財務(wù)管理專業(yè)英語u(存儲版)
【正文】 他人 投保、聯(lián)營、技術(shù)轉(zhuǎn)讓、 業(yè)務(wù)外包 接受 風(fēng)險自擔(dān) 承擔(dān)損失計入成本、沖減 利潤 風(fēng)險自保 提取準(zhǔn)備金 Efficient Market Hypothesis (EMH) ? Assumption 1: The returns from investments are normally distributed. ? Assumption 2: Investors are riskaverse. ? Assumption 3: Investors are rational. ? Assumption 4: Investors are price takers. ? Assumption 5: The Efficient Market Hypothesis holds. Efficient market hypothesis： Prices fully reflect all available information on a particular stock and/or market. No investor has an advantage in predicting a return on a stock price since no one has access to information not already available to everyone else. Three types of financial market efficiency: ? allocationally efficient ? operationally efficient ? informationally efficient Three main factors associated with informational market efficiency ? The type of information to which the market price reacts ? The speed at which the market price reacts to information ? The degree to which market participants overor underreact to information Forms of Informational Efficiency Fama (1970) distinguishes three forms of informationally efficient markets: ?Weak Form ?Semistrong Form ?Strong Form Characteristics of an Informationally Efficient Market ? Price changes cannot be predicted. ? The price of the asset is equal to its fundamental (unobserved but true) value. ? Price changes should be random and unpredictable. Anomalies in Finance ? the shortrun underpricing of Initial Public Offerings (IPOs) ? small panies have higher returns than that expected, based on the CAPM (small firm effect) ? on average, stocks have lower (negative) returns on Monday, pared to (positive) returns on other days of the week (Monday effect) ? stocks have higher returns in January, relative to other months of the year (January effect). ?long run reversions in returns (overreaction) —— buy losers, sell winners。 2．局限：預(yù)期收益率不同的資產(chǎn)的風(fēng)險不適用。 Therefore, my merchandise makes me not sad. ——Shakespear, Merchant of Venice 我的買賣的成敗并不完全寄托在一艘船上，更不是倚賴著一處地方；我的全部財產(chǎn)，也不會因?yàn)檫@一年的盈虧而受到影響，所以我的貨物并不能使我憂愁。 Wisdom Mini case For many people it is quite acceptable to risk $20 every week in the lottery, in view of potential returns of hundreds of thousands (or even millions) of dollars. When you buy a lottery ticket, the risk of losing your $20 is very high (how often have you won anything at lotto). How much you will be willing to risk, given a set probability of winning or losing, depen
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