投资学第6章风险与风险厌恶v1student.pptxVIP

投资学 第6章风险厌恶与风险资产的资本配置Risk Aversion and Capital Allocation to Risky Assets本章主要内容投资过程的分解 two steps：First step:选择一个风险资产组合 – selecting the composition of one’s portfolio of risky assets such as stocks and long-term bondsSecond step:在风险资产与无风险资产间决定配置比例 – deciding how much to invest in that risky portfolio versus in a safe asset.配置比例的技术性要求：效用优化收益与风险投资学 第6章本章主要内容two themes：First theme: investors will avoid risk unless they can anticipate a reward for engaging in risky investments.Second theme: quantify investors’ personal trade-offs between portfolio risk and Er – Utility Function.CAL – Capital All