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公司理財-ch11 (公式 (Dividend income = dividends*shares, Capital gain = (ending…
公司理財-ch11
公式
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Total returns on investment = (capital gains or loss + dividend) / initial investment = Capital gain or loss yield + Dividend yield
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Market Indexes
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history returns of stock or bond market index can give us an idea of typical performance of different investment.
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Dow Jones Industrial Average: index of the investment performance of a portfolio 30' blue-chip' stocks.
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平均數
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The geometric average on average is less than the arithmetic average unless all the returns are equal.
上述的表現在不穩定的投資波動會更明顯
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Diversification多樣化/多角化
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measure the portfolio risk, need concept about 'covariance'共變異數
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Correlation : ρAB=(Cov(A,B)) / (√(Var(A)) √(Var(B))= σAB / (σA σB )
要看ptt p.48 p.50
Coefficient of Variaiton : that shows the risk per unit of return. CV = Standard deviation / expected return = σ/r ̂
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