债券与股票的定价策略(英文版)(ppt 39页)

债券与股票的定价策略(英文版)目录：
1Definition and Example of a Bond
2How to Value Bonds
3Bond Concepts
4The Present Value of Common Stocks
5Estimates of Parameters in the Dividend-Discount Model
6Growth Opportunities
7The Dividend Growth Model and the NPVGO Model (Advanced)
8Price Earnings Ratio
9Stock Market Reporting
10Summary and Conclusions

 

债券与股票的定价策略(英文版)内容提要：
Valuation of Bonds and Stock：
First Principles:
Value of financial securities = PV of expected future cash flows
To value bonds and stocks we need to:
Estimate future cash flows:
Size (how much) and
Timing (when)
Discount future cash flows at an appropriate rate:
The rate should be appropriate to the risk presented by the security.
Definition and Example of a Bond：
A bond is a legally binding agreement between a borrower and a lender:
Specifies the principal amount of the loan.
Specifies the size and timing of the cash flows:
In dollar terms (fixed-rate borrowing)
As a formula (adjustable-rate borrowing)

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