投資學(xué)-lec pTreasuryBills短期國庫券

Money

MarketTreasury

Bills

（短期國庫券）Highly

marketableInvestor’s

earnings=ultimate

maturityvalue-purchase

priceAsked

price（賣方報價）Bid

price（買方報價）Asked

yield（基于賣方報價收益率）Bond-equivalent

yield（債券等值收益率）of

deposit（大額存單）A

time

deposit

with

a

bankInterest

and

principal

atHighly

marketableFederal

Deposit

Insurance

CorporationBanker’s

acceptance（銀行承兌匯票）Starts

asanorder

to

a

bank

by

abank’scustomer

topay

a

sum

of

money

at

a

future

date,typically

within

6months.Eurodollars（歐洲

）Dollar-denominated

depositsatforeign

banks

or

foreignbranchesof

AmericanbankRegulation

Q

and financial

innovation(

Freidman,

1971)Repurchase

agreements:

repos

or

RPs（回購協(xié)議）Sell

the ernment

securities,

buy

backnext

dayTerm

repo（定期回購）≥30

daysFederal

Funds（

基金）Brokers’Calls（經(jīng)紀人拆借）London

Interbank

Offered

Rate,

LIBORShibor（

銀行同業(yè)拆借利率）The

spread

between

3-month

CD

and

Treasury

bill

ratesBond

marketTreasury

notesTreasury

bondsCoupon

payments（息票支付）Yield

to

maturity（到期收益率）Annual

percentage

rate（APR）（年化百分比利率）Treasury

Inflation-ProtectedSecurities(TIPS)

通脹保值債券國債數(shù)據(jù)Federal

Agency

DebtFederal

Home

Loan

Bank

(FHLB),

住房

銀行Federal

National

Mortgage

Association

(FNMA,

orFannie

Mae),the ernment

National

Mortgage

Association

(GNMA,innie

Mae),

國民抵押Federal

Home

Loan

Mortgage

Corporation

(FHLMC,

or抵押公司，房地美Freddie

Mac).

住房International

bondMunicipal

bondGeneral

obligation

bonds（一般責(zé)任債券）Revenue

bonds（收入債券）Industrial

development

bond（產(chǎn)業(yè)發(fā)展債券）Equivalent

taxable

yield

（應(yīng)稅等值收益率）Corporate

bondSecured

bond

and

unsecured

bondFurther

discussion

about

bondTIPS-Treasury

Bond

Puzzle

（

Matthias

Fleckenstein,Francis

A.Longstaff,

and

Hanno

Lustig,

2014)TIPS

are

almost

always

too

“cheap”

relative

to

TreasurybondsMortgage-backed

securities

outstandingPar-yield

curve

on

May

9,

2006（

TheU.S.Treasury

yieldcurve:

1961

to

thepresent）（

Refet

S.

Gurkaynak

etc.

,2007)DoFinancial

Asset

Prices

Rise

Faster

Than

They

Fall?Prices

risefaster

than

they

fall

(Richard

C.Green,

2010)Equity

SecuritiesCommon

stockOwnership

shares

in

a

corporation.Residual

claim（剩余追索權(quán)））Limited

liability（price–earnings

ratioPreferred

stockAmerican

Depository

Receipts,

or

ADRs（存托憑證）Stock

and

Bond

Market

IndexesStock

Market

IndexesDow

Jones

Averagesprice-weighted

average（價格Standard

&

Poor’s

Indexes平均）market-value-weighted

index（市值 指數(shù)）Index

Funds（指數(shù)基金）Other

market

value

indexBond

market

IndexDerivative

MarketsOptionsCall

option（看漲Put

option（看跌