Ngân hàng, tín dụng - Chapter 7: The pricing of risky financial assetsAs long as assets do not have precisely the same pattern of returns, then holding a group of assets can reduce risk • If the returns of each security are totally independent of each other, combining a large number of securities tends to produce the average return of the portfolio
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Ngân hàng, tín dụng - Chapter 8: Money and capital marketsIssued by state and local governments • Lowest yield because interest earnings are exempt from federal tax • By law Congress does have the power to tax, but has decided not to tax this source of revenue
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Ngân hàng, tín dụng - Chapter 9: Demystifying derivativesWhat Determines Option Premiums? (Cont.) – Premiums on put options will be higher the lower the price of the underlying asset, greater volatility of asset and longer time to expiration – Options are an expensive way to hedge portfolio risks if those risks are substantial
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Ngân hàng, tín dụng - Chapter 10: Understanding foreign exchangeHow Global Investors Cause Exchange Rate Volatility (Cont.) – International capital mobility (Cont.) • It is possible that a change in the future exchange rate will offset any increased yield by holding foreign securities • In fact, the international mobility of capital will often cause the change in future exchange rates that was anticipate...
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Ngân hàng, tín dụng - Chapter 11: The nature of financial intermediationThe Institutionalization of Financial Markets (Cont.) • Legislation created a number of new alternatives to the traditional employer-sponsored defined benefits plan, primarily the defined contribution plan – IRAs – 403(b) and 401(k) plans – Growth of mutual funds resulting from the alternative pension plans—Mutual fund families
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Ngân hàng, tín dụng - Chapter 12: Depository financial institutionsAmerican Banks Abroad – Rapid expansion of US banks into foreign countries • Growth of foreign trade • American multinationals with operations abroad – Edge Act (1919) • Permitted US banks to establish special subsidiaries to facilitate involvement in international financing • Exempt from the McFadden Act’s prohibition against interstate ba...
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Ngân hàng, tín dụng - Chapter 13: Nondepository financial institutionsBrokers and Dealers – Involved in the secondary market, trading “used” or already outstanding securities – Brokers match buyers and sellers and earn a commission – Dealers commit their own capital in the buying and selling of securities and hope to make profit on the transaction
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Ngân hàng, tín dụng - Chapter 14: Understanding financial contractsContracting and Firm Continuum (Cont.) – Small firms • External reputations are difficult to establish • Most activities are beyond the public’s scrutiny • Therefore, need proxies to demonstrate they are low risk and committed to not shifting their risk profiles – Outside collateral or personal guarantees place more of the owner’s wealth at ...
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Ngân hàng, tín dụng - Chapter 15: The regulation of markets and institutionsSegregated the banking industry from the rest of the financial services industry • Banks are barred from owning corporate stock and other activities deemed too risky • The Genesis of Glass-Steagall – Prior to 1933, investment banking and commercial banking were conducted under same roof – Following the financial collapse of the 1930s, it was...
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Ngân hàng, tín dụng - Chapter 16: Financial system designUnited Kingdom (Cont.) – Banks in the United Kingdom generally do not own nonfinancial corporations • While not explicitly prohibited, this practice is discourage by The Bank of England to promote a safer banking system – The Bank of England supervises banks on an informal basis, relying on the English tradition—“Old boy network” and applyin...
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