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# 金融代写|投资组合代写Investment Portfolio代考|FIN428 Derivative Instruments

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## 金融代写|投资组合代写Investment Portfolio代考|Derivative Instruments

Derivative instruments are securities whose value derives from the value of an underlying security or basket of securities. The instruments are also known as contingent claims because their values are contingent on the performance of underlying assets. The most common contingent claims are options and futures. An option on a security gives the holder the right to either buy (a call option) or sell (a put option) a particular asset or bundle of assets at a future date or during a particular period of time for a specified price. The buyer pays a price for this option but is free not to exercise this option if prices move in the wrong direction. A future is the obligation to buy a particular security or bundle of securities at a particular time for a stated price. A future is simply a delayed purchase of a security. Futures and options are securities that represent side bets on the performance of individual or bundles of securities. There is always a buyer and a seller of an option or a future, and the profit (or loss) to the seller is exactly equal to the loss (or profit) of the buyer. The action of the buyer or seller of options or futures does not affect the cash flows to the corporation, nor does it result in a change in the number or type of securities the corporation has outstanding. Another kind of side bet is referred to as a credit default swap (CDS). These are insurance contracts to protect lenders against credit defaults. Essentially, the lender pays an insurance premium to the issuer of the CDS, who will purchase the asset in the event of a default.

The corporation can issue contingent claims, however, and in this case the value of the corporation is often impacted by the action of holders of its contingent claims. Corporate-issued contingent claims include rights and warrants, which allow the holder to purchase common stocks from the corporation at a set price for a particular period of time, and convertible securities (bonds and preferred stocks), which allow the holder to convert an instrument into common stock under specified conditions. Although these corporate contingent claims have many features in common with other derivative instruments, they differ in that if the holders execute them, it results in a change in the attributes of the corporation (e.g., the receipt of cash and/or change in the nature and size of capital). This means that these contingent claims are more difficult to analyze than those not issued by the corporation.

## 金融代写|投资组合代写Investment Portfolio代考|Indirect Investing

While an investor can purchase any of the instruments described here (and several we have not touched on), the investor can instead choose to invest indirectly by purchasing the shares of investment companies (mutual funds). A mutual fund holds a portfolio of securities, usually in line with a stated policy and objective. Mutual funds exist that hold only a small set of securities (e.g., short-term tax-free securities or stocks in a particular industry or sector) or broad classes of securities (such as stocks from major stock exchanges around the world or a broad representation of American stocks and bonds).

Mutual funds come in two flavors: open-end funds and closed-end funds. Open-end fund shares are purchased (and sold) directly from (and to) the mutual fund. They are purchased (and sold) at the value of the net assets standing behind each share, where the net asset value is determined once a day, at a stated time. As a first approximation, if you own $1 / 100$ of the shares outstanding in a mutual fund, your shares are worth $1 / 100$ of the market value of the total portfolio of securities that the fund owns. The reason we use the term first approximation is that some mutual funds charge a fee when the investor buys a fund (front-end load) and some charge additional fees (back-end load) when an investor sells shares in a fund. For example, in the case of an $8 \%$ front-end load, you purchase assets with only $92 \%$ of the money you put up. Similarly, in the case of a $6 \%$ back-end load, you will receive only $94 \%$ of the value of the assets your shares represent when you sell the fund. Very often, back-end loads decrease as a function of the amount of time the investor holds the fund.
Closed-end funds differ from open-end funds in that they initially sell a predetermined number of shares in the fund. They then take the proceeds (minus costs) from the sale of fund shares and invest in stocks or stocks and bonds. Shares in the fund are then traded on an exchange and take on a life of their own. Owning a share in a closed-end fund is like owning a share in any corporation, but the assets of the corporation are stocks and bonds. ${ }^8$ Unlike open-end funds, the shares of a closed-end mutual fund can sell at a discount or a premium to their net asset value. Premiums and discounts are related to the perceived quality of management and certain tax liabilities. In fact, most closed-end funds sell at a discount from net asset value. The clear exceptions are funds such as the Korean funds, where the only way an American investor can own stocks in Korea is through buying a closed-end fund. These funds sell at a monopoly premium.

Mutual funds may offer the investor special services such as check-writing privileges or the ability to switch between mutual funds (types of investment) in the same family of funds at no cost. Although most offer liquidity, diversification, and “professional management,” they do not offer these qualities without a cost. Investors pay a pro rata share of the expenses and management fees charged by the mutual fund company. In addition (for “open-end” funds), investors may pay a sales charge and/or a special charge known as a $12 \mathrm{~b}-1 \mathrm{fee}$, which is a fee charged to the customer of a fund to compensate the fund for the cost of promoting (e.g., advertising) the fund. We will examine additional attributes of mutual funds in Chapter $25 .$

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。