持有期回报（holding companyperiod of Return）为负代表什么？

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固定收益证券 全套课件.ppt392页
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第一章 固定收益证券的基本知识 固定收益证券 固定收益证券 fixed-income securities 是一个笼统、宽泛而又不太严格的定义。一般而言，固定收益证券代表拥有对未来发生的一系列具有确定数额收入流的要求权。 固定收益证券的范围 固定收益证券包括债券（bonds）、优先股（preferred stock）、还包括商业票据、银行承兑票据、回购协议、大额可转让存单以及抵押贷款担保证券（mortgage-backed securities）等多种债务性工具。另外，许多嵌有选择权（option）的债券（如可转换债券）或具有特殊现金流的债券（如浮动利率债券）也被称为固定收益证券，尽管这些债券未来的现金流的数额和日期都不是固定的。 债券 债券是债的证明书。债是按照合同的约定或者依照法律的规定，在当事人之间产生的特定的权利和义务关系。债券是发行人依照法定程序发行，并约定在一定期限还本付息的有价证券。它反映的是债权债务关系。
债券的要素 1、债券面值 2、债券价格 3、期限 4、票面利率 5、嵌入选择权
6、抵押、担保条款
7、偿债基金条款
债券风险 （1）利率风险； （2）违约风险（信用风险）； （3）通货膨胀风险； （4）提前偿还风险； （5）汇率风险； （6）流动性风险。
债券利率风险
包括:价格 市场）风险;再投资风险
所有债券价格都受利率变化的影响
利率风险 两个部分 价格风险 再投资风险 如果y 增加, 那么 债券价格- 利息再投资收入 + 如果 y 下降, 那么 价格 + 利息再投资收入 -
价格风险 债券的价格与利率变化呈反向变动。当利率上升（下降）时，债券的价格便会下跌（上涨）。对于持有债券直至到期的投资者来说，到期前债券价格的变化没有什么影响；但是，对于在债券到期日前出售债券的投资
正在加载中，请稍后...How to Calculate the Holding Period Return | eHow
The Holding Period Return is an investment measure that calculates the return you have received on your investment over the length of time that you have held the investment. It is a simple calculation that can be used to compare your rate of return against a target rate of return or to compare different investment opportunities to see which one produces the highest return. Annualizing the HPR allows you to compare investments with different holding periods to each other.
Calculator
Alternatively: Microsoft Excel spreadsheet
Gather together the investment statements of the investments for which you want to calculate the HPR. The information you will need is the initial value of the investment when you purchased it, the income you have received in the length of time you have held the investment including interest, dividends and capital gains and the ending value of the investment if it is different than the initial value.
The HPR is calculated as follows:
[Income + (ending value - beginning value)]/beginning value
Let's look at an example. A stock that you have been holding in your portfolio for six months has paid dividends of $47 and is currently worth $693. You purchased the stock six months ago for $550. The HPR would be:
[$47 + ($693 - $550)]/$550 or 34.5%
You have had a 34.5% return on your investment over the length of time you have held it.
If you want to calculate the HPR on a discount bond, you would simply take the difference between what you purchased the bond for and its current value. For example, if you purchased a bond last month at $943 and its face value is now $958, your holding period return would be:
($958 - $943)/$943 or 1.6%
The limitation of the HPR calculation is that it doesn't take into account how long you have held the investment. In the examples above, it doesn't really tell you anything to know that you have made 34.5% or 1.6% because the investments have been held for different time periods. Making 1.6% in a month is much different than making 1.6% in a year. Annualizing the HPR allows you to compare &apples to apples& so that you know how much each investment will make in one year based on your current rates of return.
To annualize your HPR using simple interest, multiply it by 12 divided by the number of months you have held the investment. For example, in our first stock example, the annualized return would be 34.5% X 12/6 or 69%. In the second bond example, the annualized return would be 1.6% X 12/1 or 19.2%.
Now you can compare returns on different investments. The stock investment in the example above earns 69% return annually while our bond investment earns 19.2%.
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单项选择题持有期收益率(holding period return，HPR)是衡量持有某一投资工具一段时间所带来的总收益。它的内容包括(
①利息收入
②资本利得
③资本损失
④预期成本A．①②③B．②③④C．①②④D．①②③④
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