公司理财英文版课件.ppt

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1、Chapter12SomeLessonsfromCapitalMarketHistoryMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1KeyConceptsandSkillsKnowhowtocalculatethereturnonaninvestmentUnderstandthehistoricalreturnsonvarioustypesofinvestmentsUnderstandthehistor

2、icalrisksonvarioustypesofinvestmentsUnderstandtheimplicationsofmarketefficiency12-22ChapterOutlineReturnsTheHistoricalRecordAverageReturns:TheFirstLessonTheVariabilityofReturns:TheSecondLessonMoreaboutAverageReturnsCapitalMarketEfficiency12-33Risk,ReturnandFina

3、ncialMarketsWecanexaminereturnsinthefinancialmarketstohelpusdeterminetheappropriatereturnsonnon-financialassetsLessonsfromcapitalmarkethistoryThereisarewardforbearingriskThegreaterthepotentialreward,thegreatertheriskThisiscalledtherisk-returntrade-off12-44Dolla

4、rReturnsTotaldollarreturn=incomefrominvestment+capitalgain(loss)duetochangeinpriceExample:Youboughtabondfor$950oneyearago.Youhavereceivedtwocouponsof$30each.Youcansellthebondfor$975today.Whatisyourtotaldollarreturn?Income=30+30=60Capitalgain=975–950=25Totaldoll

5、arreturn=60+25=$8512-55PercentageReturnsItisgenerallymoreintuitivetothinkintermsofpercentage,ratherthandollar,returnsDividendyield=income/beginningpriceCapitalgainsyield=(endingprice–beginningprice)/beginningpriceTotalpercentagereturn=dividendyield+capitalgains

6、yield12-66Example–CalculatingReturnsYouboughtastockfor$35,andyoureceiveddividendsof$1.25.Thestockisnowsellingfor$40.Whatisyourdollarreturn?Dollarreturn=1.25+(40–35)=$6.25Whatisyourpercentagereturn?Dividendyield=1.25/35=3.57%Capitalgainsyield=(40–35)/35=14.29%To

7、talpercentagereturn=3.57+14.29=17.86%12-77TheImportanceofFinancialMarketsFinancialmarketsallowcompanies,governmentsandindividualstoincreasetheirutilitySavershavetheabilitytoinvestinfinancialassetssothattheycandeferconsumptionandearnareturntocompensatethemfordoi

8、ngsoBorrowershavebetteraccesstothecapitalthatisavailablesothattheycaninvestinproductiveassetsFinancialmarketsalsoprovideuswithinformationaboutthereturnsthatarerequiredforvar