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博迪投资学第九版课件Chap001
Chapter?1
The Investment Environment
INVESTMENTS | BODIE,?KANE,?MARCUS
Real?Assets?Versus?Financial?Assets
1-2
? Real Assets
– Determine the productive capacity and
t i f thne ncome o e economy
– Examples: Land, buildings, machines,
knowledge used to produce goods and
services
? Financial Assets
– Claims on real assets
INVESTMENTS | BODIE,?KANE,?MARCUS
Financial?Assets?
1-3
? Three types:
1 Fixed income or debt.
2. Common stock or equity
3. Derivative securities
INVESTMENTS | BODIE,?KANE,?MARCUS
Fixed?Income
1-4
P t fi d d t i d b? aymen s xe or e erm ne y a
formula
? Money market debt: short term highly ,
marketable, usually low credit risk
? Capital market debt: long term bonds,
can be safe or risky
INVESTMENTS | BODIE,?KANE,?MARCUS
Common?Stock?and?Derivatives
1-5
? Common Stock is equity or ownership
in a corporation.
P t t t kh ld t fi d– aymen s o s oc o ers are no xe ,
but depend on the success of the firm
? Derivatives
– Value derives from prices of other
securities, such as stocks and bonds
– Used to transfer risk
INVESTMENTS | BODIE,?KANE,?MARCUS
Financial?Markets?and?the?Economy
1-6
? Information Role: Capital flows to
companies with best prospects
? Consumption Timing: Use securities
to store wealth and transfer
consumption to the future
INVESTMENTS | BODIE,?KANE,?MARCUS
Financial?Markets?and?the?
1-7
Economy?(Ctd.)
? Allocation of Risk: Investors can select
securities consistent with their tastes
for risk
? Separation of Ownership and
Management: With stability comes
agency problems
INVESTMENTS | BODIE,?KANE,?MARCUS
Financial?Markets?and?the?
1-8
Economy?(Ctd.)
? Corporate Governance and Corporate Ethics
– Accounting Scandals
? Examples – Enron, Rite Aid, HealthSouth
– Auditors – watchdogs of the firms
– Analyst Scandals
? Arthur Andersen
– Sarbanes-Oxley Act
? Tighten the rules of corporate governance
INVESTMENTS | BODIE,?KANE,?MARCUS
The?Investment?Process
1-9
? Asset allocation
– Choice among broad ass
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