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1、......CHAPTER3MEASURINGYIELDCHAPTERSUMMARYInChapter2weshowedhowtodeterminethepriceofabond,andwedescribedtherelationshipbetweenpriceandyield.Inthischapterwediscussvariousyieldmeasuresandtheirmeaningforevaluatingtherelativeattractivenessofabond.Webeginwithanexpla
2、nationofhowtocomputetheyieldonanyinvestment.COMPUTINGTHEYIELDORINTERNALRATEOFRETURNONANYINVESTMENTTheyieldonanyinvestmentistheinterestratethatwillmakethepresentvalueofthecashflowsfromtheinvestmentequaltotheprice(orcost)oftheinvestment.Mathematically,theyieldona
3、nyinvestment,y,istheinterestratethatsatisfiestheequation.P=whereCFt=cashflowinyeart,P=priceoftheinvestment,N=numberofyears.Theyieldcalculatedfromthisrelationshipisalsocalledtheinternalrateofreturn.Solvingfortheyield(y)requiresatrial-and-error(iterative)procedur
4、e.Theobjectiveistofindtheyieldthatwillmakethepresentvalueofthecashflowsequaltotheprice.Keepinmindthattheyieldcomputedistheyieldfortheperiod.Thatis,ifthecashflowsaresemiannual,theyieldisasemiannualyield.Ifthecashflowsaremonthly,theyield.专业.专注.......isamonthlyyie
5、ld.Tocomputethesimpleannualinterestrate,theyieldfortheperiodismultipliedbythenumberofperiodsintheyear.SpecialCase:InvestmentwithOnlyOneFutureCashFlowWhenthecasewherethereisonlyonefuturecashflow,itisnotnecessarytogothroughthetime-consumingtrial-and-errorprocedur
6、etodeterminetheyield.Wecanusethebelowequation...专业.专注.......AnnualizingYieldsToobtainaneffectiveannualyieldassociatedwithaperiodicinterestrate,thefollowingformulaisused:effectiveannualyield=(1+periodicinterestrate)m–1wheremisthefrequencyofpaymentsperyear.Toillu
7、strate,ifinterestispaidquarterlyandtheperiodicinterestrateis8%/4=2%),thenwehave:theeffectiveannualyield=(1.02)4–1=1.0824–1=0.0824or8.24%.Wecanalsodeterminetheperiodicinterestratethatwillproduceagivenannualinterestratebysolvingtheeffectiveannualyieldequationfort
8、heperiodicinterestrate.Solving,wefindthat:periodicinterestrate=(1+effectiveannualyield)1/m–1.Toillustrate,iftheperiodicquarterlyinterestratethatwouldproduceaneffectiveannual
