[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-30380":3,"doc-seo-30380":21},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"file_id":15,"file_url":16,"file_type":17,"file_size":18,"view_count":4,"is_deleted":4,"is_public":19,"is_downloadable":19,"audit_status":19,"update_tm":20},30380,1374391974468,"Eden","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Portfolio Theory and CAPM","Session 4 focuses on investment risk and how portfolio construction changes risk and return. It defines risk as uncertainty in investment returns and measures it using the standard deviation around the expected return. The session explains why risk-averse investors pursue mean–variance efficiency and how diversification can reduce unsystematic risk when asset returns are not perfectly correlated. It also introduces CAPM as a framework for measuring systematic risk through beta, interpreting beta, using the CAPM formula and security market line, and considering assumptions, limitations, and project appraisal in new industries, alongside APT to address CAPM constraints.","cbCaiduJtmErieWd","https://ap.wps.com/l/cbCaiduJtmErieWd","pdf",471024,1,1778286902,{"code":4,"msg":22,"data":23},"ok",{"site_id":24,"language":25,"slug":26,"title":13,"keywords":27,"description":14,"schema_data":28,"social_meta":62,"head_meta":64,"extra_data":66,"updated_unix":20},105,"en","portfolio-theory-and-capm","",{"@graph":29,"@context":61},[30,47],{"@type":31,"itemListElement":32},"BreadcrumbList",[33,37,41,44],{"item":34,"name":35,"@type":36,"position":19},"https://docshare.wps.com","Home","ListItem",{"item":38,"name":39,"@type":36,"position":40},"https://docshare.wps.com/document/","Document",2,{"item":42,"name":12,"@type":36,"position":43},"https://docshare.wps.com/document/research-report/",3,{"item":45,"name":13,"@type":36,"position":46},"https://docshare.wps.com/document/portfolio-theory-and-capm/30380",4,{"url":45,"name":13,"@type":48,"author":49,"headline":13,"publisher":51,"fileFormat":54,"description":14,"dateModified":55,"datePublished":55,"encodingFormat":54,"isAccessibleForFree":56,"interactionStatistic":57},"DigitalDocument",{"name":9,"@type":50},"Person",{"url":34,"name":52,"@type":53},"DocShare","Organization","application/pdf","2026-05-09",true,{"@type":58,"interactionType":59,"userInteractionCount":4},"InteractionCounter",{"@type":60},"ViewAction","https://schema.org",{"og:url":45,"og:type":63,"og:title":13,"og:site_name":52,"og:description":14},"article",{"robots":65,"canonical":45},"index,follow",{"doc_id":7,"site_id":24}]