ch04 The Financial Environment 财务相关管理基础课件.pptVIP

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2018-05-21 发布于天津
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ch04 The Financial Environment 财务相关管理基础课件.ppt

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ch04 The Financial Environment 财务相关管理基础课件.ppt

CHAPTER 4The Financial Environment: Markets, Institutions, and Interest Rates;What is a market?;Types of financial markets;How is capital transferred between savers and borrowers?;Types of financial intermediaries;What four factors affect the cost of money?;“Nominal” vs. “Real” rates;Determinants of interest rates;Premiums added to k* for different types of debt;Yield curve and the term structure of interest rates;Constructing the yield curve: Inflation;Constructing the yield curve:Inflation;Constructing the yield curve: Inflation;Constructing the yield curve: Maturity Risk;Add the IPs and MRPs to k* to find the appropriate nominal rates;Hypothetical yield curve;What is the relationship between the Treasury yield curve and the yield curves for corporate issues?;Illustrating the relationship between corporate and Treasury yield curves;Pure Expectations Hypothesis;Assumptions of the PEH;An example:Observed Treasury rates and the PEH;One-year forward rate;Three-year security, two years from now;Conclusions about PEH;Other factors that influence interest rate levels;Risks associated with investing overseas;Factors that cause exchange rates to fluctuate