金融市场Ch03

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1、PartTwoFundamentalsofFinancialMarketsChapter3WhatDoInterestRatesMeanandWhatIsTheirRoleinValuation?Copyright©2009PearsonPrenticeHall.Allrightsreserved.3-3ChapterPreviewInterestratesareamongthemostcloselywatchedvariablesintheeconomy.Itisimperativethatwhatexactlyismeantbythephraseinterestrat

2、esisunderstood.Inthischapter,wewillseethataconceptknownasyieldtomaturity(YTM)isthemostaccuratemeasureofinterestrates.Copyright©2009PearsonPrenticeHall.Allrightsreserved.3-4ChapterPreviewAnydescriptionofinterestratesentailsanunderstandingcertainvernacularanddefinitions,mostofwhichwillnotonlyp

3、ertaindirectlytointerestratesbutwillalsobevitaltounderstandingmanyotherfoundationalconceptspresentedlaterinthetext.Copyright©2009PearsonPrenticeHall.Allrightsreserved.3-5ChapterPreviewSo,inthischapter,wewilldevelopabetterunderstandingofinterestrates.Weexaminetheterminologyandcalculationofvari

4、ousrates,andweshowtheimportanceoftheseratesinourlivesandthegeneraleconomy.Topicsinclude:MeasuringInterestRatesTheDistinctionBetweenRealandNominalInterestRatesTheDistinctionBetweenInterestRatesandReturnsCopyright©2009PearsonPrenticeHall.Allrightsreserved.3-6PresentValueIntroductionDifferentde

5、btinstrumentshaveverydifferentstreamsofcashpaymentstotheholder(knownascashflows),withverydifferenttiming.Allelsebeingequal,debtinstrumentsareevaluatedagainstoneanotherbasedontheamountofeachcashflowandthetimingofeachcashflow.Thisevaluation,wheretheanalysisoftheamountandtimingofadebtinstrument’

6、scashflowsleadtoitsyieldtomaturityorinterestrate,iscalledpresentvalueanalysis.Copyright©2009PearsonPrenticeHall.Allrightsreserved.3-7PresentValueTheconceptofpresentvalue(orpresentdiscountedvalue)isbasedonthecommonsensenotionthatadollarofcashflowpaidtoyouoneyearfromnowislessvaluabletoyouthanad

7、ollarpaidtoyoutoday.Thisnotionistruebecauseyoucouldinvestthedollarinasavingsaccountthatearnsinterestandhavemorethanadollarinoneyear.Thetermpresentvalue(PV)canbeextendedtomeanthePVofasinglecashfloworthesumofasequenceorgroupofcashflows.Copyrigh