公司理财ppt-10

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1、CorporateFinanceRossWesterfieldJaffeSixthEditionSixthEdition10ChapterTenTheCapitalAssetPricingModel(CAPM)ChapterOutline10.1IndividualSecurities10.2ExpectedReturn,Variance,andCovariance10.3TheReturnandRiskforPortfolios10.4TheEfficientSetforTwoAssets10.5TheEfficientSetforManySecurities10.6Div

2、ersification:AnExample10.7RisklessBorrowingandLending10.8MarketEquilibrium10.9RelationshipbetweenRiskandExpectedReturn(CAPM)10.10SummaryandConclusions10.1IndividualSecuritiesThecharacteristicsofindividualsecuritiesthatareofinterestarethe:ExpectedReturnVarianceandStandardDeviationCovarianceand

3、Correlation10.2ExpectedReturn,Variance,andCovarianceConsiderthefollowingtworiskyassetworld.Thereisa1/3chanceofeachstateoftheeconomyandtheonlyassetsareastockfundandabondfund.10.2ExpectedReturn,Variance,andCovariance10.2ExpectedReturn,Variance,andCovariance10.2ExpectedReturn,Variance,andCovaria

4、nce10.2ExpectedReturn,Variance,andCovariance10.2ExpectedReturn,Variance,andCovariance10.2ExpectedReturn,Variance,andCovariance10.2ExpectedReturn,Variance,andCovariance10.2ExpectedReturn,Variance,andCovariance10.3TheReturnandRiskforPortfoliosNotethatstockshaveahigherexpectedreturnthanbondsandh

5、igherrisk.Letusturnnowtotherisk-returntradeoffofaportfoliothatis50%investedinbondsand50%investedinstocks.10.3TheReturnandRiskforPortfoliosTherateofreturnontheportfolioisaweightedaverageofthereturnsonthestocksandbondsintheportfolio:10.3TheReturnandRiskforPortfoliosTherateofreturnontheportfolio

6、isaweightedaverageofthereturnsonthestocksandbondsintheportfolio:10.3TheReturnandRiskforPortfoliosTherateofreturnontheportfolioisaweightedaverageofthereturnsonthestocksandbondsintheportfolio:10.3TheReturnandRiskforPortfoliosTheexpectedrateofreturnontheportfolioisaweightedaverageoftheexpectedre

7、turnsonthesecuritiesintheportfolio.10.3TheReturnandRiskforPortfoliosThevarianceoftherateofreturnonthetworiskyassetsportfolioiswhereBSisthecorrelationcoefficientbetweenthereturnsonthestockandbondfunds.10.3TheReturnandRiskforPortfoliosObservet