我们的课程是Treasury and Risk management, 写一个report, 感觉没有头绪。谢谢各位高人指点！！！！
Research Project Requirements for Treasury and Financial Risk Management, Prepared by: Professor Dogan TIRTIROGLU, 7 March 2010



Reference: As I indicate in my course outline, this is a group project and commands a substantial proportion of the overall grade in thus course.

The purpose of this study is to examine the how firms’ risk management practices relate to their debt financing patterns.

Specifics:

a) Please form a group of 2 to 3 individuals.

b) As a group, choose an industry of interest to you and let me know your choice asap.

c) Each group has to work on a different sample; therefore, I will have to monitor the assignments of sample industry and sample firms per group.

d) Assuming that each group will study a separate industry, please find the top 10 largest firms (either in sales or total assets) in the industry. These firms will constitute the sample firms for a particular group.

e) In case there may not be any financial statements for any or some of these 10 firms on any sample year on EDGAR, remove them from your sample and find the 11th, 12th, … largest firms to replace with the removed firms. There should be 10 firms in your sample. We will study 5 years of data, between 2004-2008, for each sample firm – a total of 50 observations.

f) Be aware that not every firm maintains a calendar year to report its activities; some can and do choose any period, comprised of 365 days from the beginning until the end. You have to bring all sample firms to a common calendar. That is, if a firm’s reporting period is from April 1, YYY till March 31 (YYY+1), then April 1, YYY becomes January 1, YYY for this firms. Keep a record of each firm’s reporting period as part of your research paper.

g) Collect all available data, on each sample firm and for each sample year, on the specific details of its debt financing (amount outstanding, interest rate, maturity, coupon etc) on:

(h) Short-term debt, (ii) Short term debt, which was originally issued as long-term debt, (iii) Mid-term debt, (iv) Long term debt and (v) Liabilities such as accounts payable.

i) Collect all available data on each sample firm and for each sample year the specific details of equity financing (amount, common stock, preferred stock, etc)

j) Collect all available data for each sample firm and for each sample year the specific details of assets and their structure (total current assets and total fixed assets).

k) Collect all available data on sample firms’ (i) risk management activities and tactics, (ii) usage of risk-management instruments (futures contracts, options, etc; their types and outstanding amounts per each firm per each year), (iii) target of the risk management strategies (i.e., interest rate movements or forex or commodity price fluctuations, …)

A firm may choose not to engage in risk management activities. You should still collect examine their financial statements and collect the all available data from their financial statements.


Empirical Work: Prepare an excel file with your collected data. Examine how:

i) annual changes in short-term debt,
ii) annual changes in mid-term debt, (iii) annual changes in long-term changes

correlate with the annual amounts and types of risk management tools.

Examine whether the conjectured benefits of using risk management (more tax benefits etc) show up in your data.

Examine further whether the sample firms engage in asset-liability management practices.


Report: Produce a management report, based on your analyses and empirical work, for the relation between risk management and debt financing. This report will be double-spaced with a font of Arial 11 and would not exceed 12 typed pages (excluding tables for data and analyses and references).