证券市场第一章VIP专享VIP免费

McGraw-Hill/Irwin©2007TheMcGraw-HillCompanies,Inc.,AllRightsReserved.CHAPTER1Investments-BackgroundandIssues1-2Investments&FinancialAssetsEssentialnatureofinvestmentEssentialnatureofinvestment–ReducedcurrentconsumptionReducedcurrentconsumption–PlannedlaterconsumptionPlannedlaterconsumptionRealAssetsRealAssets–AssetsusedtoproducegoodsandAssetsusedtoproducegoodsandservicesservicesFinancialAssetsFinancialAssets–ClaimsonrealassetsClaimsonrealassets1-3BalanceSheet–U.S.Households1-4DomesticNetWorth1-5MajorClassesofFinancialAssetsorSecuritiesDebtDebt–MoneymarketinstrumentsMoneymarketinstruments–BondsBondsCommonstockCommonstockPreferredstockPreferredstockDerivativesecuritiesDerivativesecurities1-6FinancialMarketsandtheEconomyConsumptionTimingConsumptionTimingAllocationofRiskAllocationofRiskSeparationofOwnershipandSeparationofOwnershipandManagementManagement–AgencyIssuesAgencyIssues1-7LargeOptionExercises1-8CrisisinCorporateGovernanceAccountingScandalsAccountingScandals–Examples–EnronandWorldComExamples–EnronandWorldComAnalystScandalsAnalystScandals–Example–Citigroup’sSalomonSmithBarneyExample–Citigroup’sSalomonSmithBarneyInitialPublicOfferingsInitialPublicOfferings–CreditSwissFirstBostonCreditSwissFirstBoston1-9TheInvestmentProcessAssetallocationAssetallocationSecurityselectionSecurityselectionRisk-returntrade-offRisk-returntrade-offMarketefficiencyMarketefficiencyActivevs.passivemanagementActivevs.passivemanagement1-10Activevs.PassiveManagementActiveManagementActiveManagementFindingundervaluedsecuritiesFindingundervaluedsecuritiesTimingthemarketTimingthemarketPassiveManagementPassiveManagementNoattempttofindundervaluedsecuritiesNoattempttofindundervaluedsecuritiesNoattempttotimeNoattempttotimeHoldinganefficientportfolioHoldinganefficientportfolio1-11PlayersintheFinancialMarketsBusinessFirms–netborrowersBusinessFirms–netborrowersHouseholds–netsaversHouseholds–netsaversGovernments–canbebothborrowersGovernments–canbebothborrowersandsaversandsaversInvestmentBankersInvestmentBankers1-12KeyTrends-GlobalizationInternationalandGlobalMarketsContinueInternationalandGlobalMarketsContinueDevelopingDevelopingManagingforeignexchangeManagingforeignexchangeDiversificationtoimproveperformanceDiversificationtoimproveperformanceInstrumentsandvehiclescontinuetoInstrumentsandvehiclescontinuetodevelop(WEBs)develop(WEBs)InformationandanalysisimprovesInformationandanalysisimproves1-13GlobalDebtIssue1-14KeyTrends-SecuritizationSecuritization&CreditEnhancementSecuritization&CreditEnhancementOffersopportunitiesforinvestorsandOffersopportunitiesforinvestorsandoriginatorsoriginatorsChangesinfinancialinstitutionsandChangesinfinancialinstitutionsandregulationregulationImprovementininformationcapabilitiesImprovementininformationcapabilitiesCreditenhancementanditsroleCreditenhancementanditsrole1-15Asset-backedSecurities1-16KeyTrends-FinancialEngineeringRepackagingServicesofFinancialRepackagingServicesofFinancialIntermediariesIntermediariesBundlingandunbundlingofcashflowsBundlingandunbundlingofcashflowsSlicinganddicingofcashflowsSlicinganddicingofcashflowsExamples:strips,CMOs,dualpurposefunds,Examples:strips,CMOs,dualpurposefunds,principal/interestsplitsprincipal/interestsplits1-17BuildingaComplexSecurity1-18Unbundling–MortgageSecurity