[經(jīng)濟(jì)學(xué)]金融技術(shù)分析lecture_module-在線瀏覽
2025-04-10 12:37本頁面
【正文】 e Equivalent Taxable Yields Corresponding to Various TaxExempt Yields Tax Exempt Yield = Taxable Yield * (1 – Tax Rate) International Bonds ? A Eurobond is a bond denominated in a currency other than that of the country in which it is issue. A dollar denominated bond sold in UK would be call a Eurodollar bond. (No relation to Euro currency). ? A Yankee bond is dollar denominated bond sold in the . by a non . issuer. ? A Samurai bond are yen denominated bond sold in Japan by non Japanese issuers. Corporate Bonds ? Issued by private firms ? Semiannual interest payments ? Subject to larger default risk than government securities ? Options in corporate bonds ? Callable ? Convertible ? Developed in the 1970s to help liquidity of financial institutions ? Proportional ownership of a pool or a specified obligation secured by a pool ? Market has experienced very high rates of growth Mortgages and MortgageBacked Securities ? Common stock ? Residual claim ? Limited liability ? Preferred stock ? Fixed dividends limited ? Priority over mon ? Tax treatment ? Depository receipts 2) Equity Securities ? There are several broadly based indexes puted and published daily ? There are several indexes of bond market performance 3) Market Indexes Dow Jones Industrial Average ? Includes 30 large bluechip corporations ? Computed since 1896 ? Priceweighted average Example PriceWeighted Average Portfolio: Initial value $25 + $100 = $125 Final value $30 + $ 90 = $120 Percentage change in portfolio value = 5/125 = = 4% Index: Initial index value (25+100)/2 = Final index value (30 + 90)/2 = 60 Percentage change in index = = 4% ? Broadly based index of 500 firms ? Marketvalueweighted index ? Index funds ? Exchange Traded Funds (ETFs) Standard amp。 you can borrow up to 50% of the stock value ? Set by the Fed ? Maintenance margin: minimum amount equity in trading can be before additional funds must be put into the account ? Margin call: notification from broker that you must put up additional funds Margin Example Margin Example Margin Trading Margin Call Example Table Illustration of Buying Stock on Margin Short Sales ? Purpose: to profit from a decline in the price of a stock or security ? Mechanics ? Borrow stock through a dealer ? Sell it and deposit proceeds and margin in an account ? Closing out the position: buy the stock and return to the party from which is was borrowed Short Sale –Example Short Sale Maintenance Margin Short Sale Margin Call Regulation of Securities Markets ? Major regulations ? Securities Act of 1933 ? Securities Act of 1934 ? Securities Investor Protection Act of 1970 ? SelfRegulation ? Stock markets are largely selfregulating Regulation Securities Markets Continued ? Regulatory Responses to Recent Scandals ? Public Company Accounting Oversight Board ? Financial experts to serve on audit mittees of boards of directors ? CEOs and CFOs personally certify firms’ financial reports ? Boards must have independent directors ? SarbanesOxley Act Insider Trading ? Officers, directors, major stockholders must report all transactions in firm’s stock ? Insiders do exploit their knowledge ? Leakage of useful information to some traders CHAPTER 4 Mutual Funds and Other Investment Companies Investment Companies ? These panies perform several im
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