收益和風險(PPT 47頁)

Chapter Outline
10.1 Individual Securities
10.2 Expected Return, Variance, and Covariance
10.3 The Return and Risk for Portfolios
10.4 The Efficient Set for Two Assets
10.5 The Efficient Set for Many Securities
10.6 Diversification: An Example
10.7 Riskless Borrowing and Lending
10.8 Market Equilibrium
10.9 Relationship between Risk and Expected Return (CAPM)
10.10 Summary and Conclusions
10.1 Individual Securities
The characteristics of individual securities that are of interest are the:
Expected Return
Variance and Standard Deviation
Covariance and Correlation
10.2 Expected Return, Variance, and Covariance
Consider the following two risky asset world. There is a 1/3 chance of each state of the economy and the only assets are a stock fund and a bond fund.

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