tailieunhanh - Essentials of Investments: Chapter 5 - Risk and Return Past and Prologue
Essentials of Investments: Chapter 5 - Risk and Return Past and Prologue includes Rates of Return, Returns Using Arithmetic and Geometric Averaging, Dollar Weighted Returns, Dollar Weighted Average Using Text, Quoting Conventions. | 1 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Chapter 5 Risk and Return: Past and Prologue Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 2 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Rates of Return: Single Period P P D HPR P 1 0 1 0 HPR = Holding Period Return P1 = Ending price P0 = Beginning price D1 = Dividend during period one Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 3 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Rates of Return: Single Period Example Ending Price = Beginning Price = Dividend = 24 20 1 HPR = ( 24 - 20 + 1 )/ ( 20) = 25% Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 4 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Data from Text Example p. 154 1 .10 Assets(Beg.) HPR TA (Before Net Flows Net Flows End Assets Irwin / McGraw-Hill 2 .25 3 (.20) 4 .8 .25 () .8 © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 5 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Returns Using Arithmetic and Geometric Averaging Arithmetic ra = (r1 + r2 + r3 + . rn) / n ra = (.10 + .25 - .20 + .25) / 4 = .10 or 10% Geometric rg = {[(1+r1) (1+r2) (1+rn)]} 1/n - 1 rg = {[() () (.8) ()]} 1/4 - 1 = () 1/4 -1 = .0829 = Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights .
đang nạp các trang xem trước