Tvegani izvedeni finančni instrumenti: Primer grofije Orange County v Kaliforniji : delo diplomskega seminarja

Janeva, Marija (author), Košir, Tomaž (mentor)

V diplomski nalogi sem najprej opisala tvegane izvedene finančne instrumente. Kot primer katastrofe s tveganimi izvedenimi finančnimi instrumenti sem vzela primer grofije Orange County v Kaliforniji. Grofija Orange County je decembra 1994 prijavila stečaj in izgubila 1,5 milijarde ameriških dolarjev v svojem občinskem naložbenem skladu. Bankrot so takoj predstavili kot težavo s tveganimi izvedenimi finančnimi instrumenti, vendar se je na koncu izkazalo, da je nesreča Orange County bolj povezana z vzvodom, slabim upravljanjem in razmeroma velikim imetjem vrednostnih papirjev s fiksno obrestno mero.

• Language: Slovenian
• Keywords: bankrot, izvedeni finančni instrumenti, repo posel, povratni repo posel, vzvod, strategija trgovanja z osnovnim sredstvom in denarjem, naložbeni sklad, obrestne mere
• Work type: Bachelor thesis/paper
• Organization: FMF - Faculty of Mathematics and Physics
• Year: 2021
• PID: 20.500.12556/RUL-131383
• UDC: 519.8
• COBISS.SI-ID: 78767619
• Publication date in RUL: 26.09.2021

Secondary language

• Language: English
• Title: Derivatives and bankruptcy in Orange County

Abstract

In the diploma thesis, I first described risky derivatives. As an example of a catastrophe with risky derivatives, I took the case of Orange County, California. Orange County filed for bankruptcy in December 1994 and lost $1.5 billion in its municipal investment fund. The bankruptcy was immediately linked to a problem with risky derivatives, but in the end, the Orange County disaster turned out to be more related to leverage, poor governance, and relatively large holdings of papers with fixed interest rate.

• Keywords: bankruptcy, derivatives, repo, reverse repo, leverage, fixed asset and money trading strategy, investment pool, interest rate