• Tài chính doanh nghiệp - The determinants of interest rates: Competing ideasTài chính doanh nghiệp - The determinants of interest rates: Competing ideas

    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...

    ppt38 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 969 | Lượt tải: 0

  • Tài chính doanh nghiệp - The future of the financial system and the money and capital marketsTài chính doanh nghiệp - The future of the financial system and the money and capital markets

    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...

    ppt29 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 1029 | Lượt tải: 0

  • Tài chính doanh nghiệp - Key sources of financial informationTài chính doanh nghiệp - Key sources of financial information

    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.

    ppt34 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 913 | Lượt tải: 0

  • Tài chính doanh nghiệp - Financial assets, money, financial transactions, and financial institutionsTài chính doanh nghiệp - Financial assets, money, financial transactions, and financial institutions

    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.)

    ppt42 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 826 | Lượt tải: 0

  • Tài chính doanh nghiệp - Functions and roles of the financial system in the global economyTài chính doanh nghiệp - Functions and roles of the financial system in the global economy

    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.

    ppt33 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 1007 | Lượt tải: 0

  • Tài chính doanh nghiệp - Chapter 21: Mergers and divestituresTài chính doanh nghiệp - Chapter 21: Mergers and divestitures

    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.

    ppt18 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 872 | Lượt tải: 0

  • Tài chính doanh nghiệp - Chapter 20: Hybrid financing: preferred stock, leasing, warrants, and convertiblesTài chính doanh nghiệp - Chapter 20: Hybrid financing: preferred stock, leasing, warrants, and convertibles

    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.

    ppt36 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 881 | Lượt tải: 0

  • Tài chính doanh nghiệp - Chapter 19: Multinational financial managementTài chính doanh nghiệp - Chapter 19: Multinational financial management

    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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  • Tài chính doanh nghiệp - Chapter 18: Derivatives and risk managementTài chính doanh nghiệp - Chapter 18: Derivatives and risk management

    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.

    ppt26 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 868 | Lượt tải: 0

  • Tài chính doanh nghiệp - Chapter 17: Contemporary issuesTài chính doanh nghiệp - Chapter 17: Contemporary issues

    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”

    ppt49 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 784 | Lượt tải: 0