金融英语chapter_five_Bonds教材教学课件.pptVIP

Notes to the text 2. alternative-investment 另类投资 Alternative investment refers to investment made in assets or financial instruments other than common investment tools such as stocks, bonds or futures. Major alternative investment tools include private equity, venture capital, leveraged buyout, and fund of funds. Alternative investment products generally are not traded on public exchanges, thus they do not offer high liquidity. But since they could offer comparatively higher returns and provide a tool for investment diversification, alternative investment has been gaining popularity among institutional investors and wealthy individuals. Notes to the text Drexel Burnham Lambert 德崇证券 本篇课文多次提到的Drexel Burnham Lambert是曾经在80年代叱咤风云的一家投资银行，顶峰时曾是华尔街排名第五的投行，尤其在垃圾债券市场(Junk Bond Market)上有举足轻重的地位。后期因为其雇员Michael Milken在垃圾债券市场上的违规操作，被美国证监会处以巨额罚款，从此一蹶不振，再加80年代末垃圾债券市场的崩盘，一系列因素最终导致Drexel Burnham Lambert在1990年宣布破产。 Notes to the text 4. insider-trading 内幕交易 Insider trading refers to the trading of securities by corporate insiders such as managers or executives. The term is sometimes controversial, which actually includes both legal and illegal conduct. According to U.S. Securities and Exchange Commission (SEC), Legal insider trading requires that when corporate insiders—officers, directors, and employees—buy and sell stock in their own companies they report their trades to the SEC. Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Illegal insider trading can lead to fine and even imprisonment for the guilty party. Notes to the text securities fraud 证券欺诈 The term Securities Fraud refers to a wide range of illegal activities and strategies, which generally include the deception of investors or the manipulation of financial markets. For example, an analyst at a brokerage