Ukutshatyalaliswa kwe-skew kubhekiselele ekubeni inketho kwixabiso elifanayo, kunye namaxabiso ahlukeneyo, kodwa iphela ngexesha elifanayo, inokungafani okungafaniyo.
Xa iinketho zokuqala zithengiswa ngokutshintshiselana, ukungazitholiyo kwe-skew kwakuhluke kakhulu. Uninzi lwezikhetho zexesha ezazingekho kwimali ezithengiswa ngexabiso elithengileyo. Ngamanye amazwi, ukunyanzeliswa kwezinto zombini kubeka kwaye kubiza ukunyuka njengoko intengo yesiteyimu ihambile kwintengo yamasheya ekhoyo - ekhokelela ekubeni " ukumomotheka ."
Leyo imeko apho okukhethwa kukho ngaphandle kwemali (i-OTM) (ibeka kunye neefowuni) yayixhomekeke ekuthengiseni kumaxabiso abonakala 'asisityebi' (ayabiza kakhulu). Xa i-volatility impati yenzelwe ixabiso lentengo (jonga umfanekiso), i-curve yayingu-U kwaye ifana noxolo. Nangona kunjalo, emva kokuphazamiseka kwemakethe yemasheya eyenzeka ngo-Oktobha 1987, into engavamile yenzeke kwixabiso lokukhetha.
Akukho mfuneko yokuqhuba uphando olunzulu ukuze uqonde isizathu salolu hlobo. Izinketho ze-OTM zivame ukungabibizi (ngokweedola ngekhontrakthi), kwaye zikhangeleka njengento ethile yabathengi ekuthengeni kunokuba kukho into ekuthengiseni ingozi (umvuzo wokuthengiswa wawuncinci ngenxa yokuba okukhethwa kukho kuphelelwa lixesha kungenanto). Ngenxa yokuba bebambalwa abathengisi kubathengi bobabini be-OTM bafaka kwaye bafowunela, bathengisa ngamanani aphezulu kunamaxabiso "aqhelekileyo" - njengokuba kunjalo kuzo zonke iinkalo zokurhweba (oko kukuthi, ukubonelela kunye neemfuno ).
Kususela ngoMvulo ngoMnyama (ngo- Oktobha 19, 1987), i-OTM ibekwe ngokukhethekileyo kubathengi ngenxa yokufumana inzuzo enkulu. Ukongezelela, ezi zibeka zikhangeleka njenge-inshorensi yepotfoliyo malunga nokuthengiswa kwemarike elandelayo. Ukunyuka kweemfuno ezibonakalayo kubonakala kusisigxina kwaye kusekho ukuphumela kumaxabiso aphezulu (oko kukuthi, ukuphazamiseka okuphezulu).
Ngenxa yoko, "ukuzumkotela" kuye kwatshintshwa "ukungazithobeli" (bona umfanekiso). Oku kuhlala kuyinyaniso, njengoko nje imarike inyukela kwixesha eliphezulu.
Ngamaxesha amaninzi anamhlanje, emva kokuba iifowuni ze-OTM zithandwa kakhulu, kodwa ii-OTM zibeka iintetho ezifunyenweyo zentlonelo ye-potifoliyo. Endaweni yayo igrafu ebonisa ukunyuka kweemfuno (njengoko kulinganiswa ngenyuka ekukhuseni (IV) ye-OTM ibeka kunye nokunciphisa kweemfuno zee-OTM.
Isicatshulwa sokulwa nesine-IV sibonisa ukungazinzi . Igama elithi "ukungabi nantliziyo skew" libhekiselele kwinto ebonisa ukungazinzi kuphakame kakhulu kwii-OTM ezinokungena kwixabiso lentlawulo engaphantsi kwexabiso lexabiso le-asethi. Kwaye i-IV iyabonakala ngokukhawuleza kwii-OTM ezikhethiweyo ngaphezulu kwexabiso lexabiso le-asethi.
QAPHELA: I-IV iyafana kunye neefowuni kunye nokufowuna. Xa intengo yesiteleka kunye nokuphelelwa yisikhathi kuyafana, ke umnxeba kwaye ufake iindlela zokukhetha ukwabelana nge-IV. Oku kungabonakali xa ukhangela amaxabiso okukhetha.
Ulwalamano oluphambeneyo phakathi kwexabiso lesitoko kunye ne-IV luyimiphumo yobungqina obubonisa ukuba iimarike zihamba ngokukhawuleza kunokuba ziphakame.
Kukho ngoku kukho inani labatyalomali (kunye nabaphathi bemali) abangafuni kwakhona ukuhlangabezana nemakethe yeebhere xa bengakhuselekanga, oko kukuthi, bengenazo ezinye iindlela zokukhetha. Oku kubangela ukuqhubeka kwemfuno yokubeka.
Ulwalamano olulandelayo lukhoyo: IV iphakama xa iimarike zehla; IV iwela xa kuthengiswa iirekhodi. Oku kungenxa yokuba imbono yeemakethi ehlayo iyancipha (kaninzi, kodwa kungekho njalo) ukukhuthaza (ukwesaba?) Abantu ukuthenga ukubeka-okanye ubuncinane bayeke ukuzithengisa. Ingaba kunyanzeliswa kwemfuno (abathengi abangaphezulu) okanye ukunyuka okwenyukayo (abambalwa abathengisi), umphumo uyafana: Amanani aphakamileyo ekukhethiweyo.