投资学英文版课件investments final review 2015

PAGEPAGE6PreparationoutlineforfinaltestⅠTeststructureofFinalExam1.True/False.Write‘T’ifthestatementistrueand‘F’ifthestatementisfalse,detectandcorrectthemistakesifthereareany.(10marks，1foreach)注意判断正误后，如果判定为错误的题目一定要改正，否则不计分！2.Fillintheblanks.(10marks,2foreach)3.MultipleChoicesingleanswerquestions.PleaseselectONEBESTanswer(18marks,1foreach)4.TranslatethefollowingtermsfromEnglishintoChineseandviceversa(10marks,1foreach)5.Definethefollowingterms.Pleaseanswerbriefly(12marks,3foreach)6.TranslatethefollowingsentencesintoChinese.(24marks,4foreach)7.Calculationandexplanation(16marks)ⅡkeyTerms(Explanation)Chapter1introductionInvestmentAnInvestmentisthecurrentcommitmentofmoneyorotherresourcesintheexpectationofreapingfuturebenefits2-portfolioAnaccumulationofassetsownedbytheinvestoranddesignedtotransferpurchasingpowertothefuture3-riskRiskreferstotheuncertaintythattheactualreturntheinvestorrealizeswilldifferfromtheexpectedreturn4-financialriskistheriskassociatedwithhowthefirmfinancesitsassets.5-businessriskistheriskassociatedwiththenatureofthefirm’soperations6-diversificationreferstotheprocessofaccumulatingdifferentsecuritiestoreducetheriskofloss.7-liquidityreferstotheeaseofconvertinganassettocash.8-marketriskistheriskduetothetendencyofsecuritypricestomovetogether.Chapter2-3Securitiesmarket:1-privateplacementThedirectsaleofanentireissueofbondsorstocktoaninvestor(orgroupofinvestors)ortoafinancialinstitution2-brokerAbrokerisanagentwhohandlesbuyandsellordersforaninvestor3-LimitOrderAnorderplacedwithabrokertobuyorsellataspecifiedprice4-Underwritingtheprocessbywhichsecuritiesaresoldtothegeneralpublicandinwhichtheinvestmentbankerbuysthesecuritiesfromtheissuingfirm5-Commissionsfeeschargedbybrokersforexecutingorders6-oddlotaunitoftradingthatissmallerthanthegeneralunitofsale7-Margintheamountthataninvestormustputdowntobuysecuritiesoncredit8-OTCMarketTheinformalsecondarymarketforunlistedsecurities.9-SecondaryMarketAmarketforbuyingandsellingpreviouslyissuedsecurities.10-MarketorderAnordertobuyorsellatthecurrentmarketpriceorquoteChapterFive-CorporateStock1-dividendApaymenttostockholdersthatisusuallyincashbutmaybeinstockorproperty2-RightsOfferingSaleofnewsecuritiestoexistingstockholders3-ex-dividenddateThedayonwhichastocktradesexclusiveofanydividends4-stockdividendAdividendpaidinstock.5-votingrightsTherightsofstockholderstovotetheirsharesⅢVocabularyChapter1IntroductionRealasset实物资产Financialasset金融资产Investment投资portfolio投资组合Derivative衍生金融工具efficientmarkethypothesis(EMH)有效市场假说PrimaryMarket初级市场Secondarymarket二级市场Liquidity流动性Marketability流通性、市场性Speculation投机CapitalGain资本利得Systematicrisk系统风险Unsystematicrisk非系统风险Portfoliorisk组合风险Diversifiedportfolio分散化投资组合Purchasingpower购买力Financialmarket金融市场Chapter2andchapter3:financialmarketsPrivateplacement私募Initialpublicoffering(IPO)初始公开发行Issue发行Underwrite承销Besteffortagreement代销Firmcommitment包销Listedcompany上市公司Marketmaker做市商Finalprospectus最终招股书Preliminaryprospectus初始招股说明书Limitorder限价指令Marketorder市价指令Long(bull)position多头头寸short(bear)position空头头寸Stoporder止损指令Bid-AskSpread买卖差价Streetname街名、行号代名Cashaccount现金账户Blocktrade大宗交易Delivery交割Maintenancemargin维持保证金Closeposition平仓NationalAssociationofSecuritiesDealersAutomatedquotationsystem（NASDAQ）全国证券交易商自动报价系统（纳斯达克）ChapterFive-CorporateStockCashdividend现金股利Stockdividend股票股利Payoutratio股利支付率Retentionratio留存收益比率Dateofrecord股东登记日exdividenddate除息日Distributiondate派息日Stocksplit股票拆分Cumulativepreferredstock累积优先股Preemptiverights优先认股权ⅣImportantSentencesChapterone-introduction1.Theeaseofconvertinganassettocashisanasset’sliquidity资产的流动性指将资产轻易变现的可能性。2.Factorsaffecttheconstructionofaportfolioincludethefinancialgoalsoftheinvestor,therisksinvolved,andaknowledgeoftheavailableopportunitiesandalternativeinvestments.影响投资组合构建的因素包括投资者的理财目标，面临的风险以及对可能投资机会和不同投资工具的了解。3.Riskisconcernedwiththeuncertaintythatyourrealizedreturnwillnotequalyourexpectedreturn.风险指实际收益可能与预期收益不等而带来的（收益）不确定性。4．Youcanavoidexchangerateriskbynotacquiringforeignassetsandofcourse,misstheopportunitiessuchinvestmentsmayoffer.你可以不购置国外资产，从而规避外汇风险，当然，同时也错过了这些投资工具可能带来的赢利机会。5.Speculationreferstoaninvestmentthatoffersapotentiallylargereturnbutisalsoveryrisky;投机指提供大额收益机会的投资，但这种投资风险性也极高。Chapter2-3Securitiesmarket1.Thedirectsaleofanentireissueofbondsorstocktoaninvestorortoafinancialinstitutioniscalledaprivateplacement.将计划发行的全部股票或债券直接发售给特定投资者或金融机构的过程，称为私募。2Theinvestmentbankermaymakeabest-effortagreementinwhichtheyagreetomaketheirbestefforttosellthesecuritiesbutdonotguaranteethataspecifiedamountofmoneywillberaise.投资银行可选择签署代销协议。在该协议下，他们承诺尽力销售证券，但不保证能募集到确定数量的资金。3.Theinvestortakesalongpositioninthesecurityinanticipationofthepriceincrease.当投资者预期证券的价格上涨时，他就会持有该证券的多头头寸。4．Marketmakertrytoquoteanequilibriumpricethatequatesthesupplywiththedemand.做市商力求报出使供求匹配的均衡价格。5.Theinvestormayenteralimitbuyorderandspecifyapricebelowthecurrentaskingprice.投资者可以下达限价买入委托指令，设定买入价格的上限，该价格低于当前卖方报价。6.Interestrateriskistheriskduetothetendencyofsecurityprices,especiallyfixed-incomesecurities,tomoveinverselywithchangesintherateofinterest.利率风险指由于证券（特别是固定收益证券）价格随利率变动反向变动的趋势带来的风险。ChapterFive-Corporatestock1.Ifafirmdoespoorly,anotherfirmmayoffertobuytheoutstandingstockheldbythepublic.一家公司如果经营不善，可能就会有另外一家公司出价买入由公众持有该公司的流通股。2.Afirm’searningsmaybedistributedtoshareholdersintheformofcashdividends,ortheymayberetainedbythecorporation.公司收益可以现金红利的形式向股东分配，也可以由公司留存3.Aminoritygroupofshareholderscanusethecumulativemethodofvotingtoelectarepresentativetothefirm’sboardofdirector.少数股东能行使累积投票权，选举公司董事会的代表。4.Preferredstockholdersreceivedividendpaymentsbeforecommonstockholdersand,incaseofliquidation,arecompensatedbeforecommonstockholders.优先股股东比普通股股东先收到红利支付款，而且，当公司破产清算时，优先股股东在普通股股东之前得到偿付。5.Stockdividenddoesnotincreasethewealthofstockhol