国际金融第五部分学习课件.pptVIP

Interest Yields, Interest-Rate Risk, and Derivative Securities New Words and Expressions pose: 做姿势; 提出 perpetuity: 永恒 entail: 使负担,使分担; 招致, 带来,引起 reshuffle: 重洗;改组;转换 misalignment:未排列; 未排成直线 bailout: 援救行动 layoff: 失业期 ticker: 自动收报机 allotment: 分配 engender: 造成 Interest Rates ---To understand the risks owing to interest rate variations, ---how to minimize those risks, or ---how to profit from them. requires an understanding of how interest rates and the prices of financial instruments are related. Principal is the amount of credit extended when one makes a loan or purchases a bond. Interest Yields Interest is the payment by the issuer of a financial instrument that compensates the purchaser for the use of their funds. The interest rate is the amount of interest expressed as a percentage of the principal. Capital gain is a rise in the value of a financial instrument at the time it is sold relative to its market value at the time it was purchased. Discounted Present Value Discounted present value is the value today of a payment to be received at a future date. Calculating discounted present value: The value today of a payment to be received at a future date. Payment one year from now/(1+ r). Discounted present value of payment to be received n years in the future: Payment n years from now/(1+ r)n. Calculating the Yield to Maturity Perpetuity: A bond with an infinite term to maturity. Perpetuity price = C/r. Simple rule: Prices of existing bonds are inversely related to changing market interest rates. Term to Maturity and Interest-Rate Risk Interest rate risk is the possibility that the market value of a financial instrument will change as interest rates vary. Capital loss is a decline in the market value of a financial instrument at the time it is sold as compared with its market value at the time i