国产一级a片免费看高清,亚洲熟女中文字幕在线视频,黄三级高清在线播放,免费黄色视频在线看

“[The figure below] represents the typical balance sheet of a fund. On the source side we have its capital structure, comprising debt and the assets under management (AUM). Debt corresponds to short cash positions (or short-term borrowing) and short security positions. AUM is the difference between the fund′s asset and liability positions, and represent the total claim individual investors have on the investing pool. On the asset side we have cash held in long positions, securities held in long positions and margin, i.e. collateral typically requested by lenders in order to extend credit. Derivatives can be assets or liabilities depending on whether they are held long or short, but they are in effect off-balance sheet contingent claims. The relative size of all these different parts will depend on the type of fund and portfolio strategy. For instance, hedge funds are likely to have the largest borrowing relative to AUM, whereas passive mutual funds aimed at retail investors are likely to have minimal debt and relatively small long cash positions. Distressed debt funds use little or no leverage and keep a large share of their portfolio in cash.”下圖表格代表基金的典型資產(chǎn)負債表。在來源方面，我們擁有其資本結(jié)構(gòu)，包括債務(wù)和管理資產(chǎn)（AUM）。債務(wù)對應(yīng)于空頭現(xiàn)金頭寸（或短期借款）和空頭擔(dān)保頭寸。AUM是基金資產(chǎn)和負債頭寸之間的差額，代表個人投資者對投資池的總債權(quán)。在資產(chǎn)方面，我們擁有多頭頭寸持有的現(xiàn)金，多頭頭寸持有的證券和保證金，即貸方通常要求提供抵押品以擴展信貸。衍生工具可以是資產(chǎn)或負債，具體取決于持有的是多頭還是空頭，但實際上它們是表外或有債權(quán)。所有這些不同部分的相對規(guī)模將取決于基金類型和投資組合策略。例如，對沖基金相對于資產(chǎn)管理規(guī)?？赡苡凶畲蟮慕栀J，而針對散戶投資者的被動型共同基金則可能負債最少且長期現(xiàn)金頭寸相對較小。陷入困境的債務(wù)基金幾乎沒有使用杠桿，甚至沒有杠桿，并且將大量投資組合保留為現(xiàn)金。“Leverage is usually defined as…gross leverage, net leverage and long leverage. Gross leverage adds the short and long positions in securities, divided by AUM. This measure is very conservative, since it treats the short and long positions as independent sources of revenue, while in many cases they are part of a single bet and tend to hedge each other. As a result, gross leverage tends to overstate economic exposure. Net leverage is the difference between long and short positions in risky assets, which corrects the bias of gross leverage but does not account for the risk created by long or short positions that are effectively independent bets. Thus this measure is likely to understate risk.杠桿通常被定義為總杠桿，凈杠桿和多頭杠桿?？偢軛U（Gross leverage)增加了證券的空頭和多頭頭寸，除以資產(chǎn)管理規(guī)模的水平（AUM）。這項措施非常保守，因為它將空頭和多頭頭寸視為獨立的收入來源，而在許多情況下，它們是同一筆賭注的一部分，往往會相互對沖。結(jié)果，總杠桿水平往往會放大經(jīng)濟風(fēng)險。凈杠桿率是指風(fēng)險資產(chǎn)的多頭和空頭頭寸之間的差額，該差額糾正了總杠桿率的偏差，但沒有考慮由有效或獨立投注的多頭頭寸或空頭頭寸產(chǎn)生的風(fēng)險。 因此，該措施可能會低估金融市場風(fēng)險。Finally, long leverage is the ratio of long security positions to AUM. This is probably the easiest and more common way to think about leverage. It is readily available for US-based institutions, because the SEC requires this information from any fund managing over USD 100 million.  All the above measures of leverage also ignore the exposure from off-balance sheet derivative positions.”最后，多頭杠桿是多頭安全頭寸與AUM的比率。這可能是考慮杠桿作用的最簡單，最常見的方法。美國證券交易委員會要求任何管理超過1億美元資金的基金提供此信息，因為美國證券交易委員會要求這些信息。上述所有杠桿措施也忽略了表外衍生工具頭寸帶來的風(fēng)險。“Leveraged portfolios enhance the gains of successful investment strategies, at the cost of magnifying the losses when financial conditions sour. Consequently they may be subject to severe allocation reversals and fire sales, which could sharpen the return volatility of the assets included in such portfolios.”Different funds have different leverage不同的基金有不同的杠桿“Since [the great financial crisis]…asset managers have quickly increased their footprint in global financing, helped by the sharp retrenchment of banks nursing their balance sheets back to health…Since 2009, bond financing has become prevalent in global international financing, with an expansion exceeding USD4 trillion, whereas cross border bank lending has contracted by almost USD2 trillion…Unconventional monetary policies in advanced economies have squeezed returns while reducing borrowing costs, which in principle creates an incentive for asset managers to use more leverage.”“自08年金融危機以來...資產(chǎn)管理人迅速增加了其在全球融資中的足跡，這得益于銀行大幅裁員，使資產(chǎn)負債表恢復(fù)健康...自2009年以來，債券融資已在全球國際融資中盛行， 擴張規(guī)模超過4萬億美元，而跨境銀行貸款卻縮水了近2萬億美元……發(fā)達經(jīng)濟體的非常規(guī)貨幣政策在降低回報成本的同時降低了借貸成本，從原則上講激勵了資產(chǎn)管理公司使用更多的杠桿。”“Using information provided by a market data vendor…[leverage] seems to vary considerably depending on the type of fund… In most of the analysis…we focus on funding leverage by using a measure closely related to long leverage… the ratio of long security positions in excess of AUM divided by AUM….Equity fund portfolios seem to be minimally leveraged, while fixed income funds tend to resort abundantly to borrowed money. Funds dedicated to global markets or advanced economies had little debt in their capital structure, whereas debt in leveraged EM fixed income funds was close to 30 percent of AUM towards the end of our sample period.““使用由市場數(shù)據(jù)供應(yīng)商提供的信息，采用的金融杠桿取決于基金或是策略本身的類型。因此在大多數(shù)分析中，我們通過使用與長期杠桿密切相關(guān)的措施來關(guān)注資金杠桿以及長期持有頭寸的比率（超過總資產(chǎn)規(guī)模AUM的頭寸除以AUM）。股票基金投資組合的杠桿作用似乎很小，而固定收益基金則傾向于大量借入資金。面向全球市場或發(fā)達經(jīng)濟體的基金的資本結(jié)構(gòu)幾乎沒有債務(wù)，而在我們的樣本期結(jié)束時，杠桿型新興市場固定收益基金的債務(wù)接近AUM的30％?！?div style="height:15px;">