文档介绍：该【【PPT精品课件】货币金融学7版英文课件--6-大学课件20 】是由【小屁孩】上传分享，文档一共【24】页，该文档可以免费在线阅读，需要了解更多关于【【PPT精品课件】货币金融学7版英文课件--6-大学课件20 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Chapter6TheRiskandTermStructureofInterestRates?-TermBondsinCanada2??-2:Increasein DefaultRiskonCorporateBondsCorporateBondMarket1. Reoncorporatebonds?,Dc?,Dcshiftsleft2. Riskofcorporatebonds?,Dc?,Dcshiftsleft3. Pc?,ic?CanadaBondMarket4. RelativeReonCanadabonds?,DT?,DTshiftsright5. RelativeriskofCanadabonds?,DT?,DTshiftsright6. PT?,iT?e:Riskpremium,ic–iT,rises4??. LessliquidcorporatebondsDc?,Dcshiftsleft2. Pc?,ic?CanadaBondMarket1. RelativelymoreliquidCanadabonds,DT?,DTshifts right2. PT?,iT?e:Riskpremium,ic–iT,risesRiskpremiumreflectsnotonlycorporatebonds’defaultrisk,butalsolowerliquidity6? intheUnitedStates7?: TaxAdvantagesofMunicipalBondsMunicipalBondMarketintheUnitedStates1. ,Dm?,Dmshiftsright2. Pm?,im?. RelativeRETeonTreasurybonds?,DT?,DTshiftsleft2. PT?,iT?e:im<iT8?. Interestratesfordifferentmaturitiesmovetogetherovertime2. Yieldcurvestendtohavesteepupwardslopewhenshortratesarelowanddownwardslopewhenratesarehigh3. YieldcurveistypicallyupwardslopingThreeTheoriesofTermStructure1. ExpectationsTheory2. SegmentedMarketsTheory3. LiquidityPremium(PreferredHabitat)TheoryA. ExpectationsTheoryexplains1and2,butnot3B. SegmentedMarketsexplains3,butnot1and2C. binefeaturesofbothExpectationsTheoryandSegmentedMarketsTheorytogetLiquidityPremium (PreferredHabitat)Theoryandexplainallfacts??2005PearsonEducationCanadaInc.