Chap 9 Risk and Return Lessons from Market History议论文框架
经济补偿金的规定Yixia Wang
CM,HUST
Mar.2010
2011/2/16FN1
Key Concepts and Skills
l Know how to calculate the return on an investment
l Know how to calculate the standard deviation of an investment’s returns
l Understand the historical returns and risks on various types of investments
巧舌如簧的意思
l Understand the importance of the normal distribution l Understand the difference between arithmetic and geometric average returns
报废年限
2011/2/16FN1
Chapter Outline
简笔画狼l How to measure returns
l How to measure risk
l Risk-return trade off
l Risk premium
l More on Average Returns
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How to measure Returns: single period l Dollar Returns
the sum of the cash received and the
change in value of the ast, in
dollars.
Time01 Initial
似梦非梦investment
Ending market value Dividends
Percentage Returns
–the sum of the cash received and the
change in value of the ast divided by
益肾补骨液
the initial investment.
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我终于明白
Returns: Example
l Suppo you bought 100 shares of Wal-Mart (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 lls for $30. How did you do?
l 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).
l Your percentage gain for the year is:
$520
20.8% =
$2,500
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