Investments-10th-edition-by-Bodie-Kane-and-Marcus课

SlidesbySusanHineMcGraw-Hill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Essentialnatureofinvestment◦Reducedcurrentconsumption◦PlannedlaterconsumptionRealAssets◦AssetsusedtoproducegoodsandservicesFinancialAssets◦ClaimsonrealassetsFixedincomeordebt◦MoneymarketinstrumentsBankcertificatesofdeposit◦CapitalmarketinstrumentsBondsCommonstockorequityDerivativesecuritiesInformationRole◦TheGoogleeffectConsumptionTimingAllocationofRiskSeparationofOwnershipandManagement◦AgencyIssuesCorporateGovernanceandCorporateEthics◦AccountingScandalsExamples–Enron,RiteAid,HealthSouth◦Auditors—watchdogsofthefirms◦AnalystScandalsArthurAndersen◦Sarbanes-OxleyActTightentherulesofcorporategovernanceAssetallocation◦ChoiceamongbroadassetclassesSecurityselection◦ChoiceofwhichsecuritiestoholdwithinassetclassSecurityanalysisRisk-ReturnTrade-OffEfficientMarkets◦ActiveManagementFindingmispricedsecuritiesTimingthemarket◦PassiveManagementNoattempttofindundervaluedsecuritiesNoattempttotimethemarketHoldingahighlydiversifiedportfolioBusinessFirms–netborrowersHouseholds–netsaversGovernments–canbebothborrowersandsaversFinancialIntermediaries◦InvestmentCompanies◦Banks◦Insurancecompanies◦CreditunionsInvestmentBankers◦Performspecializedservicesforbusinesses◦MarketsintheprimarymarketAmericanDepositoryReceipts(ADRs)ForeignsecuritiesofferedindollarsMutualfundsthatinvestinternationallyInstrumentsandvehiclescontinuetodevelop(WEBs)ExchangeTradedFunds(ETFs)Mortgagepass-throughsecuritiesOtherpass-througharrangements◦Car,student,homeequity,creditcardloansOffersopportunitiesforinvestorsandoriginatorsUseofmathematicalmodelsandcomputer-basedtradingtechnologytosynthesizenewfinancialproductsBundlingandunbundlingofcashflowsOnlineinformationdisseminationInformationismadecheaplyandwidelyavailabletothepublicAutomatedtradecrossing◦Directtradingamonginvestors