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Marketability – Can an asset be sold quickly? Marketability is positively related to the size and reputation of the institution issuing the securities and to the number of similar securities outstanding. However, marketability is negatively related to yield. Liquidity – A liquid financial asset is readily marketable. Moreover, its price tends to ...

29 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 849 | Lượt tải: 0

The U.S. Treasury offers TIPS (Treasury Inflation Protected Securities) and “I bonds” for investors who want some protection against inflation. Annual nominal interest payment from a TIPS = inflation-adjusted  promised nominal value coupon rate When the public expects higher inflation, inflation-adjusted securities rise in value.

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The U.S. Consumer Credit Protection Act of 1968 (Truth in Lending) requires lending institutions to calculate and tell the borrower the annual percentage rate (APR) he or she is actually paying. The constant ratio formula usually gives a close approximation to the true APR.

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If the money and capital markets are highly efficient, then interest rates will always be very near their equilibrium levels, and the optimal forecast of next period’s interest rate is the current interest rate. Interest rates will change only if entirely new and unexpected information appears, and the direction of change depends on the public’s c...

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Aging population - there is a greater need for retirement, tax and estate planning Changing basic family unit - the rise in the proportion of single-parent households, parents and children living apart, immigrants, and well-educated working women will increase the demand for new forms of housing, daycare facilities, flexible work schedules, and le...

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Adverse Selection. A bank that sets one price for all its checking account customers runs the risk of being adversely selected against by its high-balance, low-activity (and hence most profitable) customers. Solution: Enabling customer signaling via a price schedule for different account plans.

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Primary Securities (direct claims against ultimate borrowers in the form of loan contracts, stocks, bonds, notes, etc.) Secondary Securities (indirect claims against ultimate borrowers issued by financial intermediaries in the form of deposits, insurance policies, retirement savings accounts, etc.)

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Part Four gives a closer look at commercial banks, credit unions, savings and loan associations, money market funds, insurance companies, pension funds, mutual funds, and other financial-service firms. Part Five turns to the role of governments – federal, state, and local – within the global financial system.

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The offer could range from $9 to $16.39 per share. At $9 all the merger benefits would go to the acquirer’s shareholders. At $16.39, all value added would go to the target’s shareholders. Acquiring and target firms must decide how much wealth they are willing to forego.

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20-year, 10% annual coupon, callable convertible bond will sell at its $1,000 par value; straight debt issue would require a 12% coupon. Call the bonds when conversion value > $1,200. P0 = $10; D0 = $0.74; g = 8%. Conversion ratio = CR = 80 shares.

36 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 777 | Lượt tải: 0