Scribd Logo
Unggah

Selamat datang di Scribd!

  • Chap 001

    Diunggah oleh

    Ola Saidi
    59 tayangan21 halaman
    Real Assets vs. Financial Assets Essential nature of investment - Reduced current consumption - Planned later consumption Real Assets - assets used to produce goods and services Financial Assets - Claims on Real Assets 1-2 Table 1. Balance Sheet of U.S. Households, 2007 Table 1. Domestic Net Worth A Taxonomy of Financial Assets Fixed income or debt - Bank certificates of deposit - Capital market instruments Bonds Common stock or equity Derivative securities Financial Markets and the Economy Continued corporate governance

    Deskripsi Asli:

    Judul Asli

    Chap001 (1)

    Hak Cipta

    © Attribution Non-Commercial (BY-NC)

    Format Tersedia

    PPT, PDF, TXT atau baca online dari Scribd

    Apakah menurut Anda dokumen ini bermanfaat?

    Apakah konten ini tidak pantas?

    Laporkan Dokumen Ini
    Real Assets vs. Financial Assets Essential nature of investment - Reduced current consumption - Planned later consumption Real Assets - assets used to produce goods and services Financial Assets - Claims on Real Assets 1-2 Table 1. Balance Sheet of U.S. Households, 2007 Table 1. Domestic Net Worth A Taxonomy of Financial Assets Fixed income or debt - Bank certificates of deposit - Capital market instruments Bonds Common stock or equity Derivative securities Financial Markets and the Economy Continued corporate governance

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PPT, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    59 tayangan21 halaman

    Chap 001

    Diunggah oleh

    Ola Saidi
    Real Assets vs. Financial Assets Essential nature of investment - Reduced current consumption - Planned later consumption Real Assets - assets used to produce goods and services Financial Assets - Claims on Real Assets 1-2 Table 1. Balance Sheet of U.S. Households, 2007 Table 1. Domestic Net Worth A Taxonomy of Financial Assets Fixed income or debt - Bank certificates of deposit - Capital market instruments Bonds Common stock or equity Derivative securities Financial Markets and the Economy Continued corporate governance

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai PPT, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 21

    CHAPTER 1

    The Investment Environment

    Investments, 8th edition


    Bodie, Kane and Marcus
    Slides by Susan Hine
    McGraw-Hill/Irwin
    Copyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved.

    Real Assets Versus Financial Assets


    Essential nature of investment Reduced current consumption Planned later consumption Real Assets Assets used to produce goods and services Financial Assets Claims on real assets
    1-2

    Table 1.1 Balance Sheet of U.S. Households, 2007

    1-3

    Table 1.2 Domestic Net Worth

    1-4

    A Taxonomy of Financial Assets


    Fixed income or debt Money market instruments Bank certificates of deposit Capital market instruments Bonds Common stock or equity Derivative securities

    1-5

    Financial Markets and the Economy


    Information Role The Google effect Consumption Timing Allocation of Risk Separation of Ownership and Management Agency Issues

    1-6

    Financial Markets and the Economy Continued


    Corporate Governance and Corporate Ethics Accounting Scandals Examples Enron, Rite Aid, HealthSouth Auditorswatchdogs of the firms Analyst Scandals Arthur Andersen Sarbanes-Oxley Act Tighten the rules of corporate governance
    1-7

    The Investment Process


    Asset allocation Choice among broad asset classes Security selection Choice of which securities to hold within asset class Security analysis

    1-8

    Markets are Competitive


    Risk-Return Trade-Off Efficient Markets Active Management Finding mispriced securities Timing the market Passive Management No attempt to find undervalued securities No attempt to time the market Holding a highly diversified portfolio
    1-9

    The Players
    Business Firms net borrowers Households net savers Governments can be both borrowers and savers Financial Intermediaries Investment Companies Banks Insurance companies Credit unions
    1-10

    The Players Continued


    Investment Bankers Perform specialized services for businesses Markets in the primary market

    1-11

    Table 1.3 Balance Sheet of Commercial Banks, 2007

    1-12

    Table 1.4 Balance Sheet of Nonfinancial U.S. Business, 2007

    1-13

    Recent TrendsGlobalization
    American Depository Receipts (ADRs) Foreign securities offered in dollars Mutual funds that invest internationally Instruments and vehicles continue to develop (WEBs) Exchange Traded Funds (ETFs)

    1-14

    Figure 1.1 Globalization: A Debt Issue Denominated in Euros

    1-15

    Recent TrendsSecuritization
    Mortgage pass-through securities Other pass-through arrangements Car, student, home equity, credit card loans Offers opportunities for investors and originators

    1-16

    Figure 1.2 Asset-backed Securities Outstanding

    1-17

    Recent TrendsFinancial Engineering


    Use of mathematical models and computerbased trading technology to synthesize new financial products Bundling and unbundling of cash flows

    1-18

    Figure 1.3 Building Creates a Complex Security

    1-19

    Figure 1.4 Unbundling of Mortgages into Principal- and Interest-Only Securities

    1-20

    Recent TrendsComputer Networks


    Online information dissemination Information is made cheaply and widely available to the public Automated trade crossing Direct trading among investors

    1-21

    Anda mungkin juga menyukai