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The corporate sector will also be a holder of listed equities as many listed companies have listed subsidiaries, but its holding will not be large. The household sector is also large holder of equities. Many individuals have portfolios that are managed by themselves (of course because equities can be purchased in small denominations), by their stockbrokers and by fund managers. As in the case of the foreign and corporate sectors, numbers are not available in this regard. 4 Motivation for holding equity The motivation for holding equity (and investment horizon) differs from investor to investor.
The majority have a par value (and most a share premium if listed). They stand last in the waterfall of claims on the company, but have voting rights and share in profits to an unlimited extent. com 36 Click on the ad to read more Equity Market: An Introduction Instruments Preference shares have preference to dividends over ordinary shares, but profit sharing (in most cases) is limited to the coupon. There are many different types of preference shares, which include characteristics such as participating, cumulative and convertible.
This risk is measured by the so-called beta coefficient. It measures systematic risk (the area below the horizontal line in Figure 4). Both historical data and expected rates of return may be used in the computation of risk. The former employs existing “hard” data and the latter employs expected rates of return (ER) and their associated probabilities (P). Thus we have two measures of risk: standard deviation and beta. It must be added that some analysts also regard variance as a measure of risk; it is, but it is a blood relative of standard deviation (it is the square of the standard deviation as we shall see).