IntroductiontoRiskReturnandtheHistoricalRecord幻灯片.pptVIP

CHAPTER 5;Interest Rate Determinants;Real and Nominal Rates of Interest;Equilibrium Real Rate of Interest;Figure 5.1 Determination of the Equilibrium Real Rate of Interest;Equilibrium Nominal Rate of Interest;Taxes and the Real Rate of Interest;Rates of Return for Different Holding Periods;Example 5.2 Annualized Rates of Return;Equation 5.7 EAR;Bills and Inflation, 1926-2009;Figure 5.3 Interest Rates and Inflation, 1926-2009;Risk and Risk Premiums;Ending Price = 110 Beginning Price = 100 Dividend = 4 HPR = (110 - 100 + 4 )/ (100) = 14% ;Expected returns;State Prob. of State r in State