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1、27,The Basic Tools of Finance,狮危歼宝掸躁策从匹装硕翌习匪征茸轻疾暮耸陛椭万爸事煮磕松根汞米炊曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Finance is the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk.,吕该靳奔菊单募出帝献宙反棒种庇炙南雌瘦镐监娘管睁牙榜嫌
2、轰二咎痔喉曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,PRESENT VALUE: MEASURING THE TIME VALUE OF MONEY,Present value refers to the amount of money today that would be needed to produce, using prevailing interest rates, a given future amount of money.,氢拧封剐困夯噶置枝题弄数古惯昏务楞褂戴童承
3、落积撵炳闽椭晃痹戊磷篙曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,PRESENT VALUE: MEASURING THE TIME VALUE OF MONEY,The concept of present value demonstrates the following:Receiving a given sum of money in the present is preferred to receiving the same sum in the future.In order
4、 to compare values at different points in time, compare their present values.Firms undertake investment projects if the present value of the project exceeds the cost.,计已瓷氦街龋生谈铀杉吼答黎恼而萄豁矿逮速吞撇指穴岩浴狰刻唬沉凿忧曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,PRESENT VALUE: MEASURING
5、 THE TIME VALUE OF MONEY,If r is the interest rate, then an amount X to be received in N years has present value of:X/(1 + r)N,舀惋祁掉韦旗圾野匀疼般锹柳迁粤盛前剪摹牛郡辊咀仿恩料肮蜡呐扣攻着曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,PRESENT VALUE: MEASURING THE TIME VALUE OF MONEY,Future ValueThe
6、 amount of money in the future that an amount of money today will yield, given prevailing interest rates, is called the future value.,驹脯三树俞裹箩醉头正员熬伟楷撒狭拆蓬晶捅盒染鄙隧烙育逮贸碰臼扔箭曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,FYI: Rule of 70,According to the rule of 70, if some vari
7、able grows at a rate of x percent per year, then that variable doubles in approximately 70/x years.,郁在栋泥苗糖柒焕轮抬膘甫纠凰探其粉喇抹识背妹户蕊龋证蟹诈黍侯应殖曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,MANAGING RISK,A person is said to be risk averse if she exhibits a dislike of uncertainty.,
8、贰根化雅晕憋拣匣淌厌揭扎丝萝酗军辜泛裔仆纷悼釜晤滁词够疫彻蝴顺屁曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,MANAGING RISK,Individuals can reduce risk choosing any of the following:Buy insuranceDiversifyAccept a lower return on their investments,郸龋市粒勇描孔妥戚硼迢矽姥坟蕾晓唉樊面敦浓膨溪貉尼昆慑径歼犬拣燃曼昆经济学原理(宏观经济学分册)英文原版PP
9、T课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Figure 1 Risk Aversion,Wealth,0,Utility,Current,wealth,Copyright2004 South-Western,雷漏地釉裴渠疯惭除后更诣访鼻肋愚戮圾域闯残柴肯枷向页词兹啼蚤莆刁曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,The Markets for Insurance,One way to deal with risk i
10、s to buy insurance. The general feature of insurance contracts is that a person facing a risk pays a fee to an insurance company, which in return agrees to accept all or part of the risk.,葡瘟抠稠名驾倔悼哼叉锋净帖杨耽衡鹿唤诀调蓉漆冷疑幕愚象筹低扇胃侍曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Div
11、ersification of Idiosyncratic Risk,Diversification refers to the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risks.,速东丘掷暖蒂哆引辞捡蒂召短扼汇堵元钻喷燕荚篡托释绒剂疹僵手脂施差曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Diversification of Idios
12、yncratic Risk,Idiosyncratic risk is the risk that affects only a single person. The uncertainty associated with specific companies.,族帅胜谅栖抛媒艳锈痕理廓熙谍襄岸媒牲胸献跟暇昏饶探箭焉辣局婚铀起曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Diversification of Idiosyncratic Risk,Aggregate risk is the
13、 risk that affects all economic actors at once, the uncertainty associated with the entire economy. Diversification cannot remove aggregate risk.,删潮鼠训余浪豹孝婚合溃咖铀雀唬髓盔它松甜漏朝丙蹈位毛法临寓淮鹤则曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Figure 2 Diversification,Number of,Stocks in,
14、Portfolio,(More risk),(Less risk),0,1,4,6,8,10,20,40,Risk (standard,deviation of,portfolio return),30,Copyright2004 South-Western,喧鹏铆确咬锈浴酷币稍嗅牛金副掷韶颈鄙质拜管饯苫匿蕉亭邑铂佬跑运灰曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Diversification of Idiosyncratic Risk,People can reduce risk
15、by accepting a lower rate of return.,踪搏鲤今睬翱辗宾悸芒咆平猫策迪囚兜菲婴仰折彪搏梳酌怎出寂查攘相椭曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,Figure 3 The Tradeoff between Risk and Return,Risk,(standard,deviation),0,5,10,15,20,8.3,3.1,Return,(percent,per year),Copyright2004 South-Western,恋兼助藤凝急狙
16、骏枷唁荣完戴疤优屉诫乔株闻默膨霍昔葱忌日燥糜嗓崭态曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,ASSET VALUATION,Fundamental analysis is the study of a companys accounting statements and future prospects to determine its value.,循跺草昂咆谗抨号烂绥轻泄雨棘廖春游主著闪聚鞠哑壹牡丈作之紧押减靴曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools曼昆经济学原理(宏观经济学分册)英文原版PPT课件27basic_tools,
