Bi 8.

Li sut v ri ro
Khi nim li sut v ri ro o lng ri ro Li nhun v ri ro ca mt danh mc u t a dng ha danh mc u t

Khi ni m
Khi nh u t mua c phiu hoc tri phiu s thu c li sut di 2 dng: (1) c tc hay tri tc, v (2) thng d vn hoc l vn. VD: Mua c phiu ca General Electric vo u nm 2007 gi $102/c phiu. Cui nm gi c phiu tng ln $155. Ngoi ra, nm 2007 General Electric tr c tc $1.46/c phiu. Li sut ca khon u t?

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R i ro
L s bin ng hoc khng chc chn ca thu nhp, c xc nh cn c vo mc chnh lch ca li sut thc t (hoc d tnh) so vi li sut bnh qun (hoc k vng).

Ngun ri ro
Ngun ri ro: Cn c vo ngun thu nhp: Bin ng ca thu nhp ca chng khon Bin ng ca gi chng khon. Bin ng ca s tin c th s dng ti u t hoc thu nhp ca cc khon ti u t.

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Ngun ri ro
Cn c vo tc nhn ri ro

Cc thc o ri ro
Phng sai (Variance) v lch tiu chun (Standard deviation) o lng ri ro ca thu nhp qu kh o lng ri ro ca thu nhp tng lai H s ri ro (Coefficient of Variance)

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o lng ri ro
Phng sai L trung bnh ca bnh phng mc chnh lch gia li sut thc t so vi li sut bnh qun.

ngha

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V d minh h a

H s bi n i

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L i nhu n c a danh m c u t
L i nhu n k v ng c a danh m c u t

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L i nhu n c a danh m c u t

R i ro c a danh m c u t

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R i ro c a danh m c u t

V d

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