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RiskManagementPrinciplesofCorporateFinanceSeventhEditionRichardA.BrealeyStewartC.MyersSlidesbyMatthewWillChapter27McGrawHill/IrwinCopyright?2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved

TopicsCoveredInsuranceHedgingWithFuturesForwardContractsSWAPSHowtoSetUpAHedgeInsuranceMostbusinessesfacethepossibilityofahazardthatcanbankruptthecompanyinaninstant.Theserisksareneitherfinancialorbusinessandcannotbediversified.Thecostandriskofalossduetoahazard,however,canbesharedbyotherswhosharethesamerisk.InsuranceExample Anoffshoreoilplatformisvaluedat$1billion.Expertmeteorologistreportsindicatethata1in10,000chanceexiststhattheplatformmaybedestroyedbyastormoverthecourseofthenextyear.?HowcanthecostofthishazardbesharedInsuranceExample-cont Anoffshoreoilplatformisvaluedat$1billion.Expertmeteorologistreportsindicatethata1in10,000chanceexiststhattheplatformmaybedestroyedbyastormoverthecourseofthenextyear.?HowcanthecostofthishazardbesharedAnswerAlargenumberof

companieswithsimilarriskscaneachcontributepayintoafundthatissetasidetopaythecostshouldamemberofthisrisksharinggroupexperiencethe1in10,000loss.Theother9,999firmsmaynotexperiencealoss,butalsoavoidedtheriskofnotbeingcompensatedshouldalosshaveoccurred.InsuranceExample-cont Anoffshoreoilplatformisvaluedat$1billion.Expertmeteorologistreportsindicatethata1in10,000chanceexiststhattheplatformmaybedestroyedbyastormoverthecourseofthenextyear.?Whatwouldthecosttoeachgroupmemberbeforthisprotection.AnswerInsuranceWhywouldaninsurancecompanynotofferapolicyonthisoilplatformfor$100,000?AdministrativecostsAdverseselectionMoralhazardInsuranceThelossofanoilplatformbyastormmaybe1in10,000.Therisk,however,islargerforaninsurancecompanysincealltheplatformsinthesameareamaybeinsured,thusifastormdamagesoneinmaydamageallinthesamearea.TheresultisamuchlargerrisktotheinsurerCatastropheBonds-(CATBonds)AllowinsurerstotransfertheirrisktobondholdersbysellingbondswhosecashflowpaymentsdependonthelevelofinsurablelossesNOToccurring.HedgingBusinesshasrisk BusinessRisk-variablecosts FinancialRisk-InterestratechangesGoal-EliminateriskHOW? Hedging&FuturesContractsHedgingEx-Kelloggproducescereal.Amajorcomponentandcostfactorissugar.Forecastedincome&salesvolumeissetbyusingafixedsellingprice.Changesincostcanimpacttheseforecasts.Tofixyoursugarcosts,youwouldideallyliketopurchaseallyoursugartoday,sinceyouliketoday’sprice,andmadeyourforecastsbasedonit.But,youcannot.Youcan,however,signacontracttopurchasesugaratvariouspointsinthefutureforapricenegotiatedtoday.Thiscontractiscalleda“FuturesContract.”Thistechniqueofmanagingyoursugarcostsiscalled“Hedging.”Hedging1-SpotContract-Acontractforimmediatesale&deliveryofanasset.2-ForwardContract-Acontractbetweentwopeopleforthedeliveryofanassetatanegotiatedpriceonasetdateinthefuture.3-FuturesContract-Acontractsimilartoaforwardcontract,exceptthereisanintermediarythatcreatesastandardizedcontract.Thus,thetwopartiesdonothavetonegotiatethetermsofthecontract.TheintermediaryistheCommodityClearingCorp(CCC).TheCCCguaranteesalltrades&“provides”asecondarymarketforthespeculationofFutures.TypesofFuturesCommodityFutures-Sugar -Corn -OJ-Wheat -Soybeans -PorkbelliesFinancialFutures-Tbills -Yen -GNMA-Stocks -EurodollarsIndexFutures-S&P500 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