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ID:6823248
大小:311.50 KB
页数:30页
时间:2018-01-27
《portfolio management capital market theory basic concepts》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、十八PortfolioManagement:CapitalMarketTheory:BasicConcepts1.A:TheInvestmentSettinga:Explaintheconceptofrequiredrateofreturnanddiscussthethreecomponentsofaninvestor'srequiredrateofreturn.Determinantsoftherequiredrateofreturn.Thenominalrateofreturninvestorsrequiretotakeinvestments
2、variesovertimeandisafunctionofthe:·Therealriskfreerateofinterest.Therealriskfreerateofinterestisdeterminedbythesupplyanddemandforfundsintheeconomy.·Theinflationpremiumisanadjustmenttotherealriskfreeratetocompensateinvestorsforexpectedchangesinthepriceindexesandmoneymarketcond
3、itionsbeingtightenedoreasedduetoinflationaryexpectations.·Theriskpremiumiswhatinvestorsdemandfortheuncertaintyassociatedwithaninvestment.Thefundamentalviewofriskisthatitiscausedbyfactorssuchas:businessrisk,financialrisk,liquidityrisk,exchangeraterisk,andcountryrisk.b:Describe
4、therealrisk-freerateandcomputenominalandrealrisk-freeratesofreturn.Therealrisk-freerateofinterest.Therealrisk-freerateofinterestisthepricechargedfortheexchangebetweencurrentgoodsandfuturegoodsbyinvestorsintheeconomy.Thispriceisinfluencedbyasubjectiveandanobjectivefactor.These
5、twofactorsare:1.Consumerpreferencesforcurrentconsumption(timepreference).2.thesetofinvestmentopportunitiesavailableintheeconomy(investmentopportunities).Theinflationpremiumisanadjustmenttotherealrisk-freeratetocompensateinvestorsforexpectedchangesinthepriceindexesandmoneymark
6、etconditionsbeingtightenedoreasedduetoinflationaryexpectations.Thisadjustmentisnotasimplesummationoftherealriskfreerateofreturnandinflationexpectations,ratherthecorrectadjustmentis:nominalriskfreerate=(1+realriskfreerate)(1+inflationrate)–1Ontheexamitmightbehandytoknow:1.Then
7、ominalriskfreerateisapproximatedby:Realriskfreerate+Inflationrate.2.Therealriskfreerate=[(1+nominalriskfreerate)/(1+inflationrate)]–1c:Explaintheriskpremiumandtheassociatedfundamentalsourcesofuncertainty.Theriskpremiumiswhatinvestorsdemandfortheuncertaintyassociatedwithaninve
8、stment.Thefundamentalviewofriskisthatitiscausedbyfactorssuchas:busin
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