Category: Uncategorized

On Par

By , December 16, 2015 8:52 am

Chương trình tái hoà nhập xã hội dành cho RMIT và du học sinh

Phần 2: Thuật ngữ cơ bản trái phiếu doanh nghiệp

(Phần 1 là stock par value, thứ chỉ có ở Việt Nam do tình trạng pháp lý hồi 1990s)

Giáo trình lý thuyết Tài chính Doanh nghiệp cơ bản phổ biến nhất thế giới và CFA dạy vầy:

  • Lãi suất tham chiếu (reference rate) => lãi suất thị trường (market rate).
  • Market rate cộng premium hoặc trừ discount ra Yield To Maturity YTM.
  • Dùng YTM quẳng vào mô hình cơ bản [annuity + chiết khấu par] ra giá Trái Phiếu.
  • Trong đó Coupon Rate có thể khác YTM.

Trường không quá thấp hoặc thầy muốn dạy thực tế thì dạy thêm vầy:

  • Lang thang ngoài đường gặp Trái Phiếu có giá, coupon, kỳ hạn (term to maturity).
  • Tự tính ngược lại YTM trên giấy.
  • Từ đó thực hiện các kỹ thuật interest immunization.

Muốn học financial engineering mà không biết tính nhẩm YTM thì chửi cho. Hoàn cảnh xuất xứ: YTM là số rất lẻ và không thể tách riêng ra để lấy nghiệm dựa trên các phương pháp đại số dạy trong Toán Cao Cấp.

Ở quê ta:

  • Giá = Par.
  • Suy ra Coupon Rate = YTM, khỏi phải phân biệt.
  • Cho nên các bạn gọi luôn Coupon là LÃI SUẤT.

Tiến sĩ Lê Hồng Giang đề xuất dùng chữ Trái Tức cho Coupon.

Đồ rằng khi mà Giá luôn bằng Par thì có đứa lại chửi “Coupon thì khác gì lãi suất?”

Mong cộng đồng cho phép du học sinh tài chính tái hoà nhập xã hội để trở thành công dân có ích cho đất nước, không chúng cứ chạy rông khoe là biết làm Fixed Income Derivatives.

Living in the Stream

By , August 10, 2011 12:59 am
The good news is The bad news is
You only need to concentrate your efforts to creating contents. Leave the viral job to consumers You have to publish really good stuffs to be pinned long enough in the stream
You become famous fast You are forgotten fast
You have great opportunities Others have their great opportunities
News! News!! News!!! News! News!! News!!!
The past is history Lessons are well buried under history
There are many options Focus is totally lost
Everybody can drink from the stream Anybody can bath in the stream
Plagiarism is open to public You always have to be the first
What flies by flew by “It’s crazy I can’t find the thing I had cast into the stream!”
Less is more More of less important key points
Complexity is hidden You miss out the production process, which is usually the fun

Why core WordPress does not support “Connect” features

By , August 10, 2011 12:54 am

Why core WordPress does not support “Connect” features

  1. WordPress is a blogging platform at heart
  2. It can be deduced that Matt’s team put their full focus on WordPress’ core values
  3. The result is that WordPress updates versions rapidly enough to keep bloggers fully awake and excited
  4. Most importantly, when WordPress becomes the #1 blogging platform, ecosystems will follow
  5. and see, now we have Facebook Connect, Google Friend Connect…
  6. Eventually, the WordPress builders see though the values of WordPress-powered professional bloggers: attract readers with quality of publications. WordPress keep its bloggers concentrated on their writing task

What do you think?

Low cost does not mean cheap

By , August 10, 2011 12:46 am

[Social Media] create low-cost and widely accessible tools.

Low cost does not mean cheap.

Low cost creates margin. Cheap only return cheap results.

Low cost is optimization. Cheap is arbitrary.

Low cost refines. Cheap creates messes.

Now, replace [Social Media] with “Your strategy”.

VAVB

By , August 9, 2011 7:47 pm

The UK has the floating rate LIBOR as the reference rate at which banks borrow in the money market. This floating rate is also used for engineering other derivatives.

Respectively, Australia has BBSW: bank-bill reference rate.

In Vietnam, the inter-bank rate between Vietcombank, Agribank, Vietinbank and BIDV has recently been used e.g. for bonds. The full term is long, so I came up with an acronym for it: VAVB. This term is sheerly for the ease of remembering and discussion; the order of the letters serves no other purpose.

Hot and Power

By , August 9, 2011 7:44 pm
  Hot Figure Power Figure
When the figure wears a new cool jacket I will buy it I’ll pretend I never knew that
When the figure opens a retail chain set of shops that distribute sell jackets I won’t be so sure about customer and post-purchase service quality I’d hesitate I will buy it

Cost of bond formula

By , August 9, 2011 7:43 pm

Freemium model for Consulting / Advisory service

By , August 9, 2011 7:43 pm

Technical hedges of index fund liquidity risk

By , August 9, 2011 7:40 pm

In markets where index funds are a feasible investment channel, investors can undertake strategies to hedge their position in such funds.
1. Investor, depending on their bargain power, may require installment of liquidity reserve. An increasingly popular calculation of a reserve is with Value at Risk (VaR).
Reserve = VaR * multiplier
The more volatile the market is expected to be, the higher the multiplier is used.
Read more of VaR on JP Morgan and Benninga & Wiener 1998 1.
2. The position can be further hedged by entering a credit default swap.
Given these instruments, further concern of index fund service provider liquidity risk (default event on the commitment to investors when index rockets) might be attributed to other factors beyond the scope of this technical argument.
1 Benninga S. and Wiener Z., 1998, ‘Value-at-Risk (VaR)’, Mathematica in Education and Research, vol. 7 no. 4, 1998

How do we capitalize on the new Semantic Web

By , August 9, 2011 7:40 pm

In 2004, I was doing a research project with RMIT University on Semantic Web. The goal was for the query to ‘recognize’ who a person is and how s/he is connected to the world. One issue arose: no single source provides sufficient data of the level of connectedness we expected.

6 years later, the whole thing world has changed. One entity has accumulated more data than most others: Facebook.

We started talking about Web 3.0 backed by Semantic Web in 2005, and Social Graph in 2006. But until this point do we realize how the new web shall have to rely on a skeleton offered by a company and its alliance (Microsoft, Zynga).

I’ll think more of what new business models will emerge, the changing competitive landscape, disruptive innovation and most importantly, how do we capitalize on this.

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