最新investments 投资学 （博迪bodie, kane, marcuschap002 asset classes and financial instruments(共31张ppt课件).pptx

INVESTMENTS | BODIE, KANE, MARCUSCopyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/IrwinCHAPTER 2Asset Classes and Financial Instruments第一页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSAsset Classes Money market instruments Capital market instruments Bonds Equity Securities Derivative Securities2第二页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSThe Money Market Subsector of the fixed-income market: Securities are short-term, liquid, low risk, and often have large denominations Money market mutual funds allow individuals to access the money market.3第三页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSTable 2.1 Major Components ofthe Money Market4第四页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSMoney Market Securities Treasury bills: Short-term debt of U.S. government Bid and asked price Bank discount method Certificates of Deposit: Time deposit with a bank Commercial Paper: Short-term, unsecured debt of a company5第五页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSMoney Market Securities Bankers Acceptances: An order to a bank by a banks customer to pay a sum of money on a future date Eurodollars: dollar-denominated time deposits in banks outside the U.S. Repos and Reverses: Short-term loan backed by government securities. Fed Funds: Very short-term loans between banks6第六页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSYields on Money Market Instruments Except for Treasury bills, money market securities are not free of default risk Both the premium on bank CDs and the TED spread have often become greater during periods of financial crisis During the credit crisis of 2008, the federal government offered insurance to money market mutual funds after some funds experienced losses7第七页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSThe Bond Market Treasury Notes and Bonds Inflation-Protected Treasury Bonds Federal Agency Debt International Bonds8第八页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSThe Bond Market Municipal Bonds Corporate Bonds Mortgages and Mortgage-Backed Securities9第九页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSTreasury Notes and Bonds Maturities Notes maturities up to 10 years Bonds maturities from 10 to 30 years Par Value - $1,000 Interest paid semiannually Quotes percentage of par10第十页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSThe Bond Market Inflation-Protected Treasury Bonds TIPS: Provide inflation protection Federal Agency Debt Debt of mortgage-related agencies such as Fannie Mae and Freddie Mac International Bonds Eurobonds and Yankee bonds11第十一页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSMunicipal Bonds Issued by state and local governments Interest is exempt from federal income tax and sometimes from state and local tax12第十二页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSMunicipal Bonds Types General obligation bonds: Backed by taxing power of issuer Revenue bonds: backed by projects revenues or by the municipal agency operating the project.13第十三页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSFigure 2.4 Tax-exempt Debt Outstanding14第十四页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSMunicipal Bond Yields To choose between taxable and tax-exempt bonds, compare after-tax returns on each bond. Let t equal the investors marginal tax bracket Let r equal the before-tax return on the taxable bond and r m denote the municipal bond rate. If r (1 - t ) r m then the taxable bond gives a higher return; otherwise, the municipal bond is preferred.15第十五页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSTable 2.2 Tax-Exempt Yield TableThe equivalent taxable yield is simply the tax-free rate, rm , divided by (1-t).16第十六页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSCorporate Bonds Issued by private firms Semi-annual interest payments Subject to larger default risk than government securities Options in corporate bonds Callable Convertible17第十七页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUS Proportional ownership of a mortgage pool or a specified obligation secured by a pool Produced by securitizing mortgages Mortgage-backed securities are called pass-throughs because the cash flows produced by homeowners paying off their mortgages are passed through to investors.Mortgage-Backed Securities18第十八页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSMortgage-Backed Securities Most mortgage-backed securities were issued by Fannie Mae and Freddie Mac. Traditionally, pass-throughs were comprised of conforming mortgages, which met standards of credit worthiness. 19第十九页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSMortgage-Backed Securities Eventually, “Private-label” issuers securitized large amounts of subprime mortgages, made to financially weak borrowers. Finally, Fannie and Freddie were allowed and even encouraged to buy subprime mortgage pools. September, 2008: Fannie and Freddie got taken over by the federal government.20第二十页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSFigure 2.6 Mortgage-backed securities outstanding21第二十一页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSEquity Securities Common stock: Ownership Residual claim Limited liability Preferred stock: Perpetuity Fixed dividends Priority over common Tax treatment American Depository Receipts22第二十二页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSStock Market Indexes Dow Jones Industrial Average Includes 30 large blue-chip corporations Computed since 1896 Price-weighted average23第二十三页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSExample 2.2 Price-Weighted AveragePortfolio: Initial value $25 + $100 = $125 Final value $30 + $ 90 = $120 Percentage change in portfolio value = 5/125 = -.04 = -4%Index: Initial index value (25+100)/2 = 62.5 Final index value (30 + 90)/2 = 60 Percentage change in index -2.5/62.5 = -.04 = -4%24第二十四页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUS S&P 500 Broadly based index of 500 firms Market-value-weighted index Investors can base their portfolios on an index: Buy an index mutual fund Buy exchange traded funds (ETFs)Standard & Poors Indexes25第二十五页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSOther Indexes U.S. IndexesNYSE CompositeNASDAQ CompositeWilshire 5000Foreign IndexesNikkei (Japan)FTSE (U.K.; pronounced “footsie”)DAX (Germany),Hang Seng (Hong Kong)TSX (Canada)26第二十六页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSDerivatives Markets Options and futures provide payoffs that depend on the values of other assets such as commodity prices, bond and stock prices, or market index values. A derivative is a security that gets its value from the values of another asset.27第二十七页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSOptions Call: Right to buy underlying asset at the strike or exercise price. Value of calls decrease as strike price increases Put: Right to sell underlying asset at the strike or exercise price. Value of puts increase with strike price Value of both calls and puts increase with time until expiration.28第二十八页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSFutures Contracts A futures contract calls for delivery of an asset (or in some cases, its cash value) at a specified delivery or maturity date for an agreed-upon price, called the futures price, to be paid at contract maturity. Long position: Take delivery at maturity Short position: Make delivery at maturity29第二十九页，共三十一页。INVESTMENTS | BODIE, KANE, MARCUSComparisonOptionRight, but not obligation, to buy or sell; option is exercised only when it is profitableOptions must be purchasedThe premium is the price of the option itself. Futures ContractObliged to make or take delivery. Long position must buy at the futures price, short position must sell at futures priceFutures contracts are entered into without cost30第三十页，共三十一页。内容(nirng)总结CHAPTER 2。Semi-annual interest payments。Market-value-weighted index。U.S. Indexes。FTSE (U.K.。30第三十一页，共三十一页。