金融学答案 12金融答案翻译12章.docx

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