• Tài chính doanh nghiệp - Chapter 3: The fed and interest ratesTài chính doanh nghiệp - Chapter 3: The fed and interest rates

    John 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 powersTài chính doanh nghiệp - Chapter 2: The federal reserve and its powers

    Main 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 institutionsTài chính doanh nghiệp - Chapter 1: An overview of financial markets and institutions

    Rights 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 marketsNgân hàng, tín dụng - Chapter 6: The structure and performance of securities markets

    The 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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  • Ngân hàng, tín dụng - Chapter 7: The pricing of risky financial assetsNgân hàng, tín dụng - Chapter 7: The pricing of risky financial assets

    As long as assets do not have precisely the same pattern of returns, then holding a group of assets can reduce risk • If the returns of each security are totally independent of each other, combining a large number of securities tends to produce the average return of the portfolio

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  • Ngân hàng, tín dụng - Chapter 8: Money and capital marketsNgân hàng, tín dụng - Chapter 8: Money and capital markets

    Issued by state and local governments • Lowest yield because interest earnings are exempt from federal tax • By law Congress does have the power to tax, but has decided not to tax this source of revenue

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  • Ngân hàng, tín dụng - Chapter 9: Demystifying derivativesNgân hàng, tín dụng - Chapter 9: Demystifying derivatives

    What Determines Option Premiums? (Cont.) – Premiums on put options will be higher the lower the price of the underlying asset, greater volatility of asset and longer time to expiration – Options are an expensive way to hedge portfolio risks if those risks are substantial

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  • Ngân hàng, tín dụng - Chapter 10: Understanding foreign exchangeNgân hàng, tín dụng - Chapter 10: Understanding foreign exchange

    How Global Investors Cause Exchange Rate Volatility (Cont.) – International capital mobility (Cont.) • It is possible that a change in the future exchange rate will offset any increased yield by holding foreign securities • In fact, the international mobility of capital will often cause the change in future exchange rates that was anticipate...

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  • Ngân hàng, tín dụng - Chapter 11: The nature of financial intermediationNgân hàng, tín dụng - Chapter 11: The nature of financial intermediation

    The Institutionalization of Financial Markets (Cont.) • Legislation created a number of new alternatives to the traditional employer-sponsored defined benefits plan, primarily the defined contribution plan – IRAs – 403(b) and 401(k) plans – Growth of mutual funds resulting from the alternative pension plans—Mutual fund families

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  • Ngân hàng, tín dụng - Chapter 12: Depository financial institutionsNgân hàng, tín dụng - Chapter 12: Depository financial institutions

    American Banks Abroad – Rapid expansion of US banks into foreign countries • Growth of foreign trade • American multinationals with operations abroad – Edge Act (1919) • Permitted US banks to establish special subsidiaries to facilitate involvement in international financing • Exempt from the McFadden Act’s prohibition against interstate ba...

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