Examples – 소송, 상품적 결함, 다양한 기술적 혁신과 같은 특정기업에만 존재하는 고유의 위험
요구수익률에 거의 영향을 미치지 못한다.
- 분산투자를 통해 제거 가능하기 때문
예를들어,
위험투자의 주식시장의 가치가 국채를 10% 능가하고 주식의 Beta 계수가 1.25라고 할때
Ⅱ. Analysis & Valuation process
Cost of Equity
The cost of equity is a key ingredient of every discounted cash flow model. It is difficult to estimate because it is an implicit cost and can vary widely across different investors in the same company.
① Risk Free Rate
There can be no default risk, which generally implies that the security has to be issued by a government. Note, though,
PV of Exercise Price
There the price of a put option can be written as
P=E×e-Rt+C-S
4) Effects of OPM Factors on the Value of a Call and a Put Option
(1) Increasing the stock price increases call values and decreases put values.
(2) The effect of increasing the standard deviation is positive and pronounced
for both puts and calls
(3) Increasing the risk-free rate ha
estimated GFR <60 mL/min Age (>55 years for men, >65 years for women) Family history of premature cardiovascular disease
(men <55 years or women 65 years)
(based on Wilson, D'Agostino, Levy et al. 'Prediction of Coronary Heart Disease using Risk Factor Categories', Circulation 1998)
OutcomeCoronary Heart Disease
Duration of follow-upMaximum of 12 years, 10-year risk