minicase12 金融课件

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米什金《货币金融学-英文第12版》PPT课件-第七章-股票市场、理性预期理论与有效市场假说

FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock Market, the Theory of Rational Expectations, and the Efficient Market HypothesisLecture 7The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis •What Is a Stock?•Computing the Price of Common Stock•How the Market Sets Stock Prices•The Theory of Rational Expectations•The Efficient Market Hypothesis •Behavioral FinanceLearning ObjectivesCalculate the price of common stock.Recognize the impact of new information on stock prices.Compare and contrast adaptive expectations and rational expectations.Identify and explain the implications of the efficient market hypothesis for financial markets.Summarize the reasons why behavioral finance suggests that the efficient market hypothesis may not hold.What Is a Stock?1.1 What Is a Stock?A stock (also known as equity) is a security that represents the ownership of a fraction of a corporation.This entitles the owner of the stock to a proportion of the corporation’s assets and profits equal to how much stock they own.Units of stock are called “shares”.股票（也称为股权）是代表公司一部分所有权的证券。

公司金融(基础篇)第12版 Marsha_on_Portfolio_Selection[3页]

JOHN AND MARSHA ON PORTFOLIO SELECTIONMinicase solution, Chapter 8Principles of Corporate Finance, 12th EditionR. A. Brealey, S. C. Myers and F. AllenJohn neglected to mention the standard deviation of the S&P 500. We will assume 16%. Recall th at stock i’s beta is just the ratio of its covariance with the market (σim) to the market variance σm2, where σm2 = .162 = .0256. For Pioneer Gypsum, β = .65 = σim/.0256, which gives a covariance of σim = .01664. The covariance also equals the correlation coefficient ρ times the product of the stock’s and market’s standard deviations σi and σm. For Pioneer, σim= ρσiσm= .01664 = ρ×.32×.16, which implies ρ = .325.Here is the 2×2 covariance matrix for the market and Pioneer.Now calculate the portfolio return r P, portfolio standard deviation σP and the Sharpe ratio for different fractions invested in the market and Pioneer. For example, suppose that the market gets 99% of investment and Pioneer 1%.r P = .99×.125 + .01×.11 = .12485σP2 = .992×.0256 + 2×.99×.01×.01664 + .012×.1024 = .0254σP= √.0254 = .1595Sharpe ratio = (r P–r f)/σP = (.12485 - .05)/.1595 = .4694It turns out that the Sharpe ratio is maximized by putting about 95% in the market and 5% in Pioneer.S&P 500 Pioneer Sharpe ratio1.0 0 .4688.99 .01 .4694.98 .02 .4698.97 .03 .4701.96 .04 .4702.95 .05 .4702.94 .06 .4699We can follow the same procedures for Global Mining. Global’s covariance is .03123 and its correlation with the market is .8125. The 2×2 covariance matrix is:Global’s return is not attractive: with a beta of 1.22, it should offer an expected rate of return of .05 + 1.22×.075 = .1415, over 14%. But John’s estimate is only 12.9%. Therefore he should sell Global. In fact he should eliminate it from his portfolio.Suppose that John’s starting portfolio matches the market and includes 0.75% in Global. Then he should sell all the Global shares and put the proceeds back into the overall market. The resulting portfolio weights are 100.75% in the market and -0.75% in Global. That is, the portfolio should “underweight” Global by -0.75% in order to reduce holdings of Global to zero. The underweight increases the Sharpe ratio from .4688to .4693:S&P 500 Global Sharpe ratio.99 .01 .46731.0 0 .46881.005 -.005 .46951.0075 -.0075 .4699The Sharpe ratio gets still better if the portfolio weight for Global is reduced below -.75%. A weight below -.75% means selling short. In order to sell short, John would have to borrow Global shares, sell them (with an obligation to repurchase and return the shares later) and invest the sale proceeds in the market. But we doubt that John is allowed to sell short from the portfolio he manages. We discuss short selling in Chapter 20.。

公司金融(基础篇)(英文版原书第12版 09_Jones_Family_Inc[3页]

THE JONES FAMILY, INCORPORATEDMinicase SolutionPrinciples of Corporate Finance, 12th EditionR. A. Brealey, S. C. Myers and F. AllenIf the wildcat well is a success, it should produce 75×365 = 27,375 barrels per year. Suppose production starts after one year. The net cash flow per barrel, after pipeline and shipping costs and including one year’s inflation at 2.5%, is (100 – 20)×1.025 = $82. Total cash flow is C1 = 27,375×82 = $2,245,000 (we will round to the nearest $1000). Production will decline by 5% per year, but prices are projected to grow at 2.5% per year. The net growth rate is (1.025×.95) – 1 = –.026 or –2.6%.Johnny used the CAPM to get a discount rate. The interest rate is 6%, the market risk premium is 7% and the beta is .8. Thus:r=r f+β(r m−r f)=.6+.8×7=11.6%The cash flows from the oil well are a 15-year annuity declining at 2.6% per year.1 Johnny decided to use the short-cut formula in Table 2.2. The short cut starts with the formula for a growing (in this case declining) perpetuity, but subtracts the PV of another declining perpetuity. Let T = the date of the last cash flow from the declining annuity:PV=C1r−g−C1r−g×(1+g)T(1+r)T=2,245,000.116−(−.026)[1−(1−.0261.116)15]=13,757,0001 This assumes that the well produces one lump-sum cash flow per year at dates 1, 2, … , 15. This timing may not be right. If the cash flows are spread evenly over each year, and the well starts production at date 1, then it would be better to assume rece ipt at dates 1.5, 2.5, … , 15.5 (the mid-year convention). In this case you could discount the present values by an extra half year to account for the six-month delays. Or you could switch over to continuous compounding.The second term inside the brackets subtracts the present value of an annuity starting in year 16 and discounts it back to the present. Note that the cash flow for year 16 is C 1 × (1 - .026)15.Of course there was a 30 per cent chance of a dry hole, so Johnny multiplied his PV of $13,757,000 by 1 - .3 = .7 and subtracted the $5 million investment.NPV = .7 ⨯ 13,757,000 – 5,000,000 = + $4,630,000What about the operating leverage that so concerned Johnny’s father? Operating leverage is caused by fixed costs, in this base by the pipeline and shipping costs. These costs start at 20 × 1.025 = $20.50 per barrel in year 1 and are expected to grow at 2.5% per year. The calculation above folds them into net cash flows and discounts them at 11.6%, as if they were just as risky as the revenues. If they are really fixed, they should be discounted at a lower rate, for example at the 7% long-term borrowing rate for Jones Family Oil, Inc.Johnny decided to see how the PV of the fixed costs would change whendiscounted at 7 vs. 11.6%. The PV per barrel at 11.6%, which was included in the PV calculated above, is:1520.51.026PV 1$125.6.116(.026) 1.116⎡⎤-⎛⎫=-=⎢⎥ ⎪--⎝⎭⎢⎥⎣⎦The PV at 7% increases to:1520.51.026PV 1$161.4.07(.026) 1.07⎡⎤-⎛⎫=-=⎢⎥ ⎪--⎝⎭⎢⎥⎣⎦Thus recognizing operating leverage could decrease overall PV by (161.4 – 125.6) ×27,375 = $980,000 and decrease NPV to 13,757,000 – 980,000 = $12,777,000.2 The wildcat well’s NPV is still po sitive, however, because .7 × 12,777,000 = $8,944,000 is still greater than the $5 million outlay.It seems that Marsha’s oil well is an excellent investment. In fact it remains a good investment (ignoring any adjustment for operating leverage) even if production lasts only 6 years. You can check this by recalculating the declining annuity formula with T = 6, multiplying by the 0.7 probability of finding oil and subtracting the investment of $5 million. The resulting NPV is still positive.2 This holds the 11.6% discount rate for revenues constant. If that rate was right for net cash flows (revenues less fixed costs), it is too high for revenues alone. Operating leverage adds risk to net cash flows, not to revenue. A lower discount rate for revenues would increase NPV and make the Marsha’s investment still more attractive.。

货币金融学(第十二版)英文版教学课件mishkin_econ12e_ppt_14

• The effect of open market operations on the monetary base is much more certain than the effect on reserves.
Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved.
Open Market Sale
Nonbank Blank Public
Blank
Blank
Assets Blank Liabilities Blank
Securities +$100m Blank
Blank
Currency −$100m Blank
Blank
Federal Blank Reserve System
Currency in circulation
Loans to Financial Institutions Reserves
• Liabilities – Currency in circulation: in the hands of the public – Reserves: bank deposits at the Fed and vault cash
• Reserves are unchanged
• Currency in circulation increases by the amount of the open market purchase
• Monetary base increases by the amount of the open market purchase
• The effect of an open market purchase on the monetary base always increases the monetary base by the amount of the purchase.

跨国金融原理(第三版)课件 C12 MiniCase Petrobras WACC

in an emerging market?
Copyright © 2009 Pearson Prentice Hall. All rights reserved.
Petrobrás of Brazil and the Cost
of Capital
• Petróleo Brasileiro S.A. (Petrobrás) was the national oil company of Brazil
2. Does this method of using the sovereign spread also compensate for currency risk?
3. The final quote on “one’s view on the direction of the broad Brazilian market” suggests that potential investors consider the relative attractiveness of Brazil in their investment decision. How does this perception show up in the calculation of the company’s cost of capital?
Petrobrás of Brazil and the Cost of Capital
How do you estimate the cost of capital for a multinational enterprise in a global industry – in this case oil – which is based
• Brazil’s sovereign risk had been as high as 24% and as low as 0.4% over the past decade

米什金《货币金融学-英文第12版》PPT-第二章-金融体系概览(上)

FinanceLecture 2An Overview of the Financial System I•Function of Financial Markets •Structure of Financial Markets •Financial Market Instruments •Internationalization of Financial MarketsLearning ObjectivesCompare direct and indirect finance.Identify the structure and components of financial markets. Describe different types of financial market instruments.Recognize the international dimensions of financial markets.Part 1Function of Financial Markets1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。

1.2 Direct FinanceIn direct finance (P23), borrowers borrow funds directly from lenders in financial markets by selling the lenders securities (also called financial instruments).在直接融资中，借款人通过在金融市场出售证券（也称为金融工具），直接从贷款人手中借入资金。

MiniCase(topic2)(1)财务管理英文版教学课件大学二年级下学期用

Mini Case （Topic 2）Donna Jamison, a 2003 graduate of the University of Tennessee with four years of banking experience, was recently brought in as assistant to the chairman of the board of Computron Industries, a manufacturer of electronic calculators.The Company doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. Computron’s results were not satisfactory, to put it mildly. Its board of directors, which consisted of its president and vice-president plus its major stockholders(who were all local businesspeople), was most upset when directors learned how the expansion was going. Suppliers were being paid late and were unhappy, and the bank was complaining about the deteriorating situation and threatening to cut off credit. As a result, Al Watkins, Computron’s president, was informed that changes would have to be made, and quickly, or he would be fired. Also, at the board’s insistence Donna Jamison was brought in and given the job of assistant to Fred Campo, a retired banker who was Computron’s Chairman and largest stockholder. Campo agreed to give up a few of his golfing days and to help nurse the company back to health, with Jamison’s help.Jamison began by gathering financial statements and other data.BALANCE SHEET 2008 2007AssetsCash $ 7,282 $ 9,000 Short-term investments 0 48,600 Accounts receivable 632,160 351,200 Inventories 1,287,360 715,200 Total current assets $ 1,926,802 $ 1,124,000 Gross fixed assets 1,202,950 491,000 Less accumulated depreciation 263,160 146,200Net fixed assets $ 939,790 $ 344,800 Total assets $ 2,866,592 $ 1,468,800 Liabilities and Equity 2008 2007 Accounts payable $ 524,160 $ 145,600 Notes payable 720,000 200,000 Accruals 489,600 136,000 Total current liabilities $ 1,733,760 $ 481,600 Long-term debt 1,000,000 323,432 Common stock(100,000 shares) 460,000 460,000 Retained earnings (327,168) 203,768 Total equity $ 132,832 $ 663,768 Total liabilities and equity $ 2,866,592 $ 1,468,800 INCOME STATEMENT 2008 2007Sales $ 5,834,400 $ 3,432,000Cost of goods sold 5,728,000 2,864,000 Other expenses 680,000 340,000 Depreciation 116,960 18,900Total operating costs $ 6,524,960 $ 3,222,900EBIT ($ 690,560) $ 209,100Interest expense 176,000 62,500EBT ($ 866,560) $ 146,600 Taxes(40%) (346,624) 58,640Net income ($ 519,936) $ 87,960EPS ($ 5.199) $ 0.880DPS $ 0.110 $ 0.220Book value per share $ 1.328 $ 6.638Stock price $ 2.25 $ 8.50 Shares outstanding 100,000 100,000Tax rate 40.00% 40.00% Lease payments 40,000 40,000 Sinking fund payments 0 0STA TAMENT OF RETAINED EARNINGS,2008Balance of retained earnings,12/31/07 $ 203,768Add: Net income,2008 (519,936)Less: Dividends paid (11,000)Balance of retained earnings,12/31/08 ($ 327,168)STA TEMENT OF CASH FLOWS, 2008Operating ActivitiesNet Income ($ 519,936) Adjustments:Noncash adjustments:Depreciation 116,960Changes in working capital:Change in accounts receivable (280,960)Change in inventories (572,160)Change in accounts payable 378,560Change in accruals 353,600Net cash provided by operating activities ($ 523,936)Long-Term Investing ActivitiesCash used to acquired fixed assets ($ 711,950) Financing ActivitiesChange in short-term investments $ 48,600Change in notes payable 520,000Change in long-term debt 676,568Payment of cash dividends (11,000)Net cash provided by financing activities $ 1,234,168Sum: Net change in cash (1,718)Plus: Cash at beginning of year $ 9,000Cash at end of year $ 7,282Assume that you are Jamison’s assistant, and you must help her answer the following questions for Campo.a.What effect did the expansion have on sales, net operating profit aftertaxes(NOPAT),net operating working capital, and net income?b.What effect did the expansion have on net cash flow, operating cash flow, and freecash flow?c.Jamison also has asked you to estimate Computron’s EV A. She estimates that theafter-tax cost of capital was 11 percent in 2007 and 13 percent in 2008.d.Looking at Computron’s stock price today, would you conclude that the expansionincreased or decreased MV A?putron purchases materials on 30-day terms, meaning that it is supposed topay for purchases within 30 days of receipt. Judging from its 2008 balance sheet, do you think Comptron pays suppliers on time? Explain. If not, what problems might this lead to?ptron spends money fro labor, materials, and fixed assets(depreciation) tomake products, and still more money to sell those products. Then, it makes sales that result in receivables, which eventually result in cash inflows. Does it appear that Comptron’s sales price exceeds its costs per unit sold? How does this affect the cash balance?g.Suppose Computron’s sales manager told the sales staff to start offering 60-daycredit terms rather than the 30-day terms now being offered. Computron’s competitors react by offering similar terms, so sales remain constant. What effect would this have on the cash account? How would the cash account be affected if sales doubled as a result of the credit policy change?h.Can you imagine a situation in which the sales price exceeds the cost of producingand selling a unit of output, yet a dramatic increase in sales volume causes the cash balance to decline?i.In general, could a company like Computron increase sales without acorresponding increase in inventory and other assets? Would the asset increase occur before the increase in sales, and, if so, how would that affect the cash account and the statement of cash flows?j.Did Computron finance its expansion program with internally generated funds(additions to retained earnings plus depreciation) or with external capital?How does the choice of financing affect the company’s financial strength?k.Refer to the income statements and the statement of cash flows.Suppose Computron broke even in 2008 in the sense that sales revenues equaled total operating costs plus interest charges. Would the asset expansion have caused the company to experience a cash shortage which required it to raise external capital? l.If Computron started depreciating fixed assets over 7 years rather than 10 years, would that affect (1)the physical stock of assets,(2)the balance sheet account for fixed assets,(3)the company’s reported net income, and (4)its cash position?Assume the same depreciation method is used for stockholder reporting and for tax calculations, and the accounting change has no effect on assets’ physical lives. m.Explain how(1)inventory valuation methods, (2)the accounting policy regarding expensing versus capitalizing research and development, and (3) the policy with regard to funding future retirement plan costs(retirement pay and retirees’ health benefits) could affect the financial statements.putron’s stock sells for $2.25 per share even though the company had largelosses. Does the positive stock price indicate that some investors are irrational? putron followed the standard practice of paying dividends on a quarterly basis. It paid a dividend during the first two quarters of 2008, then eliminated the dividend when management realized that a loss would be incurred for the year.The dividend was cut before the losses were announced, and at that point the stock price fell from $8.50 to $ would an $0.11, or even a $0.22, dividend reduction lead to a $5.00 stock price reduction?p.Explain how earnings per share, dividends per share, and book value per share are calculated, and what they mean. Why does the market price per share not equal the book value per share?q.How much new money did Computron borrow from its bank during 2007?How much additional credit did its suppliers extend? Its employees and the taxing authorities?r.If you were Computron’s banker, or the credit manager of one of its suppliers, would you be worried about your job? If you were a current Computron employee,a retiree, or a stockholder, should you be concerned?s.The 2008 income statement shows negative taxes, that is, a tax credit. How much taxes would the company have had to pay in the past to actually get this credit? If taxes paid within the last 2 years had been less than $346,624, what would have happened? Would this have affected the statement of cash flows and the ending cash balance?t.Working with Jamison has required you to put in a lot of overtime, so you have had very little time to spend on your private finances. It’s now April 1, and you have only two weeks left to file your income tax return. You have managed to get all the information together that you will need to complete your return.Computron paid you salary of $45,000, and you received $3,000 in dividend from common stock that you own. You are single, so your per personal exemption is $2,800, and your itemized deduction are $4,550.(1)On the basis of the information above and the individual tax rate scheduleshown in the topic, what is your tax liability?(2)What are your marginal and average tax rates?u.Assume that a corporation has $100,000 of taxable income from operations plus $5,000 of interest income and $10,000 of dividend income. What is the company’s tax liability?v.Assume that after paying your personal income tax as calculated in part t, you have $5,000 to invest. You have narrowed your investment choices down to California bonds with a yield of 7 percent or equally risky Exxon Mobil bonds with a yield of 10 percent. Which one should you choose and why? At what marginal tax rate would you be indifferent to the choice between California and Exxon Mobil bonds?。

公司金融(基础篇)英文版原书第12版 11_Ecsy_Cola_in_Inglistan[2页]

ECSY-COLA IN INGLISTANMinicase solution, Chapter 11Principles of Corporate Finance, 12th EditionR. A. Brealey, S.C. Myers and F. AllenLibby Flannery prepared the attached spreadsheet to analyze the NPV of Ecsy-Cola’s proposed investment in Inglista n. With the inputs suggested in the mini-case, NPV was very slightly negative on a $20 million outlay.Libby was conscious of the spreadsheet’s simplifying assumptions. First, the project cash flows were projected as a perpetuity. The project, if successful, would generate cash returns for a long time, but not forever. On the other hand, the 25% nominal discount rate handed down from Ecsy-Cola’s headquarters seemed unreasonably high – there was clearly a built-in fudge factor.1 She decided to check her results with a more reasonable discount rate, say 15%.Libby used her spreadsheet to conduct a sensitivity analysis, assuming for simplicity that the optimistic and pessimistic probabilities were each 25%:Steady-State Sales $ millions Probability NPV at25%, $ millionsNPV at15%, $ millionsOptimistic 80 .25 + 14.8 + 42.9 Most Likely 50 .50 - 0.1 + 15.7 Pessimistic 20 .25 - 14.9 - 11.6If Libby waited a year, and discovered that potential sales were only 20 million liters per year, Ecsy-Cola would not invest. Then the downside NPV, assuming a 25% discount rate, would be zero, not −$14.9 million. The payoff to waiting would be:1 See Chapter 9.Expected NPV, invest in year 1 = .25 ⨯ 14.8 + .50 ⨯ (−0.1) + .25 ⨯ 0 = + $3.65 millionAt a 15% discount rate, the expected NPV from investing in year 1 would be +$18.6 million. These calculations su ggested a “wait and see” strategy.The problem with that strategy was potential competition. If steady-state sales turned out higher than now expected – 80 million liters per year, for example – then Sparky-Cola, or some other competitor, would surely enter. Therefore the high cash flows for the optimistic case were not sustainable in the long run, and the optimistic-case NPVs, while no doubt positive, were less than her spreadsheet suggested. Competition would limit the upside NPVs.Libby realized that investing right away, and establishing the Ecsy-Cola brand in Inglistan before her competitors could act, gave her best chance of generating a significant positive NPV. In the optimistic scenario, competition would come sooner or later, but Ecsy-Cola would have a head start and probably the largest market share. If Ecsy-Cola was just breaking even (earning its cost of capital), competitors would have no incentive to enter.Libby had to weigh the competitive advantages of investing immediately against the possibility of a costly mistake. Therefore she refocused her analysis on establishing the minimum potential size of the market. If NPV at that minimum was at least zero, or perhaps an acceptably small negative number, she resolved to invest right away.。

米什金《货币金融学-英文第12版》PPT课件-第四章-利率和利率的计算(包括利率分类及现值终值计算)

FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock MarketTheory of Rational Expectations, and the Efficient Market HypothesisLecture 4Interest Rates and Calculation of Interest Rates •Interest Rate and Classification of Interest Rate •Simple and Compound Interest Rate •Present Value•Yield to Maturity and Its Calculation•The Distinction Between Interest Rates And ReturnsLearning ObjectivesCalculate the present value of future cash flows and the yield to maturity on the four types of credit market instruments.Recognize the distinctions among yield to maturity, current yield, rate of return, and rate of capital gain.Interpret the distinction between real and nominal interest rates.Part 1Interest Rate and Classification of Interest Rate1.1 Interest RateInterest rate (P3) is the cost of borrowing or the price paid for the rental of funds.利率是借款的成本或为借入资金支付的价格。

米什金《货币金融学-英文第12版》PPT课件-货币政策工具

FinanceChapter4 Central Banking and the Conduct of Monetary PolicyCentral BanksThe Money Supply ProcessTools of Monetary PolicyLecture 10Tools of Monetary Policy•Goals of Monetary Policy and Conventional Monetary Policy Tools•The Market for Reserves and the Federal Funds Rate •How Tools of Monetary Policy Affect the Federal Funds Rate •Advantages and Disadvantages of Conventional Monetary Policy ToolsLearning ObjectivesSummarize how conventional monetary policy tools are implemented and the relative advantages and limitations of each toolIllustrate the market for reserves, and demonstrate how changes in monetary policy can affect the equilibrium federal funds rate.Part 1Goals of Monetary Policy and Conventional Monetary Policy Tools1.1 Goals of Monetary Policy•Price stability (*)•High Employment•Economic Growth•Stability of Financial Markets •Interest-Rate Stability•Stability in Foreign Exchange Markets1.2 Monetary Policy ToolsMonetary policy tools are the instruments used by the central bank to regulate the money supply and interest rates in order to achieve the goal of monetary policy.Conventional monetary policy tools :•Open market operations•Discount lending•Reserve requirementsNonconventional Monetary Policy Tools:Quantitative Easing, Credit Easing, Liquidity Provision, Large-Scale Asset Purchases, Forward Guidance and the Commitment to Future Policy ActionsPart 2The Market for Reserves and the Federal Funds Rate2.1 Goals of the Fed's Monetary PolicyThe goals of the Fed's monetary policy:According to the Federal Reserve Act, the goal of U.S. monetary policy is to control inflation and promote full employment.Intermediate goals of the Fed's monetary policy:The Fed uses the federal funds rate as the main monetary policy monitoring indicator and manipulation target.2.2 The Market for Reserves and the Federal Funds Rate•Demand CurveRR dd= Required reserves + Excess reservesThe trend of demand curve:As the federal funds rate ii ffff decreases, other things being equal, the opportunity cost of holding excess reserves decreases and the demand for excess reserves increases——the demand curve is downward sloping——but the process is not over.2.2 The Market for Reserves and the Federal Funds Rate•Demand CurveThe trend of demand curve:Since 2008, the Fed has paid interest on reserves at a level that is typically set at a fixed amount below the federal funds rate target.Suppose the interest rate paid on reserves is ii oooo, when federal funds rate ii ffff begins to fall below ii oooo, banks do not lend in the overnight market at a lower interest rate. Instead, they just keep on adding to their holdings of excess reserves indefinitely——the demand curve becomes flat (infinitely elastic)2.2 The Market for Reserves and the Federal Funds Rate2.2 The Market for Reserves and the Federal Funds Rate•Supply CurveRR ss= Nonborrowed reserves (NBR)+ borrowed reserves (BR) NBR: Amount of reserves that are supplied by the Fed’s open market operations. BR: Amount of reserves borrowed from the Fed, the interest rate charged by the Fed on these loans is the discount rate,ii dd, which is set at a fixed amount above the federal funds target rate.2.2 The Market for Reserves and the Federal Funds Rate•Supply CurveThe trend of supply curve:Borrowing federal funds from other banks is a substitute for borrowing (taking out discount loans) from the Fed.When ii ffff< ii dd,banks will not borrow from the Fed because borrowing in the federal funds market is cheaper, so BR=0, R s= NBR. And so the supply curve will be vertical. When ii ffff> ii dd, banks will want to keep borrowing more and more at ii dd and then lending out the proceeds in the federal funds market at the higher rate, ii ffff. The supply curve becomes flat (infinitely elastic) at ii dd.2.2 The Market for Reserves and the Federal Funds Rate2.2 The Market for Reserves and the Federal Funds Rate•Market EquilibriumMarket equilibrium occurs when the quantity of reserves demanded equals the quantity supplied, RR dd=RR ssEquilibrium therefore occurs at the intersection of the demand curve RR dd and the supply curve RR ss, with an equilibrium federal funds rate of ii ffff∗When ii ffff>ii ffff∗, more reserves are supplied than are demanded (excess supply). When ii ffff<ii ffff∗, more reserves are demanded than are supplied (excess demand).2.2 The Market for Reserves and the Federal Funds Rateii dd>ii ffff>ii ooooPart 3How Tools of Monetary Policy Affect the Federal Funds RateOpen market purchase leads to greater quantity of reserves supplied, which increases nonborrowed reserves.Open market sale leads to less quantity of reserves supplied, which decreases nonborrowed reservesThe effect of an open market operation depends on whether the supply curve initially intersects the demand curve in its downward-sloped section or in its flat section.If the intersection initially occurs on the downward-sloped section of the demand curve, an open market purchase causes the federal funds rate to fall, whereas an open market sale causes the federal funds rate to rise. (typical situation)If the supply curve initially intersects the demand curve on its flat section, open market operations have no effect on the federal funds rate, because the interest rate paid on reserves, ii oooo, sets a floor for the federal funds rateThe effect of a discount rate change depends on whether the demand curve intersects the supply curve in its vertical section or its flat section.If the intersection occurs on the vertical section of the supply curve, there is no discount lending and borrowed reserves (BR=0). When the discount rate (ii dd) is lowered by the Fed, no change occurs in the equilibrium federal fundsrate. (typical situation)If the demand curve intersects the supply curve on its flat section, there is some discount lending (BR>0). When the discount rate (ii dd) is lowered by the Fed, the equilibrium federal funds rate falls, and BR increases.When the required reserve ratio increases, required reserves increase and hence the quantity of reserves demanded increases for any given interest rate.When the Fed raises reserve requirements, the federal funds rate rises.When the Fed decreases reserve requirements, the federal funds rate fallsMonetary PolicyTools How to Affect Money Supply and ii ffffOpen Market Operations•Affect Money Supply: Open Market Purchase → MB↑→M↑•Affect ii ffff : a) Open Market Purchase → ii ffff ↓ (Usually)b) Open Market Purchase → ii ffff remains unchangedDiscount Lending •Affect Money Supply: a) Discount rate change → M is unchanged (Usually)b) Discount rate ↓ → M↑•Affect ii ffff : a) Discount rate change →ii ffff remains unchanged (Usually)b) Discount rate ↓ → ii ffff ↓Reserve Requirements•Affect Money Supply: rr ↑→M↓•Affect ii ffff : rr ↑→ii ffff ↑3.4 Summary3. How Monetary Policy Tools Affect ii ffffPart 4Advantages and Disadvantages of Conventional Monetary Policy ToolsMonetaryPolicy ToolsAdvantages DisadvantagesOpen Market Operations •The initiative lies with the centralbank•Flexible and precise•Can be executed quicklyMust be based on well-developed financialmarkets, i.e. there must be a sufficient variety andnumber of securitiesDiscount Lending •Central bank can act as the lenderof last resort•Central banks can realize theirpolicy intentions by increasing ordecreasing the discount rate•Central banks can only affect discount rate,but cannot command banks to borrow•When ii dd remains unchanged, changes in ii ffffmay change discount loans and money supply.•Central bank's changes in the discount ratemay be misinterpreted by the market.MonetaryPolicy ToolsAdvantages DisadvantagesReserve Requirements •The initiative lies with the central bank•Can have a rapid, powerful and widespreadimpact on the money supply•Acts on all banks or depository financialinstitutions, and is objective and fair to allfinancial institutions.•Can reflect the policy intention of the centralbank.•The effect on the money supplyis too violent and lack ofelasticity;•The expected effect of thepolicy is largely limited by theamount of excess reserves in thebanking system.SummaryT H A N K S。

货币金融学(第十二版)英文版教学课件mishkin_econ12e_ppt_22

Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved.
Figure 4 Shift in the Long-Run Aggregate Supply Curve
Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved.
Shifts in Aggregate Supply Curves
• Shifts in the long-run aggregate supply curve – The long-run aggregate supply curve shifts to the right from when there is 1. An increase in the total amount of capital in the economy 2. An increase in the total amount of labor supplied in the economy 3. An increase in the available technology, or 4. A decline in the natural rate of unemployment – An opposite movement in these variables shifts the LRAS curve to the left.
Factors That Shift the Aggregate Demand Curve
• An increase in the money supply shifts AD to the right: holding velocity constant, an increase in the money supply increases the quantity of aggregate demand at each price level.

货币金融学(第十二版)英文版教学课件mishkin_econ12e_ppt_25

Credit View (3 of 3)
• Cash Flow Channel: Another balance sheet channel operates by affecting cash flow, the difference between cash receipts and cash expenditures.
• When q is low, firms will not purchase new investment goods because the market value of firms is low relative to the cost of capital.
Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved.
Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved.
Learning Objectives
• List and summarize the transmission mechanisms through which monetary policy can affect the real economy.
• This explanation, referred to as the credit view, proposes that two types of monetary transmission channels arise as a result of financial frictions in credit markets: those that operate through effects on bank lending and those that operate through effects on firms’ and households’ balance sheets.

2024版年度金融ppt课件全新

2024金融ppt课件全新
2024/2/2
1
目录
2024/2/2
• 金融市场概述与发展趋势 • 金融产品创新与风险管理 • 货币政策与宏观调控手段分析 • 金融机构运营管理与监管要求 • 投资理财策略与资产配置建议 • 互联网金融发展现状及挑战应对
2
01
金融市场概述与发展趋势
Chapter
2024/2/2
27
06
互联网金融发展现状及挑战应对
Chapter
2024/2/2
28
互联网金融模式梳理
P2P网络借贷
众筹融资
个人对个人通过网络平台实现的直接借贷，典型代表有陆金所、拍拍贷等。
通过互联网平台向大众筹集资金，支持发起的项目或企业，如京东众筹、淘宝众筹等。
第三方支付
互联网保险
非银行机构在收付款人之间作为中介机构提供网络支付服务，如支付宝、微信支付等。
随着互联网金融行业的快速发展，监管政策也在不断调整和完善，给行业带来一定的不确定性。
技术安全问题
互联网金融业务涉及大量用户数据和资金交易，如何保障信息安全和资金安全是行业面临的重要问题。
竞争压力加大
随着市场竞争的加剧，互联网金融企业需要不断创新和优化服务，以吸引和留住用户。
2024/2/2
31
监管政策调整方向预测
强化风险管理
未来监管政策将更加注重风险管理，要求互联网金融企业建立完善的风险管理体系，提高风险防范能力。
加强国际合作
监管部门将加强对互联网金融市场的监管力度，打击非法金融活动，
维护市场秩序和投资者权益。
2024/2/2
规范市场秩序
在保障安全的前提下，监管部门将鼓励互联网金融企业创新产品和服务模式，推动行业健康发展。

2024年度金融学ppt课件完整版

12
货币政策目标
物价稳定
通过调控货币供应量，保持物价总水平基本稳定，防止通货膨胀或通
货紧缩。
2024/3/24
经济增长
促进经济增长，保持经济持续、稳定、协调发
展。
充分就业
国际收支平衡
通过实施货币政策，促进充分就业，降低失业
率。
13
维护国际收支平衡，保持汇率基本稳定。
货币政策工具
01
02
金融机构的作用
金融机构在现代经济中发挥着重要作用，包括提供金融服务、促进资金融通、降低交易成本等。
9
金融市场与金融机构的关系
2024/3/24
金融市场与金融机构的相互依存关系
金融市场和金融机构是相互依存的，金融市场为金融机构提供了交易场所和交易对象，而金融机构则是金融市场的参与者和推动者。
金融市场与金融机构的相互促进关系
14
2023 PART 04
国际金融
2024/3/24
REPORTING 15
国际金融概述
2024/3/24
国际金融的定义
01
研究跨国货币资金融通和信用活动的科学，涉及国际收支、外
汇汇率、国际储备、国际资本流动等领域。
国际金融的发展历程
02
从早期的国际贸易结算到现代的国际金融市场和机构的形成。
国际金融的重要性
究。
2024/3/24
规范分析方法
运用逻辑推理、归纳演绎等规范分析方法，对金融政策、金融制度等进行分析和评价。
案例分析方法
通过对典型案例的深入剖析，揭示金融活动的内在规律和本质特征。
比较分析方法
通过对不同国家、不同时期的金融制度、金融市场等进行比较分析，揭示金融发展的共性

米什金《货币金融学-英文第12版》PPT课件-第六章-利率风险和期限结构

FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock Market, theTheory of Rational Expectations, and the Efficient Market HypothesisLecture 6The Risk and Term Structure of Interest Rates•Risk Structure of Interest Rates•Term Structure of Interest RatesExpectations TheorySegmented Markets TheoryLiquidity Premium and Preferred Habitat TheoriesLearning ObjectivesIdentify and explain the three factors affecting the risk structure of interest rates.List and explain the three theories of why interest rates vary across different maturities.Part 1Risk Structure of Interest RatesOne attribute of a bond that influences its interestrate is its risk of default.Default occurs when the issuer of the bond is unable or unwilling to make interest payments as promised or pay off the face value when the bond matures.债券的违约(default)风险是指债券发行人无法或不愿履行其之前承诺的支付利息或债券到期时偿付面值的义务1.1 Default Risk1.1 Default Risk1.1 Default RiskU.S. Treasury bonds have usually been considered to have no default risk. Bonds like treasury bonds with no default risk are called default-free bonds.美国国债通常被认为不存在违约风险，像这种没有违约风险的债券被称为无违约风险债券(default-free bonds)。

公司金融原书第12版 Shocking_Demise_of_Mr_Thorndike[3页]

THE SHOCKING DEMISE OF MR. THORNDIKEMinicase solution, Chapter 24Principles of Corporate Finance, 12th EditionR. A. Brealey, S. C. Myers and F. AllenAfter the corpse was removed, police inspectors came to dust the bedroom for fingerprints. Morse knew they would find nothing. He walked down the marble staircase of Rupert Thorndike’s mansion and into the paneled library. He sat at a table in front of the fireplace, scarcely noticing the painting over it, Monet’s portrait of the legendary John D. Thorndike at Giverny. He turned on his laptop computer.Thorndike Oil had three classes of securities outstanding: $250 million of debentures (face value), 30 million shares, and an issue of subordinated convertible notes. Morse had to calculate the change in the value of each security now that Thorndike was gone, and given the now near-certain acquisition of Thorndike Oil by T. Spoone Dickens. Table 1 reports Morse’s results. The notes summarize his reasoning.With Table 1 in hand, it was easy to calculate the increases in value due to the murder and resulting acquisition. Debt increased by 39.5% of face value. Common stock increased by $1.00 per share, and each convertible note increased from 103.95% to 110% of face value (from $1039.50 to $1100 per bond). Morse summed the gains to Doris, John and Patsy (see Table 2). Then he reached for his cell phone and dialed Chief Inspector Spillane.Table 1Values of Thorndike Oil Securities Before and After the MurderBefore AfterDebt $151.25 million,60.5% of face value $250 million 100% of face valueEquity $270 million,$9 per share $300 million, $10 per shareConvertible notes 103.95% offace value 110% of face valueNotes1.Debt, before: PV at 12% of the 5% coupon for 10 years, plus repayment of facevalue (100%) at year 10, is 60.5% of the $250 million face value, or $151.25 million.Debt, after: essentially risk-free. The debt will be repaid in short order and should trade very close to face value. The gain in market value is 1 - .605 = .395, or 39.5% of face value.2.Shares: Share price increases from $9.00 to $10.00.3.Convertible notes: Conversion value before is 110 shares at $9 per share = $990 per$1,000 note. The bonds were trading at 5% over conversion value, or 1.05×990 = $1,039.50. Note holders will convert prior to the takeover, receiving 110×10 =$1,100. (If they don’t convert, they get only $1,000.) In other words, the notesincrease by 110 – 103.95 = 6.05% of face value.Table 2Who Gained Most?(Figures in millions)Doris John PatsyDebt $1.58(.395×4)0 0Stock $1.2(1.00×1.2)$0.5(1.00×.5)$1.5(1.00×1.5)Convertible notes 0 $0.3025(.0605×5)$0.1815 (.0605×3)___________ ___________ _________ Total $2.78 $0.8025 $1.6815。

minicase 金融课件

第4章小案例分析组员：蔡艺淳、张锐霞、丘蕙歆、王海燕、李羽、李璐怡、薛姣阳前提条件：1. 每年通货膨胀率为4%；2. Mr.Road 的$12000存款是用来以防不时只需不能使用，并且保持其实际购买力；3. 每月$750的社会保障金会随着通货膨胀的程度而作出相应调整；4. 每月生活费用为$1500，旅游及其他爱好花费$500；5. 房产不能动；6. Mr.Road 还能活20年。

一、在这20年里，Mr.Road 的投资及其收益是否足够他花销？ 1. Mr.Road 积攒了一份$180000,名义年收益率为9%的投资。

由于存在通货膨胀，其实际投资收益率r=%41%91++ - 1 = 4.8%又，现值=每年投资可消费额 * 20年期年金系数 ∴每年投资可消费额=年期年金系数现值20=20048.01048.01048.01180000）（+⨯-=$ 142002. Mr.Road 在银行有$12000，年名义利率为5%的存款，以备不时只需，因此平时能使用只有其利息。

由于通货膨胀的影响，要保持其存款额实际购买力不变，必须将一部分的利息续存，不能取出使用。

如下表列明所示：由最后两列可以看出，其每年可用利息的实际购买力都是：12000*（5%-4%）=$ 1203. 由条件3， Mr.Road 每年可以获得的年社会保障金为：750*12=$ 9000. 综上3个计算，可得到Mr.Road 实际可支配年收入为：14200+120+9000=$ 23320 而由案例说明，他每年需要的剔除通胀影响的实际花销为:2000*12=$ 24000因此，明显可得Mr.Road 的投资收益，利息收入以及其社会保障金是不够其花销的。

二、假设第n 年的时候，Mr.Road 的投资收益，存款利息收入及其社会保障金全部用完，则： 1．同上一问的第一小点的分析，在这n 年里，年投资可消费额=年期年金系数现值n =n）（048.01048.01048.01180000+⨯-2．同上一问第二小点的分析，Mr.Road 每年可用利息的实际购买力都是$120。

公司金融(基础篇)(英文版原书第12版 27_Exacta_SA[3页]

EXACTA, S. A.Minicase solution, Chapter 27Principles of Corporate Finance, 12th editionR. A. Brealey, S. C. Myers and F. AllenExacta now has export revenues in dollars of $320 million. Assuming an exchange rate of, say, 1.33 $/€ (.75 €/$), this revenue is worth €240 million. Suppose the dollar falls suddenly to 1.45 $/€ (.69 €/$). What is the loss to Exacta?First, the value in euros of Exacta’s dollar accounts receivable (payments due on prior export sales) drops immediately. If accounts receiv able equal two month’s sales, the loss is 320 ⨯ 2/12 ⨯ (.75 – .69) = €3.2 million. This exposure would be easy to hedge by a forward sale of dollars for euros.Second, the value in euros of Exac ta’s future export revenues falls, because it cannot immediately raise its prices in dollars to compensate for the fall in the dollar. The annual exposure if the dollar falls to .69$/€ is therefore 320 ⨯ (.75 – .69) = €19.2 million euros. Exacta’s conservative CEO might decide to hedge all of next year's export revenues.How will construction of the new U. S. plant affect these exposures? Two-thirds of the plant’s operating expenses will be in dollars, which provides a natural hedge. Table 1 shows how Exacta is affected by a drop in the dollar from .75 to .69 €/$. Look first at the left-hand column (for .75 €/$). We start with dollar revenues from the new plant ($420 million). A profit of $52 million from the plant implies total costs of $368 million. Two-thirds of these costs are in dollars, so we subtract $245.3 million, leaving a net dollar cash flow of $174.7 million.1 This converts to €131 million. After subtracting Exacta’s cost in euros,2 it is left with €39 million.Now look at column (A) in the table. At .69 €/$, the net dollar cash flow now converts to only €120.5 million, leaving Exacta with €28.5 million after its costs in euros1 For simplicity we are forgetting about U. S. or French taxes.2 One third of costs are incurred in euros. The costs are $368/3 = $122.7 in dollars or 122.7×.75 = €92 in euros.are paid. (We assume that Exacta’s costs in euros are not affected by the dollar’s decline.) So its loss from the fall in the dollar is €39– 28.5 = €10.5 million.3Column (B) shows the annual proceeds to Exacta if all costs were in euros rather than dollars. (This would be a pure export business with $420 million in annual sales.) In this case Exacta gets only €13.8 million. Column (C) shows the result if all costs of the new U. S. plant are in dollars. In this case Exacta gets €35.9 million, its U.S. profits of $52 million times the exchange rate of .69 €/$. In this case Exacta would only have to worry about hedging the profits of the U. S. plant, not its sales revenues.Now let’s go back to the base case in the left-hand column of Table 1. If Exacta decides to hedge the annual dollar cash flow produced by its U. S. plant, it will sell $174.7 million forward for euros. It may also decide to hedge any dollar accounts receivable accumulated by the U. S. plant.Of course, selling forward one year’s net dollar revenues is somewhat arbitrary (why not 15 or 18 months?) and leaves Exacta exposed to subsequent changes in the exchange rate. Exacta might think about hedging the present value of the dollar cash flows generated by the plant,4 but calculating the sensitivity of this present value to changes in the euro-dollar exchange rate would not be easy. M. Pangloss would have to try to understand the long-run effects of an exchange-rate shift on the plant’s cash flow in dollars and euros. There is no reason to think that financing all of the plant’s construction cost with dollar borrowing would be the correct hedge for any exposure.Once Exacta decides how much to hedge its dollar exposures, it can do so either by selling dollars forward or by borrowing dollars and immediately converting the proceeds of the borrowing into euros. The forward market is more liquid for short-term transactions, but for longer-term hedges it may be easier to borrow dollars and convert to euros.3It doesn’t matter whether Exacta bills its U. S. plant for these costs in dollars or euros.4 There is no point in hedging the investment in the plant, because that investment will be sunk by the time the plant is operating.Table 1. Calcula ting Exacta S.A.’s Net Profits i n Euros from its U.S. PlantAt 1.33 $/€(.75 €/$)At 1.45 $/€(.69 €/$)Revenue $420.0 (A) $420 (B) $420 (C) $420Operating costs(in dollars)$245.3 $245.3 __--__ $368Net dollar cashflow$174.7 $174.7 $ 420 $ 52 Value in euros € 131.0 € 120.5 € 289.8 € 35.9Exacta’s eurocosts€ 92.0 € 92.0 € 276.0 __--__ Net to exacta € 39.0 € 28.5 € 13.8 € 35.9Column A shows the impacts of a declining dollar. Columns B and C are hypothetical cases. Column B assumes that all costs are in euros; Column C assumes that all costs are in dollars.。

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第十二章小案例分析
组员：蔡艺淳、张锐霞、丘蕙歆、王海燕、李羽、李璐怡、薛姣阳
Bernice Mountainindog需要根据备忘录和Sea Shore Salt的资产负债表向她的老板Brinepool解释公司的加权平均资本成本。

前提条件：
1.公司发行100万股优先股，每年每股股利6.00美元，每股账面价值100美元，
现交易中每股股价70美元。

2.发行普通股1000万股，每股股利可能为2.00美元，每股交易价格40美元，
并且收益和股利以每年0.067的比例稳定增长。

3.银行贷款和长期债券的账面价值和市场价值相差不大。

4.在当前利率为7%，市场风险溢价为7%的情况下，Bernice用资本资产定价模
型（CAPM）计算了准确的股票成本为10.5%
资本资产定价模型计算出的股票成本能够准确的推断出由股利贴现模型计算出来的普通股收益率。

由于普通股准确的收益率为10.5%，此值应该大致与稳定增长的股利贴现模型计算出来的结果一致。

股利贴现模型计算出的普通股的成本为：
Re = DIV1/P0 + g = 2/4 +0.067 = 11.7%
因此，Bernice的计算是正确的。

优先股的收益率为：Rp=DIV/P = 6/70 = 8.6%
最后，加权平均资本成本的计算是根据市场价值来计算权重的，而不是根据历史价值。

由于银行贷款和长期债券的账面价值和市场价值相差不大，所以可以直接用账面价值代表市场价值。

市场价值的权重计算如下：
普通股的市场价值为：E = 40*1000万 = 400百万
优先股的市场价值为：P = 70*100万 = 70百万
总投资额v为：V = 120+80+70+400 = 670百万
银行贷款占总资产额的权重为：D1/V = 120/670 = 17.91%
长期债券占总资产额的权重为：D2/V = 80/670 = 11.94%
普通股占总投资额的权重为：E/V = 400/670 = 59.70%
优先股占总投资额的权重为：P/V = 70/670 = 10.45%
所以，公司的加权平均资本成本（WACC ）为
WACC = [0.1791 * 8% *（1-0.35）] + [0.1194 * 7.75% * (1-0.35)]
+ (0.1045 * 8.6%) + (0.5970 * 10.50%)
= 8.70%
检验CAPM 计算的结果
0087.0105.0*400087.0086.0*70087.035.010775.0*80087.035.0108.0*120670=++-+-+-=）（）（NPV 以加权平均资本为贴现率对预期现金流进行贴现，项目的净现值刚好为0，所以检验通过，CAPM 模型计算的结果是正确的。