公司理财讲义（3）巫和懋.pptxVIP

Bond Market and Alternative Investment Rules;3.1 Valuation of Bonds;The Present Value Formulas for Bonds;Yield to Maturity;3.2 The Term Structure of Interest Rates;Forward Rates;Forecast of Future Interest;Pure Expectation Hypothesis;Liquidity Preference Hypothesis;3.3 Alternative Investment Rules;(1) The Payback Period Rule (continued);The Discounted Payback Period Rule;(2) The Average Accounting Return Rule; (3) The Internal Rate of Return (IRR) Rule;(3) The Internal Rate of Return: Example;The NPV Payoff Profile for This Example;Problems with the IRR Approach;Multiple IRRs;The Scale Problem