If the expected rate of investment return is determined by the investor, the figure formed and the amount of investment costs for a particular security, which should provide him with the expected amount of profit. This estimated amount of investment costs is the real value of the securities, which consists in the expected rate of return for them taking into account relevant, the level of risk. If the actual amount of the investment costs for a security than its real value, the efficiency of financial investment will decrease (ie, the investor does not receive the expected amount of investment income). Conversely, if the actual amount of investment costs will be lower than the real value of the securities, the effectiveness of financial investment will increase. Thus, evaluating the effectiveness of the security is reduced to the evaluation of its real value, which provides the expected rate of investment return on them. Peculiarities of formation of the reverse cash flow for certain types of financial instruments define a variety of variations of models to assess their real value. Assessment of the real value of financial instruments compared to the price of its current market quotations or calculated the expected rate of gross investment income (yield) for him is the main criterion of decision-making on the implementation of a particular investment. However, when making management decisions can be taken into account other factors affecting the degree of investment risk in a particular security. Category: Management Operations Commercial Bank