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Symétrie Opérationnelle entre Obligations et Actions : Rendement à l'Échéance (YTM) et Stock Internal Rate of Return Including Price Appreciation (SIRRIPA) --- Un Tournant dans la gestion de portefeuille

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  • Rainsy Sam

    (International Management School Geneva (IMSG))

Abstract

Cet article met en lumière la symétrie conceptuelle entre le rendement à l'échéance (YTM) des obligations et le Stock Internal Rate of Return Including Price Appreciation (SIRRIPA) des actions. Alors que le YTM actualise les flux de coupons et le remboursement final pour évaluer l'attractivité d'une obligation, le SIRRIPA transpose cette logique au marché des actions en assimilant les bénéfices par action aux coupons et en définissant une valeur de sortie cohérente via le Potential Payback Period (PPP). Cette approche offre un cadre unifié permettant de comparer directement actions et obligations, constituant ainsi une avancée majeure dans la gestion de portefeuille et la construction de stratégies d'investissement optimisées.

Suggested Citation

  • Rainsy Sam, 2025. "Symétrie Opérationnelle entre Obligations et Actions : Rendement à l'Échéance (YTM) et Stock Internal Rate of Return Including Price Appreciation (SIRRIPA) --- Un Tournant dans la gestion de portefeui," Working Papers hal-05220893, HAL.
    • Handle: RePEc:hal:wpaper:hal-05220893
    Note: View the original document on HAL open archive server: https://hal.science/hal-05220893v1
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