Business management> Notes > FINANCIAL ECONOMICS WEEK 3: VALUATION OF FIXEDINCOME SECURITIES
Types based on issuing parties: Government bonds Agency bonds Municipal bonds Corporate bonds Types based on cash flow patterns: 3 0 1 2 3 … T-1 T … Zero-Coupon/Pure Discount Bonds F Level-Coupon Bonds C C C … C C+F British Consols C C C … C C C[Show More]
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Study consumption patterns over one’s life time. A topic of microeconomics, macroeconomics, and financial economics. The latter two fields build their theories on the micro foundations. Key results: Consumers smooth their consumption over lifetime; they save when they are rich, and dissave when they are poor. Permanent income hypothesis Consumption is largely determined by permanent income, rather than transitory income.
I. ABCS ABOUT STOCK A. COMMON STOCK: IMPORTANT FEATURES Represents ownership. Also known as equity or shares. A natural consequence of corporations. Shares are residual claims. Creditors and preferred shareholders (which will be introduced soon) must be paid as scheduled before common stockholders can receive any payments. Has limited liability. Common shareholders may lose their initial investment but not more. Common stock typically has voting rights. One share one vote. Internet technology has made voting easier for individual stockholders. The majority rule usually applies. But some decisions require the approval from more than one half of the stockholders.
Research was conducted to develop a capability for quantification and assessr-nt of in-flight pilot performance for utilization in Under¬ graduate Pilot Training (UPT). This feasibility effort was directed to overcoming the disadvantages of the traditional subjective rating of a pilot trainee's performance by the instructor pilot. This was accomplished through the development of an automated, objective performance measurement system that possesses the characteristics of reliability, validity, and sensitivity.
Finance is the study of how people allocate scarce resources over time. Two features that distinguish financial decisions from other resource allocation decisions are that the costs and benefits of financial decisions are (1) spread out over time and (2) usually not known with certainty in advance by either the decision makers or anybody else. In deciding whether to start your own restaurant, for example, you must weigh the costs (such as the investment in fixing up the place and buying the stoves, tables, chairs, little paper umbrellas for exotic drinks, and other equipment you need) against the uncertain benefits (your future profits) that you expect to reap over several years.
Supply Chain Supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product that is delivered to the end customer
In this lecture, we will cover: Decisions with multiple objectives and attributes Criteria for fundamental objectives and their attributes Trading off conflicting objectives The additive utility function Assessing (quantifying) utility functions, i.e., scores, and weights
Asset valuation: PV, valuation of bonds and stocks. (Week 1, 2, 4, 5). Equilibrium consumption-based asset pricing models, stochastic discount factors. (Week 6) Risk neutral probabilities, contingent-claim markets, no arbitrage, and law of one price. (Week 7) Portfolio theory, CAPM, and efficient markets. (Week 8, 9) Application: pricing options and futures. (Week 10—12)
Operations challenges by industry group Advanced industries Most affected by material shortages, primarily due to interconnected supply chains spanning multiple geographies. An auto company in commented, “ We are facing raw-material shortages including aluminum and imported chemicals.”
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