【PPT精品课件】货币金融学7版英文课件--6-大学课件20.pptx

;Risk Structure of Long-Term Bonds in Canada;Increase in Default Risk on Corporate Bonds;Analysis of Figure 6-2: Increase inDefault Risk on Corporate Bonds;Bond Ratings ;Corporate Bonds Become Less Liquid;Tax Advantages of Municipal Bondsin the United States;Analysis of Previous Figure: Tax Advantages of Municipal Bonds;Term Structure Facts to be Explained;Interest Rates on Different Maturity Bonds Move Together;Yield Curves;Expectations Hypothesis;Expected Return from Strategy 1;Expected Return from Strategy 1;Expectations Hypothesis and Term Structure Facts;1. When short rates are low, they are expected to rise to normal level, and long rate = average of future short rates will be well above today’s short rate: yield curve will have steep upward slope 2. When short rates are high, they will be expected to fall in future, and long rate will be below current short rate: yield curve will have downward slope Doesn’t explain Fact 3 that yield curve usually has upward slope Short rates as likely to fall in future as rise, so average of future short rates will not usually be higher than current short rate: therefore, yield curve will not usually slope upward;Segmented Markets Theory;Liquidity Premium (Preferred Habitat) Theories;Relationship Between the Liquidity Premium (Preferred Habitat) and Expectations Theories;Numerical Example;Liquidity Premium (Preferred Habitat) Theories: Term Structure Facts;Market Predictions of Future Short Rates;Interpreting Yield Curves 1990–2003;;; （一）、一本万利工程的背景驱动 1、什么是一本万利 2、餐饮时代的变迁;菜单;;1、顾客满意度 餐厅价值、价格、 合理感、愉快感、 安心感、美味感、 便利感、满足感、 有价值感、喜悦感、 特别感; 以菜单为导向的硬件投资 1、餐厅的装修风格 2、硬件设施服务操作 3、餐厅动线 4、餐具与家俬 5、厨房布局 6、厨房设备;菜单设计正果 1、能诱导顾客购买你想让他买的餐点 2、能迅速传达餐厅要