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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: 799 | 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: 700 | 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: 843 | 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: 757 | 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: 690 | 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: 706 | 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: 965 | 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: 729 | 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: 837 | 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: 817 | Lượt tải: 0