你可能很懂理財,也可能一竅不通。以下的10個理財觀念,對任何人都可適用,掌握這些原則與方法,幫你作出正確的理財抉擇。
1. 看財經局勢,做趨勢計畫
2.不要只為了賺錢而投資
3.用情緒理財是最失敗的策略
趙夫子
2014/02/21
The
Main points of the Mid-term Exam in Finance English course
Part I. Important terms in Finance English(30%)
Choose Ten keyterms from those 25 keyterms
See the file attached below.
上述考題範圍本國學生考財金專有名詞之定義,用中文書寫。
Part II. Book: English for
Finance Studies (70%)
P.16
I.1
Primary market
P.17-18
I.2 Secondary
market
P.21-25
II.2-III Secondary
market~Market Capitalization
P.29
(II) Question2,4,6,8,10,12,13
P.30
(III) Translations
P.38-P.39
II.3-II.4
上述考題範圍是考句子的英翻中
Write down the main implications from the following article.
I. “If a bank is serious about risk management, then it will be serious from the top down.” Before discussing this statement, it is important to understand the events that precipitated it. The chain of events that led to the global economic crisis are outlined in figure 1. The resulting global economic downturn led to a vicious cycle of companies failing or downsizing, thus leading to unemployment, which further reduced demand for goods and services. In addition, banks across the globe retrenched and in place of the liberal lending practices credit tightened across the board. Governments stepped in with fiscal support—the likes of which has never been seen in modern recorded history. And now, everyone waits to see what will happen with this never-before-tried experiment of flooding the world markets with government money.
What
happened? Why did everything turn so bad so fast when it looked like the
good times would go on unabated and it appeared that the
very predictable five- and 10-year recession cycle had been
overcome? Different people like to point fingers at
different culprits. Some experts put the blame on credit default swap
instruments that were sold worldwide with promises of high returns and low
risk. Others blame those who promoted mortgage access to people who
normally would not qualify for a housing loan. But we believe that the
issue is more fundamental: The world’s financiers lost sight of the
requirement to manage risk effectively and, in many cases, it is
questionable if the basics of risk management were ever put in place.
A Bank’s Business
The core
business of a bank is to manage risk and provide a return to shareholders
in line with the accepted risk profile. The credit crisis and
ensuing global recession seem to indicate that the banking sector has
failed to tend to its core business. If it had done so effectively, then
credit default swaps would not have been bought up with so
much eagerness. If the banks had attended to risk management, then
there would not have been the flood on the U.S. market of cheap short-term interest
rate mortgages that led to the so-called housing bubble and the ultimate
wave of personal bankruptcies and home foreclosures.
A.T. Kearney believes that the framework for risk management in a bank is fundamentally no different today than it was prior to the credit crunch and recession. Indeed, the risk function lacks a certain business acumen, and continues to be considered a handbrake on growth. Chief economists and their macro perspectives are still divorced from the bank’s own strategy function. We believe that a return to managing risks—not ignoring them or believing they can be passed off—is the cure for the ailment that has hit the economy so hard. Let us therefore review what we call “The Seven Tenets of Risk Management” to see why the paradigm has neither been altered nor fundamentally changed in this new world order.
1.
Establish a Language System to Discuss and Categorize Risk
A risk
manager is overheard at a recent intra-departmental meeting: “The Basel II
second pillar requires that we focus on the ICAAP, and it is inherent that the
board of the bank fulfill their obligations in this respect and that sufficient
oversight is provided by the SREP…” at which point many of the participants
have no idea what the risk manager is talking about, but they are too afraid to
ask questions so they nod their heads in polite agreement and hope no one will
ask them for their personal opinion.
This scene
is played out all too frequently at many banks. Each function within a
bank has its own lingo and acronyms that are useful in the right format and
context. Take them out of their natural environment and they cause untold
confusion and misunderstandings. It is incumbent upon risk experts to translate
risk issues into a language and terms that all inter-ested parties can understand,
and it is the responsibility of the other functions to make the effort to
understand.
2. Develop
a “Big Picture” View of Risk Exposure and Focus on the Most Important
Not all
risks are created or end equally. Banks need to be mindful of credit, market, and
operational risks. Within the three main areas of risk, further stratification
is embedded to allow for a comprehensive overall view of risk. Tools such as
VaR (Value at Risk), Monte Carlo simulations, CFaR (Cash Flow at Risk), stress
testing, and others are applied to judge the level of risk and subsequently the
actions required to contain the risks. Yet within banks there is often a lack
of tools and sophistication to keep pace with a rapidly changing set of
products. At any point in time, one or more risk elements may be more relevant
than others, but the bank needs to know its risk framework and monitor
developments in real time to provide the right level of attention and action.
As a
whole, Canadian banks seem to have fared better than banks in other countries.
Canadian banks in general steered away from the credit derivative craze,
adopting a more conservative approach as other banks were ambitiously buying
the risky instruments. By taking the big picture view, Canadian banks avoided a
major meltdown. According to a report by TD Bank: “There appears to be a more
risk-averse culture in Canada running through government, the public and banks.
Canadian banks benefited from prudent and disciplined risk-management
practices, and higher capital ratios pre-crisis. The fact that Canada’s major
investment banks were part of a large diversified financial services
institution also played a role.”
3.Centralize Ownership of Process and Decentralize
Decision Making
Risk
management can be most effective when it is applied consistently across the
banking organization with policies and procedures developed by risk experts who
have the training and experience for their specific country, area, and client
mix. It is incumbent upon front-line officers to use the tools and processes to
guide their daily interactions with customers. Interactions are clear.
Answers are given in a timely manner and the responses leave no ambiguity about
what the bank is able to do for its customer.
A good example can be drawn from banks in Central Europe pre- and
post-privatization. Prior to privatization and modernization, many banks had a
decentralized business model and it was a public secret that the branch
managers made up the rules and profited handsomely from insufficiently transparent
business practices. This led to the failure of many banks in Central Europe.
Post privatization, the banks focused on centralizing key processes around risk
and then decentralizing decision making down to the branch level, with the
knowledge that decisions would be made within the centrally developed
framework; this provided safeguards against unwanted risk.
4. Quantify Risk Exposure and the Costs and Benefits of Managing Risks
The warnings were everywhere, renowned financial experts were quoted almost every day: The risks of credit derivatives are not quantified and nobody really knows how much is out there and what will happen when contracts come due. We know now at least to this point what has happened. Had individual organizations been looking appropriately at the risks of purchasing the seemingly too-good-to-be-true derivative instruments, perhaps they would not have taken them on with such zeal and the problem would have been more contained at the original source, which was the overheated mortgage market in the United States. Consistent and rigorous assessment of risk and quantification of the net benefits of appropriately dealing with the risk cannot be replaced with promises of above-average returns with no knowledge of the potential downsides.
II. Negative Interest Rates Impact Issue
2.1 The definition of "Negative Interest Rates"
2.2 How Do Negative Interest Rates Work?
2.3 How Negative Interest Rates Impact Your Money and assets allocation ?
Write down your viewpoints about this question.
Notes:
There have two kinds of Exam sheet, one is for local students, the other is for foreign students, they are different.
(兩種不同考試卷,一是給本國學生,另一種是給外國學生。)
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富人與窮人的時間觀
窮人為錢工作,富人讓錢為他們工作;
窮人管理金錢,富人卻善於管理時間;
富人時間不夠用,窮人不知如何殺時間。
時間在窮人手上變得一文不值,在富人手裡卻變得價值連城,
因此,窮人將會更窮,而富人也將更富。
為什麼每個人擁有的時間都一樣,但成就卻大不相同呢?你通常是花錢買時間還是賣時間賺錢?有人開車繞了半小時只為了找一個免費車位,有人花錢找人辦事讓自己可以做別的更重要的事。當時間不再只是度量衡而是有行有市可以買賣,你的時間值多少錢,你願意用多少錢買別人的時間,未來會有交易所,請先標好你的定價。
會管理時間就會管理金錢也會管理自己的人生,讓人生更精彩的關鍵就在於同樣的時間內透過規劃、分工可以做更多的事情,讓家庭、事業、婚姻、健康都能兼顧。
千萬不要讓遲到、懶惰,這些小事浪費在您寶貴時間上。
十個理財重要觀念
你可能很懂理財,也可能一竅不通。以下的10個理財觀念,對任何人都可適用,掌握這些原則與方法,幫你作出正確的理財抉擇。
1. 看財經局勢,做趨勢計畫