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Www Refinanceloanshomeequity L Refinance Loans Home Equity Szh Dressupgames Refinance Loans Home Equity

ost Deposit at beginning Total in account end of year Account balance beg. year earned during year <-- =D8+C8+B8 A simpler way Future value A RETIREMENT PROBLEM Annual deposit <-- =E10+D10+C10 Numerator Denom…………
searcha Home e Www 2search9 Home 2 Home 0 Szh ( Refinanceloanshomeequity � Szh � %C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7ae Dressupgames 0 Equity Loans hsearchrsearch searchasearchesearch2 Szh 8 Equity (search�%C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7� Home Szh asearche Equity 2 Loans 8searchP Szh g Loans search0 Www � Refinance 蝧earch) Home P Dressupgames g%C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7 Szh 0search VA o%C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7to Loans f Home ntsearchosearchssearchPg Equity 2 Szh 1search2search20P Home gsearch Equity 9 Equity -search0search Www � Dressupgames 蝧earch)Pa%C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7e %BE%AD%B5%E4%BE%E7%C7%E9%C6%AC%CC%D8%C3%FC%82S%E9L-%C4%A6%C1%BC%D2%B0%C8%CA9search-search00searchPasearche Loans 109searchP%BE%AD%B5%E4%BE%E7%C7%E9%C6%AC%CC%D8%C3%FC%82S%E9L-%C4%A6%C1%BC%D2%B0%C8%CAg%BE%AD%B5%E4%BE%E7%C7%E9%C6%AC%CC%D8%C3%FC%82S%E9L-%C4%A6%C1%BC%D2%B0%C8%CA 19 Refinance (search衧earch� Www Equity ae Refinance 1 Home 8searchP Dressupgames g Www Loans 9 Refinance (%C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7� Www � Equity Dressupgames a Home esearch1 Equity 5search1 Refinanceloanshomeequity 6 Loans ( Home � Refinance 膕earch searchag%C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7 search95 Dressupgames 1search6 Equity searchme Loans i%C3%F9%C8%CB%C7%BF%BC%E9%D0%A1%D3%A3%D0%A1%D3%CE%CF%B7aC Www lsearch searchm Refinance r Equity ca Equity P Equity t Szh BS Equity al Equity Refinance SP Dressupgames t Refinanceloanshomeequity EuCa Refinanceloanshomeequity l Equity u Loans P Szh t g Refinanceloanshomeequity tfo Refinance mula Refinanceloanshomeequity TWO-DATE BINOMIAL OPTION PRICING Up Down Initial stock price Interest rate Exercise price Stock price Bond price Call option A B Call price State prices qu qd Solving for the portfolio parameters: A is the number of shares and B is the number of bonds. 55*A + 108*B = 5 48.5*A + 108*B = 0 or: A*stock*(1+up)+B*(1+interest)=max(stock*(1+up)-X,0) A*stock*(1+down)+B*(1+interest)=max(stock*(1+down)-X,0) The solution is: check on state prices call price state prices Call option price FIVE DATE EUROPEAN BINOMIAL OPTION PRICING up down initial stock price interest rate exercise price stock price bond price Terminal payoff * payoff of "up" of "down" price * steps of paths # paths Option value THREE DATE BINOMIAL OPTION PRICING FOR AMERICAN CALL/PUT American put option =MAX(MAX(X-S*(1+u),0),qu*put_payoffuu+qd*put_payoffud) =MAX(MAX(X-S*(1+d),0),qu*put_payoffud+qd*put_payoffdd) =MAX(MAX(X-S,0),qu*put_valueu+qd*…………
Page 347 (中文) Page 347 Page 346 (中文) Page 346 Page 343-345 (中文) Page 343-345 Page 342, (中文) Page 342, david david jack jack simon simon terry terry x x xx xx Matrix A Matrix B Product AB Solution Matrix A of coefficients vector Y MATRICES IN EXCEL Matrix A (a row vector) Matrix D (a 4 x 3 matrix) Matrix C vector) (a column Matrix B (a square 3 x 3 matrix) MATRIX OPERATIONS Multiplication by a scalar Scalar Scalar * Matrix B <-- =D7*$B$5 Addition of matrices Sum of A + B <-- =B20+E20 Transposition of matrix Matrix E Transpose of E = ET The framed area contains To use this function: Mark off the whole area; put in the formula, then finish by pressing [Ctrl]+[Shift]+[Enter]. the array function =Transpose(A30:D32) . Multiplication of matrices <--Array contains formula =MMULT(A42:B43,D42:F43) Product BA -- this won‘t work <-- =MMULT(D42:F43,A42:B43) MATRIX INVERSE Inverse of A: Array function Minverse(A4:D7) Verifying the inverse We multiply A*Inverse A: cells contain array function MMULT(A4:D7,F4:I7) SOLVING SIMULTANEOUS EQUATIONS Column A-1 Y Checking that the solution works Contains the array function =MMULT(A5:C7,G5:G7) EXCEL中的矩阵 矩阵A (一个行向量) 矩阵C (一个列 向量) 矩阵B (一个3 x 3的方阵) 矩阵D (一个4 x…………
Page 150 (中文) Page 150 Page 149 (中文) Page 149 Page 148 Page 147(中文) Page 146-147 (中文) Page 146-147 Page 144,(中文) Page 144, Page 143, (中文) Page 143, AMR BS GE HR MO UK SP500 Mean Beta Intercept Slope R-squared SUMMARY OUTPUT Multiple R R Square Adjusted R Square df SS MS Coefficients t Stat X Variable 1 Regressing the means on the betas: F Significance F P-value Lower 95% Upper 95% =COVAR(B4:B13,$H$4:$H$13)/VARP($H$4:$H$13) =SLOPE(B4:B13,$H$4:$H$13) <-- =INTERCEPT(B15:G15,B16:G16) <-- =SLOPE(B15:G15,B16:G16) <-- =RSQ(B15:G15,B16:G16) THE SECURITY MARKET LINE--A SIMPLE EXAMPLE Variance-covariance matrix Means Minus Constant Calculating two efficient portfolios z x y Variance Covariance <-- =MMULT(TRANSPOSE(E17:E22),J6:J11) <-- =MMULT(MMULT(TRANSPOSE(E17:E22),C6:H11),E17:E22) <-- =SQRT(E25) <-- =MMULT(MMULT(TRANSPOSE(E17:E22),C6:H11),K17:K22) <-- =C19/SUM($C$17:$C$22) Sigma Data for SP500 returns <-- =AVERAGE(P4:P13) <-- =STDEVP(P4:P13) Calculation for a single portfolio Proportion x Proportion y <-- =D30*D24+D31*K24 <-- =D30^2*D25+D31^2*K25+2*D30*D31*D27 <-- =SQRT(D34) Portfolio proportion mean Step Cell D39 is the change in the portfolio proportion in the data table to the right. <-…………
Page 123-124 (中文) Page 123-124 Page 123 (中文) Page 123 Page 122， (中文) Page 122， Page 122 (中文) Page 122 Page 120-121 (中文) Page 120-121 Page 118， (中文) Page 118， junk junk varcovar RETURN DATA FOR VARIANCE-COVARIANCE CALCULATIONS AMR BS GE HR MO UK SP500 AMR American Airlines BS Bethlehem Steel GE General Electric HR International Harvester MO Philip Morris UK Union Carbide Excess return matrix Transpose of excess return matrix Beta Difference between two var-cov matrices: Product of transpose[excess return] times [excess return] / 10 Variance-covariance matrix based on return data Return data for 4 stocks (in columns) The variance-covariance matrix Mean CALCULATING THE VARIANCE-COVARIANCE MATRIX FROM EXCESS RETURNS A VBA FUNCTION FOR THE VARIANCE-COVARIANCE MATRIX My thanks go to Amir Kirsh for this suggestion. USING THE OFFSET FUNCTION TO COMPUTE THE VAR-COV MATRIX SINGLE-INDEX MODEL =COVAR(B4:B13,$H$4:$H$13)/VARP($H$4:$H$13) =SLOPE(B4:B13,$H$4:$H$13) Var(SP500) COMPUTING THE SINGLE-INDEX VARIANCE-COVARIANCE MATRIX <-- =AVERAGE(G4:G13) <-- =G12-$G$14 <-- =G13-$G$14 <-- =C$14*$B15*$C$11 My thanks go to Shay Safrir for this suggestion. 方差和协方差计算的收益数据 美国航空公司 伯利恒钢铁厂 通用电气公司 国际收割机公司 菲利普莫里斯公…………
Page 117 (中文) Page 117 Page 116 (中文) Page 116 Page 115 (中文) Page 115 Page 112, (中文) Page 112, Page 109-110 (中文) Page 109-110 Page 108 Page 107 (中文) Page 107 Page 106, graph (中文) Page 106, graph Page 104-105 (中文) Page 104-105 Stock prices Month Stock A Stock B stock A stock B Return Return-mean Product Covariance Correlation CALCULATING THE MEAN AND SIGMA OF A PORTFOLIO R A t RBt Rpt A FOUR-ASSET PORTFOLIO PROBLEM Variance-covariance Mean returns Portfolio 1 Mean Variance Portfolio 2 Transposes Calculating returns of combinations of Portfolio 1 and Portfolio 2 Proportion of Portfolio 1 Mean return Variance of return Stand. dev. of return Table of returns (uses this example and Data|Table) Proportion Stand. dev. <--the content of these cells is given below: Monthly mean Monthly variance Monthly stand. dev. Annual mean Annual variance Annual stand. dev. CALCULATING THE RETURNS Proportion of A St. dev. Sigma stock C stock D Price COVARIANCE AND VARIANCE CALCULATION <-- =MMULT(C10:F10,$G$4:$G$7) <-- =MMULT(C10:F10,MMULT(B4:E7,D21:D24)) <-- =MMULT(C9:F9,MMULT(B4:E7,D21:D24)) <-- =C16/SQRT(C14*F14) <-- =B27*C13+(1-B27)*F13 <-- =B27^2*C14+(1-B27)^2*F14+2*B27*(1-B27)*C16 <-- =SQRT(B29) <--
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    财务金融建模—图表(39xls)

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