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IM Lecture 5
IM Lecture 5
股票市场的具体微观估值
7
领先于经济
Factors affect macroeconomy
I
2
Expansionary
high beta
Ek IT
1
Than
17 IT
EK
EE I
2
It
Increasing fafment
Interestrate between bank
Decreasing ExpansionMoneta
实际联邦基 利率
interest rate in long term short term 3monthsLong ShortT
期限利差 UpwardCuru
overview of investor expectation Ec P L
E RM Rf
viceKersa
difference between the return
If small distance on riskfree asset required return byinvestor
investor are more4.21N TreasuryBond BBB bonds
Sensitive to any changes in
the sector
t.FIAIH a
A
B
A Peak
B Contraction
c
Trough
D Expansion
Time to invest in
3
Er
iii
dis
in
FSTFA
is
muskligned
Market
industry Industry
Cotmpany
Company