【正文】 retail investor 個(gè)人投資者（散戶投資者） Words study efficient markets 配置有效市場 operationally efficient markets 運(yùn)營有效市場 informationally efficient markets 信息有效市場 ? When prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers, the market is said to be allocationally efficient. ? When the cost of transferring funds is ―reasonable‖, the market is said to be operationally efficient. ? When prices fully reflect all available information, it is informationally efficient. Words study form 弱式 semistrong 半強(qiáng)式 strong form 強(qiáng)式 ? Week form——assets prices reflect all historical price information. ? Semistrong ——assets prices reflect all historical price information and all publicly available information. ? Strong form——assets prices reflect all historical price information, all publicly available information, and all private information ( including information only known to insiders, such as pany directors). Words study 異常 價(jià)格低估 effect 星期一效應(yīng) January effect 元月效應(yīng) On average, stocks have lower (negative) returns on Monday, pared to (positive) returns on other days of the week. Stocks have higher returns in January, relative to other months of the year. Words study announcement drift 期后盈余披露 finance 行為財(cái)務(wù) Behavioral finance is the discipline within finance which relies on psychologybased theories to explain such anomalies where rational explanations fail. theory 期望理論 Portfolio theory 組合理論 fund 共同基金 efficient frontier 均值 方差有效邊界 Correlation coefficient 相關(guān)系數(shù) Words study asset pricing model（ CAPM)資本資產(chǎn)定價(jià)模型 Beta coefficient 貝塔系數(shù) factor 公司特有風(fēng)險(xiǎn) pricing theory(APT)套利定價(jià)模型 Words study Text study ? Introduction to Risk and Return ? Efficient Market Hypothesis (EMH) ? Portfolio Theory ? Beta and Capital Asset Pricing Model ? Arbitrage Pricing Theory Introduction to Risk and Return Risk can be measured in different ways, and different conclusions about an asset39。 Introduction to Risk and Return —— risk 標(biāo)準(zhǔn)離差率是一個(gè)相對指標(biāo)。 ? 局限：（ 1）某些資產(chǎn)或企業(yè)的值難以估計(jì)，對于那些缺乏歷史數(shù)據(jù)的新興行業(yè)而言尤其如此；（ 2）即使有充足的歷史數(shù)據(jù)可以利用，但由于經(jīng)濟(jì)環(huán)境的不確定性和不斷變化使得依據(jù)歷史數(shù)據(jù)估算出來的值對未來的指導(dǎo)作用大打折扣； （ 3）資本資產(chǎn)定價(jià)模型和證券市場線是建立在一系列假設(shè)之上的，其中一些假設(shè)與實(shí)際情況有較大的偏差。 2．注意：如果資產(chǎn)的預(yù)期收益率相同，不需要計(jì)算標(biāo)準(zhǔn)離差率。 1．適用條件：在預(yù)期收益率相同的情況下，標(biāo)準(zhǔn)差或方差越大則風(fēng)險(xiǎn)越大；標(biāo)準(zhǔn)差或方差越小則風(fēng)險(xiǎn)也越小。 ? My ventures are not in one bottom trusted， not to one place, nor is my whole estate