【正文】
on premium(24%) ?Risk premium Riskfree rate of return Increase in inflation premium and impact on bond valuation ? 當(dāng)必要收益率 (到期收益率 )由 10%變?yōu)?12%時(shí),由于債券票面利率為 10%,低于必要收益率 12%,那么債券價(jià)格將從當(dāng)前的$1000降為 $ Bond price table(10%interest payment, 20years to maturity) Yield to maturity Bond price 2% $ 4 6 7 8 9 10 11 12 13 14 16 20 25 Time to maturity ? 思考: ? 當(dāng)債券票面利率高于必要收益率時(shí),債券價(jià)格與票面價(jià)格哪個(gè)更高?還是相等? ? 當(dāng)票面利率低于必要收益率時(shí),債券價(jià)格與票面價(jià)格哪個(gè)更高?還是相等? ? 其他因素不變,隨著債券到期日的臨近,債券價(jià)格會(huì)有什么變化? Formula for bond yield 當(dāng)債券價(jià)格、債券票面價(jià)格與票面利率已知,如何求必要收益率? ? If the interest is paid semiannual, how you should calculate the price of the bond? ? Three steps: ? divide the annual interest rate by 2 ? multiply the number of years by 2 ? divide the annual yield to maturi