债券与股票的定价策略(英文版).ppt

《债券与股票的定价策略(英文版).ppt》由会员上传分享，免费在线阅读，更多相关内容在PPT专区-天天文库。

1、ChapterOutline5.1DefinitionandExampleofaBond5.2HowtoValueBonds5.3BondConcepts5.4ThePresentValueofCommonStocks5.5EstimatesofParametersintheDividend-DiscountModel5.6GrowthOpportunities5.7TheDividendGrowthModelandtheNPVGOModel(Advanced)5.8PriceEarningsRatio5.9Sto

2、ckMarketReporting5.10SummaryandConclusionsValuationofBondsandStockFirstPrinciples:Valueoffinancialsecurities=PVofexpectedfuturecashflowsTovaluebondsandstocksweneedto:Estimatefuturecashflows:Size(howmuch)andTiming(when)Discountfuturecashflowsatanappropriaterate

3、:Therateshouldbeappropriatetotheriskpresentedbythesecurity.5.1DefinitionandExampleofaBondAbondisalegallybindingagreementbetweenaborrowerandalender:Specifiestheprincipalamountoftheloan.Specifiesthesizeandtimingofthecashflows:Indollarterms(fixed-rateborrowing)As

4、aformula(adjustable-rateborrowing)5.1DefinitionandExampleofaBondConsideraU.S.governmentbondlistedas63/8ofDecember2009.TheParValueofthebondis$1,000.Couponpaymentsaremadesemi-annually(June30andDecember31forthisparticularbond).Sincethecouponrateis63/8thepaymentis

5、$31.875.OnJanuary1,2002thesizeandtimingofcashflowsare:5.2HowtoValueBondsIdentifythesizeandtimingofcashflows.Discountatthecorrectdiscountrate.Ifyouknowthepriceofabondandthesizeandtimingofcashflows,theyieldtomaturityisthediscountrate.PureDiscountBondsInformation

6、neededforvaluingpurediscountbonds:Timetomaturity(T)=Maturitydate-today’sdateFacevalue(F)Discountrate(r)Presentvalueofapurediscountbondattime0:PureDiscountBonds:ExampleFindthevalueofa30-yearzero-couponbondwitha$1,000parvalueandaYTMof6%.Level-CouponBondsInformat

7、ionneededtovaluelevel-couponbonds:Couponpaymentdatesandtimetomaturity(T)Couponpayment(C)perperiodandFacevalue(F)DiscountrateValueofaLevel-couponbond=PVofcouponpaymentannuity+PVoffacevalueLevel-CouponBonds:ExampleFindthepresentvalue(asofJanuary1,2002),ofa6-3/8c

8、ouponT-bondwithsemi-annualpayments,andamaturitydateofDecember2009iftheYTMis5-percent.OnJanuary1,2002thesizeandtimingofcashflowsare:Level-CouponBonds:ExampleFindthepresentvalue(asof