La valutazione degli strumenti finanziari

[Autom. eng. transl.] This chapter presents the methods of calculating the performance of an investment in debt instruments based on the discounting of flows from the investment at a specific rate (the internal rate of return). Once the calculation regimes have been defined, in simple and compound capitalization (paragraph 8.1), the elements for the evaluation of short-term instruments will be considered first and then the methods for calculating the return on medium-long term securities will be illustrated: considering the preliminary aspects relating to the calculation of the accrual, the immediate return and the actual return. Subsequently, attention will be paid to assessing the risk associated with investment in debt instruments, highlighting the role of some main indicators including duration and convexity, also focusing on the main theories of the formation of the yield curve. Finally, we will proceed with the identification of the main elements for the evaluation of debt instruments with a more complex structure.