风险回报与资本成本论述.pptx

Return, Risk, and the Security Market Line;Types of Returns;Expected Returns and Variances: Basic Ideas;Calculating the Expected Return.Example 1;Calculating the Variance(Example 1 of Calculating the expected return);Expected Returns and VariancesExample 2;Example: Expected Returns and Variances (concluded);Calculating Expected Returns and Variance in practice;Calculating Expected Returns and Variance in practice (2);Calculating Expected Returns and Variance in practice (3);Measuring risk;Describing a distribution;Portfolio Expected Returns and Variances;;Example: Portfolio Expected Returns and Variances (continued);Ft this week;The Story so far;The story so far (2);Joint Distribution of returns;Covariance and Correlation;Covariance and Correlation; Two security Portfolio Selection Example;How Correlation affects risk (2 security example) ;How Correlation affects risk (2 security example);How Correlation affects risk (2 security example);The Effect of correlation on Portfolio Variance;Covariance and Correlation: more than 2 securities;Components of Portfolio Risk;Variance Covariance Expression;Covariance and Correlation (cont.);Standard Deviations of Annual Portfolio Returns;Portfolio Diversification;Diversification: analytical solution;Diversification: analytical solution (2);Diversification: analytical solution (3);Peter Bernstein on Risk and Diversification;How correlation affects risk: The Efficient Frontier;FT this week;Olympus share price;FT this week (cont) – Greek restructuring;The Story to date;How Correlation affects risk: a risk free asset;How Correlation affects risk: a risk free asset (2);Tobin’s Separation Theorem;Simplifying our Risk Measure;Estimating Beta;Beta Coefficients for Selected Companies (Table 10.7);Portfolio Beta Calculations;Cash (riskless asset), Portfolio Expected Returns and Betas;Cash (riskless asset), Portfolio Expected Returns and Betas;Cash (riskless asset), Portfolio Expected Returns and Betas;Return, Risk, and Equilibrium