Attendees to Golden Networking’s Advanced Market Timing Experts Workshop 2011, Singapore, March 21 & 22 and Hong Kong, 24 & 25, Who Register by February 18 to Receive a FREE Apple iPad®.
New York, NY, January 26, 2011 — When firms select the interest rate exposure of their liabilities and use derivatives to alter that exposure, are they hedging or timing the market? The empirical literature has attempted to estimate the sources of value creation stemming from hedging by examining the cross-sectional variation in the use of derivatives by firms. Why these strategies matter will be discussed at Golden Networking’s Advanced Market Timing Experts Workshop 2011, “Master Market Timing with the Leading Technical Analyst”, March 21 & 22, Singapore, and March 24 & 25, in Hong Kong, with leading expert Trevor Neil.
Michael Faulkender wrote a paper about this topic for The Journal of Finance. He mentioned that implicit in most of these examinations is the assumption that firms used derivatives solely for the purpose of hedging. However, before we can estimate the value created by hedging through the selection of firms’ interest rate exposures, we must document that the choices of those exposures are for the purpose of hedging, and not attempts to reduce their cost of capital. This paper addresses that issue. Focusing on the selection of the interest rate exposure of newly issued corporate debt, and the use of interest rate swaps to modify that exposure, Faulkender examined whether firms really were hedging, or were instead timing the market in an attempt to reduce their cost of capital.
Advanced Market Timing Experts Workshop 2011 is produced by Golden Networking (goldennetworking.net), the premier networking community for business executives, entrepreneurs, investors and diplomats, founded by former McKinsey consultant and Columbia Business School MBA Edgar Perez. Upcoming Golden Networking’s Forums and Business Receptions include:
• High-Frequency Trading Happy Hour, (HFTHappyHour.com), February 8th, New York City
• High-Frequency Trading Experts Workshop 2011 New York, “Practical Implementation of High-Frequency Trading Strategies” (HFTExpertsWorkshop.com), March 3 & 4, New York
• High-Frequency Trading Happy Hour, (HFTHappyHour.com), March 8th, New York City
• High-Frequency Trading Experts Workshop 2011 Sydney, “Practical Implementation of High-Frequency Trading Strategies” (HFTExpertsWorkshop.com), March 14 & 15, Sydney
• High-Frequency Trading Experts Workshop 2011 Singapore, “Practical Implementation of High-Frequency Trading Strategies” (HFTExpertsWorkshop.com), March 16 & 17, Singapore
• Advanced Market Timing Experts Workshop 2011 Singapore, “Master Market Timing with the Leading Technical Analyst” (AdvancedMarketTiming.com), March 21 & 22, Singapore
• Advanced Market Timing Experts Workshop 2011 Hong Kong, “Master Market Timing with the Leading Technical Analyst” (AdvancedMarketTiming.com), March 24 & 25, Hong Kong
• Offshore Yuan Trading Experts Workshop 2011 Hong Kong, “The Emergence of the Yuan in the Global Foreign-Exchange Markets” (OffshoreYuanTrading.com), March 28 & 29, Hong Kong
• Modern Derivatives Trading Experts Workshop 2011 Hong Kong, “Trading and Hedging with Interest Rate and Currency Derivatives” (ModernDerivativesTrading.com), March 31 & April 1, Hong Kong
• High-Frequency Trading Experts Workshop 2011 Mumbai, “Practical Implementation of High-Frequency Trading Strategies” (HFTExpertsWorkshop.com), April 7 & 8, Mumbai
• High-Frequency Trading Happy Hour, (HFTHappyHour.com), April 12th, New York City
• High-Frequency Trading Leaders Forum 2011 New York, “How Speed Traders Leverage Cutting-Edge Strategies in the Post-Flash Crash World” (HFTLeadersForum.com), May 16, 17 & 18, New York City
• High-Frequency Trading Happy Hour, (HFTHappyHour.com), May 10th, New York City
Golden Networking has compiled the insights of top experts and industry practitioners and produced DVD Video Packages for its Leaders and Experts Forums, including:
• High-Frequency Trading Experts Workshop 2010 DVD Video Package, “Practical Implementation of High-Frequency Trading Strategies”, HFTExpertsWorkshop.com
• 2nd China Leaders Forum DVD Video Package, “Is the Chinese Dragon Poised for Global Dominance or Economic Implosion?”, ChinaLeadersForum.com
• Distressed Investing Experts Forum 2010 DVD Video Package, “Analyzing and Valuing Distressed Companies, Securities and Real Estate”, DistressedInvestingExpertsForum.com
• Derivatives Leaders Forum 2010 DVD Video Package, “Strategies for Increasing Profits under an Evolving Regulatory Framework”, DerivativesLeadersForum.com
• High-Frequency Trading Leaders Forum 2010 DVD Video Package, “Innovating and Profiting from High-Frequency Trading in 2010 and Beyond”, HFTLeadersForum.com
• Hedge Funds Leaders Forum 2010 DVD Video Package, “Generating Alpha in Challenging Times”, HedgeFundsLeadersForum.com
• High-Frequency Trading Experts Forum 2010 DVD Video Package, “Starting and Running a High-Frequency Trading Operation”, HFTExpertsForum.com
• Distressed Investing Leaders Forum 2010 DVD Video Package, “Extraordinary Opportunities Investors Cannot Afford to Pass”, DistressedInvestingLeadersForum.com
• China Leaders Forum 2009 DVD Video Package, “Addressing the Challenges Posed by the Present Wave of Chinese Globalization”, ChinaLeadersForum.com
• Distressed Investing Leaders Forum 2009 DVD Video Package, “The Most Comprehensive Guide for Any Investor in Distressed Assets”, DistressedInvestingLeadersForum.com
Panelists, speakers and sponsors are invited to contact Golden Networking by sending an email to [email protected]. Golden Networking has been frequently featured in the press, including recent articles in The Wall Street Journal, “Happy Hour for High-Frequency Trading”, The New York Times, “Golden Networking Helps Job Seekers Make Overseas Connections”, Los Angeles Times, “Speed-addicted traders dominate today’s stock market”, Reuters, “Revamp looms as trading experts huddle at SEC” and Columbia Business School’s Hermes Alumni Magazine, “10 Under 10”.
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Contact:
Edgar Perez
Golden Networking
New York, NY
516-761-4712
[email protected]
http://www.AdvancedMarketTiming.com
