Chap002资产种类和金融机构.ppt

* * * small-denomination time deposits小额定期存款；小额按期存款 * * * * * * * * municipal corporation [建] 市政公司；自治团体 * * * * * * * * * * * * * * * * * * * INVESTMENTS | BODIE, KANE, MARCUS INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 2 Asset Classes and Financial Instruments 资产种类与金融机构 2-* Asset Classes Money market instruments货币市场 Capital market instruments资本市场 Bonds债券 Equity Securities股票 Derivative Securities衍生工具 2-* The Money Market货币市场 Subsector of the fixed-income market: Securities are short-term, liquid, low risk, and often have large denominations固定收益市场的子市场，短期，流动性高，风险低，本金大 Money market mutual funds allow individuals to access the money market.货币市场基金使得个人投资者进入货币市场 2-* Table 2.1 Major Components ofthe Money Market货币市场的主要构成 2-* Money Market Securities货币市场证券 Treasury bills: Short-term debt of U.S. government短期国库券 Bid and asked price买卖报价 Bank discount method银行贴现法 Certificates of Deposit: Time deposit with a bank大额存单 Commercial Paper: Short-term, unsecured debt of a company商业票据 2-* Money Market Securities货币市场 Bankers’ Acceptances: An order to a bank by a bank’s customer to pay a sum of money on a future date银行承兑汇票 Eurodollars: dollar-denominated time deposits in banks outside the U.S.欧洲美元 Repos and Reverses: Short-term loan backed by government securities.回购，拟回购 Fed Funds: Very short-term loans between banks联邦基金，银行间的超短期贷款 2-* Yields on Money Market Instruments货币市场证券的收益 Except for Treasury bills, money market securities are not free of default risk除了短期国库券都有违约风险 Both the premium on bank CDs and the TED spread have often become greater during periods of financial crisis大额存单类的风险溢价在金融危机期间大幅上涨 During the credit crisis of 2008, the federal government offered insurance to money market mutual funds after some funds experienced losses危机期间联邦政府曾经提供过保险 2-* The Bond Market债券市场 Treasury Notes and Bonds中长期国债 Inflation-Protected Treasury Bonds通胀保值债券 Federal Agency Debt联邦机构债 International Bond