2019对外经济贸易大学投资学课件3.ppt
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1、Lecture 3 Risk and Return,Key Concepts and Skills,Know how to calculate the return on an investment Understand the historical returns on various types of investments Understand the historical risks on various types of investments,Risk, Return and Financial Markets,We can examine returns in the finan
2、cial markets to help us determine the appropriate returns on non-financial assets Lessons from capital market history There is a reward for bearing risk The greater the potential reward, the greater the risk This is called the risk-return trade-off,Dollar Returns,Total dollar return = income from in
3、vestment + capital gain (loss) due to change in price Example: You bought a bond for $950 one year ago. You have received two coupons of $30 each. You can sell the bond for $975 today. What is your total dollar return? Income = 30 + 30 = 60 Capital gain = 975 950 = 25 Total dollar return = 60 + 25 =
4、 $85,Percentage Returns,It is generally more intuitive to think in terms of percentages than in dollar returns Dividend yield = income / beginning price Capital gains yield = (ending price beginning price) / beginning price Total percentage return = dividend yield + capital gains yield,Example Calcu
5、lating Returns,You bought a stock for $35 and you received dividends of $1.25. The stock is now selling for $40. What is your dollar return? Dollar return = 1.25 + (40 35) = $6.25 What is your percentage return? Dividend yield = 1.25 / 35 = 3.57% Capital gains yield = (40 35) / 35 = 14.29% Total per
6、centage return = 3.57 + 14.29 = 17.86%,Compound return,Conventions for quoting rates of return : Usually we use APR, annual percentage rate APR=per-period rate*periods per year Sometimes we use EAR(effective annual rate) In continuous time, EAR=eAPR-1 St=S0ert, so rate of return equal Ln(St/S0),Rate
7、 of Return-example,Suppose you buy T-bill maturing in one month for $9,900. HPR=(10000-9900)/9900=1.01% APR=1.01%*12=12.12% EAR=(1+1.01%)12-1=12.82%,Figure 12.4,Year-to-Year Total Returns,Large-Company Stock Returns,Long-Term Government Bond Returns,U.S. Treasury Bill Returns,Average Returns,Risk Pr
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