金融第四章课件分享.pptVIP

* * * * * * * * * Note that if the stock market were to be only 50% of its expected value after only ten years, the investor in the stocks would still be better off than she would have been had she invested in the CDs. With an additional passage of time, the CDs are beaten by a market that is only a small fraction of its expected value. * * It is important that finance students understand how different graphs may be used to illustrate a point effectively. I like to point out just three points when showing this graph. Firstly, it confirms that a constant growth rate results in a straight line. Secondly, I like to point out that on the log axis, the distance between say 100 and 1000 is the same as the distance between 1000 and 10000. Finally, unmarked points on the graph requires thoughtful estimating. Observe, for instance, the positioning of the starting value of $50,000 between $10,000 and $100,000. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * The graphics for the next two graphs is linked to the Excel notebookCH4_1. The instructor may change the assumptions of the graphs, and these will show in the PowerPoint presentation. Students without a strong background in computing may be interested in examining how these simple Excel graphs were formed. It may prove to be useful to them later when the graphics become more difficult. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 数据析取 债券Y PV $980 (in) FV $1000 (out) i ? n 20-years pmt $80 (out) 债券Z PV ? (in) FV $1000 (out) i (as computed above) n 18-years pmt $60 (out) Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 处理的一般规律 现实世界中经常每半年支付一次他们的股息,这些是要被审查的 为了简化问题们将考察支付年息的债券 假设收益曲线是平滑的 Copyright