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  • The aim of the article is to demonstrate the use of the Laplace transform to the evaluation of consols’ present value under different streams of returns (dividends). Consols (or perpetual bonds, perpetuities) are bonds with no maturity, which means that interest is paid to a bondholder perpetually (usually annually) forever. The present value of a consol, when constant interest is paid, is simply a ratio of this interest and interest rate. However, when interest payments (stream of returns to a bondholder) change in time the evaluation of consol’s present value is more complicated. In the first part of this article it is shown that the Laplace transform of a stream of returns can be used to the evaluation present value of a consol under assumption of continuous compounding; and moreover, with the inverse Laplace transform an unknown stream of returns can be reconstructed from the known consol’s present value. The use of Laplace transform is illustrated by examples.
  • The aim of the article is to demonstrate the use of the Laplace transform to the evaluation of consols’ present value under different streams of returns (dividends). Consols (or perpetual bonds, perpetuities) are bonds with no maturity, which means that interest is paid to a bondholder perpetually (usually annually) forever. The present value of a consol, when constant interest is paid, is simply a ratio of this interest and interest rate. However, when interest payments (stream of returns to a bondholder) change in time the evaluation of consol’s present value is more complicated. In the first part of this article it is shown that the Laplace transform of a stream of returns can be used to the evaluation present value of a consol under assumption of continuous compounding; and moreover, with the inverse Laplace transform an unknown stream of returns can be reconstructed from the known consol’s present value. The use of Laplace transform is illustrated by examples. (en)
Title
  • Application of the Laplace transform for the evaluation of consol's present value
  • Application of the Laplace transform for the evaluation of consol's present value (en)
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  • Application of the Laplace transform for the evaluation of consol's present value
  • Application of the Laplace transform for the evaluation of consol's present value (en)
skos:notation
  • RIV/47813059:19520/12:#0001792!RIV13-MSM-19520___
http://linked.open...avai/predkladatel
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • I
http://linked.open...iv/cisloPeriodika
  • 4
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 123410
http://linked.open...ai/riv/idVysledku
  • RIV/47813059:19520/12:#0001792
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • consol, future value, Laplace transform, present value, stream of returns (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • CZ - Česká republika
http://linked.open...ontrolniKodProRIV
  • [09211D0F3973]
http://linked.open...i/riv/nazevZdroje
  • Acta academica karviniensia
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • XII
http://linked.open...iv/tvurceVysledku
  • Mazurek, Jiří
issn
  • 1212-415X
number of pages
http://localhost/t...ganizacniJednotka
  • 19520
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