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The Financial
Environment
PRESENTED BY
D-R EVGENI ZOGRAFSKI
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Topics Covered
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(2) (1)
Firm's Investors
Financial
operations (4a)
Manager (stockholders
save and invest
Real assets in closely held
firm.)
(timberland)
(3) (4b)
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Financial Markets
Financial market-a market where securities are issued
and traded
Securities a traded financial assets (shares; bonds)
Shares-a proportion of ownership claim on the firm, with no
maturity
Bonds-debt securities issued by a company representing a
obligation to investors to make regular interest payments
and principal on a specified date in the future
Stock market (stock exchange) is the most important
financial market
Stock market or equity market trading own common
equity (ordinary shares) of the firm
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Financial Markets
Primary market- market for sale of new issue of
securities (shares, bonds); its organized in banks,
brokerage co. (outside the exchange)
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Financial Markets
Money
Primary OTC
Markets Markets
Secondary
Markets
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Financial Markets
Issue Debt
Company Investors
Cash
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Financial Intermediaries
Financial intermediaries- an
organization that rises money from
investors and provide financing for
individuals, companies e t.c.
mutual funds,
pension funds,
insurance co.,
banks
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Mutual Funds
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Mutual Funds
$ $
Bank of Windsor
Investors
America Fund
Sells Issues
shares shares
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Pension Funds
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Financial Markets
Company
Depositors
Investor
Policyholders
Investors
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Financial Markets
Company
Banks Intermediary
Deposits Cash
Investor
Depositors
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Financial Markets
Company
Investor
Policyholders
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Information Provided by Financial 2- 19
Markets
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Key Words
Securities-hartii od vrednost
Shares(Stocks)-akcii
Bonds-obvrznici
Derivatives-derivati na hartii od
vrednost(opcii,fju~ersi)
Stock market (stock exchange)-berza
Mutual fund-investicionen fond
Opportunity cost of capital-oportunitetna stapka
na povrat na kapitalot
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Web Resources
Click to access web sites
Internet connection required
www.nyse.com
www.nasdaq.com
www.federalreserve.gov/releases/h15/update
www.investorlinks.com
www.indexfunds.com
www.morningstar.com
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