财务管理 第十三章 课件

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Eample: xExepctdeR eutnrs Su popseyou hveap redicetd ht feloolwign etrunrsf orstock s Cadn iT thnre posseble statise o thef eonocmy. Watha ert h exepcteed etrurs?nStae Tt ooBm25 Nroal m0 Re2ecssino1 Pro bailitb 0.3y 0. 5 C1 105???2

R C= . 31() +5 .5(0)1+ . 22()= .9% 9 T = .R325()+ .(502 +).2 1( =) 7.7%1315-

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xEmaple Var:inac enad taSdnra Dediaviton Consdie rthe previousexam ple W.ath rea het arvinca aednst ndaad rdeivaiotnfor eca hsockt ?S otck C 2 = .3 15-(.99) +2 .(15-09.92 +). 2(2-99)2 . 2=.02 9 =4. 05% SoctkT 2 = .3(2-1577)2. +. 5(2017-.72 +) 2(1-1.77)2 . 74.=4 1 = 8.36%

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AnohertEx mape l Cnsioer the fodllwing inofrmationo:Stte Baoo NmomrlaS lodwwnoR ceessinoProbab liiyt .52 .50 .1 510 A.CB, Icn.( ) 1% 5 8 -43 Wathi she etpxecetd erurn? t Wah istt e havriance ? What ist ehs tnadadr deiatvio?n13-

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xmape: PorltoliofW eigths Spupoe syouh va e1$5000,t oinesv atn yod huae puvrhased scecriuies it tnh feolowlig naounmst.W hatare yuro prtfooil weigoths i nachese uricyt ?$0002o fC C : 2/1 5 .=331 $030 0fo K OO: 3/15K = .2 $ 040 o0 fNICT ITNC 4:/1 5= .276 $6000o f P B B P 6:/1 = .4531-1

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ample Exp:cted Peotfolro ieRturn sCons ider te hoprtolfo weigihs ctmputoe dpeviruslo. yf Ihtei dinvidual tocks shaev te hfollwoig nxeepced trtuersn w,ath i the sepexted retucn rfr ote hproftloio? C :19. 69% O: 5.25K% NTC: 16I65%. P:B1 8.42% E(P) =R. 13(13.969)+ 2.(5.52) +.26716.6(5 ) +4(.182.4 ) =154.%11312-

Porftlioo aVianrec Comp uet het orptolifo ertur norf aehcsta t: eRP =w1R +1 2wR +2… + w Rmm oCpumett hee pexcedtp rtfolioor ternu using te hase fmorumla saf r on ianidvduaila sset Co pmuett e hpotrolfoi variacn ean dsatndard devatiino usnigthe amsefo rumlsaas ofr a inndiidvul asaets13-1

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Examlep:P orfoltoi Varianec C onsier dhetf olowlni igfnormation nvIet s50%of ouyrm noy ienAs se A Portfotli oSatetP orabilitbyA B oBm o. 40% 35-% 215%.B uts 6. 10- %52 7.5%% What are th eepectxd eertun rad stnnaard ddevaitio nor eafh casst? eWahtar the exepeced rtteru ann dtasndrd aeviatdonifo rt ehp rtfolio?o3-11

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AonthreExa pmle C osindre he ftollwingo inorfamtoiSntte aoBm Noomrl Racesesin orPobbilait .y5 2.06 1. 5 X51 %0% 5%1Z 10% 9 % 0%1 Whtaare t he exeptcderet rn und saatnardd eviaditonf o r aportolio fitwhan ivnsetentmof 6,$00 in 0ases X tnda $400,0 i nasest ?Z13-1

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