Search Results

You are looking at 1 - 3 of 3 items for

  • Author: Jelena Paunović x
Clear All Modify Search
Open access

Jelena Paunović

Abstract

Options are financial derivatives representing a contract which gives the right to the holder, but not the obligation, to buy or sell an underlying asset at a pre-defined strike price during a certain period of time. These derivative contracts can derive their value from almost any underlying asset or even another derivative: stock-options, options on bonds, swap options (options on swaps), weather options, real options and many others. Options have existed for a long period of time but they became widely popular after Fisher Black, Myron Scholes and Robert Merton developed a theoretical pricing model in 1973 known as the Black-Scholes model. Options became a standardized product traded on the Chicago board of options Exchange (CBOT) through the clearing house guarantees. Nowadays, options are both market and OTC (over the counter) traded and are mainly used for portfolio hedging and speculation. In this paper I am going to study market risk management from the perspective of options trader, and I will show how to describe the risk characteristics of plain vanilla European stock options contracts by going through the “Greeks” which are defined as quantities that represent option’s sensitivity to risk. Finally, I will construct portfolios that will eliminate these risks.

Open access

Jelena Paunović

Abstract

Swaps are financial agreements between two parties to exchange period cash flows and are mostly used as a tool for hedging risk and speculation. They are derivative contracts that derive their value from an underlying asset (the most common underlying assets are the interest rates in the plain vanilla case, but it can be almost anything). These OTC products (over the counter) are traded directly between the two parties or with a financial institution acting as an intermediary. Some banks in Serbia already offer these derivative instruments, but the markets are still in an emerging phase. The private sector is severely affected by credit and interest rate risk which currently lacks sufficient knowledge and understanding of such products and their importance. This paper aims to present and demystify the structure of these financial derivatives by presenting their valuation methods and by showing how they are used in practice. Ultimately, we shall discuss the credit risk the counterparties are facing in developed financial markets nowadays.

Open access

Ž. Horvat, B. Čabrilo, M. Paunović, B. Karapandža, J. Jovanović, I. Budinski and O. Bjelić Čabrilo

Summary

The qualitative and quantitative analyses of the digenean fauna of bats were conducted for the first time in Serbia. The sample comprised of 118 individuals of 12 bat species (Rhinolophus ferrumequinum, Myotis mystacinus, M. alcathoe, M. brandtii, M. oxygnathus, M. myotis, Hypsugo savii, Pipistrellus pipistrellus, P. nathusii, Plecotus auritus, P. austriacus and Nyctalus noctula) collected from 15 sites throughout Serbia. Six digenean species were identified: Lecithodendrium linstowi, Plagiorchis sp., Prosthodendrium longiforme, P. chilostomum, P. parvouterus and Mesotretes peregrinus. The helminths were recorded from 35 individual hosts (29.7 %). The species Lecithodendrium linstowi infected the highest percentage of hosts (19.5 %), with a mean abundance of 4.6. GLM analysis of exploratory factors showed that host species and host sex had a significant influence on parasite load, while locality and host age did not influence parasite abundance. No evidence of zoonotic species was found.