chapter06TheGlobalStockMarket(国际投资,英文版)

Slidesby:PamelaL.Hall,WesternWashingtonUniversityFrancis&IbbotsonChapter6:TheGlobalStockMarket1TheGlobalStockMarketChapter6Francis&IbbotsonChapter6:TheGlobalStockMarket2BackgroundAvarietyofdifferentstockmarketsexist–Forinstance,Germany’smarketisover400yearsoldwhileTanzania’sbeganin1998–MacedoniahasonlytwocompaniestradingonitsstockexchangewhileIndiahas5,840–ThemarketcapitalizationoftheU.S.is$10trillionwhilethatofGuatemalaisonly$2billion(inU.S.dollars)ManystockmarketsalsotradeotherfinancialinstrumentsConsolidationsaremergingstockmarketsandtechnologyispullingnationalmarketstogetherFrancis&IbbotsonChapter6:TheGlobalStockMarket3TheGlobalStockMarketAggregatemarketcapitalizationofequitysharesintheworldgrewfrom$9.6trillionin1990toover$35trillionin2000–Anaveragerateof14.8%annuallyFinancialcapitalisverymobile–In1990theTokyoStockExchangewas30.5%oftheglobalmarketbutonly12.7%in1999–NorthAmericaincreaseditsshareoftheworldequitymarketfrom28.0%(1990)to50.28%(1999)Francis&IbbotsonChapter6:TheGlobalStockMarket4TheGlobalStockMarketTechnologicaladvancesareautomatingexperiencedstockexchangeemployeesoutofjobsStockmarketsareactiveineverytimezoneFrancis&IbbotsonChapter6:TheGlobalStockMarket5BrokerageServicesBrokers–Salespeople(earningacommission)employedbydealers–Havenomoneyinvestedinthedealer’ssecurityinventory–Helpcreatemarketsbybuyingandsellingfromemployer’sinventoryBrokeragefirmsextendcredit(marginaccounts)toclients–EnablesclienttodomoresecuritiestradingFrancis&IbbotsonChapter6:TheGlobalStockMarket6BrokerageServicesTypesofstockbrokerageservices–Full-service•Takebuyandsellorders•Extendmargincredittocustomers•Holdclients’securitiesinsafekeeping•Collectcashdividends•Providefreeinvestmentresearch•Perform‘hand-holding’services–Pleasanttelephoneconversations–Investmentcounseling–Birthdaycards•Allpaidforbyclients’tradingcommissions–Rangefrom$30-$150foronecommonstocktransaction•Examples–MerrillLynch–GoldmanSachs–PaineWebber–MorganStanleyDeanWitter–SalomonSmithBarneyFrancis&IbbotsonChapter6:TheGlobalStockMarket7BrokerageServices–DiscountBrokers•Simplytakeorders•Offerlittleornoinvestmentadvice•No‘hand-holding’servicesprovided•Littleopportunityforchurning•Lowercommissions–Rangefrom$20to$50•Examples–CharlesSchwab&Company–Quick&Reilly–MurielSiebert–JackWhite&Company–FidelityInvestments–VanguardBrokerageServicesFrancis&IbbotsonChapter6:TheGlobalStockMarket8BrokerageServices–Electronicbrokers•TakebuyandsellordersviaInternet•No‘hand-holding’services•Mayprovideinvestmentresearch–Mayormaynotbefree•Lowcommissions–Rangefromalmostfreeto$35atrade•Examples–DiscoverBrokerage–DLJdirect–E*Trade–Archipelago–BloombergTradebook–Accutrade–Ameritrade–CharlesSchwab–SURETRADE–WallStreetAccess–CyberCorp.comFrancis&IbbotsonChapter6:TheGlobalStockMarket9TransactingWhenmakingatrade,theinvestormustspecify–Typeoforder–WhetherornotmarginwillbeinvolvedFrancis&IbbotsonChapter6:TheGlobalStockMarket10TypesofTradingOrdersMarketorder—ordertobuyorsellASAPatthecurrentmarketprice–Simplest,mostcommonordertype–ExecutedimmediatelywithvirtualcertaintyLimitorder—ordertobuyorsellwithalimit–Limitastothemaximumpricepaidforabuyorder–Limitastotheminimumpricereceivedforasellorder•Ifordercannotbeimmediatelytransacted,itisrecordedinthemarket-maker’slimitorderbookandheldforpossiblefutureexecution–Ordermayneverbeexecutediflimitpriceisnotreached–MayattachatimeframetothelimitorderFrancis&IbbotsonChapter6:TheGlobalStockMarket11TypesofTradingOrdersStoporders–Tobuy(sell)arewrittenatpricesgreater(lower)thanthecurrentmarketprice–Activatedwhen(if)themarketpricereachesthestopprice•Onceactivatedbecomesamarketorder–Dangerswithstoporders•Executionpricecannotbeknowninadvance•Investormaybewhip-sawedinvolatilemarket–Variationonstoporder•Stoplimitorders–WhenstoporderisactivateditbecomesalimitorderratherthanamarketorderFrancis&IbbotsonChapter6:TheGlobalStockMarket12TypesofTradingOrdersScaleorder–Requiresbuyingorsellingpartoftheorderateachpriceasmarketpriceschange•CumbersomeandnotallbrokersacceptthemFillorkill(FOK)order–SpecifiespriceatwhichordermustbefilledororderisimmediatelycanceledGoodtillcanceledorder–Remainsineffectuntilcanceled•Dayorder—mustbefilledonthedayorderisissued•Marketoncloseorder—canonlybeexecutedattheday’sclosingpriceFrancis&IbbotsonChapter6:TheGlobalStockMarket13TradingonMarginWhenopeninganewaccountwithabrokeragefirm,canhaveeither–Cashaccount•Mustpaycashforsecurities–Marginaccount•Offersabilitytobuysecuritiesoncredit•Moneyputforthbyinvestorservesasadownpayment•AmountinvestorsmayborrowiscontrolledbytheFederalReserveBoardofGovernors–Forexample,theFedmaystipulatea60%margin,meaningtheinvestormustputforthatleast60%ofthepurchasepriceFrancis&IbbotsonChapter6:TheGlobalStockMarket14TradingonMarginFederalReserve’smarginrequirementsforstocks–Variedfrom10%(1929)to100%(1940)–Inrecentyearshasbeen50%MarginrequirementsaredifferentfordifferenttypesofsecuritiesFrancis&IbbotsonChapter6:TheGlobalStockMarket15HowMarginWorksExample:Youwishtopurchase100sharesofXYZCompanyforapriceof$100persha