Chap002资产种类与金融机构课件

CHAPTER2AssetClassesandFinancialInstruments资产种类与金融机构CHAPTER2AssetClassesandFin2-2AssetClassesMoneymarketinstruments货币市场Capitalmarketinstruments资本市场Bonds债券EquitySecurities股票DerivativeSecurities衍生工具2-2AssetClassesMoneymarketi2-3TheMoneyMarket货币市场Subsectorofthefixed-incomemarket:Securitiesareshort-term,liquid,lowrisk,andoftenhavelargedenominations固定收益市场的子市场，短期，流动性高，风险低，本金大Moneymarketmutualfundsallowindividualstoaccessthemoneymarket.货币市场基金使得个人投资者进入货币市场2-3TheMoneyMarket货币市场Subsect2-4Table2.1MajorComponentsof

theMoneyMarket货币市场的主要构成2-4Table2.1MajorComponents2-5MoneyMarketSecurities货币市场证券Treasurybills:Short-termdebtofU.S.government短期国库券Bidandaskedprice买卖报价Bankdiscountmethod银行贴现法CertificatesofDeposit:Timedepositwithabank大额存单CommercialPaper:Short-term,unsecureddebtofacompany商业票据2-5MoneyMarketSecurities货币市场2-6MoneyMarketSecurities货币市场Bankers’Acceptances:Anordertoabankbyabank’scustomertopayasumofmoneyonafuturedate银行承兑汇票Eurodollars:dollar-denominatedtimedepositsinbanksoutsidetheU.S.欧洲美元ReposandReverses:Short-termloanbackedbygovernmentsecurities.回购，拟回购FedFunds:Veryshort-termloansbetweenbanks联邦基金，银行间的超短期贷款2-6MoneyMarketSecurities货币市场2-7YieldsonMoneyMarketInstruments

货币市场证券的收益ExceptforTreasurybills,moneymarketsecuritiesarenotfreeofdefaultrisk除了短期国库券都有违约风险BoththepremiumonbankCDsandtheTEDspreadhaveoftenbecomegreaterduringperiodsoffinancialcrisis大额存单类的风险溢价在金融危机期间大幅上涨Duringthecreditcrisisof2008,thefederalgovernmentofferedinsurancetomoneymarketmutualfundsaftersomefundsexperiencedlosses危机期间联邦政府曾经提供过保险2-7YieldsonMoneyMarketInst2-8TheBondMarket债券市场TreasuryNotesandBonds中长期国债Inflation-ProtectedTreasuryBonds通胀保值债券FederalAgencyDebt联邦机构债InternationalBonds国际债券2-8TheBondMarket债券市场Treasury2-9TheBondMarket债券市场MunicipalBonds市政债券CorporateBonds公司债券MortgagesandMortgage-BackedSecurities资产抵押债券2-9TheBondMarket债券市场Municipa2-10TreasuryNotesandBonds

中长期国债Maturities期限Notes–maturitiesupto10yearsBonds–maturitiesfrom10to30yearsParValue-$1,000面值Interestpaidsemiannually付息Quotes–percentageofpar报价2-10TreasuryNotesandBonds

中2-11TheBondMarket债券市场Inflation-ProtectedTreasuryBonds通胀保值债券TIPS:Provideinflationprotection抗击通货膨胀FederalAgencyDebt联邦机构债Debtofmortgage-relatedagenciessuchasFannieMaeandFreddieMac房利美房地美InternationalBonds国际债券EurobondsandYankeebonds欧洲债券、扬基债券2-11TheBondMarket债券市场Inflati2-12MunicipalBonds市政债券Issuedbystateandlocalgovernments州政府或者地方政府Interestisexemptfromfederalincometaxandsometimesfromstateandlocaltax利息不须缴纳收入税，但是需要缴纳资本利得税2-12MunicipalBonds市政债券Issued2-13MunicipalBonds市政债券TypesGeneralobligationbonds:Backedbytaxingpowerofissuer一般责任债券：征税能力支持Revenuebonds:backedbyproject’srevenuesorbythemunicipalagencyoperatingtheproject.收入债券：由具体的市政项目的收益支持2-13MunicipalBonds市政债券Types2-14Figure2.4Tax-exemptDebtOutstanding2-14Figure2.4Tax-exemptDebt2-15MunicipalBondYields市政债券Tochoosebetweentaxableandtax-exemptbonds,compareafter-taxreturnsoneachbond.在收税和不收税的债券间选择，需要比较两者的最终收益Lettequaltheinvestor’smarginaltaxbracketLetrequalthebefore-taxreturnonthetaxablebondandrm

denotethemunicipalbondrate.Ifr(1-t)>rm

thenthetaxablebondgivesahigherreturn;otherwise,themunicipalbondispreferred.2-15MunicipalBondYields市政债券T2-16Table2.2Tax-ExemptYieldTableTheequivalenttaxableyieldissimplythetax-freerate,rm,dividedby(1-t).2-16Table2.2Tax-ExemptYield2-17CorporateBonds公司债券Issuedbyprivatefirms私人公司发行

Semi-annualinterestpayments半年付息Subjecttolargerdefaultriskthangovernmentsecurities比政府债券违约风险大Optionsincorporatebonds期权Callable可回收Convertible可转换2-17CorporateBonds公司债券Issued2-18Proportionalownershipofamortgagepooloraspecifiedobligationsecuredbyapool抵押贷款池或者其他权益池的部分所有权Producedbysecuritizingmortgages由证券化的抵押贷款形成Mortgage-backedsecuritiesarecalledpass-throughsbecausethecashflowsproducedbyhomeownerspayingofftheirmortgagesarepassedthroughtoinvestors.资产支持证券业被叫做传递证券因为它们的收益由屋主支付然后传递到投资者手里Mortgage-BackedSecurities

资产支持证券2-18Proportionalownershipof2-19Mortgage-BackedSecurities

资产支持证券Mostmortgage-backedsecuritieswereissuedbyFannieMaeandFreddieMac.大部分这类证券都是由房地美与房利美发行截止2009年5.1万亿美元直逼国债市场超过公司债Traditionally,pass-throughswerecomprisedofconformingmortgages,whichmetstandardsofcreditworthiness.传递证券由符合标准的抵押贷款组成，需要符合信用价值标准2-19Mortgage-BackedSecurities2-20Mortgage-BackedSecurities

资产支持证券Eventually,“Private-label”issuerssecuritizedlargeamountsofsubprimemortgages,madetofinanciallyweakborrowers.Finally,FannieandFreddiewereallowedandevenencouragedtobuysubprimemortgagepools.September,2008:FannieandFreddiegottakenoverbythefederalgovernment.2-20Mortgage-BackedSecurities2-21Figure2.6Mortgage-backedsecuritiesoutstanding2-21Figure2.6Mortgage-backed2-22EquitySecurities股票证券Commonstock:Ownership普通股Residualclaim剩余索取权Limitedliability有限责任Preferredstock:Perpetuity优先股Fixeddividends固定收益Priorityovercommon优先级Taxtreatment税务扣减70%AmericanDepositoryReceipts存托凭证2-22EquitySecurities股票证券Commo2-23StockMarketIndexes股票市场指数DowJonesIndustrialAverage道琼斯工业平均指数Includes30largeblue-chipcorporations30只大型绩优股Computedsince1896Price-weightedaverage价格加权平均2-23StockMarketIndexes股票市场指数2-24Example2.2Price-WeightedAverage

价格加权平均Portfolio:Initialvalue$25+$100=$125 Finalvalue$30+$90=$120Percentagechangeinportfoliovalue=5/125=-.04=-4%Index:Initialindexvalue(25+100)/2=62.5 Finalindexvalue(30+90)/2=60 Percentagechangeinindex-2.5/62.5=-.04=-4%2-24Example2.2Price-Weighted2-25S&P500标普500Broadlybasedindexof500firms基于500个公司市价的指数Market-value-weightedindex以市值为权重Investorscanbasetheirportfoliosonanindex:投资者买指数型的投资组合Buyanindexmutualfund指数共同基金Buyexchangetradedfunds(ETFs)交易所交易基金Standard&Poor’sIndexes标普2-25S&P500标普500Standard&Poo2-26OtherIndexes其他指数

U.S.Indexes美国指数NYSECompositeNASDAQCompositeWilshire5000纽交所综合指数纳斯达克综合指数威尔希尔5000指数ForeignIndexes外国指数Nikkei(Japan)日经FTSE(U.K.;pronounced“footsie”)富时DAX(Germany),德国综合HangSeng(HongKong)香港恒生TSX(Canada)多伦多2-26OtherIndexes其他指数U.S.Ind2-27DerivativesMarkets衍生品市场Optionsandfuturesprovidepayoffsthatdependonthevaluesofotherassetssuchascommodityprices,bondandstockprices,ormarketindexvalues.期权和期货都是根据基础资产的价格决定它们的收益，比如商品、债券、股票或是指数价格Aderivativeisasecuritythatgetsitsvaluefromthevaluesofanotherasset.衍生品就是价值由其他资产价格决定的资产2-27DerivativesMarkets衍生品市场Op2-28Options期权Call:Righttobuyunderlyingassetatthestrikeorexerciseprice.以标的价格买入的权利称作为买权，或者看涨期权Valueofcallsdecreaseasstrikepriceincreases标的价格越高call价格越低Put:Righttosellunderlyingassetatthestrikeorexerciseprice.以标的价格卖出的权利称作为卖权，或者看跌期权Valueofputsincreasewithstrikeprice标的价格越高put的价格越高Valueofbothcallsandputsincreasewithmaturityuntilexpiration.权利的保有期限越久价值也就越高2-28Options期权Call:Righttobu2-29FuturesContracts期货Afuturescontract