The basic method and idea is no arbitrage parity. No matter how one yuan is invested, it will eventually get the same return.
Now there is one yuan, 1. Buy two-year bonds and lend them at forward interest rates. 2. Buy three-year bonds.
The return of the two methods is the same, and the result depends on whether you calculate simple interest or compound interest.
Let the forward interest rate be X, and the simple interest rate will be 7.5 * 3 = 2 * 7+X.
Under compound interest (1+7.5%) 3 = (1+7%) 2 * (1+x%)
What is the main topic of securities investment? What do you think of securities investment?
(A) the concept of the securities market
Securities are all kinds of economic rights and interests certificates. Therefore, the securities market in a broad sense refers to all places where securities are issued and traded. In a narrow sense, the most active securities market refers to capital security market, currency securities and commodity securities. Among them, stocks, bonds, commodity futures, options, stock futures, options, interest rate futures, options and other securities products. In the developed market economy, the securities market is an important part of a complete market system, which not only reflects and regulates the movement of monetary funds, but also has an important impact on the operation of the whole economy.
The structure of the securities market refers to the composition of the securities market and the proportional relationship between its parts. The most common and basic structure of the securities market includes: hierarchical structure, multi-level capital market, variety structure, trading place structure, vertical structural relationship and horizontal structural relationship.
(B) the elements of the securities market
The components of the securities market mainly include three aspects: securities market participants, securities market trading tools and securities trading places.
Participants in the securities market mainly include securities issuers, securities investors (institutional investors and individual investors), securities market intermediaries (securities companies and securities service agencies), self-regulatory organizations (stock exchanges, securities associations, securities registration and settlement institutions) and securities regulatory agencies.
The editor of Securities Investment focuses on the basic theory and related knowledge of securities investment, mainly involving securities investment tools, securities market and its operation, procedures and methods of securities trading, risks and benefits of securities investment, analysis methods of securities investment, management and evaluation of securities investment, etc. Among them, the contents of securities investment analysis methods are the most complex and profound, and there are three kinds of * * *: basic analysis, technical analysis and evolution analysis, which involve a wide range of academic fields, including economics.