By Dimitris N. Chorafas
This ebook offers a really precious and informative perception into a facet of finance that has turn into fairly difficult and complicated yet is however very fascinating.--Dr. Henry Kaufman, President, Henry Kaufman & corporation, Inc.
Strategies and recommendation on balancing monetary threat for leveraged businesses
In today’s hugely leveraged economic system, sturdy liabilities administration has develop into very important. whole sectors of the financial system, and a few of the largest monetary and commercial businesses, face dramatic overexposure difficulties. yet enough inner legal responsibility controls can drastically decrease chance. that includes case reviews in a couple of industries and examples of either right and mistaken liabilities administration in significant businesses, Liabilities, Liquidity, and funds administration exhibits managers, accountants, funding advisors, and different pros who take care of liabilities and overexposure how they could enforce stable inner controls on legal responsibility and overexposure. It offers smooth instruments, severe ideas, and well timed suggestion in particular adapted to the desires of businesses dealing with overexposure and debt chance in a risky economic system.
- Loss of capitalization
- Risks of globalization
- Sensitivity research, hole research, tension checking out, and value-added solution
- Real-time monetary reporting and digital stability sheets
- Liquidity management
- Money markets, yield curves, and curiosity rates
- Mismatch hazard profiles
- Credit risk
- Risk within the new economy
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Additional resources for Liabilities, liquidity, and cash management
In midOctober 2000 there were rumors in New York that just before the late September combined euro intervention of the Federal Reserve, European Central Bank, and Bank of Japan, a large American investment fund that had invested primarily in Internet stocks and other technology equities was in trouble. Had this fund gone under, it could have carried with it the NASDAQ index with the shock wave hitting Tokyo and Hong Kong, then Frankfurt, Zurich, Paris, and London. Since one piece of bad news never comes alone, the NASDAQ and mutual funds tremors of fall 2000 were followed by more stock market blues because of earning announcements.
As of early 2001, the largest telecom borrower was Londonbased VodafoneAirTouch, with $46 billion of debt. Its highly leveraged balance sheet made it the second-largest corporate debtor in the world. Other large telecom debtors are British Telecom with Team-Fly® 11 CHALLENGES OF LIABILITIES MANAGEMENT $45 billion debt (£30 billion); AT&T with $39 billion; France Telecom with $28 billion; and Dutch KPN with $26 billion in debt. Add Deutsche Telekom and one has, more or less, the “Who’s Who” in telephony and in indebtedness.
Automotive companies). 2 The Stock Exchange Earthquake at the End of March 2000 23 CHALLENGES OF LIABILITIES MANAGEMENT With the ephemeral stock market notion that scarcity of supplies is forever, expectations for high returns in technology grew quickly. Since there was so much cash available to invest in equities, the capitalization of the few chosen suppliers zoomed—but at the same time the number of technology companies that could be invested in ballooned. In a very short period, this changed the scarce resource into an abundant one, and valuations of most of the leading companies turned on their head.