投资学第九版课后答案,博迪投资学第九版课后答案.doc

投资学第九版课后答案, 博迪投资学第九版课后答案 CHAPTER1:THEINVESTMENTENVIRONMENT PROBLEMSETS ,hematerialwellbeingofan ,inpidualscanbenefitwhenfinancialengineeringcreatesnewproductsthatallowt esfinancialproductswithnewpropertiesandsensitivitiestovarioussourcesofrisk,itallowsinvestorstohe dgeparticularsourcesofriskmoreefficiently. theseinvestors,thecapitalmarketneeds: taxation/regulation; -developedinvestmentbankingindustry; -developedsystemofbrokerageandfinancialtransactions,and; -developedmedia,particularlyfinancialreporting. Thesecharacteristicsarefoundin(indeedmakefor)awell-developedfinancialmarket. ;thatis,securitizationprovidesameans ,mortgage-backedsecuritieschannelfundst othehousingmarketwithoutrequiringthatbanksorthriftinstitutionsmakeloansfromtheirownportfolios. Assecuritization progresses,financialintermediariesmustincreaseotheractivitiessuchas providingshort-termliquiditytoconsumersandsmallbusiness,andfinancialservices. Financialassetsmakeiteasyforlargefirmstoraisethecapitalneededtofinancetheirinvestmentsinrealasse ,forexample,couldnotissu