兹维博迪金融学第二版课件Chapter02
兹维博迪金融学第二版课件
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1.5 企业的组织形式
• 独资企业
• 一个人或家庭所有的企业 • 企业的资产和负债是所有者个人的资产和负债 • 无限责任 • 低管理成本
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• 合伙企业
• 至少有两个人分享所有权的企业。合伙协议通常 规定如何共同作出决策和利润（损失）如何共享 （共担）。
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• 人们利用金融系统来实施其金融决策。金融系统定义为用来订立 金融合约、交换资产与风险的一组市场和其他机构。
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• 金融理论包括：
• 一组概念，帮助一个人组织关于怎样跨时配置资 源的思考。
• 一组数量模型，帮助评估备选项、决策和实施决 策。
• 这些概念和模型适用于所有层次和规模的决策
预防损失 • 不动产管理
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税务管理
• 税务政策、程序的建立和管理 • 与税收征稽机构的关系 • 税务报告的准备 • 税务计划
兹维博迪金融学第二版
Hale Waihona Puke 42投资者关系• 建立和维护与投资群体的关系 • 建立和维护与公司股东的关系 • 向分析师咨询—公共财务信息
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离
• 1.7 管理的目标 • 1.8 市场性管束：收购 • 1.9 财务专家在公司中的
角色
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导言
• 我为退休储蓄。我应该用哪一种投资形式？ 银行存单、共同基金还是直接买股票？
• 我想有一辆新车。我应该用存款购买还是租用？ • 我正在考虑创业。它能带给我足够的回报吗？ • 公司正寻求进军电信业。你应该给CFO提供怎样的建
兹维博迪金融学第二版课件
系统性风险
探索系统性风险的概念，包 括金融危机、政治不稳定和 经济周期波动等因素。
非系统性风险
分析非系统性风险对个别公 司或行业的影响，包括管理 风险、行业竞争和市场需求 波动等。
股票与债券
股票
深入了解股票市场的运作原理， 包括股票的购买、卖出和股息分 红等关键概念。
债券
多元化投资组合
研究债券市场的特点和运作方式， 包括债券利息、到期日和信用评 级等重要信息。
市场环境
1
宏观经济因素
了解宏观经济因素对金融市场的影响，包括经济增长、通货膨胀率和利率等。
2
政治与法律环境
探讨政治和法律环境对金融市场的重要性，包括政策变化、法规制度和国际贸易协议等。
3
社会氛围
分析社会氛围对金融市场的影响，包括人们对投资的态度、价值观和消费习惯等。
市场风险
市场波动
了解市场波动对投资者的风 险和机会，学会管理风险并 制定有效的投资策略。
探索如何建立一个多元化的投资 组合，有效分散风险并实现长期 收益。
经济增长与衰退
1
经济增长
了解经济增长的关键因素，包括生产率提高、投资增加和创新技术的引入等。
2
经济衰退
分析经济衰退的原因和影响，学会应对经济衰退的策略和措施。
3
经济周期
探讨经济周期的特征和不同阶段的投资机会，以及如何利用周期性变化来做出明智的投资决 策。
兹维博迪金融学第二版课 件
欢迎来到兹维博迪金融学第二版课件，本课程将带您深入了解金融市场、市 场环境、市场风险等关键概念。让我们一起开始这个充满挑战与机遇的学习 旅程吧！
课程介绍
在本节中，我们将探讨课程的内容、学习目标以及学习方法。通过本课程， 您将获得对金融学的深入理解，为未来的职业发展奠定坚实的基础。
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Money Market Securities
• Treasury b i l l s : Short-term debt of U.S. government
– Bid and asked price – Bank discount method
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The Bond Market
• I n f l a t i o n - Protected Treasury Bonds
– TIPS: Provide inflation protection
• Federal Agency Debt
• Both t h e premium on bank CDs and the TED spread have often become g r e a t e r during periods of financial crisis
• During the credit c r i s i s of 2008, the fede government offered insurance t o money market mutual funds a f t e r some funds experienced losses
• Money market mutual funds allow i n d i v i d u a l s t o access t h e money market.
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Table 2.1 Major Components of t h e Money Market
金融英语课件 chapter 2
China cuts rates, lowers reserve ratio
• However, benchmark deposit rates remain unchanged with the one-year rate to be kept at 4.14 percent, a proof that the central bankers are keeping an eye on inflation.
American depository receipts
• Certificate of foreign stock • Traded in stock market in U.S • Denominated in USD
Foreign debt or Euro-debt
• What is the denomination? Home currency or host country currency
Stocks sink amid Wall St
crisis
• The unprecedented changes on Wall Street - which was also gripped by rising fears about the health of AIG,
the giant insurer - left investors more concerned with preserving their capital than in generating returns.
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Foreign Exchange Futures
• Foreign exchange risk: You may get more or less home currency than you expected from a foreign currency denominated transaction.
• Results: – Cheaper and more flexible – Synthetic position; instead of holding or shorting all of the actual stocks in the index, you are long or short the index futures
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Table 23.2 Correlations among Major U.S. Stock Market Indexes
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Creating Synthetic Positions with Futures
• Index futures let investors participate in broad market movements without actually buying or selling large amounts of stock.
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Creating Synthetic Positions with Futures
• Speculators on broad market moves are major players in the index futures market. – Strategy: Buy and hold T-bills and vary the position in market-index futures contracts. – If bullish, then long futures – If bearish, then short futures
兹维博迪金融学第二版课件
THANK YOU
发展
金融市场的发展趋势包括电子化 、全球化、金融创新等，这些趋 势对金融市场的运行机制和监管 提出了新的挑战和要求。
02
货币与银行
货币的定义与职能
总结词
货币的定义与职能
详细描述
货币是交换媒介和价值尺度，具有流通、支付、贮藏和世界货币等职能。
银行的定义与类型
总结词
银行的定义与类型
详细描述
银行是经营货币信用的金融机构，分为中央银行、政策性银行、商业银行、投资 银行等类型。
02
马科维茨投资组合理论
通过构建有效的投资组合，实现风险和收益的平衡。
03
资本资产定价模型（CAPM）
评估不同资产类别的风险和预期收益之间的关系。
04
金融衍生品市场
金融衍生品的定义与类型
总结词
详细描述金融衍生品的定义，以及不同 类型的金融衍生品（如期货、期权、远 期合约、互换等）的特点和用途。
VS
保险公司的业务与管理
总结词
保险公司的业务与管理
详细描述
保险公司的业务主要包括保险产品的开发、销售、理赔 和投资等。在业务管理方面，保险公司需要制定合理的 保费和赔付标准，建立完善的销售渠道和理赔流程，以 及进行有效的投资管理。此外，保险公司还需要加强风 险管理，控制保费、赔付和投资等方面的风险，以保证 公司的稳健经营。
投资定义
投资是指为了获得未来的收益而将资金或其他资源投入某一领域或项目。
实物投资
如房地产、机器设备等。
金融投资
如股票、债券、基金、期货、期权等。
人力资本投资
如教育、培训等。
股票投资
01
02
03
股票定义
博迪金融学PPT第02章
Index (Log Scale)
100.0000
10.0000
1.0000 1925
1930
1935
1940
ห้องสมุดไป่ตู้
1945
1950
1955
1960
1965 171970
1975
1980
1985
1990
1995
Year
Frequency of Returns
70
60
50
Freq_Bills Freq_Bonds Freq_Stock Freq_Inflation
Probability
40
30
20
10
0 -50 -40 -30 -20 -10 0 10 20 30 40 50
Percent
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名义利率与实际利率的关系
(1 名义利率) (1 实际利率)*(1 通胀率) 实际利率 名义利率 通胀率 1 通胀率
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2
资金流量图
金融市场
盈余单位
赤字单位
金融中介
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经由市场的资金流动
金融市场
盈余单位
赤字单位
金融中介
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经由中介的资金流动
市场
盈余单位
Deficit Units
Intermediaries
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经由中介和市场的资金流动
市场
盈余单位
赤字单位
中介
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经由市场和中介的资金流动
市场
盈余单位
赤字单位
中介
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资金流动: 非中介化
US Treasury Yiled Curve, Jan 97
兹维博迪金融学第二版课件
债券价值的企业决策
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• 营运资本
• 所有企业（包括那些盈利很好的企业），如果不对营运 资本管理足够重视，就可能承受严重损失。现金的流入 流出在时间上并非完全匹配。为了为现金流赤字融资， 为现金流盈余找到好的投资项目，管理者必须关心向客 户收款和及时支付账单。
议？ • 一个拉美国家申请为其大项目贷款。你所在的组织应
该贷给它吗？
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1.1 定义金融学
• 金融学是对人们怎样跨时配置稀缺资源的研究。 金融决策区别于其他资源配置决策的两个特征：
• 成本和收益的跨时配置 • 未来现金流实际的时序和规模经常只能以一定概
率知道，而不能完全确知பைடு நூலகம்
• 理解金融学帮助你评估这些不确定的现金流
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• 资本预算过程
• 准备一个计划，以获取实施战略规划的厂房、机器、实验室、展厅、仓 库和人力资本。
• 基本分析单位是投资项目。资本预算过程中，投资项目被识别、排优先 序和实施。
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• 融资过程
• 一旦企业已决定准备实施的新项目，这些项目就必须用未 分配利润、普通股、优先股、债券、可转换证券、银行贷 款、雇员股票期权、租赁合约、退休金债务等等来融资。
• 资本结构是企业市场价值归入每一类已发行证券的数量。 它决定企业未来现金流的归属和风险水平【如股票融资对 企业没有撤资风险，债务融资有】
• 资本结构的分析单位是作为整体的企业，而不是一个投资 项目。
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• 资本结构也决定了不同的可能性下由谁控制企 业。
金融市场与金融机构基础FabozziChapter02
Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones)Chapter 2 Financial Institutions, Financial Intermediaries, and Asset Management Firms Multiple Choice Questions1 Financial Institutions1) Financial enterprises, more popularly referred to as financial institutions, provide a variety of services. Which of the below is NOT one of these?A) Transform financial assets acquired through the market and constituting them into a different, and more widely preferable, type of asset–which becomes their liability.B) Exchange financial assets on behalf of customers but not for their own accounts.C) Manage the portfolios of other market participants.D) Assist in the creation of financial assets for their customers, and then sell those financial assets to other market participants.Answer: BComment: Financial enterprises exchange financial assets both on behalf of customers and for their own accounts.Diff: 2Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions2) Financial intermediaries include ________that acquire the bulk of their funds by offering their liabilities to the public mostly in the form of deposits; insurance companies, pension funds, and finance companies.A) depository institutionsB) utilitiesC) initial public offeringsD) preferred equity instrument.Answer: ADiff: 1Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions3) Some nonfinancial enterprises have subsidiaries that provide financial services. These financial institutions are called ________.A) free finance companies.B) captive finance companies.C) captive investment companies.D) captive finance shares.Answer: BComment: Some nonfinancial enterprises have subsidiaries that provide financial services. For example, many large manufacturing firms have subsidiaries that provide financing for the parent company’s customer. These financial institutions are called captive finance companie s. Examples include General Motors Acceptance Corporation (a subsidiary of General Motors) and General Electric Credit Corporation (a subsidiary of General Electric).Diff: 2Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions4) Depository institutions include ________.A) commercial banks.B) savings and loan associations.C) savings banks and credit unions.D) All of theseAnswer: DDiff: 1Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions2 Role of Financial Intermediaries1) Financial intermediaries get funds by issuing financial claims against themselves to market participants, and then investing those funds. The investments made by financial intermediaries can be in ________.A) loans but not in securities.B) securities but not in loans.C) loans and/or securities.D) only equity.Answer: CDiff: 1Topic: 2.2 Role of Financial IntermediariesObjective: 2.2 the role of financial intermediaries2) Financial intermediaries play the basic role of transforming financial assets that are less desirable for a large part of the public into other financial assets (their own liabilities) which are more widely preferred by the public. This transformation involves at least one of four economic functions. Which of the below is NOT one of these functions?A) providing maturity intermediationB) enhancing risk via diversificationC) reducing the costs of contracting and information processingD) providing a payments mechanismAnswer: BComment: Financial intermediaries play the basic role of transforming financial assets that are less desirable for a large part of the public into other financial assets (their own liabilities) which are more widely preferred by the public. This transformation involves at least one of four economic functions: (1) providing maturity intermediation, (2) reducing risk via diversification, (3) reducing the costs of contracting and information processing, and (4) providing a payments mechanism.Diff: 2Topic: 2.2 Role of Financial IntermediariesObjective: 2.2 the role of financial intermediaries3) The commercial bank by issuing its own financial claims transforms a longer-term asset into a shorter-term one by giving the borrower a loan for the length of time sought and theinvestor/depositor a financial asset for the desired investment horizon. This function of a financial intermediary is called ________.A) diversification.B) maturity intermediation.C) information processing costs.D) providing payment mechanisms.Answer: BDiff: 2Topic: 2.2 Role of Financial IntermediariesObjective: 2.4 how financial intermediaries transform the maturity of liabilities and give both short-term depositors and longer-term, final borrowers what they want4) The economic function of financial intermediaries that transforms more risky assets into less risky ones is called ________.A) diversification.B) maturity intermediation.C) information processing costs.D) providing payment mechanisms.Answer: ADiff: 1Topic: 2.2 Role of Financial IntermediariesObjective: 2.5 how financial intermediaries offer investors diversification and so reduce the risks of their investments5) The costs of writing loan contracts are referred to as ________.A) asset costs.B) loan costs.C) information processing costs.D) contracting costs.Answer: DComment: The costs of writing loan contracts are referred to as contracting costs. There is also another dimension to contracting costs, the cost of enforcing the terms of the loan agreement.Diff: 2Topic: 2.2 Role of Financial IntermediariesObjective: 2.6 the way financial intermediaries reduce the costs of acquiring information and entering into contracts with final borrowers of funds6) Which of the below statements is FALSE?A) Investors purchasing financial assets should take the time to develop skills necessary to understand how to evaluate an investment and then apply these skills to the analysis of specific financial assets that are candidates for purchase (or subsequent sale).B) Investors who want to make a loan to a consumer or business will need to write the loan contract (or hire an attorney to do so). Although there are some people who enjoy devoting leisure time to this task, most prefer to use that time for just that–leisure.C) In addition to the opportunity cost of the time to process the information about the financial asset and its issuer, there is the cost of acquiring that information. All these costs are called contracting costs.D) One dimension to contracting costs involves the cost of enforcing the terms of the loan agreement.Answer: CComment: In addition to the opportunity cost of the time to process the information about the financial asset and its issuer, there is the cost of acquiring that information. All these costs are called information processing costs.Diff: 3Topic: 2.2 Role of Financial IntermediariesObjective: 2.6 the way financial intermediaries reduce the costs of acquiring information and entering into contracts with final borrowers of funds3 Overview of Asset/Liability Management for Financial Institutions1) To understand the reasons managers of financial institutions invest in particular types of financial assets and the types of investment strategies they use, it is necessary to have a general understanding of the ________ that they face.A) investment/employee problemB) risk management /dividend problemC) shot-term/long-term asset problemD) asset/liability problemAnswer: DDiff: 3Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.8 the nature of the management of assets and liabilities by financial intermediaries 2) The objective of a ________ is to earn a positive spread between the assets it invests in (what it has sold the money for) and the costs of its funds (what it has purchased the money for).A) limited partnershipB) corporationC) life insurance companyD) depository institutionAnswer: DDiff: 2Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.8 the nature of the management of assets and liabilities by financial intermediaries3) Which of the below statements is FALSE?A) The nature of the liabilities dictates the investment strategy a financial institution will pursue.B) The objective of a depository institution is to earn a positive spread between the assets it invests in (what it has sold the money for) and the costs of its funds (what it has purchased the money for).C) Life insurance companies and, to a certain extent, property and casualty insurance companies are in the spread business.D) Pension funds are in the spread business in that they do not raise funds themselves in the market.Answer: DComment: Pension funds are not in the spread business in that they do not raise funds themselves in the market.Diff: 1Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.8 the nature of the management of assets and liabilities by financial intermediaries4) Which of the below statements is TRUE?A) For Type-II Liabilities, both the amount and the timing of the liabilities are known with certaintyB) By the liabilities of a financial institution, we mean the amount and timing of the cash outlays that must be made to satisfy the contractual terms of the obligations issued.C) When we refer to a cash outlay as being uncertain, we mean that it cannot be predicted.D) Type-I Liabilities, the amount of cash outlay is known, but the timing of the cash outlay is uncertain.Answer: BComment: For Type-I Liabilities, both the amount and the timing of the liabilities are known with certainty. Type-II Liabilities, the amount of cash outlay is known, but the timing of the cash outlay is uncertain. When we refer to a cash outlay as being uncertain, we do not mean that it cannot be predicted.Diff: 3Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.9 how different financial institutions have differing degrees of knowledge and certainty about the amount and timing of the cash outlay of their liabilities5) With this type of liability, the timing of the cash outlay is known, but the amount is uncertain.A) Type-I LiabilitiesB) Type-II LiabilitiesC) Type-III LiabilitiesD) Type-IV LiabilitiesAnswer: CDiff: 2Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.9 how different financial institutions have differing degrees of knowledge and certainty about the amount and timing of the cash outlay of their liabilities4 Concerns of Regulators1) ________ is a broadly used term to describe several types of risk.A) Credit riskB) Settlement riskC) Counterparty riskD) Market riskAnswer: ADiff: 2Topic: 2.4 Concerns of RegulatorsObjective: 2.11 concerns regulators have with financial institutions2) ________ is the risk that a counterparty in a trade fails to satisfy its obligation.A) Liquidity riskB) Settlement riskC) Counterparty riskD) Market riskAnswer: CDiff: 2Topic: 2.4 Concerns of RegulatorsObjective: 2.11 concerns regulators have with financial institutions3) Because of uncertainty about the timing and/or the amount of the cash outlays, a financial institution must be prepared ________.A) to have sufficient cash to satisfy its obligations.B) to have sufficient projects to satisfy its capital budget constraints.C) to have sufficient risk to satisfy its obligations.D) to have sufficient risk to satisfy its conservative investors.Answer: ADiff: 1Topic: 2.4 Concerns of RegulatorsObjective: 2.10 why financial institutions have liquidity concerns4) ________ is the risk to a financial institution's economic well-being that results from an adverse movement in the market price of assets it owns.A) Credit riskB) Settlement riskC) Funding liquidity riskD) Market riskAnswer: DDiff: 2Topic: 2.4 Concerns of RegulatorsObjective: 2.5 how financial intermediaries offer investors diversification and so reduce the risks of their investments5) ________ is the risk that the financial institution will be unable to obtain funding to obtain cash flow necessary to satisfy its obligations.A) Funding liquidity riskB) Credit riskC) Settlement riskD) Market riskAnswer: ADiff: 2Topic: 2.4 Concerns of RegulatorsObjective: 2.10 why financial institutions have liquidity concerns5 Asset Management Firms1) Which of the following statements is FALSE?A) Asset management firms manage the funds of individuals, businesses, endowments and foundations, and state and local governments.B) Asset management firms are ranked semi-annually by Pension & Investments with the ranking based on the number of liabilities under management.C) Asset management firms are either affiliated with some financial institution (such as a commercial bank, insurance company, or investment bank) or are independent companies.D) Larger institutional clients seeking the services of an asset management firm typically do not allocate all of their assets to one asset management firm.Answer: BComment: Asset management firms are ranked annually by Pension & Investments with the ranking based on the number of assets under management.Diff: 2Topic: 2.5 Asset Management FirmsObjective: 2.12 the general characteristics of asset management firms2) ________ seeking the services of an asset management firm typically do not allocate all of their assets to one asset management firm firm.A) Smaller institutional clientsB) Larger institutional clientsC) Depository institutionsD) GIC institutionsAnswer: BDiff: 1Topic: 2.5 Asset Management FirmsObjective: 2.12 the general characteristics of asset management firms3) Asset management firms receive their compensation ________ from management fees charged based on the market value of the assets managed for clients.A) primarilyB) secondarilyC) totallyD) to a minor extentAnswer: ADiff: 2Topic: 2.5 Asset Management FirmsObjective: 2.12 the general characteristics of asset management firms4) Which of the below is NOT one of the types of funds managed by asset management firms?A) Deregulated investment companiesB) Insurance company fundsC) Separately managed accounts for individuals and institutional investorsD) Pension and hedge funds.Answer: AComment: Types of funds managed by asset management firms include: regulated investment companies; insurance company funds; separately managed accounts for individuals and institutional investors; pension funds; and hedge funds.Diff: 2Topic: 2.5 Asset Management FirmsObjective: 2.13 the types of funds that asset management firms manage5) There is no universally accepted definition to describe the 9,000 privately pooled investment entities in the United States called ________ that invest more than $1.3 trillion in assets.A) derivative fundsB) option fundsC) hedge fundsD) asset/liability fundsAnswer: CDiff: 2Topic: 2.5 Asset Management FirmsObjective: 2.14 what a hedge fund is and the different types of hedge funds6) The term hedge fund is associated with common characteristics. Which of the below is NOT one of these common characteristics?A) organized as private investment partnerships or offshore investment corporationsB) use a wide variety of trading strategies involving position-taking in a range of marketsC) employ an assortment of trading techniques and instruments, often including short-selling, derivatives and leverageD) pay performance fees to their managers; and have an investor base comprisingmodest-income individualsAnswer: DComment: Usually, hedge funds: are associated with the following characteristics: organized as private investment partnerships or offshore investment corporations; use a wide variety of trading strategies involving position-taking in a range of markets; employ an assortment of trading techniques and instruments, often including short-selling, derivatives and leverage; pay performance fees to their managers; and have an investor base comprising wealthy individuals and institutions and a relatively high minimum investment limit (set at U.S. $100,000 or higher for most funds).Diff: 2Topic: 2.5 Asset Management FirmsObjective: 2.14 what a hedge fund is and the different types of hedge funds7) There are various ways to categorize the different types of hedge funds. Mark Anson uses the four broad categories. Which of the below is NOT one of these?A) divergence buyingB) market directionalC) corporate restructuringD) opportunisticAnswer: AComment: There are various ways to categorize the different types of hedge funds. Mark Anson uses the following four broad categories: market directional, corporate restructuring, convergence trading, and opportunistic.Diff: 2Topic: 2.5 Asset Management FirmsObjective: 2.13 the types of funds that asset management firms manageTrue/False Questions1 Financial Institutions1) Business entities include nonfinancial and financial enterprises. Nonfinancial enterprises manufacture products (e.g., cars, steel, computers) and/or provide nonfinancial services (e.g., transportation, utilities, computer programming).Answer: TRUEDiff: 1Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions2) A financial institution that provides an underwriting service will only on occasion also providea brokerage and/or dealer service.Answer: FALSEComment: A financial institution that provides an underwriting service will also typically provide a brokerage and/or dealer service.Diff: 1Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions3) Many large manufacturing firms have subsidiaries that provide financing for the parent company's customer. These financial institutions are called captive finance companies. Answer: TRUEDiff: 1Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions2 Role of Financial Intermediaries1) People who work for financial intermediaries (such as a commercial bank and an investment company) include investment professionals who are trained to analyze financial assets and manage them.Answer: TRUEDiff: 2Topic: 2.2 Role of Financial IntermediariesObjective: 2.2 the role of financial intermediaries2) Most transactions made today are done with cash more so than payments mechanisms that use checks, credit cards, debit cards, and electronic transfers of funds.Answer: FALSEComment: Most transactions made today are not done with cash. Instead, payments are made using checks, credit cards, debit cards, and electronic transfers of funds. These methods for making payments, called payment mechanisms, are provided by certain financial intermediaries.Diff: 1Topic: 2.2 Role of Financial IntermediariesObjective: 2.2 the role of financial intermediaries3) Many large manufacturing firms have subsidiaries that provide financing for the parent company's customer. These financial institutions are called free investment companies. Answer: FALSEComment: Many large manufacturing firms have subsidiaries that provide financing for the parent company’’s customer. These financial institutions are called captive finance companies. Diff: 1Topic: 2.2 Role of Financial IntermediariesObjective: 2.1 the business of financial institutions3 Overview of Asset/Liability Management for Financial Institutions1) In addition to uncertainty about the timing and amount of the cash outlays, and the potential for the depositor or policyholder to withdraw cash early or borrow against a policy, a financial institution has to be concerned with possible reduction in cash inflows.Answer: TRUEDiff: 1Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.9 how different financial institutions have differing degrees of knowledge and certainty about the amount and timing of the cash outlay of their liabilities2) Very few regulations and tax considerations influence the investment policies that financial institutions pursue.Answer: FALSEComment: Numerous regulations and tax considerations influence the investment policies that financial institutions pursue.Diff: 1Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.1 the business of financial institutions3) For Type-IV Liabilities, both the amount and the timing of the liabilities are known with certainty.Answer: FALSEComment: For Type-I Liabilities, both the amount and the timing of the liabilities are known with certainty.Diff: 1Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.8 the nature of the management of assets and liabilities by financial intermediaries 4) In regards to Type-IV Liabilities, there are numerous insurance products and pension obligations that present uncertainty as to both the amount and the timing of the cash outlay. Answer: TRUEDiff: 1Topic: 2.3 Overview of Asset/Liability Management for Financial InstitutionsObjective: 2.8 the nature of the management of assets and liabilities by financial intermediaries 4 Concerns of Regulators1) Funding liquidity risk is the risk that the financial institution will be unable to obtain funding to obtain cash flow necessary to satisfy its obligations.Answer: TRUEDiff: 1Topic: 2.4 Concerns of RegulatorsObjective: 2.11 concerns regulators have with financial institutions2) Liquidity risk is the risk that a counterparty in a trade fails to satisfy its obligation. Answer: FALSEComment: Counterparty risk is the risk that a counterparty in a trade fails to satisfy its obligation.Diff: 1Topic: 2.4 Concerns of RegulatorsObjective: 2.11 concerns regulators have with financial institutions3) An important risk that is often overlooked but has been the cause of the demise of some major financial institutions is value-at risk.Answer: FALSEComment: An important risk that is often overlooked but has been the cause of the demise of some major financial institutions is operational risk.NOTE. Market risk is the risk to a financial institution’s economic well-being that results from an adverse movement in the market price of assets (debt obligations, equities, commodities, currencies) it owns or the level or the volatility of market prices. There are measuresthat can be used to gauge this risk. One such measure endorsed by bank regulators is value-at- risk, a measure of the potential loss in a financial institution’s financial position associatedwith an adverse price movement of a given probability over a specified time horizon.Diff: 2Topic: 2.4 Concerns of RegulatorsObjective: 2.11 concerns regulators have with financial institutions4) Liquidity risk in the context of settlement risk means that the counterparty can eventually meet its obligation, but not at the due date.Answer: TRUEDiff: 2Topic: 2.4 Concerns of RegulatorsObjective: 2.10 why financial institutions have liquidity concerns5 Asset Management Firms1) A market directional hedge fund is one in which the asset manager retains some exposure to "systematic risk."Answer: TRUEDiff: 1Topic: 2.5 Asset Management FirmsObjective: 2.14 what a hedge fund is and the different types of hedge funds2) A convergence trading hedge fund is one in which the asset manager positions the portfolio to capitalize on the anticipated impact of a significant corporate event.Answer: FALSEComment: A corporate restructuring hedge fund is one in which the asset manager positions the portfolio to capitalize on the anticipated impact of a significant corporate event.Diff: 1Topic: 2.5 Asset Management FirmsObjective: 2.14 what a hedge fund is and the different types of hedge funds3) Risk-arbitrage hedge funds have the broadest mandate of all of the four hedge fund categories. Answer: FALSEComment: Opportunistic hedge funds have the broadest mandate of all of the four hedge fund categories.Diff: 1Topic: 2.5 Asset Management FirmsObjective: 2.14 what a hedge fund is and the different types of hedge funds4) Hedge funds use a wide range of trading strategies and techniques in an attempt to earn superior returns.Answer: TRUEDiff: 1Topic: 2.5 Asset Management FirmsObjective: 2.14 what a hedge fund is and the different types of hedge fundsEssay Questions1 Financial Institutions1) Describe three of the services that can be provided by financial enterprises.Answer: Financial enterprises, more popularly referred to as financial institutions, provide services related to one or more of the following: 1. Transforming financial assets acquired through the market and constituting them into a different, and more widely preferable, type of asset–which becomes their liability. This is the function performed by financial intermediaries, the most important type of financial institution. 2. Exchanging of financial assets on behalf of customers. 3. Exchanging of financial assets for their own accounts. 4. Assisting in the creation of financial assets for their customers, and then selling those financial assets to other market participants. 5. Providing investment advice to other market participants. 6. Managing the portfolios of other market participants.Diff: 3Topic: 2.1 Financial InstitutionsObjective: 2.1 the business of financial institutions2 Role of Financial Intermediaries1) Describe the difference between direct and indirect investments. Cite an example of how an investor in a financial intermediaries makes an indirect investment in an actual entity or company.Answer: Financial intermediaries obtain funds by issuing financial claims against themselves to market participants, and then investing those funds. The investments made by financial intermediaries–their assets–can be in loans and/or securities. These investments are referred to as direct investments. Market participants who hold the financial claims issued by financial intermediaries are said to have made indirect investments.As a first example, consider commercial banks that accept deposits and may use the proceeds to lend funds to consumers and businesses. The deposits represent the IOU of the commercial bank and a financial asset owned by the depositor. The loan represents an IOU of the borrowing entity and a financial asset of the commercial bank. The commercial bank has made a direct investment in the borrowing entity; the depositor (or investor) effectively has made an indirect investment in that borrowing entity.As a second example, consider an investment company, which is a financial intermediary that pools the funds of market participants and uses those funds to buy a portfolio of securities such as stocks and bonds. Investment companies are more commonly referred to as "mutual funds." Investors providing funds to the investment company receive an equity claim that entitles the investor to a pro rata share of the outcome of the portfolio. The equity claim is issued by the investment company. The portfolio of financial assets acquired by the investment company represents a direct investment that it has made. By owning an equity claim against the investment company, those who invest in the investment company have made an indirect investment in stocks and bonds of actual companies.Diff: 3Topic: 2.2 Role of Financial IntermediariesObjective: 2.3 the difference between direct and indirect investments。
滋维博迪投资学Chap.ppt
INVESTMENTS | BODIE, KANE, MARCUS
16-14
Rules for Duration
Rule 4 Holding other factors constant, the duration of a coupon bond is higher when the bond’s yield to maturity is lower
Rules 5 The duration of a level perpetuity is equal to: (1+y) / y
• Bonds with greater curvature gain more in price when yields fall than they lose when yields rise.
• The more volatile interest rates, the more attractive this asymmetry.
(y)2
]
INVESTMENTS | BODIE, KANE, MARCUS
16-20
Figure 16.4 Convexity of Two Bonds
INVESTMENTS | BODIE, KANE, MARCUS
16-21
Why do Investors Like Convexity?
• Bonds with greater convexity have more curvature in the price-yield relationship.
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通过中介和市场的资金流
Markets
Surplus Units
Deficit Units
Intermediaries
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通过市场和中介的资金流
• 如通用汽车承兑公司（General Motors Acceptance Corporation）这样的中介发行商业 票据，为需要汽车贷款或租赁的家庭融资
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在时间和空间上转移资源
• 金融系统提供方式以在时间上、地区之间 、行业之间转移经济资源
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在时间和空间上转移资源（说明）
在时间上（跨期）转移资源的例子： –学生贷款：学生将未来能拥有的资源转移到现在；贷款 者将现在拥有的资源转移到未来。 –借款买房：买房者将未来能拥有的资源转移到现在。 –为退休储蓄：储蓄者将现在拥有的资源转移到未来。 –投资生产设备：投资者将现在拥有的资源转移到未来。
• 例：地方融资平台
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通过中介的资金流
Markets
Surplus Units
Deficit Units
Intermediaries
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清算和结算支付
• 金融系统提供清算和结算支付的方式以便 利货物、服务及资产的交换。
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兹维博迪金融学第二版课件Chapter02
第二章内容
• 2.1 什么是金融系统？ • 2.2 资金流 • 2.3 功能观点【视角】 • 2.4 金融革新与“看不见的手” • 2.5 金融市场 • 2.6 金融市场中的比率
• 2.7 金融中介 • 2.8 金融基础设施和金融管制 • 2.9 政府和准政府组织
清算和结算支付
• 物物交换 (李维斯牛仔裤、老邮票和铸币) • 金 (须纯度鉴定、重) • 纸币(地理上受限制) • 信用卡(并非到处都接受) • 个人支票、银行本票或旅行支票 (被承认
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管理风险
• 金融系统提供管理风险的方式
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金融系统
• 金融决策总是在一个金融系统中做出的。 • 金融系统既约束了决策者，也赋予决策者
能力。 • 本章提供一个框架，以理解金融系统如何
运行
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– 从功能观点分析金融机构帮助我们理解，为什么 机构在不同的时间、不同的法律制度下不同。
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金融的六大功能：
– 在时间和空间上转移资源 – 管理风险 – 清算和结算支付 – 汇集资源和细分股份 – 提供信息 – 应对激励问题
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2.2 资金流
– 资金可以从盈余单位流向赤字单位
• 直接流动（如零星的私人借贷） • 通过市场流动 • 通过中介流动
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• 盈余单位可能酌情允许赤字单位在借贷到 期之前（以适当贴现率）回购合同（即提 前还款），以避免在二级市场上转让债权 ，并增加流动性。【原文疑误】
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资金流脱媒
• 投资公司，其产品有共同基金（mutual funds）等 • 保险公司，其产品有定期人寿保险（term life
insurance）等
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资金流图示
【金融系统中大部分资金通过图中下半 部分所示渠道流动】
Markets
Surplus Units
Deficit Units
Intermediaries
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2.3 功能观点
– 今天一家美国的银行不同于1928年一家美国的银 行，也不同于今天一家沙特的银行。今天美国的 一个信贷联盟承担着许多与银行一样的功能。
• 此例中，票据比贷款的期限更短。这导致风险 。
▲问题：此例中赤字单位是谁？中介是谁？相关的金
融产品有哪些？（相关的金融市场可能是哪些？）
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通过市场和中介的资金流
通过中介和市场的资金流
• 有时中介本身有多余资金并将其投资于市 场或另一中介
• 一家银行借入并在货币市场上投出资金， 可以增加其灵活性、减少其风险及扭亏为 盈
• 最终，盈余资金由赤字单位使用 • 例：地方政府债券
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金融中介(Financial Intermediary)
– 一家企业，其主要业务是提供金融服务和金融产品 – 金融中介主要包括：
• 银行，其产品有活期存款账户（checking accounts， 属金融要求权）、贷款（loans，属资金使用权）、 大额存单（certificates of deposit，CDs）等
管理风险
• 未来现金流有连带的风险。如现金流一样 ，风险可以由金融系统采用投资组合、金 融衍生品、担保来分解和重新打包。
• 许多金融契约的目的在于风险而非现金流 。
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通过市场的资金流
• 有多余资金的居民户将其投资于政府债券
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Markets
Surplus Units
Deficit Units
Intermediaries
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资金流图示
• 我们将考察从盈余单位到赤字单位的各种 流动路径。
2.1 什么是金融系统？
• 一个金融系统由以下要素组成
– 市场【▲狭义的市场，指证券市场，在其中的 交易品不包括银行贷款这类产品】、中介、用 以实施行为人（家庭、厂商、政府）的金融决 策的服务性企业及其他机构。
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在时间和空间上转移资源（说 明中国企业若有投资基金就可变得更有盈利 性
• 金融市场可以为双方完成匹配
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通过市场的资金流
Markets
Surplus Units
Deficit Units
Intermediaries
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通过中介的资金流
• 多余资金的持有者可以利用中介——如银 行——将其投资。银行收到该资金——例 如以90天存款形式——并将其加到银行资 产上（同时形成银行的债务）。钱是可替 代的，故对应的贷款不能识别【资金池， 无法判断一笔贷款对应着哪一笔或哪几笔 存款】