Gebruik van opsies in vasterentedraende effekte om beleggingsrisiko te beperk
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Authors
Mynhardt, Ronald Henry
Issue Date
1996-01
Type
Dissertation
Language
af
Keywords
Alternative Title
Abstract
Opbrengskoerse van vasterentedraende effekte verander as gevolg van
veranderings in vraag en aanbod op die kapitaalmark. Die veranderinge in
opbrengskoerse bei'nvloed die pryse van vasterentedraende effekte, asook van
die opsies op hierdie effekte en stel beleggers in hierdie instrumente bloot aan
beleggingsrisiko.
Hierdie studie ondersoek die uitwerking van veranderings in die opbrengskoerse
op die pryse van vasterentedraende eff ekte en opsies indien geen verskansing
teen beleggingsrisiko toegepas word nie. Verder word verskillende
verskansingstegnieke vergelyk ten einde te bepaal welke tegniek
beleggingsrisiko die mees doeltreffendste kan beperk.
Die studie toon aan dat dit wenslik is om beleggings en vasterentedraende
effekte en opsies teen beleggingsrisiko te verskans. Empiriese toetse is op
verskeie tegnieke gedoen om te bepaal watter verskansingstegnieke
beleggingsrisiko die doeltreffendste kan beperk.
Die gevolgtrekking is dat beleggingsrisiko inderdaad doeltreffend beperk kan
word. Vir elke posisie in vasterentedraende en opsies is 'n spesifieke
verskansingstegniek gei'dentifiseer om sodanige posisie doeltreffend in terme van
winsgewendheid te verskans.
Yield on fixed interest bearing securities change as a result of changes in the supply and demand in the capital market. These changes in the yield influence the prices of fixed interest securities, as well as options on fixed interest securities and expose .investors in these instruments to investment risk. This study investigates the effect of changes in yield on the prices of fixed interest securities and options if no hedging against investment risk is instituted. Different techniques are compared to establish which technique will restrict investment risk effectively. This study shows that it is desirable to hedge investments in fixed interest securities and options against investment risk. Empirical tests were conducted on a variety of techniques to establish which technique would restrict investment risk effectively. The conclusion is that investment risk can be limited. A specific technique has been identified for each position in fixed interest securities and options that can hedge such a position effectively against investment risk in terms of profitability.
Yield on fixed interest bearing securities change as a result of changes in the supply and demand in the capital market. These changes in the yield influence the prices of fixed interest securities, as well as options on fixed interest securities and expose .investors in these instruments to investment risk. This study investigates the effect of changes in yield on the prices of fixed interest securities and options if no hedging against investment risk is instituted. Different techniques are compared to establish which technique will restrict investment risk effectively. This study shows that it is desirable to hedge investments in fixed interest securities and options against investment risk. Empirical tests were conducted on a variety of techniques to establish which technique would restrict investment risk effectively. The conclusion is that investment risk can be limited. A specific technique has been identified for each position in fixed interest securities and options that can hedge such a position effectively against investment risk in terms of profitability.
Description
Citation
Mynhardt, Ronald Henry (1996) Gebruik van opsies in vasterentedraende effekte om beleggingsrisiko te beperk, University of South Africa, Pretoria, <http://hdl.handle.net/10500/17552>