《投资学》(双语)课件chapter1
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第一章 投资概述《投资学》PPT课件
（四）固定收益投资与非固定收益投资
固定收益投资是指预先规定应得的投资收入， 一般用百分比表示，按文期本支付，收益在整个投资 期内不变。多数债券和优先股的收益都是固定文的本。
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非固定收益投资是指投资收益预先不规定， 收入不固定。如普通股的收益是不固定的。一 般来说固定收益投资风险小，文但本收益也低，非 固定收益投资风险大，但收益也高。
• （五）信托投资
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• （六）保险投资
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• （七）BOT投资
第三节 投资与投机
一、投机的概念
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所谓投机，就是指在市场上短期文内本通 过低买高卖方式来获取差价，如炒地皮、 炒楼花、炒权证、炒股票，它是市场上常 见文的本 一种买卖行为。
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二、投机的作用
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平衡市场价格
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文本 增强证券市场上的流动性
（一）广义投资和狭义投资
广义的投资是指各个投资主体为了在未来获得经济效益或 社会效益而预先垫支一定资文本本的各种经济行为。
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狭义的投资则仅指投资于各种有价证券，进行有价证券的 买卖，也可称为证券投资（securities investment），如购买股 票、债券等。文本 来自本（二）直接投资和间接投资
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证券投资（securities investment）是指投资者将货币资 金投资于各种各样的有价证券，如股票、债券、基金等等。这种 行为会使投资者在证券的持有期内获文得本与其承担的风险相称的收 益。
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实物投资和证券投资的联系
➢如果我们以股份制企业作为考虑问题的基础，对资本运动全过程进 行考察，“证券投资”与“文实本物投资”是同一投资运行过程的两个阶 段，而且，“证券投资”是最基本的资本垫付，对于“文实本物投资”具 有决定意义。
投资学英文课件chap013.ppt
2. Betas are cyclical.
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Table 13.2 Evaluation of Various CAPM Specifications
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13-2
Overview of Investigation
• Return-beta relationships are widely used in actual financial practice.
• The CAPM predicts expected rates of
return on assets, relative to a market portfolio of all risky assets.
CHAPTER 13
Empirical Evidence on Security Returns
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Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
bonds • Unexpected changes in term premium on
bonds
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Study Structure & Results
• Method: Two-stage regression with portfolios constructed by size based on market value of equity
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Table 13.2 Evaluation of Various CAPM Specifications
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13-2
Overview of Investigation
• Return-beta relationships are widely used in actual financial practice.
• The CAPM predicts expected rates of
return on assets, relative to a market portfolio of all risky assets.
CHAPTER 13
Empirical Evidence on Security Returns
McGraw-Hill/Irwin
INVESTMENTS | BODIE, KANE, MARCUS
Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
bonds • Unexpected changes in term premium on
bonds
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Study Structure & Results
• Method: Two-stage regression with portfolios constructed by size based on market value of equity
投资学cho1
• 中国目前主要是国债的回购：交易所回购协议市 场和银行间回购协议市场
• 银行间债券市场尤其是回购市场，是我国货币市 场中的代表性市场，也是商业银行等金融机构进 行头寸管理和流动性管理的重要场所。
2008-2009学年
上海财经大学金融学院 金德环
24
可转让大额定期存单市场
• 定义：即CD存单市场，是一种固定面额、固定期限 、可以转让的大额存款凭证的发行与流通市场。
• 分类：有两个利率，拆进利率表示银行愿意 借款的利率；拆出利率表示银行愿意贷款的 利率
• 作用：可以成为整个货币市场的基准利率， 经常被中央银行选作货币政策操作目标，可 以通过调控银行同业拆借利率来改变货币供 应量以影响长期利率。
2008-2009学年
上海财经大学金融学院 金德环
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3. 伦敦同业拆借利率
2008-2009学年
上海财经大学金融学院 金德环
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二、实体投资与金融投资的联系和区别
(二)实体投资与金融投资的区别 1.实体投资是直接投资，金融投资是间
接投资。 2.实体投资的过程是实物资产的购置过
程，它最关注的是新的资本品能否形成； 金融投资的过程是金融资产的买卖过程， 它最关注的是持有的金融资产能否保值和 增值。
第1章 证券市场概述
第一节 证券市场的基本概念 第二节 证券市场的主体 第三节 货币市场 第四节 债券市场 第五节 股票市场 第六节 金融衍生工具
第一节 证券市场基本概念
一、投资的概念与特点 二、实体投资与金融投资的联系和区别 三、直接金融与间接金融 四、直接金融投资与间接金融投资 五、证券的概念与特点 六、证券市场的概念、特点与分类
3.是否有利于了解发行公司的经营信息， 从而为自身做出投资决策
• 银行间债券市场尤其是回购市场，是我国货币市 场中的代表性市场，也是商业银行等金融机构进 行头寸管理和流动性管理的重要场所。
2008-2009学年
上海财经大学金融学院 金德环
24
可转让大额定期存单市场
• 定义：即CD存单市场，是一种固定面额、固定期限 、可以转让的大额存款凭证的发行与流通市场。
• 分类：有两个利率，拆进利率表示银行愿意 借款的利率；拆出利率表示银行愿意贷款的 利率
• 作用：可以成为整个货币市场的基准利率， 经常被中央银行选作货币政策操作目标，可 以通过调控银行同业拆借利率来改变货币供 应量以影响长期利率。
2008-2009学年
上海财经大学金融学院 金德环
29
3. 伦敦同业拆借利率
2008-2009学年
上海财经大学金融学院 金德环
5
二、实体投资与金融投资的联系和区别
(二)实体投资与金融投资的区别 1.实体投资是直接投资，金融投资是间
接投资。 2.实体投资的过程是实物资产的购置过
程，它最关注的是新的资本品能否形成； 金融投资的过程是金融资产的买卖过程， 它最关注的是持有的金融资产能否保值和 增值。
第1章 证券市场概述
第一节 证券市场的基本概念 第二节 证券市场的主体 第三节 货币市场 第四节 债券市场 第五节 股票市场 第六节 金融衍生工具
第一节 证券市场基本概念
一、投资的概念与特点 二、实体投资与金融投资的联系和区别 三、直接金融与间接金融 四、直接金融投资与间接金融投资 五、证券的概念与特点 六、证券市场的概念、特点与分类
3.是否有利于了解发行公司的经营信息， 从而为自身做出投资决策
投资学英文课件 (1)
in economics which has more empirical support than
the EMH”.
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Challenges to EMH
• Investors are not “fully rational”. They exhibit “biases” and use simple “heuristics” (rules of thumb) in making decisions.
• Commonly Used Heuristics
– Availability: “familiarity breeds investment”. – Representativeness: judgement based on similarity.
“Patterns in random sequences”. – Reliance on the judgement of other people (Keynes
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Behavioral Heuristics and DecisionMaking Biases
• What strategies do decision makers use when faced with difficult decisions, especially ones that involve uncertainty?
• Investor Sentiment: beliefs based on heuristics rather than Bayesian rationality.
• Investors may react to “irrelevant information” and hence may trade on “noise” rather than information.
投资学
1-1
Chapter 1
The Investment Environment
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Chapter Overview
examine the differences between financial assets and real assets.
proceed to the three broad sectors of financial environment:
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Investments & Financial Assets
Real Assets
- Assets used to produce goods and services:
Assets used to produce goods and services. The material wealth of a society is determined ultimately by the productive capacity of its economy----the goods and service that ca be provided to its members. This productive capacity is a function of the real assets of the economy: the land ,buildings ,knowledge, and machines and workers. Together, physical and “human” assets generate the entire spectrum of output produced and
Chapter 1
The Investment Environment
McGraw-Hill/Irwin
1-2
Chapter Overview
examine the differences between financial assets and real assets.
proceed to the three broad sectors of financial environment:
McGraw-Hill/Irwin
1-5
Investments & Financial Assets
Real Assets
- Assets used to produce goods and services:
Assets used to produce goods and services. The material wealth of a society is determined ultimately by the productive capacity of its economy----the goods and service that ca be provided to its members. This productive capacity is a function of the real assets of the economy: the land ,buildings ,knowledge, and machines and workers. Together, physical and “human” assets generate the entire spectrum of output produced and
投资学英文课件chap011.ppt
CHAPTER 11
The Efficient Market Hypothesis
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Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
– Success depends on a sluggish response of stock prices to fundamental supply-and-demand factors.
– Weak form efficiency • Relative strength • Resistance levels
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EMH and Competition
• Information: The most precious commodity on Wall Street – Strong competition assures prices reflect information. – Information-gathering is motivated by desire for higher investment returns. – The marginal return on research activity may be so small that only managers of the largest portfolios will find them worth pursuing.
11-5
Figure 11.1 Cumulative Abnormal Returns Before Takeover Attempts: Target Companies
The Efficient Market Hypothesis
McGraw-Hill/Irwin
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Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
– Success depends on a sluggish response of stock prices to fundamental supply-and-demand factors.
– Weak form efficiency • Relative strength • Resistance levels
INVESTMENTS | BODIE, KANE, MARCUS
11-7
EMH and Competition
• Information: The most precious commodity on Wall Street – Strong competition assures prices reflect information. – Information-gathering is motivated by desire for higher investment returns. – The marginal return on research activity may be so small that only managers of the largest portfolios will find them worth pursuing.
11-5
Figure 11.1 Cumulative Abnormal Returns Before Takeover Attempts: Target Companies
投资学第一章PPT课件
投资科学中国人民大学出版社2005威廉夏普著投资学第五版中国人民大学出版社2005杨海明著投资学上海人民出版社2003孔爱国编著现代投资学上海人民出版社2003刘红忠主编投资学高等教育出版社2004122020112132020112教学目的和教学内容通过本章学习熟练掌握实物资产和金融资产的含义熟悉金融资产的分类理解金融市场的竞争导致风险收益的权衡掌握金融中介的组成与功能了解金融环境的新趋势
效率市场(efficient market)、收益与风险 (return and risk)、期权定价理论(option pricing)、公司金融(corporate finance)
两门课程主线： Corporate Finance,主要领域包括公司财务、 公司融资、并购重组、公司治理等 Investments,核心是asset pricing
证券投资分析和定价：定价理论、基础分析、技 术分析 。
2020/1/11
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教学方法和教学要求
教学方法
讲授、分析、讨论、演练相结合
教学要求
遵守课堂纪律、积极发言提问 不允许旷课、迟到、上课吃东西 请假必须提前 认真完成作业
2020/1/11
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参考书目
滋维.博迪等著，汪昌云等译，投资学(原书第9 版)，机械工业出版社，2012
12
第一章 投资环境
2020/1/11
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教学目的和教学内容
通过本章学习，熟练掌握实物资产和金融资产的 含义，熟悉金融资产的分类，理解金融市场的竞 争导致风险——收益的权衡，掌握金融中介的组 成与功能，了解金融环境的新趋势。
知识点：
1．实物资产与金融资产 2．金融资产的分类 3．金融市场和经济 4．投资过程 5．竞争性市场 6．市场参与者 7．2008年的金融危机
效率市场(efficient market)、收益与风险 (return and risk)、期权定价理论(option pricing)、公司金融(corporate finance)
两门课程主线： Corporate Finance,主要领域包括公司财务、 公司融资、并购重组、公司治理等 Investments,核心是asset pricing
证券投资分析和定价：定价理论、基础分析、技 术分析 。
2020/1/11
10
教学方法和教学要求
教学方法
讲授、分析、讨论、演练相结合
教学要求
遵守课堂纪律、积极发言提问 不允许旷课、迟到、上课吃东西 请假必须提前 认真完成作业
2020/1/11
11
参考书目
滋维.博迪等著，汪昌云等译，投资学(原书第9 版)，机械工业出版社，2012
12
第一章 投资环境
2020/1/11
13
教学目的和教学内容
通过本章学习，熟练掌握实物资产和金融资产的 含义，熟悉金融资产的分类，理解金融市场的竞 争导致风险——收益的权衡，掌握金融中介的组 成与功能，了解金融环境的新趋势。
知识点：
1．实物资产与金融资产 2．金融资产的分类 3．金融市场和经济 4．投资过程 5．竞争性市场 6．市场参与者 7．2008年的金融危机
31_博迪《投资学》Chap001资料
• 货币市场上的债务型证券：期限短、流 动性强且风险小
• 货币市场上的固定收益型证券：长期证 券，这些证券有的违约风险较低相对比 较安全，有的风险相对较高。
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1-5
普通股证券和衍生证券
• 普通股证券代表了证券持有者对公司的 权益或所有权.
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住房融资的变化
传统方式
• 当地的储蓄机构为房主提 供抵押贷款
• 储蓄机构的主要资产: 长 期抵押贷款的组合
• 储蓄机构的主要负债: 储 户的存款
• “源于持有”
新兴方式
• 证券化: 房利美和房地美 购买抵押贷款并将它们捆 绑在一起组成资产池。
– 高级份额: 低风险, 最高评级
– 低级份额: 高风险, 低评级或垃圾评级
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抵押贷款衍生工具
• 问题: 这种评级是错误的! 这种结构给高级 份额带来的风险远远高于预期。
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• 抵押支持证券是指对相应 抵押贷款资产池的索取权。
• “源于分配”
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图 1.4 抵押转递证券的现金流
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1-19
住房融资的变化
• 房利美和房地美持有或担保符合条件的证 券化抵押贷款, 这些抵押贷款的风险很低且 被妥善记录.
• 由私营企业提供的以不符合条件的违约风 险高的次级贷款为支持的证券化产品.
• 货币市场上的固定收益型证券：长期证 券，这些证券有的违约风险较低相对比 较安全，有的风险相对较高。
INVESTMENTS | BODIE, KANE, MARCUS
1-5
普通股证券和衍生证券
• 普通股证券代表了证券持有者对公司的 权益或所有权.
INVESTMENTS | BODIE, KANE, MARCUS
1-17
住房融资的变化
传统方式
• 当地的储蓄机构为房主提 供抵押贷款
• 储蓄机构的主要资产: 长 期抵押贷款的组合
• 储蓄机构的主要负债: 储 户的存款
• “源于持有”
新兴方式
• 证券化: 房利美和房地美 购买抵押贷款并将它们捆 绑在一起组成资产池。
– 高级份额: 低风险, 最高评级
– 低级份额: 高风险, 低评级或垃圾评级
INVESTMENTS | BODIE, KANE, MARCUS
1-21
抵押贷款衍生工具
• 问题: 这种评级是错误的! 这种结构给高级 份额带来的风险远远高于预期。
INVESTMENTS | BODIE, KANE, MARCUS
• 抵押支持证券是指对相应 抵押贷款资产池的索取权。
• “源于分配”
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1-18
图 1.4 抵押转递证券的现金流
INVESTMENTS | BODIE, KANE, MARCUS
1-19
住房融资的变化
• 房利美和房地美持有或担保符合条件的证 券化抵押贷款, 这些抵押贷款的风险很低且 被妥善记录.
• 由私营企业提供的以不符合条件的违约风 险高的次级贷款为支持的证券化产品.
投资学全英课件
10.1 Multifactor models: an overview 10.2 Arbitrage pricing theory 10.3 Individual assets and the APT 10.4 A multifactor APT 10.5 Where should we look for factors?
10.1 Multifactor models（多因 素模 型）: an overview
The index model decomposes stock variability into market risk and firm-specific risk. In the index model, the return on the market portfolio summarized the broad impact of macro factors. Sometimes, however, rather than using a market proxy, it is more useful to focus directly on the ultimate sources of risk. That is to measure one‟s exposures to particular sources of uncertainty. Factor models allow us to describe and quantify the different factors that affect the rate of return on a security.
However, stocks actually differ in their betas relative to the various macroeconoic factors.
《投资学》经典课件(英文) (1)
What is investment？
• Your idea about the investmentபைடு நூலகம் • More money • Higher income • Etc.
The definition
• The current commitment of money or other resources in the expectation of reaping future benefits
Course Objective
• Analytical ability: modeling skills that are important
in making investment decisions
• Quantitative skills: developing problem solving
Investment
Money, wealth, stock, bond, capital ect.
Course Mechanics
• Class participation：50% • Final Exam：50%
Course materials： • Textbook：Investment Bodie, Kane and Marcus 9th edition • Additional materials, articles
• Investment science – mathematics
Why investment?
• You idea • Potential gain
• The gold price
• Uncertainty of the future payments and income, smooth your income and consumption
投资学英文课件chap012.ppt
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12-6
Behavioral Biases
2. Mental Accounting: • Investors may segregate accounts or monies and take risks with their gains that they would not take with thห้องสมุดไป่ตู้ir principal.
CHAPTER 12
Behavioral Finance and Technical Analysis
McGraw-Hill/Irwin
INVESTMENTS | BODIE, KANE, MARCUS
Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
12-8
Figure 12.1 Prospect Theory
INVESTMENTS | BODIE, KANE, MARCUS
12-9
Limits to Arbitrage
• Behavioral biases would not matter if rational arbitrageurs could fully exploit the mistakes of behavioral investors.
2. Even when given a probability distribution of returns, investors may make inconsistent or suboptimal decisions. • Result: They have behavioral biases.
12-6
Behavioral Biases
2. Mental Accounting: • Investors may segregate accounts or monies and take risks with their gains that they would not take with thห้องสมุดไป่ตู้ir principal.
CHAPTER 12
Behavioral Finance and Technical Analysis
McGraw-Hill/Irwin
INVESTMENTS | BODIE, KANE, MARCUS
Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
12-8
Figure 12.1 Prospect Theory
INVESTMENTS | BODIE, KANE, MARCUS
12-9
Limits to Arbitrage
• Behavioral biases would not matter if rational arbitrageurs could fully exploit the mistakes of behavioral investors.
2. Even when given a probability distribution of returns, investors may make inconsistent or suboptimal decisions. • Result: They have behavioral biases.
《投资学第1章》课件
短期投资策略需要投资者具备较高的风险承受能力和市场敏感度，同 时需要关注市场走势和宏观经济因素。
04
投资风险与回报
风险与回报的关系
风险与回报成正比
通常来说，风险较高的投资往往能带来更高的回报，而风险较低的投资回报也 相对较低。
不同投资工具的风险和回报特点
股票、债券、基金、房地产等投资工具的风险和回报各有特点，投资者应根据 自身风险承受能力和投资目标进行选择。
如何评估风险和回报
历史数据
通过分析历史数据，可以了解不同投 资工具的风险和回报情况，从而为未 来的投资决策提供参考。
风险评估工具
利用现代金融理论和统计方法，可以 开发出各种风险评估工具，帮助投资 者更准确地评估投资风险和回报。
风险管理和资产配置
风险管理
通过合理的风险管理，投资者可以降低投资风险，提高投资 回报的稳定性。
债券
债券定义
债券收益
债券是发行人发行的一种债务凭证， 代表发行人对投资者的债务关系。
投资者购买债券可以获得利息收入， 同时也可以在二级市场卖出债券获得 差价收益。
债券种类
债券有多种类型，包括国债、企业债 、地方债等，每种债券具有不同的利 率和风险特征。
期货
1 2
期货定义
期货是一种标准化合约，买卖双方约定在未来某 一特定时间和地点交割一定数量的某种商品。
中期投资策略需要投资者关注 宏观经济和市场走势，以便及 时调整投资组合。
短期投资策略
01 02 03 04
短期投资策略是一种以短期收益为目标，通常以1-2年为一个周期的 投资策略。
短期投资策略的目标是在市场波动中获得短期收益，同时保持较高的 流动性。
短期投资策略通常包括高风险、高收益的投资工具，如股票、外汇和 期权等。
04
投资风险与回报
风险与回报的关系
风险与回报成正比
通常来说，风险较高的投资往往能带来更高的回报，而风险较低的投资回报也 相对较低。
不同投资工具的风险和回报特点
股票、债券、基金、房地产等投资工具的风险和回报各有特点，投资者应根据 自身风险承受能力和投资目标进行选择。
如何评估风险和回报
历史数据
通过分析历史数据，可以了解不同投 资工具的风险和回报情况，从而为未 来的投资决策提供参考。
风险评估工具
利用现代金融理论和统计方法，可以 开发出各种风险评估工具，帮助投资 者更准确地评估投资风险和回报。
风险管理和资产配置
风险管理
通过合理的风险管理，投资者可以降低投资风险，提高投资 回报的稳定性。
债券
债券定义
债券收益
债券是发行人发行的一种债务凭证， 代表发行人对投资者的债务关系。
投资者购买债券可以获得利息收入， 同时也可以在二级市场卖出债券获得 差价收益。
债券种类
债券有多种类型，包括国债、企业债 、地方债等，每种债券具有不同的利 率和风险特征。
期货
1 2
期货定义
期货是一种标准化合约，买卖双方约定在未来某 一特定时间和地点交割一定数量的某种商品。
中期投资策略需要投资者关注 宏观经济和市场走势，以便及 时调整投资组合。
短期投资策略
01 02 03 04
短期投资策略是一种以短期收益为目标，通常以1-2年为一个周期的 投资策略。
短期投资策略的目标是在市场波动中获得短期收益，同时保持较高的 流动性。
短期投资策略通常包括高风险、高收益的投资工具，如股票、外汇和 期权等。
投资学第一章
Financial Intermediation(中介) Investment Banking Financial Innovation （创新）& Derivatives（衍生工具） Responding to Regulation & Taxes
1-6
Investments and Innovation
1-9
Key Trends - Financial Engineering
Services of Financial Intermediaries Bundling(打包 ) and unbundling of cash flows Slicing and dicing（切割） of cash flows Examples: strips, CMOs, dual purpose funds, principal/interest splits Collateralized(担保) Loans
Technology and Delivery of Service
Computer advancements On-line trading More complete and timely information
Globalization
Domestic firms compete in global markets. Performance in regions depends on other regions. Causes additional elements of risk
1-7
Key Trends - Globalization
Developments in Global Markets Managing foreign exchange Diversification to improve performance Instruments and vehicles continue to develop. Information and analysis improves.
1-6
Investments and Innovation
1-9
Key Trends - Financial Engineering
Services of Financial Intermediaries Bundling(打包 ) and unbundling of cash flows Slicing and dicing（切割） of cash flows Examples: strips, CMOs, dual purpose funds, principal/interest splits Collateralized(担保) Loans
Technology and Delivery of Service
Computer advancements On-line trading More complete and timely information
Globalization
Domestic firms compete in global markets. Performance in regions depends on other regions. Causes additional elements of risk
1-7
Key Trends - Globalization
Developments in Global Markets Managing foreign exchange Diversification to improve performance Instruments and vehicles continue to develop. Information and analysis improves.
投资学英文课件chap011精品文档
Active or Passive Management
• Active Management
– An expensive strategy – Suitable only for very large portfolios
• Passive Management: No attempt to outsmart the market
INVESTMENTS | BODIE, KANE, MARCUS
Are Markets Efficient?
• Magnitude Issue – Only managers of large portfolios can earn enough trading profits to make the exploitation of minor mispricing worth the effort.
INVESTMENTS | BODIE, KANE, MARCUS
Predictors of Broad Market Returns
• Fama and French – Aggregate returns are higher with higher dividend ratios
• Campbell and Shiller – Earnings yield can predict market returns
INVESTMENTS | BODIE, KANE, MARCUS
Efficient Market Hypothesis (EMH)
• New information is unpredictable; if it could be predicted, then the prediction would be part of today’s information.
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Support price
They must tie up their own funds They must borrow funds to pay for the securities
• Financial markets:
Money Markets Capital Markets Primary Markets Secondary Markets Exchange Markets Over the Counter（OTC)
Chapter 1 Securities Markets
• Typs of agreements
Best –efforts agreement
The investment bankers agree to make their best effort to sell the securities but do not guarantee that a specified amount of money will be raised.
The Issuing and Selling of New Securities
•The role of investment bankers •The mechanics of underwriting •The potential volatility of the newቤተ መጻሕፍቲ ባይዱissue market
The pricing of the underwritten securities
• Overpricing
1: to maintain the offer price and hold the securities in inventory until they are sold
2:to let the market find lower price level that will induce investors to purchase the • Underpricing securities The initial purchasers of the securities will have increased reap windfall profits , but these gains are really at the expense of the company whose securities were underpriced.
Preface
• What is market?
It is an arrangement that allows buyers and sellers to exchange things.
Financial markets facilitate the exchange of liquid assets. Most investors prefer investing in two markets, the stock markets and the bond markets.
The role of investment bankers •not financial intermediary •not a banker and generally does not invest •a middleman to channel money from investors to firms that need the capital •a brokerage firm
Private placement
• advantages
elimination of the cost of selling securities to the general public ready availability of large amounts of cash no disclosure requirements An additional advantage of a private placement to both the firm and the financial institution is that the terms of securities may be tailored to meet both parties’ needs.
The mechanics of underwriting
• Select investment banker
An underwriting starts with a particular brokerage firm that managers the underwriting, that investment banker is called the originating house.
When the company need funds, it could issue stocks and bonds. The sale of securities directly to an investor or to a financial institution, is called a private placement. If the firm sell securities to the general public, is called a public placement.
A Single firm
Syndicate
The syndicate is a group of brokerage houses that join together to underwrite a specific sale of securities
Issuer Lead underwriter Investment banker A Investment Investment banker B banker C Investors Institutions Individual
INVESTMENT
Institute of Management
• What is investment?
In general terms, investment means the use money in the hope of making more money. In finance, the purchase of a financial product or other item of value with an expectation of favorable future returns.
Course Nature and Tasks
• Basic types, attributes and tasks Investments is one of the core courses of financial management major. The aim of this course is to make students understand and master the related basic investment theory and various investment tools in capital market, and further improve students’ theoretical level and the management capacity in investing.
• Basic requirements in studying Mastering and understanding basic theories about investment and various investment tools in capital market, and the application of these tools • Recommended Textbook and Reference book Textbook: Herbert B. Mayo, Investments, Chinese People’s University Press Reference book: Ziyi. Bodie, Alex. Kane, Investments, China Petrochemical Press
Contents:
The Creation of Securities
The Issuing and Selling of New Securities
Secondary Markets and The Role of Market Makers
The Mechanics of Investing in Securities
The Short Sale
Regulation
The Creation of Securities
Two methods for transferring funds to business:
One is the direct investment
The second method is the indirect transfer through a financial intermediary
The increase in the number of potential customers and the decrease in the amount that each broker must sell increases the probability that the entire issue of securities will be sold.
Generally limited to small security issues by less well known firms The risk of the sale rests with the firm
Firm commitment
The investment bankers purchase the entire issue of securities at a specified price and subsequently sell them to the general public. Most sales of new securities are made through fixed commitments The risk of the sale rests with the underwriters