投资学完整教学课件.pptx

投资学完整教学课件; Chapter 1;1-3;1-4;1-5;1-6;1-7;1-8;1-9;1-10;1-11;1-12;1-13;1-14;1-15;1-16;1-17;1-18;1-19;1-20;1-21;1-22;1-23;1-24;1-25;1-26;1-27;1-28;1-29;1-30;1-31;1-32;CHAPTER 2;2-34;2-35;2-36;2-37;2-38;2-39;2-40;2-41;2-42;2-43;2-44;2-45;2-46;2-47;2-48;2-49;2-50;2-51;2-52;2-53;2-54;2-55;2-56;2-57;2-58;2-59;2-60;2-61;2-62;CHAPTER 3;3-64;3-65;3-66;3-67;3-68;3-69;3-70;3-71;3-72;3-73;3-74;3-75;3-76;3-77;3-78;3-79;3-80;3-81;3-82;3-83;3-84;3-85;3-86;3-87;3-88;3-89;3-90;3-91;3-92;3-93;3-94;3-95;3-96;3-97;3-98;3-99;3-100;3-101;CHAPTER 4;4-103;4-104;4-105;4-106;4-107;4-108;4-109;4-110;4-111;4-112;4-113;4-114;4-115;4-116;4-117;4-118;4-119;4-120;4-121;4-122;4-123;4-124;4-125;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;Equation 5.8 APR;Table 5.1 APR vs. EAR;Table 5.2 Statistics for T-Bill Rates, Inflation Rates and Real Rates, 1926-2009;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 Excellent .25 0.3100 Good .45 0.1400 Poor .25 -0.0675 Crash .05 -0.5200;Variance (VAR):;Scenario VAR and STD;Time Series Analysis of Past Rates of Return;Geometric Average Return;Geometric Variance and Standard Deviation Formulas;Geometric Variance and Standard Deviation Formulas;The Reward-to-Volatility (Sharpe) Ratio;The Normal Distribution;Figure 5.4 The Normal Distribution;Normality and Risk Measures;Skew and Kurtosis;Figure 5.5A Normal and Skewed Distributions ;Figure 5.5B Normal and Fat-Tailed Distributions (mean = .1, SD =.2);Value at Risk (VaR);Expected Shortfall (ES);Lower Partial Standard De