Encrypted Document with References to Universities and Academic Topics, Summaries of Finance

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1 + r =

1 + R

1 + i

" r =

R # i

1 + i

r $ R # i

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raftertax " R (^) ( 1 # t ) # i = (^) ( r + i ) ( 1 # t ) # i = r (^) ( 1 # t ) # it! !

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R = r + E (^) ( i )!

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HPR =

P 1 " P 0 + D 1

P 0

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E (^) ( r ) = P (^) ( S ) r (^) ( S ) S "! ! -34?3:B6) m1&71#%!1#$!',1#$1&$!$%;71,73#!7'!1!.%1'0&%!34!&7'+J!'7#%!7,!.%1'0&%'!,5%!I&7%!4=0,01,73#'!1&30#$! ,5%!.%1#9!b3G!.05!1#!8!%FI%*,!,5%!&%,0&#!,3!$%;71,%!4&3.!,5%!1;%&1?%!&%,0&#u! !

" 2 = P (^) ( S ) [ r (^) ( S ) # E (^) ( r )] 2 S $ " = P (^) ( S ) [ r (^) ( S ) # E (^) ( r )] 2 S $

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Skew = average

( R^ "^ R ) 3

#^ ˆ 3

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Kurtosis = average

( R^ "^ R ) 4

#^ ˆ 4

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E (^) ( r (^) A ) " E (^) ( r (^) B )

# A $ # B

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1

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E (^) ( r (^) C ) = yE (^) ( r (^) P ) + (^) ( 1 " y ) rf # E (^) ( r (^) C ) = rf + y (^) [ E (^) ( r (^) P ) " rf ]

" C = y " P!

E (^) ( r (^) C ) = rf + " C " (^) P [^ E^ ( r^ P )^ #^ rf ] =^ rf +^ [ E^ ( r^ P )^ #^ rf ] " (^) P

" C!