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大小:1.76 MB
页数:493页
时间:2019-03-03
《财务报表分析与证券定价(第二版)答案(英文版)》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、CHAPTERONEIntroductiontoInvestingandValuationConceptQuestionsC1.1.Yes.Stockswouldbeefficientlypricedattheagreedfundamentalvalueandthemarketpricewouldimpoundalltheinformationthatinvestorsareusing.Stockpriceswouldchangeasnewinformationarrivedthatrevisedthefundamentalvalue.Butthatn
2、ewinformationwouldbeunpredictablebeforehand.Sochangesinpriceswouldalsobeunpredictable:stockpriceswouldfollowa“randomwalk.”C1.2.Indexinvestorsbuyamarketindex--theS&P500,say--atitscurrentprice.Withnoonedoingfundamentalanalysis,noonewouldhaveanyideaoftherealworthofstocks.Priceswoul
3、dwanderaimlessly,likea“randomwalk.”Alonefundamentalinvestormighthavedifficultymakingmoney.Hemightdiscoverthatstocksaremispriced,butcouldnotbesurethatthepricewillultimatelyreturnto“fundamentalvalue.”C1.3.Fundamentalriskarisesfromtheinherentriskinthebusiness–fromsalesrevenuefallin
4、gorexpensesrisingunexpectedly,forexample.Priceriskistheriskofpricesdeviatingfromfundamentalvalue.Pricesaresubjecttofundamentalrisk,butcanmoveawayfromfundamentalvalue,irrespectiveofoutcomesinthefundamentals.Whenaninvestorbuysastock,hetakesonfundamentalrisk–thestockpricecoulddropb
5、ecausethefirm’soperationsdon’tmeetexpectations–buthealsorunsthe(price)riskofbuyingastockthatisoverpricedorsellingastockthatisunderpriced.SeeBox1.1.Chapter18elaborates.IntroductiontoInvestingandValuation–Chapter1p.1C1.4.Abetatechnologymeasurestheriskofaninvestmentandtherequiredre
6、turnthattheriskrequires.Thecapitalassetpricingmodel(CAPM)isabetatechnology;ismeasuresrisk(beta)andtherequiredreturnforthebeta.Analphatechnologyinvolvestechniquesthatidentifymispricedstocksthancanearnareturninexcessoftherequiredreturn(analphareturn).SeeBox1.1.TheappendixtoChapter
7、3elaboratesofbetatechnologies.C1.5.Thisstatementisbasedonastatisticalaveragefromthehistoricaldata:ThereturnonstocksintheU.S.andmanyothercountriesduringthetwentiethcenturywashigherthanthatforbonds,eventhoughtherewereperiodswhenbondsperformedbetterthanstocks.So,theargumentgoes,ifo
8、neholdsstockslongenough,oneearnsthehigherreturn
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