Microsoft PowerPoint - lec1_intro_tw.pptwrds.wharton.upenn.edu


, , ……






…… , , , ……




Merck
Medco (1993) Merck? ?

•2001$186

General Dynamics

19801$100

1980–1990 + $37 10 $55 $10
$45
1991–1993 William Anders , 100.232 , 54,05026,800 , 3.933 , 3.2114 34
1987–1997
19911$100

1998IBM$25 7 IBM Intel ?

19951199912 227 5002.90 1.1714.9 32.4 19461999 17.8%12.8% 19631999B/M 13.8%B/M 19.6% ?
5001871–1999
1871–1999
. (CAPM) (APT)
.