每日证券的价格变动--Assignment代写范文

Assignment代写范文:“每日证券的价格变动”，这篇论文主要描述的是证券的价格会随着市场环境的变化而不断的变化着，例如有项工程在招标的过程中失败，那么证券市场就会做出相应的价格波动，在项目招标前证券的价格通常出现上升的趋势，随着招标结果的出炉，证券价格也会随结果的不同做出不同的反应。

Answers1.Preliminary Data Analysis

a.As is indicated in Graph 1, the daily securities’ prices of Caulfield, Clayton and Monash revealed a general trend of increase across the board though the margins of the rises varied, except that daily securities’ price collapsed during bidding. The price of Caulfield’s securities increased steadily from 120 to 140 with slight fluctuation, however, the growth rate after bidding decreased slightly comparing to that before bidding. There was a steadily growth of the securities’ price of Monash before bidding, and a dramatically increase during bidding. For Clayton, the securities’ price rose gradually before bidding, then dropped sharply during bidding, and after bidding increased steadily with a higher rate than that before bidding.

In my opinion, the winner of this bidding after all is Caulfield. As is shown in Graph 1, the growth rate of the price of Caulfield’s securities decreased after bidding, while the growth rate of the price of Clayton’s securities increased after bidding. What’s more, the securities’ price of Clayton eventually exceeded that of Caulfield.

Graph 1: Daily Securities’ prices of Caulfield, Clayton and Monash

b.The daily return of each security could be calculated using the data given by the formula below. Graph 2 shows the daily return of the daily return of Caulfield, which is the output of EViews.

Graph 2: Daily Ret urn of Caulfield

Graph 3-5 are the histograms and stats of daily return of the daily return of each security respectively, and all of them are the results of EViews.

Two indexes are often used to test whether a distribution is a normal distribution. For normal distribution, the mean is 0, the skewness is 0 and the kurtosis is 3. As is shown in Table 1, the skewness of Monash>0, while the skewness of both Caulfield and Clayton<0. It means that the distribution of daily return of Monash’s security is a right-skewed distribution and the distributions of the daily return of both Caulfield and Clayton’s securities are left-skewed distributions. As for kurtosis, the kurtosis of Caulfield is 2.975352, which is very close to that of a normal distribution. The kurtosis of both Clayton(635.0944) and Monash(113.3725) is much more bigger than that of a normal distribution.

2. The CAPM Model

The calculated result of the excess return of Caulfield’s security is represented in Graph 6. Simply judging from the graph, the excess return of Caulfield’s security has a unit root, which means that this series is stationary. And it is the same with the excess return of Clayton and Monash’s security.

The estimation of α, βfor each company during the three periods and their significances are listed in Table 2-4 below. The statistics are arranged from the results of the EViews analysis. In the table below, the coefficients, std. error, t-statistic and the probability are listed in the table and they are used to illustrate the significance of the coefficients.

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