投资学博迪第九版PPT课件 |
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The Investment Environment
Real Assets Versus Financial Assets • Real Assets – Determine the productive capacity and net income of the economy – Examples: Land, buildings, machines, knowledge used to produce goods and services • Financial Assets – Claims on real assets Financial Assets • Three types: • Fixed income or debt • Common stock or equity • Derivative securities Fixed Income • Payments fixed or determined by a formula • Money market debt: short term, highly marketable, usually low credit risk • Capital market debt: long term bonds, can be safe or risky Common Stock and Derivatives • Common Stock is equity or ownership in a corporation. – Payments to stockholders are not fixed, but depend on the success of the firm • Derivatives – Value derives from prices of other securities, such as stocks and bonds – Used to transfer risk Financial Markets and the Economy • Information Role: Capital flows to companies with best prospects • Consumption Timing: Use securities to store wealth and transfer consumption to the future Financial Markets and the Economy (Ctd.) • Allocation of Risk: Investors can select securities consistent with their tastes for risk • Separation of Ownership and Management: With stability comes agency problems Financial Markets and the Economy (Ctd.) • Corporate Governance and Corporate Ethics – Accounting Scandals • Examples – Enron, Rite Aid, HealthSouth – Auditors – watchdogs of the firms – Analyst Scandals • Arthur Andersen – Sarbanes-Oxley Act • Tighten the rules of corporate governance The Investment Process • Asset allocation – Choice among broad asset classes • Security selection – Choice of which securities to hold within asset class – Security analysis to value securities and determine investment attractiveness Markets are Competitive • Risk-Return Trade-Off • Efficient Markets – Active Management • Finding mispriced securities • Timing the market Markets are Competitive (Ctd.) – Passive Management • No attempt to find undervalued securities • No attempt to time the market • Holding a highly diversified portfolio The Players • Business Firms– net borrowers • Households – net savers • Governments – can be both borrowers and savers The Players (Ctd.) • Financial Intermediaries: Pool and invest funds – Investment Companies – Banks – Insurance companies – Credit unions Universal Bank Activities Investment Banking • Underwrite new stock and bond issues • Sell newly issued securities to public in the primary market • Investors trade previously issued securities among themselves in the secondary markets Commercial Banking • Take deposits and make loans Financial Crisis of 2008 • Antecedents of the Crisis: – “The Great Moderation”: a time in which the U.S. had a stable economy with low interest rates and a tame business cycle with only mild recessions – Historic boom in housing market 链接：https://pan.baidu.com/s/1AQm2w34-FDi-igVwCPW23w
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