RISK AND PROFITABILITY

CONDITION PROBABILITY (p) PROFITABILITY COMPANY A (Ra) PROFITABILITY COMPANY B (Rb)

BEST 20.000% 20.000% 7.000%
EQUAL 50.000% 16.000% 5.000%
WORSE 20.000% 10.000% 1.000%
BAD 10.000% -2.000% -10.000%

(Ra)(p) (Rb)(p) (Ra)-(R*a) (Rb)-(R*b)

4.00000% 1.40000% 6.20000% 3.90000%
8.00000% 2.50000% 2.20000% 1.90000%
2.00000% 0.20000% -3.80000% -2.10000%
-0.20000% -1.00000% -15.80000% -13.10000%
(R*a) 13.8000% (R*b) 3.1000%
AWAITED PROFITABILITY

((Ra)-(R*a))((Ra)-(R*a))(p) ((Rb)-(R*b))((Rb)-(R*b))(p) ((Ra)-(R*a))((Rb)-(R*b))(p)

0.0768800% 0.0304200% 0.0004836000000
0.0242000% 0.0180500% 0.0002090000000
n n
0.0288800% 0.0088200% 0.0001596000000 n
∑ r 1 i r 2 i−
(∑ )(∑ )
1
r 1i
1
r2 i

0.2496400% 0.1716100% 0.0020698000000 1 n

ρ 12 =
0.3796000% 0.2289000% 0.0029220000000 n n

VARIANCE COVARIANCE
√∑ ( 1
r 1 i−R 1 )
2
∑ ( r 2 i− R 2 )2
1

6.1611687% 4.7843495%
STANDARD DIVERSION

COEFFICIENT OF CORRELATION 0.99127513693435

PERCENTAGE OF INVESTMENT IN EVERY COMPANY

COMPANY A 60.00%
COMPANY B 40.00%

PROFITABILITY MERGER A-B 9.52%

RISK MERGER A-B-COVAR 5.60%
RISK MERGER A-B-COEF CORREL 5.60%
 beta mide sensibilidad respecto al mercado

2activos
A + B => promedio rendimiento riesgo unico
riesgo ( coeficiente correlacion (-)
 rentabilid risk
65% 13.80% 6.16%
35% 3.10% 4.78%
coef correl 0.99127514

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

100% 100% 98% 96% 94% 92% 90% 88% 86% 84% 82%

RISK 4.78% 4.81% 4.84% 4.86% 4.89% 4.92% 4.94% 4.97% 5.00% 5.02%
RENT 3.10% 3.31% 3.53% 3.74% 3.96% 4.17% 4.38% 4.60% 4.81% 5.03%

RENT
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
4.60% 4.80% 5.00% 5.20% 5.40% 5.60% 5.80% 6.00% 6.20%
 risk 12% 6%
return 15% 8%
 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40%
80% 78% 76% 74% 72% 70% 68% 66% 64% 62% 60%

5.05% 5.08% 5.11% 5.13% 5.16% 5.19% 5.21% 5.24% 5.27% 5.30% 5.32%
5.24% 5.45% 5.67% 5.88% 6.10% 6.31% 6.52% 6.74% 6.95% 7.17% 7.38%

REN
T

6.00% 6.20% 6.40%

 42% 44% 46% 48% 50% 52% 54% 56% 58% 60% 62%
58% 56% 54% 52% 50% 48% 46% 44% 42% 40% 38%

5.35% 5.38% 5.41% 5.43% 5.46% 5.49% 5.52% 5.54% 5.57% 5.60% 5.63%
7.59% 7.81% 8.02% 8.24% 8.45% 8.66% 8.88% 9.09% 9.31% 9.52% 9.73%
 64% 66% 68% 70% 72% 74% 76% 78% 80% 82% 84%
36% 34% 32% 30% 28% 26% 24% 22% 20% 18% 16%

5.66% 5.68% 5.71% 5.74% 5.77% 5.79% 5.82% 5.85% 5.88% 5.91% 5.94%
9.95% 10.16% 10.38% 10.59% 10.80% 11.02% 11.23% 11.45% 11.66% 11.87% 12.09%
 86% 88% 90% 92% 94% 96% 98% 100%
14% 12% 10% 8% 6% 4% 2% 0%

5.96% 5.99% 6.02% 6.05% 6.08% 6.10% 6.13% 6.16%

12.30% 12.52% 12.73% 12.94% 13.16% 13.37% 13.59% 13.80%
 RISK AND PROFITABILITY

CONDITION PROBABILITY (p) PROFITABILITY COMPANY A (Ra)

BEST
EQUAL
WORSE
BAD

(Ra)(p) (Rb)(p) (Ra)-(R*a)

(R*a) 0.0000% (R*b) 0.0000%

AWAITED PROFITABILITY

((Ra)-(R*a))((Ra)-(R*a))(p)
((Rb)-(R*b))((Rb)-(R*b))(p) ((Ra)-(R*a))((Rb)-(R*b))(p)

VARIANCE COVARIANCE
0.0000000% 0.0000000%
STANDARD DIVERSION

COEFFICIENT OF CORRELATION
#DIV/0!
PERCENTAGE OF INVESTMENT IN EVERY COMPANY
COMPANY A
COMPANY B

PROFITABILITY MERGER A-B

RISK MERGER A-B-COVAR
RISK MERGER A-B-COEF CORREL
TY

MARKET

(Rb)-(R*b)

n n

n
∑ r 1 i r 2 i−
( 1
)(
∑ r 1i ∑ r 2 i
1
)
1 n
ρ12=
n n

√ ∑ ( r 1 i−R 1 ) 2 ∑ ( r 2 i−R 2 )2
1 1
 RISK AND PROFITABILITY

CONDITION PROBABILITY (p) PROFITABILITY COMPANY A (Ra)

BEST
EQUAL
WORSE
BAD

(Ra)(p) (Rb)(p) (Ra)-(R*a)

(R*a) 0.0000% (R*b) 0.0000%

AWAITED PROFITABILITY

((Ra)-(R*a))((Ra)-(R*a))(p)
((Rb)-(R*b))((Rb)-(R*b))(p) ((Ra)-(R*a))((Rb)-(R*b))(p)

VARIANCE COVARIANCE
0.0000000% 0.0000000%
STANDARD DIVERSION

COEFFICIENT OF CORRELATION

PERCENTAGE OF INVESTMENT IN EVERY COMPANY

COMPANY A
COMPANY B

PROFITABILITY MERGER A-B

RISK MERGER A-B-COVAR
RISK MERGER A-B-COEF CORREL
TY

MARKET

(Rb)-(R*b)

n n

n
∑ r 1 i r 2 i−
( 1
)(
∑ r 1i ∑ r 2 i
1
)
1 n
ρ12=
n n

√ ∑ ( r 1 i−R 1 ) 2 ∑ ( r 2 i−R 2 )2
1 1