债券及股票的定价策略(英文版)(ppt 39页)
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点击下载债券及股票的定价策略(英文版)目录:
1.Definition and Example of a Bond
2.How to Value Bonds
3.Bond Concepts
4.The Present Value of Common Stocks
5.Estimates of Parameters in the Dividend-Discount Model
6.Growth Opportunities
7.The Dividend Growth Model and the NPVGO Model (Advanced)
8.Price Earnings Ratio
9.Stock Market Reporting
10 .Summary and Conclusions
债券及股票的定价策略(英文版)内容摘要:
Bond Concepts:
Bond prices and market interest rates move in opposite directions.
2. When coupon rate = YTM, price = par value.
When coupon rate > YTM, price > par value (premium bond)
When coupon rate < YTM, price < par value (discount bond)
A bond with longer maturity has higher relative (%) price change than one with shorter maturity when interest rate (YTM) changes. All other features are identical.
4. A lower coupon bond has a higher relative price change than a higher coupon bond when YTM changes. All other features are identical.
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