Tài chính doanh nghiệp - The treasury in the financial marketsNew Treasury bills, notes, and bonds can be bought directly from the Treasury Department or from the Treasury’s agents – the Federal Reserve banks. Many investors also place orders for new Treasury issues through a security broker or dealer, bank, or nonbank financial institution.
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Tài chính doanh nghiệp - The regulation of the financial institutions’ sectorRegulation seeks to promote the safety and stability of financial institutions in order to preserve the confidence of the public and avoid institutional failures. However, regulation can become a costly burden that significantly increases the operating costs of financial institutions and limits the cleansing effects of failure and competition.
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Tài chính doanh nghiệp - Chapter 18: Internatinal aspects pf financial planningGiven: Canadian$ spot rate (S0) = 1.2488 C$/USD Expected U.S. inflation (hUS) = 3% per year Expected Canadian inflation (hFC) = 2% Will the USD appreciate or depreciate relative to the Canadian dollar? What is the expected exchange rate in one year?
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Tài chính doanh nghiệp - Mutual funds, pension funds, insurance companies, finance companies, and other financial institutionsThe majority of the close to 1,700 U.S. life insurance companies are stockholder-owned corporations. The rest are mutuals that issue ownership shares to their policyholders. The population reached a high of almost 2,350 in 1988 and has been falling ever since. Most notably, the largest life insurers today are converging with other financial insti...
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Tài chính doanh nghiệp - Chapter 17: Working capital managementEOQ = Economic Order Quantity EOQ minimizes total inventory cost Q = inventory quantity in each order Q/2 = Average inventory T = firm’s total unit sales per year T/Q = number of orders per year CC = Inventory carrying cost per unit F = Fixed cost per order
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Tài chính doanh nghiệp - Nonbank thrift institutions: savings & loan associations, savings banks, credit unions, and money market fundsOn the whole, money market funds hold high-quality assets. The short maturity of the assets results in a highly liquid security portfolio that can be adjusted quickly to suit changing market conditions. They are mostly “no load” funds – there is no commission charge for opening an account, purchasing more shares, or redeeming shares. The accounts ...
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Tài chính doanh nghiệp - Chapter 16: Short term finacial planningAccounts Receivable Financing Assigning receivables Lender has A/R as security but borrower still responsible for collection Factoring receivables A/R discounted and sold to a factor Collection = factor’s problem
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Tài chính doanh nghiệp - The commercial banking industryIntroduction The Structure of U.S. Commercial Banking A Trend Toward Consolidation Branch Banking Bank Holding Companies International Banking The Convergence Trend in Banking Bank Failures Changing Technology
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Tài chính doanh nghiệp - The tools and goals of central bank monetary policyThe Goal of Controlling Inflation Inflation creates undesirable distortions in the allocation of scarce resources. In the 1990s, several central banks (such as New Zealand, Canada, and U.K.) began setting target inflation rates or rate ranges. The U.S. has not set an explicit inflation rate target – it pursues price stability and full employment...
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Tài chính doanh nghiệp - Chapter 14: Dividends and dividend polcyReverse Split reduces number of shares outstanding For example, a 1-for-5 stock split replaces every 5 shares of stock with one share Reasons: Transactions costs may be less for investors Liquidity might be improved Too low a price not considered “respectable” Exchange minimum price per share requirements
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