Hedging Market Exposures

Beschreibung

Identify and understand the risks facing your portfolio, how toquantify them, and the best tools to hedge them This book scrutinizes the various risks confronting a portfolio,equips the reader with the tools necessary to identify andunderstand these risks, and discusses the best ways to hedgethem. The book does not require a specialized mathematical foundation,and so will appeal to both the generalist and specialist alike. Forthe generalist, who may not have a deep knowledge of mathematics,the book illustrates, through the copious use of examples, how toidentify risks that can sometimes be hidden, and provides practicalexamples of quantifying and hedging exposures. For the specialist,the authors provide a detailed discussion of the mathematicalfoundations of risk management, and draw on their experience ofhedging complex multi-asset class portfolios, providing practicaladvice and insights. * Provides a clear description of the risks faced by managerswith equity, fixed income, commodity, credit and foreign exchangeexposures * Elaborates methods of quantifying these risks * Discusses the various tools available for hedging, and how tochoose optimal hedging instruments * Illuminates hidden risks such as counterparty, operational,human behavior and model risks, and expounds the importance andinstability of model assumptions, such as market correlations, andtheir attendant dangers * Explains in clear yet effective terms the language ofquantitative finance and enables a non-quantitative investmentprofessional to communicate effectively with professional riskmanagers, "quants", clients and others Providing thorough coverage of asset modeling, hedgingprinciples, hedging instruments, and practical portfoliomanagement, Hedging Market Exposures helps portfoliomanagers, bankers, transactors and finance and accountingexecutives understand the risks their business faces and the waysto quantify and control them.

Autor*in

Oleg V. Bychuk

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