投资学第6版第1章教案.pptVIP

Outline Real assets financial assets Definition of investments Investments enviroments Investments process Real Assets Financial Assets Real Assets Assets used to produce goods and services Financial Assets Claims on real assets Table 1.1 Balance Sheet of U.S. Households, 2007 Investment-definition What is Investment? The sacrifice of current dollars for future dollars. Reduced current consumption Planned later consumption Two different attributes: Time Risk The investment environment encompasses the kinds of marketable securities that exist and where and how they are bought and sold. The investment environment Securities Treasury bills Short/long term bonds Common stocks Funds …… Risk, return, and diversification Security market Financial intermediaries A Taxonomy of Security Investment Environment Securities (P.3) A legal representation of the right to receive prospective future benefits under stated conditions. 3 factor—liquidity / Earning /Risk Rate of return EOP wealth – BOP wealth RoR = ------------------------------------ BOP wealth security market The Players Business Firms– net borrowers Households – net savers Governments – can be both borrowers and savers Financial Intermediaries Investment Companies Banks Insurance companies Credit unions The Players Continued Investment Bankers Perform specialized services for businesses Markets in the primary market Financial Markets and the Economy Collocation of capital Consumption Timing Allocation of Risk Separation of Ownership and Management Agency Issues Question? Many investors would like to invest part of their portfolios in real estate but obviously cannot on their own purchase office buildings or strip malls. Explain how this situation creates a profit incentive for investment firms that can sponsor REITs (real estate investment trusts). key The REIT manager pools the resources of many investors and uses these resources to buy a portfolio of r