金融市场与金融机构基础 第2章

FinancialInstitutions,FinancialIntermediariesandAssetManagementFirmsChapter2Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall2ServicesofFinancialInstitutionsTransformingFinancialAssetsExchangingFinancialAssetsonBehalfofCustomersExchangingFinancialAssetsforOwnAccountAssistingintheCreationofFinancialAssetsProvidingInvestmentAdviceManagingPortfoliosCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall3RoleofFinancialIntermediariesTransferoffundsfromsaverstoinvestorsTypesofInvestmentsDirectInvestmentForexample,purchasingaportfolioofstocksandbondsIndirectInvestmentForexample,purchasinganequityclaimissuedbyaninvestmentcompanyCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall4RoleofFinancialIntermediariesProvidingMaturityIntermediationReducingRiskThroughDiversificationReducingCostsofContractingandInformationProcessingProvidingaPaymentsMechanismCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall5RoleofFinancialIntermediariesProvidingMaturityIntermediationReducingRiskviaDiversificationReducingCostsofContractingandInformationProcessingProvidingaPaymentsMechanismCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6Asset/LiabilityManagementSpreadandNon-SpreadBusinessesNatureofLiabilitiesAmountofcashoutlayTimingofcashoutlayLiquidityConcernsRegulationsandTaxation7Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall7NatureofLiabilitiesofFinancialInstitutionsLiabilityTypeAmountofCashOutlayTimingofCashOutlayTypeIKnownKnownTypeIIKnownUncertainTypeIIIUncertainKnownTypeIVUncertainUncertainCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall8ConcernsofRegulatorsCreditRiskSettlementRiskCounterpartyRiskLiquidityRiskMarketLiquidityRiskFundingLiquidityRiskMarketRiskOperationalRiskCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall9AssetManagementFirmsRankedbyassetsundermanagementCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10FeesandCompensationFeestructureFeebasedonassetsundermanagementPerformance-basedfeeCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall11TypesofFundsManagedRegulatedinvestmentcompaniesInsurancecompanyfundsSeparatelymanagedaccountsPensionfundsHedgefundsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall12HedgeFundsNosingledefinitionofhedgefundGeorgeSorosPresident’sWorkingGrouponFinancialMarketsU.K.FinancialServicesAutorityCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall13HedgeFundCharacteristics“Hedge”ismisleadingWiderangeoftradingstrategiesLeverage,shortselling,arbitrage,riskcontrolOperateinallfinancialmarketsFocusonabsolutereturnsLastly,fundscatertosophisticatedinvestorsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall14TypesofHedgeFundMarketdirectionalhedgefundCorporaterestructuringhedgefundConvergencetradinghedgefundOpportunistichedgefundCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall15ConcernswithHedgeFundHedgefundsprovidemarketbenefitsLiquidityMarketpricingefficiencyHowever,thereareconcernsSystemriskLong-TermCapitalManagementBearStearnsMarketmeltdownof2008Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall16Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise,withoutthepriorwrittenpermissionofthepublisher.PrintedintheUnitedStatesofAmerica.