• Tài chính doanh nghiệp - Lecture 16: Institutional investingTài chính doanh nghiệp - Lecture 16: Institutional investing

    First Exchange Trade Fund: Standard & Poors Depositary Receipts (SPDRs, Spiders), AMEX 1993 SPDRs hold portfolio of S&P index Management fee: 12 basis points Automatic creation and redemption QQQs, I-Shares Macro securities are analogous to ETFs, but are based on an index. (AMEX). Macro Securities Research LLC, Macro Financial LLC

    ppt38 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 821 | Lượt tải: 0

  • Tài chính doanh nghiệp - Lecture 15: Investment banking and secondary marketsTài chính doanh nghiệp - Lecture 15: Investment banking and secondary markets

    Issuance of shares and corporate debt Seasoned issue versus IPO Underwriter provides advice for issuer, distribution of securities, sharing of risks of issue, and stabilization of aftermarket. Underwriter also “certifies” the issue by putting its reputation behind the issue.

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  • Tài chính doanh nghiệp - Lecture 14: Monetary policyTài chính doanh nghiệp - Lecture 14: Monetary policy

    Despite Fed’s lending, a banking panic forced Roosevelt to declare a banking holiday Led to establishment of Federal Deposit Insurance Company (FDIC) opened doors in 1934, funded by premia paid by banks No U. S. panics since

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  • Tài chính doanh nghiệp - Lecture 13: BanksTài chính doanh nghiệp - Lecture 13: Banks

    Because of adverse selection and moral hazard problems, firms often tend to be closely held by people connected to them and knowledgeable about them. But such holdings are inherently illiquid. Banks come to the rescue. Banks create liquidity by accepting short-term deposits and making short-term (effectively long term) business loans. Monitor the ...

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  • Tài chính doanh nghiệp - Lecture 12: Real estateTài chính doanh nghiệp - Lecture 12: Real estate

    In NHSB's case, formidable business risks have been steadily emerging over the last several years. The Board has a fiduciary responsibility to make sure that NHSB is successful, and it is clear to us that the Bank has to grow if it is to break out of its current stagnation. If NHSB were to rely just on its history and goodwill in the community, i...

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  • Tài chính doanh nghiệp - Lecture 11: Corporate equity, debt and taxesTài chính doanh nghiệp - Lecture 11: Corporate equity, debt and taxes

    Purely discretionary Young firms typically pay none NASDAQ dividend yield virtually zero Corporate culture influences dividends. Microsoft Liquidity constraints on dividends

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  • Tài chính doanh nghiệp - Lecture 10: Corporate equity, earnings and dividendsTài chính doanh nghiệp - Lecture 10: Corporate equity, earnings and dividends

    Journal of Business, 1961. Assume no taxes or transactions costs Consider purely financial transaction: selling shares to pay dividends M&M Conclusion: Dividend policy has no effect on the value of the firm. Purely nominal difference between dividend checks and repurchase checks.

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  • Tài chính doanh nghiệp - Lecture 9: Debt markets and term structureTài chính doanh nghiệp - Lecture 9: Debt markets and term structure

    July 31, 1885 “it is neither politic nor right to study at the expense of one’s health.” Rowing. “When I fall in love she must be a girl of pure morality, broad culture and fine tastes.” “I have an earnest desire to be good and useful” April 4, 1886, roommate dies of a “cold.” May 29, 1887, “I take great satisfaction in my election to Bones for...

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  • Tài chính doanh nghiệp - Lecture 8: Human foibles, fraud, and regulationTài chính doanh nghiệp - Lecture 8: Human foibles, fraud, and regulation

    Information has value, but producer of information is hard to define. Property rights can be entangled in maze of intersecting contracts. French law allows an artist to sell works subject to contract that it never be altered. Trust law in common law countries allows trustee to act on behalf of owner without intermingling own assets. Countries w...

    ppt36 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 929 | Lượt tải: 0

  • Tài chính doanh nghiệp - Lecture 7: Behavioral financeTài chính doanh nghiệp - Lecture 7: Behavioral finance

    Paul Samuelson offered two-to-one odds to his colleague: colleague wins $200 if heads, loses $100 if tails. Colleague refused bet. Samuelson asked him if he would take 100 such bets. Colleague said yes. Samuelson proved mathematically that his colleague was not rational (from expected utility theory). [Scientia 98:108-13, 1963]

    ppt22 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 846 | Lượt tải: 0