❶Economy: An economy or economic system consists of the production, distribution or trade, and consumption of limited goods and rvices .
绯闻女孩第一季剧本❷Finance: Finance is a field that deals with the allocation of asts and liabilities over time under conditions of certainty and uncertainty. ( ---A key point in finance is the time value of money, which states that purchasing power of one unit of currency can vary over time. Finance aims to price asts bad on their risk level and their expected rate of return. )
Bodies' <finance>: finance is the study of how people allocate scarce resources over time. Financial system is the t of markets and other institutions ud for financial contracting and the exchange of asts and risks.
<wiki>:A financial market is a market in which people and entities can trade financial curities.
<Mishkin>: financial market is a market in which funds are transferred from people who have an excess of available funds to people who have a shortage.
❸Corporate finance: Corporate finance is about how toincrea the value of the firm by dealing with the sources of funding and the capital structure of the firm.——(The primary goal of corporate finance is to maximize or increa shareholder value.)
——or say corporate finance is a branch of finance dealing with financial decisions of firms.
❹Option: an option is a contract which gives the buyer (the owner) the right, but not the obligation, to buy or ll an underlying ast at a specified strike price on or before a specified date.
<more about option>
The ller has the corresponding obligation to fulfill the transaction – that is to ll or buy – if the buyer (owner) "exercis" the option. The buyer pays a premium to the ller for this right. An option that conveys to the owner the right to buy something at a specific price is referred to as a call; an option that conveys the right of the owner to ll something at a specific price is referred to as a put.
In basic terms, the value of an option is commonly decompod into two parts:
The first part is the intrinsic value, which is defined as the difference between the market value of the underlying ast and the strike price of the given option.
The cond part is the time value.
❺Future: a futures contract is a contract between two parties to buy or ll an ast for a price agree
d upon today (the futures price) with delivery and payment occurring at a future point, the delivery date. The buyer of the contract is said to be "long", and the party lling the contract is said to be "short".[1]
❻APT: arbitrage pricing theory (APT) is a general theory of ast pricing that holds that the expected return of a financial ast can be modeled as a linear function of various macro-economic factors or theoretical market indices, where nsitivity to changes in each factor is reprented by a factor-specific beta coefficient.
The model-derived rate of return will then be ud to price the ast correctly - the ast price should equal the prent value of the future cash inflow at an interest rate or discount rate calculated by APT.
❼MM theorem: The basic theorem states that the value of a firm is not affected by it's capital structure under certain assumptions. Instead it's decided by the value of it's real asts.
Assumption: such as frictionless market,no asymmetric information.(a frictionless market is a financial market without transaction costs.)
Conquently the Modigliani–Miller theorem is also often called the capital structure irrelevance principle.
❽CAPM: the capital ast pricing model (CAPM) is ud to determine a theoretically appropriate required rate of return of an ast if every investor hold the effective portfolio according to Markowitz model.
The main idea of CAPM is that if all investors only hold risk-free ast and market portfolio, there will be a linear relation between the expected rate of return and the risks of the ast.学催眠
The model takes into account the ast's nsitivity to non-diversifiable risk (also known as systematic risk or market risk), often reprented by the quantity beta (β) in the financial industry, as well as the expected return of the market and the expected return of a theoretical risk-free ast. CAPM ―suggests that an investor’s cost of equity capi tal is determined by beta.‖
❾EMH: the efficient-market hypothesis (EMH) asrts that financial markets are "informationally efficient". In conquence of this, one cannot consistently achieve returns in excess of average market returns .
There are three major versions of the hypothesis: "weak", "mi-strong", and "strong". The weak form of the EMH claims that prices on traded asts already reflect all past publicly available information. The mi-strong form of the EMH claims both that prices reflect all publicly available information and that prices instantly change to reflect new public information. The strong form of the EMH additionally claims that prices instantly reflect even hidden or "insider" information.
【10】DuPont analysis: DuPont Analysis is an expression which breaks ROE (Return On Equity) into three parts in order to analyze a company's financial condition,operating efficiency &profitability.
【Basic formula 】
money是什么ROE = (Profit margin)*(Ast turnover)*(Equity multiplier) = (Net profit/Sales)*(Sales/Asts)*(Asts/Equity)= (Net Profit/Equity)
tinyxmlProfitability (measured by profit margin)
rating
Operating efficiency (measured by ast turnover)
Financial leverage (measured by equity multiplier)
【11】asymmetric information: Asymmetric information deals with the study of decisions in transactions where one party has more or better information than the other. This creates an imbalance of power in transactions, which can sometimes cau the transactions to go awry, a kind of market failure in the worst ca. Examples of this problem are adver lection,[1] moral hazard, and information monopoly.[2]
Information asymmetry is in contrast to perfect information, which is a key assumption in neo-classical economics.
【12】Derivative: Derivatives are financial instruments that derive their value from the prices of one or more other asts. Their principal function is to rve as tools for managing risks associated with the underlying asts.
【13】Investment bank
An investment bank is a financial institution that assists individuals, corporations, and governments in raising financial capital. An investment bank may also assist companies involved in mergers and acquisitions (M&A).
--Comparing the commercial bank and investment bank--
(1).They are both intermediaries between tho people who have an excess of available funds and people who have a shortage. But commercial banks are intermediaries of indirect finance and investment bank direct finance.
(2).Basic business: the basic business of commercial banks is making loans and taking deposits. Investment banks curities underwriting business.
(3).Commercial banks do their business in money market,whereas investment bank in capital market.titleist
【14】Open market operation: An open market operation (also known as OMO) is an activity by a central bank to buy or ll government bonds on the open market. A central bank us them as the primary means of implementing monetary policy. The usual aim of open market operations is to manipulate the short-term interest rate and the supply of ba money in an economy, and thus indirectly control the total money supply, in effect expanding money or contracting the money supply.
【15】Quantitative easing: Quantitative easing (QE) is monetary policy ud by a central bank to stimulate an economy when standard monetary policy has become ineffective.[1][2][3] A central bank implements quantitative easing by buying specified amounts of financial asts from commercial ban
ks and other private institutions, thus raising the prices of tho financial asts and lowering their yield, while simultaneously increasing the monetary ba.
Expansionary(扩张性的）monetary policy to stimulate the economy typically involves the central bank buying short-term government bonds in order to lower short-term market interest rates.However, when short-term interest rates reach or approach zero, this method can no longer work.[14] In such circumstances monetary authorities may then u quantitative easing to further stimulate the economy by buying asts of longer maturity than short-term government bonds, thereby lowering longer-term interest rates further out on the yield
curve.[15][16]
【16】direct finance：Direct finance is a method of financing where borrowers borrow funds directly from the financial market without using a third party rvice, such as a financial intermediary. This is different from indirect financing where a financial intermediary takes the money from the lender against an interest rate and lends it to a borrower against a higher interest rate. Direct financing is usually done by borrowers that ll curities and/or shares to rai money and circumvent the high interest rate of financial intermediary(banks).[1] We may regard transactions as direct finance, even when a financial intermediary is included, in ca no ast transformation has taken place.
【17】operating leverage means that becau of fixed cost the percentage change in EBIT( earnings before interest and taxes) is larger than the % change in sales. It can be measured by DOL( the degree of operating leverage ) which is equal to the % change in EBIT divided by the % change in sales.
---- financial leverage: becau of the fixed cost of borrowing. EPS/EBIT. Earning per share.
DFL: the degree of financial leverage.
【18】exchange rate: an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency.
【19】interest rate: is the cost of borrowing funds.
【20】swap: a derivative in which two parties exchange future cash flows.
【21】warrant: a warrant is a curity that entitles the holder to buy the underlying stock of the issuing company at a fixed exerci price until the expiry date.
pupil是什么意思【22】convertible bond: a convertible bond is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company.
调整心态的方法【23】Financial engineering: there is no exact definition of FE. It mainly includes three parts: the theory of financial risk management; pricing derivatives; developing new financial product;
【24】期权定价模型
【25】PPP理论(purchasing power parity)
【26】interest parity
瑜伽的英语
利率与汇率的关系
1．利率变动对汇率的影响
finishing首先，利率政策通过影响经常项目对汇率产生影响。当利率上升时，信用紧缩，贷款减少，投资和消费减少，物价下降，在一定程度上抑制进口，促进出口，减少外汇需求，增加外汇供给，促使外汇汇率下降，本币汇率上升。利率下降则相反。
其次，通过影响国际资本流动间接地对汇率产生影响。当一国利率上升时，就会吸引国际资本流入，从而增加对本币的需求和外汇的供给，使本币汇率上升、外汇汇率下降。
2．汇率变动对利率的影响也是间接地作用，主要通过影响短期资本流动而间接地对利率产生影响。
当一国货币汇率下降之后，受心理因素的影响，往往使人们产生该国货币汇率进一步下降的预期，在本币贬值预期的作用之下，引起短期资本外逃，国内资金供应的减少将推动本币利率的上升。
1 interest rate influence exchange rate.
--- in the current account aspect: when the interest rate increas, the demand for mortgages will reduce. Thus investment and consumption will decrea. Then the decrea in commodity price will lead to more export and less import.& this will increa the demand for RMB, resulting in an appreciation of RMB.
---in the capital account aspect: The higher interest rate will result in more international capital inflows which will increa the demand for RMB. Thus RMB appreciate.
2 exchange rate to interest rate
RMB depreciate, due to bad expectation, capital flow out, the money supply decrea, thus increa the interest rate.
