金融投资学第八版第二章.ppt

Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,2-,*,Click to edit Master title style,Coverimage,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,金融投资学第八版第二章课件,金融投资学第八版第二章课件金融投资学第八版第二章课件,Major Classes of Financial Assets or Securities,Money market,Bond market,Equity markets,Indexes,Derivative markets,Money Market Instruments,Treasury bills,Certificates of deposits,Commercial Paper,Bankers Acceptances,Money Market Instruments cont.,Eurodollars,Repurchase Agreements(RPs)and Reverse RPs,Brokers Calls,Federal Funds,LIBOR Market,Figure 2.1 Rates on Money Market Securities,Table 2.1 Major Components of the Money Market,Figure 2.2 Treasury Bill Listing,Figure 2.3 Spread between 3-month CDs and Treasury Bill Rates,Bond Market,Treasury Notes and Bonds,Inflation-Protected Treasury Bonds,Federal Agency Debt,International Bonds,Municipal Bonds,Corporate Bonds,Mortgages and Mortgage-Backed Securities,Treasury Notes and Bonds,Maturities,Notes maturities up to 10 years,Bonds maturities in excess of 10 years,30-year bond,2001 Treasury suspended sales,2006 Treasury resume sales,Par Value-$1,000,Quotes percentage of par,Figure 2.4 Treasury Bonds and Notes,Federal Agency Debt,Major issuers,Federal Home Loan Bank,Federal National Mortgage Association,Government National Mortgage Association,Federal Home Loan Mortgage Corporation,Figure 2.5 Government Agency Issues,Municipal Bonds,Issued by state and local governments,Types,General obligation bonds,Revenue bonds,Industrial revenue bonds,Maturities range up to 30 years,Figure 2.6 Tax-exempt Debt Outstanding,Municipal Bond Yields,Interest income on municipal bonds is not subject to federal and sometimes state and local tax,To compare yields on taxable securities a Taxable Equivalent Yield is constructed,Table 2.2 Equivalent Taxable Yields,Figure 2.7 Ratio of Yields on Tax-exempts to Taxables,Corporate Bonds,Issued by private firms,Semi-annual interest payments,Subject to larger default risk than government securities,Options in corporate bonds,Callable,Convertible,Developed in the 1970s to help liquidity of financial institutions,Proportional ownership of a pool or a specified obligation secured by a pool,Market has experienced very high rates of growth,Mortgages and Mortgage-backed Securities,Figure 2.8 Mortgage-backed Securities Outstanding,Equity Markets,Common stock,Residual claim,Limited liability,Preferred stock,Fixed dividends-limited,Priority over common,Tax treatment,Depository receipts,Figure 2.9 Stock Market Listings,Track average returns,Comparing performance of managers,Base of derivatives,Uses of Stock Indexes,Representative?,Broad or narrow?,How is it weighted?,Factors for Construction of Stock Indexes,Examples of Indexes-Domestic,Dow Jones Industrial Average(30 Stocks),Standard&Poors 500 Composite,NASDAQ Composite,NYSE Composite,Wilshire 5000,Figure 2.10 Performance of Major Stock Indexes,Examples of Indexes-Intl,Nikkei 225&Nikkei 300,FTSE(Financial Times of London),Dax,Region and Country Indexes,EAFE,Far East,United Kingdom,Construction of Indexes,How are stocks weighted?,Price weighted(DJIA),Market-value weighted(S&P500,NASDAQ),Equally weighted(Value Line Index),Derivatives Securities,Options,Basic Positions,Call(Buy),Put(Sell),Terms,Exercise Price,Expiration Date,Assets,Futures,Basic Positions,Long(Buy),Short(Sell),Terms,Delivery Date,Assets,谢谢！,