投资期末复习重点资料.pptVIP

投资期末复习资料第一页，共二十五页。 分析系统风险与非系统风险市场有效性：概念，成因，涵义分离性质：概念，意义资本资产定价模型：基本公式及其解释被动投资策略：概念及其运用第二页，共二十五页。 计算题两风险资产组合的收益与风险常数增长股利贴现模型保证金购买与卖空计算CAPM的基本计算应用免税债券等价收益率的计算第三页，共二十五页。 论述组合投资理论的分析思路CAPM的假设框架及其推导思路基础分析的框架与要点要求：框架完整，逻辑清晰，表达准确。第四页，共二十五页。 6.1 Diversification and Portfolio RiskFirm-specific riskDiversifiable, unique risk or nonsystematic riskRisk that can be eliminated by diversification.E.g. RD, management style. Market riskSystematic or Nondiversifiable riskRisk factors common to the whole economy (security market).Business cycle, inflation rate, interest rate, exchange rate…第五页，共二十五页。 8.1 Random Walks and the Efficient Market Hypothesis Efficient market hypothesis The hypothesis that prices of securities fully reflect available information about securities.If stock price movements were predictable, that would be damning evidence of stock market inefficiency, because the ability to predict prices would indicate that all available information was not already impounded in stock prices.第六页，共二十五页。 8.1 Random Walks and the Efficient Market Hypothesis Versions of the Efficient Market HypothesisWeak-form EMHThe assertion that stock prices already reflect all information contained in the history of past trading (Volume and price).Semistrong-form EMHThe assertion that stock prices already reflect all publicly available information.Strong-form EMHThe assertion that stock prices reflect all relevant information, including inside information.Anyone trading on information supplied by insiders is considered in第七页，共二十五页。 8.1 Random Walks and the Efficient Market Hypothesis 所有可获得 的信息 (包括内幕信息) 全部公开的信息全部交易信息第八页，共二十五页。 8.1 Random Walks and the Efficient Market Hypothesis Competition as the Source of EfficiencyInvestors will have an incentive to spend time and re