Thư viện tài liệu, ebook tham khảo dành cho học sinh, sinh viên

Suppose one yen buys $0.0095 in the 30-day forward exchange market and kNOM for a 30-day risk-free security in Japan and in the U.S. is 4%. ft = 0.0095 kh = 4% / 12 = 0.333% kf = 4% / 12 = 0.333%

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Speculative risks – offer the chance of a gain as well as a loss. Pure risks – offer only the prospect of a loss. Demand risks – risks associated with the demand for a firm’s products or services. Input risks – risks associated with a firm’s input costs. Financial risks – result from financial transactions.

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LTCM’s bailout A consortium of Wall Street banks, facilitated by the New York Fed, arranged a bailout If LTCM had failed, it would have had catastrophic consequences on markets across the globe John Maynard Keynes: “Markets can remain irrational longer than you can remain solvent”

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Additional sales could be supported with the existing level of assets. The maximum amount of sales that can be supported by the current level of assets is: Capacity sales = Actual sales / % of capacity = $2,000 / 0.75 = $2,667 Since this is less than 2003 forecasted sales, no additional assets are needed.

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“Simple interest” means no discount or add-on. Interest = 0.08($100,000) = $8,000 kNOM = EAR = $8,000 / $100,000 = 8.0% For a 1-year simple interest loan, kNOM = EAR

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Many modern portfolio managers actively practice some form of delta management Delta management refers to any investment practice that monitors position delta and seeks to maintain it within a certain range Delta is a direct measure of the “degree of bullishness” represented in a particular security position or portfolio

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Float is the difference between cash as shown on the firm’s books and on its bank’s books. If SKI collects checks in 2 days but those to whom SKI writes checks don’t process them for 6 days, then SKI will have 4 days of net float. If a firm with 4 days of net float writes and receives $1 million of checks per day, it would be able to operate with...

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Like other puts and calls, futures options have both intrinsic value and time value Expiration The option month refers to the futures contract delivery month Depending on the commodity, the option may expire on a specific date in the preceding month The actual expiration date varies by commodity Some futures options have a serial expiration fe...

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If the fixed rate in our at-the-market swap example was 5.75% instead of 5.62% The value of the floating rate side would not change The value of the fixed rate side would be lower than the floating rate side The swap has value to the floating rate payer

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Shareholders can automatically reinvest their dividends in shares of the company’s common stock. Get more stock than cash. There are two types of plans: Open market New stock

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