Investments-10th-edition-by-Bodie-Kane-and-Marcus课后答案演示教学.pptxVIP

Investments 10th edition by Bodie Kane and Marcus课后答案;Essential nature of investment Reduced current consumption Planned later consumption Real Assets Assets used to produce goods and services Financial Assets Claims on real assets;Table 1.1 Balance Sheet of U.S. Households, 2007;Table 1.2 Domestic Net Worth;A Taxonomy of Financial Assets ;Information Role The Google effect Consumption Timing Allocation of Risk Separation of Ownership and Management Agency Issues;Corporate Governance and Corporate Ethics Accounting Scandals Examples – Enron, Rite Aid, HealthSouth Auditors—watchdogs of the firms Analyst Scandals Arthur Andersen Sarbanes-Oxley Act Tighten the rules of corporate governance ;Asset allocation Choice among broad asset classes Security selection Choice of which securities to hold within asset class Security analysis;Risk-Return Trade-Off Efficient Markets Active Management Finding mispriced securities Timing the market Passive Management No attempt to find undervalued securities No attempt to time the market Holding a highly diversified portfolio;Business Firms– net borrowers Households – net savers Governments – can be both borrowers and savers Financial Intermediaries Investment Companies Banks Insurance companies Credit unions ;Investment Bankers Perform specialized services for businesses Markets in the primary market ;Table 1.3 Balance Sheet of Commercial Banks, 2007;Table 1.4 Balance Sheet of Nonfinancial U.S. Business, 2007;American Depository Receipts (ADRs) Foreign securities offered in dollars Mutual funds that invest internationally Instruments and vehicles continue to develop (WEBs) Exchange Traded Funds (ETFs);Figure 1.1 Globalization: A Debt Issue Denominated in Euros;Mortgage pass-through securities Other pass-through arrangements Car, student, home equity, credit card loans Offers opportunities for investors and originators;Figure 1.2 Asset-backed Securities Outstanding;Use of mathematical models and computer-based trading technology t