Slides Fundamentals of Investments - Chapter 10 extra ppt
Slides_Fundamentals of Investments - Chapter 10 extra ppt
... bond has a YTM of 10% . (9% coupon &
5 years to maturity) What is the price? Is the bond selling at
premium or discount?
()()
$961.39
2
.10
1
100 0
2
.10
1
1
1
.10
90
priceBond
101 0
=
+
+
⎥
⎥
⎥
⎦
⎤
⎢
⎢
⎢
⎣
⎡
+
−=
Now ... discount?
()()
$908.72
2
.10
1
100 0
2
.10
1
1
1
.10
90
priceBond
5050
=
+
+
⎥
⎥
⎥
⎦
⎤
⎢
⎢
⎢
⎣
⎡
+
−=
10
10
C h a p t e r
Bond Prices and Yields—Ext...
Slides_Fundamentals of Investments - Chapter 10 pdf
... McGraw-Hill Companies, Inc. All rights reserved.
McGraw Hill / Irwin
10 - 29
Properties of Duration
© 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw Hill / Irwin
10 - 12
Work ... some of the fundamental
tools of bond risk analysis used by
fixed-income portfolio managers.
Goal
© 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw Hill /...
Charles J. Corrado_Fundamentals of Investments - Chapter 10 pot
... value of 105 instead of 100 ($1,050
versus $1,000) and will mature in 10 years. With these two changes, the procedure is exactly the
same. We can try 8.5 percent, for example:
38 Chapter 10
This chapter ... time to call.
To give a trial-and-error example, suppose a 20-year bond has a coupon of 8 percent, a price
of 98, and is callable in 10 years. The call price is 105 ....
Slides_Fundamentals of Investments - Chapter 1 ppt
... dollar return = 48% of $1,000 = $480
At the end of the year, the value of your $1,000
investment is $1,480.
The Historical Record: A Closer Look
1 - 12
@2002 by the McGraw- Hill Companies Inc.All ... average, for bearing risk.
© 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw Hill / Irwin
1 - 26
Work the Web
For an easy-to-read review of basic
statist...
Slides_Fundamentals of Investments - Chapter 6 ppt
... 20 years of dividends to
be paid, and the current dividend is $10. What is the
value of the stock based on the constant growth rate
model?
()
()
86.243$
08.1
10. 1
1
10. 08.
10. 110$
0
20
=
⎥
⎥
⎦
⎤
⎢
⎢
⎣
⎡
⎟
⎠
⎞
⎜
⎝
⎛
−
−
×
=V
... perpetual growth model.
An Analysis of the McGraw-Hill Company
6 -
24
© 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw Hi...
Slides_Fundamentals of Investments - Chapter 14 ppt
... strike price of $90 expiring in
three months at $500 ($5 per share)?
Three months later,
Case 2: $90 $0 0% -$ 500 -1 00%
Case 3: $80 -$ 1,000 -1 1.11% -$ 500 -1 00%
© 2002 by The McGraw-Hill Companies, ... rights reserved.
McGraw Hill / Irwin
14 - 9
Buy Shares Buy Option
Profit
Return Profit Return
Case 1: $100 $1,000 11.11% $500 100 %
Why Options?
Should you bu...
Slides_Fundamentals of Investments - Chapter 15 ppt
... McGraw-Hill Companies, Inc. All rights reserved.
McGraw Hill / Irwin
15 - 11
The Black-Scholes-Merton Option Pricing Model
The Black-Scholes-Merton option pricing
model states the value of a ... Hill / Irwin
15 - 13
The Black-Scholes-Merton Option Pricing Model
© 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
McGraw Hill / Irwin
15 - 21
Measuring the Impact of...
Charles J. Corrado_Fundamentals of Investments - Chapter 7 pptx
... at the end of
each fiscal year. They are also required to file quarterly updates, called 10Qs. The 10Q is a mini-10K
filed each quarter, except when the 10K is filed. Every 10K and 10Q report ... per share of $1.13. Finally, based on Coors 1995 year-end stock price of
$23.25, we obtain a price-book ratio of 1.28 and a price-earnings ratio of 20.58.
The operating cash flow section o...
Charles J. Corrado_Fundamentals of Investments - Chapter 9 ppt
... fixed-income securities. To keep this discussion to a
manageable length, we defer the details of how some longer term rates are computed to Chapter 10.
Fixed-income securities include long-term ... trading short-term,
intermediate-term, or long-term interest rates. Stock-Trak supports trading in about a dozen different
STRIPS issues. A current list of STRIPS available for Stock-Trak t...
Charles J. Corrado_Fundamentals of Investments - Chapter 11 pptx
... 4
5
AA
AA-
A+
High credit quality, investment-grade bonds.
A2
A3
Baa1
6
7
8
A
A-
BBB+
Upper-medium quality, investment-grade bonds.
Baa2
Baa3
9
10
BBB
BBB-
Lower-medium quality, ... higher default rates of junk bonds. As
an example of this logic, consider the following back -of- the-envelope calculations.
Suppose that the average yield on junk bonds is 10 percent whe...
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