【福利贴（一）UTS-Investment Management考点精讲分析】

本帖最后由 MonkeyKing移民 于 2015-4-21 14:52 编辑
冲刺！冲刺！UTS Investment Management期中考前福利大放送。领航UTS高分TUTOR Paul精心整理的考试要点分析，从今天开始一一放出。千万不要错过这次好机会，为考试做最后的冲刺。更多课程信息请尽快咨询领航哦。会有更多福利放出。
   Financial markets    TradingSecondary market trading 二级市场的交易1.       Organised exchange markets (e.g. NYSE, LSE, ASX, NIKKEI, Hang Seng,etc).o    Auction market o    Order-driven marketo    Exchange centralizes the communication of bid and offer, buy and sell at a singlepriceo    Brokers earn commissions 2.       Over-the-Counter (e.g.FX, Bond market, etc)o   Quote-driven market,two-way quote (Bid & Ask/offer)o   Dealers are marketmakers, o   Spread = ask - bid几个常见的交易术语·        Market order市价指令: An order that aninvestor makes through a broker or brokerage service to buy or sell aninvestment immediately at the best available current price.·        Limit Buy (Sell) order限价买（卖）指令: Buy(sell) shares if price is below (above) a specified price.·        Stop-loss order: sell if its price falls below a stipulated level. This stopsfurther losses from accumulating (e.g. hold a stock when price drops).·        Stop-buy order: buy if its price rises above alimit. This also stops further losses from accumulating (e.g. short selling astock when price rises).InitialMargin, Margin Call, maintenance margin, leverageratio*·        Trader’sequity is that portion of thesecurity price that the buyer must supply
·        Initial marginrequirement is the minimum fraction of the purchase price that must be trader’sequity.
·        Maintenance margin:The minimum amount thatis requiredto maintain a marginaccount and to protect against default. Participantswhose margin balances drop below the required maintenance margin must replenishtheir accounts
·        Why need Maintenance margin? Toprotect against credit losses, brokers demand maintenance margin payments from theircustomers who have borrowed cash or securities when adverse price changes causetheir customer’s equity to drop below the maintenance margin ratio. Brokersclose positions for customers who do not satisfy these margin calls.
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= Margin·        Leverage ratio = 1/Initial margin·        Shortselling is the transaction whereby an investor sells shares thathe or she does not own by borrowing them from a broker and agreeing to replacethem at a future dateo   Borrow the security and sell ità cash inflowo   Buy the same security back andreturn it à cash outflow 专题 1 Risk Preference & Choice of optimalallocations    Three types of investors:·        Risk-averseo    Dislike (i.e. prefer less riskto more risk). Given two investments that have equal expected return, arisk-averse investor will choose the one with less risk (standard deviation). o    Risk-averse investors requiremore risk premium to compensate additional risk
·        Risk-lovingo    Prefer more risk to less. Giventwo investments that have equal expected return, a risk-averse investor willchoose the one with more risk
·        Risk-neutralo    Have no preference regardingrisk and would be indifferent between two such investment with same expectedreturn but with different standard deviations of returns.

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      Utility function and indifference curve·        Assumptions: Non-satisfaction of people. à As always, the more is thebetter·        Utility function represents the inventors’preferences in terms of risk and return (i.e. degree of risk aversion).o    E.g. U=E(r)-0.5A
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(aparticular caseà quadratic utility)§  E(r) is reward, 0.5A
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is risk§  A>0 Risk averse§  A=0 Risk neutral §  A
·        Indifference curve plot combinations of risk (standarddeviation) and expected return among which an investor is indifferent.  o    Trade-off between risk &return o    Any points on the sameindifference curve have the sameutility (preference) o    The slope of indifference curvemeasures the return the investor is willing to be compensated given an extraunit increase of risk. o    The steeper the slope of indifferencecurve is, the more risk-averse theinvestor is. ·        Capital allocation line (CAL) o    A capital allocation line includes all possible combinations of the risk-free asset and anyrisky portfolio Formula:             o   Sharp ratio (reward-to-risk) is the slope. Theslope measures the risk premium rewarded for every                     unit of risk
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