投资学CH01ppt课件

1,Instructor:Chi-ChuanLeeE-mail:leechichuan,InvestmentsCourseoutline,InvestmentsCourseoutline,1,Textbook:Bodie,Kane,andMarcusEssentialsofInvestments,9thEdition投资学精要（第9版）/清华大学出版社,InvestmentsCourseoutline,1,CourseObjectives:Thiscourseisanintroductoryinvestmentcourse.Thefocusofthiscourseisonpracticalapplicationsandanalyticalanalysesofinvestmenttheories.Thetopicscoveredinthiscourseincludefinancialmarketsandinstruments,portfoliotheory,valuationofequityandfixed-incomesecurities,optionsandfutures.,InvestmentsCourseoutline,1,Grading:ClassParticipation(10%)RegularGrade(30%)Midterm(30%)Final(30%),InvestmentsCourseoutline,1,Grading:Email格式科目专业科系学号名字title1501投资学13财管011234567邓紫棋请老师教我唱歌,Investments:BackgroundandIssues,1,Bodie,Kane,andMarcusEssentialsofInvestments,9thEdition,1.1RealversusFinancialAssets,NatureofInvestmentReducecurrentconsumptionforgreaterfutureconsumptionRealAssetsUsedtoproducegoodsandservices:Property,plantsandequipment,humancapital,etc.FinancialAssetsClaimsonrealassetsorclaimsonreal-assetincome,ConceptCheck1.1,Arethefollowingassetsrealorfinancial?A.patentsB.leaseobligationsC.customergoodwillD.acollegeeducationE.a5$bill,RA,FA,FA,RA,RA,1.2FinancialAssets,MajorClassesofFinancialAssetsorSecuritiesFixed-income(debt)securitiesMoneymarketinstrumentsBankcertificatesofdeposit,T-bills,commercialpaper,etc.BondsPreferredstockCommonstock(equity)Ownershipstakeinentity,residualcashflowDerivativesecuritiesContract,valuederivedfromunderlyingmarketcondition,1.3FinancialMarketsandtheEconomy,InformationalRoleofFinancialMarketsDomarketpricesequalthefairvalueestimateofasecuritysexpectedfutureriskycashflows?Canwerelyonmarketstoallocatecapitaltothebestuses?,ConsumptionTimingConsumptionsmoothesovertimeWhencurrentbasicneedsaremet,shiftconsumptionthroughtimebyinvesting,1.3FinancialMarketsandtheEconomy,RiskAllocationInvestorscanchoosedesiredrisklevelBondvs.stockofcompanyBankCDpanybondRisk-and-returntrade-off,1.3FinancialMarketsandtheEconomy,SeparationofOwnershipandManagementLargesizeoffirmsrequiresseparateprincipalsandagentsMitigatingFactorsPerformance-basedcompensationBoardsofdirectorsmayfiremanagersThreatoftakeovers,1.3FinancialMarketsandtheEconomy,Example1.1InFebruary2008,MicrosoftofferedtobuyYahooat$31persharewhenYahoowastradingat$19.18Yahoorejectedtheoffer,holdingoutfor$37ashareProxyfighttoseizecontrolofYahoosboardandforceYahootoacceptofferProxyfailed;Yahoostockfellfrom$29to$21DidYahoomanagersactinthebestinterestsoftheirshareholders?,1.3FinancialMarketsandtheEconomy,CorporateGovernanceandCorporateEthicsBusinessesandmarketsrequiretrusttooperateefficientlyWithouttrustadditionallawsandregulationsarerequiredLawsandregulationsarecostlyGovernanceandethicsfailurescosttheeconomybillions,ifnottrillionsErodingpublicsupportandconfidence,1.3FinancialMarketsandtheEconomy,CorporateGovernanceandCorporateEthicsAccountingscandalsEnron,WorldCom,Rite-Aid,HealthSouth,GlobalCrossing,QwestMisleadingresearchreportsCiticorp,MerrillLynch,othersAuditors:Watchdogsorconsultants?ArthurAndersenandEnron,1.3FinancialMarketsandtheEconomy,CorporateGovernanceandCorporateEthicsSarbanes-OxleyAct:RequiresmoreindependentdirectorsoncompanyboardsRequiresCFOtopersonallyverifythefinancialstatementsCreatednewoversightboardfortheaccounting/auditindustryChargedboardwithmaintainingacultureofhighethicalstandards,1.3FinancialMarketsandtheEconomy,1.4TheInvestmentProcess,AssetAllocationPrimarydeterminantofaportfoliosreturnPercentageoffundinassetclassesStocks60%Bonds30%Alternativeassets6%Moneymarketsecurities4%SecurityselectionandanalysisChoosingspecificsecuritieswithinassetclass,1.5MarketsAreCompetitive,Risk-ReturnTrade-OffAssetswithhigherexpectedreturnshavehigherriskBondsHaveloweraverageratesofreturn(under6%)Havenotlostmorethan13%oftheirvalueinanyoneyear,1.5MarketsAreCompetitive,Risk-ReturnTrade-OffHowdowemeasurerisk?Howdoesdiversificationaffectrisk?,1.5MarketsAreCompetitive,EfficientMarketsSecuritiesshouldbeneitherunderpricednoroverpricedonaverageSecuritypricesshouldreflectallinformationavailabletoinvestorsChoiceofappropriateinvestment-managementstylebasedonbeliefinmarketefficiency,1.5MarketsAreCompetitive,ActiveversusPassiveManagementActivemanagement(inefficientmarkets)Findingundervaluedsecurities(securityselection)Markettiming(assetallocation)Passivemanagement(efficientmarkets)NoattempttofindundervaluedsecuritiesNoattempttotimeHoldingadiversifiedportfolioconstructing“efficient”portfolio,1.6ThePlayers,BusinessFirms(netborrowers)Households(netsavers)Governments(canbebothborrowersandsavers)FinancialIntermediaries(connectorsofborrowersandlenders)CommercialbanksInvestmentcompaniesInsurancecompaniesPensionfundsHedgefunds,Table1.3BalanceSheetofCommercialBanks,2011,Table1.4BalanceSheetofNonfinancialU.S.Business,2011,1.6ThePlayers,InvestmentBankersFirmsthatspecializeinprimarymarkettransactionsPrimarymarketNewlyissuedsecuritiesofferedtopublicInvestmentbankertypically“underwrites”issueSecondarymarketPreexistingsecuritiestradedamonginvestors,1.6ThePlayers,InvestmentBankersCommercialandinvestmentbanksfunctionsandorganizationsseparatedbylaw1933-1999Post-1999:LargeinvestmentbanksindependentfromcommercialbanksLargecommercialbanksincreasedinvestment-bankingactivities,pressuringinvestmentbanksprofitmarginsSeptember2008:Mortgage-marketcollapseMajorinvestmentbanksbankrupt;purchased/reorganized,1.6ThePlayers,VentureCapitalandPrivateEquityVenturecapitalInvestmenttofinancenewfirmPrivateequityInvestmentsincompaniesnottradedonstockexchange,1.8TextOutline,Par