金融投资学(博迪)第八版第二章课件
,CHAPTER 2,Investments,Asset Classes and Financial Instruments,Slides by Richard D. Johnson,Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved,McGraw-Hill/Irwin,Cover image,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,