碩士 / 世新大學 / 財務金融學研究所(含碩專班) / 93 / With the advancement of the time, we are continuously seeing new financial products. To loosen the domestic financial market, the competent authority established the complete financial system. In the past years, many kinds of financial operations have been allowed to build the completeness of domestic financial market. Compared with the domestic financial market, the foreign financial markets are even more mature. The design of structured notes is more diverse. The main purpose of this study is to understand the structured notes that have been popular for two decades abroad to hlep investors shall screen the structured notes that meet their demands and are more beneficial
Monte Carlo simulation is used in this study for evaluation. The product under study is issued at a premium and the average annual return is between 3.04% and 4.01%. One can only obtain the minimum protection return of 2% at the ratio of 51% to 54%. With the historical data of S&P500 index made in historical simulation, the average return is higher than that of the return simulated in this study. This is because of the higher return accumulated during the bull market between May 1999 and March 2000. This is why many issuers now make publicity with historical data to investors. When conducting sensitive analysis, we find that the risk free interest rate affect the total value of structured notes more so does changes of exchange rate of the due date on the final return.
Overall, although index structured notes boast principal-guarantee, investors shall not be confused and chase such products. Instead, they shall carefully study the expected return in the background of low risks and analyze the interest calculation mechanism and the target of the structure lest they invest the inefficient financial products.
| Identifer | oai:union.ndltd.org:TW/093SHU05304010 |
| Date | January 2005 |
| Creators | Ya-Hsiung Hsu, 許亞雄 |
| Contributors | Su-In Liu, 劉淑鶯 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 75 |
Page generated in 0.0068 seconds