The specific strength of FinMetrics lies in its capacity to accompany you not only with our advisory services and practical solutions but also in terms of knowledge transfer, identification of new opportunities and skills enhancement.
We have a long track record in training professionals in financial and non-financial firms in our areas of expertise, building workgroups and brainstorming new business opportunities or requirements.
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Corporate Financial Valuation
This area covers many topics related to Investment Valuation for Corporates including among others: discounted cash flow analysis, adjusted present value, firm vs project value, shareholder value (principles and methods), real option valuation, Cash Flows at Risk, calculating the cost of capital (models and recent extensions), valuing mergers & acquisitions, IPOs, valuing projects in emerging markets.
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Valuation of Stock Option Plans
Stock Option plans convey many difficulties to solve and do not necessarily provide the right incentives. Understanding this subject requires a multidisciplinary approach including: tax treatment, incentive management (corporate governance), valuation of options with imperfect information and or non-traded stocks, etc..
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Valuation of Structured Products
When banks turn on designing products rather than providing just a service, they may be very creative. Structured products give breath to financial engineers for the design of securitized strategies. Sale managers, structurers, quants and many intermediaries in general may contribute to the chain of production. Understanding residual risk and potential revenue while keeping an eye on the real objective beyond the fancy product is a requirement to avoid gambling attitudes towards these sometimes helpful instruments. Structuring deals with the understanding of how hybrid strategies combine products to generate payoff profiles that may not be present at all with the components alone.
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Risks in Hedge Fund Management
Many banks are today considering Hedge Funds as an asset category per se. What are the motivations of the banks to propose this to their clients, what risks may banks bear in the future, and for their clients? Some sub-subjects: regulation, funds of funds, is diversification playing the same role as for traditional assets?, strategies and their behavior, etc…
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Strategic Asset Allocation & Portfolio Investment Strategy
Many products representing mandates exist today where allocation may be modified through time. Instead of defining static allocations for the various mandates (that depend on the risk aversion of investors), the bank keeps some freedom of choice, depending on their expectation about the economic cycle, the relationship between asset classes, etc.. Statistics tend to show that such strategies, while being quite appealing do not necessarily show clear dominance over more passive allocations.
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Valuning and Using Financial Derivatives
From the seventies, thanks to the Black-Scholes formula, there has been an increasing motivation for the valuation of many kinds of derivatives and the use of option pricing beyond the financial security itself. Pricing of derivatives relates to the fundamental principles of arbitrage and market efficiency. Are derivatives redundant instruments? Under some conditions. In any case, derivatives contribute to the price discovery and risk sharing functions of financial markets. Financial institutions and corporate treasuries make today a common use of financial deirvatives to modify their exposures. Hedging rules and techniques are covered in depth.
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Intuitive Understanding of Risk Monitoring and Management Techniques
This theme consists of different courses, including manager-oriented and quantitative versions. Risk management is a very wide topic, covering risk computations, risk management techniques, risk reporting, strategic analysis, decision-taking, backtesting, design and implementation of procedures, compliance to new Basle recommendations and regulatory reporting in general. Market, credit, operational, model, natural, catastrophe risks convey different problems, limits, criterias, analytical rules and hedging techniques.
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Using Derivatives and IAS39
IAS provide a new framework to come up with a more financial view of accounting. Fair value and cash flow hedging procure different ways for managers to prove the hedging role (as well as efficiency) of their derivative transactions. Prospective and "à posteriori" hedge effectiveness calculations as well as specific reporting must be provided for compliance to "hedge recongintion" rules. The problem currently resides in the absence of concrete and definitive implementation guidelines for compliance.
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