Protecting Shareholder Value: A Guide to Managing Financial Market Risk
Protecting Shareholder Value is the definitive guide to understanding the relationship between companies and their exposure to international markets. The shifts in the global demand and the supply of national currencies have exerted tremendous pressures on foreign exchange and capital markets, causing significant volatility in financial prices. This guide provides an in-depth view of how companies today manage their involvement in markets abroad. Protecting Shareholder Value discusses the issues that have a significant impact on the decision-making process in a company, and how these issues affect shareholder value. This book focuses on understanding the characteristics and examining how to manage market risk most effectively. Each concept clarifies the key issues in financial risk management and contributes to a clear understanding of the subject. Protecting Shareholder Value provides a comprehensive framework to the economic risk that shareholders face including: financial market risk and the value of the firm; defining and quantifying currency/interest rate exposures and impacts; estimation of market risks; and operational issues in exposure management.
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Financial Market Risk and Share Prices
Summary and Recommendations
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accounting period adjustments after-tax amortization amount balance sheet bank base currency bond borrowing budget business units calculated Carry value cash flow competitive computed corporate treasury cost of funds coupon currency exposure currency movements currency risk debt deutsche marks discount dividend earnings entity Equation equity estimated Eurocurrency evaluate example exchange gain exchange rate Figure financial instruments fixed-rate floating-rate forecast foreign currency foreign exchange forward contract forward rate functional currency future gain/loss hedging decisions hedging strategies impact interest rate swap investment investor LIBOR margin marked to market market price market rates market risk market value measurement ments operating unit options pricing payment percent performance portfolio position pounds sterling pre-tax premium present value profit purchase rate movements rency risk management scenario short-term spot rate strike rate swaption term structure tion trading transaction translation exposure U.S. dollar underlying exposure volatility yield to maturity zero coupon bond