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1、Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall1ObjectiveRisk and Financial Decision MakingConceptual Framework for Risk ManagementEfficient Allocation of Risk-BearingCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall2 10.1 What is Risk? 10.2 Risk and Economic Deci

2、sions 10.3 The Risk-Management Process 10.4 The Three Dimensions of Risk Transfer 10.5 Risk Transfer and Economic Efficiency 10.6 Institutions for Risk Management 10.7 Portfolio Theory: Quantitative Analysis for Optimal Risk Management 10.8 Probability Distributions of Returns 10.9 Standard Deviatio

3、n as a Measure of RiskCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall3Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall4Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall5Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall6Copyright

4、2009 Pearson Education, Inc. Publishing as Prentice Hall7Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall8Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall9Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall10Copyright 2009 Pearson Education, Inc. Pu

5、blishing as Prentice Hall11Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall12Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall13Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall14Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall15C

6、opyright 2009 Pearson Education, Inc. Publishing as Prentice Hall16Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall17Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall18Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall19Copyright 2009 Pearson Educat

7、ion, Inc. Publishing as Prentice Hall20Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall21Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall22Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall23Copyright 2009 Pearson Education, Inc. Publishing as Pren

8、tice Hall24Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall25Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall26Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall27Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall28Copyright 2009 Pe

9、arson Education, Inc. Publishing as Prentice Hall29Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall30Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall31Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall32Copyright 2009 Pearson Education, Inc. Publis

10、hing as Prentice Hall33Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall34Standard Deviations of Portfolios 80.190.20012345678910Portfolio Size Standare Deviation s = 0.2000s = 0.1421s* = 0.1342Theoretical MinimumCopyright 2009 Pearson Education, Inc. Publishi

11、ng as Prentice Hall35Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall36ss211nnnnstockportCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall37Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall38Copyright 2009 Pearson Education, Inc. Publishing as Pren

12、tice Hall39Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall40Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall41State ofEconomyReturn onRISCOReturn onGENCOProb-abilityStrong50%30%0.20Normal10%10%0.60Weak-30%-10%0.20Copyright 2009 Pearson Education, Inc. Publishing

13、as Prentice Hall42Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall4350%30%10%-10%-30%RISCOGENCO0ProbabilityReturnProbability Distributions of Returns of GENCO and RISCOCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall44Copyright 2009 Pearson Educa

14、tion, Inc. Publishing as Prentice Hall45 %10: Also%1010. 0)10. 0(2 . 010. 06 . 03 . 02 . 0.1332211RISCOGENCOGENCOrrrniiinnrrPrPrPrPrPrErPCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall46 2530. 0: Also1265. 0016. 0)10. 010. 0(2 . 010. 010. 06 . 010. 030. 02 . 0.2221222222112RISCOGE

15、NCOGENCOrrrniriirnnrrrrPrPrPrPrErEssssCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall47Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall48Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall49Copyright 2009 Pearson Education, Inc. Publishing as Prent

16、ice Hall50Distribution of Returns on Two Stocks 0.00.51.01.52.02.53.03.5-100%-50%0%50%100%Return Probability Density NORMCOVOLCOCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall51Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall52Two More Return Densities.0.00.20.40

17、.60.81.01.8-100.00%-50.00%0.00%50.00%100.00%Return.Probability Density. VOLCOODDCOCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall53Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall54Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall55Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall56C

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