商务知识导读Unit 4 Playing with fire.pptxVIP

;Part I Lead-in;Part I Lead-in;;;;;;;;;;;;;;;;;;;;;Notes:; But the debate—and hence this special report—focuses mainly on wholesale products and techniques, both because they are less obviously useful than retail innovations and because they were more heavily implicated in the financial crisis: think of those evil credit-default swaps (CDSs), collateralised-debt obligations (CDOs) and so on. ; 但是这场争论（包括这个特别报告）主要把目光集中在批发产品和技术上，既是因为他们不如产品创新看起来那么有用，还因为他们跟金融危机牵连很大——想想那些邪恶的信用违约互换和债务抵押债券等产品。 ;Notes:;Notes:;Notes:; In a 2011 paper for the National Bureau of Economic Research, Josh Lerner of Harvard Business School and Peter Tufano of Said Business School also argue that in a typical “S-curve” pattern, in which the earliest adopters of an innovation are the most knowledgeable, a widely adopted product is more likely to have lots of users with an inadequate grasp of the products risks. ;Business Terms： :;信用违约互换是将参照资产的信用风险从信用保障买方转移给信用卖方的交易。信用保障买方在合同期限内愿意向承担风险保护的卖方支付一笔固定的费用；信用保障卖方在接受费用的同时，则承诺在合同期限内，当对应信用违约时，向信用保障买方赔付违约的损失。 ***信用违约互换示意图 ;CDOs：担保债务凭证 A type of structured asset-backed security (ABS) with multiple tranches that are issued by special purpose entities and collateralized by debt obligations including bonds and loans. Each tranche offers a varying degree of risk and return so as to meet investor demand. CDOs value and payments are derived from a portfolio of fixed-income underlying assets. CDO securities are split into different risk classes, or tranches, whereby senior tranches are considered the safest securities. Interest and principal payments are made in order of seniority, so that junior tranches offer higher coupon payments (and interest rates) or lower prices to compensate for additional default risk. ; 担保债务凭证是一种固定收益证券，其现金流量的可预测性较高，不仅提供投资人多元的投资管道以增加投资收益，更强化了金融机构的资金运用效率，转移不确定风险。凡是具有现金流的资产，都可以???为证券化的标的。 ***简单的担保债务凭证 ;interest-rate swaps：利率互换 A financial derivative instrument in which two parties agree to exchange interest rate cash flows, ba