公司理财09资本市场理论综述ppt课件
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精品课件
Dollar Return = Dividend + Change in Market Value
percentage return
dollar return
beginning market val ue
dividend change in market val ue beginning market val ue
大公司的普通股。 500家市值最大 Large-Company Common Stocks
小公司的普通股。市值排在最后5%的公司。 Smallcompany Common Stocks
长期公司债。20年。 Long-Term Corporate Bonds
长期国债 。 20年。Long-Term U.S. Government Bonds 短期国库券 。 3个月。U精.品S课.件 Treasury Bills
Year Return 1 10% 2 -5% 3 20% 4 15%
精品课件
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.
Quite well. You invested $25 × 100 = $2,500.
At the end of the year, you have stock worth
$3,000 and cash dividends of $20. Your
dollar gain was $520 = $20 + ($3,0200.08%– $520
dividend yield capital gains yield
精品课件
例:
Suppose you bought 100 shares of Wal-Mart (WMT) one year ago today at $25. Over the last year, you received $20 in dividends (= 20 cents per share × 100 shares). At the end of the year, the stock sells for $30. How did you do?
Year Return 1 10% 2 -5% 3 20% 4 15%
• So, our investor made 9.58% on his money for four years, realizing a holding period return of 44.21%
精品课件
Note that the geometric average is not the same thing as the arithmetic average:
Dividends
Ending market value
Time 0
Initial investment
1 •Percentage Returns
–the sum of the cash received and the change in value of the asset divided by the original investment.
$2,500).
$2,500
Your percentage gain精品f课o件r the year is
Dollar Returns
$520 gain
$20 $3,000
Time 0 -$2,500
1 •Percentage Returns
20.8% $520 $2,500
精品课件
9.2 持有期间收益率 Holding-Period Returns
精品课件
wenku.baidu.com 例：
Suppose your investment provides the following returns over a four-year period:
Year Return 1 10% 2 -5% 3 20% 4 15%
精品课件
An investor who held this investment would have actually realized an annual return of 9.58%:
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:
The Future Value of an Investment of $1 in 1926
$40.22 $15.64
Source: © Stocks, Bonds, Bills, and Inflation 2000
Yearbook™, Ibbotson Associates, Inc., Chicago (annually
The holding period return is the return that an investor would get when holding an
investment over a period of n years, when the return during year i is given as ri:
updates work by Roger G. Ibbotson and Rex A. Sinquefield).
第9章 资本市场理论综述
9.1 收益 9.2 持有期间收益率 9.3 收益统计 9.4 股票平均收益和无风险收益 9.5 风险统计 9.6 小结
精品课件
9.1 收益 Returns
Dollar Returns
the sum of the cash received and the change in value of the asset, in dollars.
Dollar Return = Dividend + Change in Market Value
percentage return
dollar return
beginning market val ue
dividend change in market val ue beginning market val ue
大公司的普通股。 500家市值最大 Large-Company Common Stocks
小公司的普通股。市值排在最后5%的公司。 Smallcompany Common Stocks
长期公司债。20年。 Long-Term Corporate Bonds
长期国债 。 20年。Long-Term U.S. Government Bonds 短期国库券 。 3个月。U精.品S课.件 Treasury Bills
Year Return 1 10% 2 -5% 3 20% 4 15%
精品课件
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.
Quite well. You invested $25 × 100 = $2,500.
At the end of the year, you have stock worth
$3,000 and cash dividends of $20. Your
dollar gain was $520 = $20 + ($3,0200.08%– $520
dividend yield capital gains yield
精品课件
例:
Suppose you bought 100 shares of Wal-Mart (WMT) one year ago today at $25. Over the last year, you received $20 in dividends (= 20 cents per share × 100 shares). At the end of the year, the stock sells for $30. How did you do?
Year Return 1 10% 2 -5% 3 20% 4 15%
• So, our investor made 9.58% on his money for four years, realizing a holding period return of 44.21%
精品课件
Note that the geometric average is not the same thing as the arithmetic average:
Dividends
Ending market value
Time 0
Initial investment
1 •Percentage Returns
–the sum of the cash received and the change in value of the asset divided by the original investment.
$2,500).
$2,500
Your percentage gain精品f课o件r the year is
Dollar Returns
$520 gain
$20 $3,000
Time 0 -$2,500
1 •Percentage Returns
20.8% $520 $2,500
精品课件
9.2 持有期间收益率 Holding-Period Returns
精品课件
wenku.baidu.com 例：
Suppose your investment provides the following returns over a four-year period:
Year Return 1 10% 2 -5% 3 20% 4 15%
精品课件
An investor who held this investment would have actually realized an annual return of 9.58%:
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:
The Future Value of an Investment of $1 in 1926
$40.22 $15.64
Source: © Stocks, Bonds, Bills, and Inflation 2000
Yearbook™, Ibbotson Associates, Inc., Chicago (annually
The holding period return is the return that an investor would get when holding an
investment over a period of n years, when the return during year i is given as ri:
updates work by Roger G. Ibbotson and Rex A. Sinquefield).
第9章 资本市场理论综述
9.1 收益 9.2 持有期间收益率 9.3 收益统计 9.4 股票平均收益和无风险收益 9.5 风险统计 9.6 小结
精品课件
9.1 收益 Returns
Dollar Returns
the sum of the cash received and the change in value of the asset, in dollars.