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Strategic
decisions & Working Capital (WC)
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Investment
decisions |
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Modes of diversification
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Inter-Organizational relationships
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Others : |
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Long-Term
Financial decisions |
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Investment
analysis and decision |
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Swiss
Market Index
Years |
SMI ® |
Rm |
1990 |
1'383.1 |
|
1991 |
1'670.1 |
20.75% |
1992 |
2'107.0 |
26.16% |
1993 |
2'957.6 |
40.37% |
1994 |
2'628.8 |
-11.12% |
1995 |
3'297.7 |
25.45% |
1996 |
3'942.2 |
19.54% |
1997 |
6'265.5 |
58.93% |
1998 |
7'160.7 |
14.29% |
1999 |
7'570.1 |
5.72% |
2000 |
8'135.4 |
7.47% |
2001 |
6'417.8 |
-21.11% |
2002 |
4'630.8 |
-27.84% |
2003 |
5'487.8 |
18.51% |
2004 |
5'693.2 |
3.74% |
2005 |
7'583.9 |
33.21% |
2006 |
8'785.7 |
15.85% |
2007 |
8'484.5 |
-3.43% |
2008 |
5530.8 |
-34.81% |
2009 |
5534.5 |
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AVG |
Rm |
11.05% |
STD |
|
23.37% |
June, 30, 1988 : 1500
Return
on the market : Rm =
11.05 %
Risk free rate (Bond rate of Federal State - 10 years - December 2009) : Rf = 1,97%
Risk
premium of the market : Rm - Rf : 9.08
%
The market
must be looked on a long term point of view.
The Return on market depends on the period
you choose.
| Periods |
Return |
| 1990-2009 |
11.05% |
| 1990-2000 |
20.76% |
| 1996-2009 |
7.74% |
| 1999-2009 |
1.42% |
| 2000-2009 |
0.99% |
| 2000-2004 |
-3.85% |
© Bernard Jaquier,
Professor in Economics & Finance, Ecole
Hôtelière de Lausanne, 2010
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