現代企業資本市場理論分析(ppt 24頁)

現代企業資本市場理論分析目錄：
1、Returns
2、Holding-Period Returns
3、Return Statistics
4、Average Stock Returns and Risk-Free Returns
5、Risk Statistics
6、Summary and Conclusions

現代企業資本市場理論分析內容提要：
Holding-Period Returns
The holding period return is the return that an investor would get when holding an investment over a period of n periods, when the return during period i is given as ri:
Holding Period Return: Example
Suppose your investment provides the following returns over a four-year period. [Note that this is a PV, NOT NPV
Holding Period Return: Example
An investor who held this investment would have actually realized an annual return of 9.58%:
Holding Period Return: Example
Note that the geometric average is not the same thing as the arithmetic average. In finance we use the geometric average. For small changes, the arithmetic average is approximately the same as the geometric.
Holding Period Returns
A famous set of studies dealing with the rates of returns on common stocks, bonds, and Treasury bills was conducted by Roger Ibbotson and Rex Sinquefield.
They present year-by-year historical rates of return starting in 1926 for the following five important types of financial instruments in the United States:
Large-Company Common Stocks
Small-company Common Stocks
Long-Term Corporate Bonds
Long-Term U.S. Government Bonds
U.S. Treasury Bills.

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