《Financialinstruments金融工具.ppt》由會(huì)員分享，可在線閱讀，更多相關(guān)《Financialinstruments金融工具.ppt（45頁(yè)珍藏版）》請(qǐng)?jiān)谘b配圖網(wǎng)上搜索。
1、3.FINANCIALMARKETSANDINSTRUMENTS,Financialmarketssyndicatebearsriskassociatedwithunsoldshares,whichtheycannotsellabovetheofferprice.,32,Shelfregistration,Shelfregistrationisageneralpurposeregistrationgivingbroadtermsofthesecuritiestobeissued,gooduptotwoyears,thatallowsthefirmtogetquickapprovalAsingl
2、eunderwriteroftenbuystheentireissue.CutsthetimelagfromseveralmonthstoafewdaysCompetitivebidslowertheissuecosts.,33,PrivatePlacement,CorporationscanavoidregisteringwithSECbyplacingthesecuritiesprivatelywithinstitutionalinvestors.Theprivateplacementmarketisabouthalfthesizeofthepublicmarket,excludingba
3、nkloans.Attractiveoptionifpublicinvestorsnotespeciallyreceptiveforreasonsofcomplexity.Advantagestocompanyarequickerandeasiertonegotiate,canbecustomtailoredtospecificneedsDisadvantageisthatasunregisteredsecuritiestheycannotbetradedonfinancialmarketslessliquidRule144Anowallowsfortradingofprivatelyplac
4、edsecuritiesamonginstitutionalinvestors.,34,IssueCosts,Forprivatelynegotiatedtransactions,issuecostamountstotheinvestmentbankingfee.Forpublicissues,therearealsolegal,accounting,andprintingfees.Costcomparisons2.2%forstraightdebt.3.8%forconvertiblebonds.7.1%forsecondaryofferings.11%forIPOs.,35,Compari
5、son,36,EfficientMarkets,IssuesinraisingnewcapitalTimingPricingMarketefficiencyiswithreferencetohowquicklypricesincompetitivemarketsrespondtonewinformationEfficientmarketisonewherepricesadjustrapidlytonewinformationandcurrentpricesfullyreflectavailableinformation,37,EfficiencyinDegrees,Amarketisweak-
6、formefficientwhenpricesfullyreflectallinformationaboutpastpricesSemi-strongformefficientwhenpricesfullyreflectallpubliclyavailableinformationstrongformefficientwhenpricesfullyreflectallinformation,publicorprivate.,38,Empiricalevidence-implication,Marketsarenotstrongformefficient.Withlimitedexception
7、s,marketsaresemi-strongformefficientandhencePubliclyavailableinformationhasnopredictivepowerinrespecttomarketprices.Typicalinvestorsshouldnotexpecttoearnabnormalreturnstradingonpubliclyavailableinformation.Itispointlesstotimethepurchaseorsaleofthefirmssecurities.,39,ConclusionstoDraw,Apartfrommarket
8、sentiment,managerscanuseprivateinformationabouttheirowncompaniesinmakingtimingdecisions.PricingdecisionsinpracticearebasedonMarketvalueFairvaluePricediscoverythrobookbuilding,40,ManagingRisk,RiskisdefinedasthevariabilityofreturnsfromtheexpectedvaluesInfinancialmarketsvolatilityresultsinriskCompanies
9、usederivativestomanageriskandincentivizemanagers.Derivativesincludeforwards,futures,optionsSocalledastheirvalueisderivedfromthatoftheunderlyingassetswhichcouldbeshares/currency/commodities,41,Forwardcontracts,Youcanbuyinspotmarkettodayforimmediatedeliveryspotcontract.Youcancontracttodayatapredetermi
10、nedpriceforfuturedeliveryforwardcontract.Bylockinginapricetoday,youcanavoidpriceriskAnexporterwith1millionreceivablein90days,cansell(animporterwithapayablecanbuy)atapredeterminedrateintheforwardmarketFuturescontractsaresimilartoforwardsexceptthattheyareexchangetraded(whileforwardsarebilateral),42,Op
11、tioncontracts,Forwardcontractsareobligationstodeliver/acceptdeliveryatapre-specifiedprice.Optionsarerights,butnotobligationstoeithertakedeliveryortodeliver,atapre-specified(exerciseorstrike)price.CalloptionsconfertherighttobuytheunderlyingsharesatthestrikepricePutoptionsconfertherighttoselltheunderl
12、yingsharesatthestrikepriceTheoptionbuyerpaysapremiumtotheoptionseller(writer)forthisright,43,Optioncontracts,ForacalloptionInthemoney:WhenthespotexceedsthestrikeAtthemoney:Whenthespot=strikeOutofthemoney:WhenspotislessthanstrikeForaputoptionInthemoney:WhenthespotislessthanstrikeAtthemoney:Whenthespo
13、t=StrikeOutofthemoney:Whenthespotexceedsstrike,44,ValuingOptions,Intheory,thevalueofanoptiondependsupon(BlackScholesmodel):ThecurrentpriceoftheunderlyingassetTheoptionstimetomaturityTheoptionsstrikepriceTheinterestrateTheexpectedvolatilityontheunderlyingassetButnottheexpectedfuturevalueoftheunderlyingasset,45,
Financialinstruments金融工具.ppt
