Financial Engineering PrinciplesA Unified Theory for Financial Product Analysis and Valuation phần 2

Tỷ lệ Một trong 100 người có được tâm thần phân liệt trong quá trình của cuộc đời trong tất cả các nước trên thế giới. Các nghiên cứu cho rằng có nhiều người bị tâm thần phân liệt ở một số nơi như phía tây của Ireland - đã được chứng minh là sai. | Products 7 TABLE Similarities and Differences of Equities and Bonds Equities Bonds Entitles holder to vote d Entitles holder to a preferable ranking in default d Predetermined life span d Has a price d d Has a yield d d May pay a coupon d May pay a dividend d by purchasing goods or services or other investment vehicles including equities bonds real estate precious metals or even other currencies. A currency typically is thought of as a unit of implied value. I say implied value because in contrast with times past today s coins and paper money are rarely worth the materials used to make them and they tend not to be backed by anything other than faith and trust in the government minting or printing the money. For example in ancient Rome the value of a particular coin was typically its intrinsic value that is its value in its natural form of silver or gold. And over varying periods of time the United States and other countries relied on linking national currencies to gold and or silver where paper money was sometimes said to be backed by gold or subject to a gold standard that is actual reserves of gold were set aside in support of outstanding supplies of currency. The use of gold as a centerpiece of currency valuation pretty much faded from any practical meaning in 1971. Since the physical manifestation of a currency in the form of notes or coins is typically the responsibility of national governments the judgment of how sound a given currency may be generally is regarded as inexorably linked to how sound the respective government is regarded as being. Rightly or wrongly national currencies today typically are backed by not much more than the confidence and expectation that when a currency or one of its derivatives as with a check or credit card is presented for payment it typically will be accepted. As we will see while the whole notion of currencies being backed by precious metals has faded as a way of conveying a sense of discipline or credibility some .

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