TAILIEUCHUNG - Lecture Financial markets and institutions (4/e) – Chapter 6

Chapter 6 - Financial statement analysis. To make rational decisions in keeping with the objectives of the firm, the financial manager must have analytical tools. Some of the more useful tools of financial analysis and planning are the subjects of this and the next chapter. | Chapter Six Bond Markets 6- Bond and Bond Markets Capital markets involve equity and debt instruments with maturities of more than one year Bonds are long-term debt obligations issued by corporations and government units Bond markets are markets in which bonds are issued and traded Treasury notes (T-notes) and bonds (T-bonds) Municipal bonds (Munis) Corporate bonds 6- Bond Market Instruments Outstanding, 1994-2007 6- Treasury Notes and Bonds Treasury notes and bonds (T-notes and T-bonds) are issued by the . Treasury to finance the national debt and other government expenditures The annual federal deficit is equal to annual expenditures (G) less taxes (T) received The national debt (ND) is the sum of historical annual federal deficits: 6- Treasury Notes and Bonds Default risk free: backed by the full faith and credit of the . government Low returns: low interest rates (yields to maturity) reflect low default risk Interest rate risk: because of their long maturity, T-notes and T-bonds experience wider price fluctuations than money market securities when interest rates change Liquidity risk: older issued T-bonds and T-notes trade less frequently than newly issued T-bonds and T-notes 6- Treasury Notes and Bonds T-notes have original maturities from over 1 to 10 years T-bonds have original maturities from over 10 years Issued in minimum denominations (multiples) of $1,000 May be either fixed principal or inflation-indexed inflation-indexed bonds are called Treasury Inflation Protection Securities (TIPS) the principal value of TIPS is adjusted by the percentage change in the Consumer Price Index (CPI) every six months Trade in very active secondary markets Prices are quoted as percentages of face value, in 32nds 6- Treasury STRIPS Separate Trading of Registered Interest and Principal Securities (STRIPS), . Treasury zero bonds or Treasury zero-coupon bonds Financial institutions and government securities brokers and dealers create STRIPS

• Tài chính doanh nghiệp
• Financial management
• Fundamentals of financial management
• Financing decisions
• Investment decisions
• Role of management
• Financial management function
• Financial statement
• International trade transactions
• Financial statement analysis
• International financial management
• Quản lý tài chính
• Multinational financial management
• Exchange rates
• Financial environments
• Overview of Financial Management and the Financial Environment
• The financial environment
• Forms of business organization
• Determinants of stock pricing
• Financial instruments
• Practical financial management
• Financial background
• Financial statements
• Financial planning
• Financial system
• Financial ratio
• IT financial management
• Setting the scene
• IT financial management maturity
• Parameters influencing IT financial management
• Costs of IT financial management
• More quantifiable benefits
• Overview of roles
• Hospitality financial management
• Hospitality industry management
• Analysis of financial reports
• Analyzing financial statements
• Management decision making
• Foundations of financial management
• Review of accounting
• Financial analysis
• Financial forecasting
• The financing decision
• Financial leverage
• Current asset management
• Paper F7
• Revision kit 2016
• Management Financial
• Financial Management Exam Review
• Review of Financial Management
• Study text 2016
• Lecture Multinational financial management
• International financial reporting standards
• Foreign exchange risk management
• International cash management
• Cash flow analysis
• Centralized cash management
• Intermediate financial management
• Financial options
• Corporate valuation
• Corporate governance
• Financial markets
• Cash flow
• Analysis of financial statements
• Ratio analysis
• Interest rates
• Financial institutions
• Forecasting sales
• Business environment
• Limited liability company
• Common size analysis
• Statement analysis
• Break even analysis
• Break even point