第八章 报酬、风险与证券市场线.ppt

文档介绍：Chapter 8
Return, Risk, and the Security Market Line
Part Ⅰ: Outline
Returns
The Historical Record
Average Returns: The First Lesson
The Variability of Returns: The Second Lesson
Capital Market Efficiency
1. Returns
Total return = e from investment + capital gain (loss) due to change in price
Xanth Corporation
$1000
Annual coupon$80 10years
Example of Return
P363 Figure
Percentage Returns
Dividend yield = e / beginning price
Capital gains yield = (ending price – beginning price) / beginning price
Total percentage return = dividend yield + capital gains yield
For DGM:
2. The Historical Record
P367
Average Returns(1925-2003)
Investment
Average Return
Large stocks
%
Small Stocks
%
Long-term Corporate Bonds
%
Long-term Government Bonds
%
. Treasury Bills
%
Inflation
%
P373
Risk Premiums
The “extra” return earned for taking on risk
Treasury bills are considered to be risk-free
Investment
Average Return
Risk Premium
Large stocks
%
%
Small Stocks
%
%
Long-term Corporate Bonds
%
%
Long-term Government Bonds
%
%
. Treasury Bills
%
%
P373
记住
国库券
现金
银行存款
3. Measure the Volatility of Returns
Volatility
Uncertainty
Risk
P378