現(xiàn)代企業(yè)資本市場(chǎng)理論分析-wenkub.com
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【正文】 2023年 2月 上午 1時(shí) 53分 :53February 1, 2023 ? 1業(yè)余生活要有意義，不要越軌。 01:53:1301:53:1301:53Wednesday, February 1, 2023 ? 1知人者智，自知者明。 上午 1時(shí) 53分 13秒 上午 1時(shí) 53分 01:53: ? 楊柳散和風(fēng)，青山澹吾慮。 2023年 2月 1日星期三 上午 1時(shí) 53分 13秒 01:53: ? 1楚塞三湘接，荊門九派通。 01:53:1301:53:1301:532/1/2023 1:53:13 AM ? 1成功就是日復(fù)一日那一點(diǎn)點(diǎn)小小努力的積累。 2023年 2月 上午 1時(shí) 53分 :53February 1, 2023 ? 1行動(dòng)出成果，工作出財(cái)富。 01:53:1301:53:1301:53Wednesday, February 1, 2023 ? 1乍見翻疑夢(mèng)，相悲各問(wèn)年。 2023 by The McGrawHill Companies, Inc. All rights reserved. 925 ? 靜夜四無(wú)鄰，荒居舊業(yè)貧。 2023 by The McGrawHill Companies, Inc. All rights reserved. 922 Normal Distribution ? The standard deviation we found for stock returns from 1926 through 1999 can now be interpreted in the following way: if stock returns are approximately normally distributed, the probability that a yearly return will fall within percent of the mean of percent will be approximately 2/3. ? But asset returns are usually not symmetric! McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 919 Stock Market Volatility 01020304050601926 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 1998Source: 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 916 The RiskReturn Tradeoff 2%4%6%8%10%12%14%16%18%0% 5% 10% 15% 20% 25% 30% 35%A n n u al R e tu r n S tan d ar d D e v i ati onAnnual Return AverageTBo ndsTBi l l sLa rg eC o m pa ny Sto cksSm a l l C o m pa ny Sto cksMcGrawHill/Irwin Copyright 169。 Stocks, Bonds, Bills, and Inflation 2023 Yearbook? , Ibbotson Associates, Inc., Chicago (annually updates work by Roger G. Ibbotson and Rex A. Sinquefield). All rights reserved. Chart is approximate. – 90% + 90% 0% Average Standard Series Annual Return Deviation Distribution Large Company Stocks % % Small Company Stocks LongTerm Corporate Bonds LongTerm Government Bonds . Treasury Bills Inflation McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 910 The Future Value of an Investment of $1 in 1926 1010001930 1940 1950 1960 1970 1980 1990 2023C om m on S toc k sLon g T Bon d sT Bi l l s$ $ ,2$)1()1()1(1$ 1 9991 9271 926 ???????? rrr ?Source: 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 96 Holding Period Return: Example ? Suppose your investment provides the following returns over a fouryear period. [Note that this is a PV, NOT NPV Y e a r Re t u r n1 10%2 5 %3 20%4 15%%.1)()()95(.)(1)1()1()1()1(retur n period holdingYour 4321?????????????????rrrrMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies,
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