• Tài chính doanh nghiệp - Lecture 22: Other derivativesTài chính doanh nghiệp - Lecture 22: Other derivatives

    Thaler’s mental categories theory Writing an out-of-the-money call on a stock one holds, appears to be a win-win situation (Shefrin) Buying an option is a way of attaining a more leveraged, risky position Lottery principle in psychology, people inordinately attracted to small probabilities of winning big Margin requirements are circumvented by ...

    ppt23 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 612 | Lượt tải: 0

  • Tài chính doanh nghiệp - Lecture 21: Options marketsTài chính doanh nghiệp - Lecture 21: Options markets

    S = current stock price u = 1+fraction of change in stock price if price goes up d = 1+fraction of change in stock price if price goes down r = risk-free interest rate

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  • Tài chính doanh nghiệp - Lecture 20: Stock index, oil and other futures marketsTài chính doanh nghiệp - Lecture 20: Stock index, oil and other futures markets

    Crude light sweet oil (New York Mercantile Exchange) contract size: 1000 barrels, open interest 431,000 contracts Brent crude, North Sea (International Petroleum Exchange, London) contract size: 1000 barrels, open interest 232,000 contracts

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  • Tài chính doanh nghiệp - Lecture 19: Forwards & futuresTài chính doanh nghiệp - Lecture 19: Forwards & futures

    Every day, the exchange defines a price called the “settle” price, which is essentially the last trade on that day. Every day until expiration a buyer’s margin account is credited (or debited if negative) with the amount: change in settle price  contract amount If contract is cash settled, on the last day the margin account is credited with (cas...

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  • Tài chính doanh nghiệp - Lecture 18: The democratization of finance: consumer financeTài chính doanh nghiệp - Lecture 18: The democratization of finance: consumer finance

    Financial assets: $36500 Retirement assets: $40000 IRA: $21000 Pension: 83259 401(k): 0 Vehicles: $15000 Home equity: $77000 Home value: $120000 Total wealth: $387609

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  • Tài chính doanh nghiệp - Lecture 17: Brokers, dealers, exchanges & ecnsTài chính doanh nghiệp - Lecture 17: Brokers, dealers, exchanges & ecns

    Instinet: for professionals. Until 1999, it was the biggest ECN Island: for individuals, became the biggest ECN. In 1999 it did 4.9% of all Nasdaq trading volume, compared with 3.0% for Instinet Other ECNs: Redi-Book, Bloomberg, Archipelago

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  • 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

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  • 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 ...

    ppt25 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 593 | Lượt tải: 0