Osman

画一下callable bond和option free bond的Yield curve图

当rate小于y'(callable bond的convexity为正)他和普通bond 是不同的 对interest变动不敏感

当当rate大于y'(callable bond的convexity为正)，他和普通bond是一样的

Schweser notes的书的封面就有这个图.......

Osman

QUOTE:

以下是引用0932在2008-12-4 23:09:00的发言：

楼上说的有道理

借贵地问个问题 大家指点下：

For two mutually exclusive capital projects with normal cash flows, the NPV and IRR methods will most likely produce conflicting rankings when the：

A cost of capital is equal to the crossover rate

B cost of capital is less than the crossover rate

C cost of capital is greater than the crossover rate

D net present value is negative at the crossover rate

我认为选C

画一下两个项目的图 应该选NPV高的那个 但是当cost of capital > crossover rate时 会发现NPV低的那个项目的PV高

[此贴子已经被作者于2008-12-4 23:30:44编辑过]