1 FEE R

2 Fti stock Price

3 Determine whether undervalued overvalued

4 If profit Arbitrage Profit

 APT
套利定价理论

产 资产回报率的随机过程

R
次效 函数

β
 Different types of risk factors

landa

if R1 R2 Rk 0

Rm E R
政治 动荡
As

ASSI
 pricingrelationship
E Ri No Ribi Rabiz

discount rate
to value the asset
13 0
bi biz

0.077
Today's price for allstock Sellnow
FV Po ITR PV FV

PV FV
B
PV Fr

Trice will rise

III price will drop from
37.70 37.20 in one year
FV

F.TK 235 sell talk

ELK I EIGHT

7 SEE age
achieved
if 3 conditions fulfilled
 Elk 255 EIGHT

F.tk 235 sell 74k sell 100 Buy 50 ofB 50 ofC

of
46shortsell stiff
245price willdrop Po
All shortselling
achievecondition

All

IFA ÉÑ B C 0
Risk 1 Risk 2
 Generally Profit Sep Buying
Price
4K
Buy bc sell
1 Sell Buy
B
Yer Sell Buy
E 1 ve
4k I
 2
c

ES 1K