课题-Investments-10th-edition-by-Bodie-Kane-and-Marcus课后答案.pptxVIP

Investments 10th edition by Bodie Kane and Marcus课后答案Real Assets Versus Financial AssetsEssential nature of investmentReduced current consumptionPlanned later consumptionReal AssetsAssets used to produce goods and servicesFinancial AssetsClaims on real assetsTable 1.1 Balance Sheet of U.S. Households, 2007Table 1.2 Domestic Net WorthA Taxonomy of Financial Assets Fixed income or debt Money market instrumentsBank certificates of deposit Capital market instrumentsBondsCommon stock or equityDerivative securitiesFinancial Markets and the EconomyInformation RoleThe Google effectConsumption TimingAllocation of RiskSeparation of Ownership and ManagementAgency IssuesFinancial Markets and the Economy ContinuedCorporate Governance and Corporate EthicsAccounting ScandalsExamples – Enron, Rite Aid, HealthSouthAuditors—watchdogs of the firmsAnalyst ScandalsArthur AndersenSarbanes-Oxley ActTighten the rules of corporate governance The Investment ProcessAsset allocationChoice among broad asset classesSecurity selectionChoice of which securities to hold within asset classSecurity analysisMarkets are CompetitiveRisk-Return Trade-OffEfficient MarketsActive ManagementFinding mispriced securitiesTiming the marketPassive ManagementNo attempt to find undervalued securitiesNo attempt to time the marketHolding a highly diversified portfolioThe PlayersBusiness Firms– net borrowersHouseholds – net saversGovernments – can be both borrowers and saversFinancial IntermediariesInvestment CompaniesBanksInsurance companiesCredit unions The Players ContinuedInvestment BankersPerform specialized services for businessesMarkets in the primary marketTable 1.3 Balance Sheet of Commercial Banks, 2007Table 1.4 Balance Sheet of Nonfinancial U.S. Business, 2007Recent Trends—Globalization American Depository Receipts (ADRs)Foreign securities offered in dollarsMutual funds that invest internationallyInstruments and vehicles continue to develop (WEBs)Exchange Traded Funds (ETFs)Figure 1.1 Globalization: A Debt