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– Risk Averse
– Risk Neutral
– Risk Seeking
• Hukum dasar dalam Investasi :
Keputusan Investasi
UKURAN RISIKO :
?
DEVIASI STANDAR
UKURAN RETURN :
EXPECTED RETURN
Dominance Principle
Expected Return
4
2 3
1
Risk
E(r) = ?
Example
You are evaluating ASII’s common stock. You estimate the following
returns given different states of the economy
Risk (σ) = ?
Example
Compute the standard deviation on ASII common stock.
the mean E (r) was previously computed as 10.5%
State of Economy Probability Return
Economic Downturn .10 –5%
Zero Growth .20 5%
Moderate Growth .40 10%
High Growth .30 20%
Risk and Rates of Return
• Measuring Risk
– Standard Deviation (σ) measure the
dispersion of returns.
CV = ?
• Investment A has an E (r ) of 7% and a σ of .05
• Investment B has an E (r ) of 12% and a σ of .07
• Which is riskier?
Risiko Portofolio
Risiko Total
Risiko sistematis
OR
Expected Properti/real
asset
Return
Mutual Fund
Tabungan
Saham Biasa
Deposito
Saham Konvertibel
Obligasi
Risk Obligasi Corporasi
Pemerintah
Free Rate
Risk