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This preview shows page 10 — 14 out of 79 pages. Subscribe to view the full document. I cannot even describe how much Course Hero helped me this summer. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero. Kenyatta University. EAE Bodie, Z. Christoffersen, P. Elements borie Financial Risk Management. Investmenrs, F.
Financial Markets and Institutions. We now turn to the specific aspects in finance. We will begin by learning about financial assets and their uses. This lesson will cover these aspects. Objectives A financial asset is a non-physical economic resource owned by an individual or a business e. Shares, bonds, bank balances and loans. They have different kne i Divisibility — This refers to the size of the units in which the asset can be purchased. Generally investors prefer assets that are highly divisible.
This is different from real physical assets which are hard to divide due to transactions costs — costs of purchasing and selling assets Negotiation costs, information costs. Physical assets are much less liquid than financial assets. They have to be made similar to ease the transaction procedures. For example, most equities have a standard application process and offer standardized terms.
Non-standardization of financial assets also tends to reduce their usefulness. It would be difficult to sell shares of one firm if the shares sold to one investor differed from those sold to. A financial asset summarizes certain essential information about the issuer. For example, — An insurance contract transfers risk from an individual to an insurance company — A wheat futures contract transfers risk from a farmer to the buyer — A futures exchange rate contract transfers risk to the buyer DEBT and EQUITY Debt and equity are the main financial instruments used by firms to raise external funds.
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Professor Zvi Bodie: The Conventional Investment Wisdom is Wrong
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