《金融学教学》bodie2e_cha(4)

1、整理课件1ObjectiveValuation of fixed income securitiesExplain why bond prices change整理课件2整理课件3整理课件411.752,15$015. 111015. 040011160niipmtPV整理课件5NIPVPMTFV601.5%?15,752.11-4000整理课件6NIPVPMT FV60 1.6% ?15,354.66-400 0整理课件7整理课件8nnnnnjjjipmtipmtipmtipmtipmtPV11*11*.11*11*11*1122111整理课件9整理课件10整理课件11整理课件12整理课件1

2、3整理课件14整理课件15整理课件16111nnPFiiPF整理课件17111nnPFiiPF整理课件18整理课件19%41. 519000100001211nPFiNIPVPMTFV2?5.41%9,0000-10,000整理课件20整理课件21整理课件22整理课件23整理课件2400.1076$1001000100081010010008901001000960PP整理课件2591.075, 1$0728. 110010000600. 11000417. 1100%28. 71810000, 1%00. 61890000, 1%17. 41960000, 132313 , 0212, 01

3、11 , 0PPiii整理课件26整理课件27整理课件28整理课件29NIPVPMTFV3?7.10%-1076 1001000整理课件30整理课件31整理课件32pricepricefacevaluecouponYTMpricecouponyieldcurrentfacevaluecouponratecoupon整理课件33整理课件34整理课件35Yield Relationships00.020.040.060.0600.00800.001000.001200.001400.001600.001800.00PriceYieldcoupon_yc

4、urrent_yy_t_m整理课件36整理课件37整理课件38) !%(!0 . 5286,10$286,10$000,10$800$%78. 7286,10$800$800$%8000,10$pricepricefacevaluecouponYTMpricecouponyieldcurrentcouponcouponfacevaluecouponratecoupon整理课件39Yield Relationships0.070.090.110.13800.001000.001200.00PriceYieldcoupon_ycurrent_yy_t_m整理课件40整理课件41整理课件42整理课件43整理课件44整理课件45整理课件46icouponratefacevaluepricerateerestcurrentpricepricefacevaluecouponYTM1)1 (.int.niFP1/整理课件47YTMprice%整理课件48整理课件49Interest Rates0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%05101520YearsRatespotlong_forward整理课件50整理课件5120-Year Bo