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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1Howtocalculateexpectedreturns.RETURN,RISK,LO2Theimpactofdiversification.LO3ThesystematicriskANDTHEprinciple.13LO4Thesecuritymarketlineandtherisk-returnSECURITYtrade-off.MARKETLINEINMAYOF2008,ExxonMobil,HormelFoodsstockpricedrop
2、ped3.6percent.Asimilarfateawaited(makerofauthenticSpam),andBJ’sWholesaleClubHormelandBJ’s.Theirstockpricesfellby3.9percentjoinedahostofothercompaniesinannouncingearn-and2.1percent,respectively.ings.ExxonMobilannouncedarecordfirstquarterprofitThenewsforthesecompaniesseemspositive,butof$10.9bill
3、ion,whileHormelandBJ’sannouncedearn-thestockpricesfellforallthree.Sowhenisgoodingsincreasesof14percentand26percent,respec-newsreallygoodnews?Theanswerisfundamentaltotively.Youwouldexpectearningsincreasestobegoodunderstandingriskandreturn,and—thegoodnewsnews,andtheyusuallyare.Evenso,ExxonMobi
4、l’sis—thischapterexploresitinsomedetail.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Inourlastchapter,welearnedsomeimportantlessonsfromRiskandReturnPART5capitalmarkethistory.Mostimportant,welearnedthatthereisareward,onav
5、erage,forbearingrisk.Wecalledthisrewardariskpremium.Thesecondlessonisthatthisriskpremiumislargerforriskierinvestments.Thischapterexplorestheeconomicandmanagerialimplicationsofthisbasicidea.Thusfar,wehaveconcentratedmainlyonthereturnbehaviorofafewlargeportfolios.Weneedtoexpandourconsideration
6、toincludeindividualassets.Specifically,wehavetwotaskstoaccomplish.First,wehavetodefineriskanddiscusshowtomeasureit.Wethenmustquantifytherelationshipbetweenanasset’sriskanditsrequiredreturn.Whenweexaminetherisksassociatedwithindividualassets,wefindtherearetwotypesofrisk:systematicandunsystematic
7、.Thisdistinctioniscrucialbecause,aswewillsee,systematicriskaffectsalmostallassetsintheeconomy,atleasttosomedegree,whereasunsystematicriskaffectsatmostasmallnumberofassets.Wethendeveloptheprincipleofdiversification,whichshowsthathighlydiversifiedportf
