金融市场与金融机构Chapter1解读.pptVIP

Part I Introduction * Chapter One Why Study Financial Markets and Institutions? * Why Study Financial Markets? Why Study Financial Institutions? Applied Managerial Perspective How We Will Study Financial Markets and Institutions Concluding Remarks * Chapter Preview * 1.1 Why Study Financial Markets? 1.1.1 Debt Markets and Interest Rates 1.1.2 The stock market 1.1.3 The Foreign Exchange Market * financial markets: Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage. * Why Study Financial Markets? Channels funds from savers to investors, thereby promoting economic efficiency Affects personal wealth, behavior of business and consumers. * 1.1.1 Debt Markets and Interest Rates security: A claim on the issuers future income or assets. Also called a financial instrument. asset: Any financial claim or pieces of property that is subject to ownership. * bond: A debt security that promises to make payments periodically for a specified period of time. A certificate of debt issued by a government or corporation guaranteeing payment of the original investment plus interest by a specified future date. * interest rate: The cost of borrowing or the price paid for the rental of funds (usually expressed as a percentage of the rental of $100 per year). * Bond Market and Interest Rates * treasury bills 国库券 Treasury notes 中期国库券 long-term bonds 长期债券 Treasury bills: Securities sold by the federal government with initial maturities of less than one year. They are often considered the lowest-risk security available. * 1.1.2 The stock market stock: A security that represents a share of ownership in a corporation. It is the claim on the earnings and assets of a corporation. Stock market: in which claims on the earnings a of corporations（shares of stock）are traded, is the most widely followed financial market in America (that’s why it is often called simply “the market”). * big killing 大赚一笔 big loss 巨大损失 Dow Jones