투자론 중간고사 정리

목차

1. Investments : Background and Issue
2. Financial Instruments
3. Security Markets
4. Return and the Historical Record
5. Efficient Diversification

본문내용

1.1 Investment
Investment : Reduce current consumption for grater future consumption
Financial Assets => Claims on Real Assets or Real Assets income
Financial Assets(Owner of claim) = Financial Liabilities(Issues of claim)

1.2 Financial Assets
Asset Classes - Fixed Income Securities
: Money market instruments, Bonds, Preferred stocks - Common Stock
: Ownership stake in entity, residual cash flow
- Derivative Securities
: Contract, value derived from underlying market condition

1.3 Financial Markets and the Economy
# Informational Role of Financial Markets
: Informational efficiency & Allocative efficiency
# Consunption Timing => Use securities to store wealth
Transfer consumption to the future
# Risk Allocation => Bond/Stock, Bank CD/company bond
# Seperation of Ownership and Management => Agency Problems
=> Solution 1) Performance-based compensation
2) Boards of directors may fire managers
3) Threat of takeovers

참고 자료

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