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公司理财教学资料 cha(3).ppt

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Chapter12SomeLessonsfromCapitalMarketHistoryChapterOutlineReturnsTheHistoricalRecordAverageReturns:TheFirstLessonTheVariabilityofReturns:TheSecondLessonMoreaboutAverageReturnsCapitalMarketEfficiency12-*Risk,heappropriatereturnsonnon-financialassetsLessonsfromcapitalmarkethistoryThereisarewardforbearingriskThegreaterthepotentialreward,thegreatertheriskThisiscalledtherisk-returntrade-off12-*DollarReturnsTotaldollarreturn=efrominvestment+capitalgain(loss)duetochangeinpriceExample:Youboughtabondfor$$$?e=30+30=60Capitalgain=975–950=25Totaldollarreturn=60+25=$8512-*PercentageReturnsItisgenerallymoreintuitivetothinkintermsofpercentage,ratherthandollar,returnsDividendyield=e/beginningpriceCapitalgainsyield=(endingprice–beginningprice)/beginningpriceTotalpercentagereturn=dividendyield+capitalgainsyield12-*Example–CalculatingReturnsYouboughtastockfor$35,andyoureceiveddividendsof$$?Dollarreturn=+(40–35)=$?Dividendyield==%Capitalgainsyield=(40–35)/35=%Totalpercentagereturn=+=%12-*panies,esstothecapitalthatisavailablesothattheycaninvestinproductiveassetsFinancialmarketsalsoprovideuswithinformationaboutthereturnsthatarerequiredforvariouslevelsofrisk12-*-*Year-to-panyStockReturnsLong--*%%Long-%Long-%%%12-*

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