ec般tations, what芭 portfolio of袄 risky assets跋 do they hold氨?Р按?背?跋The m翱arket portfol稗io.РР班?叭 ·把?矮What is the f俺ormula for be阿ta?Р安?翱?袄B鞍i 澳 = COV(R八i癌Rm爱)/Var(R艾m蔼)РР捌?叭 ·败?佰Why is the be碍ta the approp吧riate measure盎 of risk for 拜a single secu叭rity in a lar澳ge portfolio?Р岸Because beta 摆measures the 瓣contribution 艾of that singl傲e security to矮 the variance把 of叭 the portfoli翱o.РР皑10.9 ·碍?巴Why is the SM扮L a straight 半line?Р哀Because inves吧tors could fo伴rm homemade p安ortfolios tha皑t dominate po半rtfolios that巴 don't lie on摆 a straight l蔼ine. Buying 斑and selling o昂f these portf霸olios would t摆hen drive any捌 outliers bac安k to the line懊.РР拔?罢 ·佰?昂What is the Capital-Asset-版Pricing model袄?Р凹The CAPM is a芭 linear model矮 that relates扒 the expected八 return on an袄 asset to its百 systematic r板isk (beta).
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