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838 Cheat Sheet

In: Business and Management

Submitted By woaiwei0308
Words 3602
Pages 15
Topic 1 business valuation introduction
Financial assets
Three main types: 1.fixed interest or Debt 2.Shares or Equity 3. Derivative Securities (Futures, Options)
Fixed interest: 1.Payments fixed or determined by a formula 2. Money market debt: short, term, highly marketable(市场的), usually low credit risk 3. Capital market debt: long term bonds, can be safe or risky 4.Subject to Interest Rate movements (Yield Curve) and Credit Risk
Equity Securities: 1.ownership of a corporate entity 2.secondary markets liquid and low cost 3.Residual claim on assets after debt 4. Limited liability (no resource for debtors) 5. Receive dividends& franking credits 6.most volatile asset class (30% typical) 6.most volatile asset class(类别) 7. Highest return asset class
How firms issue securities(有价证券)
Primary Market (IPO) 1. Firms issue new securities through underwriter(承销商) to public 2. Investors get new securities, firm gets funding
Secondary market
Investors trade previously issued securities on financial markets
Financial market and the Economy
1.Information Role: Capital flows to companies with best prospects 2. Consumption Timing: Use securities to store wealth 3. Allocation of Risk: Investors can select securities consistent with their tastes for risk 4.Separation of Ownership and Management: With stability comes agency problems
Efficient Market Hypothesis (EMH) 1. Weak EMH: Prices reflect all past information. →Cannot make money from charting. (记录表格) 2. Semi-strong EMH: Prices reflect all past and current public information. → Fund managers cannot consistently outperform index funds preferable. 3. Strong EMH: Prices reflect all past and current public and private information. →Cannot make money form insider trading
The relationship Between liquidity and Average returns→ positive relationship ( curve)

Topic 2 Present Value of Cash Flows

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