Figure A. Security Market Line (SML

Figure A. Security Market Line (SML) Pharmaceutical Company The period 1/1/2009- 31/12/2012

IMPLICATION TO RESEARCH AND PRACTICE

The relationship between return and risk were relationships are unidirectional and linear . That was, the greater the risk of an asset, the greater the expected returns on those assets , and vice versa . When we perform an empirical test of the CAPM then some hypotheses can be formulated. First, that the higher the risk (beta) the higher level of benefits. Second, that the rate of profit has a linear relationship with the beta. This translates to an increase in beta with the same unit, the same level of profit occurs.

Table E The order of level of Beta and Expected Return Pharmaceutical Company Shares for period 1/1/2009- 31/12/2012

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Figure A. Security Market Line (SML) Pharmaceutical Company The period 1/1/2009- 31/12/2012 IMPLICATION TO RESEARCH AND PRACTICEThe relationship between return and risk were relationships are unidirectional and linear . That was, the greater the risk of an asset, the greater the expected returns on those assets , and vice versa . When we perform an empirical test of the CAPM then some hypotheses can be formulated. First, that the higher the risk (beta) the higher level of benefits. Second, that the rate of profit has a linear relationship with the beta. This translates to an increase in beta with the same unit, the same level of profit occurs.Table E The order of level of Beta and Expected Return Pharmaceutical Company Shares for period 1/1/2009- 31/12/2012

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Gambar A. Keamanan Market Line (SML) Perusahaan Farmasi Periode 1/1 / 2009- 31/12/2012

IMPLIKASI untuk penelitian dan praktek

Hubungan antara return dan risiko yang hubungan yang searah dan linier. Itu, semakin besar risiko aset, semakin besar tingkat pengembalian aset tersebut, dan sebaliknya. Ketika kita melakukan tes empiris dari CAPM kemudian beberapa hipotesis dapat dirumuskan. Pertama, bahwa semakin tinggi risiko (beta) tingkat lebih tinggi dari manfaat. Kedua, bahwa tingkat keuntungan memiliki hubungan linear dengan versi beta. Ini berarti untuk peningkatan dalam versi beta dengan unit yang sama, tingkat yang sama laba terjadi.

Tabel E Urutan tingkat Beta dan Expected Return Farmasi Saham Perusahaan untuk periode 1/1 / 2009- 31/12/2012

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