Tài liệu Tài Chính Thuế

Mutual institutions organized much like a club with each member(share owner) having a vote to elect the board of directors. Membership requires a common bond (e.g., same employer, church, trade association). Credit Union Assets have grown steadily in recent years.

34 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 504 | Lượt tải: 0

Insurance Agencies as “Police”: Depositors aren’t worried. They have no incentive to withdraw funds from an institution even if it is taking many risks. Deposit insurance funds must thus have a “police” mentality—try to protect the public who no longer protect themselves. This is a major reason institutions must be regularly examined. Stockholders...

39 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 423 | Lượt tải: 0

Pricing The interbank rate in London is called the LIBOR or London Interbank Offered Rate. Nonbank borrowers pay above the LIBOR. The interest rate paid to time deposits and the rate charged borrowers will be tied to the interest rate levels of the country and currency used to denominate the deposit and loan. Lending rates are fixed for the st...

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Liability-sensitive with negative maturity GAP; positive duration GAP;--hurt by rising rates: Sell financial futures--increasing rates would increase value of futures contracts, offsetting the negative impact of GAP situation Buy put options on financial futures Swap long-term, fixed-rate payments for variable-rate payments Shorten repricing of...

46 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 437 | Lượt tải: 0

Compensating balances-- Bank requires borrower to carry minimum balance in non-interest-bearing deposit account; effective return increases because net loan amount is lower Other nonprice adjustments— Risk reclassification Additional collateral or specified collateral Shorter maturities

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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: 482 | 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...

13 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 452 | Lượt tải: 0

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...

35 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 549 | Lượt tải: 0

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...

31 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 692 | Lượt tải: 0