*Last updated: 2023-03-16.*
# tf_quant_finance.rates.analytics.swap.equity_leg_cashflows
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Computes cashflows for a batch of equity legs.
```python
tf_quant_finance.rates.analytics.swap.equity_leg_cashflows(
forward_prices, spots, notional, dividends=None, dtype=None, name=None
)
```
Equity cashflows are defined as a total equity return between pay dates, say,
`T_1, ..., T_n`. Let `S_i` represent the value of the equity at time `T_i` and
`d_i` be a discrete dividend paid at this time. Then the the payment at time
`T_i` is defined as `(S_i - S_{i - 1}) / S_{i-1} + d_i`. The value of
the cashflow is then the discounted sum of the paments. See, e.g., [1] for the
reference.
#### Example
```python
notional = 10000
forward_prices = [[110, 120, 140], [210, 220, 240]]
spots = [100, 200]
dividends = [[1, 1, 1], [2, 2, 2]]
equity_leg_cashflows(forward_prices, spots, notional, dividends,
dtype=tf.float64)
# Expected:
# [[1000.01, 909.1, 1666.675],
# [ 500.01, 476.2, 909.1]]
```
#### Args:
* `forward_prices`: A real `Tensor` of shape `batch_shape + [num_cashflows]`,
where `num_cashflows` is the number of cashflows for each batch element.
Equity forward prices at leg reset times.
* `spots`: A `Tensor` of the same `dtype` as `forward_prices` and of
shape compatible with `batch_shape`. Spot prices for each batch element
* `notional`: A `Tensor` of the same `dtype` as `forward_prices` and of
compatible shape. Notional amount for each cashflow.
* `dividends`: A `Tensor` of the same `dtype` as `forward_prices` and of
compatible shape. Discrete dividends paid at the leg reset times.
Default value: None which maps to zero dividend.
* `dtype`: `tf.Dtype`. If supplied the dtype for the input and output `Tensor`s.
Default value: None which maps to the default dtype inferred from
`forward_prices`.
* `name`: Python str. The name to give to the ops created by this function.
Default value: None which maps to 'equity_leg_cashflows'.
#### Returns:
A `Tensor` of the same `dtype` as `forward_prices` and of shape
`batch_shape + [num_cashflows]`.
#### References
[1] Don M. Chance and Don R Rich,
The Pricing of Equity Swaps and Swaptions, 1998
https://jod.pm-research.com/content/5/4/19