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1、Chapter12SomeLessonsfrom宙n粤鸦锢电蛔ucomiKeyConceptsandSkills*Knowhowtocalculatethereturnonaninvestment、。Understandthehistoricalreturnson“varioustypesofinvestments闻.Understandthehistoricalriskson1varioustypesofinvestments日Understandtheimplicationsof1marketefficiencyH2eChapterOutlineReturns*TheHistoricalR
2、ecord澈:AverageReturns:TheFirstLessonTheVariabilityofReturns:TheSecondLesson州1.MoreaboutAverageReturns里1CapitalMarketEfficiencyH23Risk,ReturnandFinancialMarketsWecanexaminereturnsinthefinancialmarketstohelpusdeterminetheappropriatereturnsonnon-financialassetsLessonsfromcapitalmarkethistoryThereisarew
3、ardfobearirigfisk-Thegreaterthepotentialreward,thegreatertheriskThisiscalledtherisk-returntrade-off124DollarReturns。Totaldollarreturn=incomefrominvestment+capitalgain(loss)duetochangeinpriceExample:Youboughtabondfor$950oneyearago.Youhavereceivediwacouponscf830each.Youcansellthebondfor$975today.Whati
4、syourtotaldollarreturn?*Income=30+30=60,Capitalgain=975一950=25*Totaldollarreturn=60+25=$85125PercentageReturnsItisgenerallymoreintuitivetothinkintermsofpercentage,ratherthandollar,returnsDividendyield=income/beginningpriceCapitalgainsyield=(endingprice-beginningprice)/beginningpriceTotalpercentagere
5、turn=dividendyield+capitalgainsyieldH26Example-CalculatingReturnsYouboughtastockfor$35,andyoureceiveddividendsof$1.25.Thestockisnowsellingfor$40.-Whatisyourdollarreturn?2,Dollarreturh=T25+(4035)=$6.25-Whatisyourpercentagereturn?*Dividendyield=1.25135=3.57%Capitalgainsyield=(40-35)135=14.29%f*Totalpe
6、rcentagereturn=3.57+14.29=17.8656E日TheImportanceofFinancialMarkets。Financialmarketsallowcompanies,governmentsandindividualstoincreasetheirutility-Savershavetheabilitytoinvestinfinancialassetssothattheycandeferconsumptionandearnafeiuitocomiperisateihefordoing5QBorrowershavebetteraccesstothecapitalthatisavailablesothattheycaninvestinpr0duCtiVe2SSets1。FinancialmarketsalsoprovideuswithinformationaboutthereturnsthatarerequiredforvariouslevelsofriskH2H2Year-to-YearTotalReturns8“/Large-CompanyStockReturns鼬羲更LargeCompamiesR伟Long-TermGovernment鼬惧BondReturnsgANU.S.TreasuryBillReturns糊U5TesuytsH0
