五月 13, 2018

美国论文迟交:投资组合

美国论文迟交:投资组合

CAPM模型最初是基于Harry Markowitz的投资组合模型的模型开发的。在这个模型中,投资者被假定为对风险的厌恶,因此当他们选择投资组合时,他们知道将返回的随机回报,这意味着他们需要知道他们投资的平均和方差(Jensen et al., 1972)。他们希望最小化投资组合收益的方差并最大化预期回报。在投资者和投资组合模型的研究中,CAPM使这一预测成为可测试的预测,即评估风险和预期收益关系,以确保投资组合是有效的。

美国论文迟交:投资组合
Sharpe和Lintner增加了平均方差效率,他们提出了“完全协议”和“无风险利率借款和贷款”的假设,而不管贷款金额如何。在这些应用程序的上下文中,组合机会变得更加透明。对于风险的权衡和最小方差投资组合的预期收益也可以很容易地识别出来。所有有效的投资组合都是这些组合中的一种。当涉及到贷款时,他们要么完全没有风险,要么就没有风险。本文的目的是批判性地分析CAPM的实证检验,并通过criticallyanalysis分析这些测试对投资者的意义。

美国论文迟交:投资组合

The CAPM as a model was originally developed based on Harry Markowitz’s model of portfolio choice. In this model, the investors are assumed to aversive to risks, so when they select a portfolio, they know the stochastic return that will be returned, which meaning that they need to know the mean and variance of their investments based on period (Jensen et al., 1972). They want to minimize the variance in portfolio returns and maximize the expected return. Working on this interest of the investors and the portfolio model, CAPM makes this a testable prediction where the risk and expected return relationship is assessed to ensure a portfolio is efficient.

美国论文迟交:投资组合
Mean-variance efficiency was added by Sharpe and Lintner who presented the assumptions of “complete agreement” and “borrowing and lending at a risk-free rate” or investors irrespective of the amount that was borrowed. Portfolio opportunities in the context of these applications become more transparent. The trade-off with respect to risks and the expected return for minimum variance portfolios can be easily identified as well. All efficient portfolios are either one of these combinations. They are either completely risk free when it comes to borrow or risk free when it comes to lending. The purpose of this essay is to critically analyse the empirical tests of CAPM and identify by criticallyanalysis what these tests mean for investors.

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