Business Assignment代寫(xiě)范例：Overview of Portfolio Theories
Business Assignment代寫(xiě)范例-投資組合理論概述。本文是一篇留學(xué)生商業(yè)管理方向assignment寫(xiě)作參考，主要內(nèi)容是講述“投資組合”一詞可定義為：；決定個(gè)人未來(lái)前景的所有決定”。投資組合可以包括許多類型的資產(chǎn)，如廠房、房地產(chǎn)、房地產(chǎn)和金融資產(chǎn)。投資組合理論提出了理性和謹(jǐn)慎的投資者應(yīng)該如何利用其盡職調(diào)查使投資多樣化以優(yōu)化投資組合，以及與風(fēng)險(xiǎn)較小的資產(chǎn)相比，風(fēng)險(xiǎn)資產(chǎn)應(yīng)該如何定價(jià)。幾十年來(lái)，人們一直在投資不同的資產(chǎn)類別，但他們意識(shí)到風(fēng)險(xiǎn)的重要性及其負(fù)面影響，如果不加以有效處理。每個(gè)投資者都有自己的風(fēng)險(xiǎn)承受能力，投資者的風(fēng)險(xiǎn)承受力取決于其承受能力。投資組合理論是隨著時(shí)間的推移而產(chǎn)生的，目的是有效地衡量風(fēng)險(xiǎn)，以及如何通過(guò)資產(chǎn)多樣化來(lái)降低風(fēng)險(xiǎn)。下面就請(qǐng)參考這篇assignment寫(xiě)作范文。
Introduction 引言
The word “Portfolio” can be defined as; the totality of decisions determining an individual’s future prospects” (Sharpe, 1970). Portfolio can consist of many types of assets such as plant, property, real and financial assets (P.A Bowen, 1984). Portfolio theories propose how rational and prudent investors should use their due diligence to diversify their investments to optimize their portfolios, and how a risky asset should be priced as compared to less risky asset. People have been investing in the different assets class since decades but then they realize the importance of risk and its negative implications, if not treated effectively. Every investor has his own tolerance of risk and investor’s defines it in his ability of taking it. The portfolio theories have been derived over time in order to effectively measure the risk and how it can be reduced by diversify in their asset.
Assignment 1: “The Legacy of Modern Portfolio Theory”“現(xiàn)代投資組合理論的遺產(chǎn)”
This assignment covers the highlights of modern portfolio theory, describing how risk and its effects are measured and how planning and asset allocation can help you do something about it. Modern portfolio theory is the theoretical conflicting of conventional stock picking. It is being put forward by the economists, who try to understand the phenomena of the market as a whole, instead of business analysts, who look for individual investment opportunities. Investments are explained statistically, as how much investor expected long-term return rate and their expected short-term volatility. It measures how much expected return can deviate much worse than average an investment’s bad years are likely to be. The goal of the theory is to identify your adequate level of risk tolerance, and then to come up with a portfolio with the maximum expected return for that level of standard deviation (risk).
本文涵蓋了現(xiàn)代投資組合理論的重點(diǎn)，描述了如何衡量風(fēng)險(xiǎn)及其影響，以及規(guī)劃和資產(chǎn)配置如何幫助您解決這些問(wèn)題?，F(xiàn)代投資組合理論是傳統(tǒng)股票選擇的理論沖突。這是由經(jīng)濟(jì)學(xué)家提出的，他們?cè)噲D理解整個(gè)市場(chǎng)的現(xiàn)象，而不是商業(yè)分析師，他們尋找個(gè)人投資機(jī)會(huì)。對(duì)投資進(jìn)行統(tǒng)計(jì)解釋，包括投資者預(yù)期的長(zhǎng)期回報(bào)率和預(yù)期的短期波動(dòng)率。它衡量的是預(yù)期回報(bào)的偏離程度，遠(yuǎn)比投資糟糕年份的平均水平差。該理論的目標(biāo)是確定您的風(fēng)險(xiǎn)承受能力水平，然后針對(duì)該標(biāo)準(zhǔn)差（風(fēng)險(xiǎn)）水平提出具有最大預(yù)期回報(bào)的投資組合。
The portfolio it assumes that the investment universe consists only of two market securities, the risk free asset and risky assets. But the actual investment universe is much broader than that being put forward. The optimal level of investment is to invest on efficient frontier but doing this would mean to calculate the millions of covariance among the securities. This calculation could make the life of analyst as difficult as one could have ever imagined. To think practically, it’s better to put portfolio theory to work means investing in a limited number of index securities rather than a huge number of individual stocks and bonds. Index investing is the point the where portfolio theory starts to rely on the efficient market hypothesis. When you buy an index based portfolio strategy you’re allocating your money the same way the whole market is – which is a high-quality thing if you believe the market has a plan and it is efficient. This is why portfolio theory is one of the branches of economics rather than finance: instead of only studying financial statements and different financial ratios, you study the aggregate behavior of investors, some of whom seemingly have studied financial statements so that market valuations will reflect their due diligence and prudence.
它假設(shè)投資領(lǐng)域僅由兩種市場(chǎng)證券組成，即無(wú)風(fēng)險(xiǎn)資產(chǎn)和風(fēng)險(xiǎn)資產(chǎn)。但實(shí)際的投資范圍比提出的要廣得多。最佳投資水平是投資于有效前沿，但這樣做意味著計(jì)算證券之間的數(shù)百萬(wàn)協(xié)方差。這種計(jì)算可能會(huì)使分析師的生活變得像人們想象的那樣困難。從實(shí)際情況來(lái)看，將投資組合理論付諸實(shí)施意味著投資于數(shù)量有限的指數(shù)證券，而不是大量的股票和債券。指數(shù)投資是投資組合理論開(kāi)始依賴于有效市場(chǎng)假說(shuō)的一點(diǎn)。當(dāng)你購(gòu)買基于指數(shù)的投資組合策略時(shí)，你的資金分配方式與整個(gè)市場(chǎng)相同——如果你相信市場(chǎng)有計(jì)劃且效率高，那么這是一件高質(zhì)量的事情。這就是為什么投資組合理論是經(jīng)濟(jì)學(xué)而不是金融學(xué)的分支之一：你研究的不是財(cái)務(wù)報(bào)表和不同的財(cái)務(wù)比率，而是投資者的總體行為，其中一些人似乎研究過(guò)財(cái)務(wù)報(bào)表，以便市場(chǎng)估值反映出他們的盡職調(diào)查和謹(jǐn)慎。
Assignment 2: “Theory of portfolio and risk based on incremental entropy”“基于增量熵的投資組合和風(fēng)險(xiǎn)理論”
The assignment has used incremental entropy to optimize the portfolios. This novel portfolio theory has been based on incremental entropy that carries on some facet of Markowitz’s (1959, 1991) theory, but it highlights that the incremental speed of capital is a more objective criterion for assessing portfolios. The performance of the portfolio just cannot be justified with the returns because we have to keep in mind the risk of achieving those returns. Given the probability forecasts of returns, we can obtain the best possible investment ratio. Combining the new portfolio theory and the general theory of information, we can approach a meaning-explicit measure, which represents the increment of capital-increasing speed after information is provided. The assignment has used example to make it more clear that as we try to become rich within days there involve high risk of even losing those money which we at-least own at present. The ineffective investment is like a coin toss either you have all the money in your pocket or you end having nothing in your pocket. The same being very risk averse would not help you become rich. You there has to be a balance in selecting the portfolio and this assignment explain the optimal investment ratio. (pg 1)
本文使用了增量熵來(lái)優(yōu)化投資組合。這一新穎的投資組合理論以增量熵為基礎(chǔ)，它繼承了Markowitz理論的某些方面，但它強(qiáng)調(diào)資本的增量速度是評(píng)估投資組合的更客觀的標(biāo)準(zhǔn)。投資組合的表現(xiàn)不能用回報(bào)來(lái)證明，因?yàn)槲覀儽仨毨斡泴?shí)現(xiàn)這些回報(bào)的風(fēng)險(xiǎn)。給定回報(bào)的概率預(yù)測(cè)，我們可以獲得最佳可能的投資比率。結(jié)合新的投資組合理論和信息的一般理論，我們可以找到一個(gè)意義明確的度量，它表示信息提供后資本增長(zhǎng)速度的增量。這篇文章用了一個(gè)例子來(lái)更清楚地說(shuō)明，當(dāng)我們?cè)噲D在幾天內(nèi)變得富有的時(shí)候，我們甚至有很高的風(fēng)險(xiǎn)失去那些我們目前至少擁有的錢(qián)。無(wú)效的投資就像擲硬幣，要么你口袋里有錢(qián)，要么你兜里一無(wú)所有。同樣，非常厭惡風(fēng)險(xiǎn)也無(wú)助于你致富。你必須在選擇投資組合時(shí)保持平衡，本文將解釋最佳投資比例。
Markowitz explains us that an efficient portfolio is either a portfolio that offers the maximum expected return for a given level of risk, or one with the minimum level of risk for a given expected return. There is no objective criterion to define the maximum effectiveness of a portfolio given the expected return and risk level and different expects have different view about it. The Markowitz’s efficient portfolio tells us about the indifference curve of the investor and about the market portfolio. It is not the portfolio which we need for the fastest increment of capital. So, this assignment has derived a new mathematical model.
Markowitz向我們解釋說(shuō)，有效的投資組合要么是在給定風(fēng)險(xiǎn)水平下提供最大預(yù)期回報(bào)的投資組合，要么是在特定預(yù)期回報(bào)下具有最小風(fēng)險(xiǎn)水平的投資組合。考慮到預(yù)期回報(bào)和風(fēng)險(xiǎn)水平，沒(méi)有客觀標(biāo)準(zhǔn)來(lái)定義投資組合的最大有效性，不同的預(yù)期對(duì)此有不同的看法。馬科維茨的有效投資組合告訴我們投資者的無(wú)差異曲線和市場(chǎng)投資組合。這不是我們需要的最快資本增長(zhǎng)的投資組合。因此，本文導(dǎo)出了一個(gè)新的數(shù)學(xué)模型。
The model explains that when gain and loss are have equal chance of occurring, if the loss is up to 100 percent, one should not risk more than 50 percent of fund no matter how lofty the possible gain might be. This conclusion has a great importance and significant for risky investments, such as futures, options, etc. Most of the new investors of future markets lose all of their money very fast because the investment ratios are not well controlled and generally too large. we can obtain the optimal ratios of investments in different securities or assets when probability forecasts of returns are given.
該模型解釋說(shuō)，當(dāng)收益和損失發(fā)生的機(jī)會(huì)相等時(shí)，如果損失達(dá)到100%，則無(wú)論可能的收益有多高，都不應(yīng)承擔(dān)超過(guò)50%的基金風(fēng)險(xiǎn)。這一結(jié)論對(duì)風(fēng)險(xiǎn)投資（如期貨、期權(quán)等）具有重要意義。大多數(shù)期貨市場(chǎng)的新投資者很快就失去了所有的資金，因?yàn)橥顿Y比率沒(méi)有得到很好的控制，而且通常太大。當(dāng)給出收益的概率預(yù)測(cè)時(shí)，我們可以獲得不同證券或資產(chǎn)的最優(yōu)投資比例。
Comparison with Markowitz’s theory 與馬科維茨理論的比較
The new theory supports Markowitz’s conclusions that investment risk can be reduced by effective portfolio, but there are some obvious differences: The new theory uses geometric mean return as the objective criterion for optimizing portfolio and gives some formulas for optimizing investment ratios; and . The new theory makes use of extent and possibility of gain and loss rather than expectation of return and standard deviation (risk) of the return to explain investment value.
新理論支持Markowitz的結(jié)論，即有效投資組合可以降低投資風(fēng)險(xiǎn)，但有一些明顯的區(qū)別：新理論使用幾何平均收益作為優(yōu)化投資組合的客觀標(biāo)準(zhǔn)，并給出了一些優(yōu)化投資比率的公式；新理論利用收益和損失的程度和可能性，而不是收益預(yù)期和收益標(biāo)準(zhǔn)差（風(fēng)險(xiǎn)）來(lái)解釋投資價(jià)值。
Assignment 3: “On the competitive theory and practice of portfolio selection”“關(guān)于投資組合選擇的競(jìng)爭(zhēng)理論和實(shí)踐”
To select an optimal level of portfolio has always been a basic and fundamental problem in the field of computation finance. There are lots of securities are available including the cash and the basic online problem is to agree on a portfolio for the ith trading period based on the series of price for the scheduled i-1 trading period. There has been increasing interest but also mounting uncertainty relating to the value of competitive theory of online portfolio selection algorithms. Competitive analysis is based on the worst and most unexpected case scenarios and viewpoint; such a point of view is conflicting with the most widely used analysis and theories being adopted by the investors based on the statistical models and assumptions. Surprisingly in some of the initial experiments result shows that some algorithms which have enjoyed a highly regarded repute seems to outperform the historical sequence of data when seen in relation to competitive worst case scenarios. The emerging competitive theory and the algorithms are directly related to the studies in information theory and computational learning theory, in fact some of the algorithms have been the broken new ground and set new standards within the information and computational theory learning based communities. The one of the primary goal and objective of this paper is understand the extent to which competitive portfolio algorithms are in reality learning and are they really contributing to the welfare of the investor. In order to find out so they have used set of different strategies this can be adapted to data sequence. This is being presented in a mixture of both strong theoretical and experimental results. It has also been compared with the performance of existing and new algorithms and respects to standard series of the historical sequence data and it also present the experiments from other three data sequence. It is being concluded that there is huge potential for selecting portfolio through algorithms that are being derived from competitive force and as well as derived from the statistical properties of data.
選擇最優(yōu)投資組合水平一直是計(jì)算金融領(lǐng)域的一個(gè)基本問(wèn)題。有很多證券可用，包括現(xiàn)金，基本的在線問(wèn)題是根據(jù)計(jì)劃的i-1交易期的系列價(jià)格，就第i個(gè)交易期的投資組合達(dá)成一致。人們對(duì)在線投資組合選擇算法的競(jìng)爭(zhēng)理論的價(jià)值越來(lái)越感興趣，但也越來(lái)越不確定。競(jìng)爭(zhēng)分析基于最壞和最意想不到的案例場(chǎng)景和觀點(diǎn)；這種觀點(diǎn)與投資者基于統(tǒng)計(jì)模型和假設(shè)所采用的最廣泛的分析和理論相沖突。令人驚訝的是，在一些最初的實(shí)驗(yàn)中，結(jié)果顯示，當(dāng)與競(jìng)爭(zhēng)性最壞情況場(chǎng)景相關(guān)時(shí)，一些享有極高聲譽(yù)的算法似乎優(yōu)于歷史數(shù)據(jù)序列。新興的競(jìng)爭(zhēng)理論和算法與信息理論和計(jì)算學(xué)習(xí)理論的研究直接相關(guān)，事實(shí)上，其中一些算法已經(jīng)在基于信息和計(jì)算理論學(xué)習(xí)的社區(qū)中開(kāi)辟了新的領(lǐng)域并制定了新的標(biāo)準(zhǔn)。本文的主要目標(biāo)之一是了解競(jìng)爭(zhēng)性投資組合算法在現(xiàn)實(shí)學(xué)習(xí)中的應(yīng)用程度，以及它們是否真正有助于投資者的福利。為了找出原因，他們使用了一組不同的策略，這可以根據(jù)數(shù)據(jù)序列進(jìn)行調(diào)整。這是一個(gè)強(qiáng)有力的理論和實(shí)驗(yàn)結(jié)果的混合物。它還與現(xiàn)有和新算法的性能進(jìn)行了比較，并與標(biāo)準(zhǔn)系列的歷史序列數(shù)據(jù)進(jìn)行了比較。人們得出的結(jié)論是，通過(guò)從競(jìng)爭(zhēng)力以及從數(shù)據(jù)的統(tǒng)計(jì)特性中得出的算法來(lái)選擇投資組合具有巨大的潛力。
Assignment 4: “International property Portfolio Strategies”“國(guó)際房地產(chǎn)投資組合策略”
The assignment talks about the investment decisions regarding real estate, and try to put in the Markowitz mean variance formula to analyze the real estate market. They are not confined only to local real estate diversification but they are also including international diversification. Markowitz mean variance continuum and graph is useful in analyzing the efficient securities, and they help in the selection of an optimal portfolio on envelope curve taking into account the risk preferences of an investor. But when analysts try to incorporate real estate market to the Markowitz theory the major problems regarding liquidity, heterogeneity, indivisibility and information are faced by them which restrict them from further optimal analysis.
本文討論了房地產(chǎn)投資決策，并試圖運(yùn)用Markowitz均值方差公式對(duì)房地產(chǎn)市場(chǎng)進(jìn)行分析。它們不僅限于本地房地產(chǎn)多元化，還包括國(guó)際多元化。Markowitz均值-方差連續(xù)體和圖表在分析有效證券時(shí)非常有用，它們有助于在考慮投資者風(fēng)險(xiǎn)偏好的情況下選擇包絡(luò)曲線上的最優(yōu)投資組合。但是，當(dāng)分析師試圖將房地產(chǎn)市場(chǎng)納入Markowitz理論時(shí)，他們面臨的主要問(wèn)題是流動(dòng)性、異質(zhì)性、不可分割性和信息，這些問(wèn)題限制了他們進(jìn)行進(jìn)一步的優(yōu)化分析。
Many investors have tried to support the theory to make a portfolio by considering property as asset like equity and bond investments; although there are a lot of differences among the characteristics of assets discussed above, but one can diversify its portfolio by investing in real assets, analysts argue. The discussion was dominated by the concept of international diversification of assets including real estate. To support the analysis in UK the (Sweeney , 1988-1989) work in cited most of the times, he came up with the famous model of real estate to come up with efficient diversification strategy, he used rental value of for different countries and came up with the model of risk return theory; after that a lot of analysts including: [Baum and Schofield (1991), Brühl and Lizieri (1994), Gordon (1991), Hartzell et al. (1993), Johnson (1993), Sweeney (1993), Vo(1993) and Wurtzebach (1990)], have come up with analysis to support international diversification; but the result was somehow was not justifying the inculcation of real estate to portfolio theory, because those assets were not correlated at all when inspected for the risk return behavior during last decade or so. This can be attributed to the failure of mean variance model to produce results, the main problems facing would be regarding data collection, technicalities, omitted categories, and ex post analysis.
許多投資者試圖通過(guò)將房地產(chǎn)視為資產(chǎn)（如股票和債券投資）來(lái)支持投資組合的理論；分析人士認(rèn)為，盡管上述資產(chǎn)的特征有很多不同，但通過(guò)投資實(shí)物資產(chǎn)，可以實(shí)現(xiàn)投資組合的多樣化。討論主要是包括房地產(chǎn)在內(nèi)的資產(chǎn)的國(guó)際多樣化概念。為了支持英國(guó)的分析，的工作在大多數(shù)時(shí)候被引用，他提出了著名的房地產(chǎn)模型，以提出有效的多元化策略，他使用了不同國(guó)家的租金價(jià)值，并提出了風(fēng)險(xiǎn)回報(bào)理論模型；之后，許多分析師，包括：[Baum和Schofield，Brühl和Lizieri，Gordon、Hartzell等人，Johnson、Sweeney和Vo以及Wurtzebach，都提出了支持國(guó)際多元化的分析；但其結(jié)果不知何故并不能證明將房地產(chǎn)引入投資組合理論是合理的，因?yàn)樵谶^(guò)去十年左右的風(fēng)險(xiǎn)回報(bào)行為中，這些資產(chǎn)根本不相關(guān)。這可歸因于均值-方差模型未能產(chǎn)生結(jié)果，面臨的主要問(wèn)題是數(shù)據(jù)收集、技術(shù)性、遺漏類別和事后分析。
This is almost irrational and impossible to find the most efficient way to diversify a portfolio by including real asset as a separate asset, because of area problems, different locality, pricing conditions, economic conditions, liquidity differences, and data collection problems. As real estate market is highly uncorrelated even within the industry so the data sets are very difficult to find for analysis because of lack of empirical data on this market.
由于地區(qū)問(wèn)題、不同地區(qū)、定價(jià)條件、經(jīng)濟(jì)條件、流動(dòng)性差異和數(shù)據(jù)收集問(wèn)題，這幾乎是不合理的，也不可能找到通過(guò)將真實(shí)資產(chǎn)作為單獨(dú)資產(chǎn)來(lái)實(shí)現(xiàn)投資組合多樣化的最有效方法。由于房地產(chǎn)市場(chǎng)即使在行業(yè)內(nèi)也高度不相關(guān)，因此由于缺乏該市場(chǎng)的經(jīng)驗(yàn)數(shù)據(jù)，很難找到數(shù)據(jù)集進(jìn)行分析。
Assignment 5: “Different risk measures: different portfolio compositions?”“不同的風(fēng)險(xiǎn)度量：不同的投資組合組成？”
Choosing the suitable portfolio of assets in which to invest is an essential component of fund management. A large percentage of portfolio selection decisions were based on a qualitative basis, however quantitative approaches to selection are increasingly being employed. Markowitz (1952) established a quantitative framework for asset selection into a portfolio that is now well known. The measure of risk used in portfolio optimization models is the variance. Variance calculates how much deviation could be expected from the set of portfolio. The alternative methods of risk have their own theoretical and practical advantages and it is atypical that they are not used widely by investors. One of the reason may be because of the difficulty and complexity of understanding such models and then practically implementing those models and to decide in which measure of risk is best and gives the most realistic and useful results. It is important to identify the common risk measure and without doing so any attempt to measure the risk would be useless exercise. In order to cope with this, another approach is considered that is to comparing the portfolio holdings produced by different risk measures, rather than the traditional risk return trade-off. It is than being observed that whether the risk measures used produce asset allocations that are essentially the same or very different. In order to probe this concern this study tested the proposition that different measures of risk produce minimum risk portfolios that are essentially the same in terms of asset allocations, using monthly data over the period January 1987 to December 2002. The results show that the optimal portfolio compositions formed by different risk measures vary quite noticeably from measure to measure. These finding are very useful and have a practical implication for the investors because it recommend that the choice of risk model depends entirely on the individual’s attitude to risk rather than any theoretical or practical advantages of one model over another. It has been concluded that different investors have they indifference curve different from other and some of them like to take more risk as compare to other who are happy at earning low but safe returns.
選擇合適的投資資產(chǎn)組合是基金管理的重要組成部分。很大比例的投資組合選擇決策是基于定性的，但越來(lái)越多地采用定量的選擇方法。Markowitz建立了一個(gè)量化框架，用于將資產(chǎn)選擇納入現(xiàn)在眾所周知的投資組合。投資組合優(yōu)化模型中使用的風(fēng)險(xiǎn)度量是方差。方差計(jì)算投資組合的預(yù)期偏差。替代風(fēng)險(xiǎn)方法有其自身的理論和實(shí)踐優(yōu)勢(shì)，投資者不廣泛使用這種方法是不典型的。其中一個(gè)原因可能是因?yàn)槔斫膺@些模型，然后實(shí)際實(shí)施這些模型，并決定哪種風(fēng)險(xiǎn)度量是最好的，并給出最現(xiàn)實(shí)和有用的結(jié)果，這是困難和復(fù)雜的。確定共同風(fēng)險(xiǎn)度量是很重要的，如果不這樣做，任何衡量風(fēng)險(xiǎn)的嘗試都是徒勞的。為了應(yīng)對(duì)這一問(wèn)題，考慮了另一種方法，即比較不同風(fēng)險(xiǎn)度量產(chǎn)生的投資組合持有量，而不是傳統(tǒng)的風(fēng)險(xiǎn)收益權(quán)衡。人們還觀察到，所使用的風(fēng)險(xiǎn)度量是否產(chǎn)生了本質(zhì)上相同或非常不同的資產(chǎn)配置。為了探討這一問(wèn)題，本研究使用1987年1月至2002年12月期間的月度數(shù)據(jù)，檢驗(yàn)了不同風(fēng)險(xiǎn)度量產(chǎn)生的最小風(fēng)險(xiǎn)投資組合在資產(chǎn)配置方面基本相同的命題。結(jié)果表明，不同風(fēng)險(xiǎn)度量形成的最優(yōu)投資組合在不同度量之間差異很大。這些發(fā)現(xiàn)非常有用，對(duì)投資者具有實(shí)際意義，因?yàn)樗ㄗh風(fēng)險(xiǎn)模型的選擇完全取決于個(gè)人對(duì)風(fēng)險(xiǎn)的態(tài)度，而不是一種模型相對(duì)于另一種模型的任何理論或?qū)嶋H優(yōu)勢(shì)。已經(jīng)得出的結(jié)論是，不同的投資者有著不同于其他投資者的冷漠曲線，其中一些人喜歡承擔(dān)更多的風(fēng)險(xiǎn)，而其他人則樂(lè)于獲得低但安全的回報(bào)。
Conclusion 結(jié)論
It is being concluded that risk is more of a subjective term and different analysts and investor measures and perceive it in their own way. In today’s word not even a single person can underestimate the importance of risk in selecting a security and emphasized is been given to diversification through proper portfolio selection process and everyone tries to optimize their returns given a certain level of risk. In order to do so they are using different statistical measures those have been derived over time to calculate risk. So selection of such method is limited to the understanding of a certain method to a certain investor and their effectiveness of results as compare to other methods.
Assignment得出的結(jié)論是，風(fēng)險(xiǎn)更多的是一個(gè)主觀術(shù)語(yǔ)，不同的分析師和投資者以自己的方式衡量和感知風(fēng)險(xiǎn)。用今天的話來(lái)說(shuō)，即使是一個(gè)人也不能低估風(fēng)險(xiǎn)在選擇證券時(shí)的重要性，并強(qiáng)調(diào)通過(guò)適當(dāng)?shù)耐顿Y組合選擇過(guò)程實(shí)現(xiàn)多樣化，每個(gè)人都試圖在一定的風(fēng)險(xiǎn)水平下優(yōu)化自己的回報(bào)。為了做到這一點(diǎn)，他們使用了不同的統(tǒng)計(jì)指標(biāo)來(lái)計(jì)算風(fēng)險(xiǎn)。因此，與其他方法相比，此類方法的選擇僅限于特定投資者對(duì)特定方法的理解及其結(jié)果的有效性。本站提供各國(guó)各專業(yè)留學(xué)生assignment代寫(xiě)或指導(dǎo)服務(wù)，如有需要可咨詢本平臺(tái)。
