Equity Analysis

Quantitative
Continuously compounding
Nominal annual rate= ln (e rt)= ln(1+HPR)=LN( S2/S1)
useful annual rate= e rt- 1

Equity
Limit-buy (below grocery store price)and stop-buy(above market price)
high-octane market: depth (willing to trade below and above the market price)
Margin call : buy=P*(1-IM)/(1-MM) short= P*(1+IM)/(1+MM)

Adjusting a price-weighted index for stock splits---????? ????denominator

1) break: commodities and stocks.
2) Recovery: orbitual investments and commodities.
3) Early Expansion: overall stock market and veritable estate.
4) Late Expansion bonds and interest sensitive investments.
5) Slowing into Recession bonds and interest sensitive investments

Efficient market ; Fundamental; technician ?????????????

Quota-driven=price-driven dealers & group A;traders
Order-driven
Brokered market
US national market system over the counter

If hard roe< k ????????dividend, if retained earnings increase , it will glower companys value
Comparable method guiding ruler: law of one price?
P/BV is an appropriate broadside of net asset value for firms that primarily hold swimming assets.




P/CF is related to differences in long-run reasonable stock return
P/S can be utilize to distressed corporation since sales is always positive; compared to PE use in cyclical firm, P/S is more stable.
EV=market capitalization+ MV of preferred stock+ MV of debt-cash and investments

Derivatives
Discount interest computation applies to Eurodollar futures and T-bill futures
FRA LIBOR-based add-on interes

Currency alternate ???????
Currency forward can be settled in cash

Motivation for swap: reduce transaction costs, avoid costly regulation, and maintain privacy.

Alternative investment
Close-end fund= NAV+ market influence

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