Materi Inv.securities

7/23/2019 Materi Inv.securities

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-kebijakan dividen: salah satu keputusan manajemen yang paling penting

-dividen: tidak hanya sumber kompensasi untuk pemegang saham tapi juga

efectiv memberitahukan informasi sekarang dan future earning ke capital market

-dividen eect rm value, jadi manajer harus mampu menentukan jumlah

optimal dividen yang dibayarkan untuk memaksimumkan nilai perusahaan

-pembayaran dividen memiliki peranan untuk mendisiplinkan dan memonitor

manajer dan berkontribusi dalam mengurangi agency problem

-ekpektasi pada future market condition akan secara esien direeksikan oleh

komposisi aset portofolio banksa

-dividen: peningkatan wealth pemegang saham

-investor harus mampu memprediksi return yang diharapkan

-dividen tidak mudah diprediksi

-sulit bagi manajemen untuk membuat kebijakannya

-jumlah dividen: keputusan nansial

-keputusan dividen: diintegrasi dg keputusan pendanaan dan investasi

-laba tinggi, tp dividen rendah : karena perusahaan ingin melakukan

ekspansi atau membutuhkan kas untuk operasi perusahaan

-investor risk aversion: lebih memilih dividen

-asset size !": agency cost hypothesis

#$ %heory: pemegang saham tidak bisa secara eective memonitor manajemen

biaya atau "enurunan nilai perusahaan dihasilkan dari pemisahan antara pemilik

dan control

agency cost proportional to rm size

larger rms: bayar lebih banyak dividen, karena dapat akses ke pasar modal

lebih mudah pada biaya nancing lebih murah

-&apital ratio !"

mengelola bank komersial modul sertikasi tingkat ii general banking

"t gramedia pustaka utama '('-)*"" edisi ke +feb +.

bank management / nancial services international edition 0, 1c$raw-

2ill3'rwin 4eywork

penulis peter *5 rose dan sylvia &5hudgins edisi ke 6

#rilaha 7 wherever will you go

like ican ipi+8096


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marketable securities held by a bank in its portfolio of balance sheet assets.

Investment securities, along with bank loans, are the principal source of bank

earnings, and generally serve two key functions: as a source of bankliquidity, or

funding to meet loan demand or customers needs for cash and as an additional

source of earnings from the capital gains realized when portfolio securities are sold.

Bank investment grade securities are acceptable collateral in meeting pledging

requirementsfor holding federal government deposits, and also deposits of state and

local governments. Bank investment securities are carried at amortized book value,

or original purchase cost less amortization or accretion to par value.

eparated from the investment securities portfolio are trading account assets, and

other securities a bank is eligible to purchase in securities underwriting for resale to

the public or to other financial institutions, and also securities held under repurchase

agreements. !ssets held in the trading portfolio are marked to market daily.

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%reasury (onds

%reasury (ills

%reasury 4otes

$eneral


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Eutures

*waps

'ndeC options

&overed calls

ncovered calls

Darrants

=epurchase #greements

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DEFINITION of 'Marketable Securities'

Very liquid securities that can be converted into cash quickly at a reasonable price.

Marketable securities are very liquid as they tend to havematuritiesof less than oneyear. Furthermore, the rate at which these securities can be bought or sold has little

effect on their prices.

Read more:Marketable Securities Definition |

Investopediahttp://www.investopedia.com/terms/m/marketablesecurities.asp#ixzz3rKGB

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BREAKING DOWN 'Marketable Securities'

Examples of marketable securities includecommercial paper, banker'sacceptances,

Treasury bills and other money market instruments.

What are marketable securities?

1arketable securities are unrestricted nancial instruments which can be readily

sold on a stock eCchange or bond eCchange5 1arketable securities are often

classied into two groups: marketable equity securities and

marketable debtsecurities5

1arketable eGuity securities include shares of common stockand most preferred

stockwhich are traded on a stock eCchange and for which there are Guoted

market prices5

1arketable debt securities include government bondsand corporate bonds which

are traded on a bond eCchange and for which there are Guoted market prices5

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If these securities and-or debtare anticipated to be converted into cashwithin one year,they are

listed at their current market value,in the +urrent !ssetssection of the balance sheet.If they are

not trading securities, they are listed as on +urrent !ssets.

%eld to maturityand available forsale, securities can either be listed as long termor short term,

depending on the maturity dates of the securities and the intention of management regardingconversion of these securities.

/hy it 0atters:

Marketable securitiesshould be a relatively small figure on thebalance sheetof most

nonfinancial companies. 1inancial companies present marketable securities in a much more

prominent place on their balance sheet since they derive a significant portion of

theirincomefrom these investments.!nalystsuse this information forliquidityratio analysis.

+reditors are interested in the marketable securities figure in order to understand what assets

are liquid"insert comma# in case the company hassolvencyissues.+reditors want to know what

they can get a hold of in the event that bankruptcyis declared.

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Materi Inv.securities

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