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Financial engineering principles phần 10

Như đã chỉ ra, tốc độ thanh toán trả trước có thể có một tác động rất quan trọng thực sự xác định giá trị của một MBS, và các tốc độ này có thể thay đổi từ tháng này đến tháng khác. Cũng như các loại hình minh họa có thể có ích với đánh giá nguy cơ của một bảo đảm cụ thể, họ cũng có thể được sử dụng để đánh giá rủi ro của danh mục đầu tư toàn bộ. Một cách khác để phổ biến khái niệm rủi ro của danh mục đầu tư. | 264 FINANCIAL ENGINEERING RISK MANAGEMENT AND MARKET ENVIRONMENT to respond with opinions about where they were best ranked relative to the issuer s capital structure. At the same time they also issued explicit guidelines regarding how much of this product type they felt a given entity should issue. Table 6.8 reprinted with permission from the Bank of International Settlements summarizes various credit-related statutes as practiced within the United States. In closing investment rules and regulations both those that are voluntarily imposed and those that are mandated by formal decree will always be a key consideration for investors. CHAPTER SUMMARY The very existence of various market rules and regulations inclusive of taxes may serve to create pockets of price dislocation in the marketplace. From a pure classical economic viewpoint this not very surprising when economic agents act more in response to how someone else wants them to behave than to how they themselves might want to behave distortions can well arise. When such distortions are a necessary side-effect of commonly accepted principles of sound behavior as with protecting the risks that banks or insurance companies might take to the detriment of consumers who rely on their sound business practices such rules and regulations typically are embraced as necessary and reasonable what particular rules regulations and tax policies are helpful or not and how best to create and enforce them is a topic of considerable debate and review as long as there are markets. Figure 6.2 offers a three-dimensional viewpoint to help reinforce the interrelationships presented in this chapter. Again readers should think about how other product types might be placed here not just as an academic exercise but as a practical matter of how portfolios are constructed and managed. With reference to the above mapping process investors can view a variety of investment choices in the context of legal regulatory and tax environments then .