Funding Value Adjustments
证明主要交易商的融资价值调整（FVA）对其股东而言是债务积压成本，为最大化股东价值，交易商报价会调整FVA，并通过利率互换和违反抛补利率平价的案例研究加以说明。
ABSTRACT In this paper, we demonstrate that the funding value adjustments (FVAs) of major dealers are debt overhang costs to their shareholders. To maximize shareholder value, dealer quotations therefore adjust for FVAs. Our case studies include interest‐rate swap FVAs and violations of covered interest parity. Contrary to current valuation practice, FVAs are not themselves components of the market values of the positions being financed. Current dealer practice does, however, align incentives between trading desks and shareholders. We also establish a pecking order for preferred asset financing strategies and provide a new interpretation of the standard debit value adjustment.