By Bodie?Kane?Marcus

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Additional resources for Investments, Fifth Edition - VOLUME 1

Sample text

Our goal is to introduce you to the features of various security types. This foundation will be necessary to understand the more analytic material that follows in later chapters. Financial markets are traditionally segmented into money markets and capital markets. Money market instruments include short-term, marketable, liquid, low-risk debt securities. Money market instruments sometimes are called cash equivalents, or just cash for short. Capital markets, in contrast, include longer-term and riskier securities.

2. The three sectors of the financial environment are households, businesses, and government. Households decide on investing their funds. Businesses and government, in contrast, typically need to raise funds. 3. The diverse tax and risk preferences of households create a demand for a wide variety of securities. In contrast, businesses typically find it more efficient to offer relatively uniform types of securities. This conflict gives rise to an industry that creates complex derivative securities from primitive ones.

What happens to financial intermediaries as securitization progresses? 11. Many investors would like to invest part of their portfolios in real estate, but obviously cannot on their own purchase office buildings or strip malls. Explain how this situation creates a profit incentive for investment firms that can sponsor REITs (real estate investment trusts). 12. Financial engineering has been disparaged as nothing more than paper shuffling. , creating real assets). Evaluate this criticism. Are there any benefits realized by creating an array of derivative securities from various primary securities?

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