Refinance Loans Home Equity Refinance Loans Home Equity Refinance Loans Home Equity
Www Refinanceloanshomeequity S Turbo Refinance Loans Home Equity Refinance Szh Daluju 3986 Xiangcunaiqingjiaoxiangqu Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网
Www Refinanceloanshomeequity S Turbo Refinance Loans Home Equity Refinance Szh Daluju 3986 Xiangcunaiqingjiaoxiangqu Refinance Loans Home Equity
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UATsearchOsearch CAsearchCU Home A 3986 I 3986 N Refinance YM searchp Refinance rox Xiangcunaiqingjiaoxiangqu msearcht Equity ng Www r Xiangcunaiqingjiaoxiangqu ce Refinance C Home an Daluju e Xiangcunaiqingjiaoxiangqu Us Szh ng Loans Durasearchisearchn Refinance Year 3986 t,search search* Equity t Turbo A Refinance /PA*(1+YTM)t Ct,B t*Ct,B /PB*(1+YTM)t Actual Bond DP D P Dr -DPDr/(1+r) A B Bond price Duration Excel formula graph title Effect of Maturity on Duration coupon Reminder: Duration(settlement, maturity, coupon, yield, frequency, basis) Effect of Coupon on Duration Alpha N Number of payments Coupon Face Period Payment Checking on formula: the bond duration (with first payment at alpha) should be the duration of the bond with payments at 1, 2, ..., 5 plus (alpha-1): testing whether Excel‘s duration function produces the same result: settlement month maturity day alpha ytm Current date Annual coupon Paid January 1 for each of next 5 years Maturity date Face value Price of bond Time to first payment Date ILLUSTRATION OF CALCULATION OF YTM OF UNEVEN PERIODS This spreadsheet illustrates the unevenYTM VBA function: Coupon rate Time to first payments Epsilon =NPV(B3,B6:B15) =SUM(F6:F15) Using Excel‘s MDurati…………
190 Page 246 Page 187 Page 181 chart Page 181 Page 180 Page 186 chart Page 185 chart Page 184 chart Page 183, chart Page 183 chart Page 177-179 （中文） Page 177-179 Page 178-179 (中文) Page 178-179 getformula Profit Patterns from GP Stock and Options Initial GP stock price Terminal GP stock price stock Bought Written price call put Call price, July Bought call profit Written call profit Put price, July Bought put profit Written put profit Terminal Call exercise price Put exercise price <-- Data table header Profit Patterns from a Spread <-- Data table header, hidden Option time to maturity, T Option exercise price, X Interest rate, r Current stock price, S0 Call Option Payoff Patterns Purchase call option, cash flow < 0 Between times 0 and T: Cash flow = 0 for European option Cash flow > 0 for American option Write (I.e., issue) call option, cash flow > 0 Between times 0 and T: Cash flow = 0 for European option Cash flow < 0 for American option Cash flows of call buyer Put Option Payoff Patterns Purchase put option, cash flow < 0 Cash flows of put buyer Cash flows of put writer Cash flows of call writer Naive minimum put option price, Max(X- S0,0) Time 0 Time 1 <-- =MAX(B3-B5,0) <-- =MA…………
Page 86a (中文) Page 86a Page 86 (中文) Page 86 Page 84 (中文) Page 84 Page 82-83 (中文) Page 82-83 Page 80 (中文) Page 80 solver_adj solver_adj solver_adj solver_adj solver_cvg 1.00E-04 solver_cvg 1.00E-04 solver_drv 1.00 solver_drv 1.00 solver_est 1.00 solver_est 1.00 solver_itr 100.00 solver_itr 100.00 solver_lin .00 solver_lin .00 solver_lin 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 solver_opt solver_opt solver_opt solver_opt solver_pre 1.00E-06 solver_pre 1.00E-06 solver_scl 2.00 solver_scl 2.00 solver_sho 2.00 solver_sho 2.00 solver_tim 100.00 solver_tim 100.00 solver_tol .05 solver_tol .05 solver_typ 3.00 solver_typ 3.00 solver_typ 3.00 solver_typ 3.00 solver_val .08 solver_val .08 solver_val .07 solver_val .07 Misleading analysis: This is the analysis of the first section of the chapter Asset cost these numbers are copied Interest rate from the next spreadsheet Lease rental payment Annual depreciation Tax rate NPV(leasing) NPV(buying) Principal Loan Of which After-tax at beginning payment, Repayment loan Year of year end of year Interest of principal repayment After-tax cash flows f…………
Page 261 (中文) Page 261 Page 260 (中文) Page 260 Page 257-258 (中文) Page 257-258 Page 256 (中文) Page 256 Page 255-256 (中文) Page 255-256 Page 252-253(中文) Page 252-253, getformula putoption solver_adj solver_adj solver_adj solver_adj solver_cvg 1.00E-04 solver_cvg 1.00E-04 solver_cvg 1.00E-03 solver_cvg 1.00E-03 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_opt solver_opt solver_opt solver_opt solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tol .05 solver_tol .05 solver_tol .05 solver_tol .05 solver_typ 3.00 solver_typ 3.00 solver_typ 3.00 solver_ty…………
Page 171, (中文) Page 171, Page 169-172 Page 174 card card output1 output1 output2 output2 output3 output3 output4 output4 output5 output5 printarea printarea random1 random1 random2 random2 random3 random3 random4 random4 random5 random5 number random output1 H E L N Helen‘s 85th Birthday bingo game!!! This column is called "random1" Note: Ctrl + A works macro. Output1 Random Output2 Output3 Output4 Output5 Note: The macro which prints new Bingo cards works only on the Page 224 file. 技巧的说明 数字 随机数 Helen的 第85个生日 宾果游戏!!! 结果1 结果2 结果3 结果4 结果5 注意:Ctrl + A 运行宏。 11.00 34.00 40.00 54.00 74.00 14.00 28.00 36.00 61.00 82.00 12.00 18.00 45.00 65.00 73.00 10.00 23.00 37.00 63.00 84.00 8.00 20.00 39.00 59.00 78.00 11.00 .06 34.00 .02 40.00 2.41E-04 54.00 .09 74.00 .03 14.00 .06 28.00 .11 36.00 .07 61.00 .10 82.00 .04 12.00 .24 18.00 .16 45.00 .08 65.00 .10 73.00 .09 10.00 .27 23.00 .16 37.00 .11 63.00 .17 84.00 .21 8.00 .35 20.00 .26 39.00 .13 59.00 .21 78.00 .24 16.00 .37 27.00 .39 50.00 .15 67.00 .27 80.00 .25 15.00 .…………
VBA routines Pictures Early exercise (中文) Early exercise Page 270(中文） Page 270 divrate divrate divrate interest interest interest mean mean mean n n n n output output output S S S S Sigma Sigma Sigma Sigma T T T T X X X X T t=0 t=0.25 t=0.5 t=0.75 t=1 X S n Suu Su S Sud Sd Sdd Cuu = max[X-Suu,qu*max(X-Suuu,0)+qd*max(X-Suud,0)] X-Su > qu*Cuu + qd*Cud max(X-Suuu,0) max(X-Suud,0 max(X-Sudd,0) max(X-Sddd,0) Cud = Cdu = max[X-Sud,qu*max(X-Sudu,0)+qd*max(X-Sudd,0)] Cdd = max[X-Sdd,qu*max(X-Sudd,0)+qd*max(X-Sddd,0)] Cud = Cdu = X-Sud Cdd = X-Sdd <-- =((1-E14)*B9-B5)/(B4-B5) <-- =(B4-(1-E14)*B9)/(B4-B5) Mean Sigma r <-- =E13/4 Early 五个时期的美国二项看涨期权定价 状态价格 股利率 exp[6%/4] -1 上涨-下跌--包含股利 上涨 qu 下跌 qd 初始股票价格 执行价格 1+r(Dt) 注意:时期 T = 1 被分成4个子时期。 每期的"上涨"定义为 exp[mean*Dt+sigma*sqrt(Dt)]，"下跌" 为exp[mean*Dt-sigma*sqrt(Dt)] , 这里 mean = 20% and sigma = 60%。 6%的年利率每个子时期的利率为： 8%的股利率分四次支付。 年 在 Dt 包含股利的股票价格 股利率 利率 股票平均收益 股票收益的标准差 按[Ctrl]+a键，执行宏命令 时间 界限 <-- 为 Dt = T/n 按[Ctrl]+a键，执行宏命令 <-- 为 Dt = T/n 时间 提早执行 界限 股票价格 除息后的股票价格 股利： 上面两个树的差额 美国式看涨期权价格 在除息后股票上的欧洲式看涨期权价格 提前执行该期权 目前的股价 期权执行价格 利率 对数正态处理的均值m 对数正态处理的标准差 s 提前执行 一个美国式看涨期权提前执行界限 美国式看跌期权 未到期（未执行）的上涨期权的价值 派息前股票上的欧洲期权的价值 FIVE DATE AMERICAN BINOMIAL CALL OPTION PR…………
Page 167-168 (中文) Page 167-168 Page 166 bottom (中文) Page 166 bottom Page 166 Page 165 (中文) Page 165 Page 163 (中文) Page 163 Page 162-163, (中文) Page 162-163, Page 161 (中文) Page 161, elapsed exchangerand iiterations iiterations indexrand interestrand iterations meanreturn Returndata solver_adj solver_adj solver_adj solver_adj solver_cvg 1.00E-04 solver_cvg 1.00E-04 solver_cvg 1.00E-03 solver_cvg 1.00E-03 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_drv 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_est 1.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_itr 100.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_nwt 1.00 solver_opt solver_opt solver_opt solver_opt solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pre 1.00E-06 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_scl 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_sho 2.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tim 100.00 solver_tol .05 solv…………
Page 458 Arrays ArrayAssign ArrayDemo1 ArrayDemo3 ArrayDemo4 ArrayDemoBase1 DynPV Matrix1 Matrix2 MoreDynPV NewDynPV VarArrayAssign VarPV VarPV In Action CF VarPV <-- =VarPV(A4:A$8) <-- =VarPV(A5:A$8) <-- =VarPV(A6:A$8) <-- =VarPV(A7:A$8) <-- =VarPV(A8:A$8) <-- =NPV(0.05,A4:A$8) <-- =NPV(0.05,A5:A$8) <-- =NPV(0.05,A6:A$8) <-- =NPV(0.05,A7:A$8) <-- =NPV(0.05,A8:A$8) NPV Macros in this Workbook ArrayDemo1() ArrayDemo3() ArrayDemo4() ArrayDemoBase1() Matrix1() Matrix2() MoreDynPV() DynPV() ArrayAssign() VarArrayAssign() NewDynPV() 100.00 432.95 432.95 .05 100.00 354.60 354.60 .05 100.00 272.32 272.32 .05 100.00 185.94 185.94 .05 100.00 95.24 95.24 .05 Function"s first reference is on page 467 This verssion first reference is on page 466 Function VarPV(CF As Variant) As Double Dim X As Variant Dim Temp As Double Dim i As Integer X = CF Temp = 0 If IsArray(X) Then For i = LBound(X) To UBound(X) Temp = Temp + X(i, 1) / 1.05 ^ i Next i Else Temp = X / 1.05 End If VarPV = Temp End Function Placing the cursor on a cell with a small red triangle in the corner will show you the source code of the Function To edit the code you may press [Alt-F11] and look for a module called Chapter. The Funct…………
Page 225 (中文) Page 225 Page 224 chart (中文) Data for page 224 chart Page 224 chart Page223 Page222 (中文) VBA program, pages 189-190 benny benny benny Counter Counter Counter elapsed elapsed elapsed initial_price initial_price initial_price mean mean mean output output output runs runs runs sbenny sbenny sbenny sigma sigma sigma starttime starttime starttime stoptime stoptime stoptime Stock Starttime Runs chart title Day price Stoptime Initial price Lognormal Price Simulation Elapsed Mean Sigma for some runs of the simulation. Monthly Month Price return Monthly average Monthly standard deviation =STDEVP(C6:C17) Annual average Annual standard deviation Calculating Lognormal Mean and Sigma from Stock Price Data Simulating Lognormal Price Paths with VBA press Ctrl+A to operate macro Note that here Application.screenupdating makes a big difference! Note: You may have to rescale the y-axis on the graph <-- =AVERAGE(C6:C17) <-- =LN(B6/B5) <-- =LN(B7/B6) <-- =C19*12 <-- =C20*SQRT(12) 按Ctrl+
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