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CFA-投资科学-2 股权的风险和回报 风险规避


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一、股票收益

1.1 总收益 vs 净收益

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t1:t1时的收益

P1:t1资本收益/损失

t13360t1时的总收益率

T 1时的净收益:T 1

1.2 净收益Net Return 的组成

收益收益收益率:投资期内获得的股息/利息——那么不分红的股票就没有这一项。

资本利得/损失资本利得/损失:由股票价格变化引起的利得/损失

1.3 持有期收益率 holding period returns

假设:您投资的产品到期后,您将继续投资该产品的下一期,并附带利息。

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示例:

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持有期总收益率:

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年收益率(常用的几何平均法)

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年收益率(算术平均法)

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二、市场收益

2.1 市场指标 market index 的编纂方式分类

价格加权指数

把所有的价格加起来,然后取平均值。价格高权重大(不考虑市值),更能影响指数。

道琼斯指数,日经225指数

加权值指数

计算每只股票的市值(价格*股数),加起来,然后除以起点的总市值。

SP500指数、日经300指数、上证综指、深证综指

等权指数

关注整个市场的收益率。建立一个投资组合,期初每只股票花1元,期末看投资组合价值的变化。

jioyawoggad3407.png

2.2 期望收益 expect return

在期初,估计未来的收益率。

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