Financial Risk Management
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Table of Contents Introduction................................................................................................................................1 Question 1 Share valuation........................................................................................................1 Question 2 Interest rate swaps....................................................................................................3 Question 3 Duration of Bond and its limitations.......................................................................4 Question 4 Expected shortfall and value at risk (VAR).............................................................6 Question 5 Volatility and its models..........................................................................................8 Conclusion................................................................................................................................10 References................................................................................................................................11
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INTRODUCTION The financial valuation of investment opportunities and other assets is essential for investors and organizations. In present scenario the risk-return profile of all investment options is judged effectively so as to select the most suitable offerings. Moreover, different kinds of investment options are available in the present era. These include investment in shares, bonds, derivatives and other instruments. It is essential to estimate and assess the fair value of investment options. The report proposed herewith provides an overview of manner in which various investment options can be valued. It throws light on importance of financial risk management. The report develops deep understanding of manner in which risk associated with investment options is measured and supports investment decision making.
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QUESTION 1 SHARE
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VALUATION
Investors are expected to generate adequate return on investment made in shares. The return on investment in shares is generated by two ways: annual dividends and capital appreciation (Lee and et. al., 2012). In order to test the fair value of shares the expected return for investment in shares can be estimate through Capital Assets Pricing Model (CAPM) (Milionis, 2011). The expected return for investment option provided is measured below. E ( r )=Rf + β (Rm−Rf ) (CAPM model) Where, E(r) is expected rate of return Rm is market rate TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324
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Rf is risk-free rate (Rm-Rf) is risk premium Β is beta- value E ( r )=Rf + β ( Rm−Rf ) Rf =52.8
( Rm−Rf ) =7.4 β=1.5
E ( r )=5.28+1.5 ( 7.4−5.28 ) E ( r )=5.28+1.5 ( 2.12 )
E ( r )=5.28+3.18 E ( r )=8.46
It is seen that investor needs to assume high level of risk by making investment into shares of the organization provided. The investors assume high level of risk and expect adequate level of return on the investment made (Hong and Sarkar, 2007). The expected return for risky shares given in present case is measured at 8.46%. The percentage of return generated through dividend recently paid is estimated below. Dividend per share=£ 5.25 per share Trading price of share=£ 60.25 per share
5.25 ∗100 ) per share ( 60.25
Return generated=
Return generated=8.71 per share It is seen that the company is paying sufficient amount of dividends on its share. At Beta- value of 1.5 investors expects return of 8.46%. However, the dividend of £ 5.25 per share is accounted for return of 8.71% per share. This in turn indicates that share is priced appropriately. The investors have generated return through dividends slightly more than expected return. Moreover, in case prices of shares go up there are chances of earning capital appreciation. It can be said that, the investment in shares is capable of meeting shareholders’ expectations. The company is paying sufficient level of return in the form of dividends for high degree of risk assumed. The value of Alfa as per expected and actual return is estimated below. Alfa =Actual return−Expected return Alfa=8.71 −8.46 =0.25
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The positive value of 0.25% indicates slightly undervaluation of share price. The positive value suggests undervaluation of stock. Moreover, the value close to zero indicates lower degree of undervaluation (Pirie and Smith, 2008). It can be said that the company is satisfying needs of its shareholders by declaring sufficient level of dividends. It can be said that the dividend declared by the organization meets up shareholders’ expectation of return on investment. In order to value stock price it is assumed that shareholders’ mostly generates return in form of dividends. Henceforth, the actual return is estimated through return generated in the form of dividends paid by the organization. The capital appreciation is assumed to be neutral for affecting investment decisions. It can be said that shares are appropriately priced for the organization into consideration. On the basis of valuation of shares, it can be claimed that the shares are meant for the high risky investors. This implies that investors who want to earn high level of return by assuming sufficient level of risk has an option to make investment in the organization. The high level of beta is supported by high level of return on shares in the form of dividend. This in turn indicates that are appropriately valued or priced for trading in the market.
QUESTION 2 INTEREST
RATE SWAPS
Interest rate Swaps provide an option to either convert fixed rate to floating rate or vice versa. According to Grinblatt (2001), swaps involve exchange of cash flows as desired by investors. Financial intermediaries or banking institutions provide quotes for facilitating swaps between two parties. In present case the company has borrowed money for five year at interest rate of 7%. The business unit desires to convert fixed rate liability into floating rate liability. It can approach financial intermediary to enter into swap agreement. The quotes declared by banking institution to facilitate swap agreement are presented in table underneath.
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The table presented above indicates Bid and offer rate as declared by bank. It suggests that bank is ready to enter into swap agreement for two years whereby it pays fixed rate of 6.03% and receive LIBOR. Besides, bank is ready to receive interest at 6.06% and pay LIBOR. The difference between bid and offer rate represents spread that is earned by banking unit (Hull, 2015). Swap rate represents average of bid and offer rate declared by the financial institution. The company wants to convert its fixed rate liability of 5 years at floating rate. As per 5-year quote for bid rate, the organization can enter into swap agreement. The business unit can pay LIBOR to bank in exchange of fixed interest rate of 6.47%. The bank is ready to pay fixed rate of 6.47% and receive LIBOR for five years. The agreement therefore can be entered between the business unit and banking unit. As per the agreement banking unit will pay fixed interest of 6.47% and receive LIBOR in return. However, the company has borrowed funds at rate of 7%. The remaining portion of interest needs to be paid on part of the organization. Henceforth, the business unit is able to exchange its fixed rate liability for LIBOR + 0.53% (i.e. 7% - 6.47%). It is through swap agreement that the business unit is able to pay interest at floating rate. As per the agreement the organization needs to pay LIBOR to financial intermediary and receive interest at fixed rate of 6.47%. The fixed interest received can be utilized for settling the part of interest on its outstanding debt obligation. It is seen that swap agreement helps the organization to exchange its fixed obligation in return of floating rate obligation. Many-a-times the business units feel overburdened of its fixed interest obligation or risky due to floating rate of interests. This in turn results in arising need for either converting fixed to floating or vice versa. Intermediaries TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324
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play an important role by declaring bid and offer rate for various swap agreements. In present case the organization is able to convert its fixed rate liability into floating rate on the basis of quotes declared. The swap agreement provides the organization an opportunity to pay interest at LIBOR + 0.53% in exchange of fixed rate of 7%. As per agreement the bank is going to receive LIBOR rate and pays 6.47% of interest.
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QUESTION 3 DURATION
OF
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BOND
AND ITS LIMITATIONS
The financial resources can be acquired on part of government and organizations through issue of bonds. It is the form of debt-fund that is issued by corporate and government to meet financial required. It is perceived that bonds are safer option for investors since it guarantees regular return (Klein and Stellner, 2014). Moreover, the initial amount paid to purchase bonds is repaid on its maturity. The concept of duration of bond is considered to highly important element for understanding investment in bonds. Duration in context of bonds is time period in years taken to make repayment of initial price and return guaranteed on bond. The risk associated with bonds is considered to be higher for bonds with large duration. This is due to increasing price volatility with long duration to maturity. Majorly, there are two types of bonds whose duration varies with its nature. Two kinds of bonds and respective durations for same are described below in detail. Zero-coupon bond: The zero-coupon bonds are also termed as discount or deep discount bonds. These bonds do not involve payment of interests in form of coupons on regular basis. In case of zero-coupon bonds investor tends to make purchase of bonds at price lower than face value (Hyman and et. al., 2015). The amount however is recovered at face value on date of maturity. Henceforth, duration in case of zero-coupon bond is equivalent to TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324
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time till maturity for the bond. The entire amount of investment plus return on same is recovered on date of maturity in case of zero-coupon bond. This in turn indicates that the duration for zero-coupon bond is equal to total time required for maturity. Vanilla Bond: The bond that pays regular interest payments in form of coupon payments are termed as Vanilla Bond. As the name suggests vanilla bond does not involve any kind of additional features. The regular interest payments are made at fixed rate of interests and bond is redeemed at face value on maturity. The duration in case of vanilla bond is always estimated to be lesser than time to maturity of bonds. It can be therefore said that duration for recovering initial investment differs with kind of bonds. In order to calculate duration for bonds different factors are taken into consideration. These factors include bond’s maturity, yield and coupon. Moreover, higher duration indicates higher interest rate risk associated with bond. It can be therefore said that duration is a measure of sensitivity of bond price. The different types of duration involved in investments in bonds are described below. Macaulay Duration: The duration that is estimated as weighted average term to maturity for regular cash flows of bond is termed as Macaulay Duration (Cornett and et.al., 2011). In order to estimate Macaulay duration by dividing total present value of cash flow by bond price as indicated in formula below.
In order to generate deep understanding of Macaulay Duration, an example for estimating the same is provided underneath. Suppose a five year bond is issued at par value of ÂŁ 1000 at coupon rate of 5%.
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[
−5
]
1− ( 1+ 0.05 ) 1000 + 5 0.05 ( 1+0.05 ) ¿ 1∗50 2∗50 3∗50 4∗50 5∗50 5∗1000 ( + + + + + ) 2 3 4 5 1+ 0.05 ( 1+0.05 ) ( 1+0.05 ) ( 1+ 0.05 ) (1+ 0.05 ) ( 1+0.05 )5 Macaulay Duration= ¿ 50∗
Macaulay Duration=4.55 years It is seen that present value of expected cash flows for bond is divided by current bond price to estimate Macaulay duration. Moreover, the duration is estimated lesser than time to maturity since it involves regular interest payment. Modified Duration: In case of modified duration that the duration for bond is estimated after accounting for changing interest rates. The formula shows change in duration with every percentage of change in yield (Duration Basics, 2007). It is mostly used for estimating duration for bonds with fluctuating interest rates. The modified duration is estimated for bond with the help of following formula.
Effective Duration: The effective duration is calculated for bonds having embedded options or redemption features. The methodology emphasizes on calculating duration through construction of binomial trees. It is seen that different kinds of duration are estimated in case of investment is bond market. The bond duration is applied by investors since it is the measure of interest rate risk associated with investment option. There are certain limitations of duration for bonds as described below in detail.
The duration estimated is considered although supports investors’ decision making process. It does not provide absolute measure of bond risk. It does not provide any
indication related to credit risk associated with bond. It is also seen that duration of bond changes with variation in interest rates and as time to maturity arises. The changing duration with each of coupon payments make evaluation difficult. Henceforth, investors do not generate an idea of accurate duration for bond while making investment decision.
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In order to overcome the limitations associated with evaluation of bond duration. It is essential to adopt appropriate methods for valuing duration of bond. Moreover, investors should possess clear idea of nature of bond in which investment is made so as to evaluate risk-return profile.
QUESTION 4 EXPECTED
SHORTFALL AND VALUE AT RISK
(VAR)
Expected shortfall and Value at Risk are considered to be two important measures for measuring risk-factor or volatility associated with the investments into consideration. Expected shortfall and Value at Risk (VaR) as an estimate for risk helps in assessing the market and credit risk associated with investment option or portfolio (Chen, Gerlach and Lu, 2012). Value at risk emphasizes on providing a single number for determining entire risk associated with the portfolio. It estimates the degree of loss that investor may face at particular confidence level. The chances of exceeding loss above value estimated as VAR are considered to be within limits of confidence level. Suppose, 10-day VAR estimated for bank at 99% confidence interval is ÂŁ 2 million. This indicates that there are only 1% chances that losses exceed above ÂŁ 2 million in 10-day duration for banking unit. However, Value at risk provides a single measure for risk assonated with investment option which makes it suitable for estimating risk in different scenarios. Expected shortfall on other hand takes into consideration the worst conditions than Value at Risk. It measures the average loss that may happen in the worst (1-p) % cases where p is the confidence level. It can be said that expected shortfall measures average of all losses that are more than or equal to VaR. The expected short fall is also termed as conditional value at risk or expected tail loss. The expected shortfall although helps in measuring risk above value at risk, it does not indicates the worst scenarios. This is due to reason that the worst scenarios in few of investments are loss of 100% or more. The expected shortfall is estimated to measure risk above confidence level that is in q% cases. Value at risk on one hand assumes that the risk of loss does not lie above confidence level (Berkowitz, Christoffersen and Pelletier, 2011). However, the expected short fall tends to estimate risk above the confidence level. The expected shortfalls accounts for risk in cases chances for losses exceed confidence level. Henceforth, expected shortfall is considered to be wider approach for estimating risk associated with the selected investment option. There are certain advantages and disadvantages that are associated with expected shortfall. In case of TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324
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extreme losses, investors tend to generate wide range of information from values estimated through expected shortfall. Moreover, it is difficult to manipulate values estimated by expected shortfall and is considered to be highly conservative approach. However, it is difficult to estimate and explain expected shortfall as compare to Value at risk. Most of the financial institutions, portfolio managers and investors take into consideration Value at risk for measuring risk profile of its investment. Moreover, back testing is difficult in case of expected shortfall as compare to Value at risk (Ortiz-Gracia and Oosterlee, 2014). Expected shortfall and VAR both are considered as function of time horizon and confidence interval. THIS IS A SAMPLE ASSIGNMENT BUY QUALITY ASSIGNMENT FROM EXPERTS CONTACT US NOW: TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324
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The Value at risk on one hand assumes that loss does not exceed confidence interval. However, expected loss is based on assumption that investor assumes risk more than confidence level. This in turn indicates that expected shortfall is highly conservative in nature. The financial markets regulators tend to make extensive use of value at risk so as to measure the level of risk associated (PĂŠrignon and Smith, 2010). However, due to rising situations of financial turmoil in past financial institutions started adopting expected shortfall internally for measuring risk associated with investors. It can be said that with higher confidence interval Value at risk is suitable option. However, for investment options with lower confidence level the value of expected shortfall should be estimated for assessing risk. .
QUESTION 5 VOLATILITY
AND ITS MODELS
The investors tend to make range of investments from time-to-time so as to generate sufficient level of return. However, the value of investment continuously changes with passage of time. It is due to change in prices of shares, bonds and so on that the overall value TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324
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of investment changes. Volatility is regarded as measure of variation in prices of investment option over a period of time (Engle and Sokalska, 2012). It measures the dispersion in return generated by investing funds into specific security or assets. It tests the degree of variation in return from mean or average return of the security into consideration. In order to measure volatility the measures of dispersions such as standard deviation and variance are estimated. Moreover, volatility indicates level of risk that is associated with investments into consideration. It can be said that higher the volatile investment is more is the risk linked to the same. The volatility therefore can be considered as measure of risk for an investment option. The higher degree of volatility indicates high spread or dispersion in value of investments. This in turn indicates that the price of security or other investment option is expected to change significantly any time due to high uncertainty (Gatheral and et. al., 2012). However, lower degree of volatility indicates that the value of investment does not change significantly over a period of time. The volatility for shares or stocks is estimated by measuring beta value. The value of beta indicates the volatility or risk associated with shares into consideration. The volatility for financial instruments is of two types: Historical and implied volatility. In case of historic volatility, historical prices are considered for measuring the volatility or risk for investment option. However, in case of implied volatility current market prices are considered to measure the risk. It is essential for investors to measure volatility of investment options so as to test the level of risks. The two important approaches to monitor the volatility of investments are described below in detail. Exponentially Weighted Moving Average (EWMA) Model: The model emphasizes on estimating volatility through exponentially weighted moving average of stock prices (Korkmaz, n.d.). The formula mentioned below helps in modelling volatility as per EWMA model.
In case of EWMA model weights assigned to specific returns indicated by
Îą i tends
to decrease exponentially when we move back through time. It can be said that weights in case of EMWA model decreases exponentially when information is extracted from two different points of time in past. The model helps in estimating volatility on basis of historical
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prices of the investment into consideration. It is one of the widely applicable models for estimating volatility associated with different investment options. Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model: It is the model that is proposed by Engle (1982) and Bollerslev (1986). In order to estimate volatility the model takes into consideration average variance rate of stock for long-run (Hansen, Huang and Shek, 2012). The volatility in case of GARCH model can be measured with the help of following formula.
The GARCH model is considered to be extension of EMWA model that takes into consideration average long-run average variance,
σ t −1 and Rn−1 . The GARCH Model is
based on some of assumptions. The model assumes that future or tomorrow’s volatility regresses itself since it is the function of today’s volatility. Moreover, it assumes that future variance is highly dependent on the most recent variance. Finally, the variances are expected to change over a period of time. The model is considered to estimate different range of parameters in the process of measuring overall volatility. Two of models are considered to be highly efficient for estimating volatility associated with the investments. The comparison between two models is detailed underneath.
The EWMA model is regarded as special case of GARCH (1, 1). On other hand,
GARCH (1, 1) is considered to be generalized case for EMWA model. GARCH as a model to measure volatility takes into consideration the mean reversion.
However, EWMA does not emphasize on considering the concept of mean reversion. GARCH model is proved to be highly accurate for estimating volatility by various authors from time-to-time (Kissell, 2012). The high accuracy is a result of considering
mean reversion that is considered while measuring volatility as per the model. In order to estimate volatility, EWMA assigns higher weight age to recent observations rather than previous observations. However, GARCH model is based on assumption that risk today is directly and significantly correlated to risk yesterday.
The two of volatility models are considered to be efficient in modelling volatility associated with investment option. The models are widely used in different scenarios for estimating volatility and support investment decisions.
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CONCLUSION The report proposed herewith emphasizes on determining different ways to estimate risk associated with invest options. It is seen that financial risk management is an essential element in today’s world. Investors if ignores risk-factor while making investment decision may end up with huge loss. The report provided valuable insights for measuring risk for different investment options available with inventors. It is suggested that while making investment into shares valuation for the same should be conducted. Moreover, bonds although are safer option should be evaluated before making investments. Investments in derivatives need to be also evaluated deeply so as to earn sufficient level of return. The report suggests that every investment should be evaluated on grounds of risk-return profile. The option that maintains balance between risk & return should be selected for the investment purpose.
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REFERENCES Books and journals Berkowitz, J., Christoffersen, P. and Pelletier, D. 2011. Evaluating value-at-risk models with desk-level data. Management Science. 57(12). Pp. 2213-2227. Chen, Q., Gerlach, R. and Lu, Z., 2012. Bayesian Value-at-Risk and expected shortfall forecasting via the asymmetric Laplace distribution. Computational Statistics & Data Analysis. 56(11). Pp. 3498-3516. Cornett, M. M. and et.al., 2011. Liquidity risk management and credit supply in the financial crisis. Journal of Financial Economics. 101(2). pp. 297-312. Engle, R. F. and Sokalska, M. E., 2012. Forecasting intraday volatility in the us equity market. multiplicative component garch. Journal of Financial Econometrics. 10(1). Pp. 54-83. Gatheral, J. and et. al., 2012. Asymptotics of implied volatility in local volatility models. Mathematical Finance. 22(4). Pp. 591-620. Grinblatt, M. 2001. An analytic solution for interest rate swap spreads. International Review of Finance. 2(3). Pp. 113-149. Hansen, P. R., Huang, Z. And Shek, H. H., 2012. Realized garch: a joint model for returns and realized measures of volatility. Journal of Applied Econometrics. 27(6). Pp. 877-906. Hong, G. And Sarkar, S., 2007. Equity Systematic Risk (Beta) and Its Determinants. Contemporary Accounting Research. 24(2). Pp. 423-66. Hull, C., 2015. Risk Management and Financial institutions. Courier Westford. Hyman, J. and et. al., 2015. Coupon Effects on Corporate Bonds: Pricing, Empirical Duration, and Spread Convexity. The Journal of Fixed Income. 24(3). Pp. 52-63. Kissell, R., 2012. Intraday Volatility Models: Methods to Improve Real-Time Forecasts. The Journal of Trading. 7(4). Pp. 27-34. Klein, C. and Stellner, C., 2014. The systematic risk of corporate bonds: default risk, term risk, and index choice. Financial Markets and Portfolio Management. 28(1). Pp. 2961. Lee, C. F. and et. al., 2012. Security analysis, portfolio management, and financial derivatives. World Scientific Books. Milionis, A., 2011. A Conditional CAPM: Implications For Systematic Risk Estimation. The Journal Of Risk Finance.12(4). Pp.306 – 314.
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Ortiz-Gracia, L. and Oosterlee, C. W., 2014. Efficient VaR and Expected Shortfall computations for nonlinear portfolios within the delta-gamma approach. Applied Mathematics and Computation. 244. Pp. 16-31. Pérignon, C. and Smith, D. R. 2010. The level and quality of Value-at-Risk disclosure by commercial banks. Journal of Banking & Finance. 34(2). Pp. 362-377. Pirie, S. And Smith, M., 2008. Stock Prices And Accounting Information: Evidence From Malaysia. Asian Review Of Accounting.16(2).Pp.109–133. Online Duration Basics, 2007. California Debt and Investment Advisory Commission. [pdf]. Available through: <http://www.treasurer.ca.gov/cdiac/publications/duration.pdf>. [Accessed on 23rd March 2015]. Korkmaz, T., n.d., Using Evma And Garch Methods In Var Calculations:Application On Ise30 Index. [pdf]. Avaialbele through: < http://content.csbs.utah.edu/~ehrbar/erc2002/pdf/P161.pdf>. [Accessed on 24th March 2015].
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