Sharpe ratio also called reward to volatility ratio represents extra returns per extra risk. It was named after William Sharpe. While estimating a Sharpe ratio, all items are presented in nominal figures, the input should also use nominal data and not the average excess real return data.
Sharpe nisbati, shuningdek, mukofot va o'zgaruvchanlik nisbati deb ataladigan qo'shimcha xavf uchun qo'shimcha daromadni anglatadi. U Uilyam Sharp sharafiga nomlangan.
Sharpe koeffitsientini baholashda barcha elementlar nominal raqamlarda taqdim etiladi, kiritilgan ma'lumotlar o'rtacha ortiqcha real daromad ma'lumotlaridan emas, balki nominal ma'lumotlardan ham foydalanishi kerak.
40.
You’ve just decided upon your capital allocation for the next year, when you realize that you’ve underestimated both the expected return and the standard deviation of your risky portfolio by 4%. Will you increase, decrease, or leave unchanged your allocation to risk-free T-bills?
I will decrease my allocation to risk-free T-bills.
In order to return to the right ratio, the portfolio will have to decrease the amount of risk-free investments. Our underestimation will reduce the return per unit of risk.
41.
Define bond rankings and why they are important?
A bond rating is a way to measure the creditworthiness of a bond, which corresponds to the cost of borrowing for an issuer. These ratings typically assign a letter grade to bonds that indicates their credit quality. Private independent rating services such as Standard & Poor's, Moody’s Investors Service, and Fitch Ratings Inc. evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest, in a timely fashion.
Obligatsiyalar reytingi - bu obligatsiyaning kreditga layoqatliligini o'lchash usuli bo'lib, u emitent uchun qarz olish qiymatiga mos keladi. Ushbu reytinglar odatda obligatsiyalarga ularning kredit sifatini ko'rsatadigan harf bahosini belgilaydi. Standard & Poor's, Moody's Investors Service va Fitch Ratings Inc kabi xususiy mustaqil reyting xizmatlari obligatsiya emitentining moliyaviy quvvatini yoki uning obligatsiyalar bo'yicha asosiy qarz va foizlarni o'z vaqtida to'lash qobiliyatini baholaydi.
42.
What is a debenture?
A debenture is a marketable security that businesses can issue to obtain long-term financing without needing to put up collateral or dilute their equity.
43.
Suppose investors believe that the standard deviation of the market-index portfolio has increased by 50%. What does the CAPM imply about the effect of this change on the required rate of return on Google’s investment projects?
Aytaylik, investorlar bozor indeksi portfelining standart og'ishi 50% ga oshganiga ishonishadi. CAPM ushbu o'zgarishning Google investitsiya loyihalarida talab qilinadigan daromad darajasiga ta'siri haqida nimani anglatadi?
In the above scenario, the required rate of return on a stock is related to the required rate of return on the stock market via beta. Assuming the beta of Google remains constant, the increase in the risk of the market will increase the required rate of return on the market, and thus increase the required rate of return on Google.
Yuqoridagi stsenariyda qimmatli qog'ozlar bo'yicha talab qilinadigan daromad darajasi beta-versiya orqali fond bozorida talab qilinadigan daromad darajasi bilan bog'liq. Google’ning beta-versiyasi doimiy bo‘lib qolsa, bozor xavfining oshishi bozorda talab qilinadigan daromad darajasini oshiradi va shu bilan Google’da talab qilinadigan daromad darajasini oshiradi.
44.
Consider the statement: “If we can identify a portfolio that beats the S&P 500 Index portfolio, then we should reject the single-index CAPM.” Do you agree or disagree? Explain.
Bayonotni ko'rib chiqing: "Agar biz S&P 500 Index portfelidan ustun turadigan portfelni aniqlay olsak, biz bitta indeksli CAPMni rad etishimiz kerak." Siz rozimisiz yoki qo'shilmaysizmi? Tushuntiring
As of now, there are no tools i.e. index funds or ETFs to directly invest in the 500 index portfolio. These could even be superior to a single index yet they are not practical even for professional investors.
Hozircha 500 indeksli portfelga to'g'ridan-to'g'ri sarmoya kiritish uchun hech qanday vositalar, ya'ni indeks fondlari yoki ETFlar mavjud emas. Ular hatto bitta indeksdan ham ustun bo'lishi mumkin, ammo ular professional investorlar uchun ham amaliy emas.
45.
Is the following true or false? Explain. Stocks with a beta of zero offer an expected rate of return of zero. Is the following true or false? Explain. The CAPM implies that investors require a higher return to hold highly volatile securities.
