投资回报率与财务报表(英文版)(ppt 30页)

投资回报率与财务报表(英文版)(内容提要：
What you will learn in this chapter：
How investment returns are calculated
The difference between normal and abnormal returns
What an efficient market price means
What an arbitrage opportunity is
The difference between active and passive investment
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A Cheap Analysis: Screening
Technical screens: identify positions based on trading indicators. Some of them:
Price screens
Small stock screens
Neglected stocks screens
Seasonal screens
Momentum screens
Insider trading screens
Fundamental screens: identify positions based on fundamental indicators of the firm’s operations relative to price
……

Problems with Screening：
You could be loading up on a risk factor
You need a risk model
You are in danger of trading with someone who knows more than you
You need a model that anticipates future payoffs
A full-blown fundamental analysis supplies this

 

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