举例 Example 70 rf=0 % E(rp)=15%=22% y=y0 In p (l-y=%o in r
７-6 rf = 7% rf = 0% E(rp ) = 15% p = 22% y = % in p (1-y) = % in rf 举例 Example
投资组合预期收益 Expected Returns for combinations E(r=yE(r)+(1-yr re=全部或组合收益 complete or combined portfolio For example, y=75 E(r=.75(15)+25(07 =,13or13%
７-7 E(rc ) = yE(rp ) + (1 - y)rf rc = 全部或组合收益complete or combined portfolio For example, y = .75 E(rc ) = .75(.15) + .25(.07) = .13 or 13% 投资组合预期收益 Expected Returns for Combinations
多种组合 Possible combinations E E(rp)=15% E(r)=13% 7 F ■■■■■■■■■■■ 0 22%
７-8 多种组合 Possible Combinations E(r) E(rp ) = 15% rf = 7% 0 22% P F c E(rc ) = 13% C
多种组合方差 Variance on the possible combined portfolios Since o.=0, then yO k Rule 4 in Chapter 6 7-9
７-9 c p = Since rf y = 0, then * Rule 4 in Chapter 6 * 多种组合方差 Variance on the Possible Combined Portfolios
无杠杆作用的组合 Combinations Without Leverage Ify= 75, then oc=.75(22)=,1650r165% Ify=1 c=1(2)=.22or22% If y=0 oc=(22)=,00or0% 7-10
７-10 c = .75(.22) = .165 or 16.5% If y = .75, then c = 1(.22) = .22 or 22% If y = 1 c = (.22) = .00 or 0% If y = 0 无杠杆作用的组合 Combinations Without Leverage