Risk takers: uses and abuses of financial derivatives
Saved in:
| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Boston
DE-G Press
[2018]
|
| Edition: | Third edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xxiii, 365 Seiten Illustrationen |
| ISBN: | 9781547416097 |
Staff View
MARC
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| adam_text | Contents
Chapter 1: Primer on Derivatives--1
What Are Derivatives?----1
Who Buys and Sells Derivatives?---2
Where Are Derivative Contracts Bought and Sold?---2
Two Major Types of Derivatives----3
Forward Contracts-----3
Option Contracts----4
Forward Contracts----4
Long Forward in Action---5
Short Forward in Action--6
Options-----7
Call Options----7
Put Options-----8
American versus European Options-----9
Examples of Puts and Calls in Action-9
4,000 Years of Derivatives--13
Conclusion------14
Risk Notepad 1.1: OTC-traded versus Exchange-Traded Derivatives--15
Review Questions-----18
Bibliography----19
Chapter 2: Employee Stock Options
A User’s Guide--------------21
ESOs: A Major Pillar of Executive Compensation----21
Why Do Companies Use ESOs?--------22
Aligning Incentives---22
Hiring and Retention--23
Adjusting Compensation to Employee Risk Tolerance Levels----24
Employee Tax Optimization----24
Cash Flow Optimization---25
Option Valuation Differences and Human Resource Management-------26
Problems with ESOs-------37
Employee Motivation------38
Improving Performance----40
Absolute Versus Relative Performance----40
Possible Solutions to Employee Stock Option Problems---41
Premium-Priced Stock Options-----41
Index Options---42
xii — Contents
Restricted Shares---45
Omnibus Plans------45
Conclusion------46
Review Questions------46
Bibliography-----47
Chapter 3: Metallgesellschaft AG
Illusion of Profits and Losses, Reality of Cash Flows-51
Metallgesellschaft: Evolution of the Company and Its Product Lines -
Energy Derivatives at MGRM------52
Energy Markets on a Roller Coaster---53
Risk Notepad 3.1: What Is the Difference Between Contango and
Backwardation?---------55
MGRM’S Innovative Energy Derivative Products----56
MGRM’s Embedded Options---------58
Hedging MGRM’s Forward Energy Exposures-------59
Payoff Profile of a Short Forward Position-59
The Ideal Hedge Was Not Available----61
Physical Storage Hedge-----61
Stack-and-Roll Hedge-------62
Cash Flow Effects of a Stack-and-Roll Hedge---64
Scenario #1: The Price of Oil Falls and Basis Falls
for Two Consecutive Months-----65
Stack-and-Roll Hedge Ratios-----69
MG Calls It Quits----69
MGRM Butts Heads with NYMEX and the CFTC--------70
MGRM’S Profitability: It’s All in How You Account for It-71
MGRM’S Credit Rating-----72
The Effects of an Itchy Trigger Finger--72
Was MGRM Hedging or Speculating?--------72
Corporate Governance Issues-----73
Conclusion-----74
Review Questions------75
Bibliography-----76
Chapter 4: Swaps That Shook an Industry:
Procter Gamble versus Bankers Trust----77
P G’s Motivation for the Swaps-----78
Motives for the U.S. Dollar-Denominated Interest Rate Swap —
Motives for the German Mark-Denominated Interest Rate Swap
Motives for Using the Over-the-Counter Market---80
Contents ----- xiii
The U.S. Dollar-Denominated Swap------81
Plain Vanilla Swap---82
P G’s Gamble: The Speculative Side-Bet----83
Viewing P G’s Speculative Side-Bet as a Short Call Option-84
Risk Notepad 4.1: Security Yield versus Price-86
The Effect of Rising U.S. interest Rates-87
Losses on P G’s U.S. Dollar Interest Rate Swap--91
German Mark-Denominated Interest Rate Swap------93
The Suit against Banker’s Trust--95
Risk Notepad 4.2: Value at Risk--97
The P G-BT Settlement-----98
How Did BT Fare After the Swaps?----98
P G-BT from an Investor’s Perspective---99
The Landmark P G-BT Court Opinion-----100
Major Legal Issues---100
An Unusual Court Opinion----101
Summary of the Court Opinion-----102
Disclosure Reform after P G-BT---102
Should Corporate Treasuries Be Profit Centers?--103
Conclusion------103
Review Questions-----104
Bibliography----105
Appendix 4.1: What Is an Interest Rate Swap?----107
Chapter 5: Orange County
The Largest Municipal Failure in U.S. History--109
Robert Citron and the Orange County Board of Supervisors------109
The Orange County Investment Pool-----112
The Major Risks Facing Assets in the OCIP Portfolio--114
Credit Risk---115
Market Risk---115
Liquidity Risk--116
OCIP’s Assets and Funding Sources-----117
Structured Notes-----118
Risk Notepad 5.1: Other Assets in the OCIP Portfolio-118
Fixed-Income Securities---120
OCIP’s Funding Sources----120
Leveraging the OCIP Portfolio--123
Effects of Leverage on OCIP’s Return--124
OCIP’s Rising Returns: Effects of Falling Interest Rates-124
OCIP’s Return Stabilizes: 1993---126
xiv ----- Contents
OCIP’s Returns Plummet: 1994—Effects of Rising Interest Rates---127
The Consequences-----128
Market Risk Causes Liquidity Risk---129
Government Paralysis----130
Citron Resigns---130
Lack of Liquidity Leads to Bankruptcy-----130
Fire Sale of the OCIP Portfolio-131
Monday-Morning Quarterbacking-------131
Was Orange County Truly a Derivative-Related Failure?--131
Was Orange County Really Bankrupt?--------133
Was It a Mistake to Liquidate the OCIP Portfolio?-134
Could the Debacle Have Been Predicted?----135
Sentences, Blame, and Reform-----136
Robert Citron----136
Other Players: Matthew Raabe and Merrill Lynch----137
Stealth Supervision: Shared Blame---138
Governance Reforms------139
Lessons Learned from Orange County------139
Safety, Liquidity, and High Yield Are an Impossible Combination-139
If You Can’t Explain It, Then Don’t Do It-140
Conclusion------141
Review Questions-----141
Bibliography----142
Chapter 6: Barings Bank PLC
Leeson’s Lessons-----143
Barings Bank PLC-----143
Nick Leeson: From London to Jakarta to Singapore--144
What Was Leeson Supposed to Be Doing at BFS?------145
Risk Notepad 6.1: What Are Stock Indices and Stock Index Futures
Contracts?-----147
Five Eights Account--148
Risk Notepad 6.2: Errors Accounts---149
Leeson’s Trading Strategy: Doubling---150
Risk Notepad 6.3: Doubling----152
Funding Margin Calls----153
Funding Source #1: Increasing Commission Income by
Offering Deals at Non-Market Prices--153
Funding Source #2: Using the Financial Resources
of Barings as His Cash Cow---154
Funding Source #3: Booking Fictitious Trades
and Falsifying Records----155
Contents
XV
Funding Source #4: Selling Options---156
Risk Notepad 6.4: Leeson’s Most Flagrant Falsification Scheme--156
Net Profit/Loss Profile of Leeson’s Exposures -157
Leeson’s Long Futures Positions---157
Leeson’s Short Straddles----159
Profit/Loss Profile: Combining One Short Straddle
and One Long Futures Contract----161
Profit/Loss Profile: Combining a Long Futures Position
and “Numerous” Short Straddles-----162
Massive Purchases of Nikkei 225 Futures Contracts--163
Beyond Irony: The Barings Failure in a Broader Time Frame--164
A Bank for a Pound----165
Aftermath of the Barings Failure---167
How Could Barings Have Caught Leeson Sooner?------168
Conclusions-----171
Review Questions------172
Bibliography----173
Chapter 7: Long-Term Capital Mismanagement
“JM and the Arb Boys”------175
Risk Notepad 7.1: What Is a Hedge Fund?---176
LTCM: The Company-----177
The LTCM Business------177
The Principals---177
LTCM’S Strategy-----179
Identifying Small Market Imperfections----179
Using a Minimum of Equity Capital----180
Securing Long-Term Funding----184
Charging Hefty Fees----186
LTCM’S Impressive Performance: 1994-1997-------186
LTCM’S Contributions to Efficient Markets-189
Why and How LTCM Failed-----190
Catalyst #1: Exogenous Macroeconomic Shocks ----190
Risk Notepad 7.2: What Is Contagion?---192
Catalyst #2: Endogenous Shocks----193
The Fed, Warren Buffett, and the Rescue of LTCM---198
Risk Notepad 7.3: Another Look at Warren Buffett’s Offer for LTCM-200
Conclusions and Lessons-----202
Be Careful What You Wish For--203
Beware of Model Risk---203
All for One and “1” for All-203
Leverage Is a Fair-Weather Friend-204
xvi ----- Contents
Financial Transparency Is the First Step in Meaningful Reform-204
In the Long Run, Bet on Global Financial Market Efficiency-205
You Can’t Float Without Liquidity-205
Some Things Are Worth Doing for the Greater Good — 205
Epilogue-----206
What Happened to the Principals, Creditors,
Investors, and Consortium?----206
The Principals and Employees----206
Creditors and Investors---207
The Consortium-----207
Review Questions-----208
Bibliography-----208
Appendix 7.1: Primer on LTCM’s Major Trades and Financial
Instruments----------210
Appendix 7.2: UBS and the LTCM Warrant Deal-----213
Chapter 8: Amaranth Advisors LLC
Using Natural Gas Derivatives to Bet on the Weather---217
Amaranth Advisors LLC-----217
Natural Gas Markets-----219
Amaranth’s Natural Gas Trading Strategy and
Performance: 2005-2006------222
2005: Using Long Calls to Bet on the Weather--222
2006: Using Futures and Spreads to Bet on the Weather---223
Risk Notepad 8.1: Measuring Natural Gas and Putting Amaranth’s Positions into
Perspective----------227
Risk Notepad 8.2: Primer on Spread Trades----228
What Caused Amaranth’s Catastrophic Losses?-----234
Inadequate Risk Management Practices----234
Lack of Liquidity--236
Extraordinarily Large Movements in Market Prices---238
Explosion or Implosion? Who Got Hurt?----238
Questions Remaining After Amaranth’s Fall----240
Did the Futures Markets Function Effectively?-240
Did Amaranth Dominate the Natural Gas Futures Markets?-----240
Did Amaranth Engage in Excessive Speculation?----243
Did Amaranth Commit Regulatory Arbitrage?-----244
Did Amaranth Manipulate the Price of Natural Gas?--245
Risk Notepad 8.3: A Tale of Two Hedge Funds----248
Conclusion------254
Review Questions----255
Bibliography----256
Contents ----- XVÎi
Chapter 9: Société Générale and Rogue Trader Jérôme Kervîel-------259
Société Générale (SocGen) -----259
Jérôme Kervîel (JK) --259
Back, Middle, and Front Office Jobs at SocGen --260
Arbitraging Turbo Warrants-----261
What Are Plain Calls and Puts?---261
What Are Turbo Warrants?-----262
How JK Built His Mountainous Positions-----265
2005 ----265
2006 ----266
2007 ----267
2008 ----269
JK’s Fraudulent Methods-----269
Gaining Unauthorized Access to SocGen’s Computer Systems------270
Using Contract Cancellations and Modifications to
Mask Positions and Risks-----270
Entering Pairs of Offsetting Trades at Artificial Prices-271
Posting Intra-monthly “Provisions”----271
Navigating SocGen’s Dysfunctional Risk Management System------271
Exploiting Supervisor Turnover---273
How JK Was Caught-----274
Paying the Piper----275
Did SocGen Know about JK’s Fictitious Trades?---276
Network Incentives: Why Did JK Go Undetected for So Long?----278
SocGen’s Bonus Incentives------279
Doubling Strategies, Prospect Theory, and Survival Theory-----280
Prospect and Survival Theory-----281
SocGen’s Risk Management Reforms-------282
Conclusion-----283
Review Questions------284
Bibliography-----284
Chapter 10: AIG: Two Roads to Ruin
AIG: The Company------288
A1G-INV-----289
AIGFP ----289
Securitization: MBS, AB5, CDOs, and MBOs-----290
AIGFP’s Credit Derivative Portfolios--292
Major Keys to AIGFP’s Initial Success-294
AIG’s Chief Regulators----294
What Went Wrong?------295
AIG’s Credit Protection Exposures-----296
xviil ---- Contents
The Sources of AlGFP’s Liquidity Problems---298
Securities Lending at AIG---301
AIG’s Risky Securities Lending Operations---304
AIG’s Bailout---306
What If AIG Was Allowed to Fail?---310
Regulatory Capital Risks---310
AIG’s Insurance Affiliates’ Risks-311
Contagion Risks----311
Criticisms of the AIG Bailout---312
Postscript-----313
Conclusion-----314
Review Questions------316
Bibliography----316
Appendix 10.1s Primer on Credit Derivatives--318
Risk Notepad 10.1.1: The Long and Short of Credit Derivative Lingo-318
Chapter 11: JPMorgan Chase and the “London Whale”----323
JPMorgan Company, the CIO, and the SCP-----324
JPM and JPM Bank-----324
The CIO----325
The SCP----326
The SCP Time Line-----327
Risk Notepad 11.1: What Are Risk-Weighted Assets?----329
Risk Notepad 11.2: What Are the Basel Accords?---330
What Went Wrong at the SCP?-----330
Mistake #1: Ignoring the SCP’s Strategic Purpose--331
Mistake #2: A Failed Trading Strategy---332
Mistake #3: Disregarding JPM Bank’s Internal and
External Risk Measures----336
Risk Notepad 11.3: The SCP’s Five Major Risk Measures---337
Risk Notepad 11.4: Basel 11.5 Accord’s Four New Risk Measures--338
Mistake #4: Manipulating JPM Bank’s Risk Metrics--339
Mistake #5: Publicly Misrepresenting the SCP’s Financial Condition
Risk Notepad 11.5: What Is the Volcker Rule?--341
Dysfunctional Regulation ---342
Conclusion-----343
Aftermath------344
Risk Notepad 11.6: Aftermath---345
Review Questions-----346
Bibliography---346
Contents ----- xix
Appendix 11.1: Alphabetical List of the Main “London Whale” Decision Makers
and Players--------347
Appendix 11.2: Markit Group Limited --348
Risk Notepad A 11.2.1: A Rosetta Stone for Understanding Markit Group’s Credit
Indices and Abbreviations---348
Index-----351
|
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| spelling | Marthinsen, John E. 1949- Verfasser (DE-588)138547181 aut Risk takers uses and abuses of financial derivatives John E. Marthinsen Third edition Boston DE-G Press [2018] xxiii, 365 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier aDerivative securities aRisk management aInvestment analysis Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Risikomanagement (DE-588)4121590-4 gnd rswk-swf (DE-588)4522595-3 Fallstudiensammlung gnd-content Kreditmarkt (DE-588)4073788-3 s Risikomanagement (DE-588)4121590-4 s DE-604 Erscheint auch als Online-Ausgabe, PDF 978-1-5474-0003-4 Erscheint auch als Online-Ausgabe, EPUB 978-1-5474-0005-8 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030469809&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Marthinsen, John E. 1949- Risk takers uses and abuses of financial derivatives aDerivative securities aRisk management aInvestment analysis Kreditmarkt (DE-588)4073788-3 gnd Risikomanagement (DE-588)4121590-4 gnd |
| subject_GND | (DE-588)4073788-3 (DE-588)4121590-4 (DE-588)4522595-3 |
| title | Risk takers uses and abuses of financial derivatives |
| title_auth | Risk takers uses and abuses of financial derivatives |
| title_exact_search | Risk takers uses and abuses of financial derivatives |
| title_full | Risk takers uses and abuses of financial derivatives John E. Marthinsen |
| title_fullStr | Risk takers uses and abuses of financial derivatives John E. Marthinsen |
| title_full_unstemmed | Risk takers uses and abuses of financial derivatives John E. Marthinsen |
| title_short | Risk takers |
| title_sort | risk takers uses and abuses of financial derivatives |
| title_sub | uses and abuses of financial derivatives |
| topic | aDerivative securities aRisk management aInvestment analysis Kreditmarkt (DE-588)4073788-3 gnd Risikomanagement (DE-588)4121590-4 gnd |
| topic_facet | aDerivative securities aRisk management aInvestment analysis Kreditmarkt Risikomanagement Fallstudiensammlung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030469809&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT marthinsenjohne risktakersusesandabusesoffinancialderivatives |