These conclusions all contribute to explain“the equity premium puzzle”and“the risk-free rate puzzle”.
这些结论助于解释“股权溢价之谜”和“无风险利率之谜”。
参考来源 - 基于相异相对风险厌恶系数的异质偏好与动态资产定价Finally,we analyze the influence on the validity of option contract and the risk-free interest rate change on the option price parameters through the sensitivity judgment.
最后通过灵敏度分析,分析期权合约的有效期和无风险利率变化对期权价格参数的影响。
参考来源 - 基于期权合约的应急物资采购定价模型研究The cause is that is very difficult to predict the stock market future cash dividends and to choice the riskless interest rate reasonably.
这是因为在合理预报股市未来现金股利大小和选择无风险利率时遇到了困难。
参考来源 - 中国股市泡沫大小的实证研究·2,447,543篇论文数据,部分数据来源于NoteExpress
毕竟,国债利率是无风险利率,其他的资产的定价都扣除了这个因素。
After all, the Treasury-bond yield is the risk-free rate, off which other assets are priced.
但是在那些奇特的金融产品中,长长期望后的回报可能是零,或者最终低于无风险利率。
But in more exotic asset classes, the long-term expected return may be zero, or at least less than the risk-free rate.
这是因为在合理预报股市未来现金股利大小和选择无风险利率时遇到了困难。
The cause is that is very difficult to predict the stock market future cash dividends and to choice the riskless interest rate reasonably.
That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.
在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。
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