金融学答案 12金融答案翻译12章.docx
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金融学答案 12金融答案翻译12章.docx
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金融学答案12金融答案翻译12章
CHAPTER12
CHOOSINGANINVESTMENTPORTFOLIO
Objectives
∙Tounderstandtheprocessofpersonalinvestingintheoryandinpractice.
∙Tobuildaquantitativemodelofthetradeoffbetweenriskandreward.
Outline
12.1TheProcessofPersonalPortfolioSelection
12.2TheTrade-offbetweenExpectedReturnandRisk
12.3EfficientDiversificationwithManyRiskyAssets
Summary
∙Thereisnosingleportfolioselectionstrategythatisbestforallpeople.
∙Stageinthelifecycleisanimportantdeterminantoftheoptimalcompositionofaperson’soptimalportfolioofassetsandliabilities.
∙Timehorizonsareimportantinportfolioselection.Wedistinguishamongthreetimehorizons:
theplanninghorizon,thedecisionhorizon,andthetradinghorizon.
∙Inmakingportfolioselectiondecisions,peoplecaningeneralachieveahigherexpectedrateofreturnonlybyexposingthemselvestogreaterrisk.
∙Onecansometimesreduceriskwithoutloweringexpectedreturnbydiversifyingmorecompletelyeitherwithinagivenassetclassoracrossassetclasses.
∙Thepowerofdiversificationtoreducetheriskinessofaninvestor’sportfoliodependsonthecorrelationsamongtheassetsthatmakeuptheportfolio.Inpractice,thevastmajorityofassetsarepositivelycorrelatedwitheachotherbecausetheyareallaffectedbycommoneconomicfactors.Consequently,one’sabilitytoreduceriskthroughdiversificationamongriskyassetswithoutloweringexpectedreturnislimited.
∙Althoughinprinciplepeoplehavethousandsofassetstochoosefrom,inpracticetheymaketheirchoicesfromamenuofafewfinalproductsofferedbyfinancialintermediariessuchasbankaccounts,stockandbondmutualfunds,andrealestate.Indesigningandproducingthemenuofassetstooffertotheircustomerstheseintermediariesmakeuseofthelatestadvancesinfinancialtechnology.
SolutionstoProblemsatEndofChapter
1.Supposethatyour58-year-oldfatherworksfortheRuffyStuffedToyCompanyandhascontributedregularlytohiscompany-matchedsavingsplanforthepast15years.Ruffycontributes$0.50forevery$1.00yourfatherputsintothesavingsplan,uptothefirst6%ofhissalary.Participantsinthesavingsplancanallocatetheircontributionsamongfourdifferentinvestmentchoices:
afixed-incomebondfund,a“blend”optionthatinvestsinlargecompanies,smallcompanies,andthefixed-incomebondfund,agrowth-incomemutualfundwhoseinvestmentsdonotincludeothertoycompanies,andafundwhosesoleinvestmentisstockintheRuffyStuffedToyCompany.OverThanksgivingvacation,Dadrealizesthatyouhavebeenmajoringinfinanceanddecidestoreapsomeearlyreturnsonthattuitionmoneyhe’sbeeninvestinginyoureducation.Heshowsyouthemostrecentquarterlystatementforhissavingsplan,andyouseethat98%ofitscurrentvalueisinthefourthinvestmentoption,thatoftheRuffyCompanystock..
a.AssumethatyourDadisatypicalrisk-aversepersonwhoisconsideringretirementinfiveyears.Whenyouaskhimwhyhehasmadetheallocationinthisway,herespondsthatthecompanystockhascontinuallyperformedquitewell,exceptforafewdeclinesthatwerecausedbyproblemsinadivisionthatthecompanyhaslongsincesoldoff.Inaddition,hesays,manyofhisfriendsatworkhavedonethesame.Whatadvicewouldyougiveyourdadaboutadjustmentstohisplanallocations?
Why?
b.IfyouconsiderthefactthatyourdadworksforRuffyinadditiontohis98%allocationtotheRuffystockfund,doesthismakehissituationmorerisky,lessrisky,ordoesitmakenodifference?
Why?
SOLUTION:
a.DadhasexposedhimselftoriskbyconcentratingalmostallofhisplanmoneyintheRuffyStockfund.Thisisanalogoustotaking100%ofthemoneyafamilyhasputasideforinvestmentandinvestingitinasinglestock.
父亲将自己完全置身于冒险中,通过将几乎所有的计划资金投资于Ruffy存货基金。
这就相当于将一个家庭所有的金钱100%的用于投资且是单一的股票投资。
First,Dadneedstobeshownthatjustbecausethecompanystockhascontinuallyperformedquitewellisnoguaranteethatitwilldosoindefinitely.Thecompanymayhavesoldoffthedivisionswhichproducedpricedeclinesinthepast,butfutureproblemsareunpredictable,andsoisthemovementofthestockprice.“Pastperformanceisnoguaranteeoffutureresults”isthelesson.
首先,父亲需要被展示这个公司的股票持续良好的态势,并且(isnoguaranteethatitwilldosoindefinitely)这个公司在过去也许已经出售完价格下跌的部分,但是未来的问题是不确定的,股票接个的变动也如此。
“过去的表现并不能保证未来的结果。
”就是讲述这样的道理。
Second,Dadneedstohearaboutdiversification.Heneedstobecounseledthathecanreducehisriskbyallocatinghismoneyamongseveraloftheoptionsavailabletohim.Indeed,hecanreducehisriskconsiderablymerelybymovingallofhismoneyintothe“blend”fundbecauseitisdiversifiedbydesign:
ithasafixed-incomecomponent,alargecompaniescomponent,andasmallcompaniescomponent.Diversificationisachievedn
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