金融市场5risk and term structure of interest rate【荐】.pdfVIP

Part II Principles of Financial Markets UNDERSTANDING INTEREST RATES Chapter 3 BEHAVIOR OF INTEREST RATES Chapter 4 THE RISK AND TERM STRUCTURE OF INTEREST RATES Chapter 5 THE THEORY OF EFFICIENT CAPITAL MARKETS Chapter 6 Slide 5-1 School of Management in HUST Part II Principles of Financial Markets Chapter Five THE RISK AND TERM STRUCTURE OF INTEREST RATES Slide 5-2 School of Management in HUST Chapter Outline Risk Structure of Interest Rate Term Structure of Interest Rate Slide 5-3 School of Management in HUST Risk Structure of Interest Rate risk structure of interest rates 利率的 风险结构: The relationship among the various interest rates on bonds with the same term to maturity. Slide 5-4 School of Management in HUST Risk Structure of Long Bonds in the United States L o n g - t e r m B o n d Y i e l d s , 1 9 1 9 - 1 9 9 8 Slide 5-5 School of Management in HUST Default Risk违约风险 This is the possibility that the borrower will not make promised payments - either on time or in full. A bond with default risk will always have a positive risk premium, and an increase in its default risk will raise the risk premium(风险溢价). Slide 5-6 School of Management in HUST