Tài chính doanh nghiệp - Chapter 8: Bond marketsForeign 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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Tài chính doanh nghiệp - Chapter 7: Money marketsCharacteristics 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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Tài chính doanh nghiệp - Chapter 6: The structure of interest ratesInvestors 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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Tài chính doanh nghiệp - Chapter 5: Bond prices and interest rate riskPredicted 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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Tài chính doanh nghiệp - Chapter 4: The level of interest ratesUnanticipated 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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Tài chính doanh nghiệp - Chapter 03: The fed and interest ratesMuch 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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Tài chính doanh nghiệp - Chapter 3: The fed and interest ratesJohn Maynard Keynes was influential British economist of 1930s Keynesians discount or disregard direct money supply effects Real sector economic growth is— Stimulated by falling rates as economic activity costs less to finance Slowed by rising rates as economic activity costs more to finance Always and significantly susceptible to influence of...
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Tài chính doanh nghiệp - Chapter 2: The federal reserve and its powersMain operating assets— Loans at Discount Window US Government Securities “CIPC”—Cash Items in Process of Collection Main operating liabilities— Federal Reserve Notes in Circulation Depository Institution Reserves “DACI”—Deferred Availability Cash Items
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Tài chính doanh nghiệp - Chapter 1: An overview of financial markets and institutionsRights in underlying securities or commodities—writer grants owner some exclusive right for some certain time Main types of options: Puts (options to sell) Calls (options to buy) Options on listed securities and widely held commodities trade actively on organized exchanges
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Ngân hàng, tín dụng - Chapter 6: The structure and performance of securities marketsThe Securities and Exchange Commission (SEC) (Cont.) – Despite the scrutiny of the SEC, investors, and traders—manipulation, fraud, misinformation, and deception still exist in the market – Caveat emptor et venditor—buyers/sellers beware—necessary precautions to ensure market efficiency
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