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ID:22209402
大小:2.95 MB
页数:342页
时间:2018-10-27
《博迪投资学第九版英文答案解析》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、CHAPTER1:THEINVESTMENTENVIRONMENTPROBLEMSETS1.Ultimately,itistruethatrealassetsdeterminethematerialwellbeingofaneconomy.Nevertheless,individualscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowthemtomanagetheirportfoliosoffinancialassetsmoreefficiently.Becausebundlingandunbundlingcreate
2、sfinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofrisk,itallowsinvestorstohedgeparticularsourcesofriskmoreefficiently.2.Securitizationrequiresaccesstoalargenumberofpotentialinvestors.Toattracttheseinvestors,thecapitalmarketneeds:1.asafesystemofbusinesslawsandlowprobabilityofconfi
3、scatorytaxation/regulation;2.awell-developedinvestmentbankingindustry;3.awell-developedsystemofbrokerageandfinancialtransactions,and;4.well-developedmedia,particularlyfinancialreporting.Thesecharacteristicsarefoundin(indeedmakefor)awell-developedfinancialmarket.3.Securitizationleadstodisintermediat
4、ion;thatis,securitizationprovidesameansformarketparticipantstobypassintermediaries.Forexample,mortgage-backedsecuritieschannelfundstothehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfolios.Assecuritizationprogresses,financialintermediariesmustincreaseotheractivi
5、tiessuchasprovidingshort-termliquiditytoconsumersandsmallbusiness,andfinancialservices.4.Financialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealassets.IfFord,forexample,couldnotissuestocksorbondstothegeneralpublic,itwouldhaveafarmoredifficulttimeraisingcapital.C
6、ontractionofthesupplyoffinancialassetswouldmakefinancingmoredifficult,therebyincreasingthecostofcapital.Ahighercostofcapitalresultsinlessinvestmentandlowerrealgrowth.1.Evenifthefirmdoesnotneedtoissuestockinanyparticularyear,thestockmarketisstillimportanttothefinancialmanager.Thestockpriceprovidesim
7、portantinformationabouthowthemarketvaluesthefirm'sinvestmentprojects.Forexample,ifthestockpricerisesconsiderably,managersmightconcludethatthemarketbelievesthefirm'sfutureprospectsarebright.Thismightbeausefu
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