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Metode analiz obveznic (CROSBI ID 193539)

Prilog u časopisu | izvorni znanstveni rad

Prohaska, Zdenko Metode analiz obveznic // Bančni vestnik : revija za denarništvo in bančništvo, 44 (1995), 4; 19-23

Podaci o odgovornosti

Prohaska, Zdenko

slovenski

Metode analiz obveznic

In his article the author analyses first the relationship between the nominal interest rate and yield rate of investments into bonds. Within this framework the author differentiates between the current yield and the yield to maturity and defines them. He further anlayses the major theories on yield curves, i.e. the theory of expectations, liquidity preference theory and segmented market theory. He pays special attention to the elements which have impact on the yield curve and proceeds to analyses them. Inflation is described as the major factor influencing the shaping of interest rates. The author argues that there is a connection between the inflation growth and the interest rate level: credit risk ranks second among the mentioned elements and the author states that there is always risk in any form of securities with fixed yield ; taxation too has an impact on the formation of total yield ; fungibility or the possibility of selling securities in the secondary market is an element which influences most the sale of government bonds, which enjoy the highest investment-grade rating ; the opportunity of making a callable bond makes it possible for the issuer to get hold of monetary resources in a cheaper way during a period of low interest rates ; intermedation costs also have an impact on changes in interest rates or the level of yield. The author mentions Germany as a country where these costs have to be accounted for when dealing with industrial bonds.

obveznice; tekočo stopnjo donosa; donosnost do zapadlo sti; krivulje stopnje donosa

nije evidentirano

engleski

Bonds analysis methods

nije evidentirano

bonds; current yield; yield to maturity; yield curves

nije evidentirano

Podaci o izdanju

44 (4)

1995.

19-23

objavljeno

0005-4631

Povezanost rada

Ekonomija