SlideShare una empresa de Scribd logo

Chapter 05_How Do Risk and Term Structure Affect Interest Rate?

•Descargar como PPT, PDF•
•
Rusman Mukhlis
Rusman Mukhlis
EducaciónEconomía y finanzasEmpresariales
1 de 67
Chapter 5 How Do The Risk and Term Structure Affect Interest Rates
Chapter Preview ,[object Object],[object Object]
Chapter Preview ,[object Object]
Chapter Preview ,[object Object]
Chapter Preview ,[object Object],[object Object],[object Object]
Risk Structure of Interest Rates ,[object Object],[object Object]
Risk Structure of Long Bonds in the U.S.
Risk Structure of Long Bonds in the U.S. ,[object Object],[object Object],[object Object]
Factors Affecting Risk Structure of Interest Rates ,[object Object],[object Object],[object Object],[object Object]
Default Risk Factor ,[object Object],[object Object]
Default Risk Factor (cont.) ,[object Object],[object Object]
Increase in Default Risk on Corporate Bonds
Analysis of Figure 5.2: Increase in Default on Corporate Bonds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Default Risk Factor (cont.) ,[object Object],[object Object],[object Object]
Bond Ratings
Case: Enron and the Baa-Aaa spread ,[object Object],[object Object],[object Object]
Liquidity Factor ,[object Object],[object Object]
Decrease in Liquidity of Corporate Bonds Figure 5.2 Response to a Decrease in the Liquidity of Corporate Bonds
Analysis of Figure 5.1: Corporate Bond Becomes Less Liquid ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Liquidity Factor (cont.) ,[object Object]
Income Taxes Factor ,[object Object],[object Object],[object Object]
Income Taxes Factor ,[object Object],[object Object]
Income Taxes Factor ,[object Object],[object Object]
Tax Advantages of Municipal Bonds
Analysis of Figure 5.3: Tax Advantages of Municipal Bonds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Case: Bush Tax Cut and Interest Rates ,[object Object],[object Object]
Term Structure of Interest Rates ,[object Object],[object Object]
The WSJ: Following the News ,[object Object],[object Object],[object Object]
Reading the Wall St. Journal Dynamic yield curve that can show the curve at any time in history http://stockcharts.com/charts/YieldCurve.html
Term Structure Facts to Be Explained ,[object Object],[object Object]
Interest Rates on Different Maturity Bonds Move Together
Term Structure Facts to Be Explained ,[object Object],[object Object],[object Object],[object Object]
Three Theories of Term Structure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Expectations Theory ,[object Object],[object Object]
Expectations Theory ,[object Object],[object Object],[object Object]
Expectations Theory ,[object Object],[object Object]
Expectations Theory ,[object Object],[object Object],[object Object]
Expectations Theory ,[object Object],Since ( i 2 t ) 2 is extremely small, expected return is approximately 2( i 2 t )
Expectations Theory ,[object Object],[object Object],Solving for i 2 t (1)
Expectations Theory ,[object Object]
More generally for n -period bond… ,[object Object],(2)
More generally for n -period bond… ,[object Object],[object Object],[object Object],[object Object],[object Object]
Expectations Theory and Term Structure Facts ,[object Object],[object Object],[object Object],[object Object]
Expectations Theory and Term Structure Facts ,[object Object],[object Object],[object Object],[object Object]
Expectations Theory and Term Structure Facts ,[object Object],[object Object],[object Object]
Expectations Theory and Term Structure Facts ,[object Object],[object Object]
Market Segmentation Theory ,[object Object],[object Object]
Market Segmentation Theory ,[object Object],[object Object],[object Object]
Liquidity Premium Theory ,[object Object],[object Object]
Liquidity Premium Theory ,[object Object]
Liquidity Premium Theory ,[object Object],(3) ,[object Object]
Liquidity Premium Theory
Numerical Example ,[object Object],[object Object]
Numerical Example ,[object Object],[object Object],[object Object],[object Object]
Liquidity Premium Theory: Term Structure Facts ,[object Object],[object Object],[object Object]
Market Predictions of Future Short Rates
Evidence on the Term Structure ,[object Object],[object Object]
Case: Interpreting Yield Curves ,[object Object],[object Object]
Case: Interpreting Yield Curves, 1980–2008
Case: Interpreting Yield Curves ,[object Object],[object Object]
Case: Interpreting Yield Curves ,[object Object]
Mini-case: The Yield Curve as a Forecasting Tool ,[object Object],[object Object],[object Object]
The Practicing Manager: Forecasting Interest Rates with the Term Structure ,[object Object],Solve for forward rate, i e t+1 (4) Numerical example: i 1t = 5%, i 2t = 5.5%
Forecasting Interest Rates with the Term Structure ,[object Object],Using i e t+1 derived in (4), solve for i e t+2
Forecasting Interest Rates with the Term Structure ,[object Object],Liquidity Premium Theory: i nt - = same as pure expectations theory; replace i nt by i nt - in (5) to get adjusted forward-rate forecast (5) (6)
Forecasting Interest Rates with the Term Structure ,[object Object],[object Object],[object Object],[object Object],Loan rate must be > 8.2%
Chapter Summary ,[object Object],[object Object]

Recomendados

Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?Rusman Mukhlis
 
Chapter 04_Why Do Interest Rate Change?
Chapter 04_Why Do Interest Rate Change?Chapter 04_Why Do Interest Rate Change?
Chapter 04_Why Do Interest Rate Change?Rusman Mukhlis
 
Mishkin fmi9ge ppt_c01
Mishkin fmi9ge ppt_c01Mishkin fmi9ge ppt_c01
Mishkin fmi9ge ppt_c01Dr. Muath Asmar
 
An Overview of Financial System
An Overview of Financial SystemAn Overview of Financial System
An Overview of Financial SystemImran Nordin
 
Chapter 02_Overview of the Financial System
Chapter 02_Overview of the Financial SystemChapter 02_Overview of the Financial System
Chapter 02_Overview of the Financial SystemRusman Mukhlis
 
Ch06 mish11 embfm
Ch06 mish11 embfmCh06 mish11 embfm
Ch06 mish11 embfmRob Sears
 
M16_MISH1520_06_PPW_C15.ppt
M16_MISH1520_06_PPW_C15.pptM16_MISH1520_06_PPW_C15.ppt
M16_MISH1520_06_PPW_C15.pptRusman Mukhlis
 
Chapter 06_ Are Financial Markets Efficient?
Chapter 06_ Are Financial Markets Efficient?Chapter 06_ Are Financial Markets Efficient?
Chapter 06_ Are Financial Markets Efficient?Rusman Mukhlis
 

Recomendados

Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?
Chapter 03_What Do Interest Rates Mean and What Is Their Role in Valuation?Rusman Mukhlis
 
Chapter 04_Why Do Interest Rate Change?
Chapter 04_Why Do Interest Rate Change?Chapter 04_Why Do Interest Rate Change?
Chapter 04_Why Do Interest Rate Change?Rusman Mukhlis
 
Mishkin fmi9ge ppt_c01
Mishkin fmi9ge ppt_c01Mishkin fmi9ge ppt_c01
Mishkin fmi9ge ppt_c01Dr. Muath Asmar
 
An Overview of Financial System
An Overview of Financial SystemAn Overview of Financial System
An Overview of Financial SystemImran Nordin
 
Chapter 02_Overview of the Financial System
Chapter 02_Overview of the Financial SystemChapter 02_Overview of the Financial System
Chapter 02_Overview of the Financial SystemRusman Mukhlis
 
Ch06 mish11 embfm
Ch06 mish11 embfmCh06 mish11 embfm
Ch06 mish11 embfmRob Sears
 
M16_MISH1520_06_PPW_C15.ppt
M16_MISH1520_06_PPW_C15.pptM16_MISH1520_06_PPW_C15.ppt
M16_MISH1520_06_PPW_C15.pptRusman Mukhlis
 
Chapter 06_ Are Financial Markets Efficient?
Chapter 06_ Are Financial Markets Efficient?Chapter 06_ Are Financial Markets Efficient?
Chapter 06_ Are Financial Markets Efficient?Rusman Mukhlis
 
Mishkin ch1& ch2
Mishkin ch1& ch2Mishkin ch1& ch2
Mishkin ch1& ch2Zerin Tasnime
 
Bond valuation
Bond valuationBond valuation
Bond valuationshekhar sharma
 
Chapter 10_The Bond Market
Chapter 10_The Bond MarketChapter 10_The Bond Market
Chapter 10_The Bond MarketRusman Mukhlis
 
Chapter 07_Central Banking and the Conduct of Monetary Policy
Chapter 07_Central Banking and the Conduct of Monetary PolicyChapter 07_Central Banking and the Conduct of Monetary Policy
Chapter 07_Central Banking and the Conduct of Monetary PolicyRusman Mukhlis
 
Chapter 08 Risk & Return
Chapter 08 Risk & ReturnChapter 08 Risk & Return
Chapter 08 Risk & ReturnAlamgir Alwani
 
Investment management chapter 2 buying and selling securities
Investment management chapter 2 buying and selling securitiesInvestment management chapter 2 buying and selling securities
Investment management chapter 2 buying and selling securitiesHeng Leangpheng
 
Factors affecting exchange rates
Factors affecting exchange ratesFactors affecting exchange rates
Factors affecting exchange ratesWalid Saafan
 
Chapter 15
Chapter 15Chapter 15
Chapter 15Dr. Muath Asmar
 
Determination of interest rate
Determination of interest rateDetermination of interest rate
Determination of interest ratePawan Kawan
 
Chapter 09_The Money Markets
Chapter 09_The Money MarketsChapter 09_The Money Markets
Chapter 09_The Money MarketsRusman Mukhlis
 
Chapter 2 Financial Markets & Institutions
Chapter 2 Financial Markets & InstitutionsChapter 2 Financial Markets & Institutions
Chapter 2 Financial Markets & InstitutionsMikee Bylss
 
Management of interest rate risk
Management of interest rate riskManagement of interest rate risk
Management of interest rate riskSonam Basia
 
financial intermediaries and its types
financial intermediaries and its typesfinancial intermediaries and its types
financial intermediaries and its typesranjitha1nair
 
Lecture 1 financial institutions #
Lecture 1 financial institutions #Lecture 1 financial institutions #
Lecture 1 financial institutions #Latifa Ben Hamouda
 
Mishkin fmi9ge ppt_c02
Mishkin fmi9ge ppt_c02Mishkin fmi9ge ppt_c02
Mishkin fmi9ge ppt_c02Dr. Muath Asmar
 
Module iv fixed income securities final
Module iv fixed income securities finalModule iv fixed income securities final
Module iv fixed income securities finalSantu Mishra
 
Value at risk
Value at riskValue at risk
Value at riskMohit Rathi
 
Investment Management Risk and Return
Investment Management Risk and ReturnInvestment Management Risk and Return
Investment Management Risk and ReturnDr. John V. Padua
 
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and TacticsChapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and TacticsRusman Mukhlis
 
Relationships between Inflation, Interest Rates, and Exchange Rates
Relationships between Inflation, Interest Rates, and Exchange Rates Relationships between Inflation, Interest Rates, and Exchange Rates
Relationships between Inflation, Interest Rates, and Exchange Rates ICAB
 
the term structure & risk structure of interest rates
the term structure & risk structure of interest ratesthe term structure & risk structure of interest rates
the term structure & risk structure of interest rateskainlovely30
 
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest RatesEcon315 Money and Banking: Learning Unit #13: Term Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest Ratessakanor
 

Más contenido relacionado

La actualidad más candente

Chapter 10_The Bond Market
Chapter 10_The Bond MarketChapter 10_The Bond Market
Chapter 10_The Bond MarketRusman Mukhlis
 
Chapter 07_Central Banking and the Conduct of Monetary Policy
Chapter 07_Central Banking and the Conduct of Monetary PolicyChapter 07_Central Banking and the Conduct of Monetary Policy
Chapter 07_Central Banking and the Conduct of Monetary PolicyRusman Mukhlis
 
Chapter 08 Risk & Return
Chapter 08 Risk & ReturnChapter 08 Risk & Return
Chapter 08 Risk & ReturnAlamgir Alwani
 
Investment management chapter 2 buying and selling securities
Investment management chapter 2 buying and selling securitiesInvestment management chapter 2 buying and selling securities
Investment management chapter 2 buying and selling securitiesHeng Leangpheng
 
Factors affecting exchange rates
Factors affecting exchange ratesFactors affecting exchange rates
Factors affecting exchange ratesWalid Saafan
 
Determination of interest rate
Determination of interest rateDetermination of interest rate
Determination of interest ratePawan Kawan
 
Chapter 09_The Money Markets
Chapter 09_The Money MarketsChapter 09_The Money Markets
Chapter 09_The Money MarketsRusman Mukhlis
 
Chapter 2 Financial Markets & Institutions
Chapter 2 Financial Markets & InstitutionsChapter 2 Financial Markets & Institutions
Chapter 2 Financial Markets & InstitutionsMikee Bylss
 
Management of interest rate risk
Management of interest rate riskManagement of interest rate risk
Management of interest rate riskSonam Basia
 
financial intermediaries and its types
financial intermediaries and its typesfinancial intermediaries and its types
financial intermediaries and its typesranjitha1nair
 
Lecture 1 financial institutions #
Lecture 1 financial institutions #Lecture 1 financial institutions #
Lecture 1 financial institutions #Latifa Ben Hamouda
 
Module iv fixed income securities final
Module iv fixed income securities finalModule iv fixed income securities final
Module iv fixed income securities finalSantu Mishra
 
Investment Management Risk and Return
Investment Management Risk and ReturnInvestment Management Risk and Return
Investment Management Risk and ReturnDr. John V. Padua
 
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and TacticsChapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and TacticsRusman Mukhlis
 
Relationships between Inflation, Interest Rates, and Exchange Rates
Relationships between Inflation, Interest Rates, and Exchange Rates Relationships between Inflation, Interest Rates, and Exchange Rates
Relationships between Inflation, Interest Rates, and Exchange Rates ICAB
 

La actualidad más candente (20)

Mishkin ch1& ch2
Mishkin ch1& ch2Mishkin ch1& ch2
Mishkin ch1& ch2
 
Bond valuation
Bond valuationBond valuation
Bond valuation
 
Chapter 10_The Bond Market
Chapter 10_The Bond MarketChapter 10_The Bond Market
Chapter 10_The Bond Market
 
Chapter 07_Central Banking and the Conduct of Monetary Policy
Chapter 07_Central Banking and the Conduct of Monetary PolicyChapter 07_Central Banking and the Conduct of Monetary Policy
Chapter 07_Central Banking and the Conduct of Monetary Policy
 
Chapter 08 Risk & Return
Chapter 08 Risk & ReturnChapter 08 Risk & Return
Chapter 08 Risk & Return
 
Investment management chapter 2 buying and selling securities
Investment management chapter 2 buying and selling securitiesInvestment management chapter 2 buying and selling securities
Investment management chapter 2 buying and selling securities
 
Factors affecting exchange rates
Factors affecting exchange ratesFactors affecting exchange rates
Factors affecting exchange rates
 
Chapter 15
Chapter 15Chapter 15
Chapter 15
 
Determination of interest rate
Determination of interest rateDetermination of interest rate
Determination of interest rate
 
Chapter 09_The Money Markets
Chapter 09_The Money MarketsChapter 09_The Money Markets
Chapter 09_The Money Markets
 
Chapter 2 Financial Markets & Institutions
Chapter 2 Financial Markets & InstitutionsChapter 2 Financial Markets & Institutions
Chapter 2 Financial Markets & Institutions
 
Management of interest rate risk
Management of interest rate riskManagement of interest rate risk
Management of interest rate risk
 
financial intermediaries and its types
financial intermediaries and its typesfinancial intermediaries and its types
financial intermediaries and its types
 
Lecture 1 financial institutions #
Lecture 1 financial institutions #Lecture 1 financial institutions #
Lecture 1 financial institutions #
 
Mishkin fmi9ge ppt_c02
Mishkin fmi9ge ppt_c02Mishkin fmi9ge ppt_c02
Mishkin fmi9ge ppt_c02
 
Module iv fixed income securities final
Module iv fixed income securities finalModule iv fixed income securities final
Module iv fixed income securities final
 
Value at risk
Value at riskValue at risk
Value at risk
 
Investment Management Risk and Return
Investment Management Risk and ReturnInvestment Management Risk and Return
Investment Management Risk and Return
 
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and TacticsChapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
 
Relationships between Inflation, Interest Rates, and Exchange Rates
Relationships between Inflation, Interest Rates, and Exchange Rates Relationships between Inflation, Interest Rates, and Exchange Rates
Relationships between Inflation, Interest Rates, and Exchange Rates
 

Destacado

the term structure & risk structure of interest rates
the term structure & risk structure of interest ratesthe term structure & risk structure of interest rates
the term structure & risk structure of interest rateskainlovely30
 
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest RatesEcon315 Money and Banking: Learning Unit #13: Term Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest Ratessakanor
 
Chapter 13_The Foreign Exchange Market
Chapter 13_The Foreign Exchange MarketChapter 13_The Foreign Exchange Market
Chapter 13_The Foreign Exchange MarketRusman Mukhlis
 
Econ315 Money and Banking: Learning Unit #12: Risk Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #12: Risk Structure of Interest RatesEcon315 Money and Banking: Learning Unit #12: Risk Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #12: Risk Structure of Interest Ratessakanor
 
Ch08 mish11 embfm
Ch08 mish11 embfmCh08 mish11 embfm
Ch08 mish11 embfmRob Sears
 
Chapter 11_The Stock Market
Chapter 11_The Stock MarketChapter 11_The Stock Market
Chapter 11_The Stock MarketRusman Mukhlis
 
Chapter 12_The Mortgage Markets
Chapter 12_The Mortgage MarketsChapter 12_The Mortgage Markets
Chapter 12_The Mortgage MarketsRusman Mukhlis
 
Chapter 24_Risk Management in Financial Institutions
Chapter 24_Risk Management in Financial InstitutionsChapter 24_Risk Management in Financial Institutions
Chapter 24_Risk Management in Financial InstitutionsRusman Mukhlis
 
Cash Flow Analysis
Cash Flow AnalysisCash Flow Analysis
Cash Flow Analysisnmahfoud
 
OIS and CSA Discounting
OIS and CSA DiscountingOIS and CSA Discounting
OIS and CSA DiscountingQuantifi
 
Experiences Can be Judged by Their Interest Curves - MkII
Experiences Can be Judged by Their Interest Curves - MkIIExperiences Can be Judged by Their Interest Curves - MkII
Experiences Can be Judged by Their Interest Curves - MkIIMichele Bianchi
 
Discounted measures
Discounted measures Discounted measures
Discounted measures Huma Ilyas
 
Interest Rate Hedging with Swaptions
Interest Rate Hedging with SwaptionsInterest Rate Hedging with Swaptions
Interest Rate Hedging with SwaptionsRedington
 
Functional GUIs with F#
Functional GUIs with F#Functional GUIs with F#
Functional GUIs with F#Frank Krueger
 
Capital structure and term structure
Capital structure and term structure Capital structure and term structure
Capital structure and term structure mabruka mohamed
 
Mengelola organisasi pemasaran holistik untuk jangka panjang
Mengelola organisasi pemasaran holistik untuk jangka panjangMengelola organisasi pemasaran holistik untuk jangka panjang
Mengelola organisasi pemasaran holistik untuk jangka panjangFryselLa CiNdy
 

Destacado (17)

the term structure & risk structure of interest rates
the term structure & risk structure of interest ratesthe term structure & risk structure of interest rates
the term structure & risk structure of interest rates
 
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest RatesEcon315 Money and Banking: Learning Unit #13: Term Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #13: Term Structure of Interest Rates
 
Term Structure Of Interest Rate
Term Structure Of Interest RateTerm Structure Of Interest Rate
Term Structure Of Interest Rate
 
Chapter 13_The Foreign Exchange Market
Chapter 13_The Foreign Exchange MarketChapter 13_The Foreign Exchange Market
Chapter 13_The Foreign Exchange Market
 
Econ315 Money and Banking: Learning Unit #12: Risk Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #12: Risk Structure of Interest RatesEcon315 Money and Banking: Learning Unit #12: Risk Structure of Interest Rates
Econ315 Money and Banking: Learning Unit #12: Risk Structure of Interest Rates
 
Ch08 mish11 embfm
Ch08 mish11 embfmCh08 mish11 embfm
Ch08 mish11 embfm
 
Chapter 11_The Stock Market
Chapter 11_The Stock MarketChapter 11_The Stock Market
Chapter 11_The Stock Market
 
Chapter 12_The Mortgage Markets
Chapter 12_The Mortgage MarketsChapter 12_The Mortgage Markets
Chapter 12_The Mortgage Markets
 
Chapter 24_Risk Management in Financial Institutions
Chapter 24_Risk Management in Financial InstitutionsChapter 24_Risk Management in Financial Institutions
Chapter 24_Risk Management in Financial Institutions
 
Cash Flow Analysis
Cash Flow AnalysisCash Flow Analysis
Cash Flow Analysis
 
OIS and CSA Discounting
OIS and CSA DiscountingOIS and CSA Discounting
OIS and CSA Discounting
 
Experiences Can be Judged by Their Interest Curves - MkII
Experiences Can be Judged by Their Interest Curves - MkIIExperiences Can be Judged by Their Interest Curves - MkII
Experiences Can be Judged by Their Interest Curves - MkII
 
Discounted measures
Discounted measures Discounted measures
Discounted measures
 
Interest Rate Hedging with Swaptions
Interest Rate Hedging with SwaptionsInterest Rate Hedging with Swaptions
Interest Rate Hedging with Swaptions
 
Functional GUIs with F#
Functional GUIs with F#Functional GUIs with F#
Functional GUIs with F#
 
Capital structure and term structure
Capital structure and term structure Capital structure and term structure
Capital structure and term structure
 
Mengelola organisasi pemasaran holistik untuk jangka panjang
Mengelola organisasi pemasaran holistik untuk jangka panjangMengelola organisasi pemasaran holistik untuk jangka panjang
Mengelola organisasi pemasaran holistik untuk jangka panjang
 

Similar a Chapter 05_How Do Risk and Term Structure Affect Interest Rate?

ch21 - Econ 442 - financial markets Par 1 of 2 (1).pdf
ch21 - Econ 442 - financial markets Par 1 of 2 (1).pdfch21 - Econ 442 - financial markets Par 1 of 2 (1).pdf
ch21 - Econ 442 - financial markets Par 1 of 2 (1).pdfjgordon21
 
New River Investments Tax Exempt Bond Commentary
New River Investments Tax Exempt Bond CommentaryNew River Investments Tax Exempt Bond Commentary
New River Investments Tax Exempt Bond CommentaryGuillermo Roditi Dominguez
 
Default and the Maturity Structure in Sovereign Bonds
Default and the Maturity Structure in Sovereign BondsDefault and the Maturity Structure in Sovereign Bonds
Default and the Maturity Structure in Sovereign BondsJiayao Li
 
Understanding yield spreads
Understanding yield spreadsUnderstanding yield spreads
Understanding yield spreadsMahendra Mehta
 
Bba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bondsBba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bondsStephen Ong
 
1Practice with simple calculations related to Fiscal Polic.docx
1Practice with simple calculations related to Fiscal Polic.docx1Practice with simple calculations related to Fiscal Polic.docx
1Practice with simple calculations related to Fiscal Polic.docxeugeniadean34240
 
GEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docx
GEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docxGEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docx
GEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docxbudbarber38650
 
ASSIGNMENT3g [Name of the Student][Name of t.docx
ASSIGNMENT3g [Name of the Student][Name of t.docxASSIGNMENT3g [Name of the Student][Name of t.docx
ASSIGNMENT3g [Name of the Student][Name of t.docxedmondpburgess27164
 
Using Cross Asset Information To Improve Portfolio Risk Estimation
Using Cross Asset Information To Improve Portfolio Risk EstimationUsing Cross Asset Information To Improve Portfolio Risk Estimation
Using Cross Asset Information To Improve Portfolio Risk Estimationyamanote
 
Interest Rates overview and knowledge insight
Interest Rates overview and knowledge insightInterest Rates overview and knowledge insight
Interest Rates overview and knowledge insightjustmeyash17
 
Valuation of bonds and debentures
Valuation of bonds and debenturesValuation of bonds and debentures
Valuation of bonds and debenturesBhargavi Bhanu
 
Investing in a Rising Rate Environment - Dec. 2011
Investing in a Rising Rate Environment - Dec. 2011Investing in a Rising Rate Environment - Dec. 2011
Investing in a Rising Rate Environment - Dec. 2011RobertWBaird
 

Similar a Chapter 05_How Do Risk and Term Structure Affect Interest Rate? (20)

Chapter6
Chapter6Chapter6
Chapter6
 
ch21 - Econ 442 - financial markets Par 1 of 2 (1).pdf
ch21 - Econ 442 - financial markets Par 1 of 2 (1).pdfch21 - Econ 442 - financial markets Par 1 of 2 (1).pdf
ch21 - Econ 442 - financial markets Par 1 of 2 (1).pdf
 
Bonds
BondsBonds
Bonds
 
Interest rates part_2
Interest rates part_2Interest rates part_2
Interest rates part_2
 
Investment Insights for November 2017
Investment Insights for November 2017Investment Insights for November 2017
Investment Insights for November 2017
 
New River Investments Tax Exempt Bond Commentary
New River Investments Tax Exempt Bond CommentaryNew River Investments Tax Exempt Bond Commentary
New River Investments Tax Exempt Bond Commentary
 
Lecture004.pdf
Lecture004.pdfLecture004.pdf
Lecture004.pdf
 
Default and the Maturity Structure in Sovereign Bonds
Default and the Maturity Structure in Sovereign BondsDefault and the Maturity Structure in Sovereign Bonds
Default and the Maturity Structure in Sovereign Bonds
 
Mba Finance
Mba FinanceMba Finance
Mba Finance
 
Understanding yield spreads
Understanding yield spreadsUnderstanding yield spreads
Understanding yield spreads
 
Ch 5
Ch 5Ch 5
Ch 5
 
Bba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bondsBba 2204 fin mgt week 6 bonds
Bba 2204 fin mgt week 6 bonds
 
1Practice with simple calculations related to Fiscal Polic.docx
1Practice with simple calculations related to Fiscal Polic.docx1Practice with simple calculations related to Fiscal Polic.docx
1Practice with simple calculations related to Fiscal Polic.docx
 
GEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docx
GEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docxGEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docx
GEORGE MASON UNIVERSITYSchool of ManagementEMBA 703 Financia.docx
 
ASSIGNMENT3g [Name of the Student][Name of t.docx
ASSIGNMENT3g [Name of the Student][Name of t.docxASSIGNMENT3g [Name of the Student][Name of t.docx
ASSIGNMENT3g [Name of the Student][Name of t.docx
 
Using Cross Asset Information To Improve Portfolio Risk Estimation
Using Cross Asset Information To Improve Portfolio Risk EstimationUsing Cross Asset Information To Improve Portfolio Risk Estimation
Using Cross Asset Information To Improve Portfolio Risk Estimation
 
Interest Rates overview and knowledge insight
Interest Rates overview and knowledge insightInterest Rates overview and knowledge insight
Interest Rates overview and knowledge insight
 
ch06.ppt
ch06.pptch06.ppt
ch06.ppt
 
Valuation of bonds and debentures
Valuation of bonds and debenturesValuation of bonds and debentures
Valuation of bonds and debentures
 
Investing in a Rising Rate Environment - Dec. 2011
Investing in a Rising Rate Environment - Dec. 2011Investing in a Rising Rate Environment - Dec. 2011
Investing in a Rising Rate Environment - Dec. 2011
 

Último

Keynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-designKeynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-designMIPLM
 
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...JojoEDelaCruz
 
Food processing presentation for bsc agriculture hons
Food processing presentation for bsc agriculture honsFood processing presentation for bsc agriculture hons
Food processing presentation for bsc agriculture honsManeerUddin
 
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...Postal Advocate Inc.
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)lakshayb543
 
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATIONTHEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATIONHumphrey A Beña
 
Virtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdf
Virtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdfVirtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdf
Virtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdfErwinPantujan2
 
Q4-PPT-Music9_Lesson-1-Romantic-Opera.pptx
Q4-PPT-Music9_Lesson-1-Romantic-Opera.pptxQ4-PPT-Music9_Lesson-1-Romantic-Opera.pptx
Q4-PPT-Music9_Lesson-1-Romantic-Opera.pptxlancelewisportillo
 
Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17
Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17
Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17Celine George
 
Choosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for ParentsChoosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for Parentsnavabharathschool99
 
Difference Between Search & Browse Methods in Odoo 17
Difference Between Search & Browse Methods in Odoo 17Difference Between Search & Browse Methods in Odoo 17
Difference Between Search & Browse Methods in Odoo 17Celine George
 
Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...Seán Kennedy
 
Global Lehigh Strategic Initiatives (without descriptions)
Global Lehigh Strategic Initiatives (without descriptions)Global Lehigh Strategic Initiatives (without descriptions)
Global Lehigh Strategic Initiatives (without descriptions)cama23
 
Earth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice greatEarth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice greatYousafMalik24
 
How to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERPHow to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERPCeline George
 
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdfGrade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdfJemuel Francisco
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptxiammrhaywood
 
Music 9 - 4th quarter - Vocal Music of the Romantic Period.pptx
Music 9 - 4th quarter - Vocal Music of the Romantic Period.pptxMusic 9 - 4th quarter - Vocal Music of the Romantic Period.pptx
Music 9 - 4th quarter - Vocal Music of the Romantic Period.pptxleah joy valeriano
 

Último (20)

Keynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-designKeynote by Prof. Wurzer at Nordex about IP-design
Keynote by Prof. Wurzer at Nordex about IP-design
 
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
 
Food processing presentation for bsc agriculture hons
Food processing presentation for bsc agriculture honsFood processing presentation for bsc agriculture hons
Food processing presentation for bsc agriculture hons
 
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
 
Raw materials used in Herbal Cosmetics.pptx
Raw materials used in Herbal Cosmetics.pptxRaw materials used in Herbal Cosmetics.pptx
Raw materials used in Herbal Cosmetics.pptx
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
 
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATIONTHEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
THEORIES OF ORGANIZATION-PUBLIC ADMINISTRATION
 
Virtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdf
Virtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdfVirtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdf
Virtual-Orientation-on-the-Administration-of-NATG12-NATG6-and-ELLNA.pdf
 
Q4-PPT-Music9_Lesson-1-Romantic-Opera.pptx
Q4-PPT-Music9_Lesson-1-Romantic-Opera.pptxQ4-PPT-Music9_Lesson-1-Romantic-Opera.pptx
Q4-PPT-Music9_Lesson-1-Romantic-Opera.pptx
 
Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17
Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17
Incoming and Outgoing Shipments in 3 STEPS Using Odoo 17
 
Choosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for ParentsChoosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for Parents
 
Difference Between Search & Browse Methods in Odoo 17
Difference Between Search & Browse Methods in Odoo 17Difference Between Search & Browse Methods in Odoo 17
Difference Between Search & Browse Methods in Odoo 17
 
Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...
 
Global Lehigh Strategic Initiatives (without descriptions)
Global Lehigh Strategic Initiatives (without descriptions)Global Lehigh Strategic Initiatives (without descriptions)
Global Lehigh Strategic Initiatives (without descriptions)
 
Earth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice greatEarth Day Presentation wow hello nice great
Earth Day Presentation wow hello nice great
 
How to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERPHow to do quick user assign in kanban in Odoo 17 ERP
How to do quick user assign in kanban in Odoo 17 ERP
 
YOUVE_GOT_EMAIL_PRELIMS_EL_DORADO_2024.pptx
YOUVE_GOT_EMAIL_PRELIMS_EL_DORADO_2024.pptxYOUVE_GOT_EMAIL_PRELIMS_EL_DORADO_2024.pptx
YOUVE_GOT_EMAIL_PRELIMS_EL_DORADO_2024.pptx
 
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdfGrade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
 
Music 9 - 4th quarter - Vocal Music of the Romantic Period.pptx
Music 9 - 4th quarter - Vocal Music of the Romantic Period.pptxMusic 9 - 4th quarter - Vocal Music of the Romantic Period.pptx
Music 9 - 4th quarter - Vocal Music of the Romantic Period.pptx
 

Chapter 05_How Do Risk and Term Structure Affect Interest Rate?