Finance: Risk Assessment, Expected Return, and Portfolio Management
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Questions and Answers

¿Cuál es el tipo de riesgo que no puede ser diversificado?

  • Riesgo sistemático (correct)
  • Riesgo idiosincrático
  • Riesgo de mercado
  • Riesgo no sistemático

    • ¿Qué es el valor esperado de la tasa deretorno de una inversión?

  • La tasa de retorno esperada (correct)
  • La tasa de retorno real
  • La tasa de retorno máxima
  • La tasa de retorno promedio

    • ¿Cuál es el objetivo principal de la diversificación?

  • Incrementar el riesgo del portafolio
  • Disminuir el valor del portafolio
  • Aumentar el valor del portafolio
  • Reducir el riesgo del portafolio (correct)

    • ¿Qué métrica de riesgo mide la variabilidad de una inversión?

    <p>Desviación estándar</p> Signup and view all the answers

    ¿Cuál es la primera etapa del proceso de gestión de portafolio?

    <p>Construcción del portafolio</p> Signup and view all the answers

    ¿Qué tipo de diversificación asigna un peso igual a cada activo?

    <p>Diversificación ingenua</p> Signup and view all the answers

    Study Notes

    Risk Assessment

    • Risk assessment involves identifying, analyzing, and measuring the uncertainty of investment outcomes.
    • Types of risk:
      • Systematic risk (market risk): cannot be diversified away
      • Unsystematic risk (idiosyncratic risk): can be diversified away
    • Risk measurement metrics:
      • Standard deviation (σ)
      • Variance (σ²)
      • Beta (β)
      • Value-at-Risk (VaR)

    Expected Return

    • Expected return is the expected value of an investment's return
    • Calculated as the weighted average of possible returns
    • Factors affecting expected return:
      • Risk-free rate (Rf)
      • Market return (Rm)
      • Beta (β)
      • Expected excess return (α)

    Diversification

    • Diversification reduces portfolio risk by combining assets with low correlation
    • Diversification benefits:
      • Reduces portfolio risk
      • Increases potential returns
      • Improves portfolio efficiency
    • Diversification strategies:
      • Naive diversification: equal weighting of assets
      • Markowitz diversification: optimization of portfolio weights

    Portfolio Management

    • Portfolio management involves creating and managing a portfolio of assets to achieve investment objectives
    • Portfolio management process:
      1. Portfolio construction: selecting and weighting assets
      2. Portfolio monitoring: tracking portfolio performance
      3. Portfolio rebalancing: adjusting portfolio weights
    • Portfolio management strategies:
      • Active management: actively trading assets to beat the market
      • Passive management: tracking a market index

    Asset Pricing

    • Asset pricing models describe the relationship between risk and expected return
    • Asset pricing models:
      • Capital Asset Pricing Model (CAPM): expected return = Rf + β(Rm - Rf)
      • Arbitrage Pricing Theory (APT): expected return = Rf + β1(Rm - Rf) + β2(Rm - Rf) + ...
      • Factor models: expected return = Rf + β1(Factor 1) + β2(Factor 2) + ...
    • Asset pricing implications:
      • Higher risk requires higher expected return
      • Diversification can reduce risk and increase expected return

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    Description

    Este cuestionario evalúa su comprensión de los conceptos financieros clave, incluyendo la evaluación de riesgos, rendimiento esperado y gestión de carteras.

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