投資回報率與財務報表(英文版)(ppt 30頁)
投資回報率與財務報表(英文版)(內容提要:
What you will learn in this chapter:
How investment returns are calculated
The difference between normal and abnormal returns
What an efficient market price means
What an arbitrage opportunity is
The difference between active and passive investment
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A Cheap Analysis: Screening
Technical screens: identify positions based on trading indicators. Some of them:
Price screens
Small stock screens
Neglected stocks screens
Seasonal screens
Momentum screens
Insider trading screens
Fundamental screens: identify positions based on fundamental indicators of the firm’s operations relative to price
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Problems with Screening:
You could be loading up on a risk factor
You need a risk model
You are in danger of trading with someone who knows more than you
You need a model that anticipates future payoffs
A full-blown fundamental analysis supplies this
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