投资学期末复习资料.pptVIP

* * * * * 投资期末复习资料 分析 系统风险与非系统风险 市场有效性：概念，成因，涵义 分离性质：概念，意义 资本资产定价模型：基本公式及其解释 被动投资策略：概念及其运用 计算题 两风险资产组合的收益与风险 常数增长股利贴现模型 保证金购买与卖空计算 CAPM的基本计算应用 免税债券等价收益率的计算 论述 组合投资理论的分析思路 CAPM的假设框架及其推导思路 基础分析的框架与要点 要求：框架完整，逻辑清晰，表达准确。 6.1 Diversification and Portfolio Risk Firm-specific risk Diversifiable, unique risk or nonsystematic risk Risk that can be eliminated by diversification. E.g. RD, management style. Market risk Systematic or Nondiversifiable risk Risk factors common to the whole economy (security market). Business cycle, inflation rate, interest rate, exchange rate… 8.1 Random Walks and the Efficient Market Hypothesis Efficient market hypothesis The hypothesis that prices of securities fully reflect available information about securities. If stock price movements were predictable, that would be damning evidence of stock market inefficiency, because the ability to predict prices would indicate that all available information was not already impounded in stock prices. 8.1 Random Walks and the Efficient Market Hypothesis Versions of the Efficient Market Hypothesis Weak-form EMH The assertion that stock prices already reflect all information contained in the history of past trading (Volume and price). Semistrong-form EMH The assertion that stock prices already reflect all publicly available information. Strong-form EMH The assertion that stock prices reflect all relevant information, including inside information. Anyone trading on information supplied by insiders is considered in 8.1 Random Walks and the Efficient Market Hypothesis 所有可获得 的信息 (包括内幕信息) 全部公开的信息 全部交易信息 8.1 Random Walks and the Efficient Market Hypothesis Competition as the Source of Efficiency Investors will have an incentive to spend time and resources to analyze