投资学第6版第1章教案
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The Investment Environment
CHAPTER 1
1-1
Outline
• • • • Real assets & financial assets Definition of investments Investments enviroments Investments process
key
The REIT manager pools the resources of many investors and uses these resources to buy a portfolio of real estate assets. Each investor in the REIT owns a fraction of the total portfolio, in accordance with the size of the individual investment. The REIT gives the investor the ability to hold a diversified portfolio of real estate assets. Moreover, the investor has the ability to buy and sell shares of the REIT far more easily and cheaply than the real estate itself could be bought or sold. Investors are willing to pay the manager of a REIT a reasonable management fee in return for these benefits. Therefore, the profit motive will lead qualified firms to organize and sell REITs.
1-17
STEP 1: Investment Policy
– Identify investor’s unique objective – Determine amount of investable wealth – State objectives in terms of risk and return – Identify potential investment categories
– Securities • Treasury bills • Short/long term bonds • Common stocks • Funds • …… – Risk, return, and diversification – Security market – Financial intermediaries
1-12
The Players Continued
• Investment Bankers – Perform specialized services for businesses – Markets in the primary market
1-13
Financial Markets and the Economy
1-25
Figure 1.1 Globalization: A Debt Issue Denominated in Euros
1-26
Recent Trends—Securitization
• Mortgage pass-through securities • Other pass-through arrangements – Car, student, home equity, credit card loans • Offers opportunities for investors and originators
• • • • Collocation of capital Consumption Timing Allocation of Risk Separation of Ownership and Management – Agency Issues
1-14
Question?
Many investors would like to invest part of their portfolios in real estate but obviously cannot on their own purchase office buildings or strip malls. Explain how this situation creates a profit incentive for investment firms that can sponsor REITs (real estate investment trusts).
1-4
Investment-definition
• • What is Investment? The sacrifice of current dollars for future dollars. – Reduced current consumption – Planned later consumption • Two different attributes: – Time – Risk
1-8
Investment Environment
• Securities (P.3)
– A legal representation of the right to receive prospective future benefits under stated conditions. – 3 factor—liquidity / Earning /Risk
The Investment Process
There is a five-step procedure decisions form for investment process: oSet investment policy oPerform security analysis oConstruct a portfolio oRevise the portfolio oEvaluate the performance of the portfolio
1-22
Table 1.3 Balance Sheet of Commercial Banks, 2007
1-23
Table 1.4 Balance Sheet of Nonfinancial U.S. Business, 2007
1-24
Recent Trends—Globalization
1-21
Step 5: Portfolio Performance Evaluation
• Involves periodic determination of portfolio performance with respect to risk and return • Requires appropriate measures of risk and return
wenku.baidu.com
•
Rate of return
EOP wealth – BOP wealth RoR = ------------------------------------
BOP wealth
1-9
security market
Direct method Issues securities Corporation Provides funds Indirect method Issues Securities Corporation Provides Funds Offers Accounts Provide Funds General Public
1-20
Step 4: Portfolio Revision
• Periodically repeat Step 3 • Revise if necessary
– increase/decrease existing securities – delete some securities – add new securities
1-18
Step 2: Security Analysis
–Using potential investment categories,
find mispriced securities –Using fundamental analysis • intrinsic value should equal discounted present value –Compare current market price to true market value –Identify undervalued securities –Using technical analysis
1-7
A Taxonomy of Security
• Fixed income or debt – Money market instruments • Bank certificates of deposit – Capital market instruments • Bonds • Common stock • Derivative securities
1-5
The investment environment
– encompasses the kinds of marketable securities that exist and where and how they are bought and sold.
1-6
The investment environment
1-19
Step 3: Construct a Portfolio
• IDENTIFY SPECIFIC ASSETS AND PROPORTION OF WEALTH IN WHICH TO INVEST • ADDRESS ISSUES OF
– SELECTIVITY – TIMING – DIVERSIFICATION
• • • • American Depository Receipts (ADRs) Foreign securities offered in dollars Mutual funds that invest internationally Instruments and vehicles continue to develop (WEBs) • Exchange Traded Funds (ETFs)
1-2
Real Assets & Financial Assets
• Real Assets – Assets used to produce goods and services • Financial Assets – Claims on real assets
1-3
Table 1.1 Balance Sheet of U.S. Households, 2007
Financial Intermediary
General Public
1-10
The Players
• Business Firms– net borrowers • Households – net savers • Governments – can be both borrowers and savers • Financial Intermediaries – Investment Companies – Banks – Insurance companies – Credit unions
1-27
Figure 1.2 Asset-backed Securities Outstanding
1-28
Recent Trends—Financial Engineering
• Use of mathematical models and computerbased trading technology to synthesize new financial products • Bundling and unbundling of cash flows
CHAPTER 1
1-1
Outline
• • • • Real assets & financial assets Definition of investments Investments enviroments Investments process
key
The REIT manager pools the resources of many investors and uses these resources to buy a portfolio of real estate assets. Each investor in the REIT owns a fraction of the total portfolio, in accordance with the size of the individual investment. The REIT gives the investor the ability to hold a diversified portfolio of real estate assets. Moreover, the investor has the ability to buy and sell shares of the REIT far more easily and cheaply than the real estate itself could be bought or sold. Investors are willing to pay the manager of a REIT a reasonable management fee in return for these benefits. Therefore, the profit motive will lead qualified firms to organize and sell REITs.
1-17
STEP 1: Investment Policy
– Identify investor’s unique objective – Determine amount of investable wealth – State objectives in terms of risk and return – Identify potential investment categories
– Securities • Treasury bills • Short/long term bonds • Common stocks • Funds • …… – Risk, return, and diversification – Security market – Financial intermediaries
1-12
The Players Continued
• Investment Bankers – Perform specialized services for businesses – Markets in the primary market
1-13
Financial Markets and the Economy
1-25
Figure 1.1 Globalization: A Debt Issue Denominated in Euros
1-26
Recent Trends—Securitization
• Mortgage pass-through securities • Other pass-through arrangements – Car, student, home equity, credit card loans • Offers opportunities for investors and originators
• • • • Collocation of capital Consumption Timing Allocation of Risk Separation of Ownership and Management – Agency Issues
1-14
Question?
Many investors would like to invest part of their portfolios in real estate but obviously cannot on their own purchase office buildings or strip malls. Explain how this situation creates a profit incentive for investment firms that can sponsor REITs (real estate investment trusts).
1-4
Investment-definition
• • What is Investment? The sacrifice of current dollars for future dollars. – Reduced current consumption – Planned later consumption • Two different attributes: – Time – Risk
1-8
Investment Environment
• Securities (P.3)
– A legal representation of the right to receive prospective future benefits under stated conditions. – 3 factor—liquidity / Earning /Risk
The Investment Process
There is a five-step procedure decisions form for investment process: oSet investment policy oPerform security analysis oConstruct a portfolio oRevise the portfolio oEvaluate the performance of the portfolio
1-22
Table 1.3 Balance Sheet of Commercial Banks, 2007
1-23
Table 1.4 Balance Sheet of Nonfinancial U.S. Business, 2007
1-24
Recent Trends—Globalization
1-21
Step 5: Portfolio Performance Evaluation
• Involves periodic determination of portfolio performance with respect to risk and return • Requires appropriate measures of risk and return
wenku.baidu.com
•
Rate of return
EOP wealth – BOP wealth RoR = ------------------------------------
BOP wealth
1-9
security market
Direct method Issues securities Corporation Provides funds Indirect method Issues Securities Corporation Provides Funds Offers Accounts Provide Funds General Public
1-20
Step 4: Portfolio Revision
• Periodically repeat Step 3 • Revise if necessary
– increase/decrease existing securities – delete some securities – add new securities
1-18
Step 2: Security Analysis
–Using potential investment categories,
find mispriced securities –Using fundamental analysis • intrinsic value should equal discounted present value –Compare current market price to true market value –Identify undervalued securities –Using technical analysis
1-7
A Taxonomy of Security
• Fixed income or debt – Money market instruments • Bank certificates of deposit – Capital market instruments • Bonds • Common stock • Derivative securities
1-5
The investment environment
– encompasses the kinds of marketable securities that exist and where and how they are bought and sold.
1-6
The investment environment
1-19
Step 3: Construct a Portfolio
• IDENTIFY SPECIFIC ASSETS AND PROPORTION OF WEALTH IN WHICH TO INVEST • ADDRESS ISSUES OF
– SELECTIVITY – TIMING – DIVERSIFICATION
• • • • American Depository Receipts (ADRs) Foreign securities offered in dollars Mutual funds that invest internationally Instruments and vehicles continue to develop (WEBs) • Exchange Traded Funds (ETFs)
1-2
Real Assets & Financial Assets
• Real Assets – Assets used to produce goods and services • Financial Assets – Claims on real assets
1-3
Table 1.1 Balance Sheet of U.S. Households, 2007
Financial Intermediary
General Public
1-10
The Players
• Business Firms– net borrowers • Households – net savers • Governments – can be both borrowers and savers • Financial Intermediaries – Investment Companies – Banks – Insurance companies – Credit unions
1-27
Figure 1.2 Asset-backed Securities Outstanding
1-28
Recent Trends—Financial Engineering
• Use of mathematical models and computerbased trading technology to synthesize new financial products • Bundling and unbundling of cash flows