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Www Refinanceloanshomeequity Tag Ohiorealestate Refinance Loans Home Equity

] . S&P 500上的一些日收益数据日期价格收益均值标准差 Dt 初始股票价格 exp(mDt+s Z ?Dt) 对数分布的直方图标准差 1000正态分布随机数（均值=0，标准差=1）我们使用工具|数据分析 |随机数发生器去生成 1000正态分布数 =FREQUENCY(E6:E1005,K5:K21) 对数正态分布的概念化一个简单实例时间正态股票偏差价格对数正态分布的 Page 100000.00 .00 .00 13:51:38 .10 .01 .00 13:51:41 .30 .02 .00 0:00:03 .03 .00 .04 .00 .05 .00 .06 .00 .07 .00 .08 .00 .09 .00 .10 .00 .11 .00 .12 .00 .13 .00 .14 .00 .15 .00 .16 .00 .17 .00 .18 .00 .19 .00 .20 .00…………
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iga Sigma Sigma Sigma 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 2.00 solver_lin 2.00 solver_neg 2.00 solver_neg 2.00 solver_num .00 solver_num .00 solver_nwt 1.00 solver_nwt 1.00 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_val .00 solver_val .00 X X X X Black-Scholes Option Pricing Formula Applied to General Pills Put S Stock price X Exercise price r Risk-free rate of interest T Time remaining Sigma Stock volatility d1 d2 N(d1) N(d2) Call price Put price Calculating the portfolio insurance proportions Omega PORTFOLIO INSURANCE SIMULATION Initial Week Stocks Bonds <-- (LN(S/X)+(r+0.5*sigma^2)*T)/…………
Concat (NOT IN BOOK) Page 406-414 Page 413-414 Page 412-413 Page 407-411 AndDemo AndDemoTable ConcatDemo DoLoopUntilDemo DoLoopWhileDemo DoUntilDemo DoWhileDemo ExitForDemo ForDemo1 ForDemo2 Function1 Function2 Function3 Function4 Function4E Function5 OrDemo OrDemoTable WhileDemo Functions In Action Parameter Function <-- =Function1(A4) <-- =Function2(A5) <-- =Function1(A6) <-- =Function2(A7) <-- =Function3(A12) <-- =Function4(A13) <-- =Function4(A20) <-- =Function4E(A21) <-- =Function2(A27) <-- =Function4(A28) <-- =Function5(A29) <-- =Function2(A30) <-- =Function4(A31) <-- =Function5(A32) Parameter1 Parameter2 OrDemo In Action DoWhileDemo In Action N <-- =DoWhileDemo(A4) <-- =DoWhileDemo(A5) <-- =DoWhileDemo(A6) <-- =DoWhileDemo(A7) <-- =DoWhileDemo(A8) DoLoopWhileDemo In Action <-- =DoLoopWhileDemo(A14) <-- =DoLoopWhileDemo(A15) <-- =DoLoopWhileDemo(A16) <-- =DoLoopWhileDemo(A17) <-- =DoLoopWhileDemo(A18) DoUntilDemo In Action <-- =DoUntilDemo(A24) <-- =DoUntilDemo(A25) <-- =DoUntilDemo(A26) <-- =DoUntilDemo(A27) <-- =DoUntilDemo(A28) DoLoopUntilDemo In Action <-- =DoLoopUntilDemo(A34) <-- =DoLoopUntilDemo(A35) <-- =DoLoopUntilDemo(A36) <-- =DoLoopUntilDemo(A37) <-- =DoLoopUntilD…………
Vasicek, page 304 Page 304 Page 303 chart Page 303(中文） Page 303 Page 302 (中文) Page 302 Page 300 chart Page 300 (中文) Page 300 Page 299(中文） __123Graph_A __123Graph_B __123Graph_C __123Graph_D __123Graph_E __123Graph_F _Fill _Regression_Int 1.00 _Regression_Out _Regression_X _Regression_Y alpha DATA DATA2 DATA2_H DATES gamma lambda r_ r_infinity ROW sigma T 1.1980 2.1980 3.1980 4.1980 5.1980 6.1980 7.1980 8.1980 9.1980 10.1980 11.1980 12.1980 1.1981 2.1981 3.1981 4.1981 5.1981 6.1981 7.1981 8.1981 9.1981 10.1981 11.1981 12.1981 1.1982 2.1982 3.1982 4.1982 5.1982 6.1982 7.1982 8.1982 9.1982 10.1982 11.1982 12.1982 1.1983 2.1983 3.1983 4.1983 5.1983 6.1983 7.1983 8.1983 9.1983 10.1983 11.1983 12.1983 1.1984 2.1984 3.1984 4.1984 5.1984 6.1984 7.1984 8.1984 9.1984 10.1984 11.1984 12.1984 1.1985 2.1985 3.1985 4.1985 5.1985 6.1985 7.1985 8.1985 9.1985 10.1985 11.1985 12.1985 1.1986 2.1986 3.1986 4.1986 5.1986 6.1986 7.1986 8.1986 9.1986 10.1986 11.1986 12.1986 1.1987 2.1987 0mo 1mo 2mo 3mo 4mo 5mo 6mo 9mo 1yr 2 yr 3yr 4yr 5yr 10yr 15yr 20yr 25yr time McCULLOGH‘S TERM STRUCTURE DATA SET All data is presented as excess over short-term rate USING EXCEL‘S LINEST FUNCTION Time Date t Coefficient…………
Page 288 (中文) Page 288 Page 286 (中文) Page 286 Page 285 (中文) Page 285 Page 283 (中文) Page 283 Page 279-282 (中文) Page 279-282 Alpha Alpha Coupon Coupon dduration Face Face marker N N unevenYTM YTM YTM BASIC DURATION CALCULATION YTM Approximating Price Changes Using Duration Year Ct,A t*Ct,A /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+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 rWww Refinanceloanshomeequity Tag Ohiorealestate Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网r d Refinance Loans Home Equity sWww Refinanceloanshomeequity Tag Ohiorealestate Refinance Loans Home Equity 财务金融建模—图表(39xls) －元妙企业管理网s t Home