债券包括应计利息的现金流现值是多少?
房地产是由租赁收入带来的债券式现金流与从市值上升得来的股票式收益的混合体。
The asset is a hybrid of bond-like cash flow from rental income and equity-like gains from rises in value.
因此一旦现金流不及利息支出所需,这些证券就面临重组——而持有这些债券的投资者将付出高昂代价。
So if the cash flows fall short of the interest payments, they need to be restructured — at a big cost to the investors who own them.
So that means what is the stream of payments?
这引出下个问题,债券收益的现金流是怎样的
The price is just the present value of that stream, discounted at the interest rate.
债券的价格就是这些现金流,以利率r为贴现率算出的贴现值
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