Bond duration l g?

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Nguyn Khnh Lm ni 7 thng, 1 tun trc: - Bond duration l ch s dng tnh ton cc thay i ca gi Bond khi t gi thay i. V d bn s mua tri phiu no trong 2 loi tri phiu sau y nu c tri phiu A c coupon v thi gian o hn (maturity period) thp hn tri phiu B? C l s kh tr li c cu hi ny v coupon cng thp th d thay i gi bond khi t gi thay i, trong khi thi gian o hn cng di th cng cng d thay i mnh gi khi t gi thay i. Trong trng hp ny, maturity s pht huy tc dng. Theo tnh ton, mt tri phiu c thi gian o hn l 6 nm th s tng (hoc gim) 6% khi t gi gim (hoc tng) 1%. - V sao bit c iu ? iu ny cng khng qu kh tnh ton. Ly v d mnh gi bond ca bn l 100 USD vi coupon l 5%, duration trong 6 nm. Nu t gi cng l 5% thi im bn mua v khng thay i. n o hn, bn s nhn c l hn 134 USD. Nu t gi tng ln 1%, bn khng mua bond m gi tin trong ngn hng, n o hn 6 nm, bn s nhn c l 141.85 USD, discount back tr li thi im 6 nm trc, n tng ng vi 105.85 USD gi ca bond. Nh vy, ni theo chiu ngc li l bond b mt nh th gi no 5.85 m ra % quyt khi nh mua. t Cng gi thc tng tnh ln nh 1%. sau: - Trong trng hp 2 tri phiu A v B trn, chng ta c th xem th duration ca n s Duration Duration = (Price khi interest rate gim Price khi interest rate tng) / 2 (Price ban u)(% thay i t gi)
XYZ, Inc., latest Income Statement, Balance Sheet and Statement of Cash Flows are below. Use this information to answer the following questions: Income Statement Sales Revenue Cost of Goods Sold Gross Margin Wage Expense SG&A Depreciation Expense Income from Operations 900 4,336 662 5,898 6,363 19,580 7,319 12,261

Other Income/Expenses Interest Expense Gain on Sale of Land Pretax Income Income tax Net Income Balance Sheet 12/31/04 Assets Current Assets Cash Accounts receivable Inventory Prepaid SGA Total Land Property, Plant & Equipment Accumulated Depreciation Total Assets Net Income Increase in Accounts Receivable Increase in Accounts Payable Increase in Inventory Increase in Wages Payable Increase in Prepaid SGA Depreciation Gain on Sale of Land Net cash from Operations Cash Flow from Investments Sale of Land Net Cash from Investments Cash Flow from Financing Retirement of LT Debt Dividends Paid Net Cash from Financing Net Increase in Cash Beginning Cash Ending Cash (6,042) (773) (6,815) 1,688 410 2,098 4,119 4,119 2,098 4,570 4,752 877 12,297 0 11,000 (5,862) 17,435 Cash Flow from Operations 4,127 330 (489) (252) 94 31 662 (119) 4,384 410 4,900 4,500 908 10,718 4,000 11,000 (5,200) 20,518 12/31/03 (750) 119 (631) 5,732 1,605 4,127

Liabilities and Equity 12/31/04 Current Liabilities Accounts Payable Wages Payable Dividends Payable Total Long term Debt Equity Common Stock Retained Earnings Total Liabilities and Equity 4,000 4,354 17,435 4,000 1,000 20,518 4,651 2,984 100 7,735 1,346 5,140 2,890 100 8,130 7,388 12/31/03