國際投資學概述(ppt 68頁)

主要內容
國際投資學（雙語）
Text Outline
Chapter 1
Chapter One - Outline
Currency Abbreviations
Currency Exchange Rate Quotations
Quote Convention used in this text
Direct Exchange Quotes
Indirect Foreign Exchange Quotations
Example: Direct and Indirect Exchange Rates
Example: Direct and Indirect Exchange Rates - Continued
Currency Movements and Exchange Rate Quotations
Cross Rate Calculations
Cross Rate Calculations – Example 2
Foreign Exchange Market
Forex Market Conventions – 1
Forex Market Conventions – 1 (cont’d)
Forex Market Conventions – 2
Forex Market Conventions – 2 (cont’d)
Forex Market Conventions – 3
Bid-Ask Quotes
Bid-Ask Quotes - Example
Additional terminology
Bid-Ask Spread
Two Principles for bid and ask rates
Arbitrage套算彙率
Arbitrage Conditions with Exchange Rates
Arbitrage Example
直接套彙（兩個市場）
Two types of arbitrage opportunities to consider...
Triangular Arbitrage
Forward Rates
Forward Premiums升水/Discounts貼水
Forward Premiums/Discounts
Forward Premiums/Discounts - Example
Interest rate parity
Example
Exhibit 1.1: Currency Speculation投機
Exhibit 1.2: Covered Interest Rate Arbitrage
Interest Rate Parity
Covered Interest Rate Arbitrage
Interest Rate Parity Example
Forward Quotations with Bid-Ask Spreads – Example 遠期貼水和利率差
Forward Quotations with Bid-Ask Spreads – Example
Exercises—Questions and Problems
= -20%.

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