Barings Bankruptcy And Financial Derivatives

Barings Bankruptcy and Financial Derivatives PDF
Author: Peter G. Zhang
Publisher: World Scientific
ISBN: 9789810223335
Size: 17.52 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 166
View: 5138

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Book Description: This is the first systematic source which tries to explain how and why the 233-year old and the World's oldest merchant bank went into bankruptcy in a few days. It includes three parts with 10 chapters. Part I first describes what happened, then traces back the birth and historical glory of the Barings bank and family, and finally describes how it was sold to the Internationale Nederlanden Groep (ING). As many terms of financial derivatives are used in the first part, we try to provide an easy and systematic way to clarify the related financial derivatives products in Part II. This part first gives a general discussion of financial derivatives and a brief review of the historical development, growth, and magnitude of the financial derivatives markets. It then concentrates on futures and options in two chapters. Finally, we explain the hedging and speculating functions of financial derivatives and how they can be used in combination to achieve particular objectives. Part III provides necessary information on the Japanese financial markets and then analyzes how a single trader could have so much power as to bring about Barings fall. Finally, we try to provide the lessons from this event.

Total Risk

Total Risk PDF
Author: Judith H. Rawnsley
Publisher: Harpercollins
ISBN:
Size: 14.36 MB
Format: PDF, ePub, Docs
Category : Bank failures
Languages : en
Pages : 256
View: 2451

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Book Description: Provides an inside account of the shocking bankruptcy of the two-hundred-year-old British bank and the twenty-eight-year-old rogue trader in Singapore who caused its collapse. Reprint. PW.

Risk Takers

Risk Takers PDF
Author:
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 1547400056
Size: 26.83 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 386
View: 338

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Book Description: Risk Takers: Uses and Abuses of Financial Derivatives goes to the heart of the arcane and largely misunderstood world of derivative finance and makes it accessible to everyone—even novice readers. Marthinsen takes us behind the scenes, into the back alleyways of corporate finance and derivative trading, to provide a bird’s-eye view of the most shocking financial disasters of the past quarter century. The book draws on real-life stories to explain how financial derivatives can be used to create or to destroy value. In an approachable, non-technical manner, Marthinsen brings these financial derivatives situations to life, fully exploring the context of each event, evaluating their outcomes, and bridging the gap between theory and practice.

Global Derivative Debacles

Global Derivative Debacles PDF
Author: Laurent L Jacque
Publisher: World Scientific
ISBN: 9814663271
Size: 37.97 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 368
View: 4276

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Book Description: This book analyzes in depth all major derivatives debacles of the last half century including the multi-billion losses and/or bankruptcy of Metallgesellschaft (1994), Barings Bank (1995), Long Term Capital Management (1998), Amaranth (2006), Société Générale (2008) , AIG (2008) and JP Morgan-Chase (2012). It unlocks the secrets of derivatives by telling the stories of institutions which played in the derivative market and lost big. For some of these unfortunate organizations it was daring but flawed financial engineering which brought them havoc. For others it was unbridled speculation perpetrated by rogue traders whose unchecked fraud brought their house down. Should derivatives be feared "as financial weapons of mass destruction" or hailed as financial innovations which through efficient risk transfer are truly adding to the Wealth of Nations? By presenting a factual analysis of how the malpractice of derivatives played havoc with derivative end-user and dealer institutions, a case is made for vigilance not only to market and counter-party risk but also operational risk in their use for risk management and proprietary trading. Clear and recurring lessons across the different stories in this volume call not only for a tighter but also "smarter" control system of derivatives trading and should be of immediate interest to financial managers, bankers, traders, auditors and regulators who are directly or indirectly exposed to financial derivatives. The book groups cases by derivative category, starting with the simplest and building up to the most complex — namely, Forwards, Futures, Options and Swaps in that order, with applications in commodities, foreign exchange, stock indices and interest rates. Each chapter deals with one derivative debacle, providing a rigorous and comprehensive but non-technical elucidation of what happened. What is new in the second edition? A new chapter on JP Morgan-Chase's London Whale, an in-depth discussion of credit-default swaps, and an update of the revamped regulatory framework with Basel 2.5 and Basel III against the backdrop of the Euro crisis, along with a revised and expanded discussion of the AIG debacle. Contents:Derivatives and the Wealth of NationsForwards:Showa Shell Sekiyu K KCitibank's Forex LossesBank Negara MalaysiaFutures:Amaranth Advisors LLCMetallgesellschaftSumitomoOptions: Allied LyonsAllied Irish BanksBaringsSociété GénéraleSwaps:Procter & GambleGibson Greeting CardsOrange CountyLong-Term Capital ManagementAIGJP Morgan Chase London WhaleFrom Theory to Malpractice: Lessons Learned Readership: Economists; undergraduates and graduates majoring in finance, economics and business administration; professionals, financial managers and CPAs in the financial service industry. Key Features:Includes simple graphs or numerical illustrations to enhance readers' understanding of the complex world of derivatives and financial engineering step-by-step, story-by-storyUses actual case studies to introduce college students, finance professionals and general readers to the world of high finance which shapes their day-to-day livesDemystifies the mysterious world of financial derivativesBrings alive difficult concepts by profiling the protagonists in each debacle and the corporate setting within which the derivative debacle unfoldedProvides a glossary of key concepts to discuss the respective derivatives product, how it is valued, trading strategies, and the workings of the market where it is tradedKeywords:Derivatives;Debacles;Options;Swaps;Futures;Forwards;Financial Engineering;Market Manipulation;Rogue Traders;Speculation;London WhaleReview: Reviews of the First Edition: “This timely and well-written book is a ‘must read’ for anyone directly or indirectly involved in financial markets and instruments as well as risk management. By telling actual stories of how rogue traders and incompetent managers put their firms at risk, the author demystifies the complex world of financial derivatives. His incisive and in-depth analysis of all major derivatives debacles should help the reader understand what happened and avoid future disasters.” Gabriel Hawawini The Henry Grunfeld Professor of Investment Banking INSEAD “The author has written a book whose clarity makes it accessible to a wide range of practitioners and executives, and he brings the technical subject matter to life through the concrete examples of the highest profile failures in the use of derivatives” B Craig Owens Senior Vice President and Chief Financial Officer Campbell Soup “The book is a timely contribution to a subject that has been at the epicenter of the current financial crisis … Learning from past mistakes and applying the lessons is what sets this book apart and should make it a useful guide for practitioners.” Dr Oliver S Kratz Head of Global Thematic Equities Deutsche Bank

Ethik Von Banken Und Finanzen

Ethik von Banken und Finanzen PDF
Author: Manfred Stüttgen
Publisher: Nomos Verlag
ISBN: 3845281693
Size: 13.52 MB
Format: PDF, Docs
Category : Philosophy
Languages : de
Pages : 564
View: 1522

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Book Description: In der Finanzindustrie zeichnen sich neue Spielregeln ab. Neben finanzieller Rendite gewinnen nicht-ökonomische Motive an Bedeutung: Anleger fordern nachhaltige Investments, Banken positionieren sich als sozial und umweltbewusst, und Kapitalmarktakteure müssen die Verteilung von gesellschaftlichem Risiko und privatem Gewinn als fair legitimieren. Dieser transdisziplinäre Sammelband vereinigt Forschungsresultate, kritische Reflexionen und Denkanstöße führender Expertinnen und Experten aus den Bereichen Investment, Bankmanagement, Finanzethik und Moraltheologie aus der Schweiz, aus Deutschland, Österreich, Kanada und aus den USA. Manfred Stüttgen, Dr. oec., lic. theol., Jahrgang 1969, berät Banken, Vermögensverwalter und Stiftungen. Er ist Geschäftsführer der YNVESTOR AG und lehrt an der Universität Luzern und am Institut für Finanzdienstleistungen Zug IFZ.

Financial Derivatives

FINANCIAL DERIVATIVES PDF
Author: S.L. GUPTA
Publisher: PHI Learning Pvt. Ltd.
ISBN: 812035348X
Size: 71.51 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 892
View: 1271

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Book Description: This highly acclaimed text, designed for postgraduate students of management, commerce, and financial studies, has been enlarged and updated in its second edition by introducing new chapters and topics with its focus on conceptual understanding based on practical examples. Each derivative product is illustrated with the help of diagrams, charts, tables and solved problems. Sufficient exercises and review questions help students to practice and test their knowledge. Since this comprehensive text includes latest developments in the field, the students pursuing CA, ICWA and CFA will also find this book of immense value, besides management and commerce students. THE NEW EDITION INCLUDES • Four new chapters on ‘Forward Rate Agreements’, ‘Pricing and Hedging of Swaps’, ‘Real Options’, and ‘Commodity Derivatives Market’ • Substantially revised chapters—‘Risk Management in Derivatives’, ‘Foreign Currency Forwards’, and ‘Credit Derivatives’ • Trading mechanism of Short-term interest rate futures and Long-term interest rate futures • Trading of foreign currency futures in India with RBI Guidelines • Currency Option Contracts in India • More solved examples and practice problems • Separate sections on ‘Swaps’ and ‘Other Financial Instruments’ • Extended Glossary

Global Derivative Debacles

Global Derivative Debacles PDF
Author: Laurent L. Jacque
Publisher:
ISBN: 9789814663267
Size: 13.72 MB
Format: PDF, ePub
Category : Derivative securities
Languages : en
Pages :
View: 1726

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Book Description:

Financial Derivatives

Financial Derivatives PDF
Author: Simon Grima
Publisher: Emerald Group Publishing
ISBN: 178973245X
Size: 68.84 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 248
View: 7677

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Book Description: Should we fear financial derivatives, or embrace them? Finance experts Simon Grima and Eleftherios I. Thalassinos explore what financial derivatives are, and whether the investment world should consider them useful tools, or a complete waste of time and money.

Risk In International Finance

Risk in International Finance PDF
Author: Vikash Yadav
Publisher: Routledge
ISBN: 1135973725
Size: 68.57 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 192
View: 1296

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Book Description: This book analyzes the evolution and impact of the concept of risk on processes of transnational banking and financial market regulation, as well as the externalities generated by speculative financial activity in developing and emerging market economies. The author provides an alternative theory for the study of international financial market regulation by applying elements of a post-structural methodology to the topic. Inspired by Michel Foucault’s framework of critical discourse analysis in The History of Sexuality, the argument dissects the rules of formation that govern the evolving discourse on risk. The author argues that the mathematically formal technology of risk emerges from within specific institutions and economic formations; thereby limiting its utility in the regulation of global financial markets. Exploring how the applied technology of risk has been implicated for fueling a major financial crisis, his work also demonstrates how the regulation of global financial markets and abstruse financial instruments in advanced industrialized countries impacts the lives of the poorest people in developing countries and emerging markets.

Optionen Futures Und Andere Derivate

Optionen  Futures und andere Derivate PDF
Author: John Hull
Publisher: Pearson Deutschland GmbH
ISBN: 9783827372819
Size: 18.95 MB
Format: PDF, ePub
Category :
Languages : de
Pages : 990
View: 776

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Book Description: In beeindruckender Weise verbindet der Autor auch in der 7. Auflage seines Lehrbuchs wieder den theoretischen Anspruch des Akademikers mit den praktischen Anforderungen der Bank- und Börsenprofis. Die einzigartige Herangehensweise bei der Darstellung und Bewertung von Derivaten führte dazu, das John Hulls Buch auch als die "Bibel" der Derivate und des Risikomanagements angesehen wird.

Risikomanagement

Risikomanagement PDF
Author: John Hull
Publisher: Pearson Deutschland GmbH
ISBN: 9783868940435
Size: 49.27 MB
Format: PDF, Docs
Category : Financial institutional
Languages : de
Pages : 616
View: 400

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Book Description:

The Law Of Derivatives

The Law of Derivatives PDF
Author: Simon James
Publisher: CRC Press
ISBN: 1317811313
Size: 10.41 MB
Format: PDF, Kindle
Category : Law
Languages : en
Pages : 382
View: 6584

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Book Description: This volume focuses on the legal risks arising in English law in the course of derivatives transactions. It discusses the following issues: the legal risks arising in the negotiation and conduct of derivatives transactions; the regulation of the derivatives market; the capacity to enter into derivatives transactions and the standard term upon which this is done; the consequences of default by a counterparty; and the standard terms on which derivatives are entered into, particularly the ISDA Master Agreement.

Financial Derivatives

Financial Derivatives PDF
Author: Robert W. Kolb
Publisher: Lulu Press, Inc
ISBN: 1304880397
Size: 69.98 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages :
View: 2364

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Book Description: Understand derivatives in a nonmathematical way Financial Derivatives, Third Edition gives readers a broad working knowledge of derivatives. For individuals who want to understand derivatives without getting bogged down in the mathematics surrounding their pricing and valuation Financial Derivatives, Third Edition is the perfect read. This comprehensive resource provides a thorough introduction to financial derivatives and their importance to risk management in a corporate setting.

Introduction To Globalization And Business

Introduction to Globalization and Business PDF
Author: Barbara Parker
Publisher: SAGE
ISBN: 9780761944966
Size: 30.68 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 523
View: 4156

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Book Description: Through creative use of examples, case studies and exercises from organizations worldwide, this book demonstrates the many levels at which globalization impacts on contemporary businesses, society and organizations.

Bilanzierung Von Sicherungszusammenh Ngen

Bilanzierung von Sicherungszusammenh  ngen PDF
Author: Christian Schäperkötter
Publisher: diplom.de
ISBN: 3832489339
Size: 58.37 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : de
Pages : 130
View: 3732

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Book Description: Inhaltsangabe:Einleitung: Gegenstand der vorliegenden Arbeit ist die strukturierte Darstellung der Vorschriften zur Bilanzierung von Sicherungsbeziehungen (Hedge Accounting) nach den internationalen Standards IFRS und US-GAAP. Hintergrund sind die kontrovers geführten Diskussionen über die Anforderungen an ein betriebliches Risikomanagement und darauf aufbauend an eine sachgerechte Bilanzierung finanzieller Absicherungszusammenhänge. Die Notwendigkeit einer betrieblichen Risikosteuerung wird bei Betrachtung gegenwärtiger Entwicklungen an den Devisen- und Rohstoffbörsen besonders deutlich. Dynamische Marktentwicklungen zwingen die Unternehmen zur Sicherung ihrer Erfolgsgrößen gezielt Absicherungen für Umsatz-, Beschaffungs- oder Finanzierungstransaktionen vorzunehmen. Besondere Bedeutung kommt dabei originären und derivativen Finanzinstrumenten zu, deren Handelsvolumina und Ausprägungsvielfalt stetig zunehmen. Die expansive Marktentwicklung, insbesondere derivativer Finanzinstrumente, weist jedoch auch Schattenseiten auf. Mit einem rein spekulativen Einsatz derivativer Finanzinstrumente sind regelmäßig auch immense Verlustpotentiale verbunden, die adäquat gesteuert und transparent offen gelegt werden müssen. Beispiele unzureichender Risikosteuerung oder unsachgemäßer Rechnungslegung, wie der Bankrott der Barings Bank oder der Bilanzskandal des US-Unternehmens Enron, unterstreichen in diesem Zusammenhang die Notwendigkeit einer risikoorientierten Berichterstattung an Anteilseigner, Kreditgeber und Aufsichtsorgane. Für IFRS und US-GAAP wurden vor diesem Hintergrund in einem langwierigen Entwicklungsprozess eigenständige Vorschriften zur Bilanzierung von Finanzinstrumenten und Sicherungsbeziehungen entworfen. Dabei deutet bereits die große Anzahl der Standardrevisionen und ausstehenden Änderungsvorschläge auf die Komplexität und Dynamik des Sachverhaltes hin. Auf europäischer Ebene wird die Brisanz des Themas im Hinblick auf den umstrittenen EU-Anerkennungsprozess für eine verpflichtende Einführung der IFRS deutlich. Trotz stetiger Standardweiterentwicklungen durch das IASB hat sich die EU-Kommission im letzten Moment gegen eine vollständige Übernahme der Finanzinstrumentestandards ausgesprochen. Stattdessen wurde im November 2004 beschlossen, einzelne Bestandteile der Standards von der IFRS-Einführung zum 01. Januar 2005 auszuschließen. Gang der Untersuchung: Grundlage der Arbeit ist die strukturierte Aufarbeitung der Kernvorschriften zur [...]

Wissensmanagement Im Investment Banking

Wissensmanagement im Investment Banking PDF
Author:
Publisher: Springer-Verlag
ISBN: 3663011968
Size: 77.50 MB
Format: PDF, Docs
Category : Business & Economics
Languages : de
Pages : 346
View: 1387

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Book Description: Die am Beispiel des Investment Banking gezeigten Chancen und Risiken durch Wissensmanagement gelten auch für andere wissensintensive Unternehmen wie Unternehmensberatungen oder Softwareunternehmen.

International Banking Regulation Law Policy And Practice

International Banking Regulation Law  Policy and Practice PDF
Author: George Walker
Publisher: Kluwer Law International B.V.
ISBN: 904119794X
Size: 53.81 MB
Format: PDF, ePub, Docs
Category : Law
Languages : en
Pages : 622
View: 6579

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Book Description: This work offers a comprehensive examination of the development and structure of the provisions for the control of international financial markets. It explores the background to the major financial crises of the late 20th-century and the nature of the global response.

The Economics Of Financial Markets

The Economics of Financial Markets PDF
Author: Roy E. Bailey
Publisher: Cambridge University Press
ISBN: 1139444891
Size: 71.28 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 548
View: 3260

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Book Description: The Economics of Financial Markets presents a concise overview of capital markets, suitable for advanced undergraduates and for beginning graduate students in financial economics. Following a brief overview of financial markets - their microstructure and the randomness of stock market prices - this textbook explores how the economics of uncertainty can be applied to financial decision-making. The mean-variance model of portfolio selection is discussed, with analysis extended to the capital asset pricing model (CAPM). Arbitrage plays a pivotal role in finance and is studied in a variety of contexts, including the APT model of asset prices. Methods for the empirical evaluation of CAPM and APT are also discussed, together with the volatility of asset prices, the intertemporal CAPM and the equity premium puzzle. An analysis of bond contracts leads into an assessment of theories of the term structure of interest rates. Finally, financial derivatives are explored, focusing on futures and options contracts.

Why Decisions Fail

Why Decisions Fail PDF
Author: Paul C. Nutt
Publisher: ReadHowYouWant.com
ISBN: 1442966351
Size: 68.61 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 336
View: 6215

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Book Description:

Why Decisions Fail

Why Decisions Fail PDF
Author: Paul Nutt
Publisher: Berrett-Koehler Publishers
ISBN: 9781605091495
Size: 23.38 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 350
View: 1391

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Book Description: Based on the his analysis of 400 strategic decisions made by top managers in areas such as products and services, pricing and markets, personnel policy, technology acquisition, and strategic reorganization, Nutt estimates that two-thirds of all decisions are based on failure-prone or questionable tactics. He uses the fifteen monumental decision-making disasters to illustrate the potential consequences of these common tactical errors and traps and then details successful alternative decision-making approaches. Why Decisions Fail translates decades of award-winning research into practical terms that managers can use to improve their own decision-making practices.