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The Liquidity Premium Theory • Risk is the key to understanding the slope of the yield curve • The yield curve’s upward slope is due to long-term bonds being riskier than shortterm bonds • Bondholders face both inflation and interest-rate. The longer the term the greater the inflation and interest-rate risk
25 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 789 | Lượt tải: 0
Review of the Previous Lecture • Bonds and Risk • Default Risk • Inflation Risk • Interest Rate Risk • Bond Ratings • Bond Ratings and Risk
18 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 690 | Lượt tải: 0
Review of the Previous Lecture • Factors Influencing Bond Supply • Factors Influencing Bond Demand • Equilibrium Conditions
27 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 811 | Lượt tải: 0
Review of the Previous Lecture • Bonds • Yield to Maturity • Current Yield • Holding Period Returns • Bond Supply, Demand and Equilibrium
21 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 748 | Lượt tải: 0
Review of the Previous Lecture • Bond & Bond pricing • Zero Coupon Bond • Fixed Payment Loan • Coupon Bonds • Consols • Bond Yield • Yield to Maturity • Current Yield
41 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 679 | Lượt tải: 0
Review of the Previous Lecture • Risk • Characteristics • Measurement • Sources • Reducing Risk • Hedging • Spreading
24 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 695 | Lượt tải: 0
Topics under Discussion • Sources of Risk • Idiosyncratic • Systematic • Reducing Risk Through Diversification • Hedging Risk • Spreading Risk • Bond and Bond Pricing
20 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 952 | Lượt tải: 0
Review of the Previous Lecture • Application of Present Value Concept • Internal Rate of Return • Bond Pricing • Real Vs Nominal Interest Rates • Risk • Characteristics
25 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 718 | Lượt tải: 0
Topics under Discussion • Application of Present Value Concept • Bond Pricing • Real Vs Nominal Interest Rates • Risk • Characteristics • Measurement
32 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 827 | Lượt tải: 0
Topics under Discussion • Application of Present Value Concept • Compound Annual Rate • Interest Rates vs Discount Rate • Internal Rate of Return • Bond Pricing
21 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 804 | Lượt tải: 0