彼得羅斯公司理財cap(5)(編輯修改稿)
2024-11-14 14:47 本頁面
【文章內(nèi)容簡介】 firm’s beta by involving the whole industry. ? If you believe that the operations of the firm are similar to the operations of the rest of the industry, you should use the industry beta. ? If you believe that the operations of the firm are fundamentally different from the operations of the rest of the industry, you should use the firm’s beta. ? Do not fet about adjustments for financial leverage. 1315 Beta, Covariance and Correlation ? Beta is qualitatively similar to the covariance since the denominator (market variance) is a constant. ? Beta and correlation are related, but different. It is possible that a stock could be highly correlated to the market, but it could have a low beta if its deviation were relatively small. )()()()(2,MiMMii RRRRRC o v????b ??1316 Determinants of Beta ? Business Risk ? Cyclicality of Revenues ? Operating Leverage ? Financial Risk ? Financial Leverage 1317 Cyclicality of Revenues ? Highly cyclical stocks have higher betas. ? Empirical evidence suggests that retailers and automotive firms fluctuate with the business cycle. ? Transportation firms and utilities are less dependent on the business cycle. ? Note that cyclicality is not the same as variability—stocks with high standard deviations need not have high betas. ? Movie studios have revenues that are variable, depending upon whether they produce ―hits‖ or ―flops,‖ but their revenues may not be especially dependent upon the business cycle. 1318 Operating Leverage ? The degree of operating leverage measures how sensitive a firm (or project) is to its fixed costs. ? Operating leverage increases as fixed costs rise and variable costs fall. ? Operating leverage magnifies the effect of cyclicality on beta. ? The degree of operating leverage is given by: DOL = EBIT D Sales Sales D EBIT 1319 Operating Leverage Sales $ Fixed costs Total costs D EBIT D Sales Operating leverage increases as fixed costs rise and variable costs fall. Fixed costs 1320 Financial Leverage and Beta ? Operating leverage refers to the sensitivity to the firm’s fixed costs of production. ? Financial leverage is the sensitivity to a firm’s fixed costs of financing. ? The relationship between the betas of the firm’s debt, equity, and assets is given by:
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號-1