Finance Theory — 20.6: Valuing Any Financial Asset скачать в хорошем качестве

Finance Theory — 20.6: Valuing Any Financial Asset

Every financial asset — bonds, stocks, futures, and options — is a package of cash flows. This video shows how a single framework, present value, prices them all. The difference between asset classes comes down to one thing: how certain you are about getting paid. Key concepts covered: • Present value formula: discounting future cash flows by (1 + r)^t • Perpetuities ($50/0.05 = $1,000) and annuities as building blocks • Bond pricing: spot rates, forward rates, and yield-to-maturity • Yield curve shapes: normal slope vs. inversion and recession signals • Gordon Growth Model and the present value of growth opportunities (PVGO) • Why high-PVGO stocks (tech) are more volatile than low-PVGO stocks (utilities) • Futures vs. forwards: zero NPV at inception, daily mark-to-market vs. single settlement • Option payoff asymmetry: the hockey-stick shape that changes pricing • No-arbitrage pricing via replication: binomial model delta hedging example • Market anomalies: size effect, January effect, momentum, accruals • CAPM: Capital Market Line (total risk) vs. Security Market Line (beta) • Beta as systematic risk — diversifiable risk earns no compensation • The full hierarchy: PV framework with CAPM providing the discount rate • Capital budgeting decision rule: positive NPV means accept, negative means reject ━━━━━━━━━━━━━━━━━━━━━━━━ SOURCE MATERIALS The source materials for this video are from    • Ses 20: Efficient Markets III & Course Sum...