Chap002资产种类与金融机构.ppt

1、INVESTMENTS|BODIE,KANE,MARCUSCopyright 2011 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/IrwinCHAPTER 2Asset Classes and Financial Instruments资产种类与金融机构INVESTMENTS|BODIE,KANE,MARCUS2-2Asset ClassesMoney market instruments货币市场Capital market instruments资本市场Bonds债券Equity Securities股票

2、Derivative Securities衍生工具INVESTMENTS|BODIE,KANE,MARCUS2-3The Money Market货币市场Subsector of the fixed-income market:Securities are short-term,liquid,low risk,and often have large denominations固定收益市场的子市场，短期，流动性高，风险低，本金大Money market mutual funds allow individuals to access the money market.货币市场基金使得个人投资者

3、进入货币市场INVESTMENTS|BODIE,KANE,MARCUS2-4Table 2.1 Major Components ofthe Money Market货币市场的主要构成INVESTMENTS|BODIE,KANE,MARCUS2-5Money Market Securities货币市场证券Treasury bills:Short-term debt of U.S.government短期国库券Bid and asked price买卖报价Bank discount method银行贴现法Certificates of Deposit:Time deposit with a ba

4、nk大额存单Commercial Paper:Short-term,unsecured debt of a company商业票据INVESTMENTS|BODIE,KANE,MARCUS2-6Money Market Securities货币市场Bankers Acceptances:An order to a bank by a banks customer to pay a sum of money on a future date银行承兑汇票Eurodollars:dollar-denominated time deposits in banks outside the U.S.欧洲美

5、元Repos and Reverses:Short-term loan backed by government securities.回购，拟回购Fed Funds:Very short-term loans between banks联邦基金，银行间的超短期贷款INVESTMENTS|BODIE,KANE,MARCUS2-7Yields on Money Market Instruments货币市场证券的收益Except for Treasury bills,money market securities are not free of default risk除了短期国库券都有违约风险B

6、oth the premium on bank CDs and the TED spread have often become greater during periods of financial crisis大额存单类的风险溢价在金融危机期间大幅上涨During the credit crisis of 2008,the federal government offered insurance to money market mutual funds after some funds experienced losses危机期间联邦政府曾经提供过保险INVESTMENTS|BODIE,K

7、ANE,MARCUS2-8The Bond Market债券市场Treasury Notes and Bonds中长期国债Inflation-Protected Treasury Bonds通胀保值债券Federal Agency Debt联邦机构债International Bonds国际债券INVESTMENTS|BODIE,KANE,MARCUS2-9The Bond Market债券市场Municipal Bonds市政债券Corporate Bonds公司债券Mortgages and Mortgage-Backed Securities资产抵押债券INVESTMENTS|BODIE

8、,KANE,MARCUS2-10Treasury Notes and Bonds中长期国债Maturities期限Notes maturities up to 10 yearsBonds maturities from 10 to 30 yearsPar Value-$1,000面值Interest paid semiannually付息Quotes percentage of par报价INVESTMENTS|BODIE,KANE,MARCUS2-11The Bond Market债券市场Inflation-Protected Treasury Bonds通胀保值债券TIPS:Provide

9、 inflation protection抗击通货膨胀Federal Agency Debt联邦机构债Debt of mortgage-related agencies such as Fannie Mae and Freddie Mac房利美房地美International Bonds国际债券Eurobonds and Yankee bonds欧洲债券、扬基债券INVESTMENTS|BODIE,KANE,MARCUS2-12Municipal Bonds市政债券Issued by state and local governments州政府或者地方政府Interest is exempt

10、from federal income tax and sometimes from state and local tax利息不须缴纳收入税，但是需要缴纳资本利得税INVESTMENTS|BODIE,KANE,MARCUS2-13Municipal Bonds市政债券TypesGeneral obligation bonds:Backed by taxing power of issuer一般责任债券：征税能力支持Revenue bonds:backed by projects revenues or by the municipal agency operating the project

11、.收入债券：由具体的市政项目的收益支持INVESTMENTS|BODIE,KANE,MARCUS2-14Figure 2.4 Tax-exempt Debt OutstandingINVESTMENTS|BODIE,KANE,MARCUS2-15Municipal Bond Yields市政债券To choose between taxable and tax-exempt bonds,compare after-tax returns on each bond.在收税和不收税的债券间选择，需要比较两者的最终收益Let t equal the investors marginal tax br

12、acketLet r equal the before-tax return on the taxable bond and r m denote the municipal bond rate.If r(1-t)r m then the taxable bond gives a higher return;otherwise,the municipal bond is preferred.INVESTMENTS|BODIE,KANE,MARCUS2-16Table 2.2 Tax-Exempt Yield TableThe equivalent taxable yield is simply

13、 the tax-free rate,rm,divided by(1-t).INVESTMENTS|BODIE,KANE,MARCUS2-17Corporate Bonds公司债券Issued by private firms私人公司发行 Semi-annual interest payments半年付息Subject to larger default risk than government securities比政府债券违约风险大Options in corporate bonds期权Callable可回收Convertible可转换INVESTMENTS|BODIE,KANE,MARC

14、US2-18Proportional ownership of a mortgage pool or a specified obligation secured by a pool 抵押贷款池或者其他权益池的部分所有权Produced by securitizing mortgages由证券化的抵押贷款形成Mortgage-backed securities are called pass-throughs because the cash flows produced by homeowners paying off their mortgages are passed through t

15、o investors.资产支持证券业被叫做传递证券因为它们的收益由屋主支付然后传递到投资者手里Mortgage-Backed Securities资产支持证券INVESTMENTS|BODIE,KANE,MARCUS2-19Mortgage-Backed Securities资产支持证券Most mortgage-backed securities were issued by Fannie Mae and Freddie Mac.大部分这类证券都是由房地美与房利美发行截止2009年5.1万亿美元直逼国债市场超过公司债Traditionally,pass-throughs were comp

16、rised of conforming mortgages,which met standards of credit worthiness.传递证券由符合标准的抵押贷款组成，需要符合信用价值标准INVESTMENTS|BODIE,KANE,MARCUS2-20Mortgage-Backed Securities资产支持证券Eventually,“Private-label”issuers securitized large amounts of subprime mortgages,made to financially weak borrowers.Finally,Fannie and Freddie were allowed and even encouraged to buy subprime mortgage pools.September,2008:Fannie and Freddie got taken over by the federal government.INVESTMENTS|BODIE,KANE,MARCUS2-21Figure 2.6 Mortgage-b