对外经济贸易大学投资学课件1

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1、Lecture1IntroductiontoFinancialmarketinvestmentsAninvestmentisthecurrentcommitmentofmoneyorotherresourcesintheexpectationofreceivingfuturebenefits.Realassets—assetsusedtoproducegoodsandservicesFinancialassets—claimsonrealassetsortheincomegeneratedbythemFinancialAssetsRiskfree

2、assets---deposit,T-Bills,T-bondsRiskyassets---corporatebonds,stocks,mutualfunds,futures,optionsCourseoutlineIntroductiontofinancialinstrumentsHowsecuritiesaretradedPortfoliotheoryMVefficientfrontierCAPMFactormodelsEmpiricaltestsonassetpricingmodelsMarketefficiencyCourseoutlin

3、eBondValuationBondpriceandyieldActivebondmanagementStockValuationMacroandindustryanalysisFinancialstatementanalysisStockvaluationmodelsCourseassessmentAttendance10%Caseandpresentation30%Final-exam60%Theimportanceoffinancialassets$Billion%totalRealassetsRealestate2287429.7%Tot

4、alrealassets1738735.9%FinancialAssetsdeposit489510.1%debt24025%institutionholdings2203845%Totalfinancialassets3100964.1%FunctionoffinancialmarketsChannelfundsfromsaverswhohaveexcessoffundstolenderswhohaveashortageoffundsfundsurplusunits(savings)funddeficitunits(capitalinvestm

5、ent)financialintermediariesParticipantsinthefinancialmarketsHouseholdBusinesssectorGovernmentFinancialintermediariesBanksinsuranceMutualfundInvestmentbanksFunctionoffinancialmarketsAllocationofrisksShiftconsumptionovertheperiodoflifeSeparationofownershipandmanagementImprovein

6、formationalefficiencyTwofundamentalprinciplesRisk-returntrade-off:higher-riskassetprovidehigherexpectedrateofreturnthanlower-riskassetMarketEfficiency:allassetsarecorrectlypricedwithrespectedtoavailableinformationDowJonesIndustrialAverage(1900-2010)DowJonesIndustrialAverage19

7、006819108119207319302451940150195019819606761970797198082219902732200011180201011577HistoricalperformanceofFidelityFundPeterLynch’sinvestmentrulesStayedfullyinvested(minimalcash)PickstocksbasedontheirfundamentalsEmphasizeongrowthTradefrequentlyIn1965,oneshareofBerkshireHathaw

8、aywasworth$19,todayasingleshareisworth$11691,becauseofWarrenBuffett.