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VOLUME I Edisi 2 , Oktober 2007
CAPITAL ASSET PRICING MODEL SEBAGAI DASAR ANALISIS BETA DAN RETURN YANG DIHARAPKAN |
Fakultas Ekonomi Universitas Kristen Immanuel (UKRIM), Yogyakarta |
Capital of Asset Pricing Model to represent the connective model mount the return expected from an risk asset with the risk from the asset at condition of well-balanced market. Many researcher which have conducted the examination to model CAPM, for example: Fama And Mac Beth (1973) by doing examination CAPM for the case of in United States, other researcher of Adler H. Manurung (1992) doing examination CAPM in Bursa Efek Jakarta (BEJ). Result of its research is beta give the negative impact to mean of share degradation, in its research there is share which return flatten the negative nya, but its beta is high. Whether there are relation of among beta and mount the advantage (expected return). Anticipated by among beta and return expected have the relation which are positive and linear. Theory CAPM give the clarification of concerning relation of among risk and return. This theory assume that higher level risk will yield the higher level return, and asset with the is same risk will yield the is same return also. Capital of Asset Pricing Model the, beta excelsior of an marketable securities, hence the storey;level return sekuritas also excelsior. such risk represent the systematic risk, because the risk arise from variabilitas of price marketable securities in general and unidirectional change with the market. |
Capital of Asset Pricing Model, Beta, Return |
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