人力资源管理
1) Beta can be negative because it tries to quantify the relationship between the stock (or whatever else you are applying it to) and the market. Gold is an example of something with a negative beta. Remember, this doesn't represent zero-risk. It shows that, all else equal, the gold should move opposite the market as a whole in a macro setting. Try to think about it more like a relationship.
2) The beta varies between different companies because at the end of the day each company is different. No two are alike. They are compared to the market as a whole (in the form of returns, etc.) in order to attempt to quantify the risk. The risk that matters is the systematic risk. People try to mitigate or diversify away the company specific risk in a set of portfolios. You aren't looking at the risk of the market each time you look at beta; you are looking at how the stock (or whatever you are applying statistics to) interacts with the market. There is a return for risk taking; however, the market doesn't reward unnecessary risk taking. Unnecessary risk taking=not diversifying away the company specific risk.
1. What is financial management all about?
2. In general what are the principles on which the Modified Accelerated Cost Recovery System (MACRS) is based?
3. You have been offered a note with four yrs to maturity, which will pay $3000 at the end if each of the 4 yrs, the price of the note to you is $10200, what is the implicit compound annual interest rate you will receive(to the nearest whole percent)?
4. Why is beta a measure of systematic risk? What is its meaning?
5. Explain why a long term creditor should be interested in liquidity ratios? In trying to judge whether a company has too much debt, what financial ratios would you use and for what purpose?
6. Why do most audited financial reports to the shareholders include a statement of cash flows in addition to the balance sheet and income statement?
Financial accounting is a specialized branch
2) The beta varies between different companies because at the end of the day each company is different. No two are alike. They are compared to the market as a whole (in the form of returns, etc.) in order to attempt to quantify the risk. The risk that matters is the systematic risk. People try to mitigate or diversify away the company specific risk in a set of portfolios. You aren't looking at the risk of the market each time you look at beta; you are looking at how the stock (or whatever you are applying statistics to) interacts with the market. There is a return for risk taking; however, the market doesn't reward unnecessary risk taking. Unnecessary risk taking=not diversifying away the company specific risk.
1. What is financial management all about?
2. In general what are the principles on which the Modified Accelerated Cost Recovery System (MACRS) is based?
3. You have been offered a note with four yrs to maturity, which will pay $3000 at the end if each of the 4 yrs, the price of the note to you is $10200, what is the implicit compound annual interest rate you will receive(to the nearest whole percent)?
4. Why is beta a measure of systematic risk? What is its meaning?
5. Explain why a long term creditor should be interested in liquidity ratios? In trying to judge whether a company has too much debt, what financial ratios would you use and for what purpose?
6. Why do most audited financial reports to the shareholders include a statement of cash flows in addition to the balance sheet and income statement?
Financial accounting is a specialized branch