Ebook Essentials of corporate finance: Part 2

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Ebook Essentials of corporate finance: Part 2

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Ebook Essentials of corporate finance: Part 2ce.PART SIX Risk and ReturnJ-sQ1.C>kled 0 pithei&p 500 and NASD/S1wHlg about14 percent in 2011. - — SiS ísiKisr.iiTíítỉisin-Mt1011111 1few■areturn.1ww
w.downloadslide.net310PART 6 Risk and ReturnThus far. we haven’t had much to say about what determines the required return on an investment. In one se Ebook Essentials of corporate finance: Part 2
nse, the answer is very simple: The required return depends on the risk of the investment. The greater the risk, the greater is the required return.Ha
Ebook Essentials of corporate finance: Part 2
ving said this, we are left with a somewhat more difficult problem. How can we measure the amount of risk present in an investment? Pul another way. w
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Ebook Essentials of corporate finance: Part 2 questions. This is our task in the next two chapters.From the last several chapters, we know that one of the responsibilities of the financial manage
r is to assess the value of proposed investments. In doing this, it is important that we first look at what financial investments have to offer. At a Ebook Essentials of corporate finance: Part 2
minimum, the return we require from a proposed nonfinancial investment must be at least as large as what we can get from buying financial assets of si
Ebook Essentials of corporate finance: Part 2
milar risk.Our goal in this chapter is to provide a perspective on what capital market history can tell us about risk and return. The most important t
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Ebook Essentials of corporate finance: Part 2m financial assets and what are the risks from such investments? This perspective is essential for understanding how to analyze and value risky invest
ment projects.We start our discussion of risk and return by describing the historical experience of investors in the U.S. financial markets. In 1931, Ebook Essentials of corporate finance: Part 2
for example, the stock market lost 43 percent of its value. Just two years later, the stock market gained 54 percent. In more recent memory, the marke
Ebook Essentials of corporate finance: Part 2
t lost about 25 percent of its value on October 19. 1987. alone, and stocks lost almost 40 percent in 2008. What lessons, if any. can financial manage
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Ebook Essentials of corporate finance: Part 2 on the value of studying history. On the one hand, there is philosopher George Santayana’s famous comment "Those who cannot remember the past are con
demned to repeat it.” On the other hand, there is industrialist Henry Ford’s equally famous comment "History is more or less bunk.” Nonetheless, perha Ebook Essentials of corporate finance: Part 2
ps everyone would agree with the following observation from Mark Twain: "October. This is one of the peculiarly dangerous months to speculate in stock
Ebook Essentials of corporate finance: Part 2
s in. The others are July. January. September. April. November. May. March. June. December. August, and February.”There are two central lessons that e
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Ebook Essentials of corporate finance: Part 2k. To understand these facts about market returns, we devote much of this chapter to reporting the statistics and numbers that make up the modern capi
tal market history of the United States. In the next chapter, these facts provide the foundation for our study of how financial markets put a price on Ebook Essentials of corporate finance: Part 2
risk.10.1RETURNSX ExcelMaster coverage onlineWe wish to discuss historical returns on different types of financial assets. The first thing we need to
Ebook Essentials of corporate finance: Part 2
do. then, is to briefly discuss how to calculate the return from investing.Dollar ReturnsIf you buy an asset of any sort, your gain (or loss) from th
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Ebook Essentials of corporate finance: Part 2wn the investment. This is called the income component ofwww.downloadslide.netCHAPTER 10 Some Lessons from Capital Market History311TotalDividendsEndi
ng market valueFIGURE 10.1 Ebook Essentials of corporate finance: Part 2
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