投资学课件1
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投资学课件1
Chapter 1The Investment Environment The Investment Environment INVESTMENTS |BODIE, KANE, MARCUS Real Assets Versus Financial Assets ?Real Assets Real Assets
–Determine the productive capacity and
net income of the economy
t i f th
–Examples: Land, buildings, machines,
knowledge used to produce goods and
services
Financial Assets
–Claims on real assets
INVESTMENTS|BODIE, KANE, MARCUS
Financial Assets
Three types:
1.Fixed income or debt
1Fixed income or debt
mon stock or equity
3.Derivative securities INVESTMENTS|BODIE, KANE, MARCUS Fixed Income Payments fixed or determined by a
P t fi d d t i d b
formula
Money market debt: short term, highly ?Money market
debt:short term highly marketable, usually low credit risk
Capital market debt: long term bonds, can be safe or risky
INVESTMENTS|BODIE, KANE, MARCUS
Common Stock and Derivatives ?Common Stock is equity or
ownership
Common Stock is equity or ownership
in a corporation.
–Payments to stockholders are not fixed,
P t t t kh ld t fi d
but depend on the success of the firm ?Derivatives
–Value derives from prices of other
securities, such as stocks and bonds
–Used to transfer risk INVESTMENTS|BODIE, KANE, MARCUS
Financial Markets and the Economy ?Information Role: Capital flows to
companies with best prospects
companies with best prospects
Consumption Timing: Use securities
to store wealth and transfer
to store wealth and transfer
consumption to the future INVESTMENTS|BODIE, KANE, MARCUS Financial Markets and the Economy (Ctd.)
Allocation of Risk: Investors can select securities consistent
with their tastes
for risk
for risk
Separation of Ownership and
g y Management: With stability comes agency problems
INVESTMENTS|BODIE, KANE, MARCUS
Financial Markets and the
Economy (Ctd.)
Corporate Governance and Corporate Ethics
g
–Accounting Scandals
Examples –Enron, Rite Aid, HealthSouth –Auditors –watchdogs of the firms
Auditors–watchdogs of the firms
–Analyst Scandals
Arthur Andersen
–Sarbanes-Oxley Act
Tighten the rules of corporate governance
INVESTMENTS|BODIE, KANE, MARCUS
The Investment Process
Asset allocation
Choice among broad asset classes
–Choice among broad asset classes ?Security selection
–Choice of which securities to hold within
asset class
–Security analysis to value securities and
determine investment attractiveness
determine investment attractiveness INVESTMENTS|BODIE, KANE, MARCUS
Markets are Competitive
Risk-Return Trade-Off
Efficient Markets
–Active Management
Finding mispriced securities
Finding mispriced securities
Timing the market INVESTMENTS|BODIE, KANE, MARCUS Markets are Competitive (Ctd.) (Ctd)
–Passive Management
No attempt to find undervalued
No attempt to find undervalued
securities
N tt t t ti th k t
No attempt to time the market
o d g a g y d e s ed po t o o ?Holding a highly diversified
portfolio INVESTMENTS|BODIE, KANE, MARCUS The Players Business Firms–net borrowers ?Households –net savers
Governments can be both borrowers ?Governments–can be
both borrowers
and savers INVESTMENTS|BODIE, KANE, MARCUS (Ctd) The Players (Ctd.)
Financial Intermediaries: Pool and invest funds
–Investment Companies
–Banks
–Insurance companies
–Credit unions INVESTMENTS|BODIE, KANE, MARCUS Universal Bank Activities Investment Banking Commercial Banking g ?Underwrite new
stock
and bond issues g ?Take deposits and ?Sell newly issued
securities to public in p make loans
p
the primary market
Investors trade previously issued securities among
themselves in the
secondary markets INVESTMENTS |BODIE, KANE, MARCUS
Financial Crisis of 2008
Antecedents of the Crisis:
–“The Great Moderation”: a time in which the
U.S. had a stable economy with low interest
rates and a tame business cycle with only
y y mild recessions
–Historic boom in housing market INVESTMENTS|BODIE, KANE, MARCUS
Figure 1.3 The Case‐Shiller Index of U.S. Housing Prices
INVESTMENTS|BODIE, KANE, MARCUS
Changes in Housing Finance Old Way New Way y
Local thrift institution made mortgage loans to
y ?Securitization: Fannie Mae and Freddie Mac made mortgage
loans to
homeowners
Thrift’s major asset:a Mae and Freddie Mac bought
mortgage loans and bundled them into Thrift s major asset: a
portfolio of long-term
mortgage loans large pools ?Mortgage-backed g g
Thrift’s main liability:
deposits
securities are tradable claims against the underlying
mortgage pool ?“Originate to hold”underlying mortgage pool
“Originate to distribute”
INVESTMENTS |BODIE, KANE, MARCUS
Figure 1.4 Cash Flows in a Mortgage
Pass‐Through Security
