翻訳と辞書 Words near each other ・ Security Information Service ・ Security Intelligence Review Committee ・ Security Intelligence Service ・ Security interest ・ Security issues in Bulgaria ・ Security issues in Colombia ・ Security issues in Germany ・ Security kernel ・ Security level management ・ Security Liaison Officer ・ Security lighting ・ Security log ・ Security management ・ Security Management (magazine) ・ Security management studies ・ Security market line ・ Security modes ・ Security Now ・ Security of Advanced Access Content System ・ Security of automated teller machines ・ Security of cryptographic hash functions ・ Security of Information Act ・ Security of King and Government Act 1695 ・ Security of payment ・ Security of person ・ Security of tenure ・ Security of the Sovereign Act ・ Security of the Succession, etc. Act 1701 ・ Security of Windsor Castle ・ Security Offences (Special Measures) Act 2012 Dictionary Lists mini英和辞書 mini和英辞書 Webster 1913 Latin-English FOLDOC Wikipedia English ウィキペディア

翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Security market line ： ウィキペディア英語版 Security market line Security market line (SML) is the representation of the capital asset pricing model. It displays the expected rate of return of an individual security as a function of systematic, non-diversifiable risk .〔(Security Market Line )〕 ==Formula== The Y-intercept of the SML is equal to the risk-free interest rate. The slope of the SML is equal to the market risk premium and reflects the risk return trade off at a given time: :$\backslash mathrm\; :\; E(R\_i)\; =\; R\_f\; +\; \backslash beta\_(-\; R\_f)\backslash ,$ where: :''E(R''i'')'' is an expected return on security :''E(R''M'')'' is an expected return on market portfolio M :''β'' is a nondiversifiable or systematic risk :''RM'' is a market rate of return :''Rf'' is a risk-free rate When used in portfolio management, the SML represents the investment's opportunity cost (investing in a combination of the market portfolio and the risk-free asset). All the correctly priced securities are plotted on the SML. The assets above the line are undervalued because for a given amount of risk (beta), they yield a higher return. The assets below the line are overvalued because for a given amount of risk, they yield a lower return.〔(Investopedia explains Security Market Line - SML )〕 There is a question about what the SML looks like when beta is negative. A rational investor will accept these assets even though they yield sub-risk-free returns, because they will provide "recession insurance" as part of a well-diversified portfolio. Therefore, the SML continues in a straight line whether beta is positive or negative. A different way of thinking about this is that the absolute value of beta represents the amount of risk associated with the asset, while the sign explains when the risk occurs.〔Geurts and Pavlov, "Calculating the Cost of Capital for REITs: A Classroom Explanation." Real Estate Review 34 (Fall 2006).〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Security market line」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.