投资学 第二章 Asset Classes and Financial Instruments

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基本概念：

ask：卖方出价
bid：买方应价
通常，行情显示的ask的报价都要比bid的报价要高
现价买进时，需要在最低的ask报价之上（含最低）下单，才能现价立即成交
现价卖出时，需要在最高的bid报价之下（含最高）下单，才能现价立即成交

比如我要买一个股票，那就至少要出ask的价格，但是如果我卖出我自己的这个股票就只能卖bid，ask比bid高，因为代理交易商需要从中赚取差价。

Asked Yield：是指证券商愿意出售短期国库券的价格，即客户从证券商处买入短期国库券保留到期时所能获得的名义收益率。 

bid–asked spread: ask 与 bid 的差价，dealers从中获取利润。

1. Money market VS capital Market

Money market  instruments include   short-term, marketable, liquid,   low-risk  debt securities.

Capital markets, in contrast, include   longer-term  and   riskier  securities.

而Capital market又可以分为4个segments：

• longer-term bond markets
• equity markets
• options 
• futures

2.   MONEY MARKET

a) Treasury Bills   国库券（区分Treasury Notes/Bonds）  : Most markable, T-bills represent the simplest form of borrowing: The government raises money by selling bills to the public. Minimum denominations: $100

b) Certificates of Deposit （ CD）定期存款

c) Commercial Paper： 商业票据 企业发行的无抵押、短期债务，经常用来筹集应收账款及库存的资金，利率一般低于当时市场利率.Large, well-known companies often issue their own short-term unsecured debt notes rather than borrow directly from banks

d) Bankers’ Acceptances: 银行承兑汇票:是由在承兑银行开立存款账户的存款人出票，向开户银行申请并经银行审查同意承兑的，保证在指定日期无条件支付确定的金额给收款人或持票人的票据.

e) Eurodollars : Eurodollars  are dollar-denominated deposits at foreign banks or foreign branches of American banks

f)  Repos and Reverses : 回购与反回购

g) Federal funds : 联邦基金(联邦储备会会员银行的自由储备，用作银行间的借贷，特别使其他银行保持合法储备)

h) Brokers’ Calls :经纪人拆借 Individuals who buy stocks on margin borrow part of the funds to pay for the stocks from their broker. The broker in turn may borrow the funds from a bank, agreeing to repay the bank immediately (on call) if the bank requests it. (个人投资者向经纪人借，经纪人向银行借)

i) London Interbank Offered Rate  (LIBOR)：伦敦银行同业拆放利率市场：是伦敦大银行之间愿意出借资金的利率

2.   BOND MAEKET 债券市场

a)  Treasury notes(中期国债 10年) and  Treasury bonds(长期国债 10-30年) 

b) Inflation-Protected Treasury Bonds 抗通货膨胀公债 bonds that are linked to an index of the cost of living in order to provide their citizens with an effective way to hedge inflation risk. 

c) Federal Agency Debt 政府机构债券 Some government agencies issue their own securities to finance their activities

d) International Bonds :国际债券 Many firms borrow abroad and many investors buy bonds from foreign issuers.

e) Municipal Bonds：市政债券，州活地方政府发行的债券

f) Corporation Bonds : 公司债券 Corporate bonds are the means by which private firms borrow money directly from the public. 

g) Mortgages and Mortgage-Backed Securities ：抵押和抵押支撑证券

3.   EQUITY SECURITIES 股票市场

• Common stocks, also known as equity securities or  equities,  represent ownership shares in a corporation. 
• Two characteristic： residual claim and limited liability 
• Ｒesidual claim：stockholders are the last in line of all those who have a claim on the assets and income of the corporation
• Limited liability： means that the most shareholders can lose in the event of failure of the corporation is their original investment.
• P/E ratio, or  price–earnings ratio,  is the ratio of the current stock price to last year’s earnings per share.
• Preferred Stock 优先股 
• Depository Receipts ： 存托凭证 

4.   股票和债券指数

a) Dow Jones Averages 道琼斯，最古老的指数。最开始是取平均，但是公司拆分会影响指数，为了防止这个变化，要改变分母

b) Standard & Poor's indexes 标准普尔

c) NYSE发布的在纽交所上市公司的指数

d) NASDAQ纳斯达克指数

e) Equally Weighted Indexes 对每个股票都给以相同的权重，买入相同的份额。

f) 其他国家的指数: Nikkei(Japan), Hang Seng(Hong Kong)

Bond Market   Indicators： bond market indicators measure the performance of various categories of bonds.

The three most well-known groups of indexes are those of   Merrill Lynch,   Lehman Brothers, and   Salomon Smith Barney  (now part of Citigroup)

5.   衍生市场 Options and futures

Options （公司为吸引人才会给的期权，可以低价买入公司股票）

• A  call option  gives its holder the right to purchase an asset for a specified price, called the exercise or strike price on or before a specified expiration date. 指定在某个时间按照某个价格买入
• A  put option  gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date.指定时间按照某个价格卖出

Futures Contracts 期货合约

A  futures contract  calls for delivery of an asset (or in some cases, its cash value) at a specified delivery or maturity date for an agreed-upon price, called the futures price, to be paid at contract maturity. 比如养牛场为了保证能买一个合理的价钱，开始养的时候就签订卖的期货合同，在卖的时候按照合同的价格，而不是按照市场价格。当然如果市场价要更高，那牧农就亏了，如果市场价格高那就是赚了。