Portfolio Intro课件.ppt

Valuation of Bonds and Equities;Essential readings;Learning Objectives;;; The yield to maturity is the single interest rate that, when applied to the stream of cash flows associated with a bond, causes the present value of those cash flows to equal the bond’s market price Also called “internal rate of return” ;Bond Pricing Theorems;Some Tips on Bond Pricing ;Some Tips on Bond Pricing ;Interest rate risk Time to Maturity;Bond Price/Yield Relationships;Figure 10.6 Premium and Discount Bonds over Time;Figure 10.7 The Price of a Zero-Coupon Bond over Time;Figure 10.10 Yields on Long-Term Bonds;Computing Bond Yields;Current Yield;Promised Yield to Maturity;Callable Bond;Figure 10.4 Bond Prices: Callable and Straight Debt;Example – Callable bond and its yield to call;Realized Yield;Example – Realized yield;Risks in Bonds;Convertible Bond;Convertibles;Valuing Convertibles;Valuation of Equities;Fundamental Stock Analysis: Models of Equity Valuation;Balance Sheet Valuation Methods;Balance Sheet Valuation Methods;Stream of Expected Returns (Cash Flows);Required Rate of Return;Dividend Discount Models:General Model;No Growth Model;No Growth Model: Example;Constant Growth Model;Constant Growth Model: Example;Estimating Dividend Growth Rates;Figure 13.1 Dividend Growth for Two Earnings Reinvestment Policies;Partitioning Value: Growth and No Growth Components;Partitioning Value: Example;P;Price Earnings Ratios