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Chapter 18 Return, Risk, and the Security Market Line The return on any stock traded in a financial market is composed of two parts. The normal, or expected, part of the return is the return that investors predict or expect. The uncertain, or risky, part of the return comes from unexpected information revealed during the year. | 8 C h a p t e r Return Risk and the Security Market Line Fundamentals of Investments Valuation Management second edition Charles J. Corrado Bradford D. Jordan McGraw Hill Irwin Slides by Yee-Tien Ted Fu 18-2 Return Risk the Security Market Line Our goal in this chapter is to define risk more precisely and discuss how to measure it. Then we will quantify the relation between risk and return in financial markets. McGraw Hill Irwin 2002 by The McGraw-Hill Companies Inc. All rights reserved. 18 -3 Expected and Unexpected Returns The return on any stock traded in a financial market is composed of two parts. The normal or expected part of the return is the return that investors predict or expect. @ The uncertain or risky part of the return comes from unexpected information revealed during the year. or Total return - Expected return Unexpected return R -E R U McGraw Hill Irwin 2002 by The McGraw-Hill Companies Inc. All rights .