博迪投资学第九版课件Chap001.pdf

Chapter?1 The Investment Environment INVESTMENTS | BODIE,?KANE,?MARCUS Real?Assets?Versus?Financial?Assets 1-2 ? Real Assets – Determine the productive capacity and t i f thne ncome o e economy – Examples: Land, buildings, machines, knowledge used to produce goods and services ? Financial Assets – Claims on real assets INVESTMENTS | BODIE,?KANE,?MARCUS Financial?Assets? 1-3 ? Three types: 1 Fixed income or debt. 2. Common stock or equity 3. Derivative securities INVESTMENTS | BODIE,?KANE,?MARCUS Fixed?Income 1-4 P t fi d d t i d b? aymen s xe or e erm ne y a formula ? 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 1-5 ? Common Stock is equity or ownership in a corporation. P t t t kh ld t fi d– aymen s o s oc o ers are no xe , 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 1-6 ? Information Role: Capital flows to companies with best prospects ? Consumption Timing: Use securities to store wealth and transfer consumption to the future INVESTMENTS | BODIE,?KANE,?MARCUS Financial?Markets?and?the? 1-7 Economy?(Ctd.) ? Allocation of Risk: Investors can select securities consistent with their tastes for risk ? Separation of Ownership and Management: With stability comes agency problems INVESTMENTS | BODIE,?KANE,?MARCUS Financial?Markets?and?the? 1-8 Economy?(Ctd.) ? 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 INVESTMENTS | BODIE,?KANE,?MARCUS The?Investment?Process 1-9 ? Asset allocation – Choice among broad ass