兹维博迪金融学第二版课件Chapter02选编.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Stock Fund Operating Expense Ratios (percent, 1990-2003) Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Turnover Rate Experienced by Stock Fund Investors Remains Low (percent, 1971-2005) Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 图2-3C：Fund Shareholders Pay Lower-than-average-Expenses in Stock Funds (percent, 1990-2005) Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 金融市场的比率 历史观点的收益率 以下各图展示了一些证券的收益率以及通胀率 第一个图展示年化收益率 第二个图展示1926年初的1美元投资的累积价值随时间的变化。刻度取自然对数，以在一张纸上画出全部图形。 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Total Return Indices (1926-2004) Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Annual Returns (1926-2003) Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 金融市场的比率 通胀率和实际利率 名义价格和比率 以（名义）货币表示的价格和比率 实际价格和比率 以购买力表示的价格和比率 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 名义到实际 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 金融市场的比率 利率均等化 利率套利 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 金融市场的比率 收益率的基本决定因素 资本品的预期生产率 资本品生产率的不确定性 人们的时间偏好 风险回避 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 2.7 金融中介 金融中介是一个企业，其基本业务是提供给客户金融产品和服务，这些产品和服务在证券市场上直接交易获得不是更有效率。 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * （商业）银行 传统角色： 结算和清算支付 当代角色： 接受存款 发放贷款 根据1933年的《 Glass Steagall Act 》，商业银行被限制开展投行业务 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 其他