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Part Two Fundamentals  of Financial Markets
Chapter 3 What Do Interest Rates Mean  and What Is  Their Role  in Valuation?
Chapter Preview ,[object Object]
Chapter Preview ,[object Object]
Chapter Preview ,[object Object],[object Object],[object Object],[object Object]
Present Value Introduction ,[object Object],[object Object],[object Object]
Present Value ,[object Object],[object Object]
Present Value Applications ,[object Object],[object Object],[object Object],[object Object],[object Object]
Present Value Concept:  Simple Loan Terms ,[object Object],[object Object],[object Object],[object Object]
Present Value Concept: Simple Loan
Present Value Concept:  Simple Loan (cont.)  ,[object Object]
Yield to Maturity: Loans ,[object Object],[object Object]
Present Value of Cash Flows: Example
Present Value Concept:  Fixed-Payment  Loan Terms ,[object Object],[object Object]
Present Value Concept:  Fixed-Payment  Loan Terms ,[object Object]
Yield to Maturity: Loans ,[object Object]
Yield to Maturity: Bonds ,[object Object],[object Object]
Yield to Maturity: Bonds ,[object Object]
Relationship Between Price  and Yield to Maturity ,[object Object],[object Object],[object Object],[object Object]
Relationship Between Price  and Yield to Maturity ,[object Object]
Current Yield  ,[object Object],[object Object],[object Object]
Yield on a Discount Basis ,[object Object],[object Object],[object Object],[object Object]
Bond Page of the Newspaper
Global perspective ,[object Object],[object Object]
Distinction Between Real  and Nominal Interest Rates ,[object Object],[object Object],[object Object],[object Object]
Distinction Between Real  and Nominal Interest Rates ,[object Object],We usually refer to this rate as the  ex ante  real rate of interest because it is adjusted for the  expected  level of inflation.  After the fact, we can calculate the  ex post  real rate based on the observed level of inflation.
Distinction Between Real  and Nominal Interest Rates (cont.) ,[object Object],[object Object]
U.S. Real and Nominal Interest Rates Sample of current rates and indexes http://www.martincapital.com/charts.htm
Distinction Between Interest Rates  and Returns ,[object Object],where  = current yield, and = capital gains.
Key Facts about the Relationship  Between Rates and Returns Sample of current coupon rates  and yields on government bonds http://www.bloomberg.com/markets/iyc.html
Maturity and the Volatility  of Bond Returns ,[object Object],[object Object],[object Object],[object Object]
Maturity and the Volatility  of Bond Returns (cont.) ,[object Object],[object Object],[object Object]
Maturity and the Volatility  of Bond Returns (cont.) ,[object Object],[object Object],[object Object]
Reinvestment Risk  ,[object Object],[object Object],[object Object]
Calculating Duration i  =10%, 10-Year 10% Coupon Bond
Calculating Duration i  = 20%, 10-Year 10% Coupon Bond
Formula for Duration ,[object Object],[object Object],[object Object]
Formula for Duration ,[object Object],[object Object]
Duration and Interest-Rate Risk ,[object Object],[object Object]
Duration and  Interest-Rate Risk (cont.) ,[object Object],[object Object]
[object Object],[object Object],Duration and  Interest-Rate Risk (cont.)
Chapter Summary ,[object Object],[object Object]
Chapter Summary (cont.) ,[object Object]

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Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?