电子文档交易市场
安卓APP | ios版本
电子文档交易市场
安卓APP | ios版本
换一换
首页 金锄头文库 > 资源分类 > PPT文档下载
分享到微信 分享到微博 分享到QQ空间

management 企业管理类英文版PPT课件 (34)

  • 资源ID:34253654       资源大小:1.21MB        全文页数:46页
  • 资源格式: PPT        下载积分:10金贝
快捷下载 游客一键下载
账号登录下载
微信登录下载
三方登录下载: 微信开放平台登录   支付宝登录   QQ登录  
二维码
微信扫一扫登录
下载资源需要10金贝
邮箱/手机:
温馨提示:
快捷下载时,用户名和密码都是您填写的邮箱或者手机号,方便查询和重复下载(系统自动生成)。
如填写123,账号就是123,密码也是123。
支付方式: 支付宝    微信支付   
验证码:   换一换

 
账号:
密码:
验证码:   换一换
  忘记密码?
    
1、金锄头文库是“C2C”交易模式,即卖家上传的文档直接由买家下载,本站只是中间服务平台,本站所有文档下载所得的收益全部归上传人(卖家)所有,作为网络服务商,若您的权利被侵害请及时联系右侧客服;
2、如你看到网页展示的文档有jinchutou.com水印,是因预览和防盗链等技术需要对部份页面进行转换压缩成图而已,我们并不对上传的文档进行任何编辑或修改,文档下载后都不会有jinchutou.com水印标识,下载后原文更清晰;
3、所有的PPT和DOC文档都被视为“模板”,允许上传人保留章节、目录结构的情况下删减部份的内容;下载前须认真查看,确认无误后再购买;
4、文档大部份都是可以预览的,金锄头文库作为内容存储提供商,无法对各卖家所售文档的真实性、完整性、准确性以及专业性等问题提供审核和保证,请慎重购买;
5、文档的总页数、文档格式和文档大小以系统显示为准(内容中显示的页数不一定正确),网站客服只以系统显示的页数、文件格式、文档大小作为仲裁依据;
6、如果您还有什么不清楚的或需要我们协助,可以点击右侧栏的客服。
下载须知 | 常见问题汇总

management 企业管理类英文版PPT课件 (34)

Chapter 6,Interest Rates And Bond Valuation,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-2,Learning Goals,Describe interest rate fundamentals, the term structure of interest rates, and risk premiums.Review the legal aspects of bond financing and bond cost.Discuss the general features, yields, prices, popular types of corporate bonds.Understand the key inputs and basic model used in the valuation process.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-3,Learning Goals (cont.),Apply the basic valuation model to bonds and describe the impact of required return and time to maturity on bond values.Explain the yield to maturity (YTM), its calculation, and the procedure used to value bonds that pay interest semiannually.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-4,Interest Rates & Required Returns,The interest rate or required return represents the price of money.Interest rates act as a regulating device that controls the flow of money between suppliers and demanders of funds.The Board of Governors of the Federal Reserve System regularly asses economic conditions and, when necessary, initiate actions to change interest rates to control inflation and economic growth.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-5,Interest Rates & Required Returns: Interest Rate Fundamentals,Interest rates represent the compensation that a demander of funds must pay a supplier.When funds are lent, the cost of borrowing is the interest rate.When funds are raised by issuing stocks or bonds, the cost the company must pay is called the required return, which reflects the suppliers expected level of return.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-6,Interest Rates & Required Returns: The Real Rate of Interest,The real interest rate is the rate that creates an equilibrium between the supply of savings and the demand for investment funds in a perfect world.In this context, a perfect world is one in which there is no inflation, where suppliers and demanders have no liquidity preference, and where all outcomes are certain.The supply-demand relationship that determines the real rate is shown in Figure 6.1 on the following slide.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-7,Interest Rates & Required Returns: The Real Rate of Interest (cont.),Figure 6.1 SupplyDemand Relationship,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-8,Interest Rates & Required Returns: Inflation and the Cost of Money,Ignoring risk factors, the cost of funds is closely tied to inflationary expectations.The risk-free rate of interest, RF, which is typically measured by a 3-month U.S. Treasury bill (T-bill) compensates investors only for the real rate of return and for the expected rate of inflation.The relationship between the annual rate of inflation and the return on T-bills is shown on the following slide.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-9,Interest Rates & Required Returns: Nominal or Actual Rate of Interest (Return),The nominal rate of interest is the actual rate of interest charged by the supplier of funds and paid by the demander. The nominal rate differs from the real rate of interest, k* as a result of two factors:Inflationary expectations reflected in an inflation premium (IP), andIssuer and issue characteristics such as default risks and contractual provisions as reflected in a risk premium (RP).,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-10,Interest Rates & Required Returns: Nominal or Actual Rate of Interest (Return) (cont.),Using this notation, the nominal rate of interest for security 1, r1 is given in equation 6.1, and is further defined in equations 6.2 and 6.3.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-11,Interest Rates & Required Returns: Inflation and the Cost of Money (cont.),Figure 6.2 Impact of Inflation,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-12,Term Structure of Interest Rates,The term structure of interest rates relates the interest rate to the time to maturity for securities with a common default risk profile.Typically, treasury securities are used to construct yield curves since all have zero risk of default.However, yield curves could also be constructed with AAA or BBB corporate bonds or other types of similar risk securities.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-13,Term Structure of Interest Rates (cont.),Figure 6.3 Treasury Yield Curves,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-14,Risk Premiums: Issue and Issuer Characteristics (cont.),The data in the table below is from May 17, 2004.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-15,Risk Premiums: Issue and Issuer Characteristics (cont.),The data in the table below is from May 17, 2004.,Copyright © 2009 Pearson Prentice Hall. All rights reserved.,6-16,Risk Premiums: Issue and Issuer Characteristics (cont.),

注意事项

本文(management 企业管理类英文版PPT课件 (34))为本站会员(飞***)主动上传,金锄头文库仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。 若此文所含内容侵犯了您的版权或隐私,请立即阅读金锄头文库的“版权提示”【网址:https://www.jinchutou.com/h-59.html】,按提示上传提交保证函及证明材料,经审查核实后我们立即给予删除!

温馨提示:如果因为网速或其他原因下载失败请重新下载,重复下载不扣分。




关于金锄头网 - 版权申诉 - 免责声明 - 诚邀英才 - 联系我们
手机版 | 川公网安备 51140202000112号 | 经营许可证(蜀ICP备13022795号)
©2008-2016 by Sichuan Goldhoe Inc. All Rights Reserved.