风险回报与资本成本论述(英文版)(ppt 75页)

风险回报与资本成本论述(英文版)目录：
一、Types of Returns
二、Expected Returns and Variances
三、Portfolios
四、Announcements, Surprises, and Expected Returns
五、Risk: Systematic and Unsystematic
六、Diversification and Portfolio Risk
七、Systematic Risk and Beta
八、The Security Market Line
九、The SML and the Cost of Capital
十、Summary and Conclusions

 

风险回报与资本成本论述(英文版)内容提要：
Measuring risk：
If we were to plot the daily returns on a security over a long period then it might look something like a normal distribution (picture next slide)
What we want to do is to summarise this picture as simply as possible. The mean is the expected return, the spread or variation is the standard deviation or variance. We argue that this spread represents risk to investors and hence that the St. Dev. or variance is a measure of the risk of a share.
In fact return distributions don’t usually look exactly like this. They tend to have a truncated left tail and a longer right tail. Variance may not be the best measure of risk.
Ft this week：
Olympus – saga continues – resignation of President, open letter by major shareholder, questions (at last!) by Japanese Press and Government.
Eurozone – the deal – more of the same, bigger (voluntary) haircuts, more austerity but the debtor strikes back (Greek referendum).
MF Global collapse – broker-dealer suffering from eurozone ratings downgrades ($6.3bn exposure).
Management greed – huge increase in senior management pay over last year.

 

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