The volatility of the stock and systematic risk can be judged by calculating beta. A positive beta value indicates that stocks generally move in the same direction with that of the market and the vice versa. Moving average convergence divergence, or MACD, is one of the most popular tools or momentum indicators used in technical analysis. This was developed by Gerald Appel towards the end of s. This indicator is used to understand the momentum and its directional strength by calculating the difference between two time period intervals, which are a collection of historical time series.
Management buyout MBO is a type of acquisition where a group led by people in the current management of a company buy out majority of the shares from existing shareholders and take control of the company. For example, company ABC is a listed entity where the management has a 25 per cent holding while the remaining portion is floated among public shareholders.
In the case of an MBO, the curren. Description: A bullish trend for a certain period of time indicates recovery of an economy. Stop-loss can be defined as an advance order to sell an asset when it reaches a particular price point. It is used to limit loss or gain in a trade. The concept can be used for short-term as well as long-term trading.
The Return On Equity ratio essentially measures the rate of return that the owners of common stock of a company receive on their shareholdings. Return on equity signifies how good the company is in generating returns on the investment it received from its shareholders. The denominator is essentially t. It is a temporary rally in the price of a security or an index after a major correction or downward trend.
The Iron Butterfly Option strategy, also called Ironfly, is a combination of four different kinds of option contracts, which together make one bull Call spread and bear Put spread. Together these spreads make a range to earn some profit with limited loss. Hedge fund is a private investment partnership and funds pool that uses varied and complex proprietary strategies and invests or trades in complex products, including listed and unlisted derivatives.
Put simply, a hedge fund is a pool of money that takes both short and long positions, buys and sells equities, initiates arbitrage, and trades bonds, currencies, convertible securities, commodities. The loan can then be used for making purchases like real estate or personal items like cars.
The only thing that this loan cannot be used for is making further security purchases or using the same for depositing of margin. Description: In order to raise cash. Lot size refers to the quantity of an item ordered for delivery on a specific date or manufactured in a single production run. In other words, lot size basically refers to the total quantity of a product ordered for manufacturing. A simple example of lot size. All rights reserved. For reprint rights: Times Syndication Service.
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Global Investment Immigration Summit ET NOW. There is an interesting quote from Warren Buffett regarding the academic community and its attitude towards value investing : "Well, it may be all right in practice, but it will never work in theory. Value investors scorn the idea of beta because it implies that a stock that has fallen sharply in value is riskier than it was before it fell.
A value investor would argue that a company represents a lower-risk investment after it falls in value—investors can get the same stock at a lower price despite the rise in the stock's beta following its decline. Beta says nothing about the price paid for the stock in relation to fundamental factors like changes in company leadership, new product discoveries, or future cash flows. A stock's beta will change over time because it compares the stock's return with the returns of the overall market.
Benjamin Graham, the "father of value investing," and his modern advocates tried to spot well-run companies with a "margin of safety"—that is, an ability to withstand unpleasant surprises. Some elements of safety come from the balance sheet , like having a low ratio of debt-to-total capital.
Some come from the consistency of growth, in earnings, or dividends. An important one comes from not overpaying. For example, stocks trading at low multiples of their earnings are viewed as safer than stocks at high multiples, although this is not always the case. Ultimately, it's important for investors to make the distinction between short-term risk—where beta and price volatility are useful—and longer-term, fundamental risk, where big-picture risk factors are more telling.
High betas may mean price volatility over the near term, but they don't always rule out long-term opportunities. Berkshire Hathaway. Risk Management. Fund Trading. Financial Ratios. Your Money. Personal Finance. Your Practice. Popular Courses. Key Takeaways Beta is a concept that measures the expected move in a stock relative to movements in the overall market. A beta greater than 1. Beta is a component of the Capital Asset Pricing Model, which calculates the cost of equity funding and can help determine the rate of return to expect relative to perceived risk.
Critics argue that beta does not give enough information about the fundamentals of a company and is of limited value when making stock selections. Beta is probably a better indicator of short-term rather than long-term risk. Article Sources. Investopedia requires writers to use primary sources to support their work.
These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Risk Management How does Beta reflect systematic risk? Beta: What's the Difference? Partner Links. Related Terms Beta Beta is a measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole.
It is used in the capital asset pricing model. Treynor Index The Treynor Index measures a portfolio's excess return per unit of risk.
For example , if a stock's beta value is 1. Beta calculation is done by regression analysis which shows security's response with that of the market. By multiplying the beta value of a stock with the expected movement of an index, the expected change in the value of the stock can be determined. For example , if beta is 1.
The volatility of the stock and systematic risk can be judged by calculating beta. A positive beta value indicates that stocks generally move in the same direction with that of the market and the vice versa. Moving average convergence divergence, or MACD, is one of the most popular tools or momentum indicators used in technical analysis.
This was developed by Gerald Appel towards the end of s. This indicator is used to understand the momentum and its directional strength by calculating the difference between two time period intervals, which are a collection of historical time series. Management buyout MBO is a type of acquisition where a group led by people in the current management of a company buy out majority of the shares from existing shareholders and take control of the company.
For example, company ABC is a listed entity where the management has a 25 per cent holding while the remaining portion is floated among public shareholders. In the case of an MBO, the curren. Description: A bullish trend for a certain period of time indicates recovery of an economy.
Stop-loss can be defined as an advance order to sell an asset when it reaches a particular price point. It is used to limit loss or gain in a trade. The concept can be used for short-term as well as long-term trading. The Return On Equity ratio essentially measures the rate of return that the owners of common stock of a company receive on their shareholdings. Return on equity signifies how good the company is in generating returns on the investment it received from its shareholders.
The denominator is essentially t. It is a temporary rally in the price of a security or an index after a major correction or downward trend. The Iron Butterfly Option strategy, also called Ironfly, is a combination of four different kinds of option contracts, which together make one bull Call spread and bear Put spread. Together these spreads make a range to earn some profit with limited loss. Hedge fund is a private investment partnership and funds pool that uses varied and complex proprietary strategies and invests or trades in complex products, including listed and unlisted derivatives.
Put simply, a hedge fund is a pool of money that takes both short and long positions, buys and sells equities, initiates arbitrage, and trades bonds, currencies, convertible securities, commodities. The loan can then be used for making purchases like real estate or personal items like cars. The only thing that this loan cannot be used for is making further security purchases or using the same for depositing of margin.
Description: In order to raise cash. Lot size refers to the quantity of an item ordered for delivery on a specific date or manufactured in a single production run. In other words, lot size basically refers to the total quantity of a product ordered for manufacturing. A simple example of lot size. All rights reserved. For reprint rights: Times Syndication Service.
Choose your reason below and click on the Report button. This will alert our moderators to take action. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings. Google in talks to buy social media platform ShareChat. Brand Solutions. This article will help you understand what it means and how you can use it to build a better portfolio that matches your risk tolerance.
A financial advisor can also help you take advantage of beta to make better investment decisions. Beta is represented as a number. Based on beta analysis, the overall stock market has a beta of 1. And the beta of individual stocks determines how far they deviate from the broader market. A stock with a beta equal to 1 assumes its price moves hand-in-hand with the market.
Adding it to your portfolio may not add much risk. However, this could also mean it has the potential for stronger returns. This means that adding it to your portfolio may mitigate risk and may help in diversifying your investments. Betas can also dip below 1 into negative territory. This indicates that the stock may respond in the opposite direction of the overall market. A stock can even have a beta of zero.
This suggests that it acts independently of the overall stock market. Understanding beta may help you make some smart decisions around how you build your investment portfolio. If you have a low risk tolerance, for example, you may want to focus more heavily on stocks with betas greater than zero, but less than or equal to 1. For example, you may want to avoid a tech company stock that tends to rise and fall below the market frequently.
In essence, it would have a high beta and mean more risk. Keep in mind that beta relies on past information. And past good performance is never a guarantee of continued or greater performance in the future. Consider a firm that has long been considered a safe company with a consistently low beta. The firm then enters a new sector and takes on major debt in its next few years.
Dividend decision also involves risk return trade off. So a company should pay dividends. However when a company, having profitable investment opportunities pays dividends, it has to raise funds from external sources which are costlier than retained earnings.
Hence return from the project reduces. Working Capital Management Decision :. Assets and Liabilities which mature within the operating cycle of business or within one year are termed as current assets and current liabilities respectively. Working capital management involves following issues:. Working capital management also involves risk-re- turn trade off as it affects liquidity and profitability of a firm.
Liquidity is inversely related to profitability, i. Higher liquidity would mean having more of current assets. But current assets provide lower return than fixed assets and hence reduce profitability as funds that could earn higher return via investment in fixed assets are blocked in current assets. Thus higher liquidity would mean lower risk but also lower profits and lower liquidity would mean more risk but more returns.
Therefore the finance manager should have optimal level of working capital. Inter-Relationships between Financial Decisions:. Capital budgeting decision requires calculation of present values of cost and benefits for which we need some appropriate discount rate. Cost of capital which is the result of capital structure decision of a firm is generally used as the discount rate in capital budgeting decision. When operating risk of a business is high due to huge investment in long term assets i.
Dividend decision depends upon the operating profitability of a firm which in turn depends on the capital budgeting decision. Sometimes firms use retained earnings for financing their investment projects and if some amount of profit is left, that amount is distributed as dividend.
Hence there is a relationship between dividends and capital budgeting on one hand and dividends and financing decision on the other. The functions of raising funds, investing in assets and distributing returns to shareholders are main financial functions or financial decisions in a firm. The finance functions are divided into long-term and short-term decisions as mentioned below:. To take a long-term investment decision, various capital budgeting techniques are used.
Risk return trade-off is involved in capital budgeting decision. For a given degree of risk, project giving the maximum net present value is selected. Hence, investment decision is most crucial in attaining the objective. After a careful analysis of risk return trade-off, the size of plant should be determined. Financing decision is concerned with the capital structure of the firm. The decision is basically taken about proportion of equity capital and debt capital in total capital of the firm.
Higher the proportion of debt in capital of the firm, higher is the risk. A capital structure having a reasonable mix of equity capital and debt capital is called optimum capital structure. Financing should be from sources having lowest cost of capital. A number of factors affect the capital structure of a firm. Debt has lower cost of capital, but it increases risk in the business of the firm.
A leveraged firm carries higher degree of risk in business. A reasonable mix of debt and equity capital should be selected to maintain the balance between risk and return. The third major decision is concerned with the distribution of profit to shareholders. A finance manager has to decide how much proportion of profit should be distributed to shareholders.
If a firm needs funds for investment in available projects and the cost of external financing is higher, then it is better to retain profit to meet the requirement. The payment of dividends also affect the value of firms. These factors should be taken into consideration while deciding the optimal dividend policy of the firm. A firm needs working capital to manage the day-to-day affairs smoothly. Net working capital is equal to difference between the total current assets and current liabilities.
In working capital management, a finance manager has to take decision on following issues:. Management of working capital involves risk-return trade-off. If the level of current assets of the firm is very high, it has excess liquidity. When the firm does so its rate of return will decline as more funds are tied up in idle cash. This would lead to reduction in profit.
Thus a firm should maintain optimum level of current assets. All organizations irrespective of type of business must raise funds to buy the assets necessary to support operations. Thus financing decisions involves addressing two questions:. What is the best mix of financing these investment proposals? The choice between the use of internal versus external funds, the use of debt versus equity capital and the use of long-term versus short-term debt depends on type of source, period of financing, cost of financing and the returns thereby.
Prior to deciding a specific source of finance it is advisable to evaluate advantages and disadvantages of different sources of finance and its suitability for purpose. Efforts are made to obtain an optimal financing mix, an optimal financing indicates the best debt-to-equity ratio for a firm that maximizes its value, in simple words, and the optimal capital structure for a company is the one which offers a balance between cost and risk.
This decision in financial management is concerned with allocation of funds raised from various sources into acquisition assets or investment in a project. The scope of investment decision includes allocation of funds towards following areas:. Further, Investment decision not only involves allocating capital to long term assets but also involves decisions of utilizing surplus funds in the business, any idle cash earns no further interest and therefore not productive.
So, it has to be invested in various as marketable securities such as bonds, deposits that can earn income. Most of the investment decisions are uncertain and a complex process as it involves decisions relating to the investment of current funds for the benefit to be achieved in future. Therefore while considering investment proposal it is important to take into consideration both expected return and the risk involved. Thus, finance department of an organization has to decide to allocate funds into profitable ventures so that there is safety on investment and regular returns is possible.
Shareholders are the owners and require returns, and how much money to be paid to them is a crucial decision. Thus payment of dividend is decision involves deciding whether profits earned by the business should be retained rather than distributed to shareholders in the form of dividends.
If dividends are too high, the business may be starved of funding to reinvest in growing revenues and profits further. Keeping this in mind an optimum dividend payout ratio is calculated by the finance manager that would help the firm to maximize its market value. In simple words working capital signifies amount of funds used in its day-to-day trading operations. Working capital primarily deals with currents assets and current liabilities. Infact it is calculated as the current assets minus the current liabilities.
One of the key objectives of working capital management is to ensure liquidity position of a firm to avoid insolvency. The following are key areas of working capital decisions:. Effective administration of bills receivables and payables. The principle of effective working capital management focuses on balancing liquidity and profitability. Whereas the profitability means the ability of the firm to obtain highest returns within the funds available.
In order to maintain a balance between profitability and liquidity forecasting of cash flows and managing cash flows is very important. Financial Management takes financial decisions under three main categories namely, investment decisions, financing decisions and dividend decisions. Let us now discuss each financial decision in detail:. Investment decisions are the financial decisions taken by management to invest funds in different assets with an aim to earn the highest possible returns for the investors.
It involves evaluating various possible investment opportunities and selecting the best options. The investment decisions can be long term or short term. Long term investment decisions are all such decisions which are related to investing of funds for a long period of time.
They are also called as Capital Budgeting decisions. The long term investment decisions are related to management of fixed capital. These decisions involve huge amounts of investments and it is very difficult to reverse such decisions. Therefore, it is must that such decisions are taken only by those people who have comprehensive knowledge about the company and its requirements.
Any bad decision may severely damage the financial fortune of the business enterprise. While taking a capital budgeting decision, a business has to evaluate the various options available and check the viability and feasibility of the available options.
The various factors which affect capital budgeting decisions are:. Investment should be done only if the net cash flows are more than the funds invested. The investment must be done in the projects which earn the higher rate of return provided the level of risk is same.
These techniques involve calculation of rate of return, cash flows during the life of investment, cost of capital etc. Importance of long term investment decisions:. Examples of c apital budgeting decisions:. Short Term Investment Decisions :. Short term investment decisions are the decisions related to day to day working of a business enterprise. They are also called as working capital decisions because they are related to current assets and current liabilities like management of cash, inventories, receivable etc.
The short term decisions are important for a business enterprise because:. Financing decisions are the financial decisions related to raising of finance. It involves identification of various sources of finance and the quantum of finance to be raised from long-term and short-term sources. While taking financing decision following points need to be considered:. Shareholders receive dividends when business earns profits.
In order to raise capital with controlled risk and minimum cost of capital a firm must have a judicious mix of both debt and equity. Therefore, cost of each type of finance is calculated before taking the financial decision of how much funds to be raised from which source. This decision determines the overall cost of capital and the financial risk for the enterprise. From the above discussions, you must have realized that financing decisions are affected by various factors.
Cost of raising funds influence the financing decisions. A prudent financial manager selects the cheapest sources of finance. Each source of finance has different degree of risk. Finance manager considers the degree of risk involved in each source of finance before taking financing decision.
For example, borrowed funds have high risk as compared to equity capital. Floatation cost is the cost of raising finance. A finance manager estimates the floatation cost of various sources and selects the source with least floatation cost. Therefore, higher the floatation cost less attractive is the source of finance. A business with strong cash flow position prefers to raise funds from debts as it can easily pay interest and the principal.
Interest is a deductible expense, saves tax liability of the business making the source of finance cheaper. However, during liquidity crisis business prefers to raise funds from equity. Fixed operating costs of a business influence its financing decisions.
For a business with high operating cost, funds must be raised from equity as lower debt financing would be better. On the other hand, if the operating cost is low, business can afford to pay high fixed charges therefore, more of debt financing may be preferred. Financing decisions consider the degree of control the business is willing to dilute.
A company would prefer debt financing if it wants to retain complete control of the business with existing shareholders. On the other hand, a company willing to lose control will raise funds from equity. Health of the capital market may also affect the financing decision. During boom period, investors are ready to invest in equity but during depression investors look for secured options for investment. Therefore it is easy for companies to raise funds from equity during boom period.
Dividend decisions are the financial decisions related to distribution of share of profits amongst shareholders in the form of dividends. The dividend decision involves deciding the amount of profit after tax to be distributed to the shareholders as dividends and the amount of profit to be retained in the business for further growth of the business.
The decision regarding the amount of profits to be distributed as dividends depends on various factors. Most stocks have betas between 0 and 3. Treasury bills like most fixed income instruments and commodities tend to have low or zero betas, call options tend to have high betas even compared to the underlying stock , and put options and short positions and some inverse ETFs tend to have negative betas. Beta is the hedge ratio of an investment with respect to the stock market.
For example, to hedge out the market-risk of a stock with a market beta of 2. Thus insured, movements of the overall stock market no longer influence the combined position on average. Beta thus measures the contribution of an individual investment to the risk of the market portfolio that was not reduced by diversification. It does not measure the risk when an investment is held on a stand-alone basis. The market beta of an asset i is defined by and best obtained via a linear regression of the rate of return of asset i on the rate of return on the typically value-weighted stock-market index:.
The y -intercept is often referred to as the alpha. The ordinary least squares solution is. Betas with respect to different market indexes are not comparable. If the idiosyncratic risk is 0 i. The reverse is not the case: A coin toss bet has a zero beta but not zero risk. Attempts have been made to estimate the three ingredient components separately, but this has not led to better estimates of market-betas.
Suppose an investor has all his money in the market m and wishes to move a small amount into asset class i. The new portfolio is defined by. Market-beta can be weighted, averaged, added, etc. In practice, the choice of index makes relatively little difference in the market betas of individual assets, because broad value-weighted market indexes tend to move closely together.
Academics tend to prefer to work with a value-weighted market portfolio due to its attractive aggregation properties and its close link with the CAPM. A reasonable argument can be made that the U. However, even these indexes have returns that are surprisingly similar to the stock market.
A benchmark can even be chosen to be similar to the assets chosen by the investor. However, the resulting beta would no longer be a market-beta in the typical meaning of the term. The choice of whether to subtract the risk-free rate from both own returns and market rates of return before estimating market-betas is similarly inconsequential. When this is done, usually one selects an interest rate equivalent to the time interval i. It is important to distinguish between a true market-beta that defines the true expected relationship between the rate of return on assets and the market, and a realized market-beta that is based on historical rates of returns and represents just one specific history out of the set of possible stock return realizations.
The true market-beta could be viewed as the average outcome if infinitely many draws could be observedbut because observing more than one draw is never strictly the case, the true market-beta can never be observed even in retrospect.
Only the realized market-beta can be observed. However, on average , the best forecast of the realized market-beta is also the best forecast of the true market-beta. Estimators of market-beta have to wrestle with two important problems:. Despite these problems, a historical beta estimator remains an obvious benchmark predictor.
It is obtained as the slope of the fitted line from the linear least-squares estimator. The OLS regression can be estimated on years worth of daily, weekly or monthly stock returns. The choice depends on the trade off between accuracy of beta measurement longer periodic measurement times and more years give more accurate results and historic firm beta changes over time for example, due to changing sales products or clients.
Intuitively, one would not suggest a company with high return [e. These estimators attempt to uncover the instant prevailing market-beta. When long-term market-betas are required, further regression toward the mean over long horizons should be considered. In the idealized capital asset pricing model CAPM , beta risk is the only kind of risk for which investors should receive an expected return higher than the risk-free rate of interest. When used within the context of the CAPM, beta becomes a measure of the appropriate expected rate of return.
Due to the fact that the overall rate of return on the firm is weighted rate of return on its debt and its equity, the market-beta of the overall unlevered firm is the weighted average of the firm's debt beta often close to 0 and its levered equity beta.
In fund management, adjusting for exposure to the market separates out the component that fund managers should have received given that they had their specific exposure to the market. This is measured by the alpha in the market-model, holding beta constant. Occasionally, other betas than market-betas are used.
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