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Lecture Financial markets and institutions: Chapter 3 - Anthony Saunders, Marcia Millon Cornett

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Lecture Financial markets and institutions: Chapter 3 - Anthony Saunders, Marcia Millon Cornett

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Chapter 3 - Interest rates and security valuation. This chapter applied the time value of money formulas presented in chapter 2 to the valuation of financial securities such as equities and bonds. With respect to bonds, we included a detailed examination of how changes in interest rates, coupon rates, and time to maturity affect their price and price sensitivity. We also presented a measure of bond price sensitivity to interest rate changes, called duration. We showed how the value of duration is affected by various bond characteristics, such as coupon rates, interest rates, and time to maturity.

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