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Điều này có thể được thực hiện tại chi phí đáng kể và / hoặc giả định nguy cơ cao hơn đáng kể hơn so với đại diện bởi các trách nhiệm. Ngay cả mua lại vào ngày đáo hạn, mà biến đổi ngắn hạn vào các khoản phải thu dài hạn, giả định rằng nhà đầu tư sẵn sàng chấp nhận rủi ro thanh khoản. | Managing Liabilities This can be done at considerable cost and or the assumption of substantially higher risk than that represented by liabilities. Even redemption at maturity which transforms short-term into long-term receivables assumes that the investor is willing to accept the resulting liquidity risk. Such transformations are not self-evident whether it is doable at all greatly depends on One s own assets Prevailing market psychology Exhibit 5.3 presents in a nutshell four main classes of company assets some of which might also turn into liabilities. This is the case of derivative financial instruments that for financial reporting purposes must be marked to market except those management intends to hold for the long term see Chapter 3 . Most assets are subject to credit risk and market risk. Volatility is behind the market risks associated with the instruments in the exhibit. Aside from mismatch risk referred to earlier volatility steadily changes the fair value of these assets. Although the assets might have been bought to hedge liabilities as their fair market value changes they may not perform that function as originally intended. Therefore it is absolutely necessary to assess investment risk prior to entering into a purchase of assets that constitute someone else s liabilities. This requires doing studies that help to forecast expected and unexpected events at a 99 percent level of confidence. Credit risk control can be done through selection of AAA or AA partners collateralization or other means. Market risk is faced through a balanced portfolio. The goal should be to actively manage risks as they may arise due to divergent requirements between assets and liabilities and the counterparty s illiquidity default or outright bankruptcy. Before looking into the mechanics however it is appropriate to underline that able management of assets and liabilities is above all a matter of corporate policy. Its able execution requires not only clear views and firm .
