chapter5portfolioriskandreturnparti(參考版)
2024-10-03 21:58本頁面
【正文】 P 500 and the Emerging Markets index is ? EXAMPLE 54 RETURN AND RISK OF A TWOASSET PORTFOLIO (CONTINUED) ? ? ? ?? ?? ? ? ?? ?%,2)(,2%212122222121222221212222212122211??????????????????????????RRC o vwRRC o vwRwRwRPPP??????EXAMPLE 54 RETURN AND RISK OF A TWOASSET PORTFOLIO (CONTINUED) S amp。P 500 and percent for the Emerging Markets index. The risk (standard deviation) is percent for the Samp。CHAPTER 5 PORTFOLIO RISK AND RETURN: PART I Presenter Venue Date RETURN ON FINANCIAL ASSETS Total Return Periodic Ine Capital Gain or Loss HOLDING PERIOD RETURN y i e l d D i v i d e n d g a i n C a p i t a l 11111?????????????tttttttttPDPPPPDPPRA holding period return is the return from holding an asset for a single specified period of time. %7%2%51002100100105 ??????RHOLDING PERIOD RETURNS ? ? ? ? ? ?? ?? ?? ? %))(( 1111 321??????????????? RRRRWhat is the 3year holding period return if the annual returns are 7%, 9%, and –5%? AVERAGE RETURNS Average returns Arithmetic or mean return Geometric mean return Moneyweighted return ARITHMETIC OR MEAN RETURN ??? ??????TtitiTiTiii RTTRRRRR1121 1?The arithmetic or mean return is the simple average of all holding period returns. %43%27%35%50 ?????iRGEOMETRIC MEAN RETURN The geometric mean return accounts for the pounding of returns. ? ? ? ? ? ? ? ?? ? 11 111111121????????????????TTtitTiTiTiiGiRRRRRR ?%)()()(3 ?????????GiRMONEYWEIGHTED RETURN Ye ar 1 2 3 B a lan c e f rom pr e vious y e a r € 0 € 50 € 1,000 Ne w inve stm e nt b y the i nve stor ( c a sh i n flow for the mutual f und) a t t he star t of the y e a r 100 950 0 Ne t bala nc e a t t he be g inn ing of y e a r 100 1,000 1,000 I nv e stm e nt re turn f o r the y e a r – 50% 35% 27% I nv e stm e nt gain ( loss ) – 50 350 270 W it hdra wa l b y the inve st or ( c a sh out flow for the mutual f und) a t t he e nd of the y e a r 0 – 350 0 B a lan c e a t t he e nd of y e a r € 50 € 1,000 € 1,270 2 6 . 1 1 %I R R0I R R )1(1270I R R )1(350I R R )1(95011000I R R )1(CFI R R )1(CFI R R )1(CFI R R )1(CF32133221100??????????????????ANNUALIZED RETURN ? ?ye a r ai n pe ri od
教學課件相關推薦
鄂ICP備17016276號-1