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词汇 Security characteristic line
分类 英语词汇 英语翻译词典
释义

Security characteristic line

英语百科

Security characteristic line

Security characteristic linePositive abnormal return (α): Above-average returns that cannot be explained as compensation for added riskNegative abnormal returns (α): Below-average returns that cannot be explained by below-market risk

Security characteristic line (SCL) is a regression line, plotting performance of a particular security or portfolio against that of the market portfolio at every point in time. The SCL is plotted on a graph where the Y-axis is the excess return on a security over the risk-free return and the X-axis is the excess return of the market in general. The slope of the SCL is the security's beta, and the intercept is its alpha.

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