投资学,9e,精要版,48772,48760,英文PPT Chap001.ppt

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1、Chapter1TheInvestmentEnvironment1-2RealAssetsVersusFinancialAssetsRealAssetsDeterminetheproductivecapacityandnetincomeoftheeconomyExamples:Land,buildings,machines,knowledgeusedtoproducegoodsandservicesFinancialAssetsClaimsonrealassets1-3FinancialAssetsThreetypes:Fixedincom

2、eordebtCommonstockorequityDerivativesecurities1-4FixedIncomePaymentsfixedordeterminedbyaformulaMoneymarketdebt:shortterm,highlymarketable,usuallylowcreditriskCapitalmarketdebt:longtermbonds,canbesafeorrisky1-5CommonStockandDerivativesCommonStockisequityorownershipinacorpor

3、ation.Paymentstostockholdersarenotfixed,butdependonthesuccessofthefirmDerivativesValuederivesfrompricesofothersecurities,suchasstocksandbondsUsedtotransferrisk1-6FinancialMarketsandtheEconomyInformationRole:CapitalflowstocompanieswithbestprospectsConsumptionTiming:Usesecur

4、itiestostorewealthandtransferconsumptiontothefuture1-7FinancialMarketsandtheEconomy(Ctd.)AllocationofRisk:InvestorscanselectsecuritiesconsistentwiththeirtastesforriskSeparationofOwnershipandManagement:Withstabilitycomesagencyproblems1-8FinancialMarketsandtheEconomy(Ctd.)

5、CorporateGovernanceandCorporateEthicsAccountingScandalsExamples–Enron,RiteAid,HealthSouthAuditors–watchdogsofthefirmsAnalystScandalsArthurAndersenSarbanes-OxleyActTightentherulesofcorporategovernance1-9TheInvestmentProcessAssetallocationChoiceamongbroadassetclassesSecurity

6、selectionChoiceofwhichsecuritiestoholdwithinassetclassSecurityanalysistovaluesecuritiesanddetermineinvestmentattractiveness1-10MarketsareCompetitiveRisk-ReturnTrade-OffEfficientMarketsActiveManagementFindingmispricedsecuritiesTimingthemarket1-11MarketsareCompetitive(Ctd.)P

7、assiveManagementNoattempttofindundervaluedsecuritiesNoattempttotimethemarketHoldingahighlydiversifiedportfolio1-12ThePlayersBusinessFirms–netborrowersHouseholds–netsaversGovernments–canbebothborrowersandsavers1-13ThePlayers(Ctd.)FinancialIntermediaries:PoolandinvestfundsIn

8、vestmentCompaniesBanksInsurancecompaniesCreditunions1-14UniversalBankActivitiesInvestment