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1、7-4Titman/Keown/Martin•FinancialManagement,TwelfthEditionChapter7SolutionstoStudyQuestions7-1.Becausefinancialmarketsproviderichsourcesofdata,itisnosurprisethatthetoolsusedbystatisticiansaresowidelyusedinfinance.WealsoknowfromPrinciple2:ThereIsaRisk-ReturnTradeoff.Specifically,alt
2、houghinvestinginhigherriskinvestmentsdoesnotalwaysresultinhigherrealizedratesofreturn(that’swhytheycallitrisk),higherriskinvestmentsareexpectedtorealizehigherreturns,onaverage.Assuch,weusethebasictoolsofdescriptivestatistics,suchasthemeanandmeasuresofdispersion,toanalyzetheriskine
3、ssofpotentialinvestments,givinguseapictureofthehistoricalriskandreturnonaninvestment.7-2.Therealizedrateofreturntellsushowmuchyou’vemadeoversomeperiodbothfromappreciation(orloss)inthevalueofyourasset(forexample,howmuchyourstockwentupordowninprice)andhowmuchmoneywasdistributedtoyou
4、asaresultofholdingtheasset(forexample,howmuchyougotintermsofinterestordividends).7-3.Dividendsaremoneythatyoureceivefromowningcommonstock,andareoneofthetwowaysinvestorsreceivereturnsfromowningstock–theotherisfromcapitalappreciation,thatis,whenthevalueofthestockrises.7-4.Wecalltheg
5、ainorlossweactuallyexperiencedonastockduringaperiodtherealizedrateofreturnforthatperiod.However,therisk-returntradeoffthatinvestorsfaceisnotbasedonrealizedratesofreturn;itisinsteadbasedonwhattheinvestorexpectstoearnonaninvestmentinthefuture.Wecanthinkoftherateofreturnthatwillultim
6、atelyberealizedfrommakingariskyinvestmentintermsofarangeofpossiblereturnoutcomes,muchlikethedistributionofgradesforaclassattheendoftheterm.Todescribethisrangeofpossiblereturns,investorsusetheaverageofthepossibilities,whichisknownastheexpectedrateofreturn.Tobemoreprecise,theexpecte
7、drateofreturnistheaverageofthepossiblereturns,whereeachpossiblereturnisweightedbytheprobabilitythatitoccurs.7-5.Whenyouinvestmoney,youdosobecauseyouwanttomakeyourmoneygrow.Unfortunately,noonereallyknowswhatwillhappeninthefuture.Youmayhaveanideaorexpectationofwhatwillhappeninthefut
8、ure,butnothingiseverforcertain.Th
