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Standard shrimp cocktail presentation deviation is a statistical concept that the degree of dispersion. Standard deviation has been widely used in the stock and mutual fund investment risk measure, and is mainly based on NAV to fluctuate within a period of time calculated from the case. In general, the greater the standard deviation, which means that more severe ups and downs of the net, the degree of risk as well. Practical operation, the unit can be further applied the concept of risk premium, while the rate of return on the risk factors into account. The so-called risk-free rate is the measure of units per investor bears the risk of a unit, can get paid to Sharpe as investors use most often.
1. If a distribution of each fraction are added (or subtracted) a constant, the standard deviation constant. To demonstrate this feature of the mean, for example in an exam. The average score of the exam 70 points. Professor decided to give each student 10 points, which makes the average number of from 70 to 80. For raw test scores, the standard deviation is 15 points, giving each student has increased by 10 points after the standard deviation is still 15 points. As with the mean scores of the move and the scores and scores of the relative position shrimp cocktail presentation of the question remains shrimp cocktail presentation the same, but the overall distribution of the location moved it (by adding or subtracting a constant), it does not change its form ( Figure 1). Generally, this is represented by a simple algebraic expression is established. Each fraction after the addition of a constant, the score set the standard differential is:
[Edit] standard deviation and mean the relationship between the calculated results show that, A project's expected rate of return is less than B items. But look at the distribution of returns, A project shrimp cocktail presentation yields between 4% to 20% fluctuations, changes in a small range; while the B project yield from -100% to +100% change range. Yield reflects the risk of changes in the size the size of a large change in yield, the risk is great. Calculated according to the formula: σ A = 5.83%, σ B = 37.80%. This is not a description of Project B are at greater risk it? From a mathematical point of view, B may be derived from a large standard deviation of the project Project B are large variety of possible gains.
Table 2 Year Performance Indicators stock volatility Shanghai Composite Index S & P index Shanghai Composite S & P 1996 110.93 16.46 0.2376 O.0573 1997 -0.13 31.01 O.1188 O.0836 1998 8.94 26.67 O.0565 O.0676 1999 17.24 19.53 O.1512 0.0433 2000 43.86 -10.14 0.097 0.0421 2001 -15.34 -13.04 O.0902 O.0732 2002 -20.82 -23.37 shrimp cocktail presentation O.0582 O.1091
Standard & Poor's performance coefficient of variation 21.71/6.7214 3.2299
Capital structure refers to the proportion of corporate relations various funding sources, is the result of corporate financing activities. Optimal capital structure refers to the lowest cost of capital and enable businesses to the largest enterprise value capital structure; equity ratio, which is borrowed capital shrimp cocktail presentation and equity capital component ratio, reflecting the capital structure is an important variable. The assets of corporate debt capital and equity capital composition, but its level of risk and yield varies. According to portfolio theory, investment shrimp cocktail presentation diversification can be spread out certain risk capital providers therefore need to decide to invest in debt capital and equity capital ratio. In order to weigh the risks and benefits of the case to ensure its maximum benefits.
Suppose a business capital through the issuance of bonds and stocks obtained in two ways, and both belong to risky assets. where σ bond yield r D, standard deviation σ D through exposure to measure; stocks yield r E, risk σ E; stocks and bonds correlation coefficient p DE, covariance COV (r D, r E); bonds had a share of w D, equity proportion was WE (WD + WE = 1). According to portfolio theory, shrimp cocktail presentation the enterprise received outside investors' expectations of the business investment rate of return E (rp) = WDE (r D) + w EE (r E), variance
1, corporate shrimp cocktail presentation debt and equity funds financed entirely positive correlation, ie the correlation coefficient p DE is 1. Outside the enterprise investors' expectations yield E (rp) = w DE (r D) + w EE (r E), the standard deviation of the risk σ = w D σ D + w E σ E, which is a combination of the standard difference is equal to the standard deviation of each part of the weighted average of the portfolio can not be diversified away through investment risks. shrimp cocktail presentation According to portfolio theory, different proportions of the portfolio for investors is no different.
According to portfolio theory, only when the investment ratio is greater than σ E / (σ D + σ E) when its portfolio shrimp cocktail presentation is valid. For the purposes of corporate financing, ie enterprise proportion of equity funds make a big σ E / (σ D + σ E), the proportion of corporate financing shrimp cocktail presentation is effective, and when combined ratio of σ E / (σ D + σ E), the firm's financing portfolio risk is zero.
3, corporate debt capital and equity capital less than a correlation coefficient greater than -1. Theoretically, an enterprise financing two high degree of correlation between shrimp cocktail presentation the one hand, two kinds of financing systems have had to bear the risk, on the other hand they also bear the same corporate risk. Therefore, from a practical point of view, different enterprises financing degree of correlation between a positive correlation can not be completely and negative. For an enterprise, the enterprise debt funds claim to have fixed, equity funds only remaining claim to the enterprise, shrimp cocktail presentation so the volatility of debt funds is not like the volatility of equity funds so big. While business risk will also affect the company's debt capital and equity funds, corporate debt and equity funds of funds can not be negative shrimp cocktail presentation correlation coefficient. Enterprises shrimp cocktail presentation of different correlation coefficients between financing generally between shrimp cocktail presentation 0-1.
Comments (total 94) Tip: Content for the users for the entry "standard deviation" to start a discussion, and site represent the stand point of view.
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Thank you, the teacher, working two years after graduating from college, basically turned into two age levels very clear, my primary cultures have to see to understand great thank you, good
VERY GOOD
Said the true details, good, thank you! !
Thank you ~
Will the formula for calculating the standard deviation shrimp cocktail presentation in the denominator is not "1/N-1"
Point increase content
OK! But some details may be incorrect: because the standard deviation is an absolute value, standard deviation can not be directly shrimp cocktail presentation compared to Sino-US, and the coefficient of variation can be directly compared. Can be calculated:
Thank you so much variation coefficient or the standard deviation, the greater the value reflects the greater the risk of the project? ? ? ? ? ? ? A Project Project B rprp 1 0.9 0.3 0.2 0.3 2 0.6 0.4 0.15 0.4 3 0.3 0.3 0.1 0.3 Average r (A) = 60% Average r (B) = 15% σ (A) = 23%, σ (B) = 3.87 % CV (A) = 23% / 60% = 38.33% CV (B) = 3.87% / 15% = 25.8% This Project A Project B which with high risk?
Ah, although very good, but I really dizzy ... junior high school did not seem so complicated it ...
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