Tài chính doanh nghiệp - The roles and services of the federal reserve & other central banks around the worldLegal reserves in the U.S. consist of the amount of deposits each institution keeps with the Federal Reserve bank in its district plus the amount of currency and coin held in its vault. Total legal reserves = Required reserves + Excess reserves
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Tài chính doanh nghiệp - Chapter 13: Leverage and capital structureYou can find information about a company’s capital structure relative to its industry and sector using the industry center or sector analysis through Yahoo! Finance Click on the Web surfer to go to the site Choose a company and get a quote Perform sector and industry comparisons
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Tài chính doanh nghiệp - Money market instruments: Commercial paper, federal agency securities, bankers’ acceptances, and eurocurrency depositsEurodollars and other Eurocurrency deposits are continually on the move in the form of loans. They are employed to finance the import and export of goods, to supplement government tax revenues, to provide working capital for the foreign operations of multinational corporations, and to provide liquid reserves for the largest banks.
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Tài chính doanh nghiệp - Chapter 12: Cost of capitalA firm’s WACC reflects the risk of an average project undertaken by the firm “Average” risk = the firm’s current operations Different divisions/projects may have different risks The division’s or project’s WACC should be adjusted to reflect the appropriate risk and capital structure
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Tài chính doanh nghiệp - Money market instruments: treasury bills, repurchase agreements, federal funds, and bank cdsCD interest rates are computed as a yield to maturity (ytm) on a 360-day basis. Interest = term in days deposit promised income 360 principal ytm In secondary market trading, the bank discount rate (DR) is used as a measure of CD yields. DR = Par value – Purchase price 360 . Par value days to maturity
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Tài chính doanh nghiệp - Introduction to the money marketThe foundation of the market’s structure is the level of yields on Treasury bills. Most other yields in the money market are scaled upward from Treasury bill rates. The key price and yield determinants are safety, liquidity, marketability, and taxability.
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Tài chính doanh nghiệp - Interest rate forecasting & hedging: Swaps, financial futures, & optionsThe Influence of the Business Cycle in Shaping Interest Rates and Asset Prices Relative Movements in Short- and Long-Term Interest Rates and Security Prices over the Business Cycle Seasonality in Market Interest Rates
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Tài chính doanh nghiệp - Marketability, default risk, call privileges, prepayment risk, taxes, and other factors affecting interest ratesMarketability – 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 ...
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Tài chính doanh nghiệp - The impact of inflation & deflation, yield curves, and duration on interest rates and asset pricesThe 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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Tài chính doanh nghiệp - Measuring and calculating interest rates and financial asset pricesThe 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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