公司核心第一十章习题.doc

Chapter 10 Capital Markets and the Pricing of Risk 10-1. The figure below shows the one-year return distribution for RCS stock. Calculate a. The expected return. b. The standard deviation of the return. a. b. 10-2. The following table shows the one-year return distribution of Startup, Inc. Calculate a. The expected return. b. The standard deviation of the return. a. b. 10-3. Characterize the difference between the two stocks in Problems 1 and 2. What trade-offs would you face in choosing one to hold? Startup has a higher expected return, but is riskier. It is impossible to say which stock I would prefer. It depends on risk performances and what other stocks I’m holding. 10-4. You bought a stock one year ago for $50 per share and sold it today for $55 per share. It paid a $1 per share dividend today. a. What was your realized return? b. How much of the return came from dividend yield and how much came from capital gain? Compute the realized return and dividend yield on this equity investment. a. b. The realized return on the equity investment is 12%. The dividend yield is 10%. 10-5. Repeat Problem 4 assuming that the stock fell $5 to $45 instead. a. Is your capital gain different? Why or why not? b. Is your dividend yield different? Why or why not? Compute the capital gain and dividend yield under the assumption the stock price has fallen to $45. a. Yes, the capital gain is different, because the difference between the current price and the purchase price is different than in Problem 1. b. The dividend yield does not change, because the dividend is the same as in Problem 1. The capital gain changes with the new lower price; the dividend yield does not change. 10-6. Using the data in the following table, calculate the return for investing in Boeing stock from January 2, 2003, to January 2, 2004, and also from January 2, 2008, to January 2, 2009, assuming all dividends are reinvested in the stock immediately. 10-7. The last four years of returns for a stock ar