金融市场与机构 (1)
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n Financial markets provide for financial intermediation--financial savings (Surplus Units) to investment (Deficit Units)
n Financial markets provide payments system n Financial markets provide means to manage risk
l Used for hedging (risk reduction) and speculation (risk seeking)
Debt vs. Equity Securities
Debt Securities: Contractual obligations (IOU) of Debtor (borrower) to Creditor (lender)
l No Central, Physical Location
l New York Stock Exchange
l All Securities Traded off the Exchanges
Securities Traded in Financial Markets
n Money Market Securities
Primary vs. Secondary Markets
n PRIMARY
l New Issue of Securities
n SECONDARY
l Trading Previously Issued Securities
l Exchange of Funds for Financial Claim
n Identify the types of financial institutions that facilitate transactions
Overview of Financial Markets
Financial Market: a market in which financial assets (securities) such as stocks and bonds can be purchased or sold
Overview of Financial Markets
n Broad Classifications of Financial Markets
Money versus Capital Markets Primary versus Secondary Markets Organized versus Over-the-Counter Markets
l Debt securities Only
n Capital market securities
l Debt and equity secuwenku.baidu.comities
n Derivative Securities
l Financial contracts whose value is derived from the values of underlying assets
Institutions
© 2003 South-Western/Thomson Learning
Chapter Objectives
n Describe the types of financial markets
n Describe the role of financial institutions with financial markets
l No New Funds for Issuer
l Funds for Borrower; an IOU for Lender
l Provides Liquidity for Seller
Money vs. Capital Markets
n Money
l Short-Term, < 1 Year
l Future cash flows l When cash flows are received l Risk of cash flows
u Investor receives interest u Capital gain/loss when sold u Maturity date
Debt vs. Equity Securities
Equity Securities: Claim with ownership rights and responsibilities
l Financing Investment-Higher Returns
Organized vs. Over-the-Counter Markets
n Organized
l Visible Marketplace
l Members Trade
l Securities Listed
n OTC
l Wired Network of Dealers
u Investor receives dividends if declared u Capital gain/loss when sold u No maturity date—need market to sell
Valuation of Securities
n Value a function of:
n Capital
l Long-Term, >1Yr
l High Quality Issuers
l Range of Issuer Quality
l Debt Only
l Debt and Equity
l Primary Market Focus
l Secondary Market Focus
l Liquidity Market--Low Returns
PowerPoint Slides for:
Financial Markets and Institutions 6th Edition
By Jeff Madura Prepared by David R. Durst The University of Akron
CHAPTER
1
Role of Financial Markets and
n Financial markets provide payments system n Financial markets provide means to manage risk
l Used for hedging (risk reduction) and speculation (risk seeking)
Debt vs. Equity Securities
Debt Securities: Contractual obligations (IOU) of Debtor (borrower) to Creditor (lender)
l No Central, Physical Location
l New York Stock Exchange
l All Securities Traded off the Exchanges
Securities Traded in Financial Markets
n Money Market Securities
Primary vs. Secondary Markets
n PRIMARY
l New Issue of Securities
n SECONDARY
l Trading Previously Issued Securities
l Exchange of Funds for Financial Claim
n Identify the types of financial institutions that facilitate transactions
Overview of Financial Markets
Financial Market: a market in which financial assets (securities) such as stocks and bonds can be purchased or sold
Overview of Financial Markets
n Broad Classifications of Financial Markets
Money versus Capital Markets Primary versus Secondary Markets Organized versus Over-the-Counter Markets
l Debt securities Only
n Capital market securities
l Debt and equity secuwenku.baidu.comities
n Derivative Securities
l Financial contracts whose value is derived from the values of underlying assets
Institutions
© 2003 South-Western/Thomson Learning
Chapter Objectives
n Describe the types of financial markets
n Describe the role of financial institutions with financial markets
l No New Funds for Issuer
l Funds for Borrower; an IOU for Lender
l Provides Liquidity for Seller
Money vs. Capital Markets
n Money
l Short-Term, < 1 Year
l Future cash flows l When cash flows are received l Risk of cash flows
u Investor receives interest u Capital gain/loss when sold u Maturity date
Debt vs. Equity Securities
Equity Securities: Claim with ownership rights and responsibilities
l Financing Investment-Higher Returns
Organized vs. Over-the-Counter Markets
n Organized
l Visible Marketplace
l Members Trade
l Securities Listed
n OTC
l Wired Network of Dealers
u Investor receives dividends if declared u Capital gain/loss when sold u No maturity date—need market to sell
Valuation of Securities
n Value a function of:
n Capital
l Long-Term, >1Yr
l High Quality Issuers
l Range of Issuer Quality
l Debt Only
l Debt and Equity
l Primary Market Focus
l Secondary Market Focus
l Liquidity Market--Low Returns
PowerPoint Slides for:
Financial Markets and Institutions 6th Edition
By Jeff Madura Prepared by David R. Durst The University of Akron
CHAPTER
1
Role of Financial Markets and