12月 31, 2018

留学生Essay代写:CAPM模型的市场假设

留学生Essay代写:CAPM模型的市场假设

CAPM模型的第一个假设和第二个假设都基于一个金融市场的前提,这个市场是高度知情的,并且需要他们的努力和投资来获得尽可能最大化的回报(Ross, 1976)。以更高预期回报的形式出现的溢价在这里总是被预期的。如果这两条规则在过去和未来都受到严格关注,那么CAPM模型和投资者的测试可能会引发更多问题。然而,该模型是可扩展的,其他实证检验是对该模型的扩展(Konno & Yamazaki, 1991)。这也使得它适用于现代投资者的预期。在现代市场中,没有什么摩擦的市场运动。有一些限制因素,如交易成本、税收、借贷和销售限制等。

留学生Essay代写:CAPM模型的市场假设

其次,CAPM模型假定了市场中投资者的一些基本特征,这对现代投资者也适用。该模型假设市场上充斥着对自己的选择非常理性的投资者。在当今时代,投资者在选择证券和投资组合时是理性的。他们被假定为厌恶风险,不会寻求风险的最大化,他们期望在投资回报上得到满足。这些都适用于现代投资者,正如过去适用于投资者一样。

留学生Essay代写:CAPM模型的市场假设

The first assumption of the CAPM model and the second assumption are both based on the premise of a financial market that is highly informed and who require their efforts and investments to be met with returns that are as maximized as possible (Ross, 1976). A premium in the form of higher expected returns is always expected here. If these were the two rules that were stringently focused on in the past as well as in the future, there could have been many more issues raised on the CAPM model and tests by investors. However, the model has been extensible and other empirical tests were developed extending the model (Konno & Yamazaki, 1991).This has made it applicable for the expectations of modern day investors, too. In modern day markets, there are less frictionless market movement.There are limiting elements such as transaction costs, taxes, borrowing and selling restrictions and other limitations .

留学生Essay代写:CAPM模型的市场假设

Secondly, the CAPM model assumes some basic characteristics about the investors in the markets which also holds true for modern day investors. The model assumes that the markets are filled with investors who are very rational about the choices they make. In current times, investors are rational about the choices they make when they choose securities and portfolios. They are assumed toaversive of risks and won’t seek maximize risks and they expect to be satisfied on their investment returns. These were all applicable for the modern-day investor as it did so for the investors in the past.

 

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