holding period yield/return return

huangke

holding period yield 和 holding period return 什么区别啊

冰冰水月儿

顶一下~

simen_wu

在Reading 6 Discounted Cash Flow Applications 中的有关HPY(holding period yield)给出的注释是（Volume One p230）：

 

Bond-market participants often use the term "yield" when referring to total returns(returns incorporating both price change and income), as in yield to maturity. In other cases, yield refers to returns  from income alone(as in current yield, which is annual interest divided by price). As used in this volume(这里应该指的VOLUME ONE) and by many writers, holding period yield is a bond marker synonym for holding period return, total return and horizon return.

 

如果没有理解错的话

yield指的仅仅是income, 如interest,不计算价格取得的收益。

returns则包括price change and income的收益。

但是对于bond markers或者fixed income markers来说HPY和holding period return应该是一个意思。