FIM > Chap 2 > Flashcards

Chap 2 Flashcards

(45 cards)

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1
Q

Function of Financial Markets ?

A
  • (phân bổ vốn hiệu quả) efficient allocation of capital
  • Improves economic efficiency, also the well – being of consumers
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2
Q

Direct Finance ?

A

Borrowers borrow directly from lenders in F.M => More risk => Higher Return

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3
Q

Indirect Finance

A

mượn qua (trung gian tài chính) Bank

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4
Q

Debt Market

A
  • Short term (Maturity < 1 year) debt
  • Long-term debt (> 1y)
    => Bigger than Equity Market (340 Trillion) & more important
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5
Q

Equity Market

A

Much smaller than Debt Market

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6
Q

Primary Market

A
  • Chứng khoán mới phát hành bán cho người mua đầu tiên.
  • Thường có Typically involves an investment bank
  • VD: Gov issue bond
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7
Q

Second Market

A
  • Chứng khoán đã phát hành được mua đi bán lại giữa các nhà đầu tư
  • VD: NYSE and Nasdaq
  • Involves both brokers (môi giới) and dealers (cty, DN)
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8
Q

Functions of Second Market

A

Tạo thanh khoản,
Xác lập giá thị trường,
Giúp doanh nghiệp định giá và huy động vốn trong tương lai.
* Provides liquidity for firms.
* Establishes securities price => useful for company valuation
* at what price should company can increase capital

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9
Q

2 loại của second market

A

Exchanges + Over-the-Counter (OTC) Markets

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10
Q

Exchanges (Giao dịch tập trung (sàn chứng khoán))

A
  • Dealers at central location buy and sell
  • VD: New York Stock Exchange, CBT…
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11
Q

Over-the-Counter (OTC) Markets (Thị trường phi tập trung)

A
  • Dealers at different locations buy and sell
  • VD: the market for Treasury Securities, (Bonds), Nasdaq (use computer/ softwares to trade)
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12
Q

Money Market

A
  • Short-Term (maturity <1 year), (Big scale => Liquid)
  • Forex (Foreign Exchange – Dollars euro…)
  • VD: Bond (3m), Treasury Securities
  • Dealer working in money market
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13
Q

Capital Market

A
  • Long-Term (maturity >1 yr) + Equities – share (no maturity)
  • 10 years bond
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14
Q

Domestic bonds

A

phát hành & bán trong nước, cùng đồng tiền.
vd US Gov issued bonds in US Dollars, sell to US investors, US savers, US pension funds (US Markets)

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15
Q

Foreign bonds

A

phát hành bằng ngoại tệ, bán ở thị trường nước ngoài
=> Wollswagen (Germany) – issuing bond in US Dollars – selling to US investors (US market)

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16
Q

Eurobonds

A

Denominated in one currency, but sold in a different market
Phát hành bằng một đồng tiền,
Bán ở thị trường khác.
Hiện chiếm hơn 80% phát hành trái phiếu mới.

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17
Q

Eurocurrency Market - Transactions are not possible with every currency

A

Ngoại tệ gửi ngoài quốc gia phát hành (ví dụ: Eurodollars ở London).
Cung cấp nguồn vốn thay thế cho người đi vay.
Foreign currency deposited outside of home country

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18
Q

World Stock Markets

A

U.S. stock markets are no longer always the largest—at one point, Japan’s was larger in world stock market

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19
Q

Bel20

20
Q

Dow Jones Industrial Average (DJIA)

21
Q

S&P 500

22
Q

Nasdaq Composite

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A

Nasdaq stock market

23
Q

FTSE100

24
Q

DAX

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A

German - frankfurt

25
CAC40
French - Paris
26
Hang Seng
Hong Kong
27
Strait Times
Singapore
28
Why US are losing out to other international market (4)
* New technology i * regulations tighter * Greater risk of lawsuit (nguy cơ kiện tụng) * Sarbanes-Oxley has increased the cost of being a U.S.-listed public company
28
Function of F.Intermediaries: Indirect Finance
the middleman: obtains funds from savers then makes loans/investments with borrowers (=> financial intermediation) (huy động vốn từ người gửi TK -> dùng tiền đó cho vay or đầu tư)
29
the most important F.intermediaries là gì ?
bank
30
Financial Intermediaries are needed to:
low transaction cost, risk sharing, asymmetric information
31
Transaction Costs
- developing expertise and taking advantage of economies of scale - Low transaction costs provide customers with liquidity services: * Banks provide depositors checking accounts => pay their bills easily * Depositors can earn interest on checking & savings accounts + convert them into goods & services whenever need
32
Risk sharing
Tạo tài sản rủi ro thấp cho người gửi tiền, Nắm giữ tài sản rủi ro cao hơn ở phía cho vay. Giúp đa dạng hóa danh mục. - create and sell assets with lower risk to one party, then buy assets with higher risk from another party Help individuals and business to diversify their asset: buy a range of assets, pool them (gộp lại), and then sell rights to individuals investors
33
Assets transformation process
bán low risk + mua high risk - create and sell assets with lower risk to one party, - then buy assets with higher risk from another party
34
Asymmetric info
1 bên ít thông tin hơn bên kia
35
Asymmetric info dẫn đến gì (3)
adverse selection moral hazard conflicts of interest
36
conflicts of interest
xáy ra khi 1 bên giấu ỏ che đậy thông tin đối với bên còn lại
37
Regulation of the Financial System (4)
(1) Increase Information to Investors (2) Ensure the Soundness/ Safeness of Financial Intermediaries - tính minh (3) Improve Monetary Control (Cải thiện khả năng kiểm soát tiền tệ) 4) Financial Regulation Abroad
38
To protect the economy, Gov implemented 6 regulations
Restrictions on Entry - giấy phép hoạt động Disclosure (Publish Infos) Restrictions on Assets and Activities Deposit Insurance Limits on Competition Restrictions on Interest Rates Giấy phép hoạt động, Công bố thông tin, Hạn chế tài sản & hoạt động rủi ro, Bảo hiểm tiền gửi, Hạn chế cạnh tranh & trần lãi suất (lịch sử).
39
Financial Panic (rút tiền hàng loạt) khi nào
Depositers have doubt about the overall health of F. Intermediaries khi nghi ngờ về health của các trung gian tài chính
40
Regulatory Agencies: (3)
Securities and Exchange Commission (SEC) Federal Deposit Insurance Corporation Federal Reserve System
41
Securities and Exchange Commission (SEC)
giám sát thị trường chứng khoán, yêu cầu công bố thông tin.
42
FDIC
bảo hiểm tiền gửi (250.000 USD; châu Âu ~100.000).
43
Federal Reserve System
giám sát ngân hàng (commercial banks), đặt yêu cầu dự trữ
44
tỉ lệ Reserve Requirements điều chỉnh ntn
* Tăng tỉ lệ Reserve Requirements <=> when ppl borrowing, spending too much money <=> Tăng inflation => Giảm money supply + control inflation * Giảm tỉ lệ Reserve Requirements when inflation is low, the economy is not very well
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