概念

1-Ethics

道德伦理

2-Quants

量化

3-Economics

经济

4-Accounting

• Financial

• Statement

• Analysis

5-Corporate Finance

6-Equity

权益

Market Efficiency

6.1-Securities Markets

Well-functioning securities market

• Timely and accurate information

• Liquidity: marketability and price continuity

• Internal efficiency: low transaction costs

• External efficiency: prices adjust rapidly to new information

Primary capital markets

• Definition: where newly issued securities are traded

• Underwriter: stocks or bonds are sold with the help of underwriters. An underwriter is usually an investment bank.

• An underwriter guarantees the issue price by purchasing the securities first.

• New equity issues:

  • IPO: initial public offerings

  • SPO: seasoned issues

Secondary financial markets

• Secondary markets are places for previously issued securities.

• Secondary markets provide liquidity.

• The greater liquidity the securities have,the more willing investors are to buy/sell the securities.

Stock exchanges

交易所

7-Fixed Income

• Duration

• Band Math

8-Derivatives

• Options

• Futures

9-Alternative

10-Portfolio

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