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1、INVESTMENTS 投资学（博迪BODIE,KANE,MARCUS）Chap002 Asset Classes and Financial InstrumentsINVESTMENTS|BODIE,KANE,MARCUSAsset ClassesMoney market instrumentsCapital market instrumentsBondsEquity SecuritiesDerivative Securities2INVESTMENTS|BODIE,KANE,MARCUSThe Money MarketSubsector of the fixed-income market
2、:Securities are short-term,liquid,low risk,and often have large denominationsMoney market mutual funds allow individuals to access the money market.3INVESTMENTS|BODIE,KANE,MARCUSTable 2.1 Major Components ofthe Money Market4INVESTMENTS|BODIE,KANE,MARCUSMoney Market SecuritiesTreasury bills:Short-ter
3、m debt of U.S.governmentBid and asked priceBank discount methodCertificates of Deposit:Time deposit with a bankCommercial Paper:Short-term,unsecured debt of a company5INVESTMENTS|BODIE,KANE,MARCUSINVESTMENTS|BODIE,KANE,MARCUSINVESTMENTS|BODIE,KANE,MARCUSThe Bond MarketTreasury Notes and BondsInflati
4、on-Protected Treasury BondsFederal Agency DebtInternational Bonds8INVESTMENTS|BODIE,KANE,MARCUSThe Bond MarketMunicipal BondsCorporate BondsMortgages and Mortgage-Backed Securities9INVESTMENTS|BODIE,KANE,MARCUSTreasury Notes and BondsMaturitiesNotes maturities up to 10 yearsBonds maturities from 10
5、to 30 yearsPar Value-$1,000Interest paid semiannuallyQuotes percentage of par10INVESTMENTS|BODIE,KANE,MARCUSThe Bond MarketInflation-Protected Treasury BondsTIPS:Provide inflation protectionFederal Agency DebtDebt of mortgage-related agencies such as Fannie Mae and Freddie MacInternational BondsEuro
6、bonds and Yankee bonds11INVESTMENTS|BODIE,KANE,MARCUSMunicipal BondsIssued by state and local governmentsInterest is exempt from federal income tax and sometimes from state and local tax12INVESTMENTS|BODIE,KANE,MARCUSMunicipal BondsTypesGeneral obligation bonds:Backed by taxing power of issuerRevenu
7、e bonds:backed by projects revenues or by the municipal agency operating the project.13INVESTMENTS|BODIE,KANE,MARCUSFigure 2.4 Tax-exempt Debt Outstanding14INVESTMENTS|BODIE,KANE,MARCUSMunicipal Bond YieldsTo choose between taxable and tax-exempt bonds,compare after-tax returns on each bond.Let t eq
8、ual the investors marginal tax bracketLet r equal the before-tax return on the taxable bond and r m denote the municipal bond rate.If r(1-t)r m then the taxable bond gives a higher return;otherwise,the municipal bond is preferred.15INVESTMENTS|BODIE,KANE,MARCUSTable 2.2 Tax-Exempt Yield TableThe equ
9、ivalent taxable yield is simply the tax-free rate,rm,divided by(1-t).16INVESTMENTS|BODIE,KANE,MARCUSCorporate BondsIssued by private firms Semi-annual interest paymentsSubject to larger default risk than government securitiesOptions in corporate bondsCallableConvertible17INVESTMENTS|BODIE,KANE,MARCU
10、SProportional ownership of a mortgage pool or a specified obligation secured by a pool Produced by securitizing mortgagesMortgage-backed securities are called pass-throughs because the cash flows produced by homeowners paying off their mortgages are passed through to investors.Mortgage-Backed Securi
11、ties18INVESTMENTS|BODIE,KANE,MARCUSMortgage-Backed SecuritiesMost mortgage-backed securities were issued by Fannie Mae and Freddie Mac.Traditionally,pass-throughs were comprised of conforming mortgages,which met standards of credit worthiness.19INVESTMENTS|BODIE,KANE,MARCUSMortgage-Backed Securities
12、Eventually,“Private-label”issuers securitized large amounts of subprime mortgages,made to financially weak borrowers.Finally,Fannie and Freddie were allowed and even encouraged to buy subprime mortgage pools.September,2008:Fannie and Freddie got taken over by the federal government.20INVESTMENTS|BOD
13、IE,KANE,MARCUSFigure 2.6 Mortgage-backed securities outstanding21INVESTMENTS|BODIE,KANE,MARCUSEquity SecuritiesCommon stock:OwnershipResidual claimLimited liabilityPreferred stock:PerpetuityFixed dividendsPriority over commonTax treatmentAmerican Depository Receipts22INVESTMENTS|BODIE,KANE,MARCUSSto
14、ck Market IndexesDow Jones Industrial AverageIncludes 30 large blue-chip corporationsComputed since 1896Price-weighted average23INVESTMENTS|BODIE,KANE,MARCUSExample 2.2 Price-Weighted AveragePortfolio:Initial value$25+$100=$125 Final value$30+$90=$120 Percentage change in portfolio value =5/125=-.04
15、=-4%Index:Initial index value (25+100)/2=62.5 Final index value (30+90)/2=60 Percentage change in index-2.5/62.5 =-.04=-4%24INVESTMENTS|BODIE,KANE,MARCUSS&P 500Broadly based index of 500 firmsMarket-value-weighted indexInvestors can base their portfolios on an index:Buy an index mutual fundBuy excha
16、nge traded funds(ETFs)Standard&Poors Indexes25INVESTMENTS|BODIE,KANE,MARCUSOther Indexes U.S.IndexesNYSE CompositeNASDAQ CompositeWilshire 5000Foreign IndexesNikkei(Japan)FTSE(U.K.;pronounced“footsie”)DAX(Germany),Hang Seng(Hong Kong)TSX(Canada)26INVESTMENTS|BODIE,KANE,MARCUSDerivatives MarketsOptio
17、ns and futures provide payoffs that depend on the values of other assets such as commodity prices,bond and stock prices,or market index values.A derivative is a security that gets its value from the values of another asset.27INVESTMENTS|BODIE,KANE,MARCUSOptionsCall:Right to buy underlying asset at t
18、he strike or exercise price.Value of calls decrease as strike price increasesPut:Right to sell underlying asset at the strike or exercise price.Value of puts increase with strike priceValue of both calls and puts increase with time until expiration.28INVESTMENTS|BODIE,KANE,MARCUSFutures ContractsA f
19、utures contract calls for delivery of an asset(or in some cases,its cash value)at a specified delivery or maturity date for an agreed-upon price,called the futures price,to be paid at contract maturity.Long position:Take delivery at maturityShort position:Make delivery at maturity29INVESTMENTS|BODIE
20、,KANE,MARCUSComparisonOptionRight,but not obligation,to buy or sell;option is exercised only when it is profitableOptions must be purchasedThe premium is the price of the option itself.Futures ContractObliged to make or take delivery.Long position must buy at the futures price,short position must sell at futures priceFutures contracts are entered into without cost30