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definities introduction to financial markets $3.91
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definities introduction to financial markets

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Dit document bevat een omlijsting van alle begrippen die relevant zijn in het vak introduction to financial markets gegeven door professor Marc de Ceuster in het 2de semester van het 1ste jaar bachelor HI(B)

Voorbeeld 2 van de 11  pagina's

  • 3 oktober 2024
  • 11
  • 2023/2024
  • College aantekeningen
  • Marc de ceuster
  • Alle colleges
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UNIT 1
Haves:
lenders, possess capital and can lend it out

Havenots:
borrowers, have more needs than money and they will have to raise capital

Household balance sheet:
gives an overview of the assets and the liabilities of a single household

Asset:
a possession that has value in an exchange transaction

Tangible/real assets:
derive value from their physical character and the utility they generate

Intangible assets:
derive value from a legal claim to some future benefit

Financial assets:
are intangible assets that represent a claim to future cash

Bonds:
piece of paper stating the terms on which the money will be paid back

Equity:
shareholder funds consisting out of the original equity, right issues and the retained profit

Leverage:
gearing, companies use debt to finance their operations, expecting the profits made from borrowed
money to be greater than the cost of the loan

Trading book:
assets a bank had on their balance sheet that they use for trading, they have no intention of keeping
the shares on their sheet long term, the shares only have purpose for the clients

Banking book:
long term assets typically loans

Bond portfolio:
interest rate business, transform deposits (debt) in something which yields a higher return

Mutual fund:
portfolio manager who gathers funds, you give money and the manager invest, passing through
system, professional deal

Securities:
pieces of paper that refer to the borrower issuing a receipt for the money, a promise to pay back
which will show key information such as how much is owned, when it will be paid and the rate of
interest to reward the lender

Shadow banking:
unregulated activities by regulated institutions, financial activities of getting credit to people without
the normal legislation (consumer protection) being applicable

, Bail outs:
injection of money into a business or organisation that would otherwise face imminent collapse

UNIT 2
The term structure of interest rates:
yield curve, graph that is going to change on a daily basis because of the change in interest rates

Interest rate convention:
agreement between borrower and lender

Timelines:
linear representation of the timing of potential cash flows (in- and outflows)

Value additivity:
cash flows can only be summed if their values are expressed at the same moment

Spot rates:
different interest rates for every maturity

T-year spot rate sT:
return on single CF that will be received at the of period T

UNIT 3
Modifiers:
further qualification of AA+, AA flat and AA-, enhancing granularity of ratings

Investment grade:
likelihood that you will default (not be able to pay) is small

Speculative grade:
likelihood that you will default is much bigger

Default:
more than 90 days overdue with specific payment

Split rating:
2 or more rating agencies give a different rating

Credit watch:
refers to a variety of special programs offered by credit rating agencies and financial institutions to
monitor an individual’s credit report for any credit-related changes

Rating migration:
a change in rating reflects the assessment that the companies credit quality has improved (upgrade)
or deteriorated (downgrade)

Upgrade:
positive change in the rating of a security, doesn’t go fast, a whole process  downgrade

Fallen angel:
a bond that has been reduced to junk status (downgraded firms) because its issuer has fallen into
financial trouble

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