兹维博迪金融学第二版课件Chapter02

1、Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall1目标目标理解金融系统的运作收益率的决定 Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall2Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall3Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall4Copyright 20

2、09 Pearson Education, Inc. Publishing as Prentice Hall5Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall6Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall7Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall8Copyright 2009 Pearson Education, Inc. Publi

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14、 Education, Inc. Publishing as Prentice Hall52Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall5315000 16241 15450 100109Time3% / (direct)8.27% /150 /9%/149 /JapanU.K.Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall54Copyright 2009 Pearson Education, Inc. Publishin

15、g as Prentice Hall55Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall56Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall57April 95USCorporateCorporateTreasuryHigh QualityMed Quality1 - 10 Years6.92%7.57%7.86%10 + Years7.65%8.15%8.55%Copyright 2009 Pearson Education,

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18、009 Pearson Education, Inc. Publishing as Prentice Hall66Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall67Security Returns-60.00-40.00-20.000.0020.0040.0060.00192519301935194019451950195519601965197019751980198519901995Year% ReturnBillsBondsStocksInflationCopyright 2009 Pearson Ed

19、ucation, Inc. Publishing as Prentice Hall68Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall69Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall70Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall71Frequency of Returns010203040506070-50-40-30-20-10010

20、20304050PercentProbabilityFreq_BillsFreq_BondsFreq_StockFreq_InflationCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall72Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall73ateInflationRateInflationReNominalRatRealRateateInflationRRealRateeNominalRat1)1 (*)1 ()1 (Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall74Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall75Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall76Copyright 2009 Pearson Education, Inc. Publishing as P