استخدام عقود الخيارات في التحوط. دراسة تطبيقية في سوق بغداد للأوراق المالية

Using options contracts in hedging (Applied Study in Baghdad market for financial security)

Abstract

   Options is one from subjects that has a grate importance in the advanced country for its clear effect in hedging deferent investments , as well use it as an investment and speculative device by the dealers and the financial institutions such as banks the dealers with put options want to facing probability of falling the return of their investments when they think the price of that investments will fall by brushing such kind of options , put the writer of call option has a nether sight , he think that price will increase or still were it was .

This research came as a result for the importance of options and the portly of the Iraqi market to such is, we trying to show how using options contracts in hedging in four companies listed in Baghdad market for financial security , which it was :-

• Al – Hilal industrial company.
• Al- Kindi company for producing inoculators and antidotes veterinary.
• Light industrial company.
• The modern industrials chemical company.

   Focused on a problem represented as ( increasing of the exposure to the marketing risk by the dealers with the Iraqi company stocks as a result to the political and economical changes which has a negative effect on the investments, and no use of the hedging to lowering that risks), the main coal to this research is ( lowering the limits imposed on the dealers wishing to make options counteracts and help them to write it , showing them how it work , and its ability to achieve the optimal hedging to the investors).

   The main assumptions are (using call option contracts has no role in hedging portfolio against the systematic and unsystematic risk, and has no role in increase the return of the portfolio).

The research had came in four chapters , the first one for the theoretical said of this research , the second for the methodology and previous studies , the third chapter had the practical said , the forth one is for the conclusions and recommendations .

The researcher depend on the manual reports and monthly lists for Baghdad market for financial security and the manual report forAl-Rafiden bank for needed information which it was from (1999-2002( and using (Black & Scholes ) in pricing options.

Many conclusions came out one of them was reject the assumptions, and there were many recommendations, one from it was (must instruction a market for options, and enhancing the investors to deal with it to hedging their investments).