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Đây là trường hợp các công cụ tài chính phái sinh cho mục đích báo cáo tài chính phải được đánh dấu để thị trường (trừ quản lý những dự định để giữ cho lâu dài, xem Chương 3). Hầu hết các tài sản rủi ro tín dụng và rủi ro thị trường. Biến động là đằng sau các rủi ro thị trường liên kết với các công cụ trong cuộc triển lãm. Bên cạnh nguy cơ không phù hợp, được đề cập đến trước đó, biến động liên tục thay đổi công bằng . | Managing Liabilities Exhibit 8.3 Deficit from Trade of Physical Goods and Current Account Deficit of the U.S. Mathematical models and simulation provide a great deal of assistance in studying current account deficits and the analysis of factors characteristic of corporate governance. Investing in equities demands the ability to analyze an entity s intrinsic value see Chapter 9 and ignore emotion when stocks become volatile. The best strategy is to follow a company its products and its instruments closely and make a long-term commitment. Only when fundamentals change is it wise to sell but it is worth monitoring prices all of the time. Even stop-loss systems considered to be a rather conservative approach are geared toward portfolios not the typical investor. Sell limits can be useful for locking in gains but also may prompt premature selling of equities that have considerable volatility such as technology stocks. With all these constraints in mind one may ask the question Why does market liquidity matter that much For one thing investors avoid illiquid markets and illiquid instruments. Also liquid equity markets allow investors to sell shares easily while permitting firms access to long-term capital through equity issues. Many profitable investments require a long-term commitment of capital. marking to market and marking to model Liquidity risk and price risk due to volatility are part of market risk. Both are fundamental elements in the business of every financial intermediary. The liquidity risk faced by a credit institution may be its own or that of its major client s in some country and in some currency. Clients who are unable to meet their financial commitments are credit risks but they also create liquidity problems. Price risk affects earnings. It may arise from changes in interest rates currency rates equity and commodity prices and in their implied volatilities. These exposures develop in the normal course of a financial intermediary s business. Therefore
