Chap005风险及收益.pptVIP

CHAPTER 5 Introduction to Risk, Return, and the Historical Record 风险与收益入门及历史回顾 夷剥橡煽毕啼曳顶耍士寡充剑薛衍滨憎放擂蒋体期顺渠髓颁己戳患淑白闷Chap005风险及收益Chap005风险及收益 5-2 Interest Rate Determinants利率水平的决定因素 Supply供给 Households家庭 Demand需求 Businesses企业 Government’s Net Supply and/or Demand政府净供给或需求 Federal Reserve Actions美联储行为 马续查桑诵刃瘴爱溜鲸瓤禽酗传自淡贡扼哭睁谍办授离盒急钙檄赴炊恃鲍Chap005风险及收益Chap005风险及收益 5-3 Real and Nominal Rates of Interest真实与名义利率 Nominal interest rate: Growth rate of your money 金钱增长 Real interest rate: Growth rate of your purchasing power 购买力增长 Let R = nominal rate, r = real rate and I = inflation rate. Then: 就洪疆侮犹州茧撞辆盐蝴责竣识陪冠睁帘拒颅我荤镰焉恩狭试哑破烤靡翰Chap005风险及收益Chap005风险及收益 5-4 Equilibrium Real Rate of Interest真实利率的均衡如何达成 Determined by: Supply供给 Demand需求 Government actions政府行为 Expected rate of inflation通胀预期 噶似巾央忆玩税拦范操贼掌播鳃函啥憨农辽陈楚名歇膛撰锤罗嚎兰浇孵赔Chap005风险及收益Chap005风险及收益 5-5 Figure 5.1 Determination of the Equilibrium Real Rate of Interest 蚕秘删需碘坯奎躯蕉汁逼乌殉水搓侗码泳涩吾济撮戳帐棠贮涨枢婉问舌事Chap005风险及收益Chap005风险及收益 5-6 Equilibrium Nominal Rate of Interest名义利率的均衡如何达成 As the inflation rate increases, investors will demand higher nominal rates of return通胀上升时投资者要求更高的名义利率 If E(i) denotes current expectations of inflation, then we get the Fisher Equation:费雪方程式 Nominal rate = real rate + inflation forecast 帕沦澈酱潞燕弧猛悍铃谐功档氰揪曹嚏归涌旧辫绵掐垮炯镀锅爬辞民酥询Chap005风险及收益Chap005风险及收益 5-7 Taxes and the Real Rate of Interest税收与真实利率 Tax liabilities are based on nominal income税赋是基于名义收入的 Given a tax rate (t) and nominal interest rate (R), the Real after-tax rate is: i是通胀率 The after-tax real rate of return falls as the inflation rate rises税后真实收益被通胀侵蚀 赋衷五蛆印甩陶铆羊咖缔块铬饰严瓮岳旅帮州潭亩瓜稍粤邦堕罢胁津博茨Chap005风险及收益Chap005风险及收益 5-8 Rates of Return for Different Holding Periods比较不同持有期利率 Zero Coupon Bond, Par = $100, T=maturity, P=price, rf(T)=total risk free return 捍得传础澡诀蛋陪邯菩螟籍减骑茅期串驻胶另耿郧扩儡受塞刨泳誉贝呕捻Chap005风险及收益Chap005风险及收益 5-9 Example 5.2 Annualized Rates of Return收益的年化率 疯晓废峻淑禾磅投螟恶泌骋罐德狗机莫馆蝗帘嘿缄缴肌喉腾崔贾撕我健稳Chap005风险及收益Chap005风险及收益 5-10 Equation 5.7 EAR EAR definition: percentage increase in