CFA 上海一级强化班Equity Investments_曾丹华.ppt

1 1金程教育09年12月CFA一级强化班讲义 Equity Investments 讲师：曾丹华 CFA zdanhua@日期：2009年9月地点： ■上海 □北京 □深圳上海金程国际金融专修学院上海金程国际金融专修学院专业来自百分百的投入 CopyRight 2009 By GFEDU2CFA一级课程框架Study Session 1 Ethics Marketability Price Continuity Depth (Trading Vol.)专业来自百分百的投入 CopyRight 2009 By GFEDUMarket Depth专业来自百分百的投入 CopyRight 2009 By GFEDU8Equity MarketLOS52b. distinguish between primary and secondary capital markets, LOS52b. distinguish between primary and secondary capital markets, and explain how secondary markets support primary markets;and explain how secondary markets support primary markets; LOS52c. distinguish between call and continuous markets;LOS52c. distinguish between call and continuous markets; ØPrimary Capital Marketsales of new issues of securitiesØImportance of Underwritern Originationn Risk bearingn DistributionØ发行新股的种类首次发行，IPO增发专业来自百分百的投入 CopyRight 2009 By GFEDU9Equity MarketØ the stock is only traded at specific times. All trades, bids, and asks are declared, and then one negotiated price is set that clears the market for the stock.Ø Continuous markets Ø trades occur at any time the market is open.LOS52b. distinguish between primary and secondary capital markets, LOS52b. distinguish between primary and secondary capital markets, and explain how secondary markets support primary markets;and explain how secondary markets support primary markets; LOS52c. distinguish between call and continuous markets;LOS52c. distinguish between call and continuous markets; ØSecondary Capital MarketØ The Importance of the Secondary MarketØ Market StructureØ Call Markets Provide LiquidityProvide Price Information专业来自百分百的投入 CopyRight 2009 By GFEDU10Equity MarketØOTC market , third market counter (OTC) markets;专业来自百分百的投入 CopyRight 2009 By GFEDU11Equity MarketØ Pure Auction Market (Price Driven) VS. Dealer Market (Order Driven) LOS52e. compare and contrast major characteristics of exchange e. compare and contrast major characteristics of exchange markets, including exchange membership, types of orders, and market markets, including exchange membership, types of orders, and market makers;makers;专业来自百分百的投入 CopyRight 2009 By GFEDUExchange membershipØ Specialist:老大（世袭制）control limit order book, post bid and ask price, trade for his own account. Ø Commission brokerexecute customer trades for a brokerage firm. Ø Floor brokerfreelance broker for other CB Ø Registered traderstrade for his own account专业来自百分百的投入 CopyRight 2009 By GFEDU市价单ØMarket Order: buy or sell at the best price available限价单Ø Limit Buy Order : a limit below the specified priceØ Limit Sell Order : a limit above the spedified price卖空单Ø Short Sale Order: borrow stock, sell it; return back 止损单Ø Stop Loss Order :used to prevent losses or to protect profits Ø Types of Order专业来自百分百的投入 CopyRight 2009 By GFEDUStop loss order of trend followers专业来自百分百的投入 CopyRight 2009 By GFEDU15Organization and Functioning of Securities MarketsØ Short Sale Ø The Process of Selling a Stock Short Ø Borrow and sellØ Return the securityØ Keep a portion of proceeds of short sale on deposit with brokerØ The Motivation of Selling a Stock ShortThe short seller thinks the current price is too high (overpriced) and that it will fall in the future.Note: Unlike a long position, the potential loss of a short sale is unlimited.LOS52f. describe the process of selling a stock short and discuss an f. describe the process of selling a stock short and discuss an investors likely motivation for selling shortinvestors likely motivation for selling short专业来自百分百的投入 CopyRight 2009 By GFEDURules of Short SellØ The Rules / Requirements of Selling a Stock Short Ø Uptick Rule: can only be shorted in an up market Ø Dividends Payment Rule: pay all dividends due to the lender of the security. Ø Collateral Deposit Rule: deposit collateral to guarantee the eventual repurchase of the security.专业来自百分百的投入 CopyRight 2009 By GFEDUShort US Dollar in a DOWN market专业来自百分百的投入 CopyRight 2009 By GFEDUUptick rule思考：设置up-tick rule的意义在哪里？专业来自百分百的投入 CopyRight 2009 By GFEDU19Margin 孖展 ØMargin Transaction ØComputation of the Return on a Margin TransactionØSome Relevant Terms Ø Margin Requirement / Initial Margin / Maintenance Margin / Margin CallØComputation of the Price Triggering a Margin CallMargin Call Price for a Long PositionMargin Call Price for a Short PositionLOS52g. describe the process of buying a stock on margin, compute the g. describe the process of buying a stock on margin, compute the rate of return on a margin transaction, define maintenance margin, and rate of return on a margin transaction, define maintenance margin, and determine the stock price at which the investor would receive a margin determine the stock price at which the investor would receive a margin call.call.专业来自百分百的投入 CopyRight 2009 By GFEDU习题时间Lauren has a margin account and deposits $50,000. Assuming the prevailing margin requirement is 40 percent, commissions are ignored, and the Gentry Shoe Corporationis selling at $35 per share.A。