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Investing in the Future:
Securities and
Investment Strategies
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 1
Securities Investments
• Stocks
• Bonds
• Mutual funds
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 2
Stocks: Important Terms
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Stock certificate
Authorized stock
Issued stock
Unissued stock
Par value
Stock split
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 3
Common Stock
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Voting rights
Dividends
Limited liability
Liquidity
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 4
Preferred Stock
• Convertible preferred stock
• Cumulative preferred stock
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 5
Corporate Bonds
• Secured bonds
• Debentures
• Convertible bonds
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 6
Corporate Bond Ratings
S&P
Interpretation
Moody’s
Interpretation
AAA
Highest rating
Aaa
Prime quality
AA
Very strong capacity to pay
Aa
High grade
A
Upper-medium grade
Baa
Medium grade
A
BBB
Strong capacity to pay;
somewhat susceptible to
changing business conditions
More susceptible than A rated
bonds
BB
Somewhat speculative
Ba
Somewhat speculative
B
Speculative
B
Speculative
CCC
Vulnerable to nonpayment
Caa
Poor standing;may be in default
CC
Highly vulnerable to
nonpayment
Ca
Highly speculative; often in default
C
Bankruptcy petition filed or
similar action taken
C
© Prentice Hall, 2007
Lowest rated; extremely poor chance of
ever attaining real investment standing
Excellence in Business, 3e
Chapter 18 - 7
U.S. Government Securities
and Municipal Bonds
• Treasury notes
• Municipal bonds
• Treasury bills
• Revenue bonds
• Treasury bonds
• Capital gains
• U.S. savings bonds • General obligation
bonds
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 8
Retirement of Debt
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Serial bonds
Term bonds
Sinking fund
Callable bonds
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 9
Mutual Funds: Important
Terms
• Load fund
• No load fund
• Open end fund
• Closed end fund
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 10
Types of Mutual Funds
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Money market
Growth
Balanced
Income
Global
International
Index
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 11
Options and Financial
Futures
• Call options
– Buyers
– Sellers
• Put options
– Buyers
– Sellers
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 12
Speculating in Commodities
• Agricultural products
• Raw materials
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 13
Securities Market
• Primary
– Initial public offerings
• Secondary
– Stock exchanges
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 14
Types of Stock Exchanges
• Auction
– NYSE
• Dealer
– NASD
• Electronic
– ECNs
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 15
Buying and Selling Securities
• Auction exchange (NYSE)
– Exchange floor
– Stock specialist
• Dealer exchange (NASDAQ)
– Computer
– Market maker
• Electronic communication networks
– Computer
– Broker
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 16
Regulation of Securities
Markets
• Federal laws
• State laws
• Industry self-regulation
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 17
Ask These Questions
Before You Invest
1. Is the investment registered with the SEC?
2. Have you read the audited financial statements?
3. Is a registered broker offering the investment?
4. What’s in it for the person touting the investment?
5. Should you trust e-mail/bulletin board advice?
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 18
Ask These Questions
Before You Invest
6. Are you being pressured to act?
7. Does the investment promise you’ll get rich quick?
8. Does the investment match your objectives?
9. How easy would it be to sell your investment later?
10. Does the investment originate overseas?
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 19
Investment Objectives
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Income
Growth
Safety
Liquidity
Tax concerns
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 20
Investment Portfolio
• Rate of return
– Asset allocation
– Diversification
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 21
Buying and Selling
Securities
Market Order
Stop Order
Limit Order
Open Order
Day Order
Discretionary Order
Margin Trading
Short Selling
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 22
Analyzing Financial News
• Bull market
– Rising market
• Bear market
– Falling market
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 23
Watching Market Indexes
and Averages
• Dow Jones Industrial Average (DJIA)
• Standard and Poor’s 500 (S&P 500)
• Wilshire 5000
• NASDAQ Composite Index
• Nikkei 225 Index
• FT-SE 100 Index
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 24
Interpreting Financial News
• Stock exchange reports
• Bond quotation tables
• Mutual fund quotations
© Prentice Hall, 2007
Excellence in Business, 3e
Chapter 18 - 25
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