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Lecture Investments (Special Indian Edition): Chapter 1 - Bodie, Kane, Marcus

This chapter can help you become an informed practitioner of investments. We will focus on investments in securities such as stocks, bonds, or options and futures contracts, but much of what we discuss will be useful in the analysis of any type of investment. The chapter will provide you with background in the organization of various securities markets; will survey. | Chapter 1 The Investment Environment Essential nature of investment Reduced current consumption Planned later consumption Real Assets Assets used to produce goods and services Financial Assets Claims on real assets Investments & Financial Assets Role of Financial Assets and Markets Consumption Timing Allocation of Risk Separation of Ownership Crisis in Corporate Governance Accounting Scandals Enron Global Crossing Analyst Scandals Merrill Lynch Initial Public Offerings CSFB Financial System Clients and Their Needs Household Sector Primary Need: Invest Funds Business Sector Primary Need: Raise Funds Government Sector Primary Need: Raise Funds Meeting the Needs of Participants Financial Intermediation Investment Banking Financial Innovation & Derivatives Responding to Regulation & Taxes Technology and Delivery of Service Computer advancements On-line trading More complete and timely information Globalization Domestic firms compete in global markets. Performance in regions depends on other regions. Causes additional elements of risk Investments and Innovation Developments in Global Markets Managing foreign exchange Diversification to improve performance Instruments and vehicles continue to develop. Information and analysis improves. Key Trends - Globalization Securitization & Credit Enhancement Offers opportunities for investors and originators Changes in financial institutions and regulation Improvement in information capabilities Credit enhancement and its role Key Trends - Securitization Services of Financial Intermediaries Bundling and unbundling of cash flows Slicing and dicing of cash flows Examples: strips, CMOs, dual purpose funds, principal/interest splits Collateralized Loans Key Trends - Financial Engineering Globalization continues and offers more opportunities. Securitization continues to develop. Continued development of derivatives and exotics. Strong fundamental foundation is critical. Integration of investments & corporate finance. The Future | Chapter 1 The Investment Environment Essential nature of investment Reduced current consumption Planned later consumption Real Assets Assets used to produce goods and services Financial Assets Claims on real assets Investments & Financial Assets Role of Financial Assets and Markets Consumption Timing Allocation of Risk Separation of Ownership Crisis in Corporate Governance Accounting Scandals Enron Global Crossing Analyst Scandals Merrill Lynch Initial Public Offerings CSFB Financial System Clients and Their Needs Household Sector Primary Need: Invest Funds Business Sector Primary Need: Raise Funds Government Sector Primary Need: Raise Funds Meeting the Needs of Participants Financial Intermediation Investment Banking Financial Innovation & Derivatives Responding to Regulation & Taxes Technology and Delivery of Service Computer advancements On-line trading More complete and timely information Globalization Domestic firms compete in global markets. Performance in regions depends on .