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IM Lecture 1

The document discusses stock market risk and return, the security market line, capital market line, and the relationship between market risk and stock return. It provides examples of buying and short selling stocks, borrowing stocks from a broker, and margin requirements.

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szeyee1205
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16 views16 pages

IM Lecture 1

The document discusses stock market risk and return, the security market line, capital market line, and the relationship between market risk and stock return. It provides examples of buying and short selling stocks, borrowing stocks from a broker, and margin requirements.

Uploaded by

szeyee1205
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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shows market risk return on stock

SML
return
CML shows market portfolio

Characteristics shows relationship between


Line market stock return
ii

i
dii

Eg Buy at 20 share
set a selling price at 16 Your broker will
If price drops until 14 sell the stock
when pricedrops
until 16
售空

borrow stock from broker


Buy by borrowing
差价交易
100

Exff Eg 19 4,5 8 2,000,122 2,500


I 期保证

2
维持费

对保证 不 的账户追加保证 以满 保证 要求

Eg If the stock price margin need to add cash to ace beforeselling


I 2

S Price 500 41,00

500 440
60

cash
卖空 broker

F.TK I
8

Scenario 1 2

I EYE
coiffised the

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