Market中文3在全球市场选择投资工具(不讲)

LecturePresentationSoftwaretoaccompanyInvestmentAnalysisandPortfolioManagementSeventhEditionbyFrankK.Reilly&KeithC.BrownChapter3Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•Whyshouldinvestorshaveaglobalperspectiveregardingtheirinvestments?Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•WhathashappenedtotherelativesizeofU.S.andforeignstockandbondmarkets?Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•WhatarethedifferencesintheratesofreturnonU.S.andforeignsecuritiesmarkets?Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•HowcanchangesincurrencyexchangeratesaffectthereturnsthatU.S.investorsexperienceonforeignsecurities?Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•Isthereanadditionaladvantageofdiversifyingininternationalmarketsbeyondthebenefitsofdomesticdiversification?Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•Whatalternativesecuritiesareavailable?Whataretheircashflowandriskproperties?Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•Whatisthehistoricalreturnandriskcharacteristicsofthemajorinvestmentinstruments?Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:•Whatistherelationshipamongreturnsforforeignanddomesticinvestmentinstruments?Whatistheimplicationoftheserelationshipsforportfoliodiversification?Reasonsfortheexpansionofinvestmentopportunities1.Growthanddevelopmentofforeignfinancialmarkets2.Advancesintelecommunicationstechnology3.MergersoffirmsandsecurityexchangesTheCaseforConstructingGlobalInvestmentPortfolios1.IgnoringforeignmarketscansubstantiallyreducetheinvestmentchoicesforU.S.investors2.Theratesofreturnonnon-U.S.securitiesoftenhavesubstantiallyexceededthoseforU.S.-onlysecurities3.ThelowcorrelationbetweenU.S.stockmarketsandmanyforeignmarketscanhelptosubstantiallyreduceportfolioriskRelativeSizeofU.S.FinancialMarkets1.TheshareoftheU.S.inworldcapitalmarketshasdroppedfromabout65percentofthetotalin1969toabout48percentin20002.ThegrowingimportanceofforeignsecuritiesinworldcapitalmarketsislikelytocontinueRelativeSizeofU.S.FinancialMarkets•Overallvalueofthetotalinvestablecapitalmarkethasincreasedfrom$2.3Trillionin1969to$63.8Trillionin2000andtheU.S.portionhasdeclinedtolessthanhalf.•ThistrendislikelytocontinueTheCaseforGlobalInvestmentsRatesofreturnavailableonnon-U.S.securitiesoftenexceedU.S.Securitiesduetohighergrowthratesinforeigncountries,especiallytheemergingmarketsTheCaseforGlobalInvestmentsDiversificationwithforeignsecuritiescanhelpreduceportfolioriskbecauseforeignmarketshavelowcorrelationwithU.S.capitalmarketsGlobalBondPortfolioRisk1.MacroeconomicdifferencescausethecorrelationofbondreturnsbetweentheUnitedStatesandforeigncountriestodiffer2.ThecorrelationofreturnsbetweenasinglepairofcountrieschangesovertimebecausethefactorsinfluencingthecorrelationchangeovertimeRiskofCombinedCountryInvestments•Diversifiedportfoliosreducevariabilityofreturnsovertime•Correlationcoefficientsmeasurediversificationcontribution•ComparecorrelationofreturnamongU.S.bondsandstockswithreturnsonforeignbondsandstocksGlobalBondPortfolioRisk•Lowpositivecorrelation•OpportunitiesforU.S.investorstoreducerisk•Correlationchangesovertime•Addingnon-correlatedforeignbondstoaportfolioofU.S.bondsincreasestherateofreturnandreducestheriskoftheportfolioGlobalEquityPortfolioRisk•Lowpositivecorrelation•OpportunitiestoreduceriskofstockportfoliobyincludingforeignstocksSummaryonGlobalInvesting•RelativelyhighratesofreturncombinedwithlowcorrelationcoefficientsindicatethataddingforeignstocksandbondstoaU.S.portfoliowillreduceriskandmayincreaseitsaveragereturnGlobalInvestmentChoices•Fixed-incomeinvestments–bondsandpreferredstocks•Equityinvestments•Specialequityinstruments–warrantsandoptions•Futurescontracts•Investmentcompanies•RealassetsFixed-IncomeInvestments•Contractualpaymentschedule•Recoursevariesbyinstrument•Bonds–investorsarelenders–expectinterestpaymentandreturnofprincipal•Preferredstocks–dividendsrequireboardofdirectorsapprovalSavingsAccounts•Fixedearnings•Convenient•Liquid•Lowrisk•Lowrates•CertificatesofDeposit(CDs)-instrumentsthatrequireminimumdepositsforspecifiedterms,andpayhigherratesofinterestthansavingsaccounts.PenaltyimposedforearlywithdrawalMoneyMarketCertificates•CompeteagainstTreasurybills(T-bills)•Minimum$10,000•Minimummaturityofsixmonths•Redeemableonlyatbankofissue•PenaltyifwithdrawnbeforematurityCapitalMarketInstruments•Fixedincomeobligationsthattradeinsecondarymarket•U.S.Treasurysecurities•U.S.Governmentagencysecurities•Municipalbonds•CorporatebondsU.S.TreasurySecurities•Bills,notes,orbonds-dependingonmaturity–Billsmatureinlessthan1year–Notesmaturein1-10years–Bondsmatureinover10years•Highlyliquid•BackedbythefullfaithandcreditoftheU.S.GovernmentU.S.GovernmentAgencySecurities•Soldbygovernmentagencies–FederalNationalMortgageAssociation(FNMAorFannieMae)–FederalHomeLoanBank(FHLB)–GovernmentNationalMortgageAssociation(GNMAorGinnieMae)–FederalHousingAdministration(FHA)•Notdirectobligationso