国际投资学第一章

Copyright©2009PearsonPrenticeHall.Allrightsreserved.国际投资学（双语）徐欣[e-mail]©2009PearsonPrenticeHall.Allrightsreserved.1-2国际投资学（双语）参考教材：国际投资（第六版）（经济学经典教材·金融系列；高等学校经济类双语教学推荐教材）,2010年，人民大学出版社国际投资学（第三版）任淮秀主编国际投资学(第4版）杨大楷主编上海财经大学出版社有限公司最终成绩:1.期末考试：60％2.平时成绩：40％Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-3TextOutlineChapters1-3setoutthefoundationofexchangerates.Chapters4-8explorethevariousassetsavailableforinternationalinvesting.Chapters9-13developthetechniquesandperspectiveofglobalinvestmentandportfoliomanagement.1Chapter1ForeignExchange2Chapter2ForeignExchangeParityRelations.3Chapter3ForeignExchangeDeterminationandForecasting4Chapter4InternationalAssetPricing5Chapter5Equity:MarketsandInstruments6Chapter6Equity:ConceptsandTechniques7Chapter7GlobalBondInvesting8Chapter8AlternativeInvestments9Review10Chapter9TheCaseforInternationalDiversification11Chapter10Derivatives12Chapter11CurrencyRiskManagement13Chapter12GlobalPerformanceEvaluation14Chapter13StructuringtheGlobalInvestmentProcessPart1exchangeratesPart2assetsPart3techniquesandperspectiveofglobalinvestmentCopyright©2009PearsonPrenticeHall.Allrightsreserved.Chapter1CurrencyExchangeRatesCopyright©2009PearsonPrenticeHall.Allrightsreserved.1-6Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-7ChapterOne-OutlineInthischapterwecover:currencyexchangeratequotations(directandindirect;spotandforward)cross-ratecalculationsnatureofbid-askquotesandspreadscalculationofforwardpremiums/discountsonexchangerates.coveredinterestrateparitycoveredinterestarbitrageCopyright©2009PearsonPrenticeHall.Allrightsreserved.1-8CurrencyAbbreviationsAbbreviationsareusedtorefertothevariouscurrencies.Theseabbreviationscouldbecommonlyusedsymbolsor“official”three-lettercodes.FinancialnewspaperssuchastheFinancialTimesgenerallyusesymbols,whiletradersusethree-lettercodes.Symbolsinclude$(U.S.dollar),¥(Japaneseyen),€(euro),£(Britishpound),A$(Australiandollar),andSfr(Swissfranc).Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-9Three-lettercodesforthesamecurrenciesareUSD,JPY,EUR,GBP,AUD,andCHF.Wewillalternativelyuseinthisbook(asdoneintherealworld)thevariouscurrencyabbreviationsthatarecommonlyencountered.Forexample,theJapaneseyencanbereferredtoas¥,JPY,oryen.Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-10CurrencyExchangeRateQuotationsAcurrencyexchangerateistherateusedtoexchangetwocurrencies.Anexchangeratestatesthepriceofonecurrencyintermsofunitsofanothercurrency.Examples:$:€,€:$,¥:$Note:thenotationinthisneweditionofthetexthaschangedrelativetopreviouseditions.Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-11QuoteConventionusedinthistextAllquotesinthistextwillbepresentedasa:b=SwhereaisthequotedcurrencybisthecurrencyinwhichthepriceisexpressedSisthepriceofthequotedcurrencyainunitsofcurrencybForexample,$:¥=130meanstheU.S.dollarisquotedat130Japaneseyen(¥)perdollar.OrtheU.S.dollarispricedat130yen.Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-12DirectExchangeQuotesAdirectexchangerateisthedomesticpriceofforeigncurrency.Forexample,anAmericaninvestorseeingadirectquote€:$=1.34knowsshewillpay$1.34foroneeuro.ToaEuropeaninvestor,thedirectquoteis$:€=0.74627whichsaysthat1dollar(foreigncurrency)isworth0.74627euro.Anappreciationoftheforeigncurrencycausesanincreaseinthedirectquote.Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-13IndirectForeignExchangeQuotationsAnindirectexchangerateistheamountofforeigncurrencythatoneunitofdomesticcurrencywillpurchase.ForanAmericaninvestor,theindirectquote$:€=0.74627saysthat1dollarwillpurchase0.74627euro.Directquotesandindirectquotesarereciprocalsofeachother.Anappreciationoftheforeigncurrencycausesadecreaseintheindirectquote.Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-14Example:DirectandIndirectExchangeRatesOnJuly1,theBritishpound(£)isquotedas£:$=1.80.IsthisadirectorindirectquotefromtheviewpointofanAmericanandaBritishinvestor?Amonthlater,theexchangeratemovedto£:$=1.90.Whichcurrenciesappreciatedordepreciated?Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-15Example:DirectandIndirectExchangeRates-ContinuedAnswer:Thepoundisquotedintermsofdollars.ThisquoteisadirectquotefromtheAmericanviewpointandanindirectquotefromtheBritishviewpoint.Thepoundisthequotedcurrency.Overamonth,thepound’spriceincreasedfrom$1.80to$1.90,sothepoundappreciatedandthedollardepreciated.Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-16CurrencyMovementsandExchangeRateQuotations升值贬值Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-17CrossRateCalculationsAcrossrateistheexchangeratebetweentwocountriesinferredfromeachcountry’sexchangeratewithathirdcountry.Forexample,bankAgivesthefollowingquotations:€:$=1.3364$:¥=123.52Calculatetheeuroinyen(€:¥)rate:(€:$)($:¥)=1.3364123.52=165.07Theresultingquotationis:€:¥=165.07.Oneeuroisworth165.07yen.Copyright©2009PearsonPrenticeHall.Allrightsreserved.1-18CrossRateCalculations–Example2Forexample,bankBgivesthefollowingquotationsfortheKoreanwonandtheBra