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Risk premium. Adjustment of risk презентация
Содержание
- 1. Risk premium. Adjustment of risk
- 2. People try to avoid risk 2
- 3. Why managers invest in risky projects? 3
- 4. RISK PREMIUM 4
- 5. I want to have a compensation not
- 6. win – 1000$, defeat – 1000$ Negative
- 7. 7 win – 1800$, defeat – 1000$
- 8. Business risk associated with a firm decision about investment 8
- 9. 9 Business risk is always there - no business does not guarantee success
- 10. Within one business direction, the investor usually
- 11. On the other hand, the "old" company,
- 12. Financial risk is determined by the financial
- 13. The income of the company must first of all go to debt service 12
- 14. Adjustment of risk 14
- 15. Discounted value of future profit Degree of
- 16. Methods of risk account : The rate
- 17. The rate method, corrected for risk The
- 18. Method of certainty equivalent The present value
- 19. The coefficient of certainty equivalent α is
- 20. And most often for any specific period:
- 21. East-West Trading Company
Слайд 5I want to have a compensation not only for the use
… a higher rate of profit, if there is a risk…
5
Слайд 6win – 1000$, defeat – 1000$
Negative expected value => investor will
6
Utility
Revenue
Utility of revenue
win
defeat
Слайд 10Within one business direction, the investor usually faced with higher business
Слайд 11On the other hand, the "old" company, products or methods of
10
Слайд 12Financial risk is determined by the financial decisions of the firm
11
Слайд 15Discounted value of future profit
Degree of risk
Valuation model:
The present value of
Estimated profit
The required rate of profit, taking into account the level of business and financial risk
The number of periods
The amount of initial investment
15
Слайд 16Methods of risk account :
The rate method, corrected for risk
Method of
16
Слайд 17The rate method, corrected for risk
The rate, corrected for risk
-the required
17
Ех:
Слайд 18Method of certainty equivalent
The present value of the cash flow associated
The coefficient of certainty equivalent for period t
The expected cash flow in the period t at risk
Risk-free rate of profit or the interest rate for calculating the value of money
The number of periods
The amount of initial investment
Free from the risk equivalent amount of cash in the period t
18
Слайд 19The coefficient of certainty equivalent α is a number between 0
It varies inversely with the degree of risk
(the higher the risk, the lower should be the factor)
α = 1 –the project is risk free
α = 0 – the project is too risky
to expect profit
Free from the risk equivalent amount of cash in the period t
The expected cash flow in the period t at risk
19
Ех:
Слайд 20And most often for any specific period:
20
Risk is anyway evaluated by
