Tài chính doanh nghiệp - Chapter 12: Financial reporting for leasesThe structure of a lease. Lessee’s incentives to keep leases off the balance sheet. The criteria used to classify leases on the lessee’s books. The financial statement effects of executory costs, residual values, purchase options and other aspects of lease contracts. The effects of capital lease versus operating lease treatment on the l...
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Tài chính doanh nghiệp - Chapter 11: Financial instruments as liabilitiesHow liabilities are shown on the balance sheet. Why and how bond interest and net carrying value change over time. How and when floating-rate debt protects lenders. How debt extinguishment gains and losses arise, and what they mean. How the fair value accounting option can reduce earnings volatility.
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Tài chính doanh nghiệp - Chapter 20: Options markets: introductionBuy - Long Sell - Short Call Put Key Elements Exercise or Strike Price Premium or Price Maturity or Expiration
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Tài chính doanh nghiệp - Chapter 21: Option valuationIntrinsic value - profit that could be made if the option was immediately exercised. Call: stock price - exercise price Put: exercise price - stock price Time value - the difference between the option price and the intrinsic value.
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Tài chính doanh nghiệp - Chapter 22: Futures marketsForward - an agreement calling for a future delivery of an asset at an agreed-upon price Futures - similar to forward but feature formalized and standardized characteristics Key difference in futures Secondary trading - liquidity Marked to market Standardized contract units Clearinghouse warrants performance
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Tài chính doanh nghiệp - Chapter 23: Futures and swaps: a closer lookFutures markets Chicago Mercantile (International Monetary Market) London International Financial Futures Exchange MidAmerica Commodity Exchange Active forward market Differences between futures and forward markets
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Tài chính doanh nghiệp - Chapter 24: Portfolio performance evaluationComplicated subject Theoretically correct measures are difficult to construct Different statistics or measures are appropriate for different types of investment decisions or portfolios Many industry and academic measures are different The nature of active management leads to measurement problems
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Tài chính doanh nghiệp - Chapter 25: International diversificationGlobal market US Market is 40% - 49% of all markets Improved access & technology New instruments Emphasis for our investigation Risk assessment Diversification
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Tài chính doanh nghiệp - Chapter 26: The process of portfolio managementType of Investor Return Requirement Risk Tolerance Individual and Personal Trusts Life Cycle Life Cycle Mutual Funds Variable Variable Pension Funds Assumed actuarial rate Depends on payouts Endowment Funds Determined by income Generally needs and asset growth to conservative maintain real value
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Tài chính doanh nghiệp - Chapter 27: The theory of active portfolio managementAre markets totally efficient? Some managers outperform the market for extended periods. While the abnormal performance may not be too large, it is too large to be attributed solely to noise. Evidence of anomalies such as the turn of the year exist. The evidence suggests that there is some role for active management.
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