1、YCF正版可修改PPT(本科）會計(jì)專業(yè)英語Chapter 13教學(xué)課件Chapter 13 Risk and Return2Mini CaseWith the S&P 500 Index up about 23.5 percent and the NASDAQ stock market index up about 43.9 percent in 2009, stock market performance overall was well above average. Investors were particularly happy because of the market declin

2、es of 39 and 41 percent, respectively, in 2008. However, investors in Human Genome Sciences had to feel particularly happy about 1,342 percent gain in that stock, and investors in mining company Teck Resources had to be pleased with the 611 percent gain in the price of that stock. Of course, not all

3、 stocks increased in value during the year. Stock in broadcast television company RHI Entertainment fell 96 percent during the year, and stock in Pacific Capital Bancorp dropped 94 percent. These examples show that there were tremendous potential profits to be made during 2009, but there was also th

4、e risk of losing money, and lots of it. So what should you, as a stock market investor, expect when you invest your own money? Learning objectives1. Appreciate the introduction to risk and return2. Understand diversification and portfolio risk 3. Understand assumptions and implications of the CAPM4.

5、 Distinguish three versions of the EMH4ContentTopic 1: Measuring the Risk and ReturnTopic 2: Investment PortfolioTopic 3: Beta and Capital Asset Pricing ModelTopic 4: Efficient Capital Market5Topic 1: Measuring the Risk and ReturnDeterminants of the Level of Interest Rates(1) The supply of funds fro

6、m savers, primarily households.(2)The demand for funds from business to be used to finance investment in plant, equipment, and inventories (real assets or capital formation).(3)The governments net supply of or demand for funds as modified. 6Topic 1: Measuring the Risk and Return 7Topic 1: Measuring

7、the Risk and ReturnDeterminants of the Level of Interest RatesThe Equilibrium Real Rate of Interest 8Topic 1: Measuring the Risk and Return 9Topic 1: Measuring the Risk and Return 10Topic 1: Measuring the Risk and Return 11Topic 1: Measuring the Risk and Return 12Topic 1: Measuring the Risk and Retu

8、rn 13Topic 2: Investment PortfolioDiversification and Portfolio Risk 14Topic 2: Investment Portfolio DebtEquity8%13%12%20%72.3015Topic 3: Beta and Capital Asset Pricing Model 16Topic 3: Beta and Capital Asset Pricing Model 17Topic 3: Beta and Capital Asset Pricing Model 18Topic 3: Beta and Capital Asset Pricing ModelThe Security Market Line 19Topic 4: Efficient Capital MarketVersion of the Efficient Market Hypothesisweak-formsemistrong-formstrong-form 20Topic 4: Efficient Capital MarketImplica