Có 20+ tài liệu thuộc chủ đề "institutions FM&I"
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Role of Financial Markets and Institutions. Overview of financial markets. Types of financial markets. Securities traded in financial markets. Valuation of securities in financial markets. Global financial markets. Role of financial institutions in financial markets. Comparison of roles among financial institutions. Overview of financial institutions. Overview of Financial Markets. Financial markets facilitate financing and investing by households, firms, and government...
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Determination of Interest Rates. Loanable funds theory. Economic forces that affect interest rates. Forecasting interest rates. Loanable Funds Theory. Loanable funds theory suggests that the market interest rate is determined by the factors that. affect the supply of and demand for loanable funds. Can be used to explain movements in the general level of interest rates of a particular country....
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Functions of the Fed. Organization of the Fed. Monetary policy tools. Fed control of the money supply. Global monetary policy. The Fed has five major components:. Federal Open Market Committee (FOMC). Organization of the Fed (cont’d). Commercial banks that become members of the Fed must purchase stock in their district banks. three appointed by the Board of Governors. The nine...
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Tradeoff faced by the Fed. Economic indicators monitored by the Fed. Lags in monetary policy. Assessing the impact of monetary policy. Global effects of monetary policy. One of the most popular theories influencing the Fed. Suggests how the Fed can affect the interaction between the demand for money and the supply of money to influence:. Interest rates. Economic growth. Demand...
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Money Markets. Money market securities. Institutional use of money markets. Valuation of money market securities. Risk of money market securities. Interaction among money market yields. Globalization of money markets. Money Market Securities. Money market securities:. Are issued by corporations and governments to obtain short-term funds. Are commonly purchased by corporations and government agencies that have funds available for a short-term...
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Bond Markets. Municipal bonds. Corporate bonds. Institutional use of bond markets. Globalization of bond markets. Registered bonds require the issuer to maintain records of who owns the bond and automatically send coupon. payments to the owners. Background on Bonds (cont’d). The annualized yield that is paid by the issuer over the life of the bond. Does not include transaction costs...
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Relationships between coupon rate, required return, and bond price. Explaining bond price movements. Sensitivity of bond prices to interest rate movements. The appropriate bond price reflects the present value of the cash flows generated by the bond (i.e., interest payments and repayment of principal):. Computing the Current Price of A Bond. A 2-year bond has a par value of $1,000...
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Institutional use of mortgage markets. Valuation of mortgages. Mortgage-backed securities. The mortgage is the difference between the down payment and the value to be paid for the property. Financial institutions such as savings institutions and mortgage companies originate mortgages. They accept mortgage applications and assess the creditworthiness of the applicants. The mortgage contract specifies the mortgage rate, the maturity, and...
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Investor participation in the secondary market. Globalization of stock markets. Owners of stock:. Can benefit from the growth in the value of the firm. Individuals and financial institutions are common purchasers of stock. Some corporations distribute earnings to investors in the form of dividends. The owners are permitted to vote on key matters concerning the firm:. Election of the board...
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Determining the required rate of return to value stocks. The price-earnings (PE) method assigns the mean PE ratio based on expected earnings of all traded competitors to the firm’s expected earnings for the next year. Assumes future earnings are an important determinant of a firm’s value. Assumes that the growth in earnings in future years will be similar to that...
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Regulation of stock trading. Serve as financial intermediaries between buyers an sellers of stock. Charge about 4 percent of the transaction amount. Charge about 1 percent of the transaction amount. The name of the stock. placed on the price at which a stock should be purchased or sold. Are orders where the investor specifies a selling price that is below...
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Financial Futures Markets. Background on financial futures. Explaining price movements of bond futures contracts. Speculating with interest rate futures. Hedging with interest rate futures. Bond index futures. Stock index futures. Risk of trading futures contracts. Regulation in the futures markets. Background on Financial Futures. A financial futures contract is a standardized. Approves futures contracts and imposes regulations. Stock index futures...
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Options on ETFs and stock indexes. Options on futures contracts. Hedging with options on futures. A call option grants the owner the right to purchase a specified financial instrument for a specified price. The writer of a call option is obligated to provide the instrument at the price specified by the option contract if the owner. exercises the option. A...
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Interest Rate. Types of interest rate swaps. Risks of interest rate swaps. Pricing interest rate swaps. Factors affecting the performance of interest rate swaps. Interest rate caps, floors, and collars. An interest rate swap is an arrangement whereby one party exchanges one set of interest payments for. e.g., fixed-rate payments are exchanged for floating-rate payments. The fixed interest rate. The...
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Foreign Exchange Derivative Markets. Background on foreign exchange markets. Factors affecting exchange rates. Movements in exchange rates. Forecasting exchange rates. Forecasting exchange rate volatility. Speculation in foreign exchange markets. Foreign exchange derivatives. Explaining price movements of foreign exchange derivatives. Background on Foreign Exchange Markets. Foreign exchange markets consist of a global. Institutional use of foreign exchange markets. Institutions are increasing...
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Commercial banks as financial intermediaries. Bank sources of funds. Uses of funds by banks. Commercial Banks as Financial Intermediaries. Commercial banks serve all types of surplus and deficit units. Repackage funds received from deposits to provide loans of the size and maturity desired by deficit units. Some commercial banks have acquired other types of financial service firms. Impact of the...
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Deregulation Act of 1980. Regulation of deposit insurance. Regulation of capital. Regulation of operations. Regulation of interstate expansion. How regulators monitor banks The “too-big-to-fail” issue. Bank regulation is needed to protect customers who supply funds to the banking system. Regulators are shifting more of the burden of risk assessment to the individual banks themselves. Federal charters are issued by the...
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Managing interest rate risk. Managing credit risk. Managing market risk. The goal behind managerial policies of a bank is to maximize the wealth of the bank’s. Banks could provide stock as compensation to managers to maximize the bank’s stock price. Securitization commonly involves the sale of assets by the bank to a trustee who issues securities that are collateralized by...
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Valuation of a commercial bank. How to evaluate a bank’s performance. Valuation of a Commercial Bank. The value should change in response to changes in its expected cash flows and to changes in the required rate of return:. Factors that affect cash flows. Change in economic growth. Factors that affect cash flows (cont’d). Change in the risk-free interest rate. If...
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Background on savings institutions. Sources and uses of funds. Exposure to risk. Management of interest rate risk. Valuation of a savings institution. Performance of savings institutions. Savings institution crisis. Background on credit unions. Sources and uses of credit union funds. Credit union exposure to risk. Regulation of credit unions. Background on Savings Institutions. Savings institutions include savings banks and S&Ls....