投資學第一章 investments-introduction

轉載請注明來自souldak，微網誌:@evagle

磚搬多了有點累，今天學學投資學。

這章主要是一些重要的概念。

real assets / financial assets ,

fixed-income (debt) securities /equity /derivative securities ,

asset allocation /security selection

risk–return trade-off /passive management /active management /financial intermediaries

primary market /secondary market

globalization /pass-through securities /MBS(mortgate-backed securities)/ securitization

1. real assets VS financial assets Real assets: the land, buildings, machines, and knowledge that can be used to produce goods and services. Financial assets: Financial assets are claims to the income generated by real assets (or claims on income  from the government)

2. A taxonomy(分類) of financial assets a)fixed income 固定收入promise either a fixed stream of income or a stream of income that is determined according to a specified formula.

b)equity 普通股票 represents an ownership share in the corporation. c)derivatives 衍生産品（例如 options期權 and futures contracts 期貨）provide payoffs that are determined by the prices of other assets such as bond or stock prices. 

3. Financial markets and the economy   3.1 Financial markets play a central role in the   allocation of capital resources.   3.2 Consumption Timing: shift your wealth from you are in high-earnings periods to low-earning periods(壯年的時候存，老年的時候用)   3.3 allocation of risk：轉移風險   3.4 separate ownership and management

4. The investment process Saving, Investing, and Safe Investing Saving: 即你存下的money board asset category（資産分類）:stocks, bonds, real estate, commodities .... 如果要投資那就需要做決定投資組合，通常需要兩個decision：asset allocation和security selection asset allocation：choose some asset categories security selection: select particular securities to hold within each asset category 簡言之：選投資哪些類别，然後每個類别投資哪些産品 可以top-down決定：先選分類再選securities 也可以bottom-up政策：直接選attractive的securities

5. Markets are competitive a) 任何Risk-Return Trade-Off b) efficient markets假說：市場對一個公司的價值衡量是完全準确的。 這假說不完全對，應該說是near-efficient，因為markets也會有一些沒考慮全面或者估計錯誤的時候。

6. Players a) firms: borrowers b) households: savers c) Governments either borrowers or lenders:發行政府債券的時候是borrowers，給公司貸款投資的時候是lenders Financial Intermediaries including   Banks,   investment companies,   insurance companies,   credit union.

投資銀行 Investment Bankers：幫助公司上市，發行股票。首次發行在primary market，然後可以在secondary market流通 primary market： where new issues of securities are offered to the public. secondary market: where investors trade among themselves.

7. Recent Trends a) Globalization : 國際化

b) securitization : 證券化 securitization of mortgage（抵押） 例如:房屋的抵押，房子抵押給銀行，自己得到了貸款，但是銀行将抵押證券化之後讓其在市場上流通，進而将成本轉移給其他人。最終貸款得到錢啟示是從其它投資者那兒來的。銀行隻是intermediate   mortgage聲明了投資者對房屋的所有權。

c) financial engineering use of mathematical models and computer-based trading technology to synthesize new financial products(eg:principal-protected equity-linked note) 2 ways: 1>unbundling  securities: breaking up and allocating the cash flows from one security to create several new securities 2>bundling : combining more than one security into a composite security

d) information and computer networks 包括：online trading, online information dissemination, and automated trade crossing.

書上的summary： 1 . Real assets create wealth. Financial assets represent claims to parts or all of that wealth. Financial  

assets determine how the ownership of real assets is distributed among investors.  

2. Financial assets can be categorized as fixed income, equity, or derivative instruments. Top-down  

portfolio construction techniques start with the asset allocation decision—the allocation of funds  

across broad asset classes—and then progress to more specific security-selection decisions.  

3. Competition in financial markets leads to a risk–return trade-off, in which securities that offer  

higher expected rates of return also impose greater risks on investors. The presence of risk, however, implies that actual returns can differ considerably from expected returns at the beginning of  

the investment period. Competition among security analysts also promotes financial markets that  

are nearly informationally efficient, meaning that prices reflect all available information concerning the value of the security. Passive investment strategies may make sense in nearly efficient  

markets.  

4. Financial intermediaries pool investor funds and invest them. Their services are in demand  

because small investors cannot efficiently gather information, diversify, and monitor portfolios.  

The financial intermediary sells its own securities to the small investors. The intermediary invests  

the funds thus raised, uses the proceeds to pay back the small investors, and profits from the difference (the spread).  

5. Investment banking brings efficiency to corporate fund-raising. Investment bankers develop  

expertise in pricing new issues and in marketing them to investors.  

6. Recent trends in financial markets include globalization, securitization, financial engineering of  

assets, and growth of information and computer networks.