The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-1 Irwin/McGraw-Hill Marchés Financiers et Instruments Chapitre 2

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-2 Irwin/McGraw-Hill Classes dactifs financiers Classes dactifs financiers Dette - Marché monétaire - Obligations Actions Actifs Dérivés

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-3 Irwin/McGraw-Hill Marchés Marché Monétaire - Dettes court terme - Dérivés Marché des Capitaux - Obligations - Actions - Dérivés

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-4 Irwin/McGraw-Hill Marché Monétaire Certificats du Trésor Commercial Paper

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-5 Irwin/McGraw-Hill Marché des capitaux - Dettes Fonds dEtat ou assimilés - Obligation du Trésor (OLO, Belge) - Entités régionales Fond privés - Obligations dentreprise - Titrisation

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-6 Irwin/McGraw-Hill Marchés des capitaux - Actions Actions ordinaires - Droit résiduel - Responsabilité limitée Autres - Prioritaires - Sans droits de vote

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-7 Irwin/McGraw-Hill Indices boursiers Utilisation - Suivi dun rendement moyen - Comparaison des performances - Sous-jacents des dérivés Construction - Représentativité? - Large ou étroit? - Type?

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-8 Irwin/McGraw-Hill Exemples Dow Jones Industrial Average (30 Stocks) Standard & Poors 500 Composite NASDAQ Composite NYSE Composite BEL 20 Belgian All Shares

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-9 Irwin/McGraw-Hill Exemples Indices régionaux et sectoriels - Euro Stockx 50, Pays émergents - Pharma, financières, technologiques,...

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-10 Irwin/McGraw-Hill Construction des Indices Pondération des actions? - Prix (DJIA) - Capitalisation boursière (S&P500, NASDAQ) - Pannier (BEL20)

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-11 Irwin/McGraw-Hill Construction des Indices

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-12 Irwin/McGraw-Hill Construction des Indices Pondération des actions? Prix t=0 : indice=125 t=1 : indice=120 return : ( )/125= -4%

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-13 Irwin/McGraw-Hill Construction des Indices Pondération des actions? Capitalisation boursière t=0 : indice=600 t=1 : indice=690 return : ( )/600= 15%

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-14 Irwin/McGraw-Hill Construction des Indices Pondération des actions? Pannier t=0 : 4 actions ABC et 1 action XYZ : indice=200 t=1 : indice=210 return : ( )/200= 5%

The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie Kane Marcus 2-15 Irwin/McGraw-Hill Actifs Dérivés Options Positions - Call (Buy) - Put (Sell) Spécifications - Prix dexercice - Echéance - Actifs Futures Positions - Long (Buy) - Short (Sell) Spécifications - Echéance - Actifs