• 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

    ppt30 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 763 | Lượt tải: 0

  • 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...

    ppt24 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 798 | Lượt tải: 0

  • 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

    ppt38 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 837 | Lượt tải: 0

  • 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

    ppt38 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 784 | 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.

    ppt23 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 871 | Lượt tải: 0

  • 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

    ppt27 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 824 | Lượt tải: 0

  • 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: 791 | Lượt tải: 0

  • 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...

    ppt34 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 793 | Lượt tải: 0

  • 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

    ppt20 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 838 | Lượt tải: 0