Portfolio Management Capital Market Theory Basic Concepts参考.docVIP

下载本文档

6
0
约6.71万字
约 31页
2018-03-15 发布于贵州
举报
版权申诉

Portfolio Management Capital Market Theory Basic Concepts参考.doc

1、有哪些信誉好的足球投注网站（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Portfolio Management Capital Market Theory Basic Concepts参考

十八 Portfolio Management: Capital Market Theory: Basic Concepts 1.A: The Investment Setting a: Explain the concept of required rate of return and discuss the three components of an investors required rate of return. Determinants of the required rate of return. The nominal rate of return investors require to take investments varies over time and is a function of the: The real risk free rate of interest. The real risk free rate of interest is determined by the supply and demand for funds in the economy. The inflation premium is an adjustment to the real risk free rate to compensate investors for expected changes in the price indexes and money market conditions being tightened or eased due to inflationary expectations. The risk premium is what investors demand for the uncertainty associated with an investment. The fundamental view of risk is that it is caused by factors such as: business risk, financial risk, liquidity risk, exchange rate risk, and country risk. b: Describe the real risk-free rate and compute nominal and real risk-free rates of return. The real risk-free rate of interest. The real risk-free rate of interest is the price charged for the exchange between current goods and future goods by investors in the economy. This price is influenced by a subjective and an objective factor. These two factors are: Consumer preferences for current consumption (time preference). the set of investment opportunities available in the economy (investment opportunities). The inflation premium is an adjustment to the real risk-free rate to compensate investors for expected changes in the price indexes and money market conditions being tightened or eased due to inflationary expectations. This adjustment is not a simple summation of the real risk free rate of return and inflation expectations, rather the correct adjustment is: nominal risk free rate = (1 + real risk free rate)(1 + inflation rate) – 1 On the exam it might be handy to know: The nominal risk free rate is appro