Lecture3 - Review Lecture 3: Equity Markets Fixed-Income...

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1 Lecture 3: Equity Markets ECON435: Financial Markets and the Macroeconomy Anton Korinek Spring 2011 Review Fixed-Income Markets: money markets: maturity up to 1 year examples: T-bills, certificates of deposit, commercial paper, … bond markets: higher maturity examples: Treasury notes and bonds, agency bonds, corporate bonds, … Equity Markets Equities (or common stocks, shares): represent ownership rights: right to vote in annual meeting, e.g. vote for board of directors right to residual profits after all other claimants have been paid (dividends) are subject to limited liability can be traded on stock exchanges: NYSE, NASDAQ, … Equity Markets Stocks are often represented by a “ticker”: GOOG, AAPL, YHOO, SBUX, WMT, C Internet resources about stocks: http://finance.google.com http://finance.yahoo.com http://www.bloomberg.com http://www.marketwatch.com Equity Markets Agency problems: management: supposed to represent interests of shareholders in practice, management has considerable
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Lecture3 - Review Lecture 3: Equity Markets Fixed-Income...

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