Jämviktsavkastning

Jämviktsavkastning is a Swedish term that translates to equilibrium return or equilibrium yield. It refers to the expected rate of return on an investment that is required to compensate investors for the risk they undertake. In financial markets, this concept is fundamental to asset pricing models.

The idea is that in an efficient market, all assets should offer a return that is commensurate with their risk. If an asset is perceived as too risky, investors will demand a higher return to hold it. Conversely, if an asset is considered less risky, its expected return will be lower. The jämviktsavkastning represents the point where the market price of an asset reflects its intrinsic risk, and investors are satisfied with the expected compensation for holding it.

Factors influencing jämviktsavkastning include the overall risk aversion of investors, the prevailing macroeconomic conditions such as inflation and interest rates, and the specific characteristics of the asset itself, like its industry, financial health, and future growth prospects. Models like the Capital Asset Pricing Model (CAPM) attempt to estimate this equilibrium return by relating an asset's expected return to its systematic risk, often measured by beta. When actual returns deviate from the jämviktsavkastning, it suggests potential mispricing in the market, which can create opportunities for arbitrage or indicate that the market is not fully efficient.