- 名称：资产定价讲义（英文版 PDF 331页）
- 类型：财务管理
- 大小：1.43 MB
- 更新时间：05-02 20:13:09
- 下载次数：2199次
- 语言：简体中文
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《资产定价讲义（英文版 PDF 331页）》下载简介
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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