債券及股票的定價策略(英文版)(ppt 39頁)

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

債券及股票的定價策略（英文版）內容摘要：
Bond Concepts：
　　Bond prices and market interest rates move in opposite directions.
2. When coupon rate = YTM, price = par value.
When coupon rate > YTM, price > par value (premium bond)
When coupon rate < YTM, price < par value (discount bond)
A bond with longer maturity has higher relative (%) price change than one with shorter maturity when interest rate (YTM) changes. All other features are identical.
4. A lower coupon bond has a higher relative price change than a higher coupon bond when YTM changes. All other features are identical.

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