Chapter 1-Fundamentals of Futures and Options Markets

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新编金融英语教程 Chapter11 Financial Derivatives

reveal the risks of financial derivatives.
11.2 Key Points
11.2.1 Definition of Financial Derivatives
In finance, derivatives are contracts between two parties that specify conditions (especially the dates, resulting values and definitions of the underlying variables, the parties’ contractual obligations, and the notional amount) under which payments are to be made between the parties.
• resource allocation • reverse market • spot price • spot transaction • standard metal contract • strike price • subject matter • synthetic collateralized debt obligations • underlying asset U.S. Treasury 美国财政部 unit of account计量单位
11.2 Key Points
11.2.2 Types of Financial Derivatives
11.2 Key Points
11.2.2 Types of Financial Derivatives
A forward is the contract between the two sides promised

英国大学金融专业课程详解、定位、就业

/英国大学金融专业课程详解、定位、就业国内大学关于金融专业的设置，更偏重宏观方向，以货币银行、国际金融等专业为主。

这和我国的历史情况有关，在过去的二十年里投资行为还没有大幅度兴起，因此银行作为主要的金融机构，自然成为研究的主要对象。

同时随时中国开放程度的加深，国际贸易得到了很大发展，因此国际金融的研究也很有必要。

国外关于金融专业的设置，是两方面都有。

一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。

另一方面就是和国内类似的宏观金融的研究。

因此我们大部分的学生想要在金融这个领域走的更宽或更远，去英国留学选择金融专业绝对是明智的选择，但是金融专业覆盖范围非常广，分类极细，很多学子也经常在金融各细分专业中因为了解程度的原因，最后不能做出最适合自己的选择，以下为对英国大学金融专业的详细剖析，内容较多，请耐心看。

一、专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。

在参考专业排名时需要考虑会计与金融、经济、商学三个方向。

金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。

●细分1-----金融学：对金融各个细分领域的综合介绍。

下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：/ IntroductoryResearchMethodsforAccountingandFinance;会计与金融学方法导论EssentialsofFinance;金融学精要DerivativeSecurities衍生证券选修一门：PortfolioInvestment证券投资InternationalMacroeconomicsandGlobalCapitalMarkets国际宏观经济学与全球资本市场FoundationsofFinanceTheory金融学基础第二学期FinancialEconometrics金融计量经济学AdvancedEmpiricalFinance高级实证金融学CorporateFinance;公司金融选修一门InternationalFinance国际金融FinancialStatementAnalysis财务报表分析RealOptionsinCorporateFinance公司金融中的实物期权MergersandAcquisitions:EconomicandFinancialAspects关于企业并购的经济金融思考Dissertation毕业论文●细分2-----公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。

3简单型利率交换(PlainVanillaInterestRateSwap)

AAA公司 BBB公司 10.00% 11.20%
浮動
6-個月期 LIBOR + 0.30% 6-個月期 LIBOR + 1.00%
Fundamentals of Futures and Options Markets, 5th Edition, Copyright © John C. Hull 2004
7.18
外滙交換(Currency Swap)案例
一個外滙交換協定，同意未來5年，以利率 11%支付英鎊本金為£10,000,000 的利息，並以利率8%收取美元本金為 $ 15,000,000 的利息
Fundamentals of Futures and Options Markets, 5th Edition, Copyright © John C. Hull 2004
7.21
外滙交換的利用典範

可將負債幣別轉變成另一幣別的負債可將投資幣別轉變成另一幣別的投資

Fundamentals of Futures and Options Markets, 5th Edition, Copyright © John C. Hull 2004
7.22
外滙交換的比較利益 (表 7.8, page 215)
7.3
流向Microsoft的現金
(表 7.1, page 194)
---------百萬美元---------
LIBOR
日期 Mar.5, 2001 Sept. 5, 2001 Mar.5, 2002 利率 4.2% 4.8% 5.3%
浮動
現金流量
固定
現金流量
淨
現金流量 –0.40 –0.10
+2.10 +2.40

投资学原书第11版 Ch22 Futures Markets

• Most futures contracts are closed out by reversing trades
• Only 1-3% of contracts result in actual delivery of the underlying commodity
INVESTMENTS | BODIE, KANE, MARCUS
• Convergence of Price — As maturity approaches the spot and futures price converge
INVESTMENTS | BODIE, KANE, MARCUS
22-12
Margin and Trading Arrangements
changes hands
INVESTMENTS | BODIE, KANE, MARCUS
22-4
Basics of Futures Contracts
(3 of 3)
• Profit to long = Spot price at maturity Original futures price
• The payoff to the long position can be negative because the futures trader cannot walk away from the contract if it is not profitable
INVESTMENTS | BODIE, KANE, MARCUS
• The exchange acts as a clearing house and counterparty to both sides of the trade

会计英语第四版参考答案

会计英语第四版参考答案Chapter 1: Introduction to Accounting1. What is accounting?- Accounting is the systematic recording, summarizing, and reporting of financial transactions and events of a business entity.2. What are the main functions of accounting?- The main functions of accounting are to providefinancial information for decision-making, ensure compliance with laws and regulations, and facilitate the management of a business.3. What are the two main branches of accounting?- The two main branches of accounting are financial accounting and management accounting.4. What is the purpose of financial accounting?- The purpose of financial accounting is to provide an accurate and fair representation of an entity's financial position and performance to external users.5. What is the double-entry bookkeeping system?- The double-entry bookkeeping system is a method of recording financial transactions in which every transactionis recorded twice, once as a debit and once as a credit, to maintain the equality of the accounting equation.Chapter 2: Accounting Concepts and Principles1. What are the fundamental accounting concepts?- The fundamental accounting concepts include the accrual basis of accounting, going concern, consistency, and materiality.2. What is the accrual basis of accounting?- The accrual basis of accounting records transactions when they occur, regardless of when cash is received or paid.3. What is the going concern assumption?- The going concern assumption is the premise that a business will continue to operate for the foreseeable future.4. What is the principle of consistency?- The principle of consistency requires that an entity should apply accounting policies consistently over time.5. What is the principle of materiality?- The principle of materiality states that only items that could potentially affect the decisions of users of financial statements are included in the financial statements.Chapter 3: The Accounting Equation and Financial Statements1. What is the accounting equation?- The accounting equation is Assets = Liabilities +Owner's Equity.2. What are the four main financial statements?- The four main financial statements are the balance sheet, income statement, statement of changes in equity, and cashflow statement.3. What is the purpose of the balance sheet?- The balance sheet provides a snapshot of an entity's financial position at a specific point in time.4. What is the purpose of the income statement?- The income statement reports the revenues, expenses, and net income of an entity over a period of time.5. What is the purpose of the cash flow statement?- The cash flow statement reports the cash inflows and outflows of an entity over a period of time.Chapter 4: Recording Transactions1. What is a journal entry?- A journal entry is the initial recording of atransaction in the general journal.2. What are the steps in the accounting cycle?- The steps in the accounting cycle are analyzing transactions, journalizing, posting, preparing a trial balance, adjusting entries, preparing financial statements, and closing entries.3. What is the difference between a debit and a credit?- A debit is an increase in assets or a decrease inliabilities or equity, while a credit is an increase in liabilities or equity or a decrease in assets.4. What are adjusting entries?- Adjusting entries are made at the end of an accounting period to ensure that revenues and expenses are recorded in the correct period.5. What is the purpose of closing entries?- Closing entries are made to transfer the balances of temporary accounts to the owner's equity account and to prepare the accounts for the next accounting period.Chapter 5: Accounting for Merchandising Businesses1. What is a merchandise inventory?- A merchandise inventory is the stock of goods held by a business for sale to customers.2. What is the cost of goods sold?- The cost of goods sold is the direct cost of producing the merchandise sold during an accounting period.3. What is the gross profit?- The gross profit is the difference between the sales revenue and the cost of goods sold.4. What is the difference between a perpetual and a periodic inventory system?- A perpetual inventory system updates inventory records in real-time with each sale or purchase, while a periodicinventory system updates inventory records at specific intervals, such as at the end of an accounting period.5. What is the retail method of inventory pricing?- The retail method of inventory pricing is a method of estimating the cost of ending inventory by applying a cost-to-retail ratio to the retail value of the inventory.Chapter 6: Accounting for Service Businesses1. What are the main differences in accounting for service businesses compared to merchandise businesses?- Service businesses do not have inventory and their primary expenses are typically labor and overhead costs.2. What is the main source of revenue for service businesses? - The main source of revenue for service businesses is the fees charged for the services provided.3. What are the typical expenses。

金融学研究生必读书

应用金融硕士研究生精读书目陈雨露、张杰、瞿强联合推荐2004-12-71、《经济学原理》N·格里高利·曼昆（N.Gregory Mankiw），中国人民大学出版社。

2、《应用经济计量学》拉姆·拉玛纳山（Ramu Ramanathan），机械工业出版社。

3、《货币金融学》弗雷德里克·S·米什金（Fredcric S.Mishkin），中国人民大学出版社。

4、《金融学》兹维·博迪、罗伯特·默顿，中国人民大学出版社。

5、《公司理财》斯蒂芬·A·罗斯，机械工业出版社。

6、《投资学精要》兹维·博迪，中国人民大学出版社。

7、《国际金融管理》Jeff.Madura，北京大学出版社。

8、《固定收入证券市场及其衍生产品》Suresh.M.Sundaresan，北京大学出版社。

9、《银行管理——教程与案例》（第五版），乔治·H·汉普尔，中国人民大学出版社。

10、《投资组合管理：理论及应用》小詹姆斯·法雷尔，机械工业出版社。

11、《衍生金融工具与风险管理》唐·M·钱斯（Don.M.Chanc），中信出版社攻读博士学位预备生精读书目陈雨露、张杰、瞿强联合推荐2004-12-71、《经济学原理》N·格里高利·曼昆（N.Gregory Mankiw），中国人民大学出版社。

2、《应用经济计量学》拉姆·拉玛纳山（Ramu Ramanathan），机械工业出版社。

3、《金融经济学》（德）于尔根·艾希贝格尔，西南财经大学出版社。

4、《货币金融学》弗雷德里克·S·米什金（Fredcric S.Mishkin），中国人民大学出版社。

5、《金融学》兹维·博迪、罗伯特·默顿，中国人民大学出版社。

6、《国际经济学》（美）保罗·克鲁德曼，中国人民大学出版社。

《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_07

Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: The Coronavirus Stock Market Crash of 2020
• The spread of the coronavirus in February 2020 triggered a stock market crash in which the Dow Jones Industrial Average fell from a peak of 29,551 on February 12 to 18,561 on March 20, a decline of 37%.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: Monetary Policy and Stock Prices (2 of 2)
• Furthermore, a lowering of interest rates is likely to stimulate the economy, so the growth rate in dividends, g, is likely to be somewhat higher. This rise in g also causes the denominator in Equation 5 to decrease, which also leads to a rise in stock prices.

公司理财(罗斯)第1章(英文

• Structure: This book is organized into several key sections. It begins with an introduction to the field of corporate finance and its importance. Subsequent chapters cover topics such as capital budgeting, risk and return, capital structure, dividend policy, mergers and acquisitions, and international corporate finance. Each chapter includes illustrative examples, case studies, and practical applications to help readers apply the concepts discussed. The book concludes with a summary of key takeaways and additional resources for further study.
03 Valuation Basis
The concept and significance of valuation
要点一
Definition
Valuation is the process of estimating the worth of an asset or a company, typically through the use of financial metrics and analysis.
The Time Value of Money

TB-Ch.02-8e-hull

Fundamentals of Futures and Options Markets, 8e (Hull)Chapter 2 Mechanics of Futures Markets1) Which of the following is trueA) Both forward and futures contracts are traded on exchangesB) Forward contracts are traded on exchanges, but futures contracts are notC) Futures contracts are traded on exchanges, but forward contracts are notD) Neither futures contracts nor forward contracts are traded on exchanges Answer: C2) Which of the following is NOT trueA) Futures contracts nearly always last longer than forward contractsB) Futures contracts are standardized; forward contracts are notC) Delivery or final cash settlement usually takes place with forward contracts; the same is not true of futures contractsD) Forward contracts usually have one specified delivery date; futures contract often have a range of delivery datesAnswer: A3) In the corn futures contract a number of different types of corn can be delivered (with price adjustments specified by the exchange) and there are a number of different delivery locations. Which of the following is trueA) This flexibility tends increase the futures priceB) This flexibility tends decrease the futures priceC) This flexibility may increase and may decrease the futures priceD) This flexibility has no effect on the futures priceAnswer: B4) A company enters into a short futures contract to sell 50,000 units of a commodity for 70 cents per unit. The initial margin is $4,000 and the maintenance margin is $3,000. What is the futures price per unit above which there will be a margin callA) 78 centsB) 76 centsC) 74 centsD) 72 centsAnswer: D5) A company enters into a long futures contract to buy 1,000 units of a commodity for $60 per unit. The initial margin is $6,000 and the maintenance margin is $4,000. What futures price will allow $2,000 to be withdrawn from the margin accountA) $58B) $62C) $64D) $66Answer: B6) One futures contract is traded where both the long and short parties are closing out existing positions. What is the resultant change in the open interestA) No changeB) Decrease by oneC) Decrease by twoD) Increase by oneAnswer: B7) Who initiates delivery in a corn futures contractA) The party with the long positionB) The party with the short positionC) Either partyD) The exchangeAnswer: B8) You sell one December futures contracts when the futures price is $1,010 per unit. Each contract is on 100 units and the initial margin per contract that you provide is $2,000. The maintenance margin per contract is $1,500. During the next day the futures price rises to $1,012 per unit. What is the balance of your margin account at the end of the dayA) $1,800B) $3,300C) $2,200D) $3,700Answer: A9) A hedger takes a long position in a futures contract on a commodity on November1, 2012 to hedge an exposure on March 1, 2013. The initial futures price is $60. On December 31, 2012 the futures price is $61. On March 1, 2013 it is $64. The contract is closed out on March 1, 2013. What gain is recognized in the accounting year January 1 to December 31, 2013 Each contract is on 1000 units of the commodity.A) $0B) $1,000C) $3,000D) $4,000Answer: D10) A speculator takes a long position in a futures contract on a commodity on November 1, 2012 to hedge an exposure on March 1, 2013. The initial futures price is $60. On December 31, 2012 the futures price is $61. On March 1, 2013 it is $64. The contract is closed out on March 1, 2013. What gain is recognized in the accounting year January 1 to December 31, 2013 Each contract is on 1000 units of the commodity.A) $0B) $1,000C) $3,000D) $4,000Answer: C11) The frequency with which margin accounts are adjusted for gains and losses isA) DailyB) WeeklyC) MonthlyD) QuarterlyAnswer: A12) Margin accounts have the effect ofA) Reducing the risk of one party regretting the deal and backing outB) Ensuring funds are available to pay traders when they make a profitC) Reducing systemic risk due to collapse of futures marketsD) All of the aboveAnswer: D13) Which entity in the United States takes primary responsibility for regulating futures marketA) Federal Reserve BoardB) Commodities Futures Trading Commission (CFTC)C) Security and Exchange Commission (SEC)D) US TreasuryAnswer: B14) For a futures contract trading in April 2012, the open interest for a June 2012 contract, when compared to the open interest for Sept 2012 contracts, is usuallyA) HigherB) LowerC) The sameD) Equally likely to be higher or lowerAnswer: A15) Clearing houses areA) Never used in futures markets and sometimes used in OTC marketsB) Used in OTC markets, but not in futures marketsC) Sometimes used in both futures markets and OTC marketsD) Always used in both futures markets and OTC marketsAnswer: C16) A haircut of 20% means thatA) A bond with a market value of $100 is considered to be worth $80 when used to satisfy a collateral requestB) A bond with a face value of $100 is considered to be worth $80 when used to satisfy a collateral requestC) A bond with a market value of $100 is considered to be worth $ when used to satisfy a collateral requestD) A bond with a face value of $100 is considered to be worth $ when used to satisfy a collateral requestAnswer: A17) With bilateral clearing, the number of agreements between four dealers, who trade with each other, isA) 12B) 1C) 6D) 2Answer: C18) Which of the following best describes central clearing partiesA) Help market participants to value derivative transactionsB) Must be used for all OTC derivative transactionsC) Are used for futures transactionsD) Perform a similar function to exchange clearing housesAnswer: D19) Which of the following are cash settledA) All futures contractsB) All option contractsC) Futures on commoditiesD) Futures on stock indicesAnswer: D20) A limit orderA) Is an order to trade up to a certain number of futures contracts at a certain priceB) Is an order that can be executed at a specified price or one more favorable to the investorC) Is an order that must be executed within a specified period of timeD) None of the aboveAnswer: B。

罗斯《公司理财》第9版精要版英文原书课后部分章节答案

CH5 11，13，18，19，2011.To find the PV of a lump sum, we use:PV = FV / (1 + r)tPV = $1,000,000 / (1.10)80 = $488.1913.To answer this question, we can use either the FV or the PV formula. Both will give the sameanswer since they are the inverse of each other. We will use the FV formula, that is:FV = PV(1 + r)tSolving for r, we get:r = (FV / PV)1 / t– 1r = ($1,260,000 / $150)1/112– 1 = .0840 or 8.40%To find the FV of the first prize, we use:FV = PV(1 + r)tFV = $1,260,000(1.0840)33 = $18,056,409.9418.To find the FV of a lump sum, we use:FV = PV(1 + r)tFV = $4,000(1.11)45 = $438,120.97FV = $4,000(1.11)35 = $154,299.40Better start early!19. We need to find the FV of a lump sum. However, the money will only be invested for six years,so the number of periods is six.FV = PV(1 + r)tFV = $20,000(1.084)6 = $32,449.3320.To answer this question, we can use either the FV or the PV formula. Both will give the sameanswer since they are the inverse of each other. We will use the FV formula, that is:FV = PV(1 + r)tSolving for t, we get:t = ln(FV / PV) / ln(1 + r)t = ln($75,000 / $10,000) / ln(1.11) = 19.31So, the money must be invested for 19.31 years. However, you will not receive the money for another two years. Fro m now, you’ll wait:2 years + 19.31 years = 21.31 yearsCH6 16，24，27，42，5816.For this problem, we simply need to find the FV of a lump sum using the equation:FV = PV(1 + r)tIt is important to note that compounding occurs semiannually. To account for this, we will divide the interest rate by two (the number of compounding periods in a year), and multiply the number of periods by two. Doing so, we get:FV = $2,100[1 + (.084/2)]34 = $8,505.9324.This problem requires us to find the FVA. The equation to find the FVA is:FVA = C{[(1 + r)t– 1] / r}FVA = $300[{[1 + (.10/12) ]360 – 1} / (.10/12)] = $678,146.3827.The cash flows are annual and the compounding period is quarterly, so we need to calculate theEAR to make the interest rate comparable with the timing of the cash flows. Using the equation for the EAR, we get:EAR = [1 + (APR / m)]m– 1EAR = [1 + (.11/4)]4– 1 = .1146 or 11.46%And now we use the EAR to find the PV of each cash flow as a lump sum and add them together: PV = $725 / 1.1146 + $980 / 1.11462 + $1,360 / 1.11464 = $2,320.3642.The amount of principal paid on the loan is the PV of the monthly payments you make. So, thepresent value of the $1,150 monthly payments is:PVA = $1,150[(1 – {1 / [1 + (.0635/12)]}360) / (.0635/12)] = $184,817.42The monthly payments of $1,150 will amount to a principal payment of $184,817.42. The amount of principal you will still owe is:$240,000 – 184,817.42 = $55,182.58This remaining principal amount will increase at the interest rate on the loan until the end of the loan period. So the balloon payment in 30 years, which is the FV of the remaining principal will be:Balloon payment = $55,182.58[1 + (.0635/12)]360 = $368,936.5458.To answer this question, we should find the PV of both options, and compare them. Since we arepurchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $99. The interest rate we would use for the leasing option is thesame as the interest rate of the loan. The PV of leasing is:PV = $99 + $450{1 – [1 / (1 + .07/12)12(3)]} / (.07/12) = $14,672.91The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is:PV = $23,000 / [1 + (.07/12)]12(3) = $18,654.82The PV of the decision to purchase is:$32,000 – 18,654.82 = $13,345.18In this case, it is cheaper to buy the car than leasing it since the PV of the purchase cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the two options the same. In other words, the PV of the decision to buy should be:$32,000 – PV of resale price = $14,672.91PV of resale price = $17,327.09The resale price that would make the PV of the lease versus buy decision is the FV of this value, so:Breakeven resale price = $17,327.09[1 + (.07/12)]12(3) = $21,363.01CH7 3，18，21，22，313.The price of any bond is the PV of the interest payment, plus the PV of the par value. Notice thisproblem assumes an annual coupon. The price of the bond will be:P = $75({1 – [1/(1 + .0875)]10 } / .0875) + $1,000[1 / (1 + .0875)10] = $918.89We would like to introduce shorthand notation here. Rather than write (or type, as the case may be) the entire equation for the PV of a lump sum, or the PVA equation, it is common to abbreviate the equations as:PVIF R,t = 1 / (1 + r)twhich stands for Present Value Interest FactorPVIFA R,t= ({1 – [1/(1 + r)]t } / r )which stands for Present Value Interest Factor of an AnnuityThese abbreviations are short hand notation for the equations in which the interest rate and the number of periods are substituted into the equation and solved. We will use this shorthand notation in remainder of the solutions key.18.The bond price equation for this bond is:P0 = $1,068 = $46(PVIFA R%,18) + $1,000(PVIF R%,18)Using a spreadsheet, financial calculator, or trial and error we find:R = 4.06%This is the semiannual interest rate, so the YTM is:YTM = 2 4.06% = 8.12%The current yield is:Current yield = Annual coupon payment / Price = $92 / $1,068 = .0861 or 8.61%The effective annual yield is the same as the EAR, so using the EAR equation from the previous chapter:Effective annual yield = (1 + 0.0406)2– 1 = .0829 or 8.29%20. Accrued interest is the coupon payment for the period times the fraction of the period that haspassed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are four months until the next coupon payment, so two months have passed since the last coupon payment. The accrued interest for the bond is:Accrued interest = $74/2 × 2/6 = $12.33And we calculate the clean price as:Clean price = Dirty price – Accrued interest = $968 – 12.33 = $955.6721. Accrued interest is the coupon payment for the period times the fraction of the period that haspassed since the last coupon payment. Since we have a semiannual coupon bond, the coupon payment per six months is one-half of the annual coupon payment. There are two months until the next coupon payment, so four months have passed since the last coupon payment. The accrued interest for the bond is:Accrued interest = $68/2 × 4/6 = $22.67And we calculate the dirty price as:Dirty price = Clean price + Accrued interest = $1,073 + 22.67 = $1,095.6722.To find the number of years to maturity for the bond, we need to find the price of the bond. Sincewe already have the coupon rate, we can use the bond price equation, and solve for the number of years to maturity. We are given the current yield of the bond, so we can calculate the price as: Current yield = .0755 = $80/P0P0 = $80/.0755 = $1,059.60Now that we have the price of the bond, the bond price equation is:P = $1,059.60 = $80[(1 – (1/1.072)t ) / .072 ] + $1,000/1.072tWe can solve this equation for t as follows:$1,059.60(1.072)t = $1,111.11(1.072)t– 1,111.11 + 1,000111.11 = 51.51(1.072)t2.1570 = 1.072tt = log 2.1570 / log 1.072 = 11.06 11 yearsThe bond has 11 years to maturity.31.The price of any bond (or financial instrument) is the PV of the future cash flows. Even thoughBond M makes different coupons payments, to find the price of the bond, we just find the PV of the cash flows. The PV of the cash flows for Bond M is:P M= $1,100(PVIFA3.5%,16)(PVIF3.5%,12) + $1,400(PVIFA3.5%,12)(PVIF3.5%,28) + $20,000(PVIF3.5%,40)P M= $19,018.78Notice that for the coupon payments of $1,400, we found the PVA for the coupon payments, and then discounted the lump sum back to today.Bond N is a zero coupon bond with a $20,000 par value, therefore, the price of the bond is the PV of the par, or:P N= $20,000(PVIF3.5%,40) = $5,051.45CH8 4，18，20，22，24ing the constant growth model, we find the price of the stock today is:P0 = D1 / (R– g) = $3.04 / (.11 – .038) = $42.2218.The price of a share of preferred stock is the dividend payment divided by the required return.We know the dividend payment in Year 20, so we can find the price of the stock in Year 19, one year before the first dividend payment. Doing so, we get:P19 = $20.00 / .064P19 = $312.50The price of the stock today is the PV of the stock price in the future, so the price today will be: P0 = $312.50 / (1.064)19P0 = $96.1520.We can use the two-stage dividend growth model for this problem, which is:P0 = [D0(1 + g1)/(R –g1)]{1 – [(1 + g1)/(1 + R)]T}+ [(1 + g1)/(1 + R)]T[D0(1 + g2)/(R –g2)]P0= [$1.25(1.28)/(.13 – .28)][1 – (1.28/1.13)8] + [(1.28)/(1.13)]8[$1.25(1.06)/(.13 – .06)]P0= $69.5522.We are asked to find the dividend yield and capital gains yield for each of the stocks. All of thestocks have a 15 percent required return, which is the sum of the dividend yield and the capital gains yield. To find the components of the total return, we need to find the stock price for each stock. Using this stock price and the dividend, we can calculate the dividend yield. The capital gains yield for the stock will be the total return (required return) minus the dividend yield.W: P0 = D0(1 + g) / (R–g) = $4.50(1.10)/(.19 – .10) = $55.00Dividend yield = D1/P0 = $4.50(1.10)/$55.00 = .09 or 9%Capital gains yield = .19 – .09 = .10 or 10%X: P0 = D0(1 + g) / (R–g) = $4.50/(.19 – 0) = $23.68Dividend yield = D1/P0 = $4.50/$23.68 = .19 or 19%Capital gains yield = .19 – .19 = 0%Y: P0 = D0(1 + g) / (R–g) = $4.50(1 – .05)/(.19 + .05) = $17.81Dividend yield = D1/P0 = $4.50(0.95)/$17.81 = .24 or 24%Capital gains yield = .19 – .24 = –.05 or –5%Z: P2 = D2(1 + g) / (R–g) = D0(1 + g1)2(1 + g2)/(R–g2) = $4.50(1.20)2(1.12)/(.19 – .12) = $103.68P0 = $4.50 (1.20) / (1.19) + $4.50 (1.20)2/ (1.19)2 + $103.68 / (1.19)2 = $82.33Dividend yield = D1/P0 = $4.50(1.20)/$82.33 = .066 or 6.6%Capital gains yield = .19 – .066 = .124 or 12.4%In all cases, the required return is 19%, but the return is distributed differently between current income and capital gains. High growth stocks have an appreciable capital gains component but a relatively small current income yield; conversely, mature, negative-growth stocks provide a high current income but also price depreciation over time.24.Here we have a stock with supernormal growth, but the dividend growth changes every year forthe first four years. We can find the price of the stock in Year 3 since the dividend growth rate is constant after the third dividend. The price of the stock in Year 3 will be the dividend in Year 4, divided by the required return minus the constant dividend growth rate. So, the price in Year 3 will be:P3 = $2.45(1.20)(1.15)(1.10)(1.05) / (.11 – .05) = $65.08The price of the stock today will be the PV of the first three dividends, plus the PV of the stock price in Year 3, so:P0 = $2.45(1.20)/(1.11) + $2.45(1.20)(1.15)/1.112 + $2.45(1.20)(1.15)(1.10)/1.113 + $65.08/1.113 P0 = $55.70CH9 3，4，6，9，153.Project A has cash flows of $19,000 in Year 1, so the cash flows are short by $21,000 ofrecapturing the initial investment, so the payback for Project A is:Payback = 1 + ($21,000 / $25,000) = 1.84 yearsProject B has cash flows of:Cash flows = $14,000 + 17,000 + 24,000 = $55,000during this first three years. The cash flows are still short by $5,000 of recapturing the initial investment, so the payback for Project B is:B: Payback = 3 + ($5,000 / $270,000) = 3.019 yearsUsing the payback criterion and a cutoff of 3 years, accept project A and reject project B.4.When we use discounted payback, we need to find the value of all cash flows today. The valuetoday of the project cash flows for the first four years is:Value today of Year 1 cash flow = $4,200/1.14 = $3,684.21Value today of Year 2 cash flow = $5,300/1.142 = $4,078.18Value today of Year 3 cash flow = $6,100/1.143 = $4,117.33Value today of Year 4 cash flow = $7,400/1.144 = $4,381.39To find the discounted payback, we use these values to find the payback period. The discounted first year cash flow is $3,684.21, so the discounted payback for a $7,000 initial cost is:Discounted payback = 1 + ($7,000 – 3,684.21)/$4,078.18 = 1.81 yearsFor an initial cost of $10,000, the discounted payback is:Discounted payback = 2 + ($10,000 – 3,684.21 – 4,078.18)/$4,117.33 = 2.54 yearsNotice the calculation of discounted payback. We know the payback period is between two and three years, so we subtract the discounted values of the Year 1 and Year 2 cash flows from the initial cost. This is the numerator, which is the discounted amount we still need to make to recover our initial investment. We divide this amount by the discounted amount we will earn in Year 3 to get the fractional portion of the discounted payback.If the initial cost is $13,000, the discounted payback is:Discounted payback = 3 + ($13,000 – 3,684.21 – 4,078.18 – 4,117.33) / $4,381.39 = 3.26 years6.Our definition of AAR is the average net income divided by the average book value. The averagenet income for this project is:Average net income = ($1,938,200 + 2,201,600 + 1,876,000 + 1,329,500) / 4 = $1,836,325And the average book value is:Average book value = ($15,000,000 + 0) / 2 = $7,500,000So, the AAR for this project is:AAR = Average net income / Average book value = $1,836,325 / $7,500,000 = .2448 or 24.48%9.The NPV of a project is the PV of the outflows minus the PV of the inflows. Since the cashinflows are an annuity, the equation for the NPV of this project at an 8 percent required return is: NPV = –$138,000 + $28,500(PVIFA8%, 9) = $40,036.31At an 8 percent required return, the NPV is positive, so we would accept the project.The equation for the NPV of the project at a 20 percent required return is:NPV = –$138,000 + $28,500(PVIFA20%, 9) = –$23,117.45At a 20 percent required return, the NPV is negative, so we would reject the project.We would be indifferent to the project if the required return was equal to the IRR of the project, since at that required return the NPV is zero. The IRR of the project is:0 = –$138,000 + $28,500(PVIFA IRR, 9)IRR = 14.59%15.The profitability index is defined as the PV of the cash inflows divided by the PV of the cashoutflows. The equation for the profitability index at a required return of 10 percent is:PI = [$7,300/1.1 + $6,900/1.12 + $5,700/1.13] / $14,000 = 1.187The equation for the profitability index at a required return of 15 percent is:PI = [$7,300/1.15 + $6,900/1.152 + $5,700/1.153] / $14,000 = 1.094The equation for the profitability index at a required return of 22 percent is:PI = [$7,300/1.22 + $6,900/1.222 + $5,700/1.223] / $14,000 = 0.983We would accept the project if the required return were 10 percent or 15 percent since the PI is greater than one. We would reject the project if the required return were 22 percent since the PI is less than one.CH10 9，13，14，17，18ing the tax shield approach to calculating OCF (Remember the approach is irrelevant; the finalanswer will be the same no matter which of the four methods you use.), we get:OCF = (Sales – Costs)(1 – t C) + t C DepreciationOCF = ($2,650,000 – 840,000)(1 – 0.35) + 0.35($3,900,000/3)OCF = $1,631,50013.First we will calculate the annual depreciation of the new equipment. It will be:Annual depreciation = $560,000/5Annual depreciation = $112,000Now, we calculate the aftertax salvage value. The aftertax salvage value is the market price minus (or plus) the taxes on the sale of the equipment, so:Aftertax salvage value = MV + (BV – MV)t cVery often the book value of the equipment is zero as it is in this case. If the book value is zero, the equation for the aftertax salvage value becomes:Aftertax salvage value = MV + (0 – MV)t cAftertax salvage value = MV(1 – t c)We will use this equation to find the aftertax salvage value since we know the book value is zero.So, the aftertax salvage value is:Aftertax salvage value = $85,000(1 – 0.34)Aftertax salvage value = $56,100Using the tax shield approach, we find the OCF for the project is:OCF = $165,000(1 – 0.34) + 0.34($112,000)OCF = $146,980Now we can find the project NPV. Notice we include the NWC in the initial cash outlay. The recovery of the NWC occurs in Year 5, along with the aftertax salvage value.NPV = –$560,000 – 29,000 + $146,980(PVIFA10%,5) + [($56,100 + 29,000) / 1.105]NPV = $21,010.2414.First we will calculate the annual depreciation of the new equipment. It will be:Annual depreciation charge = $720,000/5Annual depreciation charge = $144,000The aftertax salvage value of the equipment is:Aftertax salvage value = $75,000(1 – 0.35)Aftertax salvage value = $48,750Using the tax shield approach, the OCF is:OCF = $260,000(1 – 0.35) + 0.35($144,000)OCF = $219,400Now we can find the project IRR. There is an unusual feature that is a part of this project.Accepting this project means that we will reduce NWC. This reduction in NWC is a cash inflow at Year 0. This reduction in NWC implies that when the project ends, we will have to increase NWC. So, at the end of the project, we will have a cash outflow to restore the NWC to its level before the project. We also must include the aftertax salvage value at the end of the project. The IRR of the project is:NPV = 0 = –$720,000 + 110,000 + $219,400(PVIFA IRR%,5) + [($48,750 – 110,000) / (1+IRR)5]IRR = 21.65%17.We will need the aftertax salvage value of the equipment to compute the EAC. Even though theequipment for each product has a different initial cost, both have the same salvage value. The aftertax salvage value for both is:Both cases: aftertax salvage value = $40,000(1 – 0.35) = $26,000To calculate the EAC, we first need the OCF and NPV of each option. The OCF and NPV for Techron I is:OCF = –$67,000(1 – 0.35) + 0.35($290,000/3) = –9,716.67NPV = –$290,000 – $9,716.67(PVIFA10%,3) + ($26,000/1.103) = –$294,629.73EAC = –$294,629.73 / (PVIFA10%,3) = –$118,474.97And the OCF and NPV for Techron II is:OCF = –$35,000(1 – 0.35) + 0.35($510,000/5) = $12,950NPV = –$510,000 + $12,950(PVIFA10%,5) + ($26,000/1.105) = –$444,765.36EAC = –$444,765.36 / (PVIFA10%,5) = –$117,327.98The two milling machines have unequal lives, so they can only be compared by expressing both on an equivalent annual basis, which is what the EAC method does. Thus, you prefer the Techron II because it has the lower (less negative) annual cost.18.To find the bid price, we need to calculate all other cash flows for the project, and then solve forthe bid price. The aftertax salvage value of the equipment is:Aftertax salvage value = $70,000(1 – 0.35) = $45,500Now we can solve for the necessary OCF that will give the project a zero NPV. The equation for the NPV of the project is:NPV = 0 = –$940,000 – 75,000 + OCF(PVIFA12%,5) + [($75,000 + 45,500) / 1.125]Solving for the OCF, we find the OCF that makes the project NPV equal to zero is:OCF = $946,625.06 / PVIFA12%,5 = $262,603.01The easiest way to calculate the bid price is the tax shield approach, so:OCF = $262,603.01 = [(P – v)Q – FC ](1 – t c) + t c D$262,603.01 = [(P – $9.25)(185,000) – $305,000 ](1 – 0.35) + 0.35($940,000/5)P = $12.54CH14 6、9、20、23、246. The pretax cost of debt is the YTM of the company’s bonds, so:P0 = $1,070 = $35(PVIFA R%,30) + $1,000(PVIF R%,30)R = 3.137%YTM = 2 × 3.137% = 6.27%And the aftertax cost of debt is:R D = .0627(1 – .35) = .0408 or 4.08%9. ing the equation to calculate the WACC, we find:WACC = .60(.14) + .05(.06) + .35(.08)(1 – .35) = .1052 or 10.52%b.Since interest is tax deductible and dividends are not, we must look at the after-tax cost ofdebt, which is:.08(1 – .35) = .0520 or 5.20%Hence, on an after-tax basis, debt is cheaper than the preferred stock.ing the debt-equity ratio to calculate the WACC, we find:WACC = (.90/1.90)(.048) + (1/1.90)(.13) = .0912 or 9.12%Since the project is riskier than the company, we need to adjust the project discount rate for the additional risk. Using the subjective risk factor given, we find:Project discount rate = 9.12% + 2.00% = 11.12%We would accept the project if the NPV is positive. The NPV is the PV of the cash outflows plus the PV of the cash inflows. Since we have the costs, we just need to find the PV of inflows. The cash inflows are a growing perpetuity. If you remember, the equation for the PV of a growing perpetuity is the same as the dividend growth equation, so:PV of future CF = $2,700,000/(.1112 – .04) = $37,943,787The project should only be undertaken if its cost is less than $37,943,787 since costs less than this amount will result in a positive NPV.23. ing the dividend discount model, the cost of equity is:R E = [(0.80)(1.05)/$61] + .05R E = .0638 or 6.38%ing the CAPM, the cost of equity is:R E = .055 + 1.50(.1200 – .0550)R E = .1525 or 15.25%c.When using the dividend growth model or the CAPM, you must remember that both areestimates for the cost of equity. Additionally, and perhaps more importantly, each methodof estimating the cost of equity depends upon different assumptions.Challenge24.We can use the debt-equity ratio to calculate the weights of equity and debt. The debt of thecompany has a weight for long-term debt and a weight for accounts payable. We can use the weight given for accounts payable to calculate the weight of accounts payable and the weight of long-term debt. The weight of each will be:Accounts payable weight = .20/1.20 = .17Long-term debt weight = 1/1.20 = .83Since the accounts payable has the same cost as the overall WACC, we can write the equation for the WACC as:WACC = (1/1.7)(.14) + (0.7/1.7)[(.20/1.2)WACC + (1/1.2)(.08)(1 – .35)]Solving for WACC, we find:WACC = .0824 + .4118[(.20/1.2)WACC + .0433]WACC = .0824 + (.0686)WACC + .0178(.9314)WACC = .1002WACC = .1076 or 10.76%We will use basically the same equation to calculate the weighted average flotation cost, except we will use the flotation cost for each form of financing. Doing so, we get:Flotation costs = (1/1.7)(.08) + (0.7/1.7)[(.20/1.2)(0) + (1/1.2)(.04)] = .0608 or 6.08%The total amount we need to raise to fund the new equipment will be:Amount raised cost = $45,000,000/(1 – .0608)Amount raised = $47,912,317Since the cash flows go to perpetuity, we can calculate the present value using the equation for the PV of a perpetuity. The NPV is:NPV = –$47,912,317 + ($6,200,000/.1076)NPV = $9,719,777CH16 1，4，12，14，171. a. A table outlining the income statement for the three possible states of the economy isshown below. The EPS is the net income divided by the 5,000 shares outstanding. The lastrow shows the percentage change in EPS the company will experience in a recession or anexpansion economy.Recession Normal ExpansionEBIT $14,000 $28,000 $36,400Interest 0 0 0NI $14,000 $28,000 $36,400EPS $ 2.80 $ 5.60 $ 7.28%∆EPS –50 –––+30b.If the company undergoes the proposed recapitalization, it will repurchase:Share price = Equity / Shares outstandingShare price = $250,000/5,000Share price = $50Shares repurchased = Debt issued / Share priceShares repurchased =$90,000/$50Shares repurchased = 1,800The interest payment each year under all three scenarios will be:Interest payment = $90,000(.07) = $6,300The last row shows the percentage change in EPS the company will experience in arecession or an expansion economy under the proposed recapitalization.Recession Normal ExpansionEBIT $14,000 $28,000 $36,400Interest 6,300 6,300 6,300NI $7,700 $21,700 $30,100EPS $2.41 $ 6.78 $9.41%∆EPS –64.52 –––+38.714. a.Under Plan I, the unlevered company, net income is the same as EBIT with no corporate tax.The EPS under this capitalization will be:EPS = $350,000/160,000 sharesEPS = $2.19Under Plan II, the levered company, EBIT will be reduced by the interest payment. The interest payment is the amount of debt times the interest rate, so:NI = $500,000 – .08($2,800,000)NI = $126,000And the EPS will be:EPS = $126,000/80,000 sharesEPS = $1.58Plan I has the higher EPS when EBIT is $350,000.b.Under Plan I, the net income is $500,000 and the EPS is:EPS = $500,000/160,000 sharesEPS = $3.13Under Plan II, the net income is:NI = $500,000 – .08($2,800,000)NI = $276,000And the EPS is:EPS = $276,000/80,000 sharesEPS = $3.45Plan II has the higher EPS when EBIT is $500,000.c.To find the breakeven EBIT for two different capital structures, we simply set the equationsfor EPS equal to each other and solve for EBIT. The breakeven EBIT is:EBIT/160,000 = [EBIT – .08($2,800,000)]/80,000EBIT = $448,00012. a.With the information provided, we can use the equation for calculating WACC to find thecost of equity. The equation for WACC is:WACC = (E/V)R E + (D/V)R D(1 – t C)The company has a debt-equity ratio of 1.5, which implies the weight of debt is 1.5/2.5, and the weight of equity is 1/2.5, soWACC = .10 = (1/2.5)R E + (1.5/2.5)(.07)(1 – .35)R E = .1818 or 18.18%b.To find the unlevered cost of equity we need to use M&M Proposition II with taxes, so:R E = R U + (R U– R D)(D/E)(1 – t C).1818 = R U + (R U– .07)(1.5)(1 – .35)R U = .1266 or 12.66%c.To find the cost of equity under different capital structures, we can again use M&MProposition II with taxes. With a debt-equity ratio of 2, the cost of equity is:R E = R U + (R U– R D)(D/E)(1 – t C)R E = .1266 + (.1266 – .07)(2)(1 – .35)R E = .2001 or 20.01%With a debt-equity ratio of 1.0, the cost of equity is:R E = .1266 + (.1266 – .07)(1)(1 – .35)R E = .1634 or 16.34%And with a debt-equity ratio of 0, the cost of equity is:R E = .1266 + (.1266 – .07)(0)(1 – .35)R E = R U = .1266 or 12.66%14. a.The value of the unlevered firm is:V U = EBIT(1 – t C)/R UV U = $92,000(1 – .35)/.15V U = $398,666.67b.The value of the levered firm is:V U = V U + t C DV U = $398,666.67 + .35($60,000)V U = $419,666.6717.With no debt, we are finding the value of an unlevered firm, so:V U = EBIT(1 – t C)/R UV U = $14,000(1 – .35)/.16V U = $56,875With debt, we simply need to use the equation for the value of a levered firm. With 50 percent debt, one-half of the firm value is debt, so the value of the levered firm is:V L = V U + t C(D/V)V UV L = $56,875 + .35(.50)($56,875)V L = $66,828.13And with 100 percent debt, the value of the firm is:V L = V U + t C(D/V)V UV L = $56,875 + .35(1.0)($56,875)V L = $76,781.25c.The net cash flows is the present value of the average daily collections times the daily interest rate, minus the transaction cost per day, so:Net cash flow per day = $1,276,275(.0002) – $0.50(385)Net cash flow per day = $62.76The net cash flow per check is the net cash flow per day divided by the number of checksreceived per day, or:Net cash flow per check = $62.76/385Net cash flow per check = $0.16Alternatively, we could find the net cash flow per check as the number of days the system reduces collection time times the average check amount times the daily interest rate, minusthe transaction cost per check. Doing so, we confirm our previous answer as:Net cash flow per check = 3($1,105)(.0002) – $0.50Net cash flow per check = $0.16 per checkThis makes the total costs:Total costs = $18,900,000 + 56,320,000 = $75,220,000The flotation costs as a percentage of the amount raised is the total cost divided by the amount raised, so:Flotation cost percentage = $75,220,000/$180,780,000 = .4161 or 41.61%8.The number of rights needed per new share is:Number of rights needed = 120,000 old shares/25,000 new shares = 4.8 rights per new share.Using P RO as the rights-on price, and P S as the subscription price, we can express the price per share of the stock ex-rights as:P X = [NP RO + P S]/(N + 1)a.P X = [4.8($94) + $94]/(4.80 + 1) = $94.00; No change.b. P X = [4.8($94) + $90]/(4.80 + 1) = $93.31; Price drops by $0.69 per share.。

Chapter 1 - Past, Present and Future

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E-Marketing Today: Web 2.0
Web 2.0 technologies connect people with each other through social media, which have created opportunities and challenges for marketers.
Power shift from sellers to buyers. Consumers trust each other more than companies. Market and media fragmentation. Online connections are critical
POWER SHIFT FROM COMPANIES TO INDIVIDUALS 113
Societies and economies are enhanced through more efficient markets, more jobs, and information access.
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Global Internet Users
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E-Marketing’s Past: Web 1.0
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E-Marketing Is Bigger than Technology
The Internet provides individual users with convenient and continuous access to information, entertainment, and communication.
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Internet Timeline
2001 Garner Hype Cycle

熊海虹研究生英语综合教程上下册原文+翻译(完整版)

Unit1TRAITS OF THE KEY PLAYERSDavid G. Jensen核心员工的特征大卫·G．詹森1 What exactly is a key player? A "Key Player" is a phrase that I've heard about from employers during just about every search I've conducted. I asked a client - a hiring manager involved in a recent search - to define it for me. "Every company has a handful of staff in a given area of expertise that you can count on to get the job done. On my team of seven process engineer and biologists, I've got two or three whom I just couldn't live without," he said. "Key players are essential to my organization. And when we hire your company to recruit for us, we expect thatyou'll be going into other companies and finding just that: the staff that another manager will not want to see leave. We recruit only key players."1核心员工究竟是什么样子的?几乎每次进行调查时，我都会从雇主们那里听到―核心员工‖这个名词。

重视我们周围的重要事物英语作文

重视我们周围的重要事物英语作文全文共3篇示例，供读者参考篇1Valuing the Important Things Around UsSometimes it's easy to get caught up in the hustle and bustle of everyday life and overlook the truly meaningful things right in front of us. As students, we're so focused on acing our next test, getting into a good college, or stressing about our future careers that we forget to pause and appreciate what's important in the present moment. But taking the time to value the important people, opportunities and simple joys surrounding us each day can lead to a happier, more fulfilling life.One of the most vital things we need to cherish is our relationships with family and friends. Our loved ones are the core of our support system, always there through thick and thin with a listening ear, a shoulder to lean on, and unconditional love and encouragement. We're incredibly fortunate to have these special bonds, yet it's all too common for young people to take them for granted until it's too late. I know I'm guilty of sometimes brushing off my parents when they just want to chat, orcanceling plans with friends because I'm "too busy" with school. But our families and friends deserve better. They deserve to know how deeply we care and how much their presence enriches our lives. A simple way to show you value these relationships is through quality time together - put down your phone, get off social media, and be fully present. Those funny family dinners, late-night heart-to-hearts with your best friend, and spontaneous adventures doing something fun and new will become the memories you cherish most.Another invaluable thing all around us that we must appreciate more is education itself. As students, we're blessed with the opportunity to discover our passions, expand our knowledge, and gain skills that will shape our futures. While it's stressful at times juggling classes, homework, extracurriculars and more, we're incredibly lucky to have access to a quality education that billions of people around the world are denied due to poverty, discrimination, conflict or lack of resources. We should feel empowered, not burdened, by the ability to learn and grow our minds. The incredible teachers who dedicate their lives to nurturing our intellectual curiosity deserve our respect and gratitude as well. Instead of just going through the motions as students, we should strive to be truly engaged learners whovalue the chance to expand our perspectives on ourselves and the world around us.Of course, it's also crucial that we appreciate the simple joys that keep us grounded and balanced amid all the busyness. For me, those little things include taking a morning walk while listening to my favorite music and feeling the warmth of the sun, indulging in an afternoon nap without an ounce of guilt, or ending the day by reading a few chapters of a great book in bed as the night winds down. These small acts of self-care that relax and recharge us are just as important as studying hard and acing that big test, because they help us de-stress and remember that there's so much beauty in the world beyond grades and achievements. We need to grant ourselves permission to sometimes pause our hectic schedules and just breathe, rest, and savor humble moments of happiness. Those restorative moments help us appreciate being alive.When I really take a step back, I'm also struck by how fortunate I am to have consistent access to food, clean water, shelter, healthcare and overall safety - basic needs that countless people still lack globally. I shouldn't take these fundamentals for granted. I'm privileged to be in an environment where my most pressing concern most days is studying for exams, not worryingabout where my next meal will come from or if I'll have access to electricity or medicine. Remembering that humbling perspective pushes me to be grateful for my advantages and eager to one day pay it forward by supporting efforts to promote equity worldwide.At our age, it's also easy to overlook the beauty of nature's splendor surrounding us each day. We're often too distracted by our phones, social media and other technology to notice the vibrant colors of a sunrise peeking through the clouds, the intricacies of a butterfly spreading its wings, the fresh scent of air after a rain shower, or the brilliant dots of stars littering a night sky. Our world's precious ecosystems and priceless natural wonders deserve our respect and awe. Next time you find yourself outside, pause for a few mindful moments to simply appreciate the mesmerizing complexity of our planet through all five senses. You may be struck by peace, joy, curiosity or inspiration. This innate appreciation for our environment can also inspire us to be better stewards of protecting this resource for the future.Ultimately, making a conscious effort to cherish the important elements of our everyday lives - our loved ones, chances to learn and grow, self-care, life's fundamentals, and thenatural world's magic - allows us to realize how much greatness already exists in our midst. We simply need to open our eyes, take a deep breath, and let the richness of these invaluable parts of life awe us with gratitude. Despite the pressures, these are the aspects of our youth that will spark the sweetest memories to look back on one day. Don't let them get lost in the shuffle of deadlines, exams, and future planning. Slow down, stay present, and truly value the incredible people, opportunities, and simple joys surrounding you each day. Appreciate what matters most, right here and now. We have so much to be thankful for if we just take a moment to realize how wildly blessed we already are as students and human beings.篇2The Importance of Appreciating What Matters MostAs students, we often get caught up in the never-ending cycle of assignments, tests, and extracurricular commitments. Our lives can become consumed by a relentless pursuit of academic success, leaving little room to pause and appreciate the truly important things that surround us. However, it is crucial that we take a step back and recognize the significance of the people, experiences, and simple joys that enrich our lives beyond the confines of the classroom.One of the most vital aspects we must cherish is our relationships with family and friends. These bonds provide us with a sense of belonging, support, and unconditional love that cannot be found in any textbook or lecture hall. Our loved ones are the ones who celebrate our triumphs and uplift us during our moments of struggle. They are the constant in ourever-changing lives, offering a safe haven where we can be our authentic selves without fear of judgment.In the midst of our academic pursuits, it is all too easy to neglect the quality time we should be spending with our families. We may find ourselves prioritizing that extra study session or project over a family dinner or outing, not realizing that these shared moments are what truly matter in the grand scheme of things. Our parents and siblings are not just our blood relatives; they are our pillars of strength, our cheerleaders, and our lifelong confidants. It is imperative that we carve out time to nurture these precious relationships, for they will endure long after our academic achievements have faded into memory.Friendships, too, play a crucial role in our overall well-being. Our peers are not just classmates or study partners; they are the individuals who share our hopes, dreams, and struggles. They are the ones who lift our spirits when we are disheartened andprovide us with a sense of camaraderie that transcends academic boundaries. True friends are a rare and invaluable gift, and we must make a conscious effort to cultivate and nurture these bonds.Beyond our personal relationships, it is equally important to appreciate the simple pleasures that life has to offer. In our pursuit of academic excellence, we often overlook the beauty that surrounds us every day. The warmth of the sun's rays on our faces, the melody of birdsong in the morning, or the vibrant colors of a sunset – these are the moments that remind us of the wonders of the natural world and the inherent beauty that exists beyond the confines of our textbooks and lecture halls.We must also learn to savor the small joys that bring us happiness, such as a good book, a favorite meal, or a leisurely walk in the park. These simple pleasures may seem insignificant in the grand scheme of our academic pursuits, but they are the very things that nourish our souls and provide us with amuch-needed respite from the demands of student life.Furthermore, it is essential that we appreciate the opportunities for personal growth and self-discovery that our academic journeys offer us. While grades and test scores are undoubtedly important, they do not define our worth orpotential. Our years as students are a time for exploration, for pushing boundaries, and for discovering our true passions and strengths. It is during this pivotal period that we have the freedom to challenge ourselves, to embrace new perspectives, and to cultivate the skills and knowledge that will shape our future endeavors.As we navigate the complexities of student life, it is crucial that we maintain a balanced perspective. Academic success is undoubtedly a worthy pursuit, but it should not come at the expense of our mental and emotional well-being. We must learn to strike a harmonious balance between our scholarly commitments and our personal lives, recognizing that true fulfillment stems from a holistic approach that encompasses both our intellectual and emotional needs.In essence, appreciating the important things around us is not merely a luxury; it is a necessity for leading a well-rounded and fulfilling life as a student. By cherishing our relationships, savoring life's simple pleasures, and embracing opportunities for personal growth, we cultivate a sense of gratitude and perspective that will serve us well beyond our academic years.As we embark on this journey of self-discovery and intellectual pursuit, let us remember to pause and reflect on thepeople, experiences, and moments that truly matter. For it is in these seemingly insignificant details that we find the richness and depth that make our lives truly meaningful. Let us embrace the present, appreciate the journey, and never lose sight of the precious gifts that surround us each and every day.篇3Value What Matters MostIt's so easy to get caught up in the whirlwind of everyday life, isn't it? We rush from class to extracurriculars to part-time jobs, our schedules crammed full of obligations and expectations. Our minds are constantly buzzing with thoughts of tests to study for, assignments to complete, social plans to make. In the chaos, it's all too easy to lose sight of the things that actually matter most.I know this from personal experience. Just a few months ago, I was sprinting through life at breakneck speed, endlessly striving but never feeling satisfied. I worked tirelessly to maintain a perfect GPA while juggling far too many activities. I obsessed over getting into the "right" college and landing a prestigious internship. All the while, I neglected spending quality time with my loved ones and pursuing hobbies that once brought me joy. Ididn't realize how imbalanced my priorities were until it was almost too late.It was a fairly ordinary day when it hit me. I was frantically cramming for a big physics exam, running on about three hours of sleep and a questionable amount of coffee and energy drinks. Suddenly, everything started spinning and the next thing I knew, I'd passed out cold on the library floor. When I came to, I was in the nurse's office being treated for dangerously low blood sugar and severe exhaustion. In that moment of weakness, I was forced to face some hard truths about how I'd been living.Lying there, I realized that in my incessant pursuit of resume-builders and academic achievements, I had completely lost sight of what was genuinely important in life. I had been neglecting my own physical and mental wellbeing. I had stopped making time for the simple joys that used to light me up inside. Worst of all, I had been taking my incredible support system of friends and family for granted, too preoccupied to appreciate their unconditional love. It took that rude awakening to shock me back to my senses and re-evaluate my skewed sense of values.In the weeks following that incident, I made a conscious effort to reset my priorities. I cut back on some of my mostdraining commitments to free up breathing room in my schedule.I made self-care non-negotiable by building in blocks for exercise, adequate sleep, and relaxing hobbies like reading, journaling, and outdoor adventures. Perhaps most importantly, I committed to being more present with the people who matter most by scheduling regular quality time with friends and loved ones. No more zoning out or multitasking through our hangouts - just unrushed, undivided attention.The positive impacts were nothing short of remarkable. My stress levels plummeted, my happiness and creativity soared, and my relationships deepened to a whole new level of richness and authenticity. All because I stopped taking the gifts in my life for granted and started intentionally prioritizing them over trivial trifles. My renewed commitment to work-life balance boosted my performance across all areas, including a marked improvement in my grades.Now, as I look ahead to graduating high school, I'm bringing these critical lessons with me. In college and beyond, I plan to continue prioritizing my health, pursuing my passions, and nurturing my key relationships as aggressively as I chase career aspirations and academic goals. I know all too well how easy it isto get swept up in a frenzy of future-focused striving and neglect what's most precious in the present moment.That's why I urge all of you to take stock of your priorities and be honest with yourselves about where you're pointing your energy and attention. Are you hopelessly caught up in an endless cycle of checking boxes and stockpiling accomplishments, powered by unsustainable levels of burnout and imbalance? If so, I implore you to pause, breathe, and realign your value system before it's too late.Identify what is most important to your wellbeing, what brings you true fulfillment, what fuels your soul. Maybe it's spending more quality time outdoors, being fully emotionally available for your siblings, picking your passions back up, or simply taking better care of your body and mind. Whatever it is, refuse to neglect and deprioritize those things any longer in favor of fleeting trifles that won't matter nearly as much when you look back years from now.Of course, this isn't to say you should abandon hard work, ambition, and striving for growth altogether. Setting lofty goals and challenging yourself is important too. The key is finding a sustainable balance by making what's most precious the utmost priority, not just an afterthought. Don't wait for a dramaticwake-up call like I did. Make a conscious choice every single day to value what matters most amid all the noise and chaos. Your happiness depends on it.In the grand scheme of life, high GPAs and impressive resumes won't matter nearly as much as the quality of your relationships, the vibrancy of your passions, the health of your body and mind, and the profound richness of your life experiences. Those are the things that imbue our lives with lasting meaning, joy, and fulfillment. So appreciate them while you can, and never take them for granted. Be present, be grateful, and above all, align your daily priorities with what you'll want to remember decades down the road. The rest is just filler.。

金融衍生工具英文版第六章题库

金融衍生工具英文版第六章题库(总5页)--本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--Fundamentals of Futures and Options Markets, 8e (Hull)Chapter 6 Interest Rate Futures1) Which of the following is applicable to corporate bonds in the United StatesA) Actual/360B) Actual/ActualC) 30/360D) Actual/365Answer: C2) It is May 1. The quoted price of a bond with an Actual/Actual (in period) day count and 12% per annum coupon in the United States is 105. It has a face value of 100 and pays coupons onApril 1 and October 1. What is the cash priceA)B)C)D)Answer: C3) It is May 1. The quoted price of a bond with a 30/360 day count and 12% per annum coupon in the United States is 105. It has a face value of 100 and pays coupons on April 1 and October 1. What is the cash priceA)B)C)D)Answer: A4) The most recent settlement bond futures price is . Which of the following four bonds is cheapest to deliverA) Quoted bond price = 110; conversion factor =B) Quoted bond price = 160; conversion factor =C) Quoted bond price = 131; conversion factor =D) Quoted bond price = 143; conversion factor =5) Which of the following is NOT an option open to the party witha short position in the Treasury bond futures contractA) The ability to deliver any of a number of different bondsB) The wild card playC) The fact that delivery can be made any time during the delivery monthD) The interest rate used in the calculation of the conversion factorAnswer: D6) A trader enters into a long position in one Eurodollar futures contract. How much does the trader gain when the futures price quote increases by 6 basis pointsA) $6B) $150C) $60D) $600Answer: B7) A company invests $1,000 in a five-year zero-coupon bond and $4,000 in a ten-year zero-coupon bond. What is the duration of the portfolioA) 6 yearsB) 7 yearsC) 8 yearsD) 9 yearsAnswer: D8) The modified duration of a bond portfolio worth $1 million is 5 years. By approximately how much does the value of the portfolio change if all yields increase by 5 basis pointsA) Increase of $2,500B) Decrease of $2,500C) Increase of $25,000D) Decrease of $25,0009) A portfolio is worth $24,000,000. The futures price for a Treasury note futures contract is 110 and each contract is for the delivery of bonds with a face value of $100,000. On the delivery date the duration of the bond that is expected to be cheapest to deliver is 6 years and the duration of the portfolio will be years. How many contracts are necessary for hedging the portfolioA) 100B) 200C) 300D) 400Answer: B10) Which of the following is trueA) The futures rates calculated from a Eurodollar futures quote are always less than the corresponding forward rateB) The futures rates calculated from a Eurodollar futures quote are always greater than the corresponding forward rateC) The futures rates calculated from a Eurodollar futures quote should equal the corresponding forward rateD) The futures rates calculated from a Eurodollar futures quote are sometimes greater than and sometimes less than the corresponding forward rateAnswer: B11) How much is a basis pointA) %B) %C) %D) %Answer: C12) Which of the following day count conventions applies to a US Treasury bondA) Actual/360B) Actual/Actual (in period)C) 30/360D) Actual/365Answer: B13) What is the quoted discount rate on a money market instrumentA) The interest rate earned as a percentage of the final face value of a bondB) The interest rate earned as a percentage of the initial price of a bondC) The interest rate earned as a percentage of the average price of a bondD) The risk-free rate used to calculate the present value of future cash flows from a bondAnswer: A14) Which of the following is closest to the duration of a 2-year bond that pays a coupon of 8% per annum semiannually The yield on the bond is 10% per annum with continuous compounding.A)B)C)D)Answer: C15) Which of the following is NOT true about durationA) It equals the years-to-maturity for a zero coupon bondB) It equals the weighted average of payment times for a bond, where weights are proportional to the present value of payments C) Equals the weighted average of individual bond durations for a portfolio, where weights are proportional to the present value of bond pricesD) The prices of two bonds with the same duration change by the same percentage amount when interest rate move up by 100 basis pointsAnswer: D16) The conversion factor for a bond is approximatelyA) The price it would have if all cash flows were discounted at 6% per annumB) The price it would have if it paid coupons at 6% per annumC) The price it would have if all cash flows were discounted at 8% per annumD) The price it would have if it paid coupons at 8% per annum Answer: A17) The time-to-maturity of a Eurodollars futures contract is 4 years, and the time-to-maturity of the rate underlying the futures contract is years. The standard deviation of the change in the short term interest rate, σ = . What is the difference between the futures and the forward interest rateA) %B) %C) %D) %Answer: B18) A trader uses 3-month Eurodollar futures to lock in a rate on $5 million for six months. How many contracts are requiredA) 5B) 10C) 15D) 20Answer: B19) In the . what is the longest maturity for 3-month Eurodollar futures contractsA) 2 yearsB) 5 yearsC) 10 yearsD) 20 yearsAnswer: C20) Duration matching immunizes a portfolio againstA) Any parallel shift in the yield curveB) All shifts in the yield curveC) Changes in the steepness of the yield curveD) Small parallel shifts in the yield curve Answer: D。

金融衍生工具教案-张元萍

《金融衍生工具管理》课程教学实施方案一、课程简介➢中文名称：金融衍生工具管理➢英文名称：Financial Derivatives Management课程简介：《金融衍生工具管理》是为适应学院培养“宽口径”、“厚基础”、“重能力”的经济管理专门人才而开设的一门专业课程，是天津财经学院金融系投资专业的核心课程之一。

课程重点介绍衍生工具远期、期权，期货、互换的运用、衍生工具的操作方法，程度适宜，对象为金融系各本科和专科专业学生，以便学生能适应国际衍生工具市场发展的要求，在实际工作中使用。

➢课程性质：讲授课➢课程类别：专业课➢学分：2学分➢适用专业：全校选教课➢先修课程：概率论、金融风险管理等专业基础课程。

➢后续课程：金融工程、金融衍生产品设计二、培养目标《金融衍生工具管理》课程的设立以及讲授，遵循我系提出的“国际化、复合型、创新金融人才培养”的基本思路与模式，努力培养学生具备全面的金融人才能力。

具体来看，在培养学生具有国际化视野的能力上，课程激励学生主动关注全球金融衍生产品发展动态，养成并具备查找、阅读国外文献的能力，掌握基本的金融衍生工具外文术语，逐步了解西方金融衍生工具的相关历史与进程。

在复合型能力的培养方面，该课程不仅介绍了基本衍生工具的基础知识、交易机制等，而且重点介绍其应用策略，同时对衍生品的风险、定价等问题都有涉及。

在创新型知识结构的塑造上，本课程除了介绍金融衍生工具的发展历史、四大主要衍生工具品种，更是介绍了金融衍生工具目前的新的发展趋势以及新的衍生产品，为学生将来在工作中根据市场需要组合创新新的衍生产品打下基础。

《金融衍生工具管理》课程从基础上阐述了外汇期货、利率期货、金融期权、互换等主要金融衍生工具的基本理论、基本方法和基本技巧。

旨在使学生了解和掌握金融衍生工具监管的主要内容、执行部门、场外交易的发展现状和监管方法，及金融衍生工具监管的国际合作，达到会模拟案例进行实际操作。

三、教学计划及时间安排➢开设学期：第2-3学期➢学时：总学时32课时，其中授课学时27课时，习题及课堂讨论学时5课时➢课时分配➢教学手段本课程将理论综述、实物操作、案例分析有机结合，全面的勾画了金融衍生工具的脉络框架，阐述了金融衍生工具市场的发展规律。

Chapter-1-Fundamentals-of-Futures-and-Options-Mark

It is determined by supply and demand in the same way as a spot price
7
Electronic Trading
Traditionally futures contracts have been traded using the open outcry system where traders physically meet on the floor of the exchange
5
Exchanges Trading Futures
CBOT (Chicago Board of Trade)
established in 1848, the world's oldest futures and options exchange
CME (Chicago Mercantile Exchange )
(Known for energy and commodities trading)
EUREX (a leading derivatives exchanges in the world)
and many more
6
Futures Price
The futures prices for a particular contract is the price at which you agree to buy or sell
direction of the market) To lock in an arbitrage profit To change the nature of a liability To change the nature of an investment

2019年金融分析师考试必备资料CFA 2019 - Level 1 SchweserNotes Book 5

Contents1.Learning Outcome Statements (LOS)2.Study Session 16—Fixed Income (1)1.Reading 50: Fixed-Income Securities: Defining Elements1.Exam Focus2.Module 50.1: Bond Indentures, Regulation, and Taxation3.Module 50.2: Bond Cash Flows and Contingencies4.Key Concepts5.Answer Key for Module Quizzes2.Reading 51: Fixed-Income Markets: Issuance, Trading, and Funding1.Exam Focus2.Module 51.1: Types of Bonds and Issuers3.Module 51.2: Corporate Debt and Funding Alternatives4.Key Concepts5.Answer Key for Module Quizzes3.Reading 52: Introduction to Fixed-Income Valuation1.Exam Focus2.Module 52.1: Bond Valuation and Yield to Maturity3.Module 52.2: Spot Rates and Accrued Interest4.Module 52.3: Yield Measures5.Module 52.4: Yield Curves6.Module 52.5: Yield Spreads7.Key Concepts8.Answer Key for Module Quizzes4.Reading 53: Introduction to Asset-Backed Securities1.Exam Focus 832.Module 53.1: Structure of Mortgage-Backed Securities3.Module 53.2: Prepayment Risk and Non-Mortgage-Backed ABS4.Key Concepts5.Answer Key for Module Quizzes3.Study Session 17—Fixed Income (2)1.Reading 54: Understanding Fixed-Income Risk and Return1.Exam Focus2.Module 54.1: Sources of Returns, Duration3.Module 54.2: Interest Rate Risk and Money Duration4.Module 54.3: Convexity and Yield Volatility5.Key Concepts6.Answer Key for Module Quizzes2.Reading 55: Fundamentals of Credit Analysis1.Exam Focus2.Module 55.1: Credit Risk and Bond Ratings3.Module 55.2: Evaluating Credit Quality4.Key Concepts需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz7864683315.Answer Key for Module Quizzes4.Topic Assessment: Fixed Income1.Topic Assessment Answers: Fixed Income5.Study Session 18—Derivatives1.Reading 56: Derivative Markets and Instruments1.Exam Focus2.Module 56.1: Forwards and Futures3.Module 56.2: Swaps and Options4.Key Concepts5.Answer Key for Module Quizzes2.Reading 57: Basics of Derivative Pricing and Valuation1.Exam Focus2.Module 57.1: Forwards and Futures Valuation3.Module 57.2: Forward Rate Agreements and Swap Valuation4.Module 57.3: Option Valuation and Put-Call Parity5.Module 57.4: Binomial Model for Option Values6.Key Concepts7.Answer Key for Module Quizzes6.Study Session 19—Alternative Investments1.Reading 58: Introduction to Alternative Investments1.Exam Focus2.Module 58.1: Private Equity and Real Estate3.Module 58.2: Hedge Funds, Commodities, and Infrastructure4.Key Concepts5.Answer Key for Module Quizzes7.Topic Assessment: Derivatives and Alternative Investments1.Topic Assessment Answers: Derivatives and Alternative Investments8.Appendix9.Formulas10.Copyright需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz786468331List of pages1.vii2.viii3.ix4.x5.16.27.38.49.510.611.712.813.914.1015.1116.1217.1318.1419.1520.1621.1722.1823.1924.2025.2126.2227.2328.2429.2530.2631.2732.2833.2934.3035.3136.3237.3338.3439.3540.3641.3742.38需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz78646833144.4045.4146.4247.43需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz78646833148.4449.4550.4651.4752.4853.4954.5055.5156.5257.5358.5459.5560.5661.5762.5863.5964.6065.6166.6267.6368.6569.6670.6771.6872.6973.7074.7175.7276.7377.7478.7579.7680.7781.7882.7983.8084.8185.8286.8387.8488.8590.8791.8992.9093.9194.9295.9396.9497.9598.96需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz786468331 99.97100.98101.99102.100103.101104.102105.103106.104107.105108.106109.107110.108111.109112.110113.111114.112115.113116.114117.115118.117119.118120.119121.120122.121123.122124.123125.124126.125127.126128.127129.128130.129131.130132.131133.132134.133。

cfa notes 二级 2023

CFA Level 2 Notes 20231. IntroductionThe CFA (Chartered Financial Analyst) Level 2 exam is the second of three exams offered by the CFA Institute. This exam is designed to assess a candidate’s understanding and application of intermediate-level investment analysis and valuation, as well as an understanding of how to apply those concepts in asset valuation. In this article, we will provide an overview of the CFA Level 2 exam, as well as some key study notes to help candidates prepare for success.2. Exam FormatThe CFA Level 2 exam is a multiple-choice,puter-based exam. The exam is divided into two 135-minute sessions, with a 30-minute break in between. Each session cont本人ns 44 multiple-choice questions, for a total of 88 questions on the exam.3. Exam TopicsThe CFA Level 2 exam covers a wide range of topics related to investment analysis and portfolio management. Some of the key topics included in the exam syllabus are:a. Ethical and Professional Standards- Candidates are expected to demonstrate an understanding of the ethical and professional responsibilities of investment professionals, as well as the Code of Ethics and Standards of Professional Conduct.b. Quantitative Methods- This section covers topics such as time series analysis, regression analysis, and probability theory, and requires a strong understanding of statistical concepts and techniques.c. Economics- Candidates must demonstrate an understanding of macroeconomic and microeconomic concepts, as well as the impact of global economic factors on financial markets.d. Financial Reporting and Analysis- This section covers topics such as financial statement analysis, including the analysis of revenue recognition and inventory accounting, as well as the valuation of long-lived assets.e. Corporate Finance- Candidates are expected to have a strong understanding of corporate governance, capital budgeting, and cost of capital, as well as the principles of working capital management.f. Equity Investments- This section covers topics such as equity valuation models, the analysis of industry andpany fundamentals, and the valuation ofpanies using the residual ie model.g. Fixed Ie- This section covers topics such as fixed ie securities, interest rate risk and duration analysis, and the valuation of fixed ie securities using yield spreads.h. Derivatives- This section covers topics such as forwards, futures, options, and swaps, as well as the pricing and valuation of derivative securities.i. Alternative Investments- Candidates must demonstrate an understanding of alternative investments such as private equity, real estate, andmodities, as well as the risks and return characteristics ofeach investment type.j. Portfolio Management and Wealth Planning- This section covers topics such as portfolio risk and return analysis, portfolio construction and management, and the principles of wealth planning.4. Study NotesIn order to succeed on the CFA Level 2 exam, candidates should have a strong understanding of the core concepts and techniques covered in each of the exam topics. The following study notes can help candidates prepare for the exam:a. Ethical and Professional Standards- Memorize the Code of Ethics and Standards of Professional Conduct, and review sample questions to ensure an understanding of how these principles are applied in practice.b. Quantitative Methods- Practice solving quantitative problems using statistical software, and review sample questions to ensure a strong understanding of statistical concepts and techniques.c. Economics- Stay abreast of current economic events and their impact on financial markets, and practice analyzing macroeconomic and microeconomic data to better understand their implications for investment analysis.d. Financial Reporting and Analysis- Review sample questions to ensure a strong understanding of financial statement analysis, and practice analyzing and interpreting financial statements to identify potential red flags and areas of concern.e. Corporate Finance- Review sample questions to ensure a strong understanding of corporate governance and capital budgeting, and practice calculating the cost of capital and analyzing working capital management decisions.f. Equity Investments- Practice using equity valuation models to valuepanies and analyze industry andpany fundamentals, and review sample questions to ensure a strong understanding of the residual ie model.g. Fixed Ie- Practice calculating interest rate risk and duration analysis, and review sample questions to ensure a strong understanding of yield spreads and the valuation of fixed ie securities.h. Derivatives- Practice using derivatives pricing and valuation models, and review sample questions to ensure a strong understanding of forwards, futures, options, and swaps.i. Alternative Investments- Review sample questions to ensure a strong understanding of the risks and return characteristics of alternative investments, and practice analyzing the suitability of alternative investments for different client portfolios.j. Portfolio Management and Wealth Planning- Practice constructing and managing portfolios, and review sample questions to ensure a strong understanding of portfolio risk and return analysis, as well as the principles of wealth planning.5. ConclusionThe CFA Level 2 exam is a rigorous andprehensive assessment of a candidate’s u nderstanding of intermediate-level investment analysis and valuation, as well as their ability to apply those concepts in asset valuation. By following the study notes provided in this article, candidates can better prepare for success on the exam and advance their careers in the field of investment management and financial analysis.。

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Futures Price

The futures prices for a particular contract is the price at which you agree to buy or sell It is determined by supply and demand in the same way as a spot price
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Reasons for Trading Derivatives: Hedging Speculation Arbitrage

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Reasons for Trading Derivatives:

Hedge funds trade derivatives for all three reasons When a trader has a mandate to use derivatives for hedging or arbitrage, but then switches to speculation, large losses can result
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Foreign Exchange Quotes for USD/GBP exchange rate on July 17, 2009
Spot Bid 1.63d
3-month forward 6-month forward
1.6380
1.6378 1.6376
April: the price of gold $1065 per oz What is the investor’s profit?
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Over-the-Counter Markets

The over-the counter market is an important alternative to exchanges It is a telephone and computer-linked network of dealers who do not physically meet Trades are usually between financial institutions, corporate treasurers, and fund managers
Introduction
Derivatives
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The Nature of Derivatives
A derivative is an instrument whose value depends on the values of other more basic underlying variables
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Exchanges Trading Options

Chicago Board Options Exchange International Securities Exchange NYSE Euronext Eurex (Europe) and many more
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Options vs. Futures/Forwards
1.6385
1.6384 1.6383
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Options
A call option is an option to buy a certain asset by a certain date for a certain price (the strike price) A put option is an option to sell a certain asset by a certain date for a certain price (the strike price)
Google Option Prices (July 17, 2009; Stock Price=430.25)
Strike price ($) 380 400 420 440 460 480 Aug 2009 51.55 34.10 19.60 9.25 3.55 1.12 Calls Sept 2009 54.60 38.30 24.80 14.45 7.45 3.40 Dec 2009 65.00 51.25 39.05 28.75 20.40 13.75 Aug 2009 1.52 4.05 9.55 19.20 33.50 51.10 Puts Sept 2009 4.40 8.30 14.70 24.25 37.20 53.10 Dec 2009 15.00 21.15 28.70 38.35 49.90 63.40
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Hedging Examples

A US company will pay £10 million for imports from Britain in 3 months and decides to hedge using a long position in a forward contract (use Forward) An investor owns 1,000 Microsoft shares currently worth $28 per share. A two-month put with a strike price of $27.50 costs $1. The investor decides to hedge by buying 10 contracts (use Option)

CME (Chicago Mercantile Exchange )

CME GROUP (MERGE OF CBOT AND CME) Intercontinental Exchange

(Known for energy and commodities trading)
EUREX (a leading derivatives exchanges in the world) and many more
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Futures Contracts

A futures contract is an agreement to buy or sell an asset at a certain time in the future for a certain price By contrast in a spot contract there is an agreement to buy or sell the asset immediately (or within a very short period of time)
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Hedge Funds

Hedge funds are not subject to the same rules as mutual funds and cannot offer their securities publicly. Mutual funds must disclose investment policies makes shares redeemable at any time limit use of leverage take no short positions. Hedge funds are not subject to these constraints
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Size of OTC and Exchange Markets
Source: Bank for International Settlements. Chart shows total principal amounts for OTC market and value of underlying assets for exchange market 13
Forward Contracts

Forward contracts are similar to futures except that they trade in the over-thecounter market Forward contracts are popular on currencies and interest rates
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Examples of Futures Contracts
Agreement to: buy 100 oz. of gold @ US$1050/oz. in December sell £62,500 @ 1.5500 US$/£ in March sell 1,000 bbl. of oil @ US$75/bbl. in April

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American vs European Options

An American option can be exercised at any time during its life A European option can be exercised only at maturity
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2
Examples of Derivatives
• Futures Contracts • Forward Contracts • Swaps • Options
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Ways Derivatives are Used

To hedge risks To speculate (take a view on the future direction of the market) To lock in an arbitrage profit To change the nature of a liability To change the nature of an investment without incurring the costs of selling one portfolio and buying another