- 名称:资产定价讲义(英文版 )
- 类型:财务知识
- 授权方式:免费版
- 更新时间:10-14 10:54:10
- 下载要求:无需注册
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- 语言简体中文
- 大小:5.10 MB
- 推荐度:2 星级
《资产定价讲义(英文版 )》下载简介
标签:财务基础知识,财务知识学习,
Assetpricingtheorytriestounderstandthepricesorvaluesofclaimstouncertainpayments.
Alowpriceimpliesahighrateofreturnsoonecanalsothinkofthetheoryasexplaining
whysomeassetspayhigheraveragereturnsthanothers.
Tovalueanassetwehavetoaccountforthedelayandfortheriskofitspayments.The
effectsoftimearenottoodif¿culttoworkout.Howevercorrectionsforriskaremuchmore
importantdeterminantsofanmanyassets’values.Forexampleoverthelast50yearsstocks
havegivenarealreturnofabout9%onaverage.Ofthisonlyabout1%isduetointerest
ratestheremaining8%isapremiumearnedforholdingrisk.Uncertaintyorcorrectionsfor
riskmakeassetpricinginterestingandchallenging.
Assetpricingtheorysharesthepositivevs.normativetensionpresentintherestofeconomics.
Doesitdescribethewaytheworlddoesworkorthewaytheworldshouldwork?
Weobservethepricesorreturnsofmanyassets.Wecanusethetheorypositivelytotryto
understandwhypricesorreturnsarewhattheyare.Iftheworlddoesnotobeyamodel’spredictions
wecandecidethatthemodelneedsimprovement.Howeverwecanalsodecidethat
theworldiswrongthatsomeassetsare“mispriced”
andpresenttradingopportunitiesfor
theshrewdinvestor.Thislatteruseofassetpricingtheoryaccountsformuchofitspopularity
andpracticalapplication.Alsoandperhapsmostimportantlythepricesofmanyassets
orclaimstouncertaincashÀowsarenotobservedsuchaspotentialpublicorprivateinvestment
projectsnew¿nancialsecuritiesbuyoutprospectsandcomplexderivatives.Wecan
applythetheorytoestablishwhatthepricesoftheseclaimsshouldbeaswelltheanswers
areimportantguidestopublicandprivatedecisions.......
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Tag:财务知识,财务基础知识,财务知识学习,财务管理 - 财务知识