中南财经政法大学：《金融计量学》课程教学课件（双语讲稿）Chapter 14 Application Financial Market

Financial Econometrics Chapter 14.Application:Financial Market Jin Ling School of Finance,Zhongnan University of Economics and Law

Financial Econometrics Chapter 14. Application: Financial Market Jin Ling School of Finance, Zhongnan University of Economics and Law 1

Outline The Introduction for Financial Market The Typical Field for Financial Market The Application for Financial Market 2

• The Introduction for Financial Market • The Typical Field for Financial Market • The Application for Financial Market 2 Outline

The Introduction The financial market: Interbank market,bond market,stock market,future market. Primary market and secondary market. Exchange market and over-the-counter market. 3

• The financial market: • Interbank market, bond market, stock market, future market. • Primary market and secondary market. • Exchange market and over-the-counter market. 3 The Introduction

The Introduction The function of financial market: ·Financing function. Information function. ·Sharing function

• The function of financial market: • Financing function. • Information function. • Sharing function. 4 The Introduction

The Introduction The key point in our country's financial market development: Serving the real economy. Preventing and resolving financial risks. Financial innovation:Institution,market,product. Financial supervision

• The key point in our country’s financial market development: • Serving the real economy. • Preventing and resolving financial risks. • Financial innovation: Institution, market, product. • Financial supervision. 5 The Introduction

The Introduction The participant in our country's financial market: ·Issuer. ·Investor. ·ntermediary. 。Government. The framework of financial market:Institution,market,product. The reform and opening-up. 6

• The participant in our country’s financial market: • Issuer. • Investor. • Intermediary. • Government. • The framework of financial market: Institution, market, product. • The reform and opening-up. 6 The Introduction

The Introduction The difference between our country and western country in financial market: Efficiency and fairness. Stock market investor structure. The institution difference. 。Circuit breaker. The unique feature of our country's financial market

• The difference between our country and western country in financial market: • Efficiency and fairness. • Stock market investor structure. • The institution difference. • Circuit breaker. • The unique feature of our country’s financial market. 7 The Introduction

Outline The Introduction for Financial Market The Typical Field for Financial Market The Application for Financial Market 8

• The Introduction for Financial Market • The Typical Field for Financial Market • The Application for Financial Market 8 Outline

The Typical Field The asset price is the foundation for financial market: The issuance price:Financing cost. The trading price:Information,return and risk. The asset price and resource allocation. 9

• The asset price is the foundation for financial market: • The issuance price: Financing cost. • The trading price: Information, return and risk. • The asset price and resource allocation. 9 The Typical Field

The Typical Field What is the efficient asset price or what should the asset price be: The Efficient Market Hypothesis. The information and asset price. Price efficiency:Speed,extent,different type of information. The tradeoff between return and risk. The risk premia for asset price. 。Factor model. 10

• What is the efficient asset price or what should the asset price be: • The Efficient Market Hypothesis. • The information and asset price. • Price efficiency: Speed, extent, different type of information. • The tradeoff between return and risk. • The risk premia for asset price. • Factor model. 10 The Typical Field