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1、CHAPTER1:THEINVESTMENTENVIRONMENTPROBLEMSETS1.Ultimately,itistruethatrealassetsdeterminethematerialwellbeingofaneconomy.Nevertheless,individualscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowthemtomanagetheirportfoliosoffinancialassetsmoreef
2、ficiently.Becausebundlingandunbundlingcreatesfinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofrisk,itallowsinvestorstohedgeparticularsourcesofriskmoreefficiently.2.Securitizationrequiresaccesstoalargenumberofpotentialinvestors.Toattract
3、theseinvestors,thecapitalmarketneeds:1.asafesystemofbusinesslawsandlowprobabilityofconfiscatorytaxation/regulation;2.awell-developedinvestmentbankingindustry;3.awell-developedsystemofbrokerageandfinancialtransactions,and;4.well-developedmedia,particularly
4、financialreporting.Thesecharacteristicsarefoundin(indeedmakefor)awell-developedfinancialmarket.3.Securitizationleadstodisintermediation;thatis,securitizationprovidesameansformarketparticipantstobypassintermediaries.Forexample,mortgage-backedsecuritieschan
5、nelfundstothehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfolios.Assecuritizationprogresses,financialintermediariesmustincreaseotheractivitiessuchasprovidingshort-termliquiditytoconsumersandsmallbusiness,andfinancials
6、ervices.4.Financialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealassets.IfFord,forexample,couldnotissuestocksorbondstothegeneralpublic,itwouldhaveafarmoredifficulttimeraisingcapital.Contractionofthesupplyoffinancialass
7、etswouldmakefinancingmoredifficult,therebyincreasingthecostofcapital.Ahighercostofcapitalresultsinlessinvestmentandlowerrealgrowth.1-51.Evenifthefirmdoesnotneedtoissuestockinanyparticularyear,thestockmarketisstillimportanttothefinancialmanager.Thestockpri
8、ceprovidesimportantinformationabouthowthemarketvaluesthefirm'sinvestmentprojects.Forexample,ifthestockpricerisesconsiderably,managersmightconcludethatthemarketbelievesthefirm'sfutureprospectsarebright.Thismightbeaus
