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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/71776

    Title: 結構型商品評價與分析─匯率與股權結構型商品;The analysis of structured notes
    Authors: 林保宏;Lin,Pao-Hung
    Contributors: 財務金融學系在職專班
    Keywords: 結構型商品;匯率連結;股權連結;structured notes;foreign-currency-linked;equity-linked
    Date: 2016-07-27
    Issue Date: 2016-10-13 13:51:56 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 摘要

    This study analyzes three structured notes, a foreign currency-linked note is the first one, the following comes to a multi-asset-equity-linked note and the last one is cumulative equity-linked note. This study decomposes the pricing process of these structured notes and analyzing sensitivity factors by Monte- Carol simulation method. This study provides more ideas of structure products for investors to make better decisions in future.
    The first product, foreign currency-linked note, was an interest-guaranteed product and was launched in 2016. Through Monte-Carol method simulation, this study figured out the issuers would get meager profit and investors may stuffer loss due to the high probabilities of converting deposit currency into alternative currency. The investors need to think the usage of alternative currency if the conversion has been triggered.
    The second product, the one-year range-accrual note, was launched in 2013. The yield of structured note was much higher than a one-year-deposit interest rate. Via Monte-Carol method simulation, this study found investors have to stand the volatility risk of underlying stock but could not earn the interest of nominal yield which they expected.
    The third product, the one-and-half-year cumulative equity-linked structured note, was launched in 2007. This note was sold with a discount of market price of security. The Monte-Carol method simulation shows investors may not get the expected return.
    This article would provide the reference of structured notes to help investors to have much understanding of financial instrument which promoted by the financial institutions.
    Appears in Collections:[財務金融學系碩士在職專班] 博碩士論文

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