货币时间价值与利率期限结构清华大学绝金融工程.pptxVIP

会计学 1 货币时间价值与利率期限结构清华大学绝金融工程 2 Term Structure of Interest Rates Our objective is to value riskless cash flows. Given the rich set of fixed-income securities traded in the market, their prices provide the information needed to value riskless cash flows at hand. 第1页/共38页 3 Forms of Interest Rates In this market, this information on the time value of money is given in several different forms: Spot interest rates Price of discount bonds (e.g., zero-coupon bonds and STRIPS) Prices of coupon bonds Yield-to-maturity (an average of spot interest rates) Forward interest rates The form in which this inf