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5.ch03 What Do Interest Rates Mean and What Is Their Role in Valuation

Ch03. What Do Interest Rates Mean and What Is Their Role in Valuation?Summary 3The return on a security, which tells you how well you have done by holding this security over a stated period of time, can differ substantially from the interest rate as measured by the yield to maturity. Long term bond prices have substantial fluctuations when interest rates change and thus bear interest-rate risk. The resulting capital gains and losses can be large, which is why long term bonds are not considered to be safe assets with a sure return. Bonds whose maturity is shorter than the holding period are also subject to reinvestment risk, which occurs because the proceeds from the short-term bond need to be reinvested at a future interest rate that is uncertain.About Yield to MaturityThe concept of present value tells you that a dollar in the future is not as valuable to you as a dollar today because you can earn interest on this dollar. The present value of a set of future cash flows on a debt instrument equals the sum of the present values of each of future cash flows. The yield to maturity for an instrument is the interest rate that equates the present value of the future cash flows on that instrument to its value today. Because the procedure for calculating the yield to maturity is based on sound economic principles, this is the measure that financial economists think most accurately describes the interest rate. Current bond price and interest rates are negatively related: When the interest rate rises, the price of the bond falls, and vice versaQuantitative Problems 3Consider a bond with a 7% annual coupon and a face value of $1,000. Complete the following table.Years to MaturityYield to MaturityCurrent Price35%$1,054.4637%$1,000.0067%$1,000.0097%$1,000.0099%$880.10By using Excel 2010By the table and the graph, we can see the maturity is longer, the price is lower at the same YTM. And the YTM is higher, the price is also lower.자료출처 : Financial Markets and Institutions(7th Edition)

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25.ch17 Banking and the Management of Financial

Ch17. Banking and the Management of FinancialInstitutionsSummaryBanks make profits through the process of asset transformation: They borrow short (accept deposit) and lend long (make loans). When a bank takes in additional deposits, it gains an equal amount of reserves; when it pays out deposits, it loses an equal amountThe bank must hold a mix of assets that provides the highest return with the lowest risk. Thus, asset management involves four basic principles:1. Finding borrowers who will pay high interest rates but who are unlikely to default.2. Finding securities with high returns and low risk.3. Diversifying the bank’s asset holdings to minimize risk: holding many types of securities and making many types of loans offers protection when there are losses in one type of security or one type of loan.4. Holding some liquid assets, including excess reserves and US Treasury bills (“secondary reserves”), to protectagainst deposit outflows, even though the interest rate on these assets may be lower.Checkable deposits are a bank’s lowest-cost source of funds. But checkable deposits are unlikely to provide a bank with all of the funds that it needs. Thus, the bank may obtain additional funds at higher costs by issuing CDs or by borrowing from other banks (federal funds) or non-bank corporations (repurchase agreements).QuestionQ) If you are a banker and expect interest rates to rise in the future, would you want to make short-term or long-term loans?A) You should want to make short-term loans. Then, when these loans mature, you will be able to make loans at higher interest rates, which will generate more income for the bank.Quantitative ProblemsQ) In 1981 Congress allowed S&Ls to sell mortgages at a loss and amortize the loss over the remaining life of the mortgage. If this were used for the previous question, how would the transaction have been recorded? What would be the annual adjustment? When would that end?A) The sale would be recorded as:DebitCreditCash$96,638Mortgage$145,764Capitalized Loss$49,126Then, each year for the next 27 years the loss would be written off:DebitCreditLoss Expense$1,819.48Capitalized Loss$1,819.48Surce : Financial Markets and Institutions(7th Edition)

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28.ch20 the mutual fund industry

SEC RegulationThe biggest and most important difference between hedge funds and mutual funds is SEC regulation. Mutual funds are required to register with the SEC. Under SEC regulations, mutual funds follow procedures to protect investors and provide a measure of transparency regarding their operations.Hedge funds are unregistered and do not have to follow the same set of procedures. They are, however, subject to laws concerning fraud. Hedge fund money managers are considered fiduciaries and are legally obligated to act in the best interests of investors.

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27.ch19 Banking Industry Structure and Competition

SummaryA change in the economic environment will stimulate financial instructions to search for financial innovations. Changes in demand conditions, especially an increase in interest-rate risk; changes in supply conditions, especially improvements in information technology; and the desire to avoid costly regulations have been major driving forces behind financial innovations. Financial innovation has caused banks to suffer declines in cost advantages in acquiring funds and in income advantages on their assets.

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20.ch13 the stock market

Ch13. The Stock MarketSummaryStocks are valued as the present value of the dividends. Unfortunately, we do not know very precisely what these dividends will be. This introduces a great deal of error to the valuation process. The Gordon growth model is a simplified method of computing stock value that depends on the assumption that the dividends are growing at a constant rate forever. Given our uncertainty regarding future dividends, this assumption is often the best we can do.The Gordon Growth ModelA model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. Given a dividend per share that is payable in one year, and the assumption that the dividend grows at a constant rate in perpetuity, the model solves for the present value of the infinite series of future dividends.Where:D = Expected dividend per share one year from nowk = Required rate of return for equity investorG = Growth rate in dividends (in perpetuity)Quantitative ProblemsQ) Two common statistics in IPOs are underpricing and money left on the table. Underpricing is defined as percentage change between the offering price and the first day closing price. Money left on the table is the difference between the first day closing price and the offering price, multiplied by the number of shares offered. Calculate the underpricing and money left on the table for Ebay. What does this suggest about the efficiency of the IPO process?A) Underpricing  ((44.88  18.00)/18.00)  149.33%MLOT  (44.88  18.00) 3,500,000  $94,080,000ReturnProbability5%0.105%0.2510%0.3015%0.2525%0.10Q) The shares of Misheak, Inc. are expected to generated the following possiblereturns over the next 12 months:If the stock is currently trading at $25/share, what is the expected price in one year.Assume that the stock pays no dividends.A) The current price of the bond is computed using the yield to call as follows:PMT  70; N  10; FV  1025; I  6.25Compute PV; PV  1,068.19Using this, the yield to maturity is calculated as follows:PMT  70; N  20; FV  1000; PV  1,068.19Compute I; I  6.39%.Surce : Financial Markets and Institutions(7th Edition)

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Stock market, Financial Markets an, the st..

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