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Risk Premium 1
 
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What is a risk premium? An introduction into what a bond is. Video by Chase DeHan, Assistant Professor of Finance at the University of South Carolina Upstate
Views: 14430 Harpett
Session 6: Estimating Hurdle Rates - Equity Risk Premiums - Historical & Survey
 
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Assess the historical and survey estimates of equity risk premiums as predictors of the future risk premium
Views: 38617 Aswath Damodaran
Session 6 (Undergraduate): Risk free Rates and Risk Premiums (Part 1)
 
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We started on the question of risk free rates and how to assess them in different currencies. In particular, we noted that government bonds are not always risk free and may have to be cleansed of default risk. The rest of today's class was spent talking about equity risk premiums. The key theme to take away is that equity risk premiums don't come from models or history but from our guts. When we (as investors) feel scared or hopeful about everything that is going on around us, the equity risk premium is the receptacle for those fears and hopes. Thus, a good measure of equity risk premium should be dynamic and forward looking. We looked at two different ways of estimating the equity risk premium. 1. Survey Premiums: I had mentioned survey premiums in class and two in particular - one by Merrill of institutional investors and one of CFOs. You can find the Merrill survey on its research link (but you may be asked for a password). You can get the other surveys at the links below: CFO survey: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2422008 Analyst survey: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2450452 2. Historical Premiums: We also talked about historical risk premiums. To see the raw data on historical premiums on my site (and save yourself the price you would pay for Ibbotson's data...) go to updated data on my website: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfUGspr16/Session6.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session6atest.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session6asoln.pdf
Views: 4319 Aswath Damodaran
Risk Premium for Stocks | Corporate Finance | CPA Exam BEC | CMA Exam | Chp 12 p 2
 
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A risk premium is the return in excess of the risk-free rate of return an investment is expected to yield; an asset's risk premium is a form of compensation for investors who tolerate the extra risk, compared to that of a risk-free asset, in a given investment. The government borrows money by issuing bonds in different forms. The ones we will focus on are the Treasury bills. These have the shortest time to maturity of the different government bonds. Because the government can always raise taxes to pay its bills, the debt represented by T-bills is virtually free of any default risk over its short life. Thus, we will call the rate of return on such debt the risk-free return, and we will use it as a kind of benchmark.
Relationship between bond prices and interest rates | Finance & Capital Markets | Khan Academy
 
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Why bond prices move inversely to changes in interest rate. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/treasury-bond-prices-and-yields?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/introduction-to-the-yield-curve?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 495591 Khan Academy
Session 5: Implied Equity Risk Premiums
 
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In the session today, we started by doing a brief test on risk premiums. After a brief foray into lambda, a more composite way of measuring country risk, we spent the rest of the session talking about the dynamics of implied equity risk premiums and what makes them go up, down or stay unchanged. We then moved to cross market comparisons, first by comparing the ERP to bond default spreads, then bringing in real estate risk premiums and then extending the concept to comparing ERPs across countries. Finally, I made the argument that you should not stray too far from the current implied premium, when valuing individual companies, because doing so will make your end valuation a function of what you think about the market and the company. If you have strong views on the market being over valued or under valued, it is best to separate it from your company valuation. I am attaching the excel spreadsheet that I used to compute the implied ERP at the start of February 2017. Start of the class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/risktest.ppt Slides: http://www.stern.nyu.edu/~adamodar/podcasts/valUGspr17/session5.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session5test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session5soln.pdf ERP, February 2017: http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPeb17.xls
Views: 10937 Aswath Damodaran
"Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle"
 
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Presentation of this research during The Rothschild Caesarea Center 11th Annual Conference, IDC. Abstract - We develop a structural credit risk model with time-varying macroeconomic risks and endogenous liquidity frictions. The model not only matches the average default probabilities, recovery rates, and average credit spreads for corporate bonds across di erent credit ratings, but also can account for bond liquidity measures including Bond-CDS spreads and bid-ask spreads across ratings. We propose a novel structural decomposition scheme of the credit spreads to capture the interaction between liquidity and default risk in corporate bond pricing. As an application, we use this framework to quantitatively evaluate the e ects of liquidity-provision policies for the corporate bond market.
Views: 534 IDC Herzliya
Session 6: Equity Risk Premiums
 
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We started this class by tying up the last loose ends with risk free rates: how to estimate the risk free rate in a currency where there is no default free entity issuing bonds in that currency and why risk free rates vary across currencies. The key lesson is that much as we would like to believe that riskfree rates are set by banks, they come from fundamentals - growth and inflation. I have a post on risk free rates that you might find of use: http://aswathdamodaran.blogspot.com/2017/01/january-2017-data-update-3-cracking.html The rest of today's class was spent talking about equity risk premiums. The key theme to take away is that equity risk premiums don't come from models or history but from our guts. When we (as investors) feel scared or hopeful about everything that is going on around us, the equity risk premium is the receptacle for those fears and hopes. Thus, a good measure of equity risk premium should be dynamic and forward looking. We looked at three different ways of estimating the equity risk premium. Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr17/session6.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session6test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session6soln.pdf
Views: 7589 Aswath Damodaran
"Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle"
 
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Discussion on the paper "Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle" at The Rothschild Caesarea Center 11th Annual Conference, IDC, Israel
Views: 173 IDC Herzliya
Bonds & Bond Valuation | Introduction to Corporate Finance | CPA Exam BEC | CMA Exam | Chp 7 p 1
 
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When a corporation or government wishes to borrow money from the public on a long-term basis, it usually does so by issuing or selling debt securities that are generically called bonds. In this section, we describe the various features of corporate bonds and some of the terminology associated with bonds. We then discuss the cash flows associated with a bond and how bonds can be valued using our discounted cash flow procedure. BOND FEATURES AND PRICES As we mentioned in our previous chapter, a bond is normally an interest-only loan, meaning that the borrower will pay the interest every period, but none of the principal will be repaid until the end of the loan. For example, suppose the Beck Corporation wants to borrow $1,000 for 30 years. The interest rate on similar debt issued by similar corporations is 12 percent. Beck will thus pay .12 × $1,000 = $120 in interest every year for 30 years. At the end of 30 years, Beck will repay the $1,000. As this example suggests, a bond is a fairly simple financing arrangement. There is, however, a rich jargon associated with bonds, so we will use this example to define some of the more important terms. In our example, the $120 regular interest payments that Beck promises to make are called the bond’s coupons. Because the coupon is constant and paid every year, the type of bond we are describing is sometimes called a level coupon bond. The amount that will be repaid at the end of the loan is called the bond’s face value, or par value. As in our example, this par value is usually $1,000 for corporate bonds, and a bond that sells for its par value is called a par value bond. Government bonds frequently have much larger face, or par, values. Finally, the annual coupon divided by the face value is called the coupon rate on the bond; in this case, because $120/1,000 = 12%, the bond has a 12 percent coupon rate. The number of years until the face value is paid is called the bond’s time to maturity. A corporate bond will frequently have a maturity of 30 years when it is originally issued, but this varies. Once the bond has been issued, the number of years to maturity declines as time goes by. BOND VALUES AND YIELDS As time passes, interest rates change in the marketplace. The cash flows from a bond, however, stay the same. As a result, the value of the bond will fluctuate. When interest rates rise, the present value of the bond’s remaining cash flows declines, and the bond is worth less. When interest rates fall, the bond is worth more. To determine the value of a bond at a particular point in time, we need to know the number of periods remaining until maturity, the face value, the coupon, and the market interest rate for bonds with similar features. This interest rate required in the market on a bond is called the bond’s yield to maturity (YTM). This rate is sometimes called the bond’s yield for short. Given all this information, we can calculate the present value of the cash flows as an estimate of the bond’s current market value.
The Market Risk Premium
 
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This video discusses the market risk premium. The market risk premium is the amount by which the expected market return exceeds the risk-free rate. Thus, the market risk premium is the excess return of the market. The market risk premium is calculated as follows: market risk premium = expected market return - risk-free rate Thus, if the expected market return is 11% and the risk-free rate is 2%, the market risk premium would be 9%. The market risk premium is the reward that investors expect to earn for holding a portfolio with a beta of one (the market portfolio). The market risk premium is important because we can use it to calculate the risk premium for an individual security with the Capital Asset Pricing Model. The market risk premium is actually the slope of the Security Market Line (the Security Market Line is the line that plots the Capital Asset Pricing Model). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 910 Edspira
What is RISK PREMIUM? What does RISK PREMIUM mean? RISK PREMIUM meaning, definition & explanation
 
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What is RISK PREMIUM? What does RISK PREMIUM mean? RISK PREMIUM meaning - RISK PREMIUM definition - RISK PREMIUM explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. For an individual, a risk premium is the minimum amount of money by which the expected return on a risky asset must exceed the known return on a risk-free asset in order to induce an individual to hold the risky asset rather than the risk-free asset. It is positive if the person is risk averse. Thus it is the minimum willingness to accept compensation for the risk. The certainty equivalent, a related concept, is the guaranteed amount of money that an individual would view as equally desirable as a risky asset. For market outcomes, a risk premium is the actual excess of the expected return on a risky asset over the known return on the risk-free asset. Suppose a game show participant may choose one of two doors, one that hides $1,000 and one that hides $0. Further suppose that the host also allows the contestant to take $500 instead of choosing a door. The two options (choosing between door 1 and door 2, or taking $500) have the same expected value of $500, so no risk premium is being offered for choosing the doors rather than the guaranteed $500. A contestant unconcerned about risk is indifferent between these choices. A risk-averse contestant will choose no door and accept the guaranteed $500, while a risk-loving contestant will derive utility from the uncertainty and will therefore choose a door. If too many contestants are risk averse, the game show may encourage selection of the riskier choice (gambling on one of the doors) by offering a positive risk premium. If the game show offers $1,600 behind the good door, increasing to $800 the expected value of choosing between doors 1 and 2, the risk premium becomes $300 (i.e., $800 expected value minus $500 guaranteed amount). Contestants requiring a minimum risk compensation of less than $300 will choose a door instead of accepting the guaranteed $500. In finance, a common approach for measuring risk premia is to compare the risk-free return on T-bills and the risky return on other investments (using the ex post return as a proxy for the ex ante expected return). The difference between these two returns can be interpreted as a measure of the excess expected return on the risky asset. This excess expected return is known as the risk premium. Equity: In the stock market the risk premium is the expected return of a company stock, a group of company stocks, or a portfolio of all stock market company stocks, minus the risk-free rate. The return from equity is the sum of the dividend yield and capital gains. The risk premium for equities is also called the equity premium. Note that this is an unobservable quantity since no one knows for sure what the expected rate of return on equities is. Nonetheless, most people believe that there is a risk premium built into equities, and this is what encourages investors to place at least some of their money in equities. Debt: In the context of bonds, the term "risk premium" is often used to refer to the credit spread (the difference between the bond in
Views: 6331 The Audiopedia
Session 3: The Risk Free Rate
 
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Sets up the requirements for a rate to be risk free and the estimation challenges in estimating that rate in different currencies.
Views: 144879 Aswath Damodaran
Estimating The Cost Of Debt For WACC - DCF Model Insights
 
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In today’s video, we learn about calculating the cost of debt used in the weighted average cost of capital (WACC) calculation. This is part of the DCF insights series for more advanced students but it offers valuable insights about the assumptions used in the model. Like many other segments of the discounted cash flow (DCF) model, the cost of debt is very important. The four methods covered in the video are; - Yield to maturity (YTM) approach - Debt rating approach - Synthetic Rating Approach - Interest on Debt Approach Link to the country default spread and risk premium database; http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html Link to the bond profile for Apple Inc used in the video; http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=aapl&country=arg Link to an amazing presentation summarizing the DCF Model by Aswath Damodaran; http://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/basics.pdf Please like and subscribe to my channel for more content every week. If you have any questions, please comment below. For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 3232 FinanceKid
Credit spreads - MoneyWeek Investment Tutorials
 
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Like this MoneyWeek Video? Want to find out more on credit spreads? Go to: http://www.moneyweekvideos.com/credit-spreads/ now and you'll get free bonus material on this topic, plus a whole host of other videos. Search our whole archive of useful MoneyWeek Videos, including: · The six numbers every investor should know... http://www.moneyweekvideos.com/six-numbers-every-investor-should-know/ · What is GDP? http://www.moneyweekvideos.com/what-is-gdp/ · Why does Starbucks pay so little tax? http://www.moneyweekvideos.com/why-does-starbucks-pay-so-little-tax/ · How capital gains tax works... http://www.moneyweekvideos.com/how-capital-gains-tax-works/ · What is money laundering? http://www.moneyweekvideos.com/what-is-money-laundering/
Views: 19609 MoneyWeek
Bond Investing 101: Understanding Interest Rate Risk and Credit Risk
 
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This video is one part of BondSavvy's 10-part video "The Crash Course on Corporate Bond Investing." The full Crash Course video is included with a subscription to BondSavvy https://www.bondsavvy.com/corporate-bond-investment-picks or can be bought on its own here https://www.bondsavvy.com/a-la-carte/corporate-bond-investing-101. This video explains the differences between interest rate risk and credit risk and how you can factor this into your next corporate bond investment. Many investors only invest in investment-grade bonds because they are afraid of the default risk of high-yield (or below investment grade) bonds. The challenge with this thinking is that investment-grade bonds often have longer durations (or time until maturity) and are therefore more sensitive to changes in interest rates. To alleviate these risks, it's important for investors to consider both investment-grade and non-investment-grade corporate bonds. You will learn the following by watching this video: * Difference between investment-grade corporate bonds and high-yield corporate bonds * Difference in default rates between investment-grade corporate bonds and high-yield corporate bonds * How bond prices are quoted * How owning high-yield corporate bonds can help reduce investors' interest rate risk * Why shorter-dated bonds are less sensitive to changes in interest rates * What happens to bond prices when interest rates increase?
Views: 134 BondSavvy
Session 4: Equity Risk Premiums
 
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Contrasts different approaches for estimating equity risk premiums in mature markets and extends these approaches to emerging markets and then to individual companies.
Views: 100871 Aswath Damodaran
Lessons from Capital Market History Part 3:  Market Risk Premium
 
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This video is part of a series of lectures that comprise an MBA level course in Corporate Finance. The lectures build on concepts and principals developed in previous lectures and, therefore, are best viewed in sequence. However, each lecture is divided into topics which can provide students (MBA and advanced undergraduates) with a helpful review of a specific topic. Persons preparing to take the CFA Exams will also find these lectures useful. The course consists of the following video lectures: 1. Investment Decisions and the Fundamentals of Value. 2. Financial Statements and Cash Flow (5 parts) 3. Discounted Cash Flow Valuation (6 parts) 4. Investment Decision Rules (5 parts) 5. Making Capital Investment Decisions (2 parts) 6. Valuation of Bonds (4 parts) 7. Stock Valuation (3 parts) 8. Lessons from Capital Market History (3 parts) 9. Risk and Return (3 parts) 10. CAPM (3 parts) 11. Risk and Capital Budgeting (3 parts) 12. Capital Budgeting Analysis (3 parts) The playlist with all the videos is https://www.youtube.com/playlist?list=PL6d8y3i7anR_v0IhMmBiw1uzLSrI9jXzX&feature=view_all
Views: 11825 shszewczyk
Volatility and the Risk Premium of a Single Stock
 
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This video shows why you should not use volatility to determine the risk premium of a single stock. Volatility is a measure of total risk, which includes both market risk (systematic risk) and firm-specific risk (unsystematic risk). Because firm-specific risk can be diversified away, investors do not demand a risk premium for holding it. Thus, the important factor in determining the risk premium (and thereby the cost of capital) for a single stock is to use a measure of market risk (beta). This is not to say that volatility is unimportant; the volatility of a portfolio of stocks, for example, comes into play with the Sharpe Ratio. The Sharpe Ratio enables investors to calculate how much excess return they can expect to receive per unit of volatility. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 5773 Edspira
Why High Yield Corporate Bonds?
 
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In this week's Market Minute, CIO Terri Spath talks about High Yield Corporate Bonds. She reviews what they are, why she likes them, and how active management is a necessity for investing in this asset class.
Risk and reward introduction | Finance & Capital Markets | Khan Academy
 
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Basic introduction to risk and reward. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/investment-vehicles-tutorial/investment-consumption/v/human-capital?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/investment-vehicles-tutorial/hedge-funds/v/hedge-fund-strategies-merger-arbitrage-1?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: When are you using capital to create more things (investment) vs. for consumption (we all need to consume a bit to be happy). When you do invest, how do you compare risk to return? Can capital include human abilities? This tutorial hodge-podge covers it all. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 93127 Khan Academy
Session 6 (MBA): Risk free Rates and Equity Risk Premiums
 
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We started today’s class by tying up the last loose ends with risk free rates: how to estimate the risk free rate in a currency where there is no default free entity issuing bonds in that currency and why risk free rates vary across currencies. The rest of today's class was spent talking about equity risk premiums. The key theme to take away is that equity risk premiums don't come from models or history but from our guts. When we (as investors) feel scared or hopeful about everything that is going on around us, the equity risk premium is the receptacle for those fears and hopes. Thus, a good measure of equity risk premium should be dynamic and forward looking. We looked at three different ways of estimating the equity risk premium. Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session6.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session6test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session6soln.pdf
Views: 6159 Aswath Damodaran
Excel Finance Class 54: Bonds & Interest Rate Risk
 
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Download Excel workbook http://people.highline.edu/mgirvin/ExcelIsFun.htm Learn Interest Rate Risk: 1. The Longer The Maturity, The More YTM Affects Bond Price 2. The Lower The Coupon Rate, The More YTM Affects Bond Price
Views: 11797 ExcelIsFun
Session 5: Implied Equity Risk Premiums & First steps on relative risk measures
 
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In this session, we looked at the mechanics and intuition behind implied equity risk premiums and how they have varied over time as a function of other macro variables. We took our first steps in assessing the relative risk in a company. Start of class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/ERPtest.xls Slides: http://www.stern.nyu.edu/~adamodar/podcasts/valspr15/valsession5.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session5test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session5soln.pdf
Views: 569 Aswath Damodaran
Not All Bonds are Created Equal
 
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(Schwab Bond Market Today 002) Last time Kathy spoke about the recent jump in bond yields and why we think some of it has to do with a rise in the risk premium for inflation that was held down by the Federal Reserve’s bond buying program. But what she has noticed is that hasn’t necessarily happened in other markets – like the corporate bond market. On this week’s episode of Bond Market Today, Kathy is joined by Collin Martin to discuss why that might be the case. Subscribe to our channel: https://www.youtube.com/charlesschwab Click here for more insights: http://www.schwab.com/insights/ (0218-8BL4)
Views: 3419 Charles Schwab
Types of Bonds & Debentures - Hindi (2018)
 
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Various types of bonds and debentures are explained in hindi. You must know terms, risks & returns in different types of debentures or bonds before you invest in them. Types of bonds or debentures include secured & unsecured bonds, convertible & non-convertible debentures, redeemable and irredeemable bonds, registered and bearer debentures, callable and puttable bonds, zero coupon bonds and premium bonds, subordinated bonds and participating debentures. You can invest in corporate bonds & debentures, government bonds and tax saving bonds. Related Videos: Bonds vs Debentures - https://youtu.be/BdMg5RmMj_0 Shares vs Debentures (Bonds) - https://youtu.be/afSACc6c2c0 How to Invest in Bonds & Debentures - https://youtu.be/hC9OsIzAoEk हिंदी में various types के bonds और debentures को समझाया गया है। आपको invest करने से पहले different types के debentures या bonds के rules, risks और returns का पता होना चाहिए। Share this video: https://youtu.be/5YN_Uo7stms Subscribe To Our Channel and Get More Finance Tips: https://www.youtube.com/channel/UCsNxHPbaCWL1tKw2hxGQD6g To access more learning resources on finance, check out www.assetyogi.com In this video, we have explained: What are the different types of bonds and debentures? What are secured bonds? What are unsecured debentures? What do you mean by cumulative or non-cumulative bonds or debentures? What are redeemable bonds / debentures? Are irredeemable debentures allowed in India? What are convertible debentures? What are non-convertible debentures? What do you understand by registered and bearer bonds and debentures? What is a callable bond or debenture? What is a puttable bond or debenture? What is a zero coupon bond? What is a premium bond? What is the meaning of subordinated bond? What is participating bond or debenture? Make sure to like and share this video. Other Great Resources AssetYogi – http://assetyogi.com/ Follow Us: Google Plus – https://plus.google.com/+assetyogi-ay Pinterest - http://pinterest.com/assetyogi/ Twitter - http://twitter.com/assetyogi Facebook – https://www.facebook.com/assetyogi Linkedin - http://www.linkedin.com/company/asset-yogi Instagram - http://instagram.com/assetyogi Hope you liked this video in Hindi on “Types of Bonds and Debentures"
Views: 2762 Asset Yogi
WACC, Cost of Equity, and Cost of Debt in a DCF
 
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In this WACC and Cost of Equity tutorial, you'll learn how changes to assumptions in a DCF impact variables like the Cost of Equity, Cost of Debt. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" You'll also learn about WACC (Weighted Average Cost of Capital) - and why it is not always so straightforward to answer these questions in interviews. Table of Contents: 2:22 Why Everything is Interrelated 4:22 Summary of Factors That Impact a DCF 6:37 Changes to Debt Percentages in the Capital Structure 11:38 The Risk-Free Rate, Equity Risk Premium, and Beta 12:49 The Tax Rate 14:55 Recap and Summary Why Do WACC, the Cost of Equity, and the Cost of Debt Matter? This is a VERY common interview question: "If a company goes from 10% debt to 30% debt, does its WACC increase or decrease?" "What if the Risk-Free Rate changes? How is everything else impacted?" "What if the company is bigger / smaller?" Plus, you need to use these concepts on the job all the time when valuing companies… these "costs" represent your opportunity cost from investing in a specific company, and you use them to evaluate that company's cash flows and determine how much the company is worth to you. EX: If you can get a 10% yield by investing in other, similar companies in this market, you'd evaluate this company's cash flows against that 10% "discount rate"… …and if this company's debt, tax rate, or overall size changes, you better know how the discount rate also changes! It could easily change the company's value to you, the investor. The Most Important Concept… Everything is interrelated - in other words, more debt will impact BOTH the equity AND the debt investors! Why? Because additional leverage makes the company riskier for everyone involved. The chance of bankruptcy is higher, so the "cost" even to the equity investors increases. AND: Other variables like the Risk-Free Rate will end up impacting everything, including Cost of Equity and Cost of Debt, because both of them are tied to overall interest rates on "safe" government bonds. Tricky: Some changes only make an impact when a company actually has debt (changes to the tax rate), and you can't always predict how the value derived from a DCF will change in response to this. Changes to the DCF Analysis and the Impact on Cost of Equity, Cost of Debt, WACC, and Implied Value: Smaller Company: Cost of Debt, Equity, and WACC are all higher. Bigger Company: Cost of Debt, Equity, and WACC are all lower. * Assuming the same capital structure percentages - if the capital structure is NOT the same, this could go either way. Emerging Market: Cost of Debt, Equity, and WACC are all higher. No Debt to Some Debt: Cost of Equity and Cost of Debt are higher. WACC is lower at first, but eventually higher. Some Debt to No Debt: Cost of Equity and Cost of Debt are lower. It's impossible to say how WACC changes because it depends on where you are in the "U-shaped curve" - if you're above the debt % that minimizes WACC, WACC will decrease. Otherwise, if you're at that minimum or below it, WACC will increase. Higher Risk-Free Rate: Cost of Equity, Debt, and WACC are all higher; they're all lower with a lower Risk-Free Rate. Higher Equity Risk Premium and Higher Beta: Cost of Equity is higher, and so is WACC; Cost of Debt doesn't change in a predictable way in response to these. When these are lower, Cost of Equity and WACC are both lower. Higher Tax Rate: Cost of Equity, Debt, and WACC are all lower; they're higher when the tax rate is lower. ** Assumes the company has debt - if it does not, taxes don't make an impact because there is no tax benefit to interest paid on debt.
CFA Level 1- Question Bank- Cost of Equity using Bond Yield + Premium Approach
 
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FinTree website link: http://www.fintreeindia.com FB Page link :http://www.facebook.com/Fin... We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with! This Video was recorded during a one of the CFA Classes in Pune by Mr. Utkarsh Jain.
Views: 976 FinTree
CFA Tutorial: Fixed Income (Know How to Calculate Risk Premium)
 
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Download Fixed Income Question Bank: http://www.edupristine.com/ca/free-10-day-course/cfa-fixed-income/ Risk premium is the minimum amount of money by which the expected return on a risky asset must exceed the known return on a risk-free asset, or the expected return on a less risky asset, in order to induce an individual to hold the risky asset rather than the risk-free asset. About EduPristine: Trusted by Fortune 500 Companies and 10,000 Students from 40+ countries across the globe, EduPristine is one of the leading Training provider for Finance Certifications like CFA, PRM, FRM, Financial Modeling etc. EduPristine strives to be the trainer of choice for anybody looking for Finance Training Program across the world. Subscribe to our YouTube Channel: http://www.youtube.com/subscription_center?add_user=edupristine Visit our webpage: http://www.edupristine.com/ca
Views: 1249 EduPristine
Other risks facing bond investors
 
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Other risks facing bond investors Bonds - call risk In addition to interest rate risk and credit risk, bond investors face plenty of other risks. One is call risk. Call risk is the risk that the issuer will call back the high yielding bond that you hold and refinance the bond at a lower rate. This is the same risk that a mortgage holder faces when you try to refinance your mortgage at a lower rate. There are a couple of ways to view this risk. First, if you buy a high-yielding bond at a 20 percent premium, and then the bond issuer calls the bond back at only a 5 percent premium, you've lost a lot of money. The other way to view call risk is in terms of lost opportunities. If you have a high-yield, long-term bond, you're probably counting on enjoying the high interest payments for the life of the bond. But if the issuer calls the bond back, you've lost the ability to lock in those high interest rates for a long time. The best way to defend against this is to find out the call provisions of any bond before you buy it. Always find out the yield to call and yield to maturity before buying a bond. Because call risk offers a no-win situation to bondholders, investors demand higher interest payments than they would otherwise expect. This is why Ginnie Mae mortgage securities offer a higher yield than comparable US Treasury securities. Ginnie Mae mortgage securities and US Treasury bonds both are backed by the full faith and credit of the US government, but Ginnie Maes can be called or refinanced, while US Treasury bonds cannot be called. Reinvestment risk Much of the risk associated with call risk is the loss of the ability to lock in a high interest rate. This is related to reinvestment risk which is another risk facing bondholders. When you invest in bonds, you normally can have maintenance of principal or maintenance of income, but not both. This emphasizes the difference between investing in long-term or short-term bonds. Short-term bonds maintain principal, not income If you invest in short-term bonds, you limit your exposure to interest rate risk. The interest rate risk you're assuming is directly related to the duration of the bond. Suppose you're invested in a short-term bond fund whose duration is two years. If interest rates go up by 1 percent, your fund's value will drop by about 2 percent. But if you're invested in a mutual fund whose duration is 10 years, your fund's value will drop by about 10 percent if interest rates go up by 1 percent, so in this respect the long-term bond fund is riskier. Long-term bonds offer higher yields and steady income Since the long-term bond fund has more interest rate risk, you might be wondering why you should even consider investing in a long-term bond fund. There are two reasons for this. The first is that the long-term bond fund normally will have a higher yield. The second is that the long-term fund provides income stability to you by locking in interest payments for a longer time. Long-term bonds have a down side in that they may lock you into a low interest rate if other rates go up. But long-term bonds have an advantage because they lock you into high interest payments in case interest rates go down. Reinvestment risk defined The risk of interest rates going down is called reinvestment risk. Here's a great example of the danger associated with reinvestment risk. I recently listened to an audio tape which advised people on how to retire in their early 40s. The tape was produced in the mid-1980s. To retire at the early age of 40 the author recommended you sell your large, expensive house and retire to the countryside where you can live cheaply. The author, who was a CPA at a prestigious accounting firm and who had an MBA from Stanford, was no amateur when it came to money. But he made a mistake in his financial planning. He forgot about reinvestment risk. How to not retire at 40 Let's walk through what the author recommended. I'm estimating some numbers here, but they're probably good estimates. Assume the author sold a big house in Boston, and bought a small, inexpensive home in North Carolina. After swapping houses, let's say he had $400,000 in cash left over. So far so good. $400,00 is a lotta loot to retire on. Next the author placed all his money in insured, one-year certificates of deposit. He even divided his money into twelve parts and invested each twelfth over the course of a year. This technique of dividing your money up and investing over time is called laddering and is useful in reducing your interest rate risk. So this trained, intelligent accountant seemed to have it all figured out, right? He had little or no credit risk because of the insured nature of bank CDs, and he even broke his retirement stash up into twelfths to further cut his risk. So what's wrong with this? Need to use maturity matching Copyright 1997 by David Luhman
Views: 827 MoneyHop.com
Session 07: Objective 1 - Bonds and Bond Valuation (2016)
 
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The Finance Coach: Introduction to Corporate Finance with Greg Pierce Textbook: Fundamentals of Corporate Finance Ross, Westerfield, Jordan Chapter 7: Interest Rates and Bond Valuation Objective 1 - Key Objective: Bonds Bond Cycle Inverse relationship between bond value and interest rate Face Value vs. Discount vs. Premium Bond To minimize interest rate risk purchase a bond with 1) shorter time to maturity 2) higher coupon rate Semiannual vs. Annual Coupons Bond Value Formula Coupon (C) Time to Maturity (t) Yield to Maturity (r) Face value paid at maturity (FV) Fisher Effect (Exact vs. Approximate) Nominal Rate (R) Real Rate (r) Inflation Rate (h) More Information at: http://thefincoach.com/
Views: 3308 TheFinCoach
Gross Says Equity Risk Premium Seems `Fairly Wide Now'
 
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June 21 (Bloomberg) -- Bill Gross, manager of the world's biggest bond fund at Pacific Investment Management Co., talks about investing in equities versus bonds and the Greek debt crisis. Gross speaks with Tom Keene and Ken Prewitt on Bloomberg Radio's "Surveillance." (This is an excerpt. Source: Bloomberg)
Views: 413 Bloomberg
Why there's an "overwhelming" interest in corporate bonds
 
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There's not just a lot of interest in corporate bonds - there's an overwhelming interest in corporate bonds so far this year, according to Saxo Bank's Simon Fasdal.He explains a combination of very low inflation - which brings us very low core yields - and improvements in the eurozone economy "bring in fertile conditions for corporate bonds". The encouraging signs of better global growth means there are fewer risk factors, and lower risk premiums for investors.He adds that the light impact of the beginning tapering on core yields have surprised the market a bit, and we see some relief rally on the back of that.Meanwhile, he says that with the eurozone's record low core inflation of 0.7 percent, the biggest risk for the euro area is a potential Japanese style deflationary trap. He expects the ECB policy to be dovish when it meets on Thursday but that it will take action going forward, and this will be supportive for corporate bonds. Bearing this in mind, investors needn't fear higher yields at the moment, according to Simon.
Views: 38 TradingFloor.com
Session 07: Objective 1 - Bonds and Bond Valuation
 
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The Finance Coach: Introduction to Corporate Finance with Greg Pierce Textbook: Fundamentals of Corporate Finance Ross, Westerfield, Jordan Chapter 7: Interest Rates and Bond Valuation Objective 1 - Key Objective: Bonds Bond Cycle Inverse relationship between bond value and interest rate Face Value vs. Discount vs. Premium Bond To minimize interest rate risk purchase a bond with 1) shorter time to maturity 2) higher coupon rate Semiannual vs. Annual Coupons Bond Value Formula Coupon (C) Time to Maturity (t) Yield to Maturity (r) Face value paid at maturity (FV) Fisher Effect (Exact vs. Approximate) Nominal Rate (R) Real Rate (r) Inflation Rate (h) More Information at: http://thefincoach.com/
Views: 34548 TheFinCoach
What Are Average Stock Returns with Regard to Risk Free Rates and Risk Premiums?
 
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https://www.udemy.com/buying-income-dividend-stocks-for-maximum-cash-flow-income/?couponCode=BFCM The risk-free rate on a riskless investment — in which you never lose — is important. Remember the last lecture that showed you the chart of returns of Treasury bills? There was never a losing year. That means that every investor in Treasury bills has received 100% return OF investment plus a small return ON investment. This gives us a very important baseline for estimating a risk premium when you invest in a risky dividend stock. The risk premium is the extra reward on your dividend stock that you may [or may not] receive at the end of each year. It turns out that the risk premium for large stocks was 8.4%. The average returns for larges stocks was 12.2%. Small stocks returned 16.9% with a risk premium above risk free T-bills of 13.1%. Long-term corporate bonds average 6.2% offering a premium above the risk free rate of 2.4%. Long term municipal bonds offered up average returns of 5.8% with a risk premium of 2%. U.S. Treasury bills coughed up 3.8% in average returns. This is the zero baseline of risk premium. Notice that the risk premium for each of the investment classes above is simply the average return less 3.8%. A lot of academic research focuses on correctly measuring risk premiums. Other erudite analysis centers on why a risk premium exists in the first place. The dispersion of returns in terms of variance and standard deviation helps answer this question. Finally understand that the greater the potential reward the higher the chance of loss!
U.S. credit market fires warning about recession
 
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U.S. credit market fires warning about recession * Rising risk premiums on corporate bonds may be omen * Investors already wary of flattening yield curve * U.S. economy seen strong, keeping default rates low By Richard Leong NEW YORK, July 16 (Reuters) - A reliable bond market indicator may be waving the flag that a U.S. recession is coming, market watchers said, and it is not the flattening yield curve. Risk premiums on investment-grade corporate bonds over comparable Treasuries have been rising since February, approaching levels that are cat...
Views: 40 Tech News
Session 4: Defining and Measuring Risk
 
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Looks at how we define risk in finance and alternate models for risk and return.
Views: 57785 Aswath Damodaran
Bond Issue at Premium/Discount(Effective Int. Rate)| Intermediate Accounting |CPA Exam FAR|Chp 14 p4
 
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Bond valuation, bond pricing, bond interest expense, par value, amortization, straight line method, effective interest rate method, bond discount, bond premium, carrying value of bond, premium, discount, bond issue between interest dates, CPA EXAM
WHAT ARE INVESTMENT GRADE BONDS? (Introduction To Bonds)
 
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FOLLOW ME ON INSTAGRAM FOR DAILY MOTIVATIONAL CONTENT ✔️ @ryanscribnerofficial _______ Ready to start investing? 🤔💸 WEBULL: "Get a FREE STOCK worth up to $1000." 💰 http://ryanoscribner.com/webull BETTERMENT: "Passive investing, they manage everything for you." 📈 http://ryanoscribner.com/betterment FUNDRISE: "Passive real estate investing, 8 to 11% returns." 🏠 http://ryanoscribner.com/fundrise M1 FINANCE: "Invest in partial shares of stocks like Amazon." 📌 http://ryanoscribner.com/m1-finance LENDING CLUB: "Become the bank and make interest on loans." 🏦 http://ryanoscribner.com/lending-club COINBASE: "Get $10 in free Bitcoin (when you fund $100)." ⭐ http://ryanoscribner.com/coinbase _______ Want more Ryan Scribner? 🙌 MY INVESTING BLOG ▶︎ https://investingsimple.blog/ FREE INVESTING COURSE ▶︎ http://ryanoscribner.com/free-course FACEBOOK GROUP FOR ENTREPRENEURS ▶︎ https://www.facebook.com/groups/164766680793265/ COURSE CREATION COMPANION ▶︎ http://ryanoscribner.com/course-creation-companion LIKE MY FACEBOOK PAGE ▶︎ https://www.facebook.com/ryanoscribner/ PASSIVE INCOME MASTERCLASS LIVE EVENTS ▶︎ http://ryanoscribner.com/passive-income _______ Premium Educational Programs 🧐 PRIVATE STOCK MARKET INVESTING SITE 📊 http://ryanoscribner.com/stock-radar STOCK MARKET INVESTING COURSE 📈 http://ryanoscribner.com/stock-market-investing-course _______ Ready to keep learning? 🤔📚 My Favorite Personal Finance Book 📘 https://amzn.to/2NiyDiz My Favorite Investing Book 📗 https://amzn.to/2KEyd7D My 2nd Favorite Investing Book 📗 https://amzn.to/2tZmxBU My Favorite Personal Development Book 📕 https://amzn.to/2KJKgRn Not a fan of reading? Join Audible and get two free audio books! ❌📚 http://ryanoscribner.com/audible _______ DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. AFFILIATE DISCLOSURE: I am affiliated with a number of the offerings on this channel. This includes the links above under "Ready To Start Investing" as well as other influencers I bring on the channel. This also includes the use of Amazon affiliate links. (Send me something) Scribner Media LLC PO Box 641 Ballston Spa, NY 12020
Views: 6324 Ryan Scribner
Expected Market Returns | Stock Variances | Corporate Finance | CPA Exam BEC | CMA Exam | Chp 13 p 1
 
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The expected market return is an important concept in risk management, because it is used to determine the market risk premium. The market risk premium, in turn, is part of the capital asset pricing model, (CAPM) formula.
How to find the Expected Return and Risk
 
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Hi Guys, This video will show you how to find the expected return and risk of a single portfolio. This example will show you the higher the risk the higher the return. Please watch more videos at www.i-hate-math.com Thanks for learning !
Views: 183877 I Hate Math Group, Inc
Real and nominal return | Inflation | Finance & Capital Markets | Khan Academy
 
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Inflation and real and nominal return. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/inflation-tutorial/real-nominal-return-tut/v/calculating-real-return-in-last-year-dollars?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/inflation-tutorial/inflation-scenarios-tutorial/v/hyperinflation?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: If the value of money is constantly changing, can we compare investment return in the future or past to that earned in the present? This tutorial focuses on how to do this (another good tutorial to watch is the one on "present value"). About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 168061 Khan Academy
Introduction to The Equity Risk Premium
 
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Professor David Hillier, University of Strathclyde; Short videos for my students Check out www.david-hillier.com for my personal website.
Views: 2830 David Hillier
Session 5: Estimating Hurdle Rates - The Risk free Rate
 
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Estimate the foundation for all discount rates, a risk free rate.
Views: 47032 Aswath Damodaran
Debt Mutual Fund Classification in India in Hindi | New Types of Debt Fund | Debt Funds in Hindi
 
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Debt Mutual Fund Classification in India in Hindi | New Types of Debt Fund | Debt Funds in Hindi New Debt Fund Types - 1. Liquid Funds 2. Ultra Short Term Funds 3. Low Duration Fund 4. Money Market Fund 5. Short Duration Fund 6. Medium Duration Fund 7. Medium to Long Duration Fund 8. Long Duration Fund 9. Dynamic Fund 10. Corporate Bond Fund 11. Credit Risk Fund 12. Banking & PSU Fund 13. Gilt Fund 14. Floater Fund Make your Free Financial Plan today: http://wealth.investyadnya.in/Login.aspx Yadnya Book - 108 Questions & Answers on Mutual Funds & SIP - Available here: Amazon: https://goo.gl/WCq89k Flipkart: https://goo.gl/tCs2nR Infibeam: https://goo.gl/acMn7j Notionpress: https://goo.gl/REq6To Find us on Social Media and stay connected: Facebook Page - https://www.facebook.com/InvestYadnya Facebook Group - https://goo.gl/y57Qcr Twitter - https://www.twitter.com/InvestYadnya
International Macroeconomics CH9– Exchange Rate Crises, Feenstra (Part 1)
 
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Chapter 9 Part 1: Exchange Rate Crises: How pegs work and How They Break - Facts about exchange rate crises - The mechanics of a fixed exchange rate - Sterilization bonds - Currency board and backing ratio - Exchange rate and default risk premium implications If you are interested in borrowing the slides used in this video, feel free to comment below once you subscribe to the channel. If you have any questions, please comment below as well. For those interested in the course or the reading materials I am working off, please check out the 2nd edition of the International Economics textbook by Robert C. Feenstra; https://www.amazon.ca/International-Economics-Robert-C-Feenstra/dp/1429231181 For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 687 FinanceKid
Session 4: Equity Risk Premiums - Historical & Country
 
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In this session, we completed the discussion of risk free rates and started on the estimation of equity risk premiums, both for mature and emerging markets. Start of class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/risktests.pdf Slides: http://www.stern.nyu.edu/~adamodar/podcasts/valspr15/valsession4.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session4test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session4soln.pdf
Views: 5907 Aswath Damodaran
CFA Level I Cost of Capital Lecture - Part 3 - by Mr. Arif Irfanullah
 
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This CFA Level I video covers concepts related to: • Estimation and Determination of Beta • Pure Play Method • Country Risk • Marginal Cost of Capital Schedule • Floatation Cost For more updated CFA videos, Please visit www.arifirfanullah.com.
Views: 22794 IFT

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