• hệ số mẫu xác định có liên quan với cổ phiếu và thị trường. b) Vẽ trong dòng đặc trưng của các cổ phiếu A và cung cấp cho việc giải thích - nó có những gì hiển thị cho nhà đầu tư? c) Tính phương sai mẫu còn lại liên quan với đường thẳng đặc trưng chứng khoán và giải thích làm thế nào các nhà đầu tư sẽ giải thích các số thống kê này. | Investment Analysis and Portfolio Management 12. 13. 14. 15. weighted average of the Betas of its component securities where the proportions invested in the securities are the respective weights. Security Market Line SML demonstrates the relationship between the expected return and Beta. Each security can be described by its specific security market line they differ because their Betas are different and reflect different levels of market risk for these securities. Arbitrage Pricing Theory APT states that the expected rate of return of security is the linear function from the complex economic factors common to all securities. There could presumably be an infinitive number of factors. The examples of possible macroeconomic factors which could be included in using APT model are GDP growth an interest rate an exchange rate a defaul spread on corporate bonds etc. Market efficiency means that the price which investor is paying for financial asset stock bond other security fully reflects fair or true information about the intrinsic value of this specific asset or fairly describe the value of the company -the issuer of this security. The key term in the concept of the market efficiency is the information available for investors trading in the market. There are 3 forms of market efficiency under efficient market hypothesis weak form of efficiency semi- strong form of efficiency strong form of the the weak form of efficiency stock prices are assumed to reflect any information that may be contained in the past history of the stock the semi-strong form of efficiency all publicly available information is presumed to be reflected in stocks strong form of efficiency which asserts that stock prices fully reflect all information including private or inside information as well as that which is publicly available. Key-terms Arbitrage Arbitrage Pricing Theory APT Coefficient Beta P Capital Market Line CML Capital Asset Pricing Model CAPM .
