Bodie2e_Chapter02 Financial Markets and Institutions 英文版PPT 金融学（第二版）教程文件.pptVIP

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Bodie2e_Chapter02 Financial Markets and Institutions 英文版PPT 金融学（第二版）教程文件.ppt

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Bodie2e_Chapter02 Financial Markets and Institutions 英文版PPT 金融学（第二版）教程文件.ppt

Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Mutual Funds A portfolio of stocks, bonds, or other assets purchased in the name of a group of investors, and managed by a professional investment company or financial association Open ended Closed ended Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Investment Banks Assist businesses and governments raise funds by issuing securities Facilitate mergers and acquisitions Underwrite security issues See: Commercial Banks, Glass Steagall Act, 1933 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Venture Capital Firms Similar to investment banks, but corporate clientele are usually start-up companies Help manage company until ready to go public Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Asset / Investment Management Firms Advise, and often administer: mutual funds, pension funds, and other asset pools on behalf of individuals, firms, and governments Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Information Services Firms that specialize in providing financial information Standard and Poor’s; Moody’s Best (Insurance) Bloomberg; Reuters Lipper, Morningstar, SEI Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall 2.8 Financial Infrastructure and Regulation Rules for Trading Accounting Systems Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall 2.9 Government and Quasi-Government Organizations Central Banks Special Purpose Intermediaries Regional and World Organizations Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Exchange Rate Example 15000 ￥ 15260 ￥ 15450 ￥￡100 ￡109 Time 3% ￥/￥ (direct) 1.73% ￥/￡/￡/￥ 150 ￥/￡ 9%￡/￡ 140 ￥/￡ Japan U.K. Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall Exchange Rate Example The currency speculation doesn’t pay-off under