantage and then swap, there will be gains for both parties. ;Swap Market Quotations;Variations of Basic Currency and Interest Rate Swaps;Risks of Interest Rate and Currency Swaps;Risks of Interest Rate and Currency Swaps (continued);Pricing a Swap;Swap Market Efficiency;Concluding Remarks;End Chapter Ten