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1、十二AssetValuation:MarketandInstruments1:PreliminaryReadingSelectingInvestmentsinGlobalMarketa:Discussthecharacteristicsoffixed-incomesecuritiesavailabletoinvestors,includingUSTreasurysecurities,corporatebonds,andEurobonds.Fixedincomeinvestmentshaveacontractualrepaymentschedule.Byp
2、urchasingafixed-incomesecurity,youarelendingmoneytotheissuer.Themoneylentoutiscalledtheprincipal.Inreturn,theborrowerpromisestomakeperiodicinterestpaymentsand,atmaturity,paybacktheprincipal.U.S.Treasurysecuritiesarebills,notes,andbonds.Governmentobligationsareconsideredrisklessbe
3、causethereislittlechanceofdefault,andtheyareveryliquid.Corporatebondsarefixed-incomesecuritiesissuedbybusinesses.Thebond’sindentureliststhetermsoftheloan,whichincludesthepaymentscheduleandanycallorrefundingprovisionsthatallowthebondtoberedeemedpriortomaturity.Theindenturealsospec
4、ifiessinkingfundprovisions.Theserequiretheissuertoredeemagivenpercentageoftheoutstandingissuepriortomaturitytoprotectthebondholders.Bondsaregenerallycategorizedbythetypeofsecuritytheyoffertheirholders.AEurobondisaninternationalbonddenominatedinacurrencyotherthanthatofthecountrywh
5、erethebondisissued.EurobondsincludeEurodollarbondsandEuroyenbonds.AEurodollarbondisdenominatedinU.S.dollarsandsoldoutsidetheU.S.tonon-U.S.investors.b:Discussthecharacteristicsofequitysecuritiesavailabletoinvestors,includingclassesofstockandAmericanDepositoryReceipts.Commonstockre
6、presentsownershipofthefirm.Ownersofthecommonstockofafirmshareinthecompany’ssuccessesandfailures.Investingincommonstockisarelativelyriskyinvestmentcomparedwithfixed-incomesecurities.Commonstockclassifications:1.Byindustry:Industrial,utilities,transportations,andfinancialinstitutio
7、ns.2.Bydomesticversusforeign.Buyingforeignequities:1.PurchaseofAmericanDepositoryReceipts(ADRs).ADRsaresharesissuedbyU.S.banksrepresentinganownershipinterestintheactualshares,whichareheldindepositinabankintheissuingfirm’scountry.2.PurchaseofAmericanshares.Americansharesaresecurit
8、iesissuedintheU.S.byatransferagentacting
