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Www Refinanceloanshomeequity Tag Best Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网

Www Refinanceloanshomeequity Tag Best Refinance Loans Home Equity

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…………
searchae Best 1 Refinanceloanshomeequity 7search1search8(search� Tag �) Tag P Www g Refinanceloanshomeequity Best 6 Best - Tag 6 a Tag e Tag 1 Best 6 Www b Best tosearch search中 Tag 膕earch searchag 16 Refinanceloanshomeequity b Best t Best o Tag P Refinanceloanshomeequity g Tag 6search Best age Www 15( Best � Tag �) Tag P Tag gsearch search65searchP Refinanceloanshomeequity g Best Tag 6 Best search� Www 蝧earch)searchPgsearch Refinanceloanshomeequity 6 searchasearche Www 1 Tag 2search16 Best , Refinanceloanshomeequity (形 Refinanceloanshomeequity ) Refinanceloanshomeequity Pae Www 1 Refinanceloanshomeequity 2-search6search,searchPasearche Tag 1 Www 1(� Refinanceloanshomeequity 文) Best Psearchge1 Tag 1, Www e Www ap Www e Www Best xhsearchng Best r Tag n Refinanceloanshomeequity searchit Best r Refinanceloanshomeequity ton Tag i Refinanceloanshomeequity te Tag a Tag i Tag n Refinanceloanshomeequity id Best xsearchan Tag nt Www rest Www asearchdi Tag ersearchtsearchon Best Www ea Www r Best t Refinanceloanshomeequity r Www Best et Refinanceloanshomeequity rnsearchat Best sol Tag er Tag 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+A运行宏命令 注意这里Application.screenupdating有一个很大的差异! 天 股票 开始时间 停止时间 逝去时间 运行 初始价格 均值 标准差 注意:你可以调整运行该模拟的图形的Y轴刻度 根据股票价格数据计算对数正态分布的均值和标准差 月 价格 月收益 月平均 月标准差 年平均 年标准差 用VBA模拟对数正态分布价格的走势 Page .00 12.00 1.00 12.90 .07 2.…………
Page 316（中文） Page 316 Page 315 (中文) Page 315 Page 314 (中文) Page 314 Page 311（中文） Page 311 Page 310（中文） Page 310, Page 309, (中文) Page 309, Page 307 (中文) Page 307 bondterm bondterm initial initial matrixpower payoff1 payoff1 payoff2 payoff2 solver_adj solver_adj solver_lin .00 solver_lin .00 solver_num .00 solver_num .00 solver_opt solver_opt solver_typ 3.00 solver_typ 3.00 solver_val .09 solver_val .09 transition transition EXPECTED RETURN ON A ONE-YEAR BOND WITH AN ADJUSTMENT FOR DEFAULT PROBABILITY Face value, F Price, P Annual coupon rate, Q Recovery percentage, l Expected cash flow <-- =B7*(1+B6)*B4+(1-B7)*B8*B4 Expected return <-- =B10/B5-1 One-period transition matrix Two-period transition matrix Three-period transition matrix USING THE FUNCTION MATRIXPOWER t CALCULATING THE EXPECTED BOND RETURN Bond price Payoff(tVBA routines Early exercise（中文) Early exercise Page 265（中文） Page 265 Page 264(中文） Page 264 getformula interest interest interest n n n output output output S S S Sigma Sigma Sigma T T T X X X qu qd Bond price 1+r(Dt) T t=0 t=0.25 t=0.5 t=0.75 t=1 S X Sigma n r B-S <-- (LN(S/X)+(r+0.5*sigma^2)*T)/(sigma*SQRT(T)) Interest, r Graph title: values of n change. The formula in cell J5 is: ="American Put Early Exercise Boundary, n = "&TEXT(n,"0") To learn more about how to do this, see Chapter 30. d1 d2 <-- d1 - sigma*SQRT(T) N(d1) N(d2) <-- S*N(d1)-X*exp(-r*T)*N(d2) 布莱克-斯科尔斯(B-S)期权定价模型 当前股票价格 执行价格 无风险利率 期权的到期时间（年） 股票的波动性 <-- 使用的公式NormSDist(d1) <-- 使用的公式NormSDist(d2) 看涨期权价格 看跌期权价格 <-- 看涨期权的价格 - S + X*Exp(-r*T):根据看涨-看跌期权平价 股票 内在 价格 价值 当股票价格低时，看跌期权的布莱克-斯科尔斯（B-S）价值小于内在 价值。如果我们提前执行，该期权的价值可能会增加。因此： 对该看跌期权提前执行可能是有价值的。 五时期的美国二项看跌期权的定价 上涨 状态价格 下跌 初始的股票价格 注意: 期间T = 1被分成4个子期间 每个期间的"上涨"定义为exp[s*Dt]-1 "下跌"定义为exp[-s*Dt]-1,这里 s = 40%,每个子期间将8%的年利率 分散为exp[8%/4] -1 股票价格：画圈的单元格表示执行该期权 美国式看跌期权的价格 欧洲式看跌期权的价格 一个美国看跌期权的提前执行界限 按[Ctrl]+a运行宏命令 看跌期权执行价格 利率 Note: This graph title is dynamic--it changes with 执行时间 <-- 意思是Dt = T/n 时间 提前执行 界限 FIVE DATE AMERICAN BINOMIAL PUT OPTION PRICING Note: The period T = 1 is divid…………
Page 437 Page 427-436 ConcatDemo MsgBoxDeafault MsgBoxDemo MsgBoxOKCancel PVCalculator SayHi MsgBoxDeafault() MsgBoxOKCancel() MsgBoxDemo() PVCalculator() SayHi() Macros in this Workbook ConcatDemo in Action Parameter1 Parameter2 <-- =ConcatDemo(A4,B4) Ben Jerry <-- =ConcatDemo(A5,B5) <-- =ConcatDemo(A6,B6) <-- =ConcatDemo(A7,B7) 1.00 2.00 12 BenJerry 1.00 Ben1 2.00 Jerry2 Function‘s first reference is on page 437 Function ConcatDemo(Parameter1, Parameter2) ConcatDemo = Parameter1 & Parameter2 End Function Placing the cursor on a cell with a small red triangle in the corner will show you the source code of the Macro or Function To edit the code you may press [Alt-F11] and look for a module called Chapter. The Macro or Function should be in it. Function‘s first reference is on page 437 Function ConcatDemo(Parameter1, Parameter2) ConcatDemo = Parameter1 & Parameter2 End Function Function‘s first reference is on page 437 Function ConcatDemo(Parameter1, Parameter2) ConcatDemo = Parameter1 & Parameter2 End Function Function‘s first reference is on page 437 Function ConcatDemo(Parameter1, Parameter2) ConcatDemo = Parameter1 & Parameter2 End Function 将光标放在单元格小红三角上，将显示函数的源代码。要编辑该源代码，你可以按 […………
Page 67-68 (中文) Page 67-68 Page 66 (中文) Page 66 Page 62-63 (中文) Page62-63 Page 61-62 (中文) Page 61-62 Page 59 (中文) Page 59 Page 58 (中文) Page 58 Page 57(中文) Page57 Page 52 (中文) Page 52 Page 49-56(中文) Page 49-56 Page 44-46 (中文) Page 44-46 Sales growth Current assets/Sales Current liabilities/Sales Net fixed assets/Sales Costs of goods sold/Sales Depreciation rate Tax rate Dividend payout ratio Year Income statement Sales Costs of goods sold Depreciation Profit before tax Taxes Profit after tax Dividends Retained earnings Balance sheet Current assets Fixed assets At cost Depreciation Net fixed assets Total assets Current liabilities Debt Stock Accumulated retained earnings Total liabilities and equity Cash and marketable securities Total Interest rate on debt <-- =B16*(1+$B$3) Interest payments on debt <-- =-C16*$B$7 <-- =SUM(C16:C20) <-- =-C21*$B$11 <-- =C22+C21 <-- =-$B$12*C23 <-- =C24+C23 <-- =C16*$B$4 <-- =C16*$B$6 <-- =C16*$B$5 <-- =B38 SETTING UP THE FINANCIAL STATEMENT MODEL Interest paid on cash & marketable securities <-- =C40-C29-C33 <-- =C33-C32 <-- =C33+C29+C28 <-- =B37 <-- =B39+C25 <-- =SUM(C36:C39) FIRST FINANCIAL MODEL Free cash flow Add back depreciation Add back increa…………
Data for page 156,157 chart Page 157 (中文) Page 157 Page 156 (中文) Page 156 Page 154-155 (中文) Page 154-155 constant constant epsilon getformula Portfolio_mean Portfolio_mean Portfolio_sigma Portfolio_sigma results results solver_adj solver_adj solver_cvg 1.00E-03 solver_cvg 1.00E-03 solver_drv 1.00 solver_drv 1.00 solver_eng 1.00 solver_eng 1.00 solver_est 1.00 solver_est 1.00 solver_ibd 2.00 solver_ibd 2.00 solver_itr 100.00 solver_itr 100.00 solver_lhs1 solver_lhs1 solver_lhs2 solver_lhs2 solver_lhs3 solver_lhs3 solver_lhs4 solver_lhs4 solver_lhs5 solver_lhs5 solver_lin 2.00 solver_lin 2.00 solver_lva 2.00 solver_lva 2.00 solver_mip 1000.00 solver_mip 1000.00 solver_neg 2.00 solver_neg 2.00 solver_nod 1000.00 solver_nod 1000.00 solver_num 2.00 solver_num 2.00 solver_nwt 1.00 solver_nwt 1.00 solver_ofx 2.00 solver_ofx 2.00 solver_opt solver_opt solver_pre 1.00E-06 solver_pre 1.00E-06 solver_pro 2.00 solver_pro 2.00 solver_rel1 3.00 solver_rel1 3.00 solver_rel2 2.00 solver_rel2 2.00 solver_rel3 3.00 solver_rel3 3.00 solver_rel4 3.00 solver_rel4 3.00 solver_rel5 3.00 solver_rel5 3.00 solver_reo 2.00 solver_reo 2.00 solver_rep 2.00 solver_rep 2.00 solver_rhs1 .00 solver_rhs1 .00 solver…………
Select (NOT IN BOOK) Numeric If (NOT IN BOOK) Page 394-396 Comparing 399 Page 398 Page 396 Page 395 Page 393 Page 392 Page 390-391 Page 384, Benny Binomial BlockIf Function1 HomeBinom HomeFactorial NestedIf NewMistake NumericIf SelectDemo SelectDemo1 SelectDemo2 SelectDemo3 SimpleIf SimpleIf2 SimpleIf3 simpleselect Function1 Functions in Action Parameter NumericIf() S tWww Refinanceloanshomeequity Tag Best Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网d j Equity yWww Refinanceloanshomeequity Tag Best Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网n c Refinance Loans Home Equity Equity