財務(wù)管理專業(yè)英語

1、財務(wù)管理專業(yè)英語第1頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Wisdom Dont put all your eggs in one basket. Anonymous 不要把雞蛋放在同一個籃子里。 My ventures are not in one bottom trusted，not to one place, nor is my whole estate upon the fortune of this present years; Therefore, my merchandise makes me not sad. Shakespear, Merchant of V

2、enice我的買賣的成敗并不完全寄托在一艘船上，更不是倚賴著一處地方；我的全部財產(chǎn)，也不會因?yàn)檫@一年的盈虧而受到影響，所以我的貨物并不能使我憂愁。 第2頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三He is the part of wise man to keep himself today for tomorrow, and not venture all his eggs in one basket. Cervantes, Don Quixote 他是智者中的一員，為明天而在今天保存自己，不會冒險把雞蛋放在同一個籃子里。The reason why corporations d

3、o not enter gambles with volatile payoffs and small positive expected returns is that managers know that generally volatility matters. Rene M.Stulz 一些企業(yè)之所以沒有涉足到一些帶有極大不確定性回報和預(yù)期收益很小的類似賭博似的業(yè)務(wù)中，是因?yàn)榻?jīng)理人知道極大的不確定性是存在的。Wisdom第3頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Mini case For many people it is quite acceptable to ri

4、sk $20 every week in the lottery, in view of potential returns of hundreds of thousands (or even millions) of dollars. When you buy a lottery ticket, the risk of losing your $20 is very high (how often have you won anything at lotto). How much you will be willing to risk, given a set probability of

5、winning or losing, depends on your characteryou may be a risk-lover or you may be risk-averse.第4頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Words study1.Portfolio 組合 Portfolio risk 投資組合風(fēng)險 There is an important difference between stand-alone and portfolio risk, and an asset that has a great deal of risk if held by i

6、tself may be much less risky if it is held as part of larger portfolio.2.Diversifiable risk 可分散風(fēng)險 In a portfolio context, an assets risk can be divided into two components:(1) diversifiable risk, which can be diversified away and thus is of little concern to diversified investors, and (2) market ris

7、k, which reflects the risk of a general stock market decline and cannot be eliminated by diversification, and does concern investors.第5頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三3.Expected return 期望收益 Expected return refers to the expected change in the valueof an asset over a given (future) time period. Since we

8、cannot know the future, we have to make a guess as to what to “expect”, based on what has happened to returns in the past.4.Radom variable 隨機(jī)變量5.Probability 概率 The uncertainty of future outcomes is usually expressed in terms of probability and plotted in a probability distribution which can be expre

9、ssed as an equation called the probability distribution function.Words study第6頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三6.Normality assumption 正態(tài)假設(shè) In corporate finance we almost always assume that financial returns can be described by a continuous normal distribution functionthis is also called the normality ass

10、umption.7.Coefficient 系數(shù) standard deviation 標(biāo)準(zhǔn)離差率 Variance 方差 sensitivity analysis 靈敏度分析 scenario analysis 情況分析 mean-variance world 均值-方差世界Words study第7頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三8.Efficient market hypothesis (EMH) 有效市場假設(shè) Efficient market hypothesis suggests that, at any given time, prices fully re

11、flect all available information on a particular stock and /or market. Thus, according to the EMH, no investor has an advantage in predicting a return on a stock price since no one has access to information not already available everyone else.9.Price taker 價格接受者 A firm can be considered a price taker

12、 when a change in its rate of production and sales will not significantly affect the market price of its product. Again, the underlying reason is perfect competitiveness.Words study第8頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三10. investor rationality 投資者的理性 Investor rationality implies that investors behave as if

13、they were rational and possessed a full knowledge of all available market information to a high degree of accuracy. Rational behavior means that individuals maximize some objective functiontheir utility functionunder the constraints that they face.11.Institutional investor 機(jī)構(gòu)投資者 retail investor 個人投資

14、者（散戶投資者）Words study第9頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三12.Allocationally efficient markets 配置有效市場 operationally efficient markets 運(yùn)營有效市場 informationally efficient markets 信息有效市場 When prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers,

15、the market is said to be allocationally efficient. When the cost of transferring funds is “reasonable”, the market is said to be operationally efficient. When prices fully reflect all available information, it is informationally efficient.Words study第10頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三13.Week form 弱式 sem

16、i-strong 半強(qiáng)式 strong form 強(qiáng)式Week formassets prices reflect all historical price information.Semi-strong assets prices reflect all historical price information and all publicly available information.Strong formassets prices reflect all historical price information, all publicly available information,

17、and all private information ( including information only known to insiders, such as company directors).Words study第11頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三14.Anomaly 異常15.Underpricing 價格低估16.Monday effect 星期一效應(yīng) January effect 元月效應(yīng) On average, stocks have lower (negative) returns on Monday, compared to (positi

18、ve) returns on other days of the week. Stocks have higher returns in January, relative to other months of the year. Words study第12頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三17.post-earnings announcement drift 期后盈余披露18.Behavioral finance 行為財務(wù) Behavioral finance is the discipline within finance which relies on psych

19、ology-based theories to explain such anomalies where rational explanations fail.19.Prospect theory 期望理論 Portfolio theory 組合理論20.Mutual fund 共同基金21.mean-variance efficient frontier 均值-方差有效邊界Correlation coefficient 相關(guān)系數(shù)Words study第13頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三22.Capital asset pricing model（CAPM)資本資產(chǎn)定

20、價模型Beta coefficient 貝塔系數(shù)pany-specific factor 公司特有風(fēng)險24.Arbitrage pricing theory(APT)套利定價模型Words study第14頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Text study 6.1 Introduction to Risk and Return 6.2 Efficient Market Hypothesis (EMH) 6.3 Portfolio Theory6.4 Beta and Capital Asset Pricing Model 6.5 Arbitrage Pricing T

21、heory第15頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Introduction to Risk and Return Risk can be measured in different ways, and different conclusions about an assets risk can be reached depending on the measure used. We should remember the following :1. All financial assets are expected to produce cash flows, and t

22、he risk of an asset is judged by the risk of its cash flows. 2. Here are two assumptions about risk and return: Assumption (1): The returns from investments are normally distributed.Assumption (2): Investors are risk-averse.第16頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三3. The risk of an asset can be considered in

23、two ways: (1) on a stand-alone basis (2) in a portfolio context4. In a portfolio context, an assets risk can be divided into two components: (1) diversifiable risk (2) market risk5. An asset with a high degree of relevant (market) risk must provide a relatively high expected rate of return to attrac

24、t investors. Introduction to Risk and Return第17頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Introduction to Risk and Return return Suppose you buy 1 share of a stock for $1,000. The stock pay no dividends, but at the end of one year, you sell the stock for $1,100. What is the return on your $1,000 investment?Dollar

25、return=Amount received-Amount invested=$1,100-$1,000=$100 The rate of return on an investment can be calculated as follows:Return = (Amount received Amount invested)/Amount invested第18頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三 Investment risk is related to the probability of earning a low or negative actual retur

26、n.The greater the chance of lower than expected or negative returns, the riskier the investment. risk is usually estimated with the standard deviation, which is the square root of the variance of returns. Introduction to Risk and Return risk第19頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三 收益率的方差用來表示資產(chǎn)收益率的各種可能值與其期望值之

27、間的偏離程度。 收益率的標(biāo)準(zhǔn)差：它等于方差的開方（平方根）。 Introduction to Risk and Return risk第20頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三標(biāo)準(zhǔn)差和方差都是用絕對指標(biāo)來衡量資產(chǎn)的風(fēng)險大小。1適用條件：在預(yù)期收益率相同的情況下，標(biāo)準(zhǔn)差或方差越大則風(fēng)險越大；標(biāo)準(zhǔn)差或方差越小則風(fēng)險也越小。2局限：預(yù)期收益率不同的資產(chǎn)的風(fēng)險不適用。 標(biāo)準(zhǔn)離差率是資產(chǎn)收益率的標(biāo)準(zhǔn)差與期望值之比。也可稱為變異系數(shù)。 Introduction to Risk and Return risk第21頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三標(biāo)準(zhǔn)離差率是一個相

28、對指標(biāo)。它表示某資產(chǎn)每單位預(yù)期收益中所包含的風(fēng)險的大小。1適用條件：一般情況下標(biāo)準(zhǔn)離差率越大，資產(chǎn)的相對風(fēng)險越大；相反，標(biāo)準(zhǔn)離差率越小，資產(chǎn)的相對風(fēng)險越小。標(biāo)準(zhǔn)離差率指標(biāo)可以用來比較預(yù)期收益率不同的資產(chǎn)之間的風(fēng)險大小。2注意：如果資產(chǎn)的預(yù)期收益率相同，不需要計算標(biāo)準(zhǔn)離差率。Introduction to Risk and Return risk第22頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三風(fēng)險對策要點(diǎn)采取措施（多選）規(guī)避放棄項(xiàng)目徹底避免拒絕與不守信用的企業(yè)合作、放棄虧損項(xiàng)目減少控制風(fēng)險因素減少風(fēng)險的發(fā)生控制發(fā)生頻率降低損害程度準(zhǔn)確預(yù)測、多方案選擇、搜集信息、市場調(diào)研、多元化組合

29、投資轉(zhuǎn)移以一定代價將風(fēng)險轉(zhuǎn)移給他人投保、聯(lián)營、技術(shù)轉(zhuǎn)讓、業(yè)務(wù)外包接受風(fēng)險自擔(dān)承擔(dān)損失計入成本、沖減利潤風(fēng)險自保提取準(zhǔn)備金第23頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Efficient Market Hypothesis (EMH) Assumption 1: The returns from investments are normally distributed.Assumption 2: Investors are risk-averse.Assumption 3: Investors are rational.Assumption 4: Investors are pr

30、ice takers.Assumption 5: The Efficient Market Hypothesis holds.第24頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Efficient market hypothesis： Prices fully reflect all available information on a particular stock and/or market. No investor has an advantage in predicting a return on a stock price since no one has access

31、to information not already available to everyone else. 第25頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三 Three types of financial market efficiency: allocationally efficient operationally efficient informationally efficient第26頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三 Three main factors associated with informational market efficie

32、ncy The type of information to which the market price reactsThe speed at which the market price reacts to informationThe degree to which market participants over-or under-react to information第27頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Forms of Informational EfficiencyFama (1970) distinguishes three forms of info

33、rmationally efficient markets:Weak FormSemi-strong FormStrong Form第28頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Characteristics of an Informationally Efficient Market Price changes cannot be predicted. The price of the asset is equal to its fundamental (unobserved but true) value. Price changes should be random an

34、d unpredictable.第29頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Anomalies in Finance the short-run underpricing of Initial Public Offerings (IPOs) small companies have higher returns than that expected, based on the CAPM (small firm effect) on average, stocks have lower (negative) returns on Monday, compared to (pos

35、itive) returns on other days of the week (Monday effect) stocks have higher returns in January, relative to other months of the year (January effect). long run reversions in returns (overreaction) buy losers, sell winners; post-earnings announcement drift 第30頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Portfolio The

36、ory The Expected Return of a PortfolioHarry M. Markowitz (1952) The Expected Return of a Portfolio a weighted average of the expected returns on the individual securities 資產(chǎn)組合的預(yù)期收益率：第31頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三 Variance and standard deviation measure the variability of individual stocks. Covarian

37、ce and correlation measure how two random variables are related.兩項(xiàng)資產(chǎn)組合的收益率的方差滿足以下關(guān)系式： Portfolio Theory Risk in a Portfolio Context 第32頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Portfolio Theory Diversified Risk versus Market Risk第33頁，共38頁，2022年，5月20日，9點(diǎn)13分，星期三Beta and Capital Asset Pricing Model The Concept of Beta Beta coefficient, is defined under the CAPM as the amount of risk that the stock contributes to the market portfolio.0.5: Stock is only half as risky