英语翻译rt ,内容是关于An Introduction to Portfolio Theory,也是标题啦····由于篇幅比较长哦··这只是一小段1.IntroductionPortfolio theory models the relationship between return and risk in the selectionof an investment po

英语翻译rt ,内容是关于An Introduction to Portfolio Theory,也是标题啦····由于篇幅比较长哦··这只是一小段1.IntroductionPortfolio theory models the relationship between return and risk in the selectionof an investment po
英语翻译
rt ,内容是关于An Introduction to Portfolio Theory,也是标题啦····由于篇幅比较长哦··这只是一小段
1.Introduction
Portfolio theory models the relationship between return and risk in the selection
of an investment portfolio.Its founding father,H.M.Markowitz,formulated
the mean-variance model and discussed its resolution [1952; 1959; 1987].
In particular,he introduced in his model the consideration of the interaction of
the portfolio’s securities.His measure of risk assessment included not only estimates
of the risk associated with each security but also a measure of how the
individual security returns moved relative to each other.Since Markowitz’s
seminal work,the theory has blossomed,using,for example,utility theory
to analyze risk and Brownian motion to develop continuous-time investment
models.
In this Module,we present an elementary introduction to portfolio theory.
We use the following example to demonstrate the theory.
Example 1.A college professor who is the beneficiary of a $100,000 inheritance
seeks counsel from a financial adviser on how to best invest the
funds.The adviser initially questions her client on the nature of his goals.
Is this to be a long-term investment of probably high risk but also with
potential for high yield,or,at the other extreme,a short-term low-risk
investment with gains used to meet imminent expenses?The professor
responds that he,nearing retirement,is a conservative investor who is
seeking a portfolio with some to-be-specified minimum expected gain
while not being too risky.He is open to suggestions.
The adviser proposes that they fix the investment period at one year
and conduct annual reviews.She then offers four select stocks S1,S2,S3,
and S4 for consideration for this year’s portfolio.Table 1 gives for the
past 12 years their annual returns as fractions of the original investment.
(For example,$100 invested in stock S1 at the beginning of 1992,whose
annual return that year was 0.06 or 6%,resulted at the end of 1992 in an
investment value (stock price plus dividends paid) of $106.Similarly,the
comparable value at the end of the year for $100 invested in S1 at the
beginning of 1993,with annual return that year of −0.02,was $98.)
To help understand the concept of risk,the adviser points out that the
stock S1,with average annual yield of 6% over the 12 years but minimal
spread on yield,would probably be less risky than stock S4,which has a
12.5% average yield but appears quite volatile.
She offers another consideration.The swings up and down of stocks
S1 and S2 seem to balance over the 12 years.When one does well,the
other does poorly; so a combination of these two stocks might offer a
more stable portfolio

英语翻译rt ,内容是关于An Introduction to Portfolio Theory,也是标题啦····由于篇幅比较长哦··这只是一小段1.IntroductionPortfolio theory models the relationship between return and risk in the selectionof an investment po
导言
投资组合理论模型之间关系的收益和风险的选择
一个投资组合.它的开国元勋,华茂马科维茨,制定
的均值方差模型,并讨论其第[ 1952年; 1959年; 1987 ] .
他特别介绍了在他的模型审议的相互作用
投资组合的证券.他衡量的风险评估不仅包括估计
有关的风险与安全,而且也一定程度的如何
个人搬到相对安全的回报对方.自马科维茨的
开创性的工作,理论蓬勃,使用,例如,效用理论
分析风险和布朗运动发展连续时间投资
模式.
在此模块,我们目前浅谈投资组合理论.
我们使用下面的例子证明这一理论.
范例1 .一位大学教授谁是受益人的10万美元遗产
要求律师从财务顾问就如何最好的投资
资金.该顾问最初她的委托人的问题的性质,他的目标.
这是一个长期投资的可能是高风险,而且还与
潜在的高收益,或在另一个极端,短期低风险
投资收益用来应付迫在眉睫的开支?教授
回应,他临近退休,是一个保守的投资者是谁
寻求投资组合的一些将要规定的最低预期收益
同时又不过于冒险.他是开放的建议.
该顾问的建议,解决他们的投资期限在一年
并进行年度审查.然后,她提供了四种选择股票中一,中二,三,
和S4审议今年的投资组合.表1给出的
过去12年来,他们每年的回报为组分的原始投资.
（举例来说,100美元投资于股票中一在1992年初,其
年度回报率为0.06年或6 ％ ,导致在1992年底在
投资价值（股票价格加上股息） 106美元.同样,
价值可比在今年年底的100美元投资于中一在
1993年初,每年的回报,一年-0.02 ,为98 .）
为了帮助理解风险的概念,该顾问指出,
股票一,年均收益率为6 ％的12年,但最低限度
蔓延的产量,很可能是风险小于股票中四至中,有
12.5 ％的平均收益率,但似乎很不稳定.
她提供了另外一种考虑.在大幅波动的股票
S1和S2似乎余额的12年.当一个人不同时,
其他不差,因此结合这两个类股提供了可能
更稳定的投资组合
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