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Este Cmap, tiene información relacionada con: COBERTURAS FINANCIERAS CAPITULO 15 YUDIEL, Derivatives were designed for hedging on existing investments. For example, an exporter, sales would be the main asset and represent the forward contract financial derivative. the forward contract represent derivative financial. By subscribing to a forward contract, the liquidation value of the dollars that the exporter will receive in the future will be set. Thus, the exporter seeks to cover the risk that changes in exchange rates may have on your cash flow. In d etermining a rate for the future (eg 90 days), the exporter removes the uncertainty about the value that would receive for your sales. short covering long hedge a covered position consists of two initiatives opposing profile performance. when is the deadline of the profits in a position exactly offset losses in another position, Financial Hedges Bambiaria Coverage The most are:, Coverage in the markets makes the value of money furturo account payable in dollars in the future value account in pesos coverage of a receivable cueta 1. Obtain dollars today against accounts receivable from 90 days 2. Sell spot the present value of the receivable in pesos 3. Calculate the future value of the peso spot selling product of the present value of the receivable in dollars. 4. Compare the result of section 3 with forward exchange rate in the currency market., Financial Hedges Bambiaria Coverage Contract or mechanism used to offset the risk in the exchange rate of one currency against another, whereby the settlement of transactions at an exchange rate agreed on a guaranteed date., Coverage in the markets makes the value of money furturo account payable in dollars in the future value account in pesos cost transacion when the rate at which it can borrow (lending rate) is higher than that obtained by investing in the money market (deposit rate), Advantages lower variability of cash flows better planning of presupueto, Imperfections Asymmetric Information Enterprise administrators can evaluatethe foreign exchange risk exposure more accurately than investors, They are similar to forward contracts but have some characteristics like Renovation in some cases the exposure is long term and futures contracts that period do not exist or exist but have no liquidity sufuciente in this case it is possible to cover long term exposure to futures contracts shorter and periodically renew coverage., They are similar to forward contracts but have some characteristics like 3. Market valuation To open a futures contract is necessary to make a deposit in the margin account. in which profits and losses are added or subtracted the risk generates discripancia between coverage, They are similar to forward contracts but have some characteristics like Cross Hedging consist of cash cover a short position in an asset with a long futures position to another asset or vice versa, contracts offer flexible coverage options. the plexibilidad derives from the ability to not exercise the option if the market is unfavorable. partial coverage coverage can be expensive both in terms of transaction costs and in terms of profits sacrificed, . coverage options contracts offer flexible coverage options. the plexibilidad derives from the ability to not exercise the option if the market is unfavorable., Imperfections Progressive corporate tax to the extent that hedging reduces the variability of profits, contibuyen to a lower tax burden, better planning of presupueto comprising timely realization of strategic progam, They are similar to forward contracts but have some characteristics like 4. Liquidity the futures contracts are more liquid only in the next dates. at other times their liquidity is weak, Coverage in the markets makes the value of money furturo account payable in dollars in the future value account in pesos zero cost transacion can borrow and lend at the same rate in the two currencies, . Coverage in the Money Markets Coverage in the markets makes the value of money furturo account payable in dollars in the future value account in pesos, Financial Hedges Bambiaria Coverage Imperfections, lower risk of bankruptcy comprising lower credit cost, Financial Hedges Are An excellent mechanism to ensure the operation of the business, allowing the company to be able to plan various security transactions to be carried out, as in the case of purchase of equipment, payroll and purchase of inputs, mainly.