博迪投资学Chap002章节.pptVIP

CHAPTER 2 Asset Classes and Financial Investments Figure 2.10 Trading Data on GE Options Figure 2.11 Listing of Selected Futures Contracts * 2-* Bodie, Kane and Marcus Slides by Susan Hine McGraw-Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Major Classes of Financial Assets or Securities Money market Bond market Equity Securities Indexes Derivative markets The Money Market Treasury bills Bid and asked price Bank discount method Certificates of Deposits Commercial Paper Bankers Acceptances The Money Market Continued Eurodollars Repurchase Agreements (RPs) and Reverse RPs Brokers’ Calls Federal Funds LIBOR Market Figure 2.1 Rates on Money Market Securities Table 2.1 Major Components of the Money Market Figure 2.2 Treasury Bill Yields Figure 2.3 The Spread between 3-month CD and Treasury Bill Rates The Bond Market Treasury Notes and Bonds Inflation-Protected Treasury Bonds Federal Agency Debt International Bonds Municipal Bonds Corporate Bonds Mortgages and Mortgage-Backed Securities Treasury Notes and Bonds Maturities Notes – maturities up to 10 years Bonds – maturities in excess of 10 years 30-year bond Par Value - $1,000 Quotes – percentage of par Figure 2.4 Lisiting of Treasury Issues Federal Agency Debt Major issuers Federal Home Loan Bank Federal National Mortgage Association Government National Mortgage Association Federal Home Loan Mortgage Corporation Municipal Bonds Issued by state and local governments Types General obligation bonds Revenue bonds Industrial revenue bonds Maturities – range up to 30 years Figure 2.5 Tax-exempt Debt Outstanding Municipal Bond Yields Interest income on municipal bonds is not subject to federal and sometimes not to state and local tax To compare yields on taxable securities a Taxable Equivalent Yield is constructed Table 2.2 Equivalent Taxable Yields Corresponding to Various Tax-Exempt Yields Figure 2.6 Ratio of Yields on Tax-Exempt to Taxable Bonds Corporate Bonds Issued by private fi