Kısa cevap · Soru 101
Since when has the Turkey's stock exchange been operating?
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Turkey’s stock exchange has been operating since the late 1980s.
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Turkey’s stock exchange has been operating since the late 1980s.
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We can use the arithmetic average (mean) to measure the expected value and the standard deviation to represent the volatility or dispersion around that expected value.
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Risk-free return is the rate of return that investors require to invest in risk free investments in that environment. The short term T-Bill rate is usually used to measure it. The Risk premium is the return in excess of the risk-free rate that investors require to compensate for the risk of an investment.
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In an (informationally) efficient market, prices fully reflect all available information. In such a market it should not be possible for market participants to consistently earn excess returns, beyond the return appropriate to investments of that level of risk. Two important parts of the EMH definition that we should pay more attention to are “fully reflect” and “all available information”.
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Weak form of the EMH states that all information contained in past prices is fully reflected in prices. If weak-form efficiency holds, it should not be possible for investors using information from past price changes to obtain consistent excess profits. Chartists and other technical analysts are engaging in useless activities.
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When deciding on an investment, investors should take into account not only their expected returns and risk levels, but also possible interactions/ co-movements with other securities.
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There are three states of economy: Depression, normal and boom.
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The first step in the calculation is to calculate their differences from their relative means (Rct - Rc ) and (Rdt - Rd ), and multiply them with each other for each state of the economy. Second, taking a weighted average of these terms gives us the covariance. When both returns tend to be above or below their relative averages at the same time, then the covariance becomes positive, and negative when they tend to diverge.
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A positive covariance means that whenever the returns of Compatible are above its average, it is also likely that the return of Divergent would be above the average.
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A positive correlation means that the investments will tend to have high or low returns at the same time.
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If the returns of Compatible and Divergent were perfectly positively correlated then the standard deviation of portfolio becomes the weighted average of standard deviations of the individual securities.
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The expected return, sometimes referred to as normal return, is the return that would be realized if everything relevant to the value of the company goes as expected.
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Unexpected returns are the result of new unexpected information arriving to the market during the period which changes some of the factors we believe are pertinent. Some examples of relevant new information arriving to the market could be things like: • Announcement of the latest growth rate of the economy • Large swings in the value of the national currency • Announcement of a new contract to sell large quantity of products to another country • News of a large accident at the factory • Announcement of a new facility being built that will significantly increase the production capac- ity of the company
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Market, portfolio or systematic risk is the uncertainty inherent to the market that cannot be controllable.
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The diversifiable, unique or unsystematic risk is the uncertainty that is related to the invested asset. Therefore, unsystematic risk can be reduced through diversification whereas systematic risk cannot.
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The Capital Market Line (CML) is the line that connects the risk-free asset with the market portfolio, where the line is just tangent to the efficient frontier on an expected return/ standard deviation graph.
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The CML depicts the trade-off between risk and return for diversified (efficient) portfolios. relationship between the expected returns of efficient portfolios subject to standard deviation of a market portfolio and risk-free rate.
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Capital-Asset-Pricing Model is a model describing the relationship between the systematic risk of a security, namely beta, and expected returns. As long as the market risk premium is positive, higher beta value bring higher returns.
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The difference between Security Market Line and Capital Market Line is that: on CML we are considering a portfolio that is composed of a risky assets plus a risk-free asset, and all the efficient points on this line denotes the expected return and standard deviation of this combination.
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Financial planning is the process of creating a picture of future given the assumptions of today as determined by the prevailing market and corporate circumstances as well as strategies.
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Financial Planning has got many objectives to look forward to, but mainly it serves for determining capital requirements in short and long term and proper capital structure for the relevant time frame. Financial planning; • helps in ensuring a reasonable balance between outflow and inflow of funds so that stability is maintained. • ensures that the supply of funds are easily and effectively invested • helps in making growth and expansion programmes which helps in long-run survival of the company • reduces uncertainties with regards to changing market trends which can be faced easily through enough funds, and • helps in reducing the uncertainties which can be a hindrance to growth of the company. This helps in ensuring stability and profitability in concern.
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There are 4 main contituents of financial planning. These are; 1. Cash flows 2. Departmental analysis 3. Scenario analysis 4. Short and long-term time frame
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The planning process should be designed to be revised periodically to reflect the effects of those changes to the financial plans. The assumptions used may be: • The effectiveness and length of cash conversion cycle • The sales and collection policies, • Capital budgeting techniques, • The cost of capital and its revisions depending on the financial circumstances, • Target capital structure, • The cash dividend policy, • The tendency to finance the working capital needs by short-term borrowings
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The following operational and financial data is required for the financial planning process: • Short and long term profit targets, • Divisional financial reports, • Transactions creating cash flow for the divisions and the company, • Divisional proforma and realized budgets, • Cost accounting data on product basis, • Special financial analysis in relation with profitability by product, logistics costs and other expenditure, • Analysis of security portfolio and subsidiaries, • Labor productivity reports, • Internal control reports.
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There are four outputs of financial planning process. These are; 1. Cash flow estimations 2. Working capital strategy 3. Short and long term capital budgets 4. Funding requirements.
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