① 請比較股票股利和現金股利，用英文寫出
The purpose of dividends is to return wealth back to the shareholders of a company. There are two main types of dividends: cash and stock.
A cash dividend is a payment made by a company out of its earnings to investors in the form of cash (check or electronic transfer). This transfers economic value from the company to the shareholders instead of the company using the money for operations. However, this does cause the company's share price to drop my roughly the same amount as the dividend. For example, if a company issues a cash dividend equal to 5% of the stock price, shareholders will see a resulting loss of 5% in the price of their shares. This is a result of the economic value transfer. Another consequence of cash dividends is that receivers of cash dividends must pay tax on the value of the distribution, lowering its final value. Cash dividends are beneficial, however, in that they provide shareholders with regular income on their investment along with exposure to capital appreciation.
A stock dividend, on the other hand, is an increase in the amount of shares of a company with the new shares being given to shareholders. For example, if a company were to issue a 5% stock dividend, it would increase the amount of shares by 5% (1 share for every 20 owned). If there are 1 million shares in a company, this would translate into an additional 50,000 shares. If you owned 100 shares in the company, you'd receive five additional shares.
This, however, like the cash dividend, does not increase the value of the company. If the company was priced at $10 per share, the value of the company would be $10 million. After the stock dividend, the value will remain the same, but the share price will decrease to $9.52 to adjust for the dividend payout. The benefit of a stock dividend is choice. The shareholder can either keep the shares and hope that the company will be able to use the money not paid out in a cash dividend to earn a better rate of return, or the shareholder could also sell some of the new shares to create his or her own cash dividend. The biggest benefit of a stock dividend is that shareholders do not generally have to pay taxes on the value. Taxes do need to be paid, however, if a stock dividend has an cash-dividend option, even if the shares are kept instead of the cash.
Stock dividends are thought to be superior to cash dividends as long as they are not accompanied with a cash option. This is e to the choice that stock dividends offer compared to cash dividends. But this does not mean that cash dividends are bad, they just lack choice; a shareholder could still reinvest the proceeds from the cash dividend back into the company through a dividend reinvestment plan.
② 目前無風險利率為1%，市場組合的風險溢價為3%，A股票的B系數為1.2，預期每股收益為1元，試計算A股票的理論
ke = Rf +(Rm-Rf)B
ke = 1% + (3%-1%)*1.2
= 3.4%
MV = dividend(1+g)/(Ke-g)
= 1/(3.4%-g)
不知道growth是多少，所以還沒辦法求market value.
③ 求!!!!!!!一份股票市場中專用名詞的英文 謝謝!!!!!!!!!!
復制粘貼太沒品，你點這個，你問的是別人問過的問題。
=============================補充給你：
Advance-Decline Theory
漲跌理論
Arbitrage
套利
Arbitrageur
套利者
As Agent
做代理
Ask-Bid System
競價系統
At-the-Close Order
收盤指令
At-the-Market
按市價
At-the-Opening(Opening Only)Order
開盤指令
Back Up
逆向變化
Bar Chart
條線圖
Base Market value
基準市場價值
Bearish
行情看跌
Bear Market
熊市
Bear Raiders
大量拋空者
Bid-and-Asked Quotation(or Quote)
買方報價和賣方報價（報價）
Blowout
暢銷
Blue-Chip Stocks
藍籌股
Breakout
突破
Bullish
行情看漲
Bull Market
牛市
Buying Power
購買力
Cancellation
取消
Capitalization
資本
Certificate
證券證書
Climax(Buying/Selling)
放量（買/賣）
Close
收盤價
Closing Transaction
平倉交易
Commission
傭金
Congestion Area
震盪區
Cornering the Market
*縱市場
Corporation
股份公司
Cum Rights
含權
Cyclical Stock
周期性股票
Date of Record
登記日
Day Order
當日委託指令
Day Trading
日交易
Dealer
交易商
Descending Tops
下降頂點趨勢
Dip
回調谷
Distribution Area
整理區
Diversification
分散投資
Dividends
紅利
Don't Fight the Tape
順行情交易
Double Bottom
雙底
Double Top
雙頂
Dumping
拋售
Effective Date
生效日期
Ex-Distribution(X Dis)
無分配額
Ex-Dividend(XD)(Without Dividend) Date
除息日
Expiration Date
到期日
Ex-Right(XRT)
除權
Face value
面值
Floor
交易大廳
Floor Order Tickets
場內委託單
Free-Riding
自由放縱投機行為
Frozen Account
凍結賬戶
Fundamental Analysis
基本面分析
Futures
期貨
Gap
跳空
Head and Shoulders
頭肩形
star 2005-11-23 01:19
Highballing
高價交易
Holder of Record
登記持股人
Holding the Market
托盤
Horizontal Price Movement
橫盤
Hot Issue
搶手證券
Inactive Market
不活躍市場
Index
指數
Insider
內幕人
Institution
機構投資者
In the Tank
跳水
Issued-and-Outstanding Stocks
已發行流通股
Issuer
發行人
Joint Account
聯合賬戶
Last Trading Day
最後交易日
Liquidation
清倉
Liquidity
流動性
Listed Stock
上市股票
Long Market value
所持證券市場價值
Long Position
多頭頭寸
Manipulation
*縱
Marketability
流動性
Market Price
市場價格
Market value
市場價值
Matched Orders
對敲指令
Merger
合並
Negotiability
流通性
New Issue
新發行
Offer
要價
Offering (Asked) Price
賣方要價
Offering Date
發行日
Off-Floor Order
場外委託
On-Floor Order
場內委託
On the Tape
行情顯示
Opening
開盤價
Opening Only Order
開盤委託指令
Opening Transaction
建倉交易
Oversold
超賣
Overvalued
估值過高
P(rice)/E(arnings) Ratio
市盈率
Paper Loss/Profit
賬面損益
Pennant
尖旗形
Picture
行情
Place
發售
Portfolio
證券組合
Position
頭寸
Price Range
價格範圍
Primary Distribution(Offering)
初次發售
Primary Market
次級市場
Primary Movement
大趨勢
Principals(Stockholders)
股東
Principal value
本金值
Profit Taking
活力回吐
Public Offering(Distribution)
公開發售
Purchasing(Buying) Power
購買力
star 2005-11-23 01:20
Rally
反彈
Reading the Tape
看盤
Record Date
登記日
Reorganization
資產重組
Resistance
阻擋區
Resistance level
阻擋線
Reversal
反轉
Rigged Market
受*縱的市場
Rising Bottom
上升谷底趨勢
Rounding Bottom(Saucer)
圓底
Rounding Top
圓頂
Screen(Stocks)
選股
Secondary Distribution(Offering)
二次發售
Secondary Market
二級市場
Securities Analysis
證券分析
Security
證券
Seek a Market
尋求入市機會
Selling Off(Sell-Off)
止損拋售
Share
股份
Short Position
空頭頭寸
Soft Market
疲軟市場
Speculation
投機
Split Down
並股
Spread
價差
Stag
攫利者
Stagflation
滯脹
Stagnation
蕭條
Stockholder(Shareholder)
持股人
Stocks
股票
Subion Ratio
認購比率
Substitution(Swap)
替代（互換）
Support
支撐區
Support Level
支撐線
Sweetener
甜頭
Takeover
接管
(Ticker) Tape
行情顯示系統
Technical Analysis
技術分析
Technical Sign
技術訊號
Tight Market
旺市
Tip
提供消息
Total Cost
總成本
Total Volume
總成交量
Trade Date
交易日
Trader
交易商
Trading Authorization
交易授權
Trading Floor
交易大廳
Trend
趨勢
Trendline
趨勢線
Triangle
三角形
Undervalued
估價過低
Unissued Stock
未發行股票
Uptrend
上升趨勢
Volume
交易量
Weak Market
弱市
Wedge
楔形
W Formation
W底
Without Dividend
除息
④ 股指期貨對中國股市的影響
股指期貨的四方面影響
股指期貨對中國股市有四影響 不改市場長期趨勢
隨著我國經濟的持續穩定發展以及市場化改革的不斷推進，金融衍生產品的推出成為當務之急。股指期貨作為一個投資品種和風險管理工具，本身是中性的，它的推出不會改變市場的長期趨勢，雖然在其推出後短期內可能會對股市形成一定的擾動，但主要仍將受市場總體態勢及內在估值的影響，而且估值因素的影響更為重要。
當然，由於股指期貨具有金融衍生產品的特性，它的推出必然會對我國股票現貨市場產生重要而深遠的影響，主要有以下幾個方面：
影響一，證券投資思維方式的變革。股指期貨提供了風險管理工具，有助於投資者真正構建投資組合，降低系統性風險。另外，股指期貨引入了做空機制，影響市場走勢的因素比以前就更多了，投資者的投資思維和投資策略也必須適時轉變，改單向思維為雙向思維。股指期貨推出後，一方面，市場估值更趨合理，股價不太可能再大幅超出其內在價值，否則，與基本面嚴重脫節的股票就會產生很多套利機會；另一方面，只要趨勢判斷准確，做空也能獲利，即在熊市中亦可賺錢。
影響二，可以吸引增量資金進場，擴大股票市場規模，增強市場流動性。股指期貨推出後，由於部分投資者需要對資產組合進行重新配置，故短期內可能會分流股票現貨市場的資金，影響股票市場交易量。但從中長期來看，股指期貨的推出使得股票交易機制更加完善，同時多了一種風險管理工具，將會吸引更多的穩健型資金參與股票投資。另外，利用股票現貨和股指期貨套利是一種風險較低的交易模式，能夠吸引許多套利資金入市。因此，股指期貨能夠為市場帶來大量新增資金，提高股票現貨市場的活躍程度，推動股票現貨和股指期貨的交易量雙向增長。美國、香港等市場的經驗也驗證了這一點，芝加哥商業交易所1982年推出S&P500股票指數後，股票現貨和股指期貨的交易量大幅提高；香港1986年推出恆生股指期貨後，股票交易量當年就上升了60%，此後股票交易量不斷增加。
影響三，有助於優化投資者結構。目前我國證券市場參與者仍以中小投資者為主，機構投資者的規模只佔30%左右，由於各種原因，中小投資者大多以投機心態參與股市，顯然不利於證券市場的長期健康發展。股指期貨推出後，除了會增強市場的流動性和穩定性之外，也將提高證券市場的發展程度和層次，各種套期保值和套利行為將趨於活躍，中小投資者難以參與，這有利於改善我國證券市場的投資主體結構，大大加速機構化進程，使機構博弈成為市場投資的主流，我國也將像其它發達國家一樣進入機構投資者主導的時代。
影響四，將提升大盤藍籌股的投資價值。大盤藍籌股具有股本巨大、業績優良、派息率高、流動性強等優勢，容易受到主流資金的青睞。股指期貨推出後，機構投資者手中必須擁有充足的大盤藍籌股籌碼，才能具備調控股指的話語權。我國A股股指期貨已選定以滬深300指數為標的，因此，以滬深300指數成分股為代表的大盤藍籌價值股將成為今後投資者最為關注的焦點，它們將是機構投資者不可或缺的核心配置資產。此外，機構投資者進行套期保值也需要配置許多大盤藍籌股，並作為基礎倉位戰略性持有。尤其在股指期貨正式推出前還會有搶籌效應，大盤藍籌股將顯現稀缺性溢價。今後投資者應積極關注滬深300指數的成分股，特別是主要成分股。
下面是大概翻譯成英文,你還要自己修正一下:
The stock index stock's square face makes a sound the stock index stock to have four influences to the Chinese Stock market not to change market long-term trend to continue the steady progression as well as the marketability reform unceasing advancement along with our country economy, the finance derivative proct promotes into the urgent matter. The stock index stock takes an investment variety and the risk management tool, is in itself neutral, it will promote will not change the market the long-term trend, although after it will promote in the short-term to the stock market will possibly form certain perturbation, but mainly still will receive the market overall situation and the intrinsic estimate value influence, moreover the estimate value factor's will influence be more important. is natural, because the stock index stock has the finance derivative proct characteristic, it will promote definitely will have important and the profound influence to our country stock stock market, mainly will have the following several aspects: affects one, securities investment thinking mode transformation. The stock index stock has provided the risk management tool, is helpful constructs the investment profolio truly in the investor, reces the systematic risk. Moreover, the stock index stock introced has made the spatial mechanism, affected the market trend the factor before have been more than, investor's investment thought and the investment strategy must at the right moment transform, change the unidirectional thought are the bidirectional thoughts. After the stock index stock promotes, on the one hand, the market estimate value hastens reasonably, the stock price not too possible to surpass its intrinsic value largely again, otherwise, the stock which will come apart seriously with the fundamental plane will have many arbitrage opportunities; On the other hand, so long as the tendency judgment is accurate, does spatially can also make a profit, namely may also make money in the bear market. affects two, may attract the increase fund approach, the expansion Stock market scale, strengthens the market fluidity. After the stock index stock promotes, because the partial investors need to carry on to the asset portfolio redeploy, therefore in the short-term will possibly diverge stock stock market the fund, will affect the Stock market business volume. But looking from the medium and long-term, the stock index stock promotes causes the stock transaction mechanism to be more perfect, simultaneously have been many one kind of risk management tool, will attract the more steady fund participation stock investment. Moreover, the use stock on-hand merchandise and the stock index stock arbitrage is one kind of risk low transaction pattern, can attract many arbitrage fund entering the market. Therefore, the stock index stock can bring the massive additional fund for the market, enhances the stock stock market the active degree, impels the stock on-hand merchandise and the stock index stock business volume bidirectional growth. Market and so on US, Hong Kong experiences have also confirmed this point, after Chicago commercial exchange in 1982 promoted the S&P500 stock index, the stock on-hand merchandise and the stock index stock's business volume largely enhances; After Hong Kong in 1986 promoted the Hengsheng stock index stock, the stock business volume rose 60% in the past, hereafter the stock business volume increased unceasingly. affects three, is helpful in optimizes the investor structure. At present our country stock market participant still by the young investor primarily, institutional investor's scale only accounted for about 30%, as a result of each kind of reason, the young investor mostly by the congenial point of view participation stock market, does not favor the stock market obviously the long-term healthy development. After the stock index stock promotes, besides will strengthen the market the fluidity and the stability, also will enhance the stock market the degree of development and the level, each kind of hedge and the arbitrage behavior will tend to be active, the young investor will participation with difficulty, this will be advantageous in improves our country stock market the subject of investment structure, will accelerate the organization advancement greatly, will cause the organization to gamble into the market investment the mainstream, our country will also look like other developed countries to enter equally the time which the institutional investor will lead. affects four, will promote the bulk lots blue chip stock the value of each contribution. The bulk lots blue chip stock has the capital stock to be huge, the achievement is fine, distributing dividends rate high, fluidity strong and so on superiority, easy to receive the mainstream fund the favor. After the stock index stock promotes, in the institutional investor hand must have the sufficient bulk lots blue chip stock chip, can have the regulative stock index words power. Our country A stock index stock has designated take the Shanghai and Shenzhen 300 indices as the sign, therefore, will become take the Shanghai and Shenzhen 300 indices distributes stock shares plans the value stock as representative's bulk lots to become the focal point which blue the investor most will pay from now on attention, they will be institutional investor's indispensable core disposition properties. In addition, the institutional investor carries on the hedge also to need to dispose many bulk lots blue chip stock, and the underlie shipping space strategic has. Especially before the stock index stock will promote officially will also have snatches plans the effect, the bulk lots blue chip stock will appear the scarcity premium. From now on the investor should pay attention to the Shanghai and Shenzhen 300 indices to become positively distributes stock shares, specially mainly becomes distributes stock shares.
⑤ 財務題求股票現值
使用兩階段模型
第一個就是前3年的高速增長分別折現，從第四年開始就是永續增長模型折現後在折現到0時點
p1=0.55*（P/F,16%,1）=0.862*0.55=0.4741
p2=0.8*(P/F,16%,2)=0.8*0.743=0.5944
p3=1.1*(P/F,16%,3)=1.1*0.64=0.704
p4=[1.1*（1+5%）/(16%-5%)]*(P/F,16%,3)=6.72
P=6.72+0.5944+0.704+0.4741=8.4972
選A
開始用了12%的折現率 我去 難怪算出來比最大的選項還大~~~看清題很重要啊~
另外說下 你英文翻譯該加強 嘿嘿
⑥ 請根據以下代碼幫我寫一個SQL server的觸發器
--可以用觸發器而且很方便
--觸發器針對插入數據的有什麼不明白可以隨時問我希望採納
createtrigger觸發器名onDB_WEPay
afterinsert
ASBEGIN
ifexists(select1frominserted)
begin
updateDB_WEPaysetDB_WEPay.elePay=inserted.eleQua*0.5,DB_WEPay.baseFee=inserted.baseFee-inserted.eleQua*0.5,
DB_WEPay.arrearagePay=casewhen(inserted.baseFee-inserted.eleQua*0.5)<0then(inserted.baseFee-inserted.eleQua*0.5)
elseinserted.arrearagePayend
frominsertedjoinDB_WEPayonDB_WEPay.weNo=inserted.weNo
end
go
--經過測試 成功 不能為空的 都有輸入哦 不過該變的列會自動運算的
⑦ 財務題求每股股票支付的最大值應該是多少
我去 這不跟我上午回答的題目一模一樣的么。只是改了改數字，然後把第二階段改成了零增長增長模型啊。。。。。你不會就是那個人把。。
這個是不是你問的。。。
p1=1.3*（P/F,12%,1）=0.892*1.3=1.1596
p2=1.45*(P/F,12%,2)=1.45*0.797=1.1557
p3=1.7*(P/F,12%,3)=1.7*0.711=1.2087
p4=（1.5/12%）*(P/F,12%,3)=8.8875
P=p1+p2+p3+p4=12.4115
選B
⑧ 澳大利亞網上購物的網站是什麼
澳洲購物七大網站：
1.澳洲團購網
澳洲團購網是澳洲第一家中文精品限時團購網，精選美食、攝影、美容、電影、旅遊等特色商家，每天為您推薦一種優質的服務或產品，幫您發現最好玩、最新鮮、最刺激、最省錢的生活方式，使您享受至尊無敵折扣。
7.澳洲後院
澳洲後院是一個專賣中國特色蔬菜種子的網站，主要銷售各類種子以及種植相關用品，服務於廣大後院種植愛好者。澳洲的蔬菜很多，但是中國特有的蔬菜並不容易買得，這個網站是一個好去處。另外，網站還開設有後院論壇，網友們可以討論蔬菜種植的問題、分享種植經驗。
(8)澳大利亞afterpay股票代碼擴展閱讀：
購物網站就是提供網路購物的站點，足不出戶即可購買到你所喜歡的商品。目前國內比較知名的專業購物網站有卓越網、當當網等，提供個人對個人的買賣平台有淘寶、易趣、拍拍等，另外還有許多提供其它各種各樣商品出售的網站。購物網站就是為買賣雙方交易提供的互聯網平台，賣家可以在網站上登出其想出售商品的信息，買家可以從中選擇並購買自己需要的物品。
購物網址導航是指通過科學統籌的方法，對網友常用的購物網站進行對比，根據網站的規模、實力、信譽等進行排行，方便網友們快速找到自已購物所需要的網站，可以貨比三家，買到物美價廉的商品。
購物網址導航與一般的導航網站相比有何特色？
（1）提供了全面,詳細的網上購物入口，輕松實現快捷購買。
（2）可以通過不同分類進行導航,用最方便,最快捷的方式找到你需要的網站與商品。
（3）提供了網上購物所需的各種工具與網站,滿足你的購物需求。
（4）公正性很強(大站.專站.小站）排列順序分明，公平公正的購物網址TOP排行榜。
購物網站導航也稱導購網站。新的導購網站模式必須從消費者的角度去分析和總結，應該堅持為消費者服務、為網店服務、為電商服務的3F原則，努力探尋更高意義上的導購原則和規范。
由於互聯網在中國的迅猛發展，以及網上購物本身優勢帶來網購市場空前的繁榮，迫使眾多賣家急需找到更多的展示平台為自己打開銷量，而買家也被劇增的B2C、C2C看花了眼。在這種大背景下網購導航應運而生，而網購導航網站也大致分為3類：
第一類是綜合性較強導航網站
第二類是專業性較強的比價購物
第三類是返還網站
⑨ 阿里雲如何使用擴容磁碟介面
擴容磁碟
描述
當前僅支持對數據盤的擴容操作。
只有數據盤類型為普通雲盤、高效雲盤、SSD
雲盤，才可以進行擴容操作。
掛載在實例上的數據盤，只有實例為
Running
或者
Stopped
狀態時，才可以進行擴容操作。
磁碟上如果正在執行打快照的操作，則此時不允許進行擴容操作。
掛載在實例上的磁碟，在進行擴容操作後，需要在控制台或者使用
Open
API
重啟實例才能使擴容生效。
擴容僅做磁碟容量的擴大，不做分區和文件系統的擴大，擴容完成後，用戶還需要手動分配存儲空間。
請求參數
名稱
類型
是否必須
描述
Action
String
是
系統規定參數，取值：ResizeDisk
DiskId
String
是
磁碟的編號
NewSize
Integer
是
希望擴容到的磁碟大小。
以
GB
為單位，取值范圍為
Cloud：5
~
2000
ClientToken
String
否
用於保證請求的冪等性。由客戶端生成該參數值，要保證在不同請求間唯一，最大不值過
64
個
ASCII
字元。
返回參數
全是公共返回參數，詳見公共返回參數
錯誤碼
錯誤代碼
描述
Http
狀態碼
語義
InvalidDiskSize.TooSmall
Specified
new
disk
size
is
less
than
the
original
disk
size
403
指定的新磁碟容量比原磁碟容量小
InvalidParameter
The
specified
parameter
"NewSize"
is
not
valid.
403
指定的新磁碟容量超出了限制范圍
OperationDenied
The
status
of
the
disk
or
the
instance
that
the
disk
is
attaching
with
does
not
support
the
operation
403
磁碟或者磁碟所掛載的實例狀態不支持擴容
OperationDenied
The
type
of
the
disk
does
not
support
the
operation
403
磁碟類型不支持擴容
InvalidDiskId.NotFound
The
specified
disk
does
not
exist.
404
磁碟不存在
InvalidInstanceId.NotFound
The
specified
instance
does
not
exist.
404
磁碟所掛載的實例不存在
InstanceExpiredOrInArrears
The
specified
operation
is
denied
as
your
prepay
instance
is
expired
(prepay
mode)
or
in
arrears
(afterpay
mode).
403
磁碟掛載的實例過期
示例
請求示例
https://ecs.aliyuncs.com/?Action=ResizeDisk
&DiskId=xxx
&NewSize=1024
&<公共請求參數>
返回示例
'XML'格式
F3CD6886-D8D0-4FEE-B93E-1B73239673DE
'JSON'格式
{
"RequestId":
"F3CD6886-D8D0-4FEE-B93E-1B73239673DE"
}
⑩ 股票里漲是rise, 跌是decline，那不漲不跌（平）怎麼說呢
交易量 Trading volume
trading volume the number of shares, bonds or contracts traded ring a given period, for a security or an entire exchange.The bond market (also known as the debt, credit, or fixed income market) is a financial market where participants buy and sell debt securities, usually in the form of bonds. As of 2006, the size of the international bond market is an estimated $45 trillion, of which the size of the outstanding U.S. bond market debt was $25.2 trillion.
Nearly all of the $923 billion average daily trading volume (as of early 2007) in the U.S. Bond Market[2] takes place between broker-dealers and large institutions in a decentralized, over-the-counter (OTC) market. However, a small number of bonds, primarily corporate, are listed on exchanges.
References to the "bond market" usually refer to the government bond market, because of its size, liquidity, lack of credit risk and, therefore, sensitivity to interest rates. Because of the inverse relationship between bond valuation and interest rates, the bond market is often used to indicate changes in interest rates or the shape of the yield curve.
Market structure
Bond markets in most countries remain decentralized and lack common exchanges like stock, future and commodity markets. This has occurred, in part, because no two bond issues are exactly alike, and the number of different securities outstanding is far larger.
However, the New York Stock Exchange (NYSE) is the largest centralized bond market, representing mostly corporate bonds. The NYSE migrated from the Automated Bond System (ABS) to the NYSE Bonds trading system in April 2007 and expects the number of traded issues to increase from 1000 to 6000.
Types of bond markets
The Securities Instry and Financial Markets Association classifies the broader bond market into five specific bond markets.
Corporate
Government & Agency
Municipal
Mortgage Backed, Asset Backed, and Collateralized Debt Obligation
Funding
Bond market participants
Bond market participants are similar to participants in most financial markets and are essentially either buyers (debt issuer) of funds or sellers (institution) of funds and often both.
Participants include:
Institutional investors;
Governments;
Traders; and
Indivials
Because of the specificity of indivial bond issues, and the lack of liquidity in many smaller issues, the majority of outstanding bonds are held by institutions like pension funds, banks and mutual funds. In the United States, approximately 10% of the market is currently held by private indivials.
Bond market volatility
For market participants who own a bond, collect the coupon and hold it to maturity, market volatility is irrelevant; principal and interest are received according to a pre-determined schele.
But participants who buy and sell bonds before maturity are exposed to many risks, most importantly changes in interest rates. When interest rates increase, the value of existing bonds fall, since new issues pay a higher yield. Likewise, when interest rates decrease, the value of existing bonds rise, since new issues pay a lower yield. This is the fundamental concept of bond market volatility: changes in bond prices are inverse to changes in interest rates. Fluctuating interest rates are part of a country's monetary policy and bond market volatility is a response to expected monetary policy and economic changes.
Economists' views of economic indicators versus actual released data contribute to market volatility. A tight consensus is generally reflected in bond prices and there is little price movement in the market after the release of "in-line" data. If the economic release differs from the consensus view the market usually undergoes rapid price movement as participants interpret the data. Uncertainty (as measured by a wide consensus) generally brings more volatility before and after an economic release. Economic releases vary in importance and impact depending on where the economy is in the business cycle.
Bond investments
Investment companies allow indivial investors the ability to participate in the bond markets through bond funds, closed-end funds and unit-investment trusts. In 2006 total bond fund net inflows increased 97% from $30.8 billion in 2005 to $60.8 billion in 2006.[4] Exchange-traded funds (ETFs) are another alternative to trading or investing directly in a bond issue. These securities allow indivial investors the ability to overcome large initial and incremental trading sizes.
Bond indices
Main article: Bond market index
A number of bond indices exist for the purposes of managing portfolios and measuring performance, similar to the S&P 500 or Russell Indexes for stocks. The most common American benchmarks are the Lehman Aggregate, Citigroup BIG and Merrill Lynch Domestic Master. Most indices are parts of families of broader indices that can be used to measure global bond portfolios, or may be further subdivided by maturity and/or sector for managing specialized portfolios.'
See also
Bond
Government bond
Corporate bond
Bond market index
Interest rate risk
Primary market
Secondary market
Bond Valuation