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【正文】 dexes ? Financial analysts can’t trace every stock, so they rely on market indexes to summarize the return on different classes of securities ? Market index: measure of the investment performance of the overall market ? Dow Jones Industrial Average: index of the investment performance of a portfolio of 30 “bluechip” stocks ? Standard amp。 Pt: price (value ) of asset at time t。1 Chapter 10 Introduction to risk, return, and the opportunity cost of capital 2 Objectives 1. Estimate the opportunity cost of capital for an “averagerisk” project 2. Calculate the standard deviation of return for individual mon stocks or for a stock portfolio 3. Understand why diversification reduces risk 4. Distinguish between unique risk, which can be diversified away, and market risk which cannot 3 Content ? Rates of return: a review ? A century of capital market history ? Measuring risk ? Risk and diversification ? Thinking about risk 4 Percentage return: 收益率 Dividend yield: 股利收益率 Capital gain: 資本利得 Capital loss: 資本損失 Real rate of return: 實際收益率 Nominal rate of return: 名義收益率 Inflation rate: 通脹率 5 When investors buy a stock or a bond, their return es in two forms: (1) A dividend or interest payment and (2) A capital gain or a capital loss 6 11111????? ??????tttttttttt PPPPDPPPDrWhere: rt =actual, expected, or required rate of return during period t。 Dt: cash received from the asset investment in the time period t1 to t。 Pt1: price ( value ) of asset at time t1, initial price Percentage capital gain Rt=Dividend yield 7 problem ? Suppose you bought 100 shares of WalMart (WMT) one year ago today at $25. Over the last year, you received $20 in dividends (20 cents per share 100 shares). At the end of the year, the stock sells for $30. How did you do? 8 ? Quite well. You invested $25 100 = $2,500. At the end of the year, you have stock worth $3,000 and cash dividends of $20. Your dollar gain was $520 = $20 + ($3,000 – $2,500). ? Your percentage gain for the year is: % = $2,500 $520 9 Content ? Rates of return: a review ? A century of capital market history ? Measuring risk ? Risk and diversification ? Thinking about risk 10 Market index: 市場指數(shù) Dow Jones Industrial Average: 道瓊斯工業(yè)股票平均價格指數(shù) Standard amp。 Poor’s posite index: index of the investment performance of a portfolio of 500 large stocks. Also called the Samp。 high or low returns for Treasury bo
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