投资学,9e,精要版,48772,48760,英文PPT Chap002.ppt 32页

CHAPTER2AssetClassesandFinancialInstruments 2-2AssetClassesMoneymarketinstrumentsCapitalmarketinstrumentsBondsEquitySecuritiesDerivativeSecurities 2-3TheMoneyMarketSubsectorofthefixed-incomemarket:Securitiesareshort-term,liquid,lowrisk,andoftenhavelargedenominationsMoneymarketmutualfundsallowindividualstoaccessthemoneymarket. 2-4Table2.1MajorComponentsoftheMoneyMarket 2-5MoneyMarketSecuritiesTreasurybills:Short-termdebtofU.S.governmentBidandaskedpriceBankdiscountmethodCertificatesofDeposit:TimedepositwithabankCommercialPaper:Short-term,unsecureddebtofacompany 2-6MoneyMarketSecuritiesBankers’Acceptances:Anordertoabankbyabank’scustomertopayasumofmoneyonafuturedateEurodollars:dollar-denominatedtimedepositsinbanksoutsidetheU.S.ReposandReverses:Short-termloanbackedbygovernmentsecurities.FedFunds:Veryshort-termloansbetweenbanks 2-7YieldsonMoneyMarketInstrumentsExceptforTreasurybills,moneymarketsecuritiesarenotfreeofdefaultriskBoththepremiumonbankCDsandtheTEDspreadhaveoftenbecomegreaterduringperiodsoffinancialcrisisDuringthecreditcrisisof2008,thefederalgovernmentofferedinsurancetomoneymarketmutualfundsaftersomefundsexperiencedlosses 2-8TheBondMarketTreasuryNotesandBondsInflation-ProtectedTreasuryBondsFederalAgencyDebtInternationalBonds 2-9TheBondMarketMunicipalBondsCorporateBondsMortgagesandMortgage-BackedSecurities 2-10TreasuryNotesandBondsMaturitiesNotes–maturitiesupto10yearsBonds–maturitiesfrom10to30yearsParValue-$1,000InterestpaidsemiannuallyQuotes–percentageofpar 2-11TheBondMarketInflation-ProtectedTreasuryBondsTIPS:ProvideinflationprotectionFederalAgencyDebtDebtofmortgage-relatedagenciessuchasFannieMaeandFreddieMacInternationalBondsEurobondsandYankeebonds 2-12MunicipalBondsIssuedbystateandlocalgovernmentsInterestisexemptfromfederalincometaxandsometimesfromstateandlocaltax 2-13MunicipalBondsTypesGeneralobligationbonds:BackedbytaxingpowerofissuerRevenuebonds:backedbyproject’srevenuesorbythemunicipalagencyoperatingtheproject. 2-14Figure2.4Tax-exemptDebtOutstanding 2-15MunicipalBondYieldsTochoosebetweentaxableandtax-exemptbonds,compareafter-taxreturnsoneachbond.Lettequaltheinvestor’smarginaltaxbracketLetrequalthebefore-taxreturnonthetaxablebondandrmdenotethemunicipalbondrate.Ifr(1-t)>rmthenthetaxablebondgivesahigherreturn;otherwise,themunicipalbondispreferred. 2-16Table2.2Tax-ExemptYieldTableTheequivalenttaxableyieldissimplythetax-freerate,rm,dividedby(1-t). 2-17CorporateBondsIssuedbyprivatefirmsSemi-annualinterestpaymentsSubjecttolargerdefaultriskthangovernmentsecuritiesOptionsincorporatebondsCallableConvertible 2-18ProportionalownershipofamortgagepooloraspecifiedobligationsecuredbyapoolProducedbysecuritizingmortgagesMortgage-backedsecuritiesarecalledpass-throughsbecausethecashflowsproducedbyhomeownerspayingofftheirmortgagesarepassedthroughtoinvestors.Mortgage-BackedSecurities 2-19Mortgage-BackedSecuritiesMostmortgage-backedsecuritieswereissuedbyFannieMaeandFreddieMac.Traditionally,pass-throughswerecomprisedofconformingmortgages,whichmetstandardsofcreditworthiness. 2-20Mortgage-BackedSecuritiesEventually,“Private-label”issuerssecuritizedlargeamountsofsubprimemortgages,madetofinanciallyweakborrowers.Finally,FannieandFreddiewereallowedandevenencouragedtobuysubprimemortgagepools.September,2008:FannieandFreddiegottakenoverbythefederalgovernment. 2-21Figure2.6Mortgage-backedsecuritiesoutstanding 2-22EquitySecuritiesCommonstock:OwnershipResidualclaimLimitedliabilityPreferredstock:PerpetuityFixeddividendsPriorityovercommonTaxtreatmentAmericanDepositoryReceipts 2-23StockMarketIndexesDowJonesIndustrialAverageIncludes30largeblue-chipcorporationsComputedsince1896Price-weightedaverage 2-24Example2.2Price-WeightedAveragePortfolio:Initialvalue$25+$100=$125Finalvalue$30+$90=$120Percentagechangeinportfoliovalue=5/125=-.04=-4%Index:Initialindexvalue(25+100)/2=62.5Finalindexvalue(30+90)/2=60Percentagechangeinindex-2.5/62.5=-.04=-4% 2-25S&P500Broadlybasedindexof500firmsMarket-value-weightedindexInvestorscanbasetheirportfoliosonanindex:BuyanindexmutualfundBuyexchangetradedfunds(ETFs)Standard&Poor’sIndexes 2-26OtherIndexesU.S.IndexesNYSECompositeNASDAQCompositeWilshire5000ForeignIndexesNikkei(Japan)FTSE(U.K.;pronounced“footsie”)DAX(Germany),HangSeng(HongKong)TSX(Canada) 2-27DerivativesMarketsOptionsandfuturesprovidepayoffsthatdependonthevaluesofotherassetssuchascommodityprices,bondandstockprices,ormarketindexvalues.Aderivativeisasecuritythatgetsitsvaluefromthevaluesofanotherasset. 2-28OptionsCall:Righttobuyunderlyingassetatthestrikeorexerciseprice.ValueofcallsdecreaseasstrikepriceincreasesPut:Righttosellunderlyingassetatthestrikeorexerciseprice.ValueofputsincreasewithstrikepriceValueofbothcallsandputsincreasewithtimeuntilexpiration. 2-29FuturesContractsAfuturescontractcallsfordeliveryofanasset(orinsomecases,itscashvalue)ataspecifieddeliveryormaturitydateforanagreed-uponprice,calledthefuturesprice,tobepaidatcontractmaturity.Longposition:TakedeliveryatmaturityShortposition:Makedeliveryatmaturity 2-30ComparisonOptionRight,butnotobligation,tobuyorsell;optionisexercisedonlywhenitisprofitableOptionsmustbepurchasedThepremiumisthepriceoftheoptionitself.FuturesContractObligedtomakeortakedelivery.Longpositionmustbuyatthefuturesprice,shortpositionmustsellatfuturespriceFuturescontractsareenteredintowithoutcost 3-31HowFirmsIssueSecuritiesPrimaryMarketFirmsissuenewsecuritiesthroughunderwritertopublicInvestorsgetnewsecurities;firmgetsfundingSecondaryMarketInvestorstradepreviouslyissuedsecuritiesamongthemselves 3-32HowFirmsIssueSecurities(Ctd.)StocksIPOSeasonedofferingBondsPublicofferingPrivateplacement