Tài chính doanh nghiệp - Nonbank thrift institutions: savings & loan associations, savings banks, credit unions, and money market fundsOn the whole, money market funds hold high-quality assets. The short maturity of the assets results in a highly liquid security portfolio that can be adjusted quickly to suit changing market conditions. They are mostly “no load” funds – there is no commission charge for opening an account, purchasing more shares, or redeeming shares. The accounts ...
28 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 622 | Lượt tải: 0
Tài chính doanh nghiệp - Chapter 16: Short term finacial planningAccounts Receivable Financing Assigning receivables Lender has A/R as security but borrower still responsible for collection Factoring receivables A/R discounted and sold to a factor Collection = factor’s problem
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Tài chính doanh nghiệp - The commercial banking industryIntroduction The Structure of U.S. Commercial Banking A Trend Toward Consolidation Branch Banking Bank Holding Companies International Banking The Convergence Trend in Banking Bank Failures Changing Technology
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Tài chính doanh nghiệp - The tools and goals of central bank monetary policyThe Goal of Controlling Inflation Inflation creates undesirable distortions in the allocation of scarce resources. In the 1990s, several central banks (such as New Zealand, Canada, and U.K.) began setting target inflation rates or rate ranges. The U.S. has not set an explicit inflation rate target – it pursues price stability and full employment...
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Tài chính doanh nghiệp - Chapter 14: Dividends and dividend polcyReverse Split reduces number of shares outstanding For example, a 1-for-5 stock split replaces every 5 shares of stock with one share Reasons: Transactions costs may be less for investors Liquidity might be improved Too low a price not considered “respectable” Exchange minimum price per share requirements
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Tài chính doanh nghiệp - The roles and services of the federal reserve & other central banks around the worldLegal reserves in the U.S. consist of the amount of deposits each institution keeps with the Federal Reserve bank in its district plus the amount of currency and coin held in its vault. Total legal reserves = Required reserves + Excess reserves
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Tài chính doanh nghiệp - Chapter 13: Leverage and capital structureYou can find information about a company’s capital structure relative to its industry and sector using the industry center or sector analysis through Yahoo! Finance Click on the Web surfer to go to the site Choose a company and get a quote Perform sector and industry comparisons
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Tài chính doanh nghiệp - Money market instruments: Commercial paper, federal agency securities, bankers’ acceptances, and eurocurrency depositsEurodollars and other Eurocurrency deposits are continually on the move in the form of loans. They are employed to finance the import and export of goods, to supplement government tax revenues, to provide working capital for the foreign operations of multinational corporations, and to provide liquid reserves for the largest banks.
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Tài chính doanh nghiệp - Chapter 12: Cost of capitalA firm’s WACC reflects the risk of an average project undertaken by the firm “Average” risk = the firm’s current operations Different divisions/projects may have different risks The division’s or project’s WACC should be adjusted to reflect the appropriate risk and capital structure
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Tài chính doanh nghiệp - Money market instruments: treasury bills, repurchase agreements, federal funds, and bank cdsCD interest rates are computed as a yield to maturity (ytm) on a 360-day basis. Interest = term in days deposit promised income 360 principal ytm In secondary market trading, the bank discount rate (DR) is used as a measure of CD yields. DR = Par value – Purchase price 360 . Par value days to maturity
44 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 741 | Lượt tải: 0
