• Перепишите и письменно переведите весь текст. НО! по переводчику и я могу,мне нужен нормлаьный перевод,пожалуйста
    Bonds
    Bond markets are important components of capital markets. Bonds are
    fixed-income securities-securities that promise the holder a specified set of
    payments. The value of a bond (like the value of any other asset) is the
    present value of the income stream one expects to receive from holding
    the bond. This has several implications:
    1. Bond prices vary inversely with market interest rates. Since the
    stream of payments usually is fixed no matter what subsequently happens
    to interest rates, higher rates reduce the present value of the expected
    payments, and thus the price.
    2. Bonds are generally adversely affected by inflation. The reason is
    that higher expected inflation raises market interest rates and therefore
    reduces the present value of the stream of fixed payments. Some bonds
    (ones issued by the Israeli government, for example) are indexed for inflation.
    If, for example, inflation is 10 percent per year, then the income from
    the bond rises to compensate for this inflation. With perfect indexation the
    change in expected payments due to inflation exactly offsets the inflationcaused
    change in market interest rates, so that the current price of the bond
    is unaffected.
    3. The greater the uncertainty about whether the payment will be
    made (the risk that the issuer will default on the promised payments), the
    lower the "expected" payment to bondholders and the lower the value of
    the bond.
    4. Bonds whose payments are subjected to lower taxation provide investors
    with higher expected after-tax payments. Since investors are interested
    in after-tax income, such bonds sell for higher prices.
    The major classes of bond issuers are the U.S. government, corporations,
    and municipal governments. The default risk and tax status differ
    from one kind of bond to another

Ответы 2

  • я же сказала,по переводчику мне не надо,спасибо
  • :D
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