Download Bond Evaluation, Selection, and Management by R. Stafford Johnson PDF

By R. Stafford Johnson

ISBN-10: 1405101709

ISBN-13: 9781405101707

Bond review, choice, and administration synthesizes primary and complex subject matters within the box, delivering accomplished assurance of bond and debt administration. this article presents readers with the fundamentals had to comprehend complex options, and factors of innovative complicated themes. targeting options, types, and numerical examples, readers are supplied with the instruments they should decide upon, overview, and deal with bonds. offers a accomplished exposition of bond and debt administration. Covers either the elemental and complex issues within the box, together with bond derivatives. makes a speciality of innovations, types, and numerical examples. Reinforces vital strategies via assessment questions, net workouts, and perform difficulties in each one bankruptcy.

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Example text

The characteristics common to all assets are value, rate of return, risk, maturity, divisibility, marketability, liquidity, and taxability. Value: As de®ned earlier, the value of an asset is the present value of all of the asset's expected future bene®ts. Moreover, if markets were ef®cient, then, in equilibrium, the value of the asset would be equal to its market price. Rate of Return: The rate of return on an asset is equal to the total dollar return received from the asset per period of time expressed as a proportion of the price paid for the asset.

6. Learn more about the ®nancial world by examining some of many websites. com. 20 BOND EVALUATION AND SELECTION NOTES 1. While US exchanges use specialists to ensure continuous trading, the exchanges in some countries trade a security only once or just a few times during a day. These so-called ``call'' markets use an open-auction or crieÂe system in which interested traders gather in a designated trading area when the security is called. An exchange clerk then calls out prices until one is determined that clears all trades.

For example, a 10-year callable bond issued when interest rates are relatively high may be more like a 5-year bond given that a likely interest rate decrease would lead the issuer to buy the bond back. Divisibility: The ®fth attribute, divisibility, refers to the smallest denomination in which an asset is traded. Thus a bank savings deposit account, in which an investor can deposit as little as a penny, is a perfectly divisible security; a jumbo certi®cate of deposit, with a minimum denomination of $10m, is a highly indivisible security.

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Bond Evaluation, Selection, and Management by R. Stafford Johnson


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