Tài liệu Khối Ngành Kinh Tế

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.

33 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 692 | Lượt tải: 0

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.

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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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