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        Adept - An Era Of Trachery

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          21.12.2009,
          22:46 Uhr
          rmfame sagt:
          Hallo,
          sie haben sich mit ihrem letzen Satz sowieso schon disqualifiziert. Es freut mich sehr, dass Sie das Internet benutzen können, deswegen würde ich Sie bitten, besser zu recheschieren. Sie haben wörtlich gesagt, keine Ahnung.
          Achja, übrigens, die meisten Computerspieler sind eher Breit gebaut, braun gebannt und heben leicht 100 kilo Hantelbank.
          mit freundlichen Grüßen,
          ein, für eine neue Jugendkultur, offener Mensch

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                    D.Gray-Man - 0

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                      Module 1: The economic function of the financial system and financial markets
                      As part of the overall economic system, the financial system plays an important role, where households (private and public), firms (productive units) and the government (and its complex agencies) interact in order to produce goods and services. In this introductory module, we want to explain the specific actors of the financial system in more detail, characterize the major ele-ments of the financial system, and then characterize the various economic functions of the sys-tem. Specifically we want to address the economic functions of financial markets and to show, how they change – and improve – the functioning of the financial system and financial man-agement in particular.
                      Learning objectives
                      After going through this module, you should know:
                      • The elements of the financial system,
                      • The actors of the financial system,
                      • Functions of the financial system,
                      • How financial management can affect financial markets.
                      1. Functions of the financial system
                      1.1 Elements of the financial system
                      The simplest way to characterize a system is by describing the various elements and “players”. Here we begin with the first.
                      o Surplus and deficit units. The institutions operating in the financial system can either be classified as surplus or deficit units (the term is from J. Van Horne). Surplus units pro-vide funds for the financial system, deficit units need funds for providing their activi-ties. A firm seeking new capital is a deficit unit, while banks lending money to custom-ers are surplus units. Accordingly, the same institution can act as a surplus and deficit
                      © Financial Markets 1
                      unit at different times. For example, a pension fund, at an early stage, is a surplus unit, while it becomes a deficit unit in the aging process of the beneficiaries.
                      o Funds. The key part of the financial system is, clearly, money and the various forms it can take. Instead of paying in “cash” we can transfer deposits in banks or other deposi-tory institutions (such as the Post). We may also have access to credit lines issued by banks.
                      o Assets and securities. The wealth of people, typically, is invested in assets such as short term deposits (denominated in various currencies), bills, notes, bonds, stocks, real es-tate, commodities, and not to forget human capital. A particularly important group of assets are securities; here the claims or ownership rights are protected by the securities law, and are, in principle, easily transferable compared to non-securitised claims. Among the many asset classes available to investors it is important to distinguish be-tween “nominal” and “real” assets; in the first case, the owner has fixed claims against specific future cash flows to be delivered by the counterparty, the debtor. They are also called “debt securities”. In the case of real assets, the owner of the security has a de-fined right to receive a part of the future value of a physical asset (e.g. the firm) – but has no nominal claim against a specific counterparty.
                      o Financial products: Most investors do not directly invest their money in stocks or bonds, but rather in mutual funds, pension plans, trusts, life insurance contracts, deriva-tive securities, and others. These financial products are packages of the “primary” in-struments described before and are issued by various financial intermediaries (banks, brokers, etc.).
                      o Exchanges: Many financial assets (not only securities, also commodities) are traded within organized markets, so called “exchanges”. The advantage of exchanges is that the trading mechanisms are transparent and (mostly) supervized by regulatory authori-ties. Information such as prices and volumes are transmitted to the public. Exchanges have undergone a major structural change over the past two decades. Most securities exchanges used to operate in the open-outcry system. They were state owned, and the access was restricted to selected local banks or brokers. Today, exchanges are highly computerized traded places, or simply service centers for the execution and settlement of securities transactions.
                      o Information systems play a key role in the functioning of the modern financial system. News and information about prices, markets, companies, the economy, … is instanta-neously transmitted across the globe by providers such as Bloomberg, Reuters, CNN, etc. and enable continual updated adjustment of prices to new information. Information
                      © Financial Markets 2
                      systems also play a key role within firms to coordinate decentralized decision proc-esses.
                      o Technology. Trading desks, clearing/ settlement/ payment systems, risk management and supervisory functions rely heavily on well-functioning and stable computer tech-nology. While often challenged (Y2K, WTC desaster, …), the systems have generally proved to be reasonably stable under stress. Nevertheless, operational/IT risks remain a major concern for enhancing the stability of the financial system.
                      o Rules and regulation: No modern institution or market mechanism is able to survive without explicit or implicit rules. Laws on money laundering, insider trading, stock ex-changes, capital adequacy standards are the most important developments in recent years. The question remains whether the current surge of regulatory plans (capital re-quirements, disclosure, investor protection, ….) does not erode the self-responsibility of the market-participants.
                      o Knowledge, trust, and self-responsibility are the most important “soft” factors enhanc-ing the functioning of the financial system. Knowledge is a particularly important value driver in the financial engineering and risk management sector.
                      1.2 Actors
                      o Households. Private and public households access the financial system through a vari-ety of ways: by paying bills, saving, borrowing, selling shares, and much more.
                      o Enterprises. Firms, non-profit companies, … need external financing, hold liquidity and invest money in capital markets, either to earn extra profits beside their operative earn-ings, or to acquire strategic shares in other companies. Firms also frequently engage in foreign exchange and commodity markets and their derivatives to hedge various price risks (e.g. oil price, coffee price, etc.).
                      o Financial intermediaries play a key role in the financial system: banks, life insurance companies, mutual funds, independent wealth managers, investment companies provide (retail) customers access to financial markets, services and products, which would oth-erwise not be available to them. They play a key role in the customization of the finan-cial system. Many intermediaries are also active as institutional investors; they collect a large part of the society’s savings and play an increasingly important role on the global financial markets. One of the largest investors, CALPERS (managing the pension and health benefits for more than 1.4 million California public employees) controls more
                      © Financial Markets 3
                      than 700 billions USD. Institutional investors are increasingly active in exercising their voting rights of their equities, which strongly affects the corporate governance structure of firms.
                      o The monetary authority, mostly called “National” or “Central” bank, issues the official local currency and controls the monetary aggregates. In most countries, it is also re-sponsible for the functioning of the payment system. It thus plays a pivotal role for the operational side of the financial system, but also for maintaining sound economic con-ditions such as a stable and low inflation rate. Also, the implementation of the monetary policy is done through financial markets (open market operations on foreign currency and bond markets, repo transactions). On the international level, the Bank of Interna-tional Settlements monitors and coordinates the activities of the central banks, and ad-dresses issues such as financial stability. Finally, the Bretton Woods institutions (the In-ternational Monetary Fund and the World Bank) address problems related to balance of payment, currency crises, and international debt.
                      Regulators supervise the operation and functioning of financial intermediaries (e.g. banks), markets (e.g. exchanges) or other important institutions in the financial system (e.g. social se-curity system or pension plans). They are typically associated with governmental bodies (e.g. the Ministry of Finance), or the Central Bank. Regulators exhibit, to a certain extent, autono-mous juridical power (e.g. are able to close banks, or impose penalties), and cooperate with criminal prosecution agencies.
                      1.3 Functions
                      The various functions of the economic system are brilliantly characterized by Merton (1995). They are:
                      o “Clearing and settlement of payments for facilitating the exchange of goods, services, and assets”.
                      o “Pooling funds to undertake large-scale indivisible enterprise or for subdividing shares in enterprises to facilitate diversification”.
                      o “Transferring resources across time, across geographic regions, and among industries”.
                      o “Managing uncertainty and controlling risk”.
                      o “Providing information that helps coordinate decentralized decision-making in various sectors of the economy”.
                      o “Dealing with incentive problems“.
                      © Financial Markets 4
                      2. How financial management affect financial markets
                      o Example 1: Investment and consumption decisions, the separation of ownership and control, and the growth of the modern corporation
                      The emergence of a capital market has strong implications on how individuals and firms evalu-ate investment decisions: If money can be saved or borrowed at the market rate of interest, sub-jective time preferences about consumption and production plans are replaced by an objective (intra-personal) investment criterion: the net present value of investments. Thus, consumption can be separated from production in each period by borrowing or lending via capital markets (eventually by selling/ buying commodities forward). This in turn enables a separation of own-ership and management of productive resources. Owners (stockholders, principals) can dele-gate investment decisions to managers (agents). Without this, the growth of the modern corpo-ration with thousands or millions of shareholders, each taking a small and partly diversifiable part of the overall company risk, would not have been possible. On the other hand, the separa-tion of ownership and control creates real costs (“agency” costs): The powerful and better in-formed management is able to exploit part of the company’s resources for its own, and the monitoring and bonding costs of the shareholders to prevent this are immense. The current dis-cussion on managerial compensation and corporate governance demonstrates the relevance of this issue.
                      o Example 2: The value of corporate financial policy if corporate security-holders have access to capital markets (Miller and Modigliani theorems)
                      In a positively functioning capital market, firms are able to substitute equity by bonds or other corporate securities in their capital structure. The risk and return of the securities is adequately priced by the capital market – which implies that the market value of the firm as a whole does not depend on the capital structure selected. If it would, the investors could implement an off-setting arbitrage transaction in the firm’s securities (e.g. substitute the firm’s equity in their portfolio by bonds and thus “neutralize” the action taken by the firm). The investment oppor-tunities of investors thus place substantial constraints on the added value of financing policies taken by firms. This is known as the Modigliani-Miller Theorem (No. 1) on capital structure irrelevancy. The theorem generalizes to the dividend policy of firms (Miller-Modigliani II) or to the hedging policy of firms.
                      © Financial Markets 5
                      o Example 3: Risk management, information and capital markets
                      A rich set of financial derivatives can be used to hedge the interest rate exposure of banks: in-terest rate swaps, interest futures, caps, floors, swaptions, and others. No bank would ever completely hedge the full interest rate exposure (although the Golden Bank Rule often encoun-tered in old banking textbooks stipulates such a policy…); nevertheless, it is an interesting ex-ercise to compute the profitability of a bank under this scenario because it separates the profit of the bank from risk taking from the profits earned by the commercial core activities, i.e. lend-ing and borrowing. This example shows how information can be exploited from capital markets (i.e. market prices of hedging instruments) for determining the added-value of corporate activi-ties, and to design market-based internal transfer prices for risk-taking. This separation is most visible in the treasury function of banks, where the market risk (and liquidity) are centrally managed and hedged through capital market instruments.
                      o Example 4: Diversification of real risks through capital markets
                      Damage due to large risks (storms, hurricanes, earthquakes, man-made disasters, …) seem to increase over time, and the capacities of insurance and reinsurance companies seem to be lim-ited to absorb (insure) these risks. There are many attempts to structure these risks such that they can be more easily transferred to capital markets. The economic benefit of such a transfer is a much broader diversification and lower risk premium demanded by the final risk-taker, because natural disasters and financial risks are not highly correlated. Other examples where “real” risks are repeatedly and successfully transferred to financial markets are: credit deriva-tives (e.g. credit swaps) or commodity futures. Here, hedge funds and professional arbitrageurs play a key role in the risk transfer process.
                      o Example 5: Performance measurement and the value of active management
                      Unlike twenty years ago, passive (index-linked) investment products are now available for vir-tually any stock and bond market segment around the world. They represent cheap alternatives to actively managed portfolios and mutual funds. Using returns of passive investment products as benchmarks (instead of abstract indices) in evaluating active management skills makes per-formance evaluation of portfolios much more meaningful.
                      © Financial Markets 6
                      References
                      BODIE, Z. und R. C. MERTON, R. (1995): “A Conceptual Framework for Analyzing the Finan-cial Environment”, Chapter 1 in: Crane, D. B., Froot, K. A., Mason, S. C., Perold, A. F., Mer-ton, R. C., Bodie, Z., Sirri, E. R., and Tufano, P. The Global Financial System: A Functional Perspective. Boston: Harvard Business School Press.
                      GIBSON, R. and H. ZIMMERMANN (1996a): “Analyzing and monitoring derivatives’ risks: An economic perspective - Part I“, Journal of Derivatives Use, Trading & Regulation 2, Nr. 1, pp. 47-66.
                      GIBSON, R. and H. ZIMMERMANN (1996b): “Analyzing and monitoring derivatives’ risks: An economic perspective - Part II“, Journal of Derivatives Use, Trading & Regulation 2, Nr. 2, pp. 119-128.
                      MERTON, R. C. (1992): “Financial innovation and economic performance”, Journal of Applied Corporate Finance 4 (Winter), pp. 12-22.
                      © Financial Markets 7

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                              Blood and Ice Cream Trilogy

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