对外经济贸易大投资学课件1.pptVIP

Stock Market Index Major Stock Market Index Dow Jones Industrial Average SP 500 Index Nasdaq Nikkei Average of Tokyo Heng Seng Index Price-Weighted Index E.g Dow Jones Industrial Average I(T)= the index value on day T D(T)=the Divisor on day T(adjust for split,etc) P(I,T) the price of stock I on day T An example for stock split Suppose Day 1 Day 2 A 50 55 B 20 17 C 32 15 Index at day1 is (50+20+32)/3=34 On day 2, stock C has 1:2 split, the divisor is (50+20+16/34)=2.53 Index on day 2 is (55+17+15/2.53)=34.39 If written in percentage, the index is (34.39/34)*100=101.15 Value-weighted Index E.g SP 500 Index N(I,T) is number of shares of stock I on day T P(I,1) and N(I,1) is the price and volume of stock I on the base day The base level for SP500 index is 10 Forward and Futures Market Forwards and futures Arrangement to buy or sell asset at certain time in future for certain price Negotiation of forwards between investors and banks Exchange-traded futures Types of forward/futures contract Currency stock Index Interest rate Commodity Understanding Wall Street quotes SP500 index(CME) $250*index open High Low settle Open interest Mar 907.50 910.70 901.70 909.90 572994 pre 911.25 903.07 908.59 Option Market Traded options Call options vs. put options Call option gives holder right to buy asset by certain date for certain price Put option gives holder right to sell asset by certain date for certain price Understanding Wall-Street quotes Listed Options Quotations Call Put option strike Exp Vol Last Vol Last Dell 487/8 40 Oct 500 91/4 223 5/16 Dell 487/8 50 Oct 9266 17/8 876 3 Option-like Securities Warrants Option to buy specified number of common stocks at set price and/or before set date Call warrants vs. put warrants Warrants vs. derivatives warrants Attached to new issue of bonds or common stocks Exchange-traded Commodity Market Commodities Farm products, precious metals and financial products Cash markets vs. future markets Financial markets an