Lecture 2 The Clientele of the Investment Environment New Words

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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
clientele n. ????? corporate a.
?????? trichotomy n. ??? hybrid
n. ??? array n.(?????)????
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
transform v. ??,?? high-yielding a.
???? taxable a. ???????? exempt a.
???????? implication n. ????
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
entrepreneur n. ?????? portfolio n.
???? fee n. ???? diverse a.
?????????? hedge v. ????
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
diverge v. ?? myriad n. ???? risk-specifi
c a. ?????? diversify v. ???????
diversification n. exposure n. ??
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
issue n. ??(???)?? subscribe v. ??
subscriber n. subscription n. catalyst
n. ??? ???(???)??
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
cater v. ??,?? incremental a.
??? uniformity n. ??????(?) mismatch n.
?????? middleman n. ??????
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
intermediary n. ??? niche n. ????? revenue
n.(???)???? inflationary a.
????? creditworthy a. ?????
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
component n. ????,?? regulate v. ????
regulation n. transaction v. ?? repeal
v. ????
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Lecture 2 The Clientele of the Investment
EnvironmentNew Words
depository n. ??? deregulation n.
???? monetary a. ?????? margin n. ??,??
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Lecture 2 The Clientele of the Investment
EnvironmentTerms
risk preference ???? financial innovation
???? before-tax income ???? after-tax income
???? high-tax-bracket investor ???????
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Lecture 2 The Clientele of the Investment
EnvironmentTerms
tax-free securities ???? low-tax-bracket
investor ??????? tax-exempt bonds
???? real estate ???,??? real estate
investment trust (REIT) ???????
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Lecture 2 The Clientele of the Investment
EnvironmentTerms
precious metals ??? tangible assets ????
inventory ?? deposit ?? consumer
credit ?????
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Lecture 2 The Clientele of the Investment
EnvironmentTerms
trade credit ???? mortgage ?? bank loans
???? trade debt ???? Treasury bond
(??)??
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Lecture 2 The Clientele of the Investment
EnvironmentTerms
Treasury bills (T-bills) ??? currency
?? government securities ???? pension
reserves ?????
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Lecture 2 The Clientele of the Investment
EnvironmentDifficult Sentences in
the text
Risk motives also lead to demand for ways
that investors can easily diversify their
portfolios and even out their risk
exposure. ????????????????????????????????????????
?
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Lecture 2 The Clientele of the Investment
EnvironmentDifficult Sentences in
the text
??even out ???????,even out their risk
exposure????????  
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Lecture 2 The Clientele of the Investment
EnvironmentDifficult Sentences in
the text
Such a demand for simplicity or uniformity by
business-sector security issuers is likely to be
at odds with the household sector's demand for a
wide variety of risk-specific securities. ????????
???????????????,??????????????,???????????????????
???
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Lecture 2 The Clientele of the Investment
EnvironmentDifficult Sentences in
the text
??at odds with???????? ??? ??  
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Lecture 2 The Clientele of the Investment
EnvironmentDifficult Sentences in
the text
For example, the Securities and Exchange
Commission is responsible for disclosure laws
that are designed to enforce truthfulness in
various financial transactions. ??,???????????????
??????????,?????????????????????????????
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Lecture 2 The Clientele of the Investment
EnvironmentDifficult Sentences in
the text
One example is Regulation Q, which for
decades put a ceiling on the interest rates that
banks were allowed to pay to depositors, until it
was repealed by the Depository Institutions
Deregulation and Monetary Control Act of
1980. Q????????,???????????????????????????????19
80??????????????????  
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Lecture 2 The Clientele of the Investment
EnvironmentDifficult Sentences in
the text
??the Depository Institutions Deregulation
and Monetary Control Act of 1980???1980??????????
?????? 1913 1935????????Q?????????????????
??????????????????????????,???????????????????????
???????,????????????
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Lecture 2 The Clientele of the Investment
EnvironmentQuestions about the
text
What are the three sectors of the
investment environment? What do the
asset demands of households vary with?
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Lecture 2 The Clientele of the Investment
EnvironmentQuestions about the
text
Why do taxes lead to varying asset
demands   What investment alternatives
do risk considerations create?
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Lecture 2 The Clientele of the Investment
EnvironmentQuestions about the
text
Do businesses and governments have the same
financial decisions as households? What
difference is between them if any? In what
ways do businesses raise money?
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Lecture 2 The Clientele of the Investment
EnvironmentQuestions about the
text
What objectives do businesses issuing
securities have? How can governments
finance their expenditures?
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Lecture 2 The Clientele of the Investment
EnvironmentQuestions about the
text
What advantage do governments have in
borrowing money? What special role does the
government play in the investment
environment?