《金融市场与机构》PPT课件

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1、FinancialMarketsandInstitutions教材：弗兰克J.法博齐，弗兰科.莫迪利亚尼，弗兰克J.琼斯著《金融市场与金融机构基础》(英文版原书第四版)机械工业出版社考核方式：开卷考试考核比例：平时：10%，期中：20%，期末：70%第一章(Chapter1,2)导论FinancialmarketsFinancialassetsFinancialmarkets(developmenttrend---globalization,innovation,securitization)FinancialinstitutionsFinancialregulationFinancialma

2、rketsDebtvs.EquityDebtInstrumentsFixeddollarpaymentsExamplesincludeloans,bondsEquityClaimsDollarpaymentisbasedonearningsResidualclaimsExamplesincludecommonstock,partnershipshareTypesofFinancialAssets(Claimtofutureincome)BankloansGovernmentbondsCorporatebondsMunicipalbondsForeignbondCommonstockPrefer

3、redstockForeignstockPriceofFinancialAssetandRiskThepriceorvalueofafinancialassetisequaltothepresentvalueofallexpectedfuturecashflows.ExpectedrateofreturnRiskofexpectedcashflowRoleofFinancialAssetsTransferfundsfromsurplusunitstodeficitunits.Transferfundssoastoredistributeunavoidableriskassociatedwith

4、cashflowsgeneratedfrombothtangibleandintangibleassets.RoleofFinancialMarketsDeterminepriceorrequiredrateofreturnofasset.Provideliquidity.Reducetransactionscosts,whichconsistsofsearchcostsandinformationcosts.ClassificationofFinancialMarketsDebtvs.equitymarketsMoneymarketvs.capitalmarketPrimaryvs.seco

5、ndarymarketCashorspotvs.derivativesmarketAuctionvs.over-the-countervs.intermediatedmarketGlobalizationofFinancialMarketsFactorsthathaveledtoglobalizationoffinancialmarkets:DeregulationorliberalizationoffinancialmarketsTechnologicaladvancesIncreasedinstitutionalizationRoleandinfluenceofglobalizationo

6、ffinancialmarketInnovationofFinancialMarkets:DerivativesFutures/forwardcontractsareobligationsthatmustbefulfilledatmaturity.Optionscontractsarerights,notobligations,toeitherbuy(call)orsell(puttheunderlyingfinancialinstrument.NewdevelopmentoffinancialderivativesRoleofDerivativeInstrumentsProtectagai

7、nstdifferenttypesofinvestmentrisks,suchaspurchasingpowerrisk,interestraterisk,exchangeraterisk.Advantages:LowertransactionscostsFastertocarryouttransactionGreaterliquidityInnovationofFinancialMarkets: