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Course Title: Managing Financial Risk with Forwards, Futures, Options, and Swaps, Second Edition
Author: Fred R. Kaen
Provider: American Management Association
Price: $79.95
CEU Credits: 2
Level: Fundamental
Field Of Study: N/A
Prerequisites: Basic familiarity with financial markets and financial market terminology; some familiarity with elementary statistics
Purchase This Course

You hear it all the time: today, risk management drives financial strategy. How can you be sure you're making the most profitable use of the powerful tools available to manage your organization's risk?

Now, with this brand new, totally revised edition you'll learn the art and science of risk management as it is practiced in today's most ambitious and successful companies. You'll see how to calculate and use the new metric of value at risk (VaR) to establish winning strategies and limit potential loss. And you'll see how to combine the four types of derivatives–forwards, futures, options, and swaps–to create effective risk management products for your organization's specific needs.

You'll gain a solid foundation in the basic elements, strategies, and implications of derivatives, their products and terminology, as well as a better understanding of the effects of financial risk management on a firm's investment and financing decisions and on its overall profitability.

In addition to its emphasis on new market structures and concepts, the Second Edition of Managing Financial Risk with Forwards, Futures, Options, and Swaps also includes numerous examples that clarify risk management applications; Internet sources and resources; and valuable exercises that allow you to apply the principles and techniques of risk management to real-world situations.

Learn how to:

  • Formulate and implement risk management strategies that are consistent with corporate goals
  • Exploit hedging as a positive risk management tactic
  • Reduce the likelihood of financial distress
  • Use your organization's special skills and knowledge to optimize risk exposure
  • Add real value by increasing expected cash flows and reducing investor/lender required rates of return

Major Subjects Covered:

  1. Financial Risk Management
  2. Measuring Risk Exposure
  3. Interest Rate Risk Management Issues
  4. Managing Risk with Forward Contracts
  5. Managing Risk with Futures Contracts
  6. Options: Terminology and Principles
  7. Managing Risk with Options
  8. Managing Risk with Swaps
  9. Financial Engineering
  10. Corporate Strategy and Risk Management.

Course Objective:

Understand the concept of risk management and how to use a variety of derivative financial strategies to manage risk. Learn how hedging can positively affect an organization's risk exposure.

About This Course:

As one course among many offered in the American Management Association's curriculum, Managing Financial Risk with Forwards, Futures, Options, and Swaps, Second Edition, is a basic, introductory course for financial managers and nonfinancial managers who need to understand the fundamental elements, strategies, and implications of derivatives. After the investment debacles of the late 1990s, many more financial managers in industry and government are eager to better understand these instruments.

Managing Financial Risk with Forwards, Futures, Options, and Swaps, Second Edition, is organized around the risk management tasks facing the treasurer's office. It opens with an overview of risk management and the measurement of risk exposure. In addition to explaining terminology, principles, and use of forwards, futures, options, and swaps, the course discusses cash flow at risk (CaR), value at risk (VaR), interest rate risk management, commodities, new hedging products, and risk management markets. A new feature called "Risk Management and You" gives learners the opportunity to apply the principles and techniques of risk management to their own personal and professional situations. The course wraps up with a discussion of financial engineering and its relationship to corporate strategy.

Whenever possible, we keep the presentation at an intuitive level. We wish to emphasize how a manager not technically trained to do the sophisticated calculations and construct immunization strategies can still be informed about what the "experts" are doing and ask informed questions about proposed policies.

Fred R. Kaen is a Professor of Finance and Codirector of the International Private Enterprise Center at the Whittemore School of Business and Economics, University of New Hampshire. He has taught at the University for over 2 5 years in the areas of corporate finance, corporate governance, and international financial management in the University's undergraduate, MBA, and Executive MBA programs. Kaen has published extensively in leading academic journals, and is the author of several American Management Association self-study courses, including the first edition of Managing Financial Risk with Forwards, Futures,

Options and Swaps. His research interests lie in international finance, corporate governance, and corporate finance. He has presented his research at universities and conferences in North America, Europe, and Asia. In addition, Kaen has been a visiting professor at the University of Oregon, The Norwegian School of Economics and Business (Bergen), the Norwegian School of Management (Oslo), and the University of Hamburg. He continues to work closely on joint research projects with his overseas colleagues.

Fred Kaen holds a doctoral degree in finance and international business from the University of Michigan, an M.B.A. in finance from Michigan, and a B.S. in economics from Lehigh University.

The publisher wishes to thank the following people for their review of the manuscript of this course: Ike Mathur, Professor of Finance, Southern Illinois University, Carbondale, and Wei Rowe, Assistant Professor of Finance, University of Nebraska at Omaha.


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