Chapter 15
e
h h 5 + 5 + 5+
e *
Chapter 15
3 3> E n
h 3h 3 E >n 6
3
(NPV) h (IRR) h (PB) h (PI) h (MIRR) h
Chapter 15
h
3
h
~, 5E >6 P ~, 5E >6 P 6 x c
3
x c 6
(Safety Margin) h
Chapter 15
6 T >
3
h
5 P 6 ~ f ,
(,
3
)
h
5 6 P ~ f , T > 6 5 P 6 ~
Chapter 2
i
h h h ;K
8
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Chapter 2
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h h h - X E - X E
Chapter 2
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h
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h
h
P 3 n =h G
Chapter 2
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P 3 Hn E =i7 X 8 h P 3 Hn E =i7 X 8 3 T =i7 X 8
C
Chapter 3
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h
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Chapter 3
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Chapter 3
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(Price-Specie-Flow Mechanism)
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Chapter
Chapter 4
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h h h Tw k ,
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s ,
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k x >
3
, > n k x
k> k> x x h (Speculators) h
h
(Arbitragers)
h
3
Chapter 4
h
s ~ P
Chapter 5
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h h h h h
,
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Chapter 5
(the Law of One Price) (HC) `
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Chapter 5
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3
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[h e = ]h
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PUS $ e= PFC
= US$0.6/SF
US $6
Chapter 6
^
h h h x k l .
h
Chapter 6
SIMM X
1972 h 5 h 16 Xn 3k xl h (IMM division of CME) 3 kx l
3
IMM
3 3
Chapter 6
h
h
h
4h 7h 10 h h January Cycle h 1 h March Cycle h 3 h 6h 9h 12 h h
3 3 3
h
X
h
h
n 8
k x l
Chapter 6
IMM
3
f
(Commission) (Phys
Chapter 7
h h X z =y + = z + = z
Chapter 7
x
83 ~n M
(Spot Option)
(PSE) h
1982 h 12 h $ 8 M ~
3 8 M ~n
(Futures Option)
(CME) h
1984 h 1 h $ 8M ~
Chapter 7
OTC h
h 2. ^n $ 3$ 2. ^n
3
vs. h
H 5h OTC ^n 2. $
h
OTC
z y = 5 z y =
Chapter 7
3
h
z $~ =EP
Chapter 9
ha ~
h l h
h
^ l7 5
oe > h
7 P
Chapter 9
h
(Transaction Risk)
3 h a ^~5 , b7 (Economic Risk or Cash Flow Risk) 3 (Contractual Cash Flow) H 7
Chapter 9
3 7^bh a ~5 7^bh a ~5 7^bh a ~5 3
(Transaction Exposure)
`
Chapter 9
7 l
h3 ~5 o b a oY7
Chapter 10
a ~
h h h h
H = M
p M `F M p `F H =
Chapter 10
h
(Operating Risk)
p 3a ~3 =M H (Economic Risk or Cash Flow Risk) 3 / (Noncontractual Cash Flow) X =
Chapter 10
X
3M p = a H ~3 p = a H ~3 M h 3M p = a H ~3 3M p = a H ~3 h
(Operating Exposure)
Chapter 1
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h 3h
3
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Chapter 1
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: 97 9 n : 97 9 n : h
Chapter 1
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h 3h 3h
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4
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Chapter 1
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Chapter 1
h
h 3h
3
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