【PPT精品课件】货币金融学7版英文课件6大学课件20

【PPT精品课件】货币金融学7版英 文课件6大学课件20
Tax Advantages of Municipal Bonds in the United States
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Analysis of Previous Figure: Tax Advantages of Municipal Bonds
A. Expectations Theory explains 1 and 2, but not 3 B. Segmented Markets explains 3, but not 1 and 2 C. Solution: Combine features of both Expectations Theory and
Canada Bond Market 4. Relative Re on Canada bonds , DT , DT shifts right 5. Relative risk of Canada bonds , DT , DT shifts right 6. PT , iT Outcome: Risk premium, ic – iT, rises
Interest Rates on Different Maturity Bonds Move Together
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Yield Curves
【PPT精品课件】货币金融学7版英 文课件6大学课件20
ຫໍສະໝຸດ Baidu
Expectations Hypothesis
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Term Structure Facts to be Explained
1. Interest rates for different maturities move together over time
2. Yield curves tend to have steep upward slope when short rates are low and downward slope when rates are high
Segmented Markets Theory to get Liquidity Premium (Preferred Habitat) Theory and explain all facts
© 2005 Pearson Education Canada Inc.
【PPT精品课件】货币金融学7版英 文课件6大学课件20
3. Yield curve is typically upward sloping
Three Theories of Term Structure
1. Expectations Theory
2. Segmented Markets Theory
3. Liquidity Premium (Preferred Habitat) Theory
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Bond Ratings
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Corporate Bonds Become Less Liquid
Corporate Bond Market 1. Less liquid corporate bonds Dc 2. Pc , ic
, Dc shifts left
Canada Bond Market 1. Relatively more liquid Canada bonds, DT , DT shifts
right 2. PT , iT
Outcome: Risk premium, ic – iT, rises Risk premium reflects not only corporate bonds’ default risk, but also lower liquidity
Municipal Bond Market in the United States 1. Tax exemption raises relative RETe on U.S. municipal
bonds, Dm , Dm shifts right 2. Pm , im
U.S. Treasury Bond Market 1. Relative RETe on Treasury bonds , DT , DT shifts left 2. PT , iT Outcome: im < iT
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Analysis of Figure 6-2: Increase in Default Risk on Corporate Bonds
Corporate Bond Market 1. Re on corporate bonds , Dc , Dc shifts left 2. Risk of corporate bonds , Dc , Dc shifts left 3. Pc , ic
Key Assumption: Bonds of different maturities are perfect substitutes Implication: RETe on bonds of different maturities are equal Investment strategies for two-period horizon 1. Buy $1 of one-year bond and when it matures buy another
【PPT精品课件】货币 金融学7版英文课件--6-
大学课件20
2020/10/30
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Risk Structure of Long-Term Bonds in Canada
【PPT精品课件】货币金融学7版英 文课件6大学课件20
Increase in Default Risk on Corporate Bonds