CFA一级_微观金融大串讲.pdf

CCCCFAFA 一一级培训项目级培训项目级培训项目级培训项目 FinancialFinancialFinancialFinancial ProductsProductsProductsProducts 梁震宇 金程教育资深培训师 地点地点 ：：■■上海上海 □□北京北京 □□深圳深圳 EthicsEthics Portfolio Quant AltAlternatitive EEconomiics CFACFACFACFA Derivatives Accounting Derivatives Accounting Corporate  Fixed Income Finance EEquitity EquityEquity 3-88 100% Contribution Breeds Professionalism 1111.. Securities Markets Securities Markets Securities Markets Securities Markets 4-88 100% Contribution Breeds Professionalism WWWWellellellell--functioningfunctioningfunctioningfunctioning securitiessecuritiessecuritiessecurities marketmarketmarketmarket 1. Timely and accurate information 22. LiquidityLiquidity:: marketabilitymarketability, andand priceprice continuity 3. Internal efficiency: low transaction costs 44. ExternalExternal efficiency:efficiency: pricesprices adjustadjust rapidlyrapidly to new information 5-88 100% Contribution Breeds Professionalism PrimaryPrimaryPrimaryPrimary capitalcapitalcapitalcapital marketsmarketsmarketsmarkets • Definition: where newly issued securities are traded • Underwriter: stocks or bonds are sold with the help of underwriters. An underwriter is usually an investment bank. • An underwr