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1、Unite 6,Risk and return,Wisdom,Dont put all your eggs in one basket. Anonymous 不要把鸡蛋放在同一个篮子里。 My ventures are not in one bottom trusted，not to one place, nor is my whole estate upon the fortune of this present years; Therefore, my merchandise makes me not sad. Shakespear, Merchant of Venice 我的买卖的成败并
2、不完全寄托在一艘船上，更不是倚赖着一处地方；我的全部财产，也不会因为这一年的盈亏而受到影响，所以我的货物并不能使我忧愁。,He is the part of wise man to keep himself today for tomorrow, and not venture all his eggs in one basket. Cervantes, Don Quixote 他是智者中的一员，为明天而在今天保存自己，不会冒险把鸡蛋放在同一个篮子里。 The reason why corporations do not enter gambles with volatile payoffs
3、and small positive expected returns is that managers know that generally volatility matters. Rene M.Stulz 一些企业之所以没有涉足到一些带有极大不确定性回报和预期收益很小的类似赌博似的业务中，是因为经理人知道极大的不确定性是存在的。,Wisdom,Words study,1.Portfolio 组合 Portfolio risk 投资组合风险 There is an important difference between stand-alone and portfolio risk, an
4、d an asset that has a great deal of risk if held by itself may be much less risky if it is held as part of larger portfolio. 2.Diversifiable risk 可分散风险 In a portfolio context, an assets risk can be divided into two components:(1) diversifiable risk, which can be diversified away and thus is of littl
5、e concern to diversified investors, and (2) market risk, which reflects the risk of a general stock market decline and cannot be eliminated by diversification, and does concern investors.,3.Expected return 期望收益 Expected return refers to the expected change in the value of an asset over a given (futu
6、re) time period. Since we cannot know the future, we have to make a guess as to what to “expect”, based on what has happened to returns in the past. 4.Radom variable 随机变量 5.Probability 概率 The uncertainty of future outcomes is usually expressed in terms of probability and plotted in a probability dis
7、tribution which can be expressed as an equation called the probability distribution function.,Words study,6.Normality assumption 正态假设 In corporate finance we almost always assume that financial returns can be described by a continuous normal distribution functionthis is also called the normality ass
8、umption. 7.Coefficient 系数 standard deviation 标准离差率 Variance 方差 sensitivity analysis 灵敏度分析 scenario analysis 情况分析 mean-variance world 均值-方差世界,Words study,8.Efficient market hypothesis (EMH) 有效市场假设 Efficient market hypothesis suggests that, at any given time, prices fully reflect all available informa
9、tion on a particular stock and /or market. Thus, according to the EMH, no investor has an advantage in predicting a return on a stock price since no one has access to information not already available everyone else. 9.Price taker 价格接受者 A firm can be considered a price taker when a change in its rate
10、 of production and sales will not significantly affect the market price of its product. Again, the underlying reason is perfect competitiveness.,Words study,10. investor rationality 投资者的理性 Investor rationality implies that investors behave as if they were rational and possessed a full knowledge of a
11、ll available market information to a high degree of accuracy. Rational behavior means that individuals maximize some objective functiontheir utility functionunder the constraints that they face. 11.Institutional investor 机构投资者 retail investor 个人投资者（散户投资者）,Words study,12.Allocationally efficient mark
12、ets 配置有效市场 operationally efficient markets 运营有效市场 informationally efficient markets 信息有效市场 When prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers, the market is said to be allocationally efficient. When the cost of transferring
13、funds is “reasonable”, the market is said to be operationally efficient. When prices fully reflect all available information, it is informationally efficient.,Words study,13.Week form 弱式 semi-strong 半强式 strong form 强式 Week formassets prices reflect all historical price information. Semi-strong asset
14、s prices reflect all historical price information and all publicly available information. Strong formassets prices reflect all historical price information, all publicly available information, and all private information ( including information only known to insiders, such as company directors).,Wor
15、ds study,14.Anomaly 异常 15.Underpricing 价格低估 16.Monday effect 星期一效应 January effect 元月效应 On average, stocks have lower (negative) returns on Monday, compared to (positive) returns on other days of the week. Stocks have higher returns in January, relative to other months of the year.,Words study,17.pos
16、t-earnings announcement drift 期后盈余披露 18.Behavioral finance 行为财务 Behavioral finance is the discipline within finance which relies on psychology-based theories to explain such anomalies where rational explanations fail. 19.Prospect theory 期望理论 Portfolio theory 组合理论 20.Mutual fund 共同基金 21.mean-variance efficient frontier 均值-方差有效边界 Correlation coefficient 相关系数,Words study,22.Capital asset pricing model（CAPM)资本资产定价模型 Beta c
