Posted on Categories:Corporate Finance, 企业融资, 金融代写

# 金融代写|企业融资代写Corporate Finance代考|BBOA3010 Bond Market Reporting

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## 金融代写|企业融资代写Corporate Finance代考|Bond Market Reporting

Almost all corporate bonds are traded by institutional investors and are traded on the over-the-counter market (OTC for short). There is a corporate bond market associated with the New York Stock Exchange. This bond market is mostly a retail market for individual investors for smaller trades. It represents a very small fraction of total corporate bond trading.

Table 5.1 reproduces some bond data that can be found in The Wall Street Journal on any particular day. At the bottom of the list you will find AT\&T and an entry AT\&T $81 / 8 / 22$. This entry represents AT\&T bonds that mature in the year 2022 and have a coupon rate of $81 / 8$. The coupon rate means $81 / 8$ percent of the par value (or face value) of $\$ 1,000$. Therefore, the annual coupon for AT\&T bonds is$\$81.25$.

Under the heading “Close,” you will find the last price for the AT\&T bonds at the close of this particular day. The price is quoted as a percentage of the par value. So the last price for the AT\&T bonds on this particular day was 100 percent of $\$ 1,000$or$\$1,000.00$. This bond is trading at a price less than its par value, and so it is trading at a “discount.” The last column is “Net Chg.” AT\&T bonds traded up from the day before by $3 / 8$ of 1 percent. The AT\&T bonds have a current yield of 8.1 percent. The current yield is simply the current coupon divided by the current price, or 81.25 divided by 1,000 , equal to 8.1 percent (rounded to one decimal place).

You should know from our discussion of bond yields that the current yield is not the same thing as the bonds’ yield to maturity. The yield to maturity is not usually reported on a daily basis by the financial press. The “Vol” column is the daily volume of 97 . This is the number of bonds that were traded on the New York Stock Exchange on this particular day.

## 金融代写|企业融资代写Corporate Finance代考|Dividends versus Capital Gains

Our goal in this section is to value common stocks. We learned in the previous chapter that an asset’s value is determined by the present value of its future cash flows. A stock provides two kinds of cash flows. First, most stocks pay dividends on a regular basis. Second, the stockholder receives the sale price when she sells the stock. Thus, in order to value common stocks, we need to answer an interesting question: Is the value of a stock equal to

1. The discounted present value of the sum of next period’s dividend plus next period’s stock price, or
2. The discounted present value of all future dividends?
This is the kind of question that students would love to see on a multiple-choice exam, because both (1) and (2) are right.

To see that (1) and (2) are the same, let’s start with an individual who will buy the stock and hold it for one year. In other words, she has a one-year holding period. In addition, she is willing to pay $P_0$ for the stock today. That is, she calculates
$$P_0=\frac{\operatorname{Div}_1}{1+r}+\frac{P_1}{1+r}$$
Div ${ }_1$ is the dividend paid at year’s end and $P_1$ is the price at year’s end. $P_0$ is the PV of the common-stock investment. The term in the denominator, $r$, is the discount rate of the stock. It will be equal to the interest rate in the case where the stock is riskless. It is likely to be greater than the interest rate in the case where the stock is risky.

## 金融代写|企业融资代写Corporate Finance代考|Dividends versus Capital Gains

1. 下一期股息加上下一期股价之和的折现值，或
2. 所有末来股息的贴现现值?
这是学生憙欢在选择题考试中看到的那种问题，因为 (1) 和 (2) 都是正确的。
为了看出 (1) 和 (2) 相同，让我们从一个将购买股票并持有一年的人开始。也就是说，她有一年的持有期。此 外，她愿意付出 $P_0$ 今天的股票。也就是说，她计算
$$P_0=\frac{\operatorname{Div}_1}{1+r}+\frac{P_1}{1+r}$$
分区 ${ }_1$ 是在年底支付的股息和 $P_1$ 是年底的价格。 $P_0$ 是普通股投资的 $\mathrm{PV}$ 。分母中的项， $r$ ，是股票的贴现率。在股 票无风险的情况下，它将等于利率。在股票有风险的情况下，它很可能大于利率。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。