市场组合是由风险证券构成,并且其成员的证券投资比例与整个市场上风险证券的相对市值比例一致的证券组合。
这点和验证资产定价论(CAPM)类似:验证CAPM是否有效,我们首先要找到市场组合(market portfolio),然后才能测试CAPM的有效性;但市场组合(包括所有金融资产和非金融资产)是很难模拟的,这从而也加剧了验证的挑战。
基于514个网页-相关网页
In practice, if the financial markets are semi-strong efficient, and government regulates insider trading effectively, then the investor should copy the market portfolio.
在实践中,如果金融市场是半强势有效的,并且有良好的法制环境限制内幕交易的发生,那么投资者的策略就应该是被动的复制市场组合进行投资决策。
参考来源 - 中国股票市场半强势效率研究·2,447,543篇论文数据,部分数据来源于NoteExpress
测试的CAPM因此,一要遵守和能够衡量这个有效率的市场组合。
To test the CAPM therefore one has to observe and be able to measure this efficient market portfolio.
一只股票风险指标β系数直接反应出,The,β,市场组合变动与投资收益的相关性。
of a stock is how much it reacts to movements in the market portfolio.
当β值等于2时,If,β,表明若市场组合增值,股票价值就增长了20%,以此类推。
is two, 10% it means that if the market goes up 10% in value, the stock tends to go up 20% in value and so on.
Are you going to hold the market portfolio, index your assets, match the markets results?
你是应该持有市场投资组合,指数化资产,获取与市场一致的回报率
Firms that do that are, in practice, however, the minority and most mutual funds have some gimmick or some special-- they claim to be beating the market not forming the optimal portfolio.
然而实际上,这么做的公司很少,大部分共同基金都会耍些花招,或有一些特别的...,他们强调他们的收益率将强于市场平均水平,而非建立最佳投资组合
The market portfolio is, if you took all the stocks and bonds, and oil, and real estate, anything that's available to invest in, in the whole world, put them all together in one portfolio.
市场组合则是,假设你在全世界范围内购买了所有,能够投资的股票,债券,石油和房地产,将他们放在同一个投资组合里。
应用推荐