1.

HPY
0
0 1
P
P P D +
=
3. E(R
A
) =
1
n
R
Ai
i=1
n

2
A
= var(A) =
1
n 1
R
Ai
E(R
A
)
[ ]
2
i=1
n

AB
= cov(A, B) =
1
n 1
R
Ai
E(R
A
)
[ ]
i=1
n

R
Bi
E(R
B
)
[ ]
4.

AB
=
Cov(A, B)

B
5. nh gi c phiu: P
0
=
CF
t
(1+k)
t
t=1
n

! h"nh ##: P
o
=
D
t
(1+k)
t
t =1

g $ 0: P
o
=
D
k
g $ con%&:
P
o
=
D
1
k g

b ROE g ' =


g =
D
t
D
tn
n 1
! h"nh (or)on: P*+$(1,-)*(.,g)
/. nh gi &ri phiu:
P
0
=
C
i
(1+ r)
i
i=1
T

+
NP
(1+ r)
T
=
1(1+ r)
T
r
C +
NP
(1+ r)
T
0P 12ro,coupon:
P
m
=
NP
(1+r)
T
(3P: 45nh gi 0P)
6. 78i %u9& :o h;n (Y0):

P
m
=
C
i
(1+YTM)
i
i=1
T

+
NP
(1+YTM)
T
=C
1(1+YTM)
T
YTM
+
NP
(1+YTM)
T
<. ! h"nh nh=n &>: R
i
= E(R
i
) +
i
F
i
i=1
k

+e
i

10. ! h"nh ?P0: E(R
i
) = R
f
+
i
Fi
i=1
k

2. ?HPY 1 ) 1 ( + =
n
HPY
E(R
A
) = p
i
R
Ai
i=1
n

2
A
= p
i
R
Ai
E(R
A
)
[ ]
2
i=1
n

AB
= p
i
R
Ai
E(R
A
)
[ ]
i=1
n

R
Bi
E(R
B
)
[ ]
11. E(R
P
) = w
i
E(R
i
)
i=1
n

P
= w
1
2

1
2
+w
2
2

2
2
+2w
1
w
2
cov
12
(20@)

P
= w
i
2

i
2
i=1
n

+ w
i
j=1
n

i=1
n

w
i
cov
ij
(n 0@)
12. # ,A (2 0Bi %Cn):
w
1
=

2
2
cov(R
1
, R
2
)

1
2
+
2
2
2cov(R
1
, R
2
)
13. HB4 hDu )Eng: U =E(R) 0.005A
2
14. aF G:
y
'
=
E(R
P
) R
f
0.01A
P
2
15.
E(R
C
) = R
f
+
E(R
P
) R
f

P

C
(H?7)

= y
P
1/. ! h"nh H?P:

E(R
C
) = R
f
+
E(R
M
) R
f

M

C


E(R
i
) =R
f
+
i
E(R
M
) R
f

i
=
cov(R
i
, R
M
)

M
2
I
P
= w
i

i
i=1
n

1J. 0hKi gian hoBn &rC &rung -"nh cLa &ri phiu:

[ ]
t
r r NY
r NY T r
r
r
D
T
'
1 ) 1 (
) ( ) 1 ( 1

+ +
+ +

+
=
D =
CF
t
.t
(1+ y)
t
t =1
n

CF
t
(1+ y)
t
t =1
n

=
CF
t
.t
(1+ y)
t
t =1
n

P
0