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时间:2020-07-30
《FMI7e_ch01Role of Financial Markets and Institutions(金融市场好机构―7e, by Jeff Madura))课件.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、Chapter1RoleofFinancialMarketsandInstitutionsFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineOverviewoffinancialmarketsTypesoffinancialmarketsSecuritiestradedinfinancialmarketsValuat
2、ionofsecuritiesinfinancialmarketsMarketefficiencyFinancialmarketregulationGlobalfinancialmarketsRoleoffinancialinstitutionsinfinancialmarketsComparisonofrolesamongfinancialinstitutionsOverviewoffinancialinstitutionsGlobalexpansionbyfinancialinstitutions2OverviewofFinan
3、cialMarketsAfinancialmarketisamarketinwhichfinancialassets(securities)canbepurchasedorsoldFinancialmarketsfacilitatefinancingandinvestingbyhouseholds,firms,andgovernmentagenciesParticipantsthatprovidefundsarecalledsurplusunitse.g.,householdsParticipantsthatentermarkets
4、toobtainfundsaredeficitunitse.g.,thegovernmentAmajorparticipantinfinancialmarketsistheFed,becauseitcontrolsthemoneysupply3TypesofFinancialMarketsFinancialmarketscanbedistinguishedbythematuritystructureandtradingstructureofitssecuritiesMoneyversuscapitalmarketsTheflowof
5、short-termfundsisfacilitatedbymoneymarketsTheflowoflong-termfundsisfacilitatedbycapitalmarketsPrimaryversussecondarymarketsPrimarymarketsfacilitatetheissuanceofnewsecuritiese.g.,thesaleofnewcorporatestockornewTreasurysecuritiesSecondarymarketsfacilitatethetradingofexis
6、tingsecuritiese.g.,thesaleofexistingstockSecuritiestradedinsecondarymarketsshouldbeliquid4TypesofFinancialMarkets(cont’d)Organizedversusover-the-countermarketsAvisiblemarketplaceforsecondarymarkettransactionsisanorganizedexchangeSometransactionsoccurintheover-the-count
7、er(OTC)market(atelecommunicationsnetwork)KnowledgeoffinancialmarketsispowerDecidewhichmarketstousetoachieveourinvestmentgoalsorfinancingneedsDecidewhichmarketstouseaspartofyourjobAvoidcommonmistakesininvestingandborrowing5SecuritiesTradedinFinancialMarketsMoneymarketse
8、curitiesMoneymarketsecuritiesaredebtsecuritieswithamaturityofoneyearorlessCharacteristics:LiquidLowexpectedreturnLowd
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