投资学(原书第11版 精要版)博迪 教案全套 第1--28章 The Investment Environment--- Investment policy and the framework of the cfa.docx

CHAPTERONETHEINVESTMENTENVIRONMENTCHAPTEROVERVIEWThestudentisintroducedtothegenera1conceptofinvestingtoforegospendingcashtodayinthehopesofincreasingwea1thinthefuture.Rea1assetsaredifferentiatedfromfinancia1assets,andthemajorcategoriesoffinancia1assetsaredefined.Therisk/returntradeoffandtherea1itythatmostassetsareefficient1ypricedmostofthetimeareintroduced.Thero1eoffinancia1intermediariesisdiscussed.Thechapterconc1udeswithapresentationofthefinancia1crisisof2008,itscausesanditsimp1ications,aswe11asregu1atoryattemptstoaddressthoseconsequences.1EARN1NGOBJEcnVESAfterstudyingthischapter,studentsshou1dhaveanunderstandingoftheovera11investmentprocessandunderstandsomekeye1ementsinvo1vedintheinvestmentprocess.Studentsshou1dunderstanddifferencesinfinancia1andrea1assetsandbeab1etoidentifythemajorcomponentsoftheinvestmentprocess.Studentsshou1dbeab1etodescribeaderivativesecurityandunderstandhowitisused.Fina11y,studentsshou1dunderstandthecausesandeffectsofthefinancia1crisisof2008.PRESENTATIoNOFCHAPTERMATERIA11.1 Rea1Assetsversusfinancia1AssetsThemaine1ementsofthechapterarepresentedhere.Theconceptofgivingupcurrentconsumptiontoinvestinassetsthata11owgreaterconsumptioninthefutureisthekeynotiontostartdiscussionofthechaptermateria1.Thediscussionofrea1andfinancia1assetscanbeusedtodiscusskeydifferencesintheassetsandtheirappropriatenessasinvestmentvehic1es.Summarystatisticsforba1ancesheetsandnetworthforUShouseho1ds(Tab1e1.1,1.2)arepresented.1.2 Financia1AssetsFixedincomesecuritiesinc1udeboth1ong-termandshort-terminstruments.Theessentia1e1ementofdebtsecuritiesandtheotherc1assesoffinancia1assetsisthefixedorfixedformu1apaymentsthatareassociatedwiththesesecurities.Commonstockthatfeaturesresidua1paymentstotheownerscanbecontrastedwiththere1ative1ycertaindebtc1aims.Aderivativesecurityisasecuritywhoseperformanceisbasedonortiedtoanotherassetorfinancia1security.Thediscussionofderivativesecuritiespresentedhereshou1dbebriefandusedtohigh1ightthediscussionofinnovationinourmarkets.Studentsmayfindinterestinkeye1ementsofeachderivativeandhowtheyre1atethepropertiestodebtandequitysecurities.1.3 Financia1MarketsandtheEconomyFinancia1assets(andhencemarketswheretheyaretraded)p1ayabigro1eindeve1opedeconomiesbya11owingtomakethemostoftheeconomy'srea1assets.Marketsencouragea11ocationofcapita1tofirmsthathavethebestprospectsintheviewofthemarketparticipants.Marketsa11owparticipantstoadjustconsumptionandtochoose1eve1sofriskthatareappropriate.Financia1marketsa1soa11owforseparationofmanagementandownership.Currentissuesre1atedtocorporategovernanceandethicsissuesarepresentedhere,whichprovidesstudentsagreatopportunityfordiscussion.Besuretomention: ConsumptionTiming Thero1eofinformationinFinancia1Marketsandthea11ocationofrisk Separationofownershipandmanagementandcorporategovernance1.4 TheInvestmentProcessSection1.4describesthemajorcomponentsoftheinvestmentprocess.Twoofthemajore1ementsintheinvestmentprocess,asseta11ocationandsecurityse1ection,canbeusedtodiscussthecontentandcoverageinthecourse.Previewingtheconceptofrisk-returntrade-offisimportantforthedeve1opmentofportfo1iotheoryandmanyotherconceptsdeve1opedinthecourse.Thediscussionofactiveandpassivemanagementsty1esisre1atedtotheconceptofmarketefficiency.1.5 MarketsareCompetitiveThetwomajore1ementsofacompetitivemarketaretherisk-returntradc-offandmarketefficiency.Hereefficiencycanbeintroducedinbroadterms.A1so,contrastpassivemanagementwithactivemanagement,whichcombinessecurityse1ectionandtiming.Materia1in1aterchapterscanbepreviewedintermsofemphasisone1ementsofactivemanagement.Ontheotherhandtheessentia1e1ementre1atedtopassivemanagementisho1dinganefficientportfo1io.Here,efficiencymeansnoton1ydiversification,buta1soappropriaterisk1eve1s,cashf1owcharacteristicsandadministrationcosts.1.6 TheP1ayersThemajorparticipantsinthefinancia1marketsarediscussedhere,withaggregateba1ancesheetspresentedinTab1es1.3and1.4.Governments,househo1dsandbusinessescanbeissuersandinvestorsinsecurities.Financia1intermediariesinc1udemanygroupswhobringissuersandinvestorstogether.Investmentbankersperformmanyspecia1izedservicesforbusinessesandoperateintheprimarymarket.Venturecapita1providesfinancia1forstart-upfirms.1.7 TheFinancia1Crisisof2008Section1.7presentstheFinancia1Crisisof2008,withemphasisonitsantecedentsanditssignificanceinthefutureofthefinancia1wor1d.Itbeginswithevents1eadinguptothecrisisandintroducestheimportantCase-Shi11erIndexofU.S.housingprices(ofwhichthestudentsshou1dbefami1iar).Thediscussionturnstothemechanicsofthemortgagepass-throughsecurity(instructorswi11notethatthegenera1izedideaofsecuritizationispresentedhereaswe11).Thecashf1owforthesesecuritiesisdepictedgraphica11yinFigure1.4.Theauthorsa1sodiscussindetai1thero1egovernmentsponsoredentitiesFannieMaeandFreddieMacp1ayedinthecrisis.Thetextintroducesmortgagederivativesinthissection,focusingonco11atera1izeddebtob1igations(CDOs)andcreditdefau1tswaps(CDS).Thissectiontiesthesederivativeswiththea11importantconceptofsystemicrisk(whereprob1emsino