財務(wù)管理專業(yè)英語u(已改無錯字)
2023-02-08 12:15:33 本頁面
【正文】 returns. Introduction to Risk and Return —— risk ? 收益率的方差用來表示資產(chǎn)收益率的各種可能值與其期望值之間的偏離程度。 ? 收益率的標(biāo)準(zhǔn)差：它等于方差的開方（平方根）。 Introduction to Risk and Return —— risk 標(biāo)準(zhǔn)差和方差都是用絕對指標(biāo)來衡量資產(chǎn)的風(fēng)險大小。 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)險越大；標(biāo)準(zhǔn)差或方差越小則風(fēng)險也越小。 2．局限：預(yù)期收益率不同的資產(chǎn)的風(fēng)險不適用。 ? 標(biāo)準(zhǔn)離差率是資產(chǎn)收益率的標(biāo)準(zhǔn)差與期望值之比。也可稱為變異系數(shù)。 Introduction to Risk and Return —— risk 標(biāo)準(zhǔn)離差率是一個相對指標(biāo)。它表示某資產(chǎn)每單位預(yù)期收益中所包含的風(fēng)險的大小。 1．適用條件：一般情況下標(biāo)準(zhǔn)離差率越大，資產(chǎn)的相對風(fēng)險越大；相反，標(biāo)準(zhǔn)離差率越小，資產(chǎn)的相對風(fēng)險越小。標(biāo)準(zhǔn)離差率指標(biāo)可以用來比較預(yù)期收益率不同的資產(chǎn)之間的風(fēng)險大小。 2．注意：如果資產(chǎn)的預(yù)期收益率相同，不需要計算標(biāo)準(zhǔn)離差率。 Introduction to Risk and Return —— risk 風(fēng)險對策 要點 采取措施（多選 ） 規(guī)避 放棄項目徹底避免 拒絕與不守信用的企業(yè)合 作、放棄虧損項目 減少 控制風(fēng)險因素減少風(fēng)險 的發(fā)生控制發(fā)生頻率降 低損害程度 準(zhǔn)確預(yù)測、多方案選擇、 搜集信息、市場調(diào)研、多 元化組合投資 轉(zhuǎn)移 以一定代價將風(fēng)險轉(zhuǎn)移 給他人 投保、聯(lián)營、技術(shù)轉(zhuǎn)讓、 業(yè)務(wù)外包 接受 風(fēng)險自擔(dān) 承擔(dān)損失計入成本、沖減 利潤 風(fēng)險自保 提取準(zhǔn)備金 Efficient Market Hypothesis (EMH) ? Assumption 1: The returns from investments are normally distributed. ? Assumption 2: Investors are riskaverse. ? Assumption 3: Investors are rational. ? Assumption 4: Investors are price takers. ? Assumption 5: The Efficient Market Hypothesis holds. Efficient market hypothesis： Prices fully reflect all available information on a particular stock and/or market. No investor has an advantage in predicting a return on a stock price since no one has access to information not already available to everyone else. Three types of financial market efficiency: ? allocationally efficient ? operationally efficient ? informationally efficient Three main factors associated with informational market efficiency ? The type of information to which the market price reacts ? The speed at which the market price reacts to information ? The degree to which market participants overor underreact to information Forms of Informational Efficiency Fama (1970) distinguishes three forms of informationally efficient markets: ?Weak Form ?Semistrong Form ?Strong Form Characteristics of an Informationally Efficient Market ? Price changes cannot be predicted. ? The price of the asset is equal to its fundamental (unobserved but true) value. ? Price changes should be random and unpredictable. Anomalies in Finance ? the shortrun underpricing of Initial Public Offerings (IPOs) ? small panies have higher returns than that expected, based on the CAPM (small firm effect) ? on average, stocks have lowe
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