投资学第16章债券资产组合管理.pptxVIP

CHAPTER 16Managing Bond PortfoliosBond Pricing RelationshipsInverse relationship between price and yieldAn increase in a bond’s yield to maturity results in a smaller price decline than the gain associated with a decrease in yieldLong-term bonds tend to be more price sensitive than short-term bondsFigure 16.1 Change in Bond Price as a Function of Change in Yield to MaturityBond Pricing Relationships ContinuedAs maturity increases, price sensitivity increases at a decreasing ratePrice sensitivity is inversely related to a bond’s coupon ratePrice sensitivity is inversely related to the yield to