امكانية استخدام الخيارات المالية للتحوط من مخاطر المحفظة الاستثمارية : دراسة تحليلية على بيانات سوق العراق للاوراق المالية == The Possibility of Using Financial Options to Hedge from Investment Portfolio Risk Study Analytical on the Iraq Stock Exchange
Author name:
حسين كريم فضاله السعيدي
Supervisor name:
حسين جواد كاظم
General topic:
Administration and Economics
Specific topic:
Banking & Finance Science
Degree:
Master
University:
University Of Basrah - Faculty Of Administration And Economics
Language:
Arabic
University location:
Basrah
First pages:
07T4617 - p.pdf
Abstract:
Because of increasing risks that facing the investors in financial markets specially after increasing the range of financial globalization , the freedom of capital movements and markets opening .The based on financial engineering have tended to invent new tools to maximize return and minimize risk.one of the most important tools is the contracts options, which have become one of the leading global markets activities because of its reat importance as a tool for hedging and speculation. Proceeding from its importance the present study endeavoured to provide a knowledge and practical framework about the ability of contracts options of reducing risks of stocks prices for the selected sectors listed on the Iraq Stock Exchange by using the most important financialtheories, namely portfolio theory and the theory of financial options, to show the role of the policy of diversification in reducing irregular risks, as well as the prominent role given by the covered call option strategies to benefit from expectations of the current and future stock prices , that would contribute to the hedging of risks.The present study has reached a set of conclusions, including that the reduction of irregular risk depends on aimed diversification, which focused on the importance of correlation coefficients of returns, while the application of covered option strategy based on binomial model on efficient portfolio led to the advantage of the value of premium paid by the call option holders , that prices as long as witnessed a large fluctuations during the period under study, which proves the validity of our hypotheses through the study on the possibility of obtaining the best trade - off between return and risk when diversifying portfolios ,and that their possibility of reducing efficient portfolio risks by using the strategy of sale covered call option. and This is harmony with the expectations of portfolio managers on that decline, which leads to non - implementation of the option contract
