金融学英文课件(4)
行为金融学4
Chapter 4: Discussion Questions and Problems1. Differentiate the following terms/concepts:a. Momentum and reversalWith momentum we observe positive correlation in returns, whereas with reversal weobserve negative correlation in returns.b. Value and growth stocksStock prices for value stocks are low relative to accounting measures such as earnings, cash flow, or book value, whereas stock prices for growth (or glamour) stocks are low relative to earnings, cash flow, and book value, at least in part because the marketanticipates high future growth.c. Fundamental risk and noise-trader riskFundamental risk arises because of the potential for rational revaluation as newinformation arrives and noise-trader risk arises because mispricing can become more severe in the short run.d. Carve-out and stub valueA carve-out is an offering of shares in a subsidiary company. Stub value is the implied stand-alone value of the parent company without the subsidiary.2. Refer back to the set of exchange rate s in the “Support 3: There are no limits to arbitrage” section earlier in the chapter. Describe a profitable arbitrage strategy if x = 105.The trick is to go the correct direction around the triangle. Since $1 should only get you ¥102.85, take $1 and c onvert to ¥105. Then convert to €, ending up with 105/159.34=€6590. Then convert to dollars: .6590/.6455=$1.02 vs. the initial dollar.3. Arbitrage is limited because the wealth of arbitrageurs is limited. Discuss this statement in the context of those who are managing their own money and those who are managing other people’s money.When you managing your own money, you are subject to fundamental risk and noise-trader risk. Plus such arbitrageurs will normally have a very limited pool of capital to us e for arbitrage purposes. If you are managing other people’s money, you will often now have more capital in your control. But you will be subject to a different sort of wealth2 | P a g e©2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly available website, in whole or in part. control. Because they have the power to hire and fire, your horizon is of necessity short. In fact, many who are attempting to exploit arbitrage opportunities are subject to this reality. They are managing money for individuals (e.g., those pooling their money through mutual funds or hedge funds) or institutions (such as endowments), many of whom will not have a clear idea of the issues involved.4. What is data snooping? What sort of empirical evidence is useful for obviating this critique?It is always possible to detect correlations in data merely due to randomness. Data snooping is the act of analyzing a dataset “to death” so as to detect such correlations, which are then termed “anomalies.” To obviate this criticism, these correlations should exhibit consistency: they should hold over a number of periods, and perhaps in different countries as well.5. What are the three supports on which market efficiency rests? Why is it that only one of them is required? The three supports are investor rationality, uncorrelated errors and unlimited arbitrage. If the first holds, prices will be on average right and markets will be efficient. If the first does not hold, but the second does hold, while errors will be made, once again on average prices will be right. If the first two do not hold, but the third does hold, while prices have the potential to diverge from value because errors are often one-sided, arbitrageurs will notice such opportunities and swiftly take action so as to eliminate mispricing.。
金融英语ppt
Financial English 2014
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Opposition to the Bank
be opposed to… 反对… be in the best interest of sb. / be in sb.’s best interest 某人的最大/最佳利益 in question
讨论中的；谈及的
私营部门和公共部门
Financial English 2014
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II. Membership
--To become a member of the WBG, what should a country do first? --How should a member pay for the 195 Bank shares? -- Where does the president of the World Bank come from? --What are the five largest shareholders? --Where does the World Bank get its funding?
Financial English 2014
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The Parts That Make Up the Whole
Its five agencies are:
International Bank for Reconstruction and Development (IBRD)
国际复兴开发银行
International Development Association (IDA)
Chapter
3
The World Bank Group
Financial English
PPT精品课件货币金融学7版英文课件4大学课件20
Distinction Between Real and Nominal Interest Rates
Real Interest Rate Interest rate that is adjusted for expected changes in the price level ir = i – e 1. Real interest rate more accurately reflects true cost of borrowing 2. When real rate is low, greater incentives to borrow and less to lend if i = 5% and e = 3% then: ir = 5% – 3% = 2% if i = 8% and e = 10% then ir = 8% – 10% = –2%
$1000 – $988 365 idb = x = 0.0487 = 4.8% $988 91 Two Characteristics 1. Understates yield to maturity 2. Change in discount yield always signals change in same direction as yield to maturity
Four Types of Credit Instruments 1. Simple loan 2. Fixed-payment loan 3. Coupon bond 4. Discount (zero coupon) bond Concept of Present Value Simple loan of $1 at 10% interest Year 1 2 3 n $1.10 $1.21 $1.33 $1x(1 + i)n $1 PV of future $1 = (1 + i)n
国际金融英语International Finance 课件
D. Finance (from personal perspective) is money management, in Chinese means “个人金融（理财)”.
It’s about how to allocate your personal incomes for consumption and investments, such as savings, buying financial products (T/B, housing, stocks, insurance, futures, mutual funds, foreign exchanges, and so on) from financial institutions to earn more money, but there is a risk for any investment.
Introduction To “Finance” From National, Corporate, And Personal
Prospects
A. Finance v. Provide capital (money) and capital movement，with financial institutions as intermediaries, in Chinese means “融 资”.
your own money or issue stock to public
to raise capital
borrow money from bank or issue corporate
bonds to public
Note: Borrowing from bank is short-term debt finance, while issuing corporate bonds is long-term debt finance.
货币金融学第4章 汇率(wxp)
现钞汇率（Bank Notes Rate），即银行买卖外币钞票 现钞汇率 的价格。（银行买入现钞价比买入现汇价要低些，但 银行卖出外币现钞时一般同卖出现汇的价钱相同）
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区分买入价和卖出价
通用法则： 通用法则 ： 前一个较小数值为基准货 币的买入价， 币的买入价 ， 后一个较大数值为基准 货币的卖出价
注意： 注意：
买 卖 差 价一般 为 1‰—5‰ （大 银 行差 价较 小 ，一般 为 1.5‰—3‰，小银行差价较大) 发达国家银行差价较小，发展中国家银行差价较大 主要储备货币差价较小
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按外汇的汇付方式不同
电 汇 汇 率 （ Telegraphic Transfer Rate ， 简 称 T/T Rate）指经营外汇业务的银行以电讯方式买卖外汇 时所使用的汇率。其速度快、费用高，所以电汇汇 率较一般汇率高，是计算匡定其他汇率的基础。 信汇汇率（Mail Transfer Rate，简称M/T Rate） 信汇汇率 指银行以信函方式通知收付款时采用的汇率。 票汇汇率（Draft Rate，简称D/D Rate) 票汇汇率 指银行在买卖外汇汇票时使用的汇率。 信汇汇率和票汇汇率相当，比电汇汇率低。
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美元标价法
指以一定单位的美元折成若干数量的各国货币来表示各 国货币汇率的方法。 国货币汇率的方法。 从50年代起，世界主要外汇市场开始采用美元标价法， 目的是为了简化报价并广泛地比较各种货币的汇价。其 特点是：美元的单位（一般是一美元）始终不变，美元 与其他货币的比值是通过其他货币量的变化体现出来的。 例如瑞士苏黎士某银行面对其他银行的询价，报出的各 种货币汇价为： USD1=HKD7.7540，USD1=JPY 118.56 在美元标价法下，若本币数额上涨，说明美元升值、汇 率上涨，而本币相对美元贬值、汇率下跌。反之亦然。
金融英语课件
金融英语
• 8．The system of keeping one’s money on deposit with the goldsmith was safer than leaving money where it could be easily stolen, but it was a bit nuisance to have to visit the goldsmith each time money needed.
• 交易中介是交换所出售商品和服务时被 普遍接受的任何东西。玉米不是最终的 交换物而是最终交换物的中介。
金融英语
• 5 ． Rather than having to quote rate of exchange for each good in terms of every other good, as was the case in the barter economy, the price of everything could be measured in terms of corn.
• rate of inflation 通货膨胀率 scarce resources 稀缺资源
• social cost of funds 资 金 的 社 会 成 本 credit institution 信贷机构
• principal 资金 本金 基本财产 denomination
面值
金融英语
• 1. In any economy in which decision by individual economic units play a major role, interest rates perform several important function through which they exercise a pervasive influence over economic decision and performance, similar in scope to the influence of other economy-wide prices such as the exchange rate and the basic wage rate.
行为金融学课件4前景理论yang-new
Conlisk(1989)把支付变成真实的，且降低 了奖金的金额：（0,5$,25$） 实验结果人们在两个问题中都选择了货币期 望价值高的那个选项，即问题一选B，问题 二选D。 阿莱行为在这种情况下消失了。
阿莱悖论行为消失的可能原因： On question 1, the subject will make the risk-averting choice (A over B) when pay-offs are large, but will make the expected payoff-maximizing choice (B over A) when payoffs are small.
EU U($90) U($0) 2 2 1 1 12 2 7. 2 2
预期效用理论及其批判
Win $90 with probability 1/2 and win $0 with probability 1/2. Expected money value（期望的货币价 值） of the lottery is
预期效用理论及其批判
1、消除性。指消除那些无论决策者做何选 择都会产生同一结果的状态。（正如等式两 边消除同项，等式依然成立） 将各种赌局之间的偏好表示为预期效用最大 化，消除性是必要的，它与预期效用函数具 有的概率线性性质是等价的。
预期效用理论及其批判
2、传递性。风险与无风险选择模型的基本 假设是偏好的传递性。偏好的传递性假设对 于序数效用U表示的偏好不仅是必要的，而 且基本上也是充分的。
Utility is U(ca, cna, a, na).
预期效用理论及其批判
Expected utility function（期望效用函数） Von-Neuman-Morgenstern utility function（冯诺依曼－摩根斯顿 效用函数）
米什金《货币金融学-英文第12版》PPT课件-第四章-利率和利率的计算(包括利率分类及现值终值计算)
FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock MarketTheory of Rational Expectations, and the Efficient Market HypothesisLecture 4Interest Rates and Calculation of Interest Rates •Interest Rate and Classification of Interest Rate •Simple and Compound Interest Rate •Present Value•Yield to Maturity and Its Calculation•The Distinction Between Interest Rates And ReturnsLearning ObjectivesCalculate the present value of future cash flows and the yield to maturity on the four types of credit market instruments.Recognize the distinctions among yield to maturity, current yield, rate of return, and rate of capital gain.Interpret the distinction between real and nominal interest rates.Part 1Interest Rate and Classification of Interest Rate1.1 Interest RateInterest rate (P3) is the cost of borrowing or the price paid for the rental of funds.利率是借款的成本或为借入资金支付的价格。
国际金融英语International Finance 课件
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段）— basic function B. Standard of Value (价值尺度）— basic function C. Store of Value (价值储藏） D. Standard of Deferred Payment (延期支付标准） F. World Currency (世界货币）
金融英语(4-13)ppt课件(全)
Financial institutions serve as intermediaries within the financial markets to channel funds from investors to corporations.
➢ Regulators.
Most countries need regulators who control their financial institutions and regulate dealings in securities markets with the objects of ensuring that the financial institutions are able to honour their commitments, that people have access to relevant information before they enter into contracts, and dealing in securities is fair.
Chapter 4 Financial Markets 4.1 Types of Financial Markets
Direct financial market and indirect financial market
• In direct financial market, borrowers borrow funds directly from lenders without using a third party service.
• International financial markets allow a number of traders who are not only across the country but also around the world to make transactions.
Bodie2e_Chapter01 Financial Economics 英文版PPT金融学(第二版) 教学课件
– strategic plans may change radically over time
– the firm’s business may be defined in terms of a group of products, technologies or customers
12 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
– The basic unit of analysis is the investment project. Investment projects are identified,
triaged, and implemented in the capital budgeting process
13 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.5 Forms of Business Operation
• 1.6 Separation of Ownership and Management
• 1.7 The Goal of Management
• 1.8 Market Discipline: Takeovers
《金融专业英语》课件-Chapter 4 Financial Markets
Financial market
Financial market is the place where assets like equities, bonds, currencies, derivatives and stocks are traded. Some of the salient features of financial market are: (1) transparent pricing; (2) basic regulations on trading; (3) low transaction costs; (4) market-determined prices of traded securities.
Capital market（资本市场）
What is a 'Capital Market'
Capital markets are venues where securities with an original maturity that is greater than one year are traded.
原始期限超过一年的有价证券交易场所
✓ Core function - improve the efficiency of transactions ✓ Including - primary markets, where new equity stock and bond issues are sold to
it would include accounting measures, revenue and expense schedules, wages and balance sheet verification. ✓ Regional financial systems would include banks and other financial institutions. ✓ As for financial services in a global view, they would include the International Monetary Fund (IMF), central banks, World Bank and the major banks that practice overseas lending.
国际金融英语PPT
grammar
• Para3.p13 nothing more than 只不过 ，仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
北大金融学课件(英文版)第4章(6课时)
Source:
Amanda Hu @2008 All Copy Rights Reserved.
4-9
Long vs. Short Position
• Open positions in a foreign currency: net liability position (short position) vs. net asset position (long position) • Hedgers are persons who avoid any “open” positions. • Speculators are those who are willing to take a net position in a foreign currency.
Amanda Hu @2008 All Copy Rights Reserved.
√
4-10
Basics of Forward FOREX
• Customized clauses
– Size – Maturity date（common dates are 30, 90, and 180 days forward）
CHAPTER 4
Forward Exchange and International Financial Investment
Amanda Hu
@2008 All Copy Rights Reserved.
4-2
Exposure to Exchange Rate Risk
We are exposed to exchange rate risk if the value of our income or net worth will change when exchange rates in the future change in ways that are not expected.
金融英语课件4
Open-market operations: central bank purchased/sales of government’s/private securities.
Outright transaction 现券交易 Repurchase agreement transaction (Repo) 回购协议 Purchase security----increase money supply----boost economy Sell security----reduce money supply----slow down the economy
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
12
This is decided by the types of central bank in different countries. Usually, there are two types of central bank; one is subservient central bank. That means when they formulate a monetary policy, they have to take the intentions of the Treasury or the Ministry of Finance into account. The person who have the right to decide which monetary policy should be adopted is the Chancellor of the Exchequer, not the governor.
金融管理基础英文课件 (4)
4-9
Production Requirements for Six Months
Table 4-3
4-10
Unit Costs
• Cost to produce each unit:
Table 4-4
4-11
Total Production Costs
Table 4-5
4-12
4-3
– Risk-taking desires – Ability to hedge against risk with planning
Constructing Pro Forma Statements
• Pro forma, or projected, financial statements enable a firm to estimate its future level of receivables, inventory, payables, as well as its anticipated profits and borrowing requirements. • These statements are often required by bankers and other lenders as a guide for the future. • A systems approach to develop pro forma statements consists of:
– Constructing income statement based on sales projections and the production plan – Translating it into a cash budget – Assimilating all materials into a pro forma balance sheet