ESSENTIALS OF INVESTMENTS SELECT CHAPT
17th Edition
ISBN: 9781307126228
Author: Bodie
Publisher: MCG/CREATE
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Chapter 7, Problem 1WM
Summary Introduction
To show:
The data of company Alcoa and data of returns on S&P.
Expert Solution
Explanation of Solution
The data for returns of Alcoa is shown below:
| Date | Returns Alcoa |
| 12/1/2013 | 0 |
| 1/1/2014 | 0 |
| 2/1/2014 | 0.019785587 |
| 3/1/2014 | 0.094520691 |
| 4/1/2014 | 0.045565745 |
| 5/1/2014 | 0.010340052 |
| 6/1/2014 | 0.09213958 |
| 7/1/2014 | 0.09598186 |
| 8/1/2014 | 0.013333413 |
| 9/1/2014 | -0.029980428 |
| 10/1/2014 | 0.040797065 |
| 11/1/2014 | 0.031133233 |
| 12/1/2014 | -0.088938172 |
| 1/1/2015 | -0.008906032 |
| 2/1/2015 | -0.056519624 |
| 3/1/2015 | -0.133367024 |
| 4/1/2015 | 0.037969704 |
| 5/1/2015 | -0.071017427 |
| 6/1/2015 | -0.112097041 |
| 7/1/2015 | -0.121939527 |
| 8/1/2015 | -0.043485446 |
| 9/1/2015 | 0.025067099 |
| 10/1/2015 | -0.078577301 |
| 11/1/2015 | 0.047029033 |
| 12/1/2015 | 0.056257819 |
| 1/1/2016 | -0.302996218 |
| 2/1/2016 | 0.202912827 |
| 3/1/2016 | 0.074574737 |
| 4/1/2016 | 0.153553957 |
| 5/1/2016 | -0.18644828 |
| 6/1/2016 | 0.002902807 |
| 7/1/2016 | 0.135955619 |
| 8/1/2016 | -0.052185714 |
| 9/1/2016 | 0.008845955 |
| 10/1/2016 | -0.12794767 |
| 11/1/2016 | 0.301002453 |
| 12/1/2016 | -0.027282474 |
| 1/1/2017 | 0.260883907 |
| 2/1/2017 | -0.052376863 |
| 3/1/2017 | -0.005508 |
| 4/1/2017 | -0.019668973 |
| 5/1/2017 | -0.023699955 |
| 6/1/2017 | -0.008842777 |
| 7/1/2017 | 0.108723913 |
| 8/1/2017 | 0.186889829 |
| 9/1/2017 | 0.060570954 |
| 10/1/2017 | 0.024577509 |
| 11/1/2017 | -0.121820059 |
| 12/1/2017 | 0.241786656 |
| 1/1/2018 | -0.034945458 |
| 2/1/2018 | -0.145632637 |
| 3/1/2018 | -0.00022244 |
| 4/1/2018 | 0.129966368 |
| 5/1/2018 | -0.06308127 |
| 6/1/2018 | -0.025067115 |
| 7/1/2018 | -0.080131612 |
| 8/1/2018 | 0.031842536 |
| 9/1/2018 | -0.100472256 |
| 10/1/2018 | -0.143767471 |
| 11/1/2018 | -0.095281689 |
| 12/1/2018 | -0.098711084 |
| 12/7/2018 | 0 |
Summary Introduction
To show:
The data of returns on S&P.
Expert Solution
Explanation of Solution
The data for returns of S&P is shown below:
| Date | Returns S&P |
| 12/1/2013 | 0 |
| 1/1/2014 | 0 |
| 2/1/2014 | 0.042213375 |
| 3/1/2014 | 0.006908249 |
| 4/1/2014 | 0.006181643 |
| 5/1/2014 | 0.020812196 |
| 6/1/2014 | 0.018878997 |
| 7/1/2014 | -0.015194687 |
| 8/1/2014 | 0.036963644 |
| 9/1/2014 | -0.015635436 |
| 10/1/2014 | 0.022936399 |
| 11/1/2014 | 0.024237474 |
| 12/1/2014 | -0.004197385 |
| 1/1/2015 | -0.031532779 |
| 2/1/2015 | 0.053438876 |
| 3/1/2015 | -0.017549197 |
| 4/1/2015 | 0.008484722 |
| 5/1/2015 | 0.01043673 |
| 6/1/2015 | -0.021235559 |
| 7/1/2015 | 0.019549683 |
| 8/1/2015 | -0.064624731 |
| 9/1/2015 | -0.026798731 |
| 10/1/2015 | 0.079719379 |
| 11/1/2015 | 0.000504742 |
| 12/1/2015 | -0.017685659 |
| 1/1/2016 | -0.052067617 |
| 2/1/2016 | -0.004136906 |
| 3/1/2016 | 0.06390499 |
| 4/1/2016 | 0.002695762 |
| 5/1/2016 | 0.015208367 |
| 6/1/2016 | 0.000910506 |
| 7/1/2016 | 0.034990433 |
| 8/1/2016 | -0.001219987 |
| 9/1/2016 | -0.001235213 |
| 10/1/2016 | -0.019616837 |
| 11/1/2016 | 0.033603545 |
| 12/1/2016 | 0.018037111 |
| 1/1/2017 | 0.017726315 |
| 2/1/2017 | 0.036523001 |
| 3/1/2017 | -0.000389273 |
| 4/1/2017 | 0.009050132 |
| 5/1/2017 | 0.011509759 |
| 6/1/2017 | 0.004802226 |
| 7/1/2017 | 0.019164018 |
| 8/1/2017 | 0.000546284 |
| 9/1/2017 | 0.019119039 |
| 10/1/2017 | 0.02194556 |
| 11/1/2017 | 0.003713141 |
| 12/1/2017 | 0.033766015 |
| 1/1/2018 | 0.054657399 |
| 2/1/2018 | -0.039726108 |
| 3/1/2018 | -0.027252497 |
| 4/1/2018 | 0.002715086 |
| 5/1/2018 | 0.021378191 |
| 6/1/2018 | 0.004830749 |
| 7/1/2018 | 0.035387951 |
| 8/1/2018 | 0.029814315 |
| 9/1/2018 | 0.004285093 |
| 10/1/2018 | -0.071929346 |
| 11/1/2018 | 0.017701752 |
| 12/1/2018 | -0.047137951 |
| 12/7/2018 | 0 |
c
Summary Introduction
In this step we have to calculate the excess returns of the stock Alcoa and S&P separately.
c
Expert Solution
Explanation of Solution
The excess returns can be calculated by =
Excess return = Return on stock − T bill rate
Here is the sheet in which we have calculaed the excess returns:
| Date | Returns Alcoa | Returns S&P | T-Bill rate | Excess Return on Alcoa | Excess Return on S&P |
| 12/1/2013 | 0 | 0 | 0.07 | -0.07 | -0.07 |
| 1/1/2014 | 0 | 0 | 0.07 | -0.07 | -0.07 |
| 2/1/2014 | 0.019785587 | 0.042213375 | 0.04 | -0.02 | 0.00 |
| 3/1/2014 | 0.094520691 | 0.006908249 | 0.05 | 0.04 | -0.04 |
| 4/1/2014 | 0.045565745 | 0.006181643 | 0.05 | 0.00 | -0.04 |
| 5/1/2014 | 0.010340052 | 0.020812196 | 0.03 | -0.02 | -0.01 |
| 6/1/2014 | 0.09213958 | 0.018878997 | 0.03 | 0.06 | -0.01 |
| 7/1/2014 | 0.09598186 | -0.015194687 | 0.04 | 0.06 | -0.06 |
| 8/1/2014 | 0.013333413 | 0.036963644 | 0.03 | -0.02 | 0.01 |
| 9/1/2014 | -0.029980428 | -0.015635436 | 0.03 | -0.06 | -0.05 |
| 10/1/2014 | 0.040797065 | 0.022936399 | 0.02 | 0.02 | 0.00 |
| 11/1/2014 | 0.031133233 | 0.024237474 | 0.02 | 0.01 | 0.00 |
| 12/1/2014 | -0.088938172 | -0.004197385 | 0.02 | -0.11 | -0.02 |
| 1/1/2015 | -0.008906032 | -0.031532779 | 0.03 | -0.04 | -0.06 |
| 2/1/2015 | -0.056519624 | 0.053438876 | 0.03 | -0.09 | 0.02 |
| 3/1/2015 | -0.133367024 | -0.017549197 | 0.02 | -0.15 | -0.04 |
| 4/1/2015 | 0.037969704 | 0.008484722 | 0.03 | 0.01 | -0.02 |
| 5/1/2015 | -0.071017427 | 0.01043673 | 0.02 | -0.09 | -0.01 |
| 6/1/2015 | -0.112097041 | -0.021235559 | 0.02 | -0.13 | -0.04 |
| 7/1/2015 | -0.121939527 | 0.019549683 | 0.02 | -0.14 | 0.00 |
| 8/1/2015 | -0.043485446 | -0.064624731 | 0.03 | -0.07 | -0.09 |
| 9/1/2015 | 0.025067099 | -0.026798731 | 0.07 | -0.04 | -0.10 |
| 10/1/2015 | -0.078577301 | 0.079719379 | 0.02 | -0.10 | 0.06 |
| 11/1/2015 | 0.047029033 | 0.000504742 | 0.02 | 0.03 | -0.02 |
| 12/1/2015 | 0.056257819 | -0.017685659 | 0.12 | -0.06 | -0.14 |
| 1/1/2016 | -0.302996218 | -0.052067617 | 0.23 | -0.53 | -0.28 |
| 2/1/2016 | 0.202912827 | -0.004136906 | 0.26 | -0.06 | -0.26 |
| 3/1/2016 | 0.074574737 | 0.06390499 | 0.31 | -0.24 | -0.25 |
| 4/1/2016 | 0.153553957 | 0.002695762 | 0.29 | -0.14 | -0.29 |
| 5/1/2016 | -0.18644828 | 0.015208367 | 0.23 | -0.42 | -0.21 |
| 6/1/2016 | 0.002902807 | 0.000910506 | 0.27 | -0.27 | -0.27 |
| 7/1/2016 | 0.135955619 | 0.034990433 | 0.27 | -0.13 | -0.24 |
| 8/1/2016 | -0.052185714 | -0.001219987 | 0.30 | -0.35 | -0.30 |
| 9/1/2016 | 0.008845955 | -0.001235213 | 0.30 | -0.29 | -0.30 |
| 10/1/2016 | -0.12794767 | -0.019616837 | 0.29 | -0.42 | -0.31 |
| 11/1/2016 | 0.301002453 | 0.033603545 | 0.33 | -0.03 | -0.30 |
| 12/1/2016 | -0.027282474 | 0.018037111 | 0.45 | -0.48 | -0.43 |
| 1/1/2017 | 0.260883907 | 0.017726315 | 0.51 | -0.25 | -0.49 |
| 2/1/2017 | -0.052376863 | 0.036523001 | 0.51 | -0.56 | -0.47 |
| 3/1/2017 | -0.005508 | -0.000389273 | 0.52 | -0.53 | -0.52 |
| 4/1/2017 | -0.019668973 | 0.009050132 | 0.74 | -0.76 | -0.73 |
| 5/1/2017 | -0.023699955 | 0.011509759 | 0.80 | -0.82 | -0.79 |
| 6/1/2017 | -0.008842777 | 0.004802226 | 0.89 | -0.90 | -0.89 |
| 7/1/2017 | 0.108723913 | 0.019164018 | 0.98 | -0.87 | -0.96 |
| 8/1/2017 | 0.186889829 | 0.000546284 | 1.07 | -0.88 | -1.07 |
| 9/1/2017 | 0.060570954 | 0.019119039 | 1.01 | -0.95 | -0.99 |
| 10/1/2017 | 0.024577509 | 0.02194556 | 1.03 | -1.01 | -1.01 |
| 11/1/2017 | -0.121820059 | 0.003713141 | 1.07 | -1.19 | -1.07 |
| 12/1/2017 | 0.241786656 | 0.033766015 | 1.23 | -0.99 | -1.20 |
| 1/1/2018 | -0.034945458 | 0.054657399 | 1.32 | -1.35 | -1.27 |
| 2/1/2018 | -0.145632637 | -0.039726108 | 1.41 | -1.56 | -1.45 |
| 3/1/2018 | -0.00022244 | -0.027252497 | 1.57 | -1.57 | -1.60 |
| 4/1/2018 | 0.129966368 | 0.002715086 | 1.70 | -1.57 | -1.70 |
| 5/1/2018 | -0.06308127 | 0.021378191 | 1.76 | -1.82 | -1.74 |
| 6/1/2018 | -0.025067115 | 0.004830749 | 1.86 | -1.89 | -1.86 |
| 7/1/2018 | -0.080131612 | 0.035387951 | 1.90 | -1.98 | -1.86 |
| 8/1/2018 | 0.031842536 | 0.029814315 | 1.96 | -1.93 | -1.93 |
| 9/1/2018 | -0.100472256 | 0.004285093 | 2.03 | -2.13 | -2.03 |
| 10/1/2018 | -0.143767471 | -0.071929346 | 2.13 | -2.27 | -2.20 |
| 11/1/2018 | -0.095281689 | 0.017701752 | 2.25 | -2.35 | -2.23 |
| 12/1/2018 | -0.098711084 | -0.047137951 | 2.25 | -2.35 | -2.30 |
| 12/7/2018 | 0 | 0 | 2.25 | -2.25 | -2.25 |
d
Summary Introduction
We have to plot excess Alcoa return over excess S&P return.
d
Expert Solution
Explanation of Solution
We can use excel insert function to plot XY chart by selecting the data give above.
The plot will look like this.
Then we can also insert the trend line.
e
Summary Introduction
We have to find out the beta and alpha of Alcoa by looking at the trend line.
e
Expert Solution
Explanation of Solution
By looking at the trend line:
| Trend line is: | y = 0.0012 x + 51.382 | |
| Beta of Alcoa from the trend line = | 0.0012 | |
| And Alpha of Alcoa is : | 51.382 | |
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Chapter 7 Solutions
ESSENTIALS OF INVESTMENTS SELECT CHAPT
Ch. 7 - Prob. 1PSCh. 7 - Consider the statement: “If we can identify a...Ch. 7 - Are the following true or false? Explain. (LO 7-5)...Ch. 7 - Here are data on two companies. The T-bill rate is...Ch. 7 - Characterize each company in the previous problem...Ch. 7 - What is the expected rate of return for a stock...Ch. 7 - Kaskin, Inc., stock has a beta of 1.2 and Quinn,...Ch. 7 - Prob. 8PSCh. 7 - What must be the beta of a portfolio with E(rf)) =...Ch. 7 - The market price of a security is $40. Its...
Ch. 7 - You arc a consultant to a large manufacturing...Ch. 7 - Consider the following table, which gives a...Ch. 7 - Prob. 13PSCh. 7 - Prob. 14PSCh. 7 - If the simple CAPM is valid, which of the...Ch. 7 - Prob. 16PSCh. 7 - If the simple CAPM is valid, which of the...Ch. 7 - Prob. 18PSCh. 7 - Prob. 19PSCh. 7 - Prob. 20PSCh. 7 - In problem 2123 below, assume the risk-free rate...Ch. 7 - Prob. 22PSCh. 7 - In problem 2123 below, assume the risk-free rate...Ch. 7 - Two investment advisers are comparing performance....Ch. 7 - Suppose the yield on short-term government...Ch. 7 - Based on current dividend yields and expected...Ch. 7 - Consider the following data for a single index...Ch. 7 - Assume both portfolios A and B are well...Ch. 7 - Prob. 29PSCh. 7 - Prob. 30PSCh. 7 - Et
Ch. 7 - Suppose two factors are identified for the U.S....Ch. 7 - Suppose there are two independent economic...Ch. 7 - As a finance intern at Pork Products, Jennifer...Ch. 7 - Suppose the market can be described by the...Ch. 7 - Which of the following statements about the...Ch. 7 - Kay, a portfolio n1anacr at Collins Asset...Ch. 7 - Prob. 3CPCh. 7 - Jeffrey Bruner, CFA, uses the capital asset...Ch. 7 - Prob. 5CPCh. 7 - According to CAPM, the expected rate of a return...Ch. 7 - Prob. 7CPCh. 7 - Prob. 8CPCh. 7 - 9. Briefly explain whether investors should expect...Ch. 7 - Assume that both X and Y are well-diversified port...Ch. 7 - Prob. 11CPCh. 7 - 12. A zero-investment, well-diversified portfolio...Ch. 7 - 13. An investor takes as large a position as...Ch. 7 - In contrast to the capital asset pricing model,...Ch. 7 - Prob. 1WMCh. 7 - Prob. 2WMCh. 7 - Prob. 3WMCh. 7 - a. Which of the stocks would you classify as...
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