金融市场学双语课件CPowerpoint Slides
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金融市场学双语课件C06-Powerpoint Slides
Money Market Securities
■
Estimating commercial paper yields
Par – PP PP
YCP =
×
360 n
YCP = Commercial paper yield Par = Face value at maturity PP = Purchase price n = number of days to maturity
◆ Yield
based on the difference between price paid for T-bill and selling price adjusted for time
Money Market Securities
■
Calculating T-Bill Annualized Yield
■
Money Market Securities
■
Treasury bills
● It-term needs of the U.S. government ● Attractive to investors
◆ Minimal
default risk—backed by Federal Government ◆ Excellent liquidity for investors
■
Money Market Securities
Negotiable certificates of deposits certificates of deposit (CD) is a time deposit with a bank. ● The banks pay interest and principal to the depositor only at the end of the fixed term of the CD. ● CDs issued in denominations greater than $100,000 are usually negotiable. ● CDs are treated as bank deposits by the Federal Deposit Insurance Corporation. ■ Federal funds Funds in the bank’s reserve account are called federal funds. ● Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements.
金融市场学英文版ppt
1.1 1.2 1.3 1.4 1.5 1.6 1.7 Introduction Functions of the Financial System Financial Instruments Financial Markets Impact of Globalisation Financial Institutions Summary
1
Chapter 1
The Financial System
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
2
Learning Objectives
financial markets • Categorise the main types of financial institutions • Understand the impact of a financial crisis on a financial system and a real economy
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
13
1.2 Functions of the Financial System (cont.)
• An efficient financial system – Encourages savings – Savings flow to the most efficient users – Implements the monetary policy of governments by influencing interest rates – The combination of assets and liabilities comprising the desired attributes of return, risk, liquidity and timing of cash flows
1
Chapter 1
The Financial System
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
2
Learning Objectives
financial markets • Categorise the main types of financial institutions • Understand the impact of a financial crisis on a financial system and a real economy
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
13
1.2 Functions of the Financial System (cont.)
• An efficient financial system – Encourages savings – Savings flow to the most efficient users – Implements the monetary policy of governments by influencing interest rates – The combination of assets and liabilities comprising the desired attributes of return, risk, liquidity and timing of cash flows
金融市场与金融机构英文课件ppt.ppt
─ Mutual Savings Banks ─ Savings and Loan Associations ─ Savings and Loans in Trouble: The Thrift Crisis ─ Political Economy of the Savings and Loan Crisis
篮球比赛是根据运动队在规定的比赛 时间里 得分多 少来决 定胜负 的，因 此，篮 球比赛 的计时 计分系 统是一 种得分 类型的 系统ຫໍສະໝຸດ Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
Mutual Savings Banks
▪ Depositors are the owners of the firm
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
© 2012 Pearson Education. All rights reserved.
篮球比赛是根据运动队在规定的比赛 时间里 得分多 少来决 定胜负 的，因 此，篮 球比赛 的计时 计分系 统是一 种得分 类型的 系统ຫໍສະໝຸດ Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
Mutual Savings Banks
▪ Depositors are the owners of the firm
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
© 2012 Pearson Education. All rights reserved.
金融市场学双语课件C10-Powerpoint Slides
Public Placement of Stock
s
Secondary stock offerings
q New
stock issued by firm that already has shares outstanding
s
Shelf Registration
q 1982
SEC rule q Allows firms to place securities without the time lag associated with registering with SEC
q Short
sales
x Borrow
stock and sell x Repay stock loan, hopefully at a lower price x Investor able to have potential profit from decline in stock price
statement to SEC (Securities and Exchange Commission) x Prospectus x Firm is assisted by an investment banker
q Performance
x Price
of IPOs
generally rises on first day x Longer-term performance of IPOs is poor
Regulation of Trading on Stock Exchanges
sSecurities Act
Of 1933 and 1934 Exchange Commission Of Securities Dealers
金融市场学双语课件C07-Powerpoint Slides
q q
The YTM is the investor’s expected rate of return if the bond is held to maturity The actual YTM may vary from the expected because of risks assumed by the investors
s
Corporate Bonds
s
When corporations want to borrow for longterm periods they issue corporate bonds
q Usually
pay semiannual interest q Most have maturities between 10-30 years q Public offering vs. private placement q Limited exchange, larger OTC secondary market q Investors seek safety of principal and steady income
U. S. Treasury Bonds
Issued by the U.S. Treasury to finance federal government expenditures s Maturity
s
q Notes,
< 10 Years q Bonds, > 10 to 30 Years
Active OTC Secondary Market s Semiannual Interest Payments s Benchmark Debt Security for Any Maturity
The YTM is the investor’s expected rate of return if the bond is held to maturity The actual YTM may vary from the expected because of risks assumed by the investors
s
Corporate Bonds
s
When corporations want to borrow for longterm periods they issue corporate bonds
q Usually
pay semiannual interest q Most have maturities between 10-30 years q Public offering vs. private placement q Limited exchange, larger OTC secondary market q Investors seek safety of principal and steady income
U. S. Treasury Bonds
Issued by the U.S. Treasury to finance federal government expenditures s Maturity
s
q Notes,
< 10 Years q Bonds, > 10 to 30 Years
Active OTC Secondary Market s Semiannual Interest Payments s Benchmark Debt Security for Any Maturity
金融市场学双语课件CPowerpointSlides
l The quantity of U.S. loanable funds demanded by foreign investors will be inversely related to U.S. interest rates
金融市场学双语课件C02PowerpointSlides
l The aggregate demand foAr lgogarneagbalteefDunemdsainsdthfoersLumoanoaf bthleeFquunadnstities demanded by the separate sectors
Interest Rate
D Quantity of Loanable Funds
金融市场学双语课件C02PowerpointSlides
l A foreign country’s demand fFoorrUei.gSn. fDunedmsainsdinffolrueLnocaendablyetFhuenddifsferential between its interest rates and U.S. rates
金融市场学双语课件C02PowerpointSlides
n Theory of how the general level of interest rates are determined n Explains how economic and other factors influence interest rate changes n Interest rates determined by demand and supply for loanable funds
l States—Borrow for capital projects l Federal—Borrow for capital projects and deficit spending n Foreign Sectors—Net supplier since early 1980’s
金融市场学双语课件C02PowerpointSlides
l The aggregate demand foAr lgogarneagbalteefDunemdsainsdthfoersLumoanoaf bthleeFquunadnstities demanded by the separate sectors
Interest Rate
D Quantity of Loanable Funds
金融市场学双语课件C02PowerpointSlides
l A foreign country’s demand fFoorrUei.gSn. fDunedmsainsdinffolrueLnocaendablyetFhuenddifsferential between its interest rates and U.S. rates
金融市场学双语课件C02PowerpointSlides
n Theory of how the general level of interest rates are determined n Explains how economic and other factors influence interest rate changes n Interest rates determined by demand and supply for loanable funds
l States—Borrow for capital projects l Federal—Borrow for capital projects and deficit spending n Foreign Sectors—Net supplier since early 1980’s
[]金融市场学双语课件C02-Powerpoint Slides
![[]金融市场学双语课件C02-Powerpoint Slides](https://img.taocdn.com/s3/m/2e22804f700abb68a982fbd1.png)
Loanable Funds Theory
Business Demand for Loanable Funds
l There is an inverse relationship between interest rates and the quantity of loanable funds demanded
n Demand = borrowers, issuers of securities, deficit spending unit
n Supply = lenders, financial investors, buyers of securities, surplus spending unit
n Explains how economic and other factors influence interest rate changes
n Interest rates determined by demand and supply for loanable funds
Loanable Funds Theory, cont.
Net Present Value is calculated as follows:
n
NPV =
–INV +
t= 1
CFt (1 + k)t
Loanable Funds Theory
Business Demand for Loanable Funds
l Projects with a positive NPV are accepted because the present value of their benefits outweighs their costs
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2
Determination of Interest Rates
Chapter Objectives
n Explain Loanable Funds Theory of Interest Rate Determination
n Identify Major Factors Affecting the Level of Interest Rates
Loanable Funds Theory
Business Demand for Loanable Funds
l Businesses demand loanable funds to invest in assets
l Quantity of funds demanded depends on how many projects to be implemented
n Supply = lenders,ห้องสมุดไป่ตู้financial investors, buyers of securities, surplus spending unit
n Assume economy divided into sectors n Slope of demand/supply curves related to
n Interest rate changes affect the values of all securities
l Security prices vary inversely with interest rates l Varying interest rates impact retirement funds and retirement
Interest Rate
Quantity of Loanable Funds
Loanable Funds Theory
Household Demand for Loanable Funds
l Households demand loanable funds to finance housing, automobiles, household items
institutions
Loanable Funds Theory of Interest Rate Determination
n Theory of how the general level of interest rates are determined
n Explains how economic and other factors influence interest rate changes
income
n Interest rates changes impact the value of financial institutions
l Managers of financial institutions closely monitor rates l Interest rate risk is a major risk impacting financial
n Explain How to Forecast Interest Rates
Relevance of Interest Rate Movements
n Changes in interest rates impact the real economy
l Investment spending l Interest sensitive consumer spending such as housing
Demand for Loanable Funds
n Sum of sector demand (quantity) at varying levels of interest rates
n Sector cash receipts in period less than outlays = borrower
elasticity or sensitivity of interest rates
Sectors of the Economy
n Household Sector--Usually a net supplier of loanable funds
n Business Sector—Usually a net demander in growth periods
l These purchases result in installment debt. Installment debt increases with the level of income
l There is an inverse relationship between the interest rate and the quantity of loanable funds demanded
n Government Sectors
l States—Borrow for capital projects l Federal—Borrow for capital projects and deficit
spending
n Foreign Sectors—Net supplier since early 1980’s
n Quantity demanded inversely related to interest rates
n Variables other than interest rate changes cause shift in demand curve
Demand for Loanable Funds
u Businesses choose projects by calculating the project’s Net Present Value
n Interest rates determined by demand and supply for loanable funds
Loanable Funds Theory, cont.
n Demand = borrowers, issuers of securities, deficit spending unit
Determination of Interest Rates
Chapter Objectives
n Explain Loanable Funds Theory of Interest Rate Determination
n Identify Major Factors Affecting the Level of Interest Rates
Loanable Funds Theory
Business Demand for Loanable Funds
l Businesses demand loanable funds to invest in assets
l Quantity of funds demanded depends on how many projects to be implemented
n Supply = lenders,ห้องสมุดไป่ตู้financial investors, buyers of securities, surplus spending unit
n Assume economy divided into sectors n Slope of demand/supply curves related to
n Interest rate changes affect the values of all securities
l Security prices vary inversely with interest rates l Varying interest rates impact retirement funds and retirement
Interest Rate
Quantity of Loanable Funds
Loanable Funds Theory
Household Demand for Loanable Funds
l Households demand loanable funds to finance housing, automobiles, household items
institutions
Loanable Funds Theory of Interest Rate Determination
n Theory of how the general level of interest rates are determined
n Explains how economic and other factors influence interest rate changes
income
n Interest rates changes impact the value of financial institutions
l Managers of financial institutions closely monitor rates l Interest rate risk is a major risk impacting financial
n Explain How to Forecast Interest Rates
Relevance of Interest Rate Movements
n Changes in interest rates impact the real economy
l Investment spending l Interest sensitive consumer spending such as housing
Demand for Loanable Funds
n Sum of sector demand (quantity) at varying levels of interest rates
n Sector cash receipts in period less than outlays = borrower
elasticity or sensitivity of interest rates
Sectors of the Economy
n Household Sector--Usually a net supplier of loanable funds
n Business Sector—Usually a net demander in growth periods
l These purchases result in installment debt. Installment debt increases with the level of income
l There is an inverse relationship between the interest rate and the quantity of loanable funds demanded
n Government Sectors
l States—Borrow for capital projects l Federal—Borrow for capital projects and deficit
spending
n Foreign Sectors—Net supplier since early 1980’s
n Quantity demanded inversely related to interest rates
n Variables other than interest rate changes cause shift in demand curve
Demand for Loanable Funds
u Businesses choose projects by calculating the project’s Net Present Value
n Interest rates determined by demand and supply for loanable funds
Loanable Funds Theory, cont.
n Demand = borrowers, issuers of securities, deficit spending unit