Unit 9 Securities.pptVIP

Stock: 股票，存货，库存 capital market: 资本市场 money market: 货币市场 long-term debt：长期债务 equity instrument: 股权工具 Purpose of the Capital Market Firms that issue capital market securities and the investors who buy them have very different motivations than those who operate in the money markets. Purpose of the Capital Market The primary reason that individuals and firms choose to borrow long-term is to reduce the risk that interest rates will rise before they pay off their debt. This reduction in risk comes at a cost, however. 个人与企业选择举借长期债务的主要原因是为了降低债务清偿前利率上升的风险。 然而，这种风险的降低也需承担一定的成本，由于风险溢价，在大多数情形下，长期利率高于短期利率。 thus 因此，从而 nothing more than 仅仅，只不过 1. It is nothing more than a made-up story. 它只不过是杜撰的故事而已。 2. It was nothing more than a shower. 只不过是下了场阵雨。 Classification of Capital Markets in terms of mechanism of trade. 1.Over the Counter (OTC) Market 2.Exchanges optimistic 乐观的，积极的 pessimistic 悲观的，消极的 pale 苍白的 pass away 去世，（时间）消磨，过去 concentrate on doing 集中于 recommend 推荐，介绍 instant 即时的 monitor 监视；班长；显示屏（器） process 处理 forward 传递 dividends 股利 other than 除了 diversify 多样化 trusts 信托基金 execute 实现，完成 for reference 以备参考 outstanding stock 发行在外的股票 ownership interest 所有者权益 riskier 更危险，更冒险 risk-risky despite 尽管 owe 欠债 obligate 负有责任、义务 coupon rate 票面利率 has a claim on 有对……的要求权 preferred stock 在表达优先股时美英两国的习惯差异甚大。 美国多简单地使用形容词“preferred”表示优先股，有时在后边加入名词“stock”； 而英国多使用“preference”，习惯加名词“share”。 另为： preference share；preference stock；preferential share；preferred；preferred stock . Conversation 5：Investing in Municipal Bonds Ｐ140 I was expecting you. 我一直在等你 for instance=for example 例如，比如 exempt 免除 principal 本金，资金 What is NASDAQ National Association of Securities Dealers Automated Quotation system (美)全国证券交易商自动报价系统协会 纳斯达克指数 Unit 9 Securities Investing in stocks 股票投资Trading in stocks 股票交易Investing in funds 基金投资Investing in treasury securities