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As such, these

people go into default. Investors affected by credit risk suffer

A risk asset is any asset that carries a degree of risk. Risk from decreased income and lost principal and interest, or they

asset generally refers to assets that have a significant degree deal with a rise in costs for collection.

of price volatility, such as equities, commodities, high-yield

bonds, real estate and currencies. Specifically in the banking Liquidity risk involves securities and assets that cannot be

context, risk asset refers to an asset owned by a bank or purchased or sold fast enough to cut losses in a volatile

financial institution whose value may fluctuate due to changes market. Asset-backed risk is the risk that asset-backed

in interest rates, credit quality, repayment risk and so on. The securities may become volatile if the underlying securities also

term may also refer to equity capital in a financially stretched or change in value. The risks under asset-backed risk include

near-bankrupt company, as its shareholders claims would rank prepayment risk and interest rate risk.

below those of the firms bondholders and other lenders.

Changes in prices because of market differences, political

BREAKING DOWN 'Risk Asset' changes, natural calamities, diplomatic changes or economic

conflicts may cause volatile foreign investment conditions that

Investor appetite for risk assets swings considerably over time. may expose businesses and individuals to foreign investment

The period from 2003 to 2007 was one of huge risk appetite, risk. Equity risk covers the risk involved in the volatile price

as rampant investor demand drove up prices of most assets changes of shares of stock.

associated with above-average risk, including commodities,

emerging markets, subprime mortgage-backed securities, as Investors holding foreign currencies are exposed to currency

well as currencies of commodity exporters such as Canada risk because different factors, such as interest rate changes

and Australia. The global recession of 2008 to 2009 triggered and monetary policy changes, can alter the value of the asset

massive aversion for risk assets, as capital fled to the that investors are holding.

quintessential safe-haven of U.S. Treasuries.

Financial Risk is one of the major concerns of

Since March 2009, as swings in risk appetite became more every business across fields and geographies.

pronounced due to global macroeconomic concerns, such as This is the reason behind Financial Risk

European sovereign debt (in 2010 and 2011) and the Manager FRM Exam gaining huge recognition

U.S. fiscal cliff (in 2012), market-watchers began referring to

times when investors have substantial appetite for risk assets among financial experts across the globe. FRM

as "risk on" periods and intervals of risk aversion as "risk off" is the top most credential offered to risk

periods. management professionals worldwide.

What is 'Financial Risk' Financial Risk again is the base concept of

FRM Level 1 exam. Before understanding the

Financial risk is the possibility that shareholders will lose techniques to control risk and perform risk

money when they invest in a company that has debt, if the

company's cash flow proves inadequate to meet its financial management, it is very important to realize

obligations. When a company uses debt financing, what risk is and what the types of risks are.

its creditors are repaid before its shareholders if the company Let's discuss different types of risk in this

becomes insolvent. Financial risk also refers to the possibility post.

of a corporation or government defaulting on its bonds, which

would cause those bondholders to lose money Risk and Types of Risks:

BREAKING DOWN 'Financial Risk' Risk can be referred as the chances of having

Financial risk is the general term for many different types of an unexpected or negative outcome. Any action

risks related to the finance industry. These include risks or activity that leads to loss of any type can be

involving financial transactions such us company loans, and its termed as risk. There are different types of

exposure to loan default. The term is typically used to reflect an

risks that a firm might face and needs to

investor's uncertainty of collecting returns and the potential for

monetary loss. overcome. Widely, risks can be classified into

three types: Business Risk , Non-Business Risk

Investors can use a number of financial risk ratios to assess an and Financial Risk.

investment's prospects. For example, the debt-to-capital ratio

measures the proportion of debt used, given the total capital 1. Business Risk: These types of risks are

structure of the company. A high proportion of debt indicates a taken by business enterprises

risky investment. Another ratio, the capital expenditure ratio, themselves in order to maximize

divides cash flow from operations by capital expenditures to

see how much money a company will have left to keep the shareholder value and profits. As for

business running after it services its debt. example: Companies undertake high

Types of Financial Risks cost risks in marketing to launch new

product in order to gain higher sales.

There are many types of financial risks. The most common

ones include credit risk, liquidity risk, asset backed risk, foreign 2. Non- Business Risk: These types of risks

investment risk, equity risk and currency risk. are not under the control of firms. Risks

that arise out of political and economic

Credit risk is also referred to as default risk. This type of risk is imbalances can be termed as non-

associated with people who borrowed money and who are business risk.

3. Financial Risk: Financial Risk as the Operational Risk:

term suggests is the risk that involves This type of risk arises out of operational

financial loss to firms. Financial risk failures such as mismanagement or technical

generally arises due to instability and failures. Operational risk can be classified

losses in the financial market caused by into Fraud Risk and Model Risk. Fraud risk

movements in stock prices, currencies, arises due to lack of controls and Model risk

interest rates and more. arises due to incorrect model application.

Types of Financial Risks: Legal Risk:

Financial risk is one of the high-priority risk This type of financial risk arises out of legal

types for every business. Financial risk is constraints such as lawsuits. Whenever a

caused due to market movements and market company needs to face financial loses out of

movements can include host of factors. Based legal proceedings, it is legal risk.

on this, financial risk can be classified into What is the 'Capital Asset Pricing Model - CAPM'

various types such as Market Risk, Credit Risk, The capital asset pricing model (CAPM) is a model that

Liquidity Risk, Operational Risk and Legal Risk. describes the relationship between systematic risk

and expected return for assets, particularly stocks. CAPM is

widely used throughout finance for the pricing of

risky securities, generating expected returns for assets given

the risk of those assets and calculating costs of capital.

BREAKING DOWN 'Capital Asset Pricing Model -

CAPM'

given its risk is as follows:

Market Risk:

This type of risk arises due to movement in

prices of financial instrument. Market risk can

The general idea behind CAPM is that investors need to be

be classified as Directional Risk and Non -

compensated in two ways: time value of money and risk. The

Directional Risk. Directional risk is caused due time value of money is represented by the risk-free (rf) rate in

to movement in stock price, interest rates and the formula and compensates the investors for placing money

more. Non- Directional risk on the other hand in any investment over a period of time. The risk-free rate is

can be volatility risks. customarily the yield on government bonds like U.S.

Credit Risk: Treasuries.

This type of risk arises when one fails to fulfill

The other half of the CAPM formula represents risk and

their obligations towards their counter

calculates the amount of compensation the investor needs for

parties. Credit risk can be classified taking on additional risk. This is calculated by taking a risk

into Sovereign Risk and Settlement Risk. measure (beta) that compares the returns of the asset to the

Sovereign risk usually arises due to difficult market over a period of time and to the market premium (Rm-

foreign exchange policies. Settlement risk on rf): the return of the market in excess of the risk-free rate. Beta

the other hand arises when one party makes reflects how risky an asset is compared to overall market risk

the payment while the other party fails to fulfill and is a function of the volatility of the asset and the market as

well as the correlation between the two. For stocks, the market

the obligations.

is usually represented as the S&P 500 but can be represented

Liquidity Risk: by more robust indexes as well.

This type of risk arises out of inability to

execute transactions. Liquidity risk can be The CAPM model says that the expected return of a security or

classified into Asset Liquidity Risk and Funding a portfolio equals the rate on a risk-free security plus a risk

Liquidity Risk. Asset Liquidity risk arises either premium. If this expected return does not meet or beat the

due to insufficient buyers or insufficient required return, then the investment should not be undertaken.

The security market line plots the results of the CAPM for all

sellers against sell orders and buy orders

different risks (betas).

respectively.

Example of CAPM

Using the CAPM model and the following assumptions, we can often used as the discount rate in discounted cash flow, a

compute the expected return for a stock: popular valuation model.

The risk-free rate is 2% and the beta (risk measure) of a stock The Capital Asset Pricing Model: an Overview

is 2. The expected market return over the period is 10%, so No matter how much we diversify our investments, it's

that means that the market risk premium is 8% (10% - 2%) impossible to get rid of all the risk. As investors, we deserve

after subtracting the risk-free rate from the expected market a rate of return that compensates us for taking on risk.

return. Plugging in the preceding values into the CAPM formula The capital asset pricing model (CAPM) helps us to calculate

above, we get an expected return of 18% for the stock: investment risk and what return on investment we should

expect. Here we take a closer look at how it works.

18% = 2% + 2 x (10%-2%) Birth of a Model

The capital asset pricing model was the work of financial

Market Risk Premium economist (and later, Nobel laureate in economics) William

The market risk premium is the difference between Sharpe, set out in his 1970 book "Portfolio Theory and Capital

the expected return on a market portfolio and the risk-free rate. Markets." His model starts with the idea that individual

Market risk premium is equal to the slope of the security investment contains two types of risk:

market line (SML), a graphical representation of the capital 1. Systematic Risk These are market risks that cannot

asset pricing model (CAPM). CAPM measures required rate of be diversified away. Interest rates, recessions and

return on equity investments, and it is an important element of wars are examples of systematic risks.

modern portfolio theory and discounted cash flow valuation.

Market risk premium describes the relationship between 2. Unsystematic Risk Also known as "specific risk," this

returns from an equity market portfolio and treasury risk is specific to individual stocks and can be

bond yields. The risk premium reflects required returns, diversified away as the investor increases the number

historical returns and expected returns. The historical market of stocks in his or her portfolio. In more technical

risk premium will be the same for all investors since the value terms, it represents the component of a stock's return

is based on what actually happened. The required and that is not correlated with general market moves.

expected market premiums, however, will differ from investor to Modern portfolio theory shows that specific risk can be

investor based on risk tolerance and investing styles. removed through diversification. The trouble is that

Theory diversification still doesn't solve the problem of systematic risk;

even a portfolio of all the shares in the stock market can't

Investors require compensation for risk and opportunity cost. eliminate that risk. Therefore, when calculating a deserved

The risk-free rate is a theoretical interest rate that would be return, systematic risk is what plagues investors most. CAPM,

paid by an investment with zero risk, and long-term yields on therefore, evolved as a way to measure this systematic risk.

U.S. treasuries have traditionally been used as a proxy for the

risk-free rate because of the low default risk. Treasuries have The Formula

historically had relatively low yields as a result of this assumed

reliability. Equity market returns are based on expected returns Sharpe found that the return on an individual stock, or a

on a broad benchmark index such as the Standard & Poor's portfolio of stocks, should equal its cost of capital. The

500 index of the Dow Jones Industrial Average. Real equity standard formula remains the CAPM, which describes the

returns fluctuate with operational performance of the underlying relationship between risk and expected return.

business, and the market pricing for these securities reflects

this fact. Historical return rates have fluctuated as the economy Here is the formula:

matures and endures cycles, but conventional knowledge has

generally estimated long-term potential of approximately 8%

annually. As of 2016, some economists are calling for a

reduction in this assumed rate, though opinions on the topic

diverge. Investors demand a premium on their equity

investment return relative to lower risk alternatives because

their capital is more jeopardized, which leads to the equity risk

premium.

Calculation and Application

risk-free rate from the expected equity market return, providing

a quantitative measure of the extra return demanded by market

participants for increased risk. Once calculated, the equity risk CAPM's starting point is the risk-free rate typically a 10-year

premium can be used in important calculations such as CAPM. government bond yield. To this is added

Between 1926 and 2014, the S&P 500 exhibited a 10.5% a premium that equity investors demand to compensate them

compounding annual rate of return, while the 30-day treasury for the extra risk they accept. This equity market

bill compounded at 5.1%. This indicates a market risk premium premium consists of the expected return from the market as a

of 5.4%, based on these parameters. whole less the risk-free rate of return. The equity risk

premium is multiplied by a coefficient that Sharpe called "beta."

Beta

The required rate of return for an individual asset can be

calculated by multiplying the asset's beta coefficient by the

market coefficient, then adding back the risk-free rate. This is

According to CAPM, beta is the only relevant measure of a Exchange and Nasdaq between 1963 and 1990, they found

stock's risk. It measures a stock's relative volatility that is, it that differences in betas over that lengthy period did not

shows how much the price of a particular stock jumps up and explain the performance of different stocks. The linear

down compared with how much the stock market as a whole relationship between beta and individual stock returns also

jumps up and down. If a share price moves exactly in line with breaks down over shorter periods of time. These findings seem

the market, then the stock's beta is 1. A stock with a beta of 1.5 to suggest that CAPM may be wrong.

would rise by 15% if the market rose by 10% and fall by 15% if

the market fell by 10%.

price returns, in comparison with the market's daily returns

over precisely the same period. In their classic 1972 study

"The Capital Asset Pricing Model: Some Empirical Tests,"

financial economists Fischer Black, Michael C. Jensen and

Myron Scholes confirmed a linear relationship between the

financial returns of stock portfolios and their betas. They

studied the price movements of the stocks on the New York

Stock Exchange between 1931 and 1965.

model is still widely used in the investment community.

Although it is difficult to predict from beta how individual stocks

might react to particular movements, investors can probably

safely deduce that a portfolio of high-beta stocks will move

more than the market in either direction, and a portfolio of low-

beta stocks will move less than the market.

because they may be unwilling to or prevented from holding

cash if they feel that the market is likely to fall. If so, they can

hold low-beta stocks instead. Investors can tailor a portfolio to

their specific risk-return requirements, aiming to hold securities

Beta, compared with the equity risk premium, shows the with betas in excess of 1 while the market is rising, and

amount of compensation equity investors need for taking on securities with betas of less than 1 when the market is falling.

additional risk. If the stock's beta is 2.0, the risk-free rate is 3%,

and the market rate of return is 7%, the market's excess return

is 4% (7% - 3%). Accordingly, the stock's excess return is 8% Not surprisingly, CAPM contributed to the rise in use

(2 X 4%, multiplying market return by the beta), and the stock's of indexing assembling a portfolio of shares to mimic a

total required return is 11% (8% + 3%, the stock's excess particular market by risk-averse investors. This is largely due

return plus the risk-free rate). to CAPM's message that it is only possible to earn higher

returns than those of the market as a whole by taking on higher

risk (beta).

What this shows is that a riskier investment should earn a

The Bottom Line

premium over the risk-free rate the amount over the risk-free

rate is calculated by the equity market premium multiplied by

its beta. In other words, it's possible, by knowing the individual The capital asset pricing model is by no means a perfect

parts of the CAPM, to gauge whether or not the current price of theory. But the spirit of CAPM is correct. It provides a usable

a stock is consistent with its likely return that is, whether or measure of risk that helps investors determine what return they

not the investment is a bargain or too expensive. deserve for putting their money at risk.

What CAPM Means for You

Arbitrage Pricing Theory APT

This model presents a very simple theory that delivers a simple What is the 'Arbitrage Pricing Theory - APT'

result. The theory says that the only reason an investor should

earn more, on average, by investing in one stock rather than Arbitrage pricing theory is an asset pricing model based on the

another is that one stock is riskier. Not surprisingly, the model idea that an asset's returns can be predicted using the

has come to dominate modern financial theory. But does it relationship between that asset and many common risk factors.

really work? Created in 1976 by Stephen Ross, this theory predicts a

relationship between the returns of a portfolio and the returns

It's not entirely clear. The big sticking point is beta. When of a single asset through a linear combination of many

professors Eugene Fama and Kenneth French looked at share independent macroeconomic variables.

returns on the New York Stock Exchange, the American Stock

theoretical rate of return of an asset, or portfolio, in equilibrium

BREAKING DOWN 'Arbitrage Pricing Theory - APT' as a linear function of the risk of the asset, or portfolio, with

The arbitrage pricing theory (APT) describes the price where a respect to a set of factors capturing systematic risk.

mispriced asset is expected to be. It is often viewed as an

alternative to the capital asset pricing model (CAPM), since the Capital Asset Pricing Model

APT has more flexible assumption requirements. Whereas the

CAPM formula requires the market's expected return, APT The CAPM allows investors to quantify the expected return on

uses the risky asset's expected return and the risk premium of investment given the investment risk, risk-free rate of return,

a number of macroeconomic factors. Arbitrageurs use the APT expected market return and beta of an asset or portfolio. The

model to profit by taking advantage of mispriced securities, risk-free rate of return that is used is typically the federal funds

which have prices that differ from the theoretical price rate or the 10-year government bond yield.

predicted by the model. By shorting an overpriced security,

while concurrently going long in the portfolio the APT

calculations were based on, the arbitrageur is in a position to An asset's or portfolio's beta measures the theoretical volatility

make a theoretically risk-free profit. in relation to the overall market. For example, if a portfolio has

Arbitrage Pricing Theory Equation and Example a beta of 1.25 in relation to the Standard & Poor's 500 Index

(S&P 500), it is theoretically 25% more volatile than the S&P

500 Index. Therefore, if the index rises by 10%, the portfolio

APT states that the expected return on a stock or other security rises by 12.5%. If the index falls by 10%, the portfolio falls by

must adhere to the following relationship: 12.5%.

CAPM Formula

Expected return = r(f) + b(1) x rp(1) + b(2) x rp(2) + ... + b(n) x

rp(n) The formula used in CAPM is: E(ri) = rf + i * (E(rM) - rf), where

Where, rf is the risk-free rate of return, i is the asset's or

portfolio's beta in relation to a benchmark index, E(rM) is the

r(f) = the risk-free interest rate expected benchmark index's returns over a specified period,

and E(ri) is the theoretical appropriate rate that an asset should

return given the inputs.

b = the sensitivity of the asset to the particular factor

Arbitrage Pricing Theory

rp = the risk premium associated with the particular factor

The APT serves as an alternative to the CAPM, and it uses

fewer assumptions and may be harder to implement than the

The number of factors will range depending on the analysis. CAPM. Ross developed the APT on a basis that the prices of

There can be a few or dozens; it depends on which factors an securities are driven by multiple factors, which could be

analyst chooses for the analysis. In addition, the exact factors grouped into macroeconomic or company-specific factors.

do not have to be the same across analyses. As an example Unlike the CAPM, the APT does not indicate the identity or

calculation, assume a stock is being analyzed. The following even the number of risk factors. Instead, for any multifactor

four factors have been identified, along with the stocks model assumed to generate returns, which follows a return-

sensitivity to each factor and the risk premium associated with generating process, the theory gives the associated expression

each factor: for the assets expected return. While the CAPM formula

requires the input of the expected market return, the APT

Gross domestic product growth: b = 0.6, rp = 4% formula uses an asset's expected rate of return and the risk

premium of multiple macroeconomic factors.

Inflation rate: b = 0.8, rp = 2% Arbitrage Pricing Theory Formula

Gold prices: b = -0.7, rp = 5% In the APT model, an asset's or a portfolio's returns follow a

factor intensity structure if the returns could be expressed

using this formula: ri = ai + i1 * F1 + i2 * F2 + ... + kn * Fn +

Standard and Poor's 500 index return: b = 1.3, rp = 9% i, where ai is a constant for the asset; F is a systematic factor,

such as a macroeconomic or company-specific factor; is the

The risk-free rate is 3%. sensitivity of the asset or portfolio in relation to the specified

factor; and i is the asset's idiosyncratic random shock with an

Using the above APT formula, the expected return is calculated expected mean of zero, also known as the error term.

as:

The APT formula is E(ri) = rf + i1 * RP1 + i2 * RP2 + ... + kn

Expected return = 3% + (0.6 x 4%) + (0.8 x 2%) + (-0.7 x 5%) + * RPn, where rf is the risk-free rate of return, is the sensitivity

(1.3 x 9%) = 15.2% of the asset or portfolio in relation to the specified factor and

RP is the risk premium of the specified factor.

Differences Between CAPM and APT

CAPM vs. Arbitrage Pricing Theory: How They Differ

In the 1960s, Jack Treynor, William F. Sharpe, John Lintner At first glance, the CAPM and APT formulas look identical, but

and Jan Mossin developed the capital asset pricing the CAPM has only one factor and one beta. Conversely, the

model (CAPM) to determine the theoretical appropriate rate APT formula has multiple factors that include non-company

that an asset should return given the level of risk assumed. factors, which requires the asset's beta in relation to each

Thereafter, in 1976, economist Stephen Ross developed the separate factor. However, the APT does not provide insight into

arbitrage pricing theory (APT) as an alternative to the CAPM. what these factors could be, so users of the APT model must

The APT introduced a framework that explains the expected analytically determine relevant factors that might affect the

asset's returns. On the other hand, the factor used in the

CAPM is the difference between the expected market rate of

return and the risk-free rate of return. Since the CAPM is a

one-factor model and simpler to use, investors may want to

use it to determine the expected theoretical appropriate rate of

return rather than using APT, which requires users to quantify

multiple factors.

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