Principles of Finance · 免费预览
收益率曲线与期限结构
收益率曲线以收益率对期限作图，描绘信用等级相同的债券；其通常向上的斜率补偿贷款者所承担的时间价值，其倒挂预示着预期的降息和经济衰退，而曲线的移动则会使曲线上的每一种债券重新定价。
1. Reading the curve
Reading the curve
2. Shapes and their signals
Shapes and their signals
3. Shifts, twists, and bond prices
Shifts, twists, and bond prices
4. Expectations arithmetic in brief
Expectations arithmetic in brief
5. What the curve plots
In fixed income markets, what relationship does the yield curve plot for bonds of the same credit quality?
6. Why curves slope up
Why do normal yield curves slope upward, with long yields above short yields?
7. Reading an inversion
What does an inverted yield curve most directly tell market watchers?
8. The expectations average
Under the pure expectations hypothesis, if expected one-year rates for the next three years are 3, 4, and 5 percent, where should the three-year yield sit?
9. Parallel shift versus twist
A central bank tightens, lifting short yields one percent while long yields rise only slightly. What kind of curve movement is this, and what does it do to a ten-year bond?
10. Why duration is reported
Why do bond portfolios report their duration as a summary statistic?
11. The curve's rare shape
What one-word term names a yield curve with long yields below short yields? Answer in lowercase.
12. The extra compensation
What two-word term names the extra yield lenders demand for long commitments beyond expected short rates? Answer in lowercase.
13. The hypothesis name
What two-word hypothesis says long yields equal the average of expected future short rates? Answer in lowercase.
14. The moving together
What two-word term describes a curve shift that moves all yields up or down by roughly the same amount? Answer in lowercase.