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Hedging-Strategien mit Commodity-Futures

Hedging-Strategien mit Commodity-Futures

          
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About the Book

Inhaltsangabe: Einleitung: Der Ursprung des modernen Terminhandels läßt sich auf das Jahr 1865 in Chicago zurückdatieren. Farmer aus dem Mittleren Westen der USA trafen sich dort und verkauften ihre Ernte auf Termin, um sich gegen zukünftige Preisschwankungen abzusichern und somit schon bei der Aussaat des Getreides einen Verkaufspreis kalkulieren zu können. Dieses Absicherungsmotiv, Hedging genannt, ist der Grund der Existenz von Terminmärkten. Wie unterschiedlich diese Motive und damit auch die Hedging-Strategien sein können, wird im ersten Teil dieser Arbeit gezeigt. Nachdem die Grundlagen des Terminhandels beschrieben wurden, wird eine Vorgehensweise entwickelt, mit deren Hilfe aus der Komplexität von möglichen Hedging-Strategien eine individuelle ausgewählt werden kann. Darüber hinaus wird erklärt, wie sich die jeweilige Marktsituation auf den Ertrag verschiedener Strategien auswirkt. Vor dem Hintergrund dieser Ausarbeitungen wird im zweiten Teil die Strategie der Metallgesellschaft an den Ölterminmärkten eingehender betrachtet. Die Metallgesellschaft kam im Dezember 1993 durch Geschäfte mit Ölterminkontrakten an der New York Mercantile Exchange (NYMEX) in Liquiditätsprobleme. Diese Zahlungsschwierigkeiten und die daraus entstandene Unternehmenskrise hatten zur Folge, daß nicht nur Vorstandsmitglieder der Metallgesellschaft entlassen wurden, sondern daß auch eine Restrukturierung des Konzerns erfolgte. Im Zuge dieser Maßnahmen sank der Konzernumsatz deutlich und die Zahl der Mitarbeiter verringerte sich von 62.500 auf 25.000. Da die wirtschaftlichen Folgen dieses Engagements am Terminmarkt für den gesamten Konzern existenzgefährdend waren, ist es von großer Bedeutung, die von der Metallgesellschaft angewendete Strategie näher zu betrachten. Zur Verdeutlichung der Entscheidung der Metallgesellschaft für die Absicherungsstrategie werden die Verträge mit den Kunden und den Ölraffinerien erläutert. Nach der Beschreibung der Umsetzung und Auflösung der Strategie we


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Product Details
  • ISBN-13: 9783838638874
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Width: 148 mm
  • ISBN-10: 3838638875
  • Publisher Date: 02 May 2001
  • Height: 210 mm
  • No of Pages: 96
  • Series Title: German
  • Weight: 136 gr


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