An Introduction to Institutions, Management, & Investments
|
|
|
- Ellen Cunningham
- 8 years ago
- Views:
Transcription
1 An Introduction to Institutions, Management, & Investments TEMTH EBITIQM HERBERT B. MAYO The College of New Jersey *\ SOUTH-WESTERN t% CENGAGE Learning- Australia Brazil Japan Korea Mexico Singapore Spain United Kingdom United States
2 D H IF (Q)RO 7 I i IT Preface xxii H An Introduction to Basic Finance 1 PART 1 FINANCIAL INSTITUTIONS 12 2 The Role of Financial Markets and Financial Intermediaries 14 3 Investment Banking 36 4 Securities Markets 48 5 The Federal Reserve 65 (5 International Currency Flows 87 PART 2 FINANCIAL TOOLS The Time Value of Money Risk and Its Measurement Analysis of Financial Statements 168 PART 3 CORPORATE FINANCE Forms of Business and Corporate Taxation 220 1H Break-Even Analysis and the Payback Period Leverage Cost of Capital Capital Budgeting Forecasting 332 1(5 Cash Budgeting 365 iv
3 Brief Contents [ -s_ 17 Management of Current Assets 379 1E Management of Short-Term Liabilities Intermediate-Term Debt and Leasing 442 PART 4 INVESTMENTS The Features of Stock Stock Valuation The Features of Long-Term Debt Bonds Bond Pricing and Yields Preferred Stock Convertible Securities Investment Returns 567 2? Investment Companies 576 PART 5 DERIVATIVES Options: Puts and Calls Futures and Swaps 624 A Interest Factors for the Future Value of One Dollar 645 i Interest Factors for the Present Value of One Dollar 647 Interest Factors for the Future Value of an Annuity of One Dollar 649 Interest Factors for the Present Value of an Annuity of One Dollar 651 E Using Excel to Solve Financial Problems 653 Answers to Selected Problems 676 Index 685
4 C IT1I? Preface xxii An Introduction to Basic Finance 1 The Divisions of Finance 2 Key Financial Concepts 3 Sources of Finance 3 Risk and Return 4 Financial Leverage 5 Valuation 6 Finance and Other Business Disciplines 7 Plan of the Text 8 Relationships 10 PART 1 FINANQAL INSTITUTIONS 12 Clfoapteir2 The Role of Financial Markets and Financial Intermediaries 14 The Role of Money 15 Measures of the Supply of Money 16 The Role of Interest Rates 17 The Term Structure of Interest Rates 17 Financial Markets and the Transfer of Savings 19 The Indirect Transfer Through Financial Intermediaries 20 Commercial Banks 21 Thrift Institutions 23 Regulation of Commercial Banks and Thrift Institutions 24 Reserves 24 Deposit Insurance 26 Life Insurance Companies 27 t> vi»
5 Contents j v--[_ Pension Plans 28 Money Market Mutual Funds and Money Market Instruments 29 Competition for Funds 32 Summary 33 Review Objectives 34 Relationships 34 Answers 35 Investment Banking 36 The Transfer of Funds to Business 37 The Role of Investment Bankers 37 Pricing a New Issue 39 Marketing New Securities 40 Volatility of the Market for Initial Public Offerings 41 Shelf Registrations 42 The Regulation of New Public Issues of Corporate Securities 43 Sarbanes-Oxley Act of Summary 46 Review Objectives 47 Internet Assignment 47 Securities Markets 48 Market Makers 49 Composite Transactions 51 The Mechanics of Investing in Securities 52 Delivery of Securities 54 The Short Sale 55 Measures of Securities Prices 55 Foreign Securities 57 Competition in the Securities Markets 58 Summary 60 Review Objectives 61 Internet Assignment 61 Problems 61 Additional Problems with Answers 63
6 Contents Internet Assignments 162 Problems 162 Additional Problems with Answers 164 Answers 165 Relationships 166 Answers 167 :eir 9 Analysis of Financial Statements 168 General Accounting Principles 169 The Balance Sheet 170 The Income Statement 176 Statement of Cash Flows 178 Limitations of Accounting Data 181 Depreciation 183 Accelerated Depreciation 185 Methods of Depreciation Compared 187 Ratio Analysis of Financial Statements 189 Liquidity Ratios 191 The Current Ratio 191 The Quick Ratio 192 The Components of the Current Assets 193 Activity Ratios 194 Inventory Turnover 194 Receivables Turnover 195 Fixed Asset and Total Asset Turnover 197 Profitability Ratios 198 Leverage Ratios 200 Coverage Ratios 204 Analysis of Financial Statements and the Internet 205 Summary 206 Review Objectives 207 Internet Assignments 207 Problems 207 Additional Problem with Answers 213 Answers 214 f,
7 Contents Relationships 216 Answers 217 PART 3 Clhapteir 1 Forms of Business and Corporate Taxation 220 Sole Proprietorships, Partnerships, and Corporations 220 S Corporations and Limited Liability Companies (LLC) 223 Corporate Taxation 224 Taxation of Corporate Losses 225 Summary 227 Review Objectives 227 Problems 227 Additional Problems with Answers 228 Answers 229 Chapter 111 Break-Even Analysis and the Payback Period 230 Break-Even Analysis 231 Uses for Break-Even Analysis 234 The Payback Period 235 Summary 236 Review Objectives 237 Problems 237 Additional Problems with Answers 239 Answers 240 Relationships 241 Answers 241 :eir12 Leverage 242 Operating Leverage 243 Fixed Asset Turnover: A Measure of Operating Leverage 243 Operating Leverage and Risk 245 Financial Leverage 247 Financial Leverage and Risk 250 Financial Leverage Through Preferred Stock Financing 253 Summary 254
8 jdi_ j Contents Review Objectives 254 Problems 255 Additional Problems with Answers 256 Answers 258 Relationships 259 Answers 259 Chapter 13 Cost of Capital 260 Components of the Cost of Capital 261 Cost of Debt 262 Cost of Preferred Stock 2 63 Cost of Common Stock 264 Cost of Capital: A Weighted Average 268 The Optimal Capital Structure 270 The Marginal Cost of Capital 273 The Optimal Capital Structure and the Value of the Firm's Stock 277 Cost of Capital: Review and Problem Areas 279 Summary 280 Review O bj ectives 281 Problems 281 Additional Problems with Answers 284 Answers 285 Relationships 287 Answers 287 Chapter M Capital Budgeting 288 Valuation and Long-Term Investment Decisions 289 Importance of Cash Flow 290 Introduction to Discounted Cash Flow Methods of Capital Budgeting 293 Net Present Value 294 Internal Rate of Return 296 Net Present Value and Internal Rate of Return Compared 299 Ranking Investment Alternatives 301 Differences in the Timing of Cash Flows 302 Differences in Cost 305 ^
9 Contents L?5*IL The Introduction of Risk into Capital Budgeting 308 Risk Adjustments in Capital Budgeting 310 Adjusting the Discount Rate 313 Summary 316 Review Objectives 317 Problems 318 Additional Problems with Answers 324 Answers 325 Relationships 330 Answers 331 HS Forecasting 332 Planning 333 Fluctuations in Asset Requirements 334 Forecasting External Financial Requirements: Percent of Sales 336 The Percent of Sales Summarized as an Equation 340 Forecasting External Financial Requirements: Regression Analysis 343 Forecasting External Financial Requirements: Changes in Fixed Assets 349 Summary 351 Review Objectives 352 Problems 352 Additional Problems with Answers 358 Answers 361 Relationships 363 Answers Cash Budgeting 365 The Cash Budget 366 The Differences between a Cash Budget and an Income Statement 367 The Cash Budget Illustrated 367 Summary 371 Review Objectives 372 Problems 372 Additional Problem with Answers 375 Answer 376
10 Kjfv Contents Relationships 377 Answers 378 Chapter 11 Management of Current Assets 379 Working Capital and Its Management 380 The Impact of the Operating Cycle on Working Capital Policy 381 Financing and Working Capital Policy 383 The Importance of Cash to Working Capital Management 386 The Inventory Cycle 389 The Economic Order Quantity 391 Weaknesses in the EOQ 397 Maximum, Minimum, and Average Inventory 399 Management of Accounts Receivable 399 Credit Policy 400 The Decision to Grant Credit 401 Analyzing Accounts Receivable 403 Cash Management 405 Cash Management Policies 405 Money Market Securities and Yields 406 The Calculation of Yields 407 Summary 409 Review Objectives 409 Problems 410 Additional Problems with Answers 414 Answers 415 Relationships 417 Answers 417 Chapter 118 Management of Short-Term Liabilities 418 Accruals 419 Commercial Bank Loans 419 Cost of Commercial Bank Credit 421 Trade Credit 426 Cost of Trade Credit 427 Commercial Paper 430 i,
11 Contents Secured Loans 432 Inventory Loans 433 Accounts Receivable Loans 434 Factoring 434 Summary 435 Review Objectives 436 Problems 437 Additional Problems with Answers 439 Answers 439 Relationships 440 Answers 441! jcy Chapter 19 Intermediate-Term Debt and Leasing 442 Intermediate-Term Debt 443 Leasing 446 Lease or Purchase 447 Accounting for Leases 449 Summary 452 Review Objectives 453 Problems 453 Additional Problem with Answer 454 Answer 455 Relationships 457 Answers 457 PART 4 INVESTMENTS 458 r 2 The Features of Stock 460 Equity 461 Common Stock 462 Preemptive Rights 464 Dividend Policy 465 Impact of Transaction Costs 468 Impact of Taxation 469 The Firm's Need for Funding 469
12 Contents Cash Dividends 470 Stock Dividends 472 Stock Splits 474 Dividend Reinvestment Plans 475 Repurchase of Stock 476 Summary 477 Review Objectives 477 Internet Assignments 477 Problems 478 Additional Problems with Answers 480 Answers 481 Relationships 484 Answers 485 Stock Valuation 486 Valuation of Common Stock: The Present Value and the Growth of Dividends 487 Constant Dividends 487 Growth in the Dividend 488 Uneven Dividend Growth 491 Risk and Stock Valuation 493 Alternative Valuation Techniques: Multiplier Models 496 The Price-to-Earnings Ratio 496 The Price-to-Sales Ratio 497 The Price-to-Book Ratio 498 Stock Valuation and a Word of Caution 498 Summary 498 Review Objectives 499 Internet Assignments 499 Problems 500 Additional Problems with Answers 502 Answers 503 Relationships 504 Answers 504
13 Contents LISJL The Features of Long-Term Debt Bonds 505 Characteristics of All Debt Instruments 506 Types of Corporate Bonds 508 Mortgage Bonds 509 Equipment Trust Certificates 509 Debentures 509 Income Bonds 510 Convertible Bonds 510 Variable Interest Rate Bonds 511 Zero Coupon Bonds 511 High-Yield Securities Junk Bonds 512 Foreign Bonds 512 Registered and Book Entry Bonds 513 Retiring Debt 513 Serial Bonds 514 Sinking Funds 515 Repurchasing Debt 515 Calling the Debt 516 Government Securities 516 Federal Government Debt 516 Municipal Bonds 518 Summary 519 Review Objectives 520 Bond Pricing and Yields 521 Bond Pricing 522 Using Interest Tables to Determine a Bond's Price 523 Using a Financial Calculator to Determine a Bond's Price 524 The Inverse Relationship between Changes in Interest Rates and Bond Prices 525 Yields 526 The Current Yield 526 The Yield to Maturity 527 A Comparison of the Current Yield and the Yield to Maturity 529 The Yield to Maturity and Returns 530
14 xviii Contents Summary 530 Review Objectives 530 Problems 531 Additional Problems with Answers 533 Answers 534 Relationships 535 Answers 536 Chapter 24 Preferred Stock 537 The Features of Preferred Stock 537 Preferred Stock and Bonds Contrasted 539 Valuation (Pricing) of Preferred Stock 540 Analysis of Preferred Stock 542 Disadvantages of Preferred Stock from an Investor's Perspective 543 Summary 544 Review Objectives 544 Problems 544 Additional Problems with Answers 545 Answers 546 Relationships 547 Answers 547 r 25 Convertible Securities 548 Features of Convertible Bonds 548 The Valuation of Convertible Bonds 550 The Convertible Bond as Stock 550 The Convertible Bond as Debt 552 The Bond's Value as a Hybrid Security 555 Premiums Paid for Convertible Debt 555 Convertible Preferred Stock 558 Calling Convertibles and Investment Returns 559 Summary 560 Review Objectives 561 Problems 561 Additional Problems with Answers 562 ij
15 Contents [ jdx^ Answers 563 Relationships 565 Answers 566 Investment Returns 567 The Computation of Returns 568 Historical Investment Returns 571 Summary 572 Review Objectives 573 Problems 573 Additional Problems with Answers 574 Answers 574 Relationships 575 Answers 575 Investment Companies 576 Investment Companies: Origins and Terminology 577 Closed-End Investment Companies 579 Sources of Return from Investing in Closed-End Investment Companies 580 Mutual Funds 581 The Portfolios of Mutual Funds 583 The Portfolios of Specialized Mutual Funds 584 The Returns Earned on Investments in Mutual Funds 586 Studies of Returns 586 Consistency of Returns 588 Selecting a Mutual Fund 589 Fees and Expenses 589 The Timing of Distributions and Income Taxation 590 Tax Efficiency 590 Exchange-Traded Funds (ETFs) 592 Summary 594 Review Objectives 595 Internet Assignments 595 Problems 596
16 mz, Contents Additional Problems with Answers 597 Answers 597 Relationships 598 Answers 599 PART 5 Chapter 2 Options: Puts and Calls 602 Options 603 The Intrinsic Value of a Call Option 603 Leverage 606 Writing Call Options 610 The Covered Call 610 The Naked Call 612 Put Options 613 Stock Index Options 615 The Volatility Index (The VIX) 617 Summary 618 Review Objectives 618 Internet Assignment 618 Problems 619 Additional Problems with Answers 621 Answers 622 Relationships 623 Answers 623 Chapter 29 Futures and Swaps 624 Futures Contracts 625 The Mechanics of Trading Futures 625 The Units of Commodity Contracts 625 Commodity Positions 626 Reporting of Futures Trading 627 Leverage 629 Hedging 630 Financial and Currency Futures 632 Risk Reduction with Currency Futures Contracts 634 fe
17 Contents. i KXI Stock Index Futures 636 Swaps 637 Summary 639 Review Objectives 639 Problems 640 Additional Problems with Answers 641 Answers 642 Relationships 643 Answers 643 A Interest Factors for the Future Value of One Dollar 645 IB Interest Factors for the Present Value of One Dollar 647 C Interest Factors for the Future Value of an Annuity of One Dollar 649 Interest Factors for the Present Value of an Annuity of One Dollar 651 E Using Excel to Solve Financial Problems 653 F Answers to Selected Problems 676 Index 685
Security Analysis and Portfolio Management FIN-321-TE
Security Analysis and Portfolio Management FIN-321-TE This TECEP is an introduction to investment alternatives, security analysis, and portfolio construction. Topics include: the environment in which investment
Athens University of Economics and Business
Athens University of Economics and Business MSc in International Shipping, Finance and Management Corporate Finance George Leledakis An Overview of Corporate Financing Topics Covered Corporate Structure
CFS. Syllabus. Certified Finance Specialist. International benchmark in Finance profession
CFS Certified Finance Specialist Syllabus International benchmark in Finance profession Certified Finance Specialist Summary: This award will provide candidates the opportunity to gain advanced level knowledge
Long-Term Debt. Objectives: simple present value calculations. Understand the terminology of long-term debt Par value Discount vs.
Objectives: Long-Term Debt! Extend our understanding of valuation methods beyond simple present value calculations. Understand the terminology of long-term debt Par value Discount vs. Premium Mortgages!
Statement of Cash Flows
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.
UNIVERSITY OF WAH Department of Management Sciences
BBA-330: FINANCIAL MANAGEMENT UNIVERSITY OF WAH COURSE DESCRIPTION/OBJECTIVES The module aims at building competence in corporate finance further by extending the coverage in Business Finance module to
SPDR Wells Fargo Preferred Stock ETF
SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus
Unit01. Introduction, Creation of Financial Assets, and Security Markets
FCS 5510 Concept Review Notes: Midterm Review Notes Unit01. Introduction, Creation of Financial Assets, and Security Markets Chapter 01. Definition of investment Portfolio Primary and secondary markets
Chapter 2. Practice Problems. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Chapter 2 Practice Problems MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Assume that you borrow $2000 at 10% annual interest to finance a new
Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows
Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF
Measurement Concepts for Banking, Trading, and Investing
Banking,, Banking,, for the MFM Orientation September 1, 2010 Banking,, If you are going to work with bankers, traders, or investment managers, it is important for you to understand the language and concepts
Mc Graw Hill Educatiori
Foundations of Financial Management FIFTEENTH EDITION Stanley B. Block Texas Christian University Geoffrey A. Hirt DePaul University Bartley R. Danielsen North Carolina State University Mc Graw Hill Educatiori
NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS
NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A
NASAA Investment Adviser Competency Exam (Series 65) Exam Specifications and Outline (Effective 1/1/2010)
NASAA Investment Adviser Competency Exam (Series 65) Exam Specifications and Outline (Effective 1/1/2010) CONTENT AREA # of Items 1. Economic Factors and Business Information 19 (14%) A. Basic economic
International Accounting Standard 7 Statement of cash flows *
International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability
ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015
ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative
Mutual Fund Investing Exam Study Guide
Mutual Fund Investing Exam Study Guide This document contains the questions that will be included in the final exam, in the order that they will be asked. When you have studied the course materials, reviewed
1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates
BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket
Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,
Course Syllabus For Banking and Financial Management Department
For Banking and Financial Management Department School Year First Year First year Second year Third year Fifth year Fifth year Fifth year Fifth year Name of course Financial Accounting principles Intermediate
MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006
CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 2005 2006 ASSETS Investments - other than investments in affiliates: Securities available for sale: Fixed maturities, at fair value 3,043,851 3,193,503
How To Invest In Stocks And Bonds
Review for Exam 1 Instructions: Please read carefully The exam will have 21 multiple choice questions and 5 work problems. Questions in the multiple choice section will be either concept or calculation
MainStay VP Janus Balanced Portfolio
Summary Prospectus May 1, 2015 MainStay VP Janus Balanced Portfolio To Statutory Prospectus To Statement of Additional Information Before you invest, you may want to review the Portfolio's Prospectus,
Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)
Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which
INVESTMENT DICTIONARY
INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and
McGraw-Hill s Financial Analyst
Platform: Windows Requires: 4 MB hard disk space; includes the Mathcad Engine Available for ground shipment The power of MathSoft's Mathcad engine has been added to the 201 top financial tools contained
Often stock is split to lower the price per share so it is more accessible to investors. The stock split is not taxable.
Reading: Chapter 8 Chapter 8. Stock: Introduction 1. Rights of stockholders 2. Cash dividends 3. Stock dividends 4. The stock split 5. Stock repurchases and liquidations 6. Preferred stock 7. Analysis
Bonds. Accounting for Long-Term Debt. Agenda Long-Term Debt. 15.501/516 Accounting Spring 2004
Accounting for Long-Term Debt 15.501/516 Accounting Spring 2004 Professor S. Roychowdhury Sloan School of Management Massachusetts Institute of Technology April 5, 2004 1 Agenda Long-Term Debt Extend our
Balanced fund: A mutual fund with a mix of stocks and bonds. It offers safety of principal, regular income and modest growth.
Wealth for Life Glossary Aggressive growth fund: A mutual fund that aims for the highest capital gains. They often invest in smaller emerging companies that offer maximum growth potential. Adjustable Rate
How To Calculate Financial Leverage Ratio
What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK
GUIDE TO THE SURVEY FINANCIAL BALANCE STATISTICS
1(16) GUIDE TO THE SURVEY FINANCIAL BALANCE STATISTICS 1 GENERAL INFORMATION... 3 2 DEFINITION OF DATA... 3 2.1 Positions... 3 2.2... 3 2.3... 4 3 DEFINITION OF VARIABLES... 4 3.1 Financial assets... 4
Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows
Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS
IPSAS 2 CASH FLOW STATEMENTS
IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published
An Overview of the US Closed-End Fund Market. By Paul Mazzilli
An Overview of the US Closed-End Fund Market By Paul Mazzilli Introduction Closed-end funds (CEFs) are professionally managed investment companies that offer investors various unique benefits. They offer
City National Rochdale High Yield Bond Fund a series of City National Rochdale Funds
City National Rochdale High Yield Bond Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2015, AS SUPPLEMENTED MAY 1, 2015 Class: Institutional Class Servicing Class Class
Janus Investment Fund
October 26, 2012 Class A Shares Ticker Class C Shares Ticker Class S Shares Ticker Class I Shares Ticker Class N Shares Ticker Class R Shares Ticker Class T Shares Ticker Fixed Income Janus Flexible Bond
Glossary of Investment Terms
online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt
Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are
Certification Program on Corporate Treasury Management
Certification Program on Corporate Treasury Management Introduction to corporate treasury management Introduction to corporate treasury management: relevance, scope, approach and issues Understanding treasury
Nuveen Tactical Market Opportunities Fund
Nuveen Tactical Market Opportunities Fund Summary Prospectus January 29, 2016 Ticker: Class A NTMAX, Class C NTMCX, Class I FGTYX This summary prospectus is designed to provide investors with key Fund
INVESTMENT TERM GLOSSARY
A Accrued Interest - Interest that has been earned but not yet credited to a bond or other fixed-income investment, such as a certificate of deposit. Active Management The use of professional investment
MGT201 Solved MCQs(500) By
MGT201 Solved MCQs(500) By http://www.vustudents.net Why companies invest in projects with negative NPV? Because there is hidden value in each project Because there may be chance of rapid growth Because
Changes to the OklahomaDream 529 Plan
Supplement dated December 31, 2015 to Oklahoma Dream Advisor Sold 529 Program Plan Disclosure Statement for Investors Using a Financial Advisor (Classes A and C) Dated November 3, 2014 This Supplement
Financial Instruments. Chapter 2
Financial Instruments Chapter 2 Major Types of Securities debt money market instruments bonds common stock preferred stock derivative securities 1-2 Markets and Instruments Money Market debt instruments
Important Information about Closed-End Funds and Unit Investment Trusts
Robert W. Baird & Co. Incorporated Important Information about Closed-End Funds and Unit Investment Trusts Baird has prepared this document to help you understand the characteristics and risks associated
Chapter 3 - Selecting Investments in a Global Market
Chapter 3 - Selecting Investments in a Global Market Questions to be answered: Why should investors have a global perspective regarding their investments? What has happened to the relative size of U.S.
JEFFERSON COLLEGE COURSE SYLLABUS
JEFFERSON COLLEGE COURSE SYLLABUS MGT 262 FINANCIAL MANAGEMENT 3 Credit Hours Prepared by Don Boyer Revision Date: May 2002 by Don Boyer CAREER & TECHNICAL EDUCATION Alan C. Foster, Associate Dean MGT
Principles of Financial Management. 3 3 Lecture/Laboratory Hours
COURSE OUTLINE BUS218 Course Number Principles of Financial Management Course Title Credits 3 3 Lecture/Laboratory Hours Course description: Principles of financial management as applied to the firm including
Indicative Content. 1.1.1 The main types of corporate form. 1.1.2 The regulatory framework for companies. 1.1.6 Shareholder Value Analysis.
Unit Title: Corporate Finance Unit Reference Number: L/601/3900 Guided Learning Hours: 210 Level: Level 6 Number of Credits: 25 Learning Outcome 1 The learner will: Understand the role of the Corporate
Understanding Leverage in Closed-End Funds
Closed-End Funds Understanding Leverage in Closed-End Funds The concept of leverage seems simple: borrowing money at a low cost and using it to seek higher returns on an investment. Leverage as it applies
Chapter 9 Bonds and Their Valuation ANSWERS TO SELECTED END-OF-CHAPTER QUESTIONS
Chapter 9 Bonds and Their Valuation ANSWERS TO SELECTED END-OF-CHAPTER QUESTIONS 9-1 a. A bond is a promissory note issued by a business or a governmental unit. Treasury bonds, sometimes referred to as
INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)
INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED
Financial Markets and Institutions Abridged 10 th Edition
Financial Markets and Institutions Abridged 10 th Edition by Jeff Madura 1 23 Mutual Fund Operations Chapter Objectives provide a background on mutual funds describe the various types of stock and bond
DFA INVESTMENT DIMENSIONS GROUP INC.
PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR
Accounting for Bonds and Long-Term Notes
Accounting for Bonds and Long-Term Notes Bond Premiums and Discounts Effective interest method Bond issuance Interest expense Types of Debt Instruments Zero-Coupon Bonds Convertible Bonds Detachable Warrants
Statement of Investment Policies and Procedures
Effective July 1, 2015 Canadian Cancer Society Statement of Investment Policies and Procedures Background The Society wishes to invest funds in a prudent manner, with appropriate consideration given to
Markets, Investments, and Financial Management FIFTEENTH EDITION
INTRODUCTION TO FINANCE Markets, Investments, and Financial Management FIFTEENTH EDITION Ronald W. Melicher Professor of Finance University of Colorado at Boulder Edgar A. Norton Professor of Finance Illinois
Level 6 Advanced Diploma in Finance (531) 126 Credits
Level 6 Advanced Diploma in Finance (531) 126 Credits Unit: Finance Theory Guided Learning Hours: 210 Exam Paper No.: 4 Prerequisites: Knowledge of Finance. Number of Credits: 21 Corequisites: A pass or
Investments at a glance
Investments at a glance Canadian Securities Administrators Securities regulators from each province and territory have teamed up to form the Canadian Securities Administrators, or CSA for short. The CSA
Certified Financial Management Professional VS-1201
Certified Financial Management Professional VS-1201 Certified Financial Management Professional Certified Financial Management Professional Certification Code VS-1201 Vskills certification for Financial
Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated after the close of business on June 24, 2016.
NUVEEN INTELLIGENT RISK CONSERVATIVE ALLOCATION FUND SUPPLEMENT DATED APRIL 18, 2016 TO THE SUMMARY PROSPECTUS DATED DECEMBER 31, 2015 Nuveen Intelligent Risk Conservative Allocation Fund will be liquidated
TYLER JUNIOR COLLEGE School of Continuing Studies 1530 SSW Loop 323 Tyler, TX 75701 1.800.298.5226 www.tjc.edu/continuingstudies/mycaa
TYLER JUNIOR COLLEGE School of Continuing Studies 1530 SSW Loop 323 Tyler, TX 75701 1.800.298.5226 www.tjc.edu/continuingstudies/mycaa Education & Training Plan Finance Professional Program Student Full
Consolidated Interim Earnings Report
Consolidated Interim Earnings Report For the Six Months Ended 30th September, 2003 23th Octorber, 2003 Hitachi Capital Corporation These financial statements were prepared for the interim earnings release
2011-2012 For plan years ending. September 30, 2012. Reports. Section. Instructions. within six OSFI 60
2011-2012 For plan years ending between October 1, 2011 and September 30, 2012 Guide to Completing the OSFI 60 - Certified Financial Statements and Filing Auditor s Reports Section I Instructions 1. General
OAKTREE HIGH YIELD BOND FUND
OAKTREE HIGH YIELD BOND FUND Institutional Class OHYIX Advisor Class OHYDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks.
DEBT MANAGEMENT POLICY
THE CITY OF WINNIPEG DEBT MANAGEMENT POLICY I. INTRODUCTION A. Purpose The City recognizes that the foundation of any well-managed debt program is a comprehensive debt policy. This Debt Management Policy
Net Asset Value (NAV) Classification of Mutual Funds. Load Funds and No-Load Funds. Classification of Mutual Funds
CHAPTER 16 Why Investors Purchase Mutual Funds Investing in Mutual Funds Personal Finance 7e Kapoor Dlabay Hughes Professional management. Who is the fund s manager? Managers can change. Diversification.
PRIVATE WEALTH MANAGEMENT THE COMPLETE REFERENCE FOR THE PERSONAL FINANCIAL PLANNER
PRIVATE WEALTH MANAGEMENT THE COMPLETE REFERENCE FOR THE PERSONAL FINANCIAL PLANNER G. Victor Hallman, Ph.D., J.D. Memberof the Pennsylvania Bar and Lecturer, Wharton School, University of Pennsylvania
PERMANENT HEALTH FUND FINANCIAL STATEMENTS
FINANCIAL STATEMENTS Years Ended August 31, 2001 and 2000 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713) 982-2000 Fax: (713) 982-2001 www.us.deloitte.com INDEPENDENT
INDICE Preface Part 1 the accounting cycle 1 Accounting, the language of business What is accounting?
INDICE Preface XV Part 1 the accounting cycle 1 Accounting, the language of business 2 What is accounting? The purpose and nature and accounting information, creating accounting information. Communicating
How To Understand The Risks Of Financial Instruments
NATURE AND SPECIFIC RISKS OF THE MAIN FINANCIAL INSTRUMENTS The present section is intended to communicate to you, in accordance with the Directive, general information on the characteristics of the main
PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1
PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios
COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL
INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.
Aston Hill Mutual Funds
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. Aston Hill Mutual Funds AMENDMENT NO. 1 DATED OCTOBER 9, 2015 TO THE SIMPLIFIED
Financial Risk Management
176 Financial Risk Management For the year ended 31 December 2014 1. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES s major financial instruments include cash and bank balances, time deposits, principal-protected
Introduction to Fixed Income (IFI) Course Syllabus
Introduction to Fixed Income (IFI) Course Syllabus 1. Fixed income markets 1.1 Understand the function of fixed income markets 1.2 Know the main fixed income market products: Loans Bonds Money market instruments
33 Financial risk management and supplementary disclosures regarding financial instruments
33 Financial risk management and supplementary disclosures regarding financial instruments Swisscom is exposed to various financial risks resulting from its operating and financial activities. The most
3. If an individual investor buys or sells a currently owned stock through a broker, this is a primary market transaction.
Spring 2012 Finance 3130 Sample Exam 1A Questions for Review 1. The form of organization for a business is an important issue, as this decision has very significant effect on the income and wealth of the
FINANCIAL PLANNING ASSOCIATION OF MALAYSIA
FINANCIAL PLANNING ASSOCIATION OF MALAYSIA MODULE 4 INVESTMENT PLANNING Course Objectives To understand the concepts of risk and return, the financial markets and the various financial instruments available,
Far-western University Faculty of Management
Far-western University Faculty of Management Course: Fundamentals of Financial Management Full marks: 100 Course No. Mgt FIN 2001 Pass marks: 45 Nature of the course: Theory Total periods: 120 Year: Second
Consolidated Financial Results
UFJ Holdings, Inc. November 25, 2003 For the Six Months Ended September 30, 2003 UFJ Holdings, Inc. today reported the company's consolidated financial results for the six months ended September 30, 2003.
CHAPTER 2. Asset Classes. the Money Market. Money market instruments. Capital market instruments. Asset Classes and Financial Instruments
2-2 Asset Classes Money market instruments CHAPTER 2 Capital market instruments Asset Classes and Financial Instruments Bonds Equity Securities Derivative Securities The Money Market 2-3 Table 2.1 Major
Shares Mutual funds Structured bonds Bonds Cash money, deposits
FINANCIAL INSTRUMENTS AND RELATED RISKS This description of investment risks is intended for you. The professionals of AB bank Finasta have strived to understandably introduce you the main financial instruments
BARUCH COLLEGE DEPARTMENT OF ECONOMICS & FINANCE Professor Chris Droussiotis LECTURE 2. Chapter 3 SECURITIES MARKETS
LECTURE 2 Chapter 3 SECURITIES MARKETS IPO Required Docs: Amendment to the certificate of incorporation Corporate Governance (Private are far less formal responsibility) Recruit Independent Board Members
Homework Solutions - Lecture 2
Homework Solutions - Lecture 2 1. The value of the S&P 500 index is 1286.12 and the treasury rate is 3.43%. In a typical year, stock repurchases increase the average payout ratio on S&P 500 stocks to over
Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.
INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.
Chapter 2 Characteristics of Investment Companies
Chapter 2 Characteristics of Investment Companies Abstract Chapter 2 provides a brief overview of five types of investment companies: open-end funds, closed-end funds, unit investment trusts, exchange-traded
CONVERTIBLE DEBENTURES A PRIMER
What are convertible debentures? CONVERTIBLE DEBENTURES A PRIMER They are hybrid securities, combining the features of a conventional debenture with the option of converting, under certain circumstances,
] (3.3) ] (1 + r)t (3.4)
![] (3.3) ] (1 + r)t (3.4)](/thumbs/39/18539117.jpg "] (3.3) ] (1 + r)t (3.4)")
Present value = future value after t periods (3.1) (1 + r) t PV of perpetuity = C = cash payment (3.2) r interest rate Present value of t-year annuity = C [ 1 1 ] (3.3) r r(1 + r) t Future value of annuity
FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.
FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield
MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2. Cash Flow Statements
MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2 Cash Flow Statements March 2013 MPSAS 2 CASH FLOW STATEMENTS Acknowledgment The Malaysian Public Sector Accounting Standard (MPSAS) 2 is based on International Public
Chapter 10. Fixed Income Markets. Fixed-Income Securities
Chapter 10 Fixed-Income Securities Bond: Tradable security that promises to make a pre-specified series of payments over time. Straight bond makes fixed coupon and principal payment. Bonds are traded mainly
Chapter 17: Financial Statement Analysis
FIN 301 Class Notes Chapter 17: Financial Statement Analysis INTRODUCTION Financial ratio: is a relationship between different accounting items that tells something about the firm s activities. Purpose
TOPIC LEARNING OBJECTIVE
Topic Mapping 1 Transaction Analysis Understand the effect of various types of transactions on the accounting equation, accounting journal and accounting ledger. Concepts and Skills Accounting Equation
ESSENTIAL CONCEPTS IN MANAGERIAL FINANCE
ESSENTIAL CONCEPTS IN MANAGERIAL FINANCE Analysis of Financial Statements (Chapter 2) Financial Statements and Reports financial reporting is used to disclose information about the firm to investors, creditors,