A anticipates future changes in a market and makes risky transactions, hoping to make a gain.. A anticipates future changes in a market and makes risky transactions, hoping to make a gai
Trang 1BỘ GIÁO DỤC VÀ ĐÀO TẠO
TRƯỜNG ĐẠI HỌC NGÂN HÀNG
UNIT 19: DERIVATIVES
GVHD: Phan Thị Lệ Hoa
Nhóm 4:
1 Phùng Như Hạnh
2 Nguyễn Hà Trúc Phương
3 Mai Trung Hưng
Trang 2• Exercise 1
• Exercise 2 Reading 1
• Exercise 1
• Exercise 2 Reading 2
Trang 3EXERCISE 1
1 A is a contract giving the possibility to sell a specified quantity securities, foreign exchange or commodities in the future,
if it is advantageous to do so (para 3, line 3)
1 A is a contract giving the possibility to sell a specified quantity securities, foreign exchange or commodities in the future,
if it is advantageous to do so (para 3, line 3)
2 are raw materials such as agricultural products and
metals that traded on special exchanges (para 2, line 2)
2 are raw materials such as agricultural products and metals that traded on special exchanges (para 2, line 2)
3 are forward contracts for the purchase and sale of
securities, precious metals, etc at a fixed price (para 2, line 1)
3 are forward contracts for the purchase and sale of
securities, precious metals, etc at a fixed price (para 2, line 1)
4 A is a contract giving the buyer the right, but not the
obligation, to buy an asset in the future (para 3, line 2)
4 A is a contract giving the buyer the right, but not the obligation, to buy an asset in the future (para 3, line 2)
Find words and phrases in the text to complete the sentences.
put option
Commodities
Futures
call option
Trang 4EXERCISE 1
6 An is an exchange of future payments on borrowed
money according to specified terms (para 2, line 7)
6 An is an exchange of future payments on borrowed money according to specified terms (para 2, line 7)
8 A anticipates future changes in a market and makes
risky transactions, hoping to make a gain (para 3, line 10)
8 A anticipates future changes in a market and makes risky transactions, hoping to make a gain (para 3, line 10)
9 A is the money the writer of an option receives
(para 3, line 7)
9 A is the money the writer of an option receives
(para 3, line 7)
7 lf you an option you use or implement the option,
taking up the possibility to buy or sell something (para 3, line 6)
7 lf you an option you use or implement the option, taking up the possibility to buy or sell something (para 3, line 6)
5 If you you make transactions that are designed to
reduce risk regarding a particular price, interest rate or exchange
rate (para 3, line 11)
5 If you you make transactions that are designed to
reduce risk regarding a particular price, interest rate or exchange rate (para 3, line 11)
hedge
interest rate
exericise
speculator
premium
Trang 5EXERCISE 2
Use a word or phrase from each box to make word combinations from the text You can use some words more than once Then use some of the word combinations to complete the sentences below
1 Companies with fixed and floating loans can choose to
2 Futures contracts allow you to short-term
3 Hedging is the attempt to ;speculating is the opposite.
4 If prices move the wrong way the buyers of do not them
5 With futures, you can several months in
advance
5 With futures, you can several months in
advance
swap interest payments
eliminat e
risks
reduce risks/ uncertaintly
options exercises
determine/ guarantee prices
Trang 6READING 2 – An Investment ‘time bomb
NEWS
Buffett warns on investment 'time bomb'
1 investment
2 clients
3 risk
4 instruments
NEWS
Buffett warns on investment 'time bomb'
1 investment
2 clients
3 risk
4 instruments
Contracts devised by ‘madmen’
5 speculate
6 commodities
7 underlying
8 hedge
9 contracts
Contracts devised by ‘madmen’
5 speculate
6 commodities
7 underlying
8 hedge
9 contracts
Trang 8BỘ GIÁO DỤC VÀ ĐÀO TẠO
TRƯỜNG ĐẠI HỌC NGÂN HÀNG
UNIT 21: ASSET MANAGEMENT
GVHD: Phan Thị Lệ Hoa
Nhóm 4:
1 Phùng Như Hạnh
2 Nguyễn Hà Trúc Phương
3 Mai Trung Hưng
Trang 91 Why are people getting angry with active money managers?
Because they are not performing better than passive managers, who
simply invest in indexed funds
Because they are not performing better than passive managers, who
simply invest in indexed funds
2 Why did indexed funds develop?
2 Why did indexed funds develop?
Because people argued that it was impossible to consistently do better
than the markets (and they wanted to take advantage of the bull markets in the 80s and 90s)
Because people argued that it was impossible to consistently do better
than the markets (and they wanted to take advantage of the bull markets in the 80s and 90s)
3 What is the efficient market hypothesis?
3 What is the efficient market hypothesis?
The efficient – market hypothesis is that a company’s share price always accurately reflects all available useful information Further analysis will not reveal any additional information, so there is no way of knowing more than the rest of the market participants
The efficient – market hypothesis is that a company’s share price always accurately reflects all available useful information Further analysis will not reveal any additional information, so there is no way of knowing more than the rest of the market participants
Trang 104 What is George Soros’s argument against the efficient-market hypothesis?
4 What is George Soros’s argument against the efficient-market hypothesis?
George Soros argues that markets often over – or undervalue things, and that high and low share prices can make things happen which in turn have
an effect on prices
George Soros argues that markets often over – or undervalue things, and that high and low share prices can make things happen which in turn have
an effect on prices
5 How did Peter Lynch beat the market?
5 How did Peter Lynch beat the market?
Peter Lynch found good companies that the market was undervaluing
6 Why does the article recommend that the average investor should use a passive index linked fund rather than an actively managed one?
6 Why does the article recommend that the average investor should use a passive index linked fund rather than an actively managed one?
Because most active managers do worse than the market average, and
unlike passive managers they also charge fees
Because most active managers do worse than the market average, and
unlike passive managers they also charge fees
Trang 112 DIPLOMTIC LANGUAGE
Match the direct statements (1-6) with the more diplomatic phrase (a-f)
1 – d That's a bad idea! Don't you think it would might be a good idea to ?
2 – a Completely disagree with you! I'm not entirely sure about that
3 – f You can't just transfer all your funds! Maybe it would be better to just transfer some of your funds?
4 – c That's illogical! I'm afraid don't think that's very logical
5 – b That'll make things worse!
I'm not sure that that would make things any better
6 - e You shouldn't do that! Perhaps you should consider a different investment strategy?
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12