概念 外汇调期是指在即期外汇市场，买进或卖出一种货币的同时，在远期外汇市场卖出或买入同样数量的同种货币。调期交易是对一种货币的买入与卖出同时进行的交易，交易的期限不同。 外汇调期交易 外汇调期交易是一种金融衍生业务，它是指在出售某种即期货币的同时买入该货币的远期，就是即期卖出甲货币，买入乙货币；同时又远期卖出乙货币，买入甲货币。外汇调期是一种锁定汇率风险、固定债务成本的有效手段之一。采取这一手段后，在偿还贷款时，无论汇率如何变化，能把未来难以确定的汇率损益，锁定为固定成本，有利于企业对债务成本的核算和控制。目前在国际市场上，它被作为一种规避汇率风险的工具而被普遍采用。 调期外汇 （1）调期外汇买卖的含义 调期外汇买卖就是在某一个工作日买入（或卖出）某一货币的即期外汇的同时，卖出（或买入）该货币的远期外汇的交易。也就是即期和远期的买卖方向对调，以达到调整起息日、确保成本的目的。 （2）业务特点 所谓调期外汇买卖实际上由两笔业务组成，一笔是即期外汇买卖，一笔是远期外汇买卖，这两笔交易的货币相同，金额相等，只是买卖的方向相反。 调期外汇交易（Foreign Exchange Swap）又称调期交易，是指同时买卖一定数量仅属不同交割日货币的外汇交易。调期外汇交易实际上由两笔外汇交易组成，一般是一笔为即期外汇交易，一笔为远期外汇交易。这两笔交易人卖的金额相同，货币相同，只是买卖的方向相反。 例如，中国银行从国外借入一笔日元，并转贷给国内的一家企业，而这家企业希望使用美元。于是中国银行便应该客户的要求，将日元兑成美元，以满足该企业对美元需求。但到贷款期满时，该企业必须用日元归还贷款，以防止日元升值，美元贬值的汇率风险。这就是说，该企业在做即期交易的同时，又做一笔远期交易，即卖出远期美元，买进远期日元，以保证到期以日元偿还中国银行的日元贷款。 以上是一笔即期／远期调期交易，此外还有一种远期／远期调期交易。如果以上企业不是现在需要这笔资金，而是1个月以后需要，那么中国银行用日元买入1个月期的美元远期，然后对日元卖出与贷款期限相同的远期美元，比如1年。l个月后，中国银行用日元按1个月的远期汇率买进美元，放款给企业。放款时，中国银行卖出期限为正年的美元远期，买进期限为1年的日元远期即可。 既有进口业务也有出口业务的企业则可以通过掉期交易来规避汇率风险，比如企业有一笔1个月后的美元收汇和3个月后的付汇，企业可以选择相对应的掉期业务来规避汇率风险。
1. The process of investing on an ongoing basis in a small but growing firm over a period of time. Essentially, a drip feed results in a startup company receiving capital contributions as the need for capital arises, rather than getting a lump sum capital contribution at the company's inception.2. The process of retail investors contributing small amounts of their savings to their investment pool on a periodic basis, such as $200/month, for example. 1. With this type of financing arrangement, startup firms operate with very little surplus capital; their financing needs are only contributed to by venture capitalists as the need for capital arises.2. Individual investors can benefit from this type of strategy: it reduces the risk of entering positions in overpriced securities, since the investments are spread out. This technique also moderately smooths market fluctuations for the investor, since he or she benefits from dollar-cost averaging (a fixed dollar contribution amount each month, for example, will result in more equity shares being purchased at low market prices than at high prices). Of course, as a trade-off for the safety of this added smoothness, investors sacrifice the potentially higher returns they might have seen if they had simply made a lump sum investment at low market prices.
目录 1什么是用餐者困境 2形式定义和平衡分析 3实验性证明 4参考文献 什么是用餐者困境 在博弈论中，用餐者困境是一个多参与者的囚徒困境。设想的情景是有若干人出去吃饭，在点菜之前他们达成了一致：所有人平摊买单的钱。现在，每个人要么点贵的菜肴，要么点便宜的菜肴。假设贵的菜肴比便宜的要好，但是如果一个人单独进食的话，不能保证为贵的菜肴多付的钱一定值得。每个人都这么推想：众人将会点便宜的菜肴，而由于点了更贵的菜肴而额外加的钱将被众人摊分，所以额外加的钱是很少的，而菜肴的味道却会有较大的改善，因而多花这点钱是划算的。每个人都这样推想，最后的结果是他们都花钱点了更贵的菜肴，而原本他们认为点便宜的菜肴要比点贵的对每个人都要好些。 形式定义和平衡分析 用g表示从享用贵的菜肴中得到愉悦，b表示从享用便宜的菜肴中得到的愉悦，h表示为贵的菜肴付的钱，l表示为便宜的菜肴付的钱，n表示用餐者的人数。从上面的描述中我们可以得出如下顺序：h > g > b > l。而且，为了使这个游戏更类似囚徒困境，我们假设，在给定其他人都会帮助买单的前提下，人都是更喜欢贵的菜肴的，。 考虑由某个参与者的对抗决定的任意一组策略。令其他的参与者的菜肴的总成本等于x。那么，点便宜的菜肴的成本是，而点贵的菜肴的成本是 。所以，如果点贵的菜肴，每人的从中得到效用是，而如果是便宜的菜肴，则是。假设从贵的菜肴中得到的效用更高。记住，对抗者们的策略选择是任意的，并且形势是均衡的。这证明贵的菜肴是严格占优的，因而是唯一的纳什均衡。 如果每个人都点贵的菜肴，所有用餐者都支付h，那么得到的总效用是g − h < 0。换句话说，假设所有人都点便宜的菜肴，那么他们的总效用会是b − l > 0。这就揭示了用餐者困境和囚徒困境的相似之处。像囚徒困境一样，每个人得境况都因唯一的均衡结果而变差，而如果他们都一致地选择另外一个策略的话，大家的境况都将变好。 实验性证明 Gneezy，Haruvy和Yafe于2004年在一个现场试验中检验了这些结论： 每组六个用餐者选择不同的菜单组合。果然正如所料，当大家一起平摊费用时，受实验者比每人单独付钱时消费了更多菜肴。当菜肴是免费时，消费量最高。最后，某些组的成员只需要支付相当于他们个人费用的六分之一。这些组的消费量和平摊费用的消费量没有差异。因消费量增加而增加个人的费用，在两种支付安排下都是一样的，但是平摊费用对组里的其他成员施加了负担，这意味着在做选择时，参与者并不会把其他人的负担考虑进去。这与大量在实验室进行的试验结果不同。在实验室环境中受实验者面对的是从实验设计来看相似的选择，但这些选择的背景要比实际情况抽象得多。实际结果与实验室的试验的差别极有可能源于实验室环境与真实场景的差异。 参考文献 1Glance, Huberman. (1994) "The dynamics of social dilemmas." Scientific American. 2Gneezy, U., E. Haruvy, and H. Yafe (2004) "The inefficiency of splitting the bill: A lesson in institution design" The Economic Journal 114, 265-280.
An act of Congress enacted in 1977 with the intention of encouraging depository institutions to help meet the credit needs of surrounding communities (particularly low and moderate income neighborhoods). The CRA requires federal regulators to assess the record of each bank or thrift in helping to fulfill its obligations to the community. This record will then be used in evaluating applications for future approval of bank mergers, charters, acquisitions, branch openings and deposit facilities. |||Because the percentage of "CRA loans" that a mortgage lender originates or purchases in the secondary market is important, CRA loans tend to trade at a premium price in the secondary market. Generic packages of loans are frequently searched by traders looking to find overlooked individual CRA loans within the package which can be extracted and sold for a premium, independent of the entire package .
A slang term meaning five basis points, or five pips. A nickel is the equivalent of 5/100th of 1%, or 0.05%. In forex, basis points are typically used to denote interest rate changes made by a central bank and changes in the value of a given currency over the course of a trading session. |||Forex rates are usually expressed in whole number format, and use four decimal points instead of fractions for remainders. For example, the USD/EUR currency pair is quoted at 1.2512. A nickel adjustment upward would increase the quote by 0.0005, since each basis point is worth 0.0001. The new rate would be 1.2517.
The oil and gas operations that take place after the production phase through to the point of sale. Most oil companies are known as being "integrated" because they combine upstream activities, which include exploration and production, with downstream operations.
A law passed by Congress with the intent of making savings and loan institutions more competitive. The best known of its many provisions was a section that enabled these so-called thrifts to offer money market deposit accounts with no interest rate ceiling, allowing them to compete more effectively with money market mutual funds for capital.The Act also raised the ceiling on their direct investments in nonresidential real estate from 20-40% of assets, and their consumer lending from 20-30% of assets. The Act is more formally known as the Garn-St. Germain Depository Institutions Act after its sponsors, Congressman Fernand St. Germain and Senator Jake Garn. Although welcomed at the time, critics say that the Act led to or exacerbated the savings and loan crisis of the late 1980s. They argue that - by raising the thrifts' cost of funds and allowing greater diversification in their loan activities - the thrifts were both forced and encouraged to take on more assets with greater risk in relatively unknown areas. Many thrifts were ill-equipped to manage these assets, and a significant portion eventually went sour.
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