公司理财精要版第版Chap.pptVIP

6.* www: Click on the web surfer to go to Bloomberg to get the current Treasury yield curve * * * * * * * 学生在应用股利贴现模型时最容易犯的错误是使用错误的股利信息。记得强调我们现在要求的是现值，因此要用到的是在下一期即将收到的股利，而不是现在已经付过的股利了。 * * * * It may be good to point out that we have assumed the discount rate is constant; however, it could change across periods, or even across years. * * * * 注意假定起点为2009年1月1日。 * * * * * * * * * * * 这里的信息与前面的YTM计算是相同的，在那一张幻灯片上，YTM是8%。 * 6.* 6.* 6.* This is standard terminology in the US – but it may not transfer to other countries. For example, debentures are secured debt in the United Kingdom. Lecture Tip: Domestically issued bearer bonds will become obsolete in the near future. Since bearer bonds are not registered with the corporation, it is easier for bondholders to receive interest payments without reporting them on their income tax returns. In an attempt to eliminate this potential for tax evasion, all bonds issued in the US after July 1983 must be in registered form. It is still legal to offer bearer bonds in some other nations, however. Some foreign bonds are popular among international investors particularly due to their bearer status. Lecture Tip: Although the majority of corporate bonds have a $1,000 face value, there are an increasing number of “baby bonds” outstanding, i.e., bonds with face values less than $1,000. The use of the term “baby bond” goes back at least as far as 1970, when it was used in connection with ATT’s announcement of the intent to issue bonds with low face values. It was also used in describing Merrill Lynch’s 1983 program to issue bonds with $25 face values. More recently, the term has come to mean bonds issued in lieu of interest payments by firms unable to make the payments in cash. Baby bonds issued under these circumstances are also called “PIK” (payment-in-kind) bonds, or “bunny” bonds, because they tend to proliferate in LBO circumstances. * * 这时候问学生在其他条件相同的情形下哪种债券的到期收益率最高（价格最低）是比较合适的。穆迪的C一般已经违约了。 Sukuk is an Islamic bond which by Islamic law