1. 전세권1.1 전세권의 의의전세권이란 전세금을 지급하고 타인의 부동산을 그 용도에 쫓아 사용. 수익 할 수 있는 권리∴ 물권 중 용익물권, 절대권 ⇒ 대항력 有, 양도성 有∴ 담보물권적 성격도 존재 ⇒ 경매신청권 有, 우선변제권 有∴ 전세권의 효력으로 경매신청 : 임의경매 ↔ 전세금반환청구권(채권)으로 경매신청 : 강제경매① 전세권의 목적물은 토지와 건물② 전세권은 사용.수익권※ 지상권에 의하여 달성되는 목적 - 즉, 토지에 건물, 기타 공작물, 수목의 소유를 목적으로 전세권 설정 가능 함.③ 전세금의 지급 없이는 전세권 성립(X)
1. 권리1.1. 권리란?국가의 강제력을 동원할 수 있다.※ "~권" (물권이든 채권) ⇒ 소송 ⇒ 강제집행1.2. 권리의 종류① 물권 물권의 8가지 종류는 암기물건을 베타적으로 지배할 수 있는 권리배타성 유 ⇒ 절대권 ⇒ 대항력(O), 양도성(O)② 채권상대방 행위를 청구할 수 있는 권리배타성 유 ⇒ 상대권 ⇒ 대항력(X), 양도성(∆)1.3. 권리의 발생① 법률행위계약에 의해 발생② 법률규정법률행위가 없다 하더라도 법률에 써 진대로 발생
1 Introduction Section1: Introduction Section2: defines and explains a risk management framework Section3: What constitutes good risk management? Section4, 5, and 6: the individual steps in the risk management process.LOS26.a discuss features of the risk management process, risk governance, risk reduction, and enterprise risk management system2 Risk Management Process as a Process Risk management process① Set policies and procedures② Define risk tolerance(the level of risk)③ Identify risks④ Measure risks⑤ Adjust level of risks [risk-modifying transactions(trade identification→ pricing→ execution)]※ Not necessarily eliminating risk together – [Prac16]⇒ Areas in which they have no expertise or comparative advantage → hedge risks⇒ Areas in which they have an edge(i.e. their primary line of business) →hedge only tactically[when they perceive a comparative advantage(disadvantage) → risk↑(risk↓)][Prac4] Trader A: hedge/ Trader B: SpeculationTrader 3 “Our traders have considerable experience and expertise in analyzing the risk, and this risk is related to our
1 Introduction2 The Context of Trading: Market MicrostructureLOS30.a compare market orders with limit orders, including the price and execution uncertainty of each.2.1 Order Types [Prac6]-Market/limit order의 장단점① Market order(시장주문) [Prac19] An order to execute the trade immediately at the best possible price 장점: certainty of the execution단점: uncertainty of the price② Limit order(지정주문) An order to execute the trade at the best possible price but only if the price is at least as good as the limitprice장점: certainty of the price단점: uncertainty of the execution③ A few additional order types Market-not-held order Market order의 한 변형으로 broker에게 체결시기에 관한 더 큰 재량을 부여. “Not-held”는 “Not-held responsible”의 의미로 “책임을 묻지 않는다”라는 의미 Participate(do not initiate) order Market-not-held order의 한 변형으로 broker는 more active traders의 거래를 의도적으로 기다린다. Best efforts order The trader’s agent에게 더 많은 재량권 부여(우호적인 market 상황일 때만 거래하도록) Undisclosed limit order(=iceberg order) not to show more than some max quantity of the unfilled order
(1) Pure bond indexing(=full replication approach)⇒ 목표: to produce a PF that is a perfect match to the BM PF.⇒ 방법: duplicate the index by owning all the bonds in the index.⇒ 단점:① Very difficult and expensive to implement.② Many issues in a typical bond index are quite illiquid and very infrequently traded.③ Perfectly indexed PF will underperform the index⇒ 장점:① Lower advisory and non-advisory fees such as custodial fees than active managers.(2) Enhanced indexing by matching primary risk factors⇒ 목표: to produce a higher return than under full replication.⇒ 방법: Uses a sampling approach in attempt to match the primary index risk factors.[Primary risk factors]:① Interest rate risk: changes in the level of interest rate② Yield curve risk: twist in the YC③ Spread risk: changes in the spread b/w Treasuries and non-Treasuries.⇒ 장점: to reduce the construction and maintenance costs⇒ 단점: track the index less closely than full replication.(3) Enhanced indexing by small risk factor mismatches⇒ 목표:: The small risk factor mismatches