Tài liệu Khối Ngành Kinh Tế

Eurocurrency - any currency held in time-deposit outside its country of origin. Large, unregulated short-term market with centers in Europe, the Middle East and Asia. A Eurocurrency is any currency held in a short-term time deposit outside the country of origin – yen held outside of Japan. A Eurodollar is a short-term dollar time denominated dep...

28 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 931 | Lượt tải: 0

An option gives the holder the right, (but not the obligation) to buy/sell a round lot (100 shares) of the underlying security or commodity on or before a specified date at a specified price. An American option gives the buyer the right to exercise the option at any time between the date of writing and the expiration or maturity date. A European o...

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If a stock varies as the market portfolio does, the beta is 1.0 and the stock has a risk level matching the market portfolio such as the S&P 500. A beta greater than one is riskier (aggressive stock) than the “market” while a beta less than one is not as risky as the market and are called defensive stocks. Betas calculated for securities identify...

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Fannie Mae pass-throughs - pools of conventional or insured mortgages. Issued by FNMA. Offers securities similar to FHLMCs' PC. Can issue pass-throughs for either conventional or federally insured mortgage loans. Privately Issued Pass Throughs (PIP) First issued in 1977 by Bank of America. PIPs are issued by private institutions or mortgage b...

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Foreign Bonds –issued in a financial market of a nation by a foreign company in that country. When a foreign company like Nestle (Swiss) issues a bond in the U. S. corporate bond market, it is considered to be a foreign bond and is referred to as “Yankee bonds”. Similarly, foreign firms issuing corporate bonds in the Japanese market will have th...

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Characteristics Sold on discount basis. Maturities up to one year. Minimum denomination is usually $10,000, but smaller investors can invest in multiples of $1,000 through the Treasury Direct Program offered by the Fed. Lowest interest rate of all MM securities is the 3-month T-Bill

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Investors charge a default risk premium (above riskless or less risky securities) for added risk assumed DRP = i - irf The default risk premium (DRP) is the difference between the promised or nominal rate and the yield on a comparable (same term) riskless security (Treasury security). Investors are satisfied if the default risk premium is equal ...

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Predicted yield for a given holding period. Must forecast— Expected interest rate(s) Bond price at end of holding period Plug forecast results into bond pricing formula

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Unanticipated inflation benefits borrowers at expense of lenders. Lenders charge added interest to offset anticipated decreases in purchasing power. Expected inflation is embodied in nominal interest rates: The Fisher Effect.

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Much consumer spending is on credit, so it tends to vary directly with credit conditions Falling interest rates tend to encourage spending Rising interest rates tend to discourage spending Fed can encourage/discourage but not necessarily compel; Consumers don’t necessarily make financial decisions the way businesses do - Businesses are mostly ...

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