投资分析与组合管理第三章PPT课件下载推荐.ppt

投资分析与组合管理第三章PPT课件下载推荐.ppt

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LecturePresentationSoftwaretoaccompanyInvestmentAnalysisandPortfolioManagementSeventhEditionbyFrankK.Reilly&@#@KeithC.BrownChapter3Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@Whyshouldinvestorshaveaglobalperspectiveregardingtheirinvestments?

@#@Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@WhathashappenedtotherelativesizeofU.S.andforeignstockandbondmarkets?

@#@Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@WhatarethedifferencesintheratesofreturnonU.S.andforeignsecuritiesmarkets?

@#@Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@HowcanchangesincurrencyexchangeratesaffectthereturnsthatU.S.investorsexperienceonforeignsecurities?

@#@Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@Isthereanadditionaladvantageofdiversifyingininternationalmarketsbeyondthebenefitsofdomesticdiversification?

@#@Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@Whatalternativesecuritiesareavailable?

@#@Whataretheircashflowandriskproperties?

@#@Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@Whatisthehistoricalreturnandriskcharacteristicsofthemajorinvestmentinstruments?

@#@Chapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:

@#@Whatistherelationshipamongreturnsforforeignanddomesticinvestmentinstruments?

@#@Whatistheimplicationoftheserelationshipsforportfoliodiversification?

@#@Reasonsfortheexpansionofinvestmentopportunities1.Growthanddevelopmentofforeignfinancialmarkets2.Advancesintelecommunicationstechnology3.MergersoffirmsandsecurityexchangesTheCaseforConstructingGlobalInvestmentPortfolios1.IgnoringforeignmarketscansubstantiallyreducetheinvestmentchoicesforU.S.investors2.Theratesofreturnonnon-U.S.securitiesoftenhavesubstantiallyexceededthoseforU.S.-onlysecurities3.ThelowcorrelationbetweenU.S.stockmarketsandmanyforeignmarketscanhelptosubstantiallyreduceportfolioriskRelativeSizeofU.S.FinancialMarkets1.TheshareoftheU.S.inworldcapitalmarketshasdroppedfromabout65percentofthetotalin1969toabout48percentin20002.ThegrowingimportanceofforeignsecuritiesinworldcapitalmarketsislikelytocontinueRelativeSizeofU.S.FinancialMarketsOverallvalueofthetotalinvestablecapitalmarkethasincreasedfrom$2.3Trillionin1969to$63.8Trillionin2000andtheU.S.portionhasdeclinedtolessthanhalf.ThistrendislikelytocontinueTheCaseforGlobalInvestmentsRatesofreturnavailableonnon-U.S.securitiesoftenexceedU.S.Securitiesduetohighergrowthratesinforeigncountries,especiallytheemergingmarketsTheCaseforGlobalInvestmentsDiversificationwithforeignsecuritiescanhelpreduceportfolioriskbecauseforeignmarketshavelowcorrelationwithU.S.capitalmarketsGlobalBondPortfolioRisk1.MacroeconomicdifferencescausethecorrelationofbondreturnsbetweentheUnitedStatesandforeigncountriestodiffer2.ThecorrelationofreturnsbetweenasinglepairofcountrieschangesovertimebecausethefactorsinfluencingthecorrelationchangeovertimeGlobalBondPortfolioRiskLowpositivecorrelationOpportunitiesforU.S.investorstoreduceriskCorrelationchangesovertimeAddingnon-correlatedforeignbondstoaportfolioofU.S.bondsincreasestherateofreturnandreducestheriskoftheportfolioGlobalEquityPortfolioRiskLowpositivecorrelationOpportunitiestoreduceriskofstockportfoliobyincludingforeignstocksSummaryonGlobalInvestingRelativelyhighratesofreturncombinedwithlowcorrelationcoefficientsindicatethataddingforeignstocksandbondstoaU.S.portfoliowillreduceriskandmayincreaseitsaveragereturnGlobalInvestmentChoicesFixed-incomeinvestmentsbondsandpreferredstocksEquityinvestmentsSpecialequityinstrumentswarrantsandoptionsFuturescontractsInvestmentcompaniesRealassetsFixed-IncomeInvestmentsContractualpaymentscheduleRecoursevariesbyinstrumentBondsinvestorsarelendersexpectinterestpaymentandreturnofprincipalPreferredstocksdividendsrequireboardofdirectorsapprovalSavingsAccountsFixedearningsConvenientLiquidLowriskLowratesCertificatesofDeposit（CDs）-instrumentsthatrequireminimumdepositsforspecifiedterms,andpayhigherratesofinterestthansavingsaccounts.PenaltyimposedforearlywithdrawalMoneyMarketCertificatesCompeteagainstTreasurybills（T-bills）Minimum$10,000MinimummaturityofsixmonthsRedeemableonlyatbankofissuePenaltyifwithdrawnbeforematurityCapitalMarketInstrumentsFixedincomeobligationsthattradeinsecondarymarketU.S.TreasurysecuritiesU.S.GovernmentagencysecuritiesMunicipalbondsCorporatebondsU.S.TreasurySecuritiesBills,notes,orbonds-dependingonmaturityBillsmatureinlessthan1yearNotesmaturein1-10yearsBondsmatureinover10yearsHighlyliquidBackedbythefullfaithandcreditoftheU.S.GovernmentU.S.GovernmentAgencySecuritiesSoldbygovernmentagenciesFederalNationalMortgageAssociation（FNMAorFannieMae）FederalHomeLoanBank（FHLB）GovernmentNationalMortgageAssociation（GNMAorGinnieMae）FederalHousingAdministration（FHA）NotdirectobligationsoftheTreasuryStillconsidereddefault-freeandfairlyliquidMunicipalBondsI