Attribution Non-Commercial (BY-NC)

607 tayangan

Attribution Non-Commercial (BY-NC)

- UT Dallas Syllabus for fin6301.mbc.09s taught by Michael Rebello (mjr071000)
- Ch08-Ppt-Risk and Rates of Return-1
- Risk and Rate of Return
- Chapter 2 Modul Manajemen Keuangan
- Value Investing
- Forecasting Beta GARCH vs Kalman Filter
- Taxation in Ethiopia[1]
- Leverage Analysis in Financial Management
- Abstract
- Operation Management Notes
- The Capital Asset Pricing Model (CAPM), Short-Sale Restrictions and Related Issues
- Business and Quality Improvement Programs
- ACC515 Financial Management
- Size, Beta, Average Stock Return Relationship
- The Financial Detective 2005
- 1.a.6. Practice Bag (Jorion VaR, Amenc CAPM, RAPMs)
- Capital Asset Pricing Model SAPM
- Turkey
- Asness Et Al 2013 - Quality Minus Junk
- CAPM

Anda di halaman 1dari 72

RISK &

& RETURN

RETURN

Trade-Off

Mr. Rohan S.

Ms. Shobhna M.

1

Mr. Prasad D.

Defining

Defining Risk

Risk

The variability of returns from those

that are expected.

formally the variability of returns

associated with a given asset.

2

Defining

Defining Return

Return

Income received on an investment

plus any change in market price,

price

usually expressed as a percent of

the beginning market price of the

investment.

The total gain or loss experienced on

an investment over a given period of

3

time.

Calculation of Return

Ct + (Pt - Pt-1 )

Rt =

Pt-1

investment in the time period t-1 to t

Pt = Price (value) of asset at time t.

Pt-1 = Price (value) of asset at time t-1.

Rt = Actual, expected or required rate of

return during the period t

4

Return

Return Example

Example

The stock price for Stock A was $10 per

share 1 year ago. The stock is currently

trading at $9.50 per share, and

shareholders just received a $1 dividend.

dividend

What return was earned over the past year?

5

Return

Return Example

Example

The stock price for Stock A was $10 per

share 1 year ago. The stock is currently

trading at $9.50 per share, and

shareholders just received a $1 dividend.

dividend

What return was earned over the past year?

R= = 5%

$10.00

6

Types of Risk

7

Firm Specific Risk

Business Risk: The chance that the firm

will be unable to cover its

OPERATING COSTS.

will be unable to cover its FINANCIAL

OBLIGATIONS.

8

Shareholder-Specific Risks

interest rates will adversely affect the value of an

investment. Most investments lose value when the

interest rate rises & increases in value when it falls.

be easily liquidated at a reasonable price. Liquidity is

significantly affected by the size & depth of the market

in which an investment is customarily traded.

9

Continued…

Market risk: The chance that the value of an

investment will decline because of market

factors that are independent of the

investment(such as economic, political &

social events). In general, the more a given

investment’s value responds to the market,

the greater its risk & vice versa.

10

Firm & Shareholder Risks

Event Risk: The chance that a totally

unexpected event will have a significant

effect on the value of the firm or a specific

investment. These infrequent events such as

Govt. mandated withdrawal of a popular

prescription drug, typically affect a small

group of firms or investments.

Continued…

11

Exchange rate risk: The exposure of future

expected cash flows to fluctuations in the

currency exchange rate. The greater the chance of

undesirable exchange rate fluctuations, the

greater the risk of the cash flows & therefore the

lower the value of the firm or investment.

Continued…

12

Purchasing-Power risk: The chance that

changing price levels caused by inflation or

deflation in the economy will adversely affect the

firm’s or investment’s cash flows & value.

Typically, firms or investments with cash

flows that move with general price levels have a

low purchasing-power risk & vice versa.

Continued…

13

Tax risk: The chance that unfavorable

changes in tax laws will occur. Firms &

investments with values that are sensitive

to tax changes are more risky.

14

Issuer Specific Risk

Default risk: The possibility that the issuer of debt will not

pay the contractual interest or principal as scheduled.

Maturity risk: The fact that the longer the maturity, the

more the value of the security will change in response to a

given change in interest rates.

included in a debt agreement or a stock issue.

15

Risk Preferences

Feelings about risk differ among

managers/firms. Thus it is important to

specify a generally acceptable level of risk.

The 3 basic risk preference behaviors are:

(1) Risk-Indifferent

(2) Risk-Averse

(3) Risk-Seeking

16

◆ Risk-Indifferent:

would be required for an increase in risk.

◆ Risk-Averse:

would be required for an increase in risk.

◆ Risk-Seeking:

would be required for an increase in risk.

17

Risk

Averse

Averse

Indifferent Risk

Indifferent

Seeking

Risk

Seeking

X1 X2

18 Risk

Types of Assets/Securities

Single Asset:

Assets are economic resources. Anything tangible or intangible that

is capable of being owned or controlled to produce value and that

is held to have positive economic value is considered an asset.

Simply stated, assets represent ownership of value that can be

converted into cash (although cash itself is also considered an

asset)

Portfolio:

A collection or group of assets created or developed to minimize risk

in order to maximize returns.

OR

19 A combination of two or more securities/assets.

Sensitivity Analysis:

An approach for assessing risk that uses several

possible return estimates to obtain a sense of

the variability[uncertainty] among outcomes.

RANGE:

A measure of an asset’s risk which is found

by subtracting the pessimistic(worst) outcome

from the optimistic(best) outcome.

20

Probability:

Probability Distribution:

A model that relates probabilities to the

associated outcomes.

21

Probability Distribution

Discrete Continuous

0.4 0 .0 3 5

0.35 0 .0 3

0.3 0 .0 2 5

0.25 0 .0 2

0.2 0 .0 1 5

0.15 0 .0 1

0.1 0 .0 0 5

0.05

0

0

4%

-5%

13%

40%

67%

22%

31%

49%

58%

-50%

-41%

-23%

-14%

-32%

-15% -3% 9% 21% 33%

22 Returns

Determining

Determining Expected

Expected

Return

Return (Discrete

(Discrete Dist.)

Dist.)

n

R = Σ ( Ri )( Pi )

i=1

Ri is the return for the ith possibility,

Pi is the probability of that return

occurring,

23 n is the total number of possibilities.

How

How to

to Determine

Determine the

the Expected

Expected

Return

Return and

and Standard

Standard Deviation

Deviation

Stock BW

Ri Pi (Ri)(Pi)

The

-.15 .10 -.015 expected

-.03 .20 -.006 return, R,

.09 .40 .036 for Stock

BW is .09

.21 .20 .042

or 9%

.33 .10 .033

Sum 1.00 Σ 0.090

24

Determining

Determining Standard

Standard

Deviation

Deviation (Risk

(Risk Measure)

Measure)

n

σ = Σ ( Ri - R )2( Pi )

i=1

Deviation σ , is a statistical

Standard Deviation,

measure of the variability of a distribution

around its expected return.

It is the square root of variance.

Note, this is for a Discrete Distribution.

25

Determining

Determining Expected

Expected

Return

Return (Continuous

(Continuous Dist.)

Dist.)

n

R=Σ

i=1

( Ri ) / ( n )

R is the expected return for the asset,

Ri is the return for the ith observation,

n is the total number of observations.

Probability is assumed to be equal

26

Determining

Determining Standard

Standard

Deviation

Deviation (Risk

(Risk Measure)

Measure)

n

σ = Σ ( R i - R )2

i=1

( n - 1)

Note, this is for a continuous distribution

where the distribution is for a population.

R represents the population mean in this

example.

Probability is assumed to be equal

27

How

How to

to Determine

Determine the

the Expected

Expected

Return

Return and

and Standard

Standard Deviation

Deviation

Stock BW

Ri Pi (Ri)(Pi) (Ri - R )2(Pi)

-.15 .10 -.015 .00576

-.03 .20 -.006 .00288

.09 .40 .036 .00000

.21 .20 .042 .00288

.33 .10 .033 .00576

Sum 1.00 .090 .01728

28

Determining

Determining Standard

Standard

Deviation

Deviation (Risk

(Risk Measure)

Measure)

n

σ = Σ

i=1

( Ri - R )2

( Pi )

σ = .01728

σ = .1315 or 13.15%

29

Coefficient

Coefficient of

of Variation

Variation [CV]

[CV]

distribution to the Expected Rate of

Return of that distribution.

It is a measure of RELATIVE dispersion

that is used in comparing the risks of

assets with differing Expected Rate of

Return.

CV = σ / R

30

Coefficient

Coefficient of

of Variation

Variation [CV]

[CV]

the higher expected return of rate

CV = σ / R

CV of BW = .1315 / .09 = 1.46

31

June 2010 Q7

Find out Expected Rate of Return [R] &

Standard Deviation [σ ]

SBI ICICI

Returns (Ri) Probability Returns (Ri) Probability

[%] (Pi) [%] [%] (Pi) [%]

22 0.05 12 0.05

16 0.15 8 0.08

12 0.25 6 0.10

6 0.45 -5 0.50

-8 0.10 - 10 0.27

32

Expected Rate of Return [R]

for SBI

Returns Probability Weighted Value

(Ri) [%] (Pi) [%] R = (Ri)(Pi)

22 0.05 1.1

16 0.15 2.4

12 0.25 3.0

6 0.45 2.7

-8 0.10 - 0.8

1.0 Σ R = 8.4%

33

Expected Rate of Return [R]

for ICICI

Returns Probability Weighted Value

(Ri) [%] (Pi) [%] R = (Ri)(Pi)

12 0.05 0.60

8 0.08 0.64

6 0.10 0.60

-5 0.50 - 2.50

- 10 0.27 - 2.70

1.0 Σ R = - 3.36%

34

Standard Deviation [σ ] of

SBI

Returns Expected (Ri - R ) (Ri - R )2 Probability (Ri - R )2 * (Pi)

(Ri) Return [R] (Pi)

16 8.4% 7.6 57.76 0.15 8.664

12 8.4% 3.6 12.96 0.25 3.24

6 8.4% - 2.4 5.76 0.45 2.592

-8 8.4% - 16.4 268.96 0.10 26.896

1.0 Σ = 50.6

4

35 σ = 50.64 = 7.17%

Standard Deviation [σ ] of

ICICI

Returns Expected (Ri - R ) (Ri - R )2 Probability (Ri - R )2 * (Pi)

(Ri) Return [R] (Pi)

8 - 3.36% 11.36 129.05 0.08 10.32

6 - 3.36% 9.36 87.61 0.10 8.76

-5 - 3.36% - 1.64 2.69 0.50 1.34

- 10 - 3.36% - 6.64 44.09 0.27 11.90

1.0 Σ = 44.1

1

36 σ = 44.11 = 6.64%

Continuous

Distribution Problem

◆ Assume that the following list represents the

continuous distribution of population returns

for a particular investment (even though there

are only 10 returns).

◆ 9.6%, -15.4%, 26.7%, -0.2%, 20.9%,

28.3%, -5.9%, 3.3%, 12.2%, 10.5%

◆ Calculate the Expected Return and

Standard Deviation for the population

assuming a continuous distribution.

37

◆ Expected rate of return is 9% for

the 10 observations.

◆ Population SD is 13.32%

38

Determining

Determining Portfolio

Portfolio

Expected

Expected Return

Return

m

RP = Σ ( Wj )( Rj )

j=1

RP is the expected return for the portfolio,

Wj is the weight (investment proportion) for

the jth asset in the portfolio,

Rj is the expected return of the jth asset,

m is the total number of assets in the

39 portfolio.

Determining

Determining Portfolio

Portfolio

Standard

Standard Deviation

Deviation

σ p= Wσ

1

2

2

1 + σ + 2W1 W2 r1σ

2 2

W2 2 ,2 1 σ 2

σ p is the SD for portfolio.

W1 is the weight (investment proportion) for the 1st asset in

the portfolio,.. W2

σ 1 is the SD for the 1st asset in the portfolio

r1,2 is the correlation coefficient between 2 assets

40

Portfolio

Portfolio Risk

Risk and

and

Expected

Expected Return

Return Example

Example

You are creating a portfolio of Stock D and Stock

BW (from earlier). You are investing $2,000 in

Stock BW and $3,000 in Stock D. D Remember that

the expected return and standard deviation of

Stock BW is 9% and 13.15%, respectively. The

expected return and standard deviation of Stock D

is 8% and 10.65%, respectively. The correlation

coefficient between BW and D is 0.75.

0.75

What is the expected return and standard

deviation of the portfolio?

41

Determining

Determining Portfolio

Portfolio

Expected

Expected Return

Return

WBW = $2,000 / $5,000 = .4

WD = $3,000 / $5,000 = .6

RP = (WBW)(RBW) + (WD)(RD)

RP = (.4)(9%) + (.6)(

.6 8%)

8%

42

RP = (3.6%) + (4.8%)

4.8% = 8.4%

Determining

Determining Portfolio

Portfolio

Standard

Standard Deviation

Deviation

σ P= 0.0028 + 0.0041 + (2)(.0025)

σ P = SQRT(.0119)

σ P = .1091 or 10.91%

standard deviations is INCORRECT.

43

Determining

Determining Portfolio

Portfolio

Standard

Standard Deviation

Deviation

The WRONG way to calculate is a

weighted average like:

σ P = .4 (13.15%) + .6(10.65%)

σ P = 5.26 + 6.39 = 11.65%

10.91% = 11.65%

44 This is INCORRECT.

Summary

Summary of

of the

the Portfolio

Portfolio

Return

Return and

and Risk

Risk Calculation

Calculation

Stock C Stock D Portfolio

Return 9.00% 8.00% 8.64%

Stand.

Dev. 13.15% 10.65% 10.91%

CV 1.46 1.33 1.26

of variation due to diversification.

45

Correlation

Correlation Coefficient

Coefficient

A standardized statistical measure

of the linear relationship between

two variables.

negative correlation), through 0

(no correlation), to +1.0 (perfect

positive correlation).

46

INVESTMENT RETURN Perfectly Negatively Correlated

Series-P

Series-Q

47 TIME

INVESTMENT RETURN Perfectly Positively Correlated

Series-P

Series-Q

48 TIME

Diversification

Diversification and

and the

the

Correlation

Correlation Coefficient

Coefficient

Combination

SECURITY E SECURITY F E and F

INVESTMENT RETURN

positively correlated reduces risk.

49

Total

Total Risk

Risk == Systematic

Systematic

Risk

Risk ++ Unsystematic

Unsystematic Risk

Risk

Total Risk = Systematic Risk +

Unsystematic Risk

Systematic Risk [nondiversifiable or unavoidable] is the

variability of return on stocks or portfolios associated

with changes in return on the market as a whole.

Unsystematic Risk [diversifiable or avoidable] is the

variability of return on stocks or portfolios not explained

by general market movements. It is avoidable through

diversification.

50

Total

Total Risk

Risk == Systematic

Systematic

Risk

Risk ++ Unsystematic

Unsystematic Risk

Risk

Factors such as changes in nation’s

STD DEV OF PORTFOLIO RETURN

or a change in the world situation.

Unsystematic risk

Total

Risk

Systematic risk

51

Total

Total Risk

Risk == Systematic

Systematic

Risk

Risk ++ Unsystematic

Unsystematic Risk

Risk

Factors unique to a particular company

STD DEV OF PORTFOLIO RETURN

key executive or loss of a governmental

defense contract.

Unsystematic risk

Total

Risk

Systematic risk

52

Capital

Capital Asset

Asset

Pricing

Pricing Model

Model (CAPM)

(CAPM)

William Sharpe in 1960

CAPM is a model that describes the

relationship between risk and expected

(required) return; in this model, a security’s

expected (required) return is the risk-free

rate plus a premium based on the

systematic risk of the security.

53

CAPM

CAPM Assumptions

Assumptions

1. Capital markets are efficient.

2. Homogeneous investor expectations

over a given period.

3. Risk-free asset return is certain

(use short- to intermediate-term

Treasuries as a proxy).

4. Market portfolio contains only

systematic risk (use BSE, NSE Index

or similar as a proxy).

54

What

What is

is Beta?

Beta?

An index of systematic risk

[nondiversifiable risk].

risk]

It measures the sensitivity of a stock’s

returns to changes in returns on the

market portfolio.

The beta for a portfolio is simply a

weighted average of the individual

stock betas in the portfolio.

55

Beta Coefficients & their

Interpretations

Beta Interpretation Comments

2.0 Twice as responsive as the market Move in same

Direction as

1.0 Same response as the market Market

0.5 Only half as responsive as the market

0 Unaffected by market movements

- 0.5 Only half as responsive as the market Move in opposite

Direction to

- 1.0 Same response as the market Market

- 2.0 Twice as responsive as the market

56

Characteristic

Characteristic Line

Line [a+bx]

[a+bx]

Narrower spread

EXCESS RETURN is higher correlation

ON STOCK

∆ Y

Beta = ∆ X

EXCESS RETURN

ON MARKET PORTFOLIO

Characteristic Line

Wide Dispersion > Low Correlation > High Unsystematic risk

57 Narrow Dispersion > High Correlation > Low Unsystematic risk

Characteristic

Characteristic Lines

Lines

and

and Different

Different Betas

Betas

EXCESS RETURN Beta > 1

ON STOCK (Aggressive)

Beta = 1

Each characteristic

line has a Beta < 1

different slope. (Defensive)

EXCESS RETURN

ON MARKET PORTFOLIO

Beta > 1 = More Systematic risk

More proportion than MP

Less proportion than MP

58

Security

Security Market

Market Line

Line

Rj = Rf + β j(RM - Rf)

Rj is the required rate of return for stock j,

Rf is the risk-free rate of return,

β j is the beta of stock j (measures systematic

risk of stock j),

RM is the expected return for the market

portfolio.

59

Security

Security Market

Market Line

Line

Rj = Rf + β j(RM - Rf)

Required Return

RM Risk

Premium

Rf

Risk-free

Return

β M = 1.0

60

Systematic Risk (Beta)

Determination

Determination of

of the

the

Required

Required Rate

Rate of

of Return

Return

Lisa Miller at Basket Wonders is attempting

to determine the rate of return required by

their stock investors. Lisa is using a 6% Rf

and a long-term market expected rate of

return of 10%.

10% A stock analyst following

the firm has calculated that the firm beta is

1.2.

1.2 What is the required rate of return on

the stock of Basket Wonders?

61

BWs

BWs Required

Required

Rate

Rate of

of Return

Return

RBW = Rf + β j(RM - Rf)

RBW = 6% + 1.2(

1.2 10% - 6%)

6%

RBW = 10.8%

The required rate of return exceeds the

market rate of return as BW’s beta

exceeds the market beta (1.0).

62

June 2010 Q7

Using CAPM find out Required rate of

return [Rj ]

Situation Expected return on Risk Free Beta

Market portfolio Rate [%] [Rf] [bj]

[%] [RM]

1 15 10 1.00

2 18 14 0.70

3 15 8 1.20

4 17 11 0.80

5 16 10 1.90

63

Situation Required Rate of Return Rj = Rf + [bj(RM - Rf)]

1 R1 = 10 + [1*(15 – 10)]

= 10 + [1 * 5]

R1 = 15%

2 R2 = 14 + [0.70*(18 – 14)]

= 14 + [0.70 * 4]

R2 = 16.8%

3 R3 = 8 + [1.2*(15 – 8)]

= 8 + [1.2 * 7]

R3 = 16.4%

4 R4 = 11 + [0.80*(17 – 11)]

= 11 + [0.80 * 6]

R4 = 15.8%

5 R5 = 10 + [1.90*(16 – 10)]

64

= 10 + [1.90* 6]

June 2009 Q4

Using CAPM find out return [Rp ] &

risk [σ P]

◆ The common stocks of companies A & B have the

expected returns & SD given below; the expected

correlation coefficient between the 2 stocks is – 0.35

Company/Stock Rp σ P

A 0.10 0.05

B 0.06 0.04

Compute the risk & return for a portfolio comprising

60% invested in the stock A & 40% invested in stock B

65

Solution:-

Rp = 8.4%

σ =

P

2 2 2 2

(0.60) (0.05) + (0.4) (0.04) + 2(0.60)(0.40)(- 0.35) (0.05)(0.04)

σ P= 0.00082 = 2.86%

66

Determination

Determination ofof the

the

Intrinsic

Intrinsic Value

Value

Intrinsic value of a security is the true Economic Value.

Value

by the asset, and discounting it to the Present Value.

67

Div next period

Intrinsic

=

Value Rp - G

Market < Value = Current Assets

Price No. of O/S

of Common Common Shares

Share

68 Margin of Safety to Purchase Equity Shares

Determination

Determination ofof the

the

Intrinsic

Intrinsic Value

Value of

of BW

BW

Lisa Miller at BW is also attempting to

determine the intrinsic value of the stock. She

is using the constant growth model. Lisa

estimates that the dividend next period will be

$0.50 and that BW will grow at a constant rate

of 5.8%.

5.8% The stock is currently selling for $15.

Is the stock over or underpriced?

underpriced

69

Determination

Determination ofof the

the

Intrinsic

Intrinsic Value

Value of

of BW

BW

Intrinsic $0.50

=

Value 10.8% - 5.8%

= $10

the market price ($15) exceeds

the intrinsic value ($10).

$10

70

◆ Rule No.1: Never Lose Money.

◆ Rule No.2: Never Forget Rule No.1. ...

71

72

- UT Dallas Syllabus for fin6301.mbc.09s taught by Michael Rebello (mjr071000)Diunggah olehUT Dallas Provost's Technology Group
- Ch08-Ppt-Risk and Rates of Return-1Diunggah olehmuhammadosama
- Risk and Rate of ReturnDiunggah olehHONG RY
- Chapter 2 Modul Manajemen KeuanganDiunggah olehwarsima
- Value InvestingDiunggah olehDsasad Ewdfer
- Forecasting Beta GARCH vs Kalman FilterDiunggah olehBob Yundt
- Taxation in Ethiopia[1]Diunggah olehstrength, courage, and wisdom
- Leverage Analysis in Financial ManagementDiunggah olehKNOWLEDGE CREATORS
- AbstractDiunggah olehhangnl
- Operation Management NotesDiunggah olehthamizt
- The Capital Asset Pricing Model (CAPM), Short-Sale Restrictions and Related IssuesDiunggah olehsunny_medipalli
- Business and Quality Improvement ProgramsDiunggah olehNawshad Hasan
- ACC515 Financial ManagementDiunggah olehbrooks
- Size, Beta, Average Stock Return RelationshipDiunggah olehVíctor Hugo Ulloa Villarroel
- The Financial Detective 2005Diunggah olehIrma Martinez
- 1.a.6. Practice Bag (Jorion VaR, Amenc CAPM, RAPMs)Diunggah olehPrabhpuneet Pandher
- Capital Asset Pricing Model SAPMDiunggah oleharmailgm
- TurkeyDiunggah olehits_different17
- Asness Et Al 2013 - Quality Minus JunkDiunggah olehGustavo Barbeito Lacerda
- CAPMDiunggah olehchuneshphysics
- Investments - Lecture Notes Portfolio 2013-08Diunggah olehk10924
- Presentasi Cost of Capital-edit 2ndDiunggah olehLeonard Sugianto
- FINNLEC Lecture Notes Section 6 - Equilibrium Asset Pricing Theories Part 2Diunggah olehPhilip Cheng
- FINM7401_L1Diunggah olehMohammad Waffy Fazil
- Mutual Funds HarshDiunggah olehShubham Nath
- Assignment 3 (1) (1)Diunggah olehAnisa
- Risk and Return 2Diunggah olehJyotsna Rawal
- Research Proposal on Empirical Analysis of Validity of Capital Assets Pricing ModelDiunggah olehNepal Bishal Shrestha
- CHAPTER 1_Introduction to InvestmentDiunggah olehSuct Wadi
- Decomposition of Earnings to Price Effect.docxDiunggah olehman420

- INS 21Diunggah olehPraveen Nayak
- Crop InsuranceDiunggah olehAditi Pradhan
- (Www.entrance-exam.net)-ICFAI University Financial Management- I (MB2E1) Sample Paper 1Diunggah olehmrajgolikar
- Life Time Premier From ICICI Prudential Life InsuranceDiunggah olehGuri Randhawa
- 38051671 4 is Airline Industry RiskDiunggah olehsumit_bhatia_7
- Key Man InsuranceDiunggah olehmldc2011
- Princilples of Insurance LawDiunggah olehPrashant Meena
- lex_assurances_20100416.pdfDiunggah olehta9
- Insurance TermsDiunggah olehMayur N Malviya
- Updtd Derivatives and Risk Management 23sepDiunggah olehmahesh
- State Life InsuranceDiunggah olehshoaibmba
- Mitigating RiskDiunggah olehardiketep
- Alan KritaDiunggah olehRajan Kashyap
- Main Challenges and Issues for Health InsuranceDiunggah olehOmkar Pimpalkhute
- Managing Risk Ch 5 bDiunggah olehhassanjamil123
- Mrunal [Economy] Insurance Types, IRDA, Reforms, FDI in Insurance for AFPC, LIC AAO Etc Exams » MrunalDiunggah olehRohit Kumar
- AFM solutionDiunggah olehAmit Kumar
- Evolution of Re Insurance & Retakaful Industry - 18 April 2011Diunggah olehMohamad Zawavi Muda
- LI-SampleQuestions-Sept08Diunggah olehRavi Gupta
- Risk Management Solution Manual Chapter 02Diunggah olehDanielLam
- P C - CoinsuranceDiunggah olehMichelléBranyak
- Solvency IIDiunggah olehcfalevel123
- IRDA January 2010 - Insurance India JournalDiunggah olehshaleenmk
- LICIDiunggah olehsrigopalbhattad
- The Actuary and IbnrDiunggah olehRinjani Pebriawan
- Derivative questions.docxDiunggah olehPravenGadi
- Glossary of Insurance Terms a-ZDiunggah olehpram006
- hw43069.pdfDiunggah olehPei Jing
- LIC Plan SummaryDiunggah olehDharmesh Setty
- HDFC Life ProGrowth Plus IllustrationDiunggah olehSrikanth Dornalu