## 金融代写|利率理论代写portfolio theory代考|Case 2—Perfect Negative Correlation

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|Case 2—Perfect Negative Correlation

We now examine the other extreme: two assets that move perfectly together but in exactly opposite directions. In this case the standard deviation of the portfolio is [from Equation $(5.4)$ with $\rho=-1.0]$
$$\sigma_P=\left[X_C^2 \sigma_C^2+\left(1-X_C\right)^2 \sigma_S^2-2 X_C\left(1-X_C\right) \sigma_C \sigma_S\right]^{1 / 2}$$
Once again, the equation for standard deviation can be simplified. The term in the brackets is equivalent to either of the following two expressions:
$$\left[X_C \sigma_C-\left(1-X_C\right) \sigma_S\right]^2$$
or
$$\left[-X_C \sigma_C+\left(1-X_C\right) \sigma_S\right]^2$$
Thus $\sigma_P$ is either
$$\sigma_P=X_C \sigma_C-\left(1-X_C\right) \sigma_S$$
or
$$\sigma_P=-X_C \sigma_C+\left(1-X_C\right) \sigma_S$$
Because we took the square root to obtain an expression for $\sigma_P$ and because the square root of a negative number is imaginary, either of the preceding equations holds only when its right-hand side is positive. A further examination shows that the right-hand side of one equation is simply -1 times the other. Thus each equation is valid only when the righthand side is positive. Because one is always positive when the other is negative (except when both equations equal zero), there is a unique solution for the return and risk of any combination of securities $C$ and $S$. These equations are very similar to the ones we obtained when we had a correlation of +1 . Each also plots as a straight line when $\sigma_P$ is plotted against $X_C$. Thus one would suspect that an examination of the return on the portfolio of two assets as a function of the standard deviation would yield two straight lines, one for each expression for $\sigma_P$. As we observe in a moment, this is, in fact, the case. 5
The value of $\sigma_P$ for Equation (5.7) or (5.8) is always smaller than the value of $\sigma_P$ for the case where $\rho=+1$ [Equation (5.5)] for all values of $X_C$ between 0 and 1 . Thus the risk on a portfolio of assets is always smaller when the correlation coefficient is -1 than when it is +1 . We can go one step further. If two securities are perfectly negatively correlated (i.e., they move in exactly opposite directions), it should always be possible to find some combination of these two securities that has zero risk. By setting either Equation (5.7) or (5.8) equal to 0 , we find that a portfolio with $X_C=\sigma_S /\left(\sigma_S+\sigma_C\right)$ will have zero risk. Because $\sigma_S>0$ and $\sigma_S+\sigma_C>\sigma_S$, this implies that $0<X_C<1$ or that the zero-risk portfolio will always involve positive investment in both securities.

## 金融代写|利率理论代写portfolio theory代考|Case 4—Intermediate Risk

The correlation between any two actual stocks is almost always greater than 0 and considerably less than 1 . To show a more typical relationship between risk and return for two stocks, we have chosen to examine the relationship when $\rho=+0.5$.

The equation for the risk of portfolios composed of Colonel Motors and Separated Edison when the correlation is 0.5 is
\begin{aligned} \sigma_P & =\left[(6)^2 X_C^2+(3)^2\left(1-X_C\right)^2+2 X_C\left(1-X_C\right)(3)(6)\left(\frac{1}{2}\right)\right]^{1 / 2} \ \sigma_P & =\left(27 X_C^2+9\right)^{1 / 2} \end{aligned}
Table 5.4 presents the returns and risks on alternative portfolios of our two stocks when the correlation between them is 0.5 .

This risk-return relationship is plotted in Figure 5.5 along with the risk-return relationships for other intermediate values of the correlation coefficient. Notice that in this example, if $\rho=0.5$, then the minimum risk is obtained at a value of $X_C=0$ or where the investor has placed $100 \%$ of his funds in Separated Edison. This point could have been derived analytically from Equation (5.9). Employing this equation yields
$$X_C=\frac{9-18(0.5)}{9+36-2(18)(0.5)}=0$$
In this example (i.e., $\rho_{C S}=0.5$ ), there is no combination of the two securities that is less risky than the least risky asset by itself, though combinations are still less risky than they were in the case of perfect positive correlation. The particular value of the correlation coefficient for which no combination of two securities is less risky than the least risky security depends on the characteristics of the assets in question. Specifically, for all assets, there is some value of $\rho$ such that the risk of the portfolio can no longer be made less than the risk of the least risky asset in the portfolio. ${ }^7$

We have developed some insights into combinations of two securities or portfolios from the analysis performed to this point. First, we have noted that the lower (closer to -1.0 ) the correlation coefficient between assets, all other attributes held constant, the higher the payoff from diversification. Second, we have seen that combinations of two assets can never have more risk than that found on a straight line connecting the two assets in expected return standard deviation space. Finally, we have produced a simple expression for finding the minimum variance portfolio when two assets are combined in a portfolio. We can use this to gain more insight into the shape of the curve along which all possible combinations of assets must lie in expected return standard deviation space. This curve, which is called the portfolio possibilities curve, is the subject of the next section.

# 利率理论代考

## 金融代写|利率理论代写portfolio theory代考|Case 2—Perfect Negative Correlation

$$\sigma_P=\left[X_C^2 \sigma_C^2+\left(1-X_C\right)^2 \sigma_S^2-2 X_C\left(1-X_C\right) \sigma_C \sigma_S\right]^{1 / 2}$$

$$\left[X_C \sigma_C-\left(1-X_C\right) \sigma_S\right]^2$$

$$\left[-X_C \sigma_C+\left(1-X_C\right) \sigma_S\right]^2$$

$$\sigma_P=X_C \sigma_C-\left(1-X_C\right) \sigma_S$$

$$\sigma_P=-X_C \sigma_C+\left(1-X_C\right) \sigma_S$$

## 金融代写|利率理论代写portfolio theory代考|Case 4—Intermediate Risk

$$\sigma_P=\left[(6)^2 X_C^2+(3)^2\left(1-X_C\right)^2+2 X_C\left(1-X_C\right)(3)(6)\left(\frac{1}{2}\right)\right]^{1 / 2} \sigma_P=\left(27 X_C^2+9\right)^{1 / 2}$$

$$X_C=\frac{9-18(0.5)}{9+36-2(18)(0.5)}=0$$

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|利率理论代写portfolio theory代考|Delineating Efficient Portfolios

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|COMBINATIONS OF TWO RISKY ASSETS REVISITED

In Chapter 4 we began the analysis of combinations of risky assets. In this chapter we continue it. Previously, we treated the two assets as if they were individual assets, but nothing in the analysis so constrains them. In fact, when we talk about assets, we could equally well be talking about portfolios of risky assets.

Recall from Chapter 4 that the expected return on a portfolio of two assets is given by
$$\bar{R}_P=X_A \bar{R}_A+X_B \bar{R}_B$$
Where
$X_A$ is the fraction of the portfolio held in asset $A$
$X_B$ is the fraction of the portfolio held in asset $B$

$\bar{R}P$ is the expected return on the portfolio $\bar{R}_A$ is the expected return on asset $A$ $\bar{R}_B$ is the expected return on asset $B$ In addition, because we require the investor to be fully invested, the fraction she invests in $A$ plus the fraction she invests in $B$ must equal 1 , or $$X_A+X_B=1$$ We can rewrite this expression as $$X_B=1-X_A$$ Substituting Equation (5.2) into Equation (5.1), we can express the expected return on a portfolio of two assets as $$\bar{R}_P=X_A \bar{R}_A+\left(1-X_A\right) \bar{R}_B$$ Notice that the expected return on the portfolio is a simple weighted average of the expected returns on the individual securities and that the weights add to 1 . The same is not necessarily true of the risk (standard deviation of the return) of the portfolio. In Chapter 4 the standard deviation of the return on the portfolio was shown to be equal to $$\sigma_P=\left(X_A^2 \sigma_A^2+X_B^2 \sigma_B^2+2 X_A X_B \sigma{A B}\right)^{1 / 2}$$

## 金融代写|利率理论代写portfolio theory代考|Case 1—Perfect Positive Correlation

Let the subscript $C$ stand for Colonel Motors and the subscript $S$ stand for Separated Edison. If the correlation coefficient is +1 , then the equation for the risk on the portfolio, Equation (5.4), simplifies to
$$\sigma_P=\left[X_C^2 \sigma_C^2+\left(1-X_C\right)^2 \sigma_S^2+2 X_C\left(1-X_C\right) \sigma_C \sigma_S\right]^{1 / 2}$$
Note that the term in square brackets has the form $X^2+2 X Y+Y^2$ and thus can be written as
$$\left[X_C \sigma_C+\left(1-X_C\right) \sigma_S\right]^2$$
Because the standard deviation of the portfolio is equal to the positive square root of this expression, we know that
$$\sigma_P=X_C \sigma_C+\left(1-X_C\right) \sigma_S$$
while the expected return on the portfolio is
$$\bar{R}_P=X_C \bar{R}_C+\left(1-X_C\right) \bar{R}_S$$
Thus with the correlation coefficient equal to +1 , both risk and return of the portfolio are simply linear combinations of the risk and return of each security. In footnote 3 we show that the form of these two equations means that all combinations of two securities that are perfectly correlated will lie on a straight line in risk and return space. ${ }^3$ We now illustrate that this is true for the stocks in our example. For the two stocks under study,

# 利率理论代考

## 金融代写|利率理论代写portfolio theory代考|COMBINATIONS OF TWO RISKY ASSETS REVISITED

$$\bar{R}_P=X_A \bar{R}_A+X_B \bar{R}_B$$

$X_A$ 是资产中持有的投资组合的一部分 $A$
$X_B$ 是资产中持有的投资组合的一部分 $B$
$\bar{R} P$ 是投资组合的预期回报 $\bar{R}_A$ 是资产的预期回报率 $A \bar{R}_B$ 是资产的预期回报率 $B$ 另外，因为我们要求投 资者全额投资，她投资的那部分 $A$ 加上她投资的部分 $B$ 必须等于 1 ，或者
$$X_A+X_B=1$$

$$X_B=1-X_A$$

$$\bar{R}_P=X_A \bar{R}_A+\left(1-X_A\right) \bar{R}_B$$

$$\sigma_P=\left(X_A^2 \sigma_A^2+X_B^2 \sigma_B^2+2 X_A X_B \sigma A B\right)^{1 / 2}$$

## 金融代写|利率理论代写portfolio theory代考|Case 1—Perfect Positive Correlation

$$\sigma_P=\left[X_C^2 \sigma_C^2+\left(1-X_C\right)^2 \sigma_S^2+2 X_C\left(1-X_C\right) \sigma_C \sigma_S\right]^{1 / 2}$$

$$\left[X_C \sigma_C+\left(1-X_C\right) \sigma_S\right]^2$$

$$\sigma_P=X_C \sigma_C+\left(1-X_C\right) \sigma_S$$

$$\bar{R}_P=X_C \bar{R}_C+\left(1-X_C\right) \bar{R}_S$$

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## ECON251 Interest Rate Theory课程简介

Building on the general equilibrium setup solved in the last week, this lecture looks in depth at the relationships between productivity, patience, prices, allocations, and nominal and real interest rates. The solutions are given to three of Fisher’s famous examples: What happens to interest rates when people become more or less patient? What happens when they expect to receive windfall riches sometime in the future? And, what happens when wealth in an economy is redistributed from the poor to the rich?

## PREREQUISITES

Building on the general equilibrium setup solved in the last week, this lecture looks in depth at the relationships between productivity, patience, prices, allocations, and nominal and real interest rates. The solutions are given to three of Fisher’s famous examples: What happens to interest rates when people become more or less patient? What happens when they expect to receive windfall riches sometime in the future? And, what happens when wealth in an economy is redistributed from the poor to the rich?

## ECON251 Interest Rate Theory HELP（EXAM HELP， ONLINE TUTOR）

Assume the equilibrium equation shown below. What is the return on the zero-beta portfolio and the return on the market assuming the zero-beta model holds?
$$\bar{R}_i=0.04+0.10 \beta_i$$

Given the model shown below, what is the risk-free rate if the posttax equilibrium model describes returns?
$$\bar{R}_i=0.05+0.10 \beta_i+0.24 \delta_i$$

Given the following situation:
\begin{aligned} \bar{R}_M=15 & \sigma_M=22 \ R_Z=5 & \sigma_Z=8 \ R_F=3 & \end{aligned}
draw the minimum variance curve and efficient frontier in expected return standard deviation space. Be sure to give the coordinates of all key points. Draw the security market line.

You have just lectured two tax-free institutions on the necessity of including taxes in the general equilibrium relationship. One believed you and one did not. Demonstrate that if the model holds, the one that did could engage in risk-free arbitrage with the one that did not in a manner such that:
A. Both parties believed they were making an arbitrage profit in the transaction.
B. The one who believed in the posttax model actually made a profit; the other institution incurred a loss.

## Textbooks

• An Introduction to Stochastic Modeling, Fourth Edition by Pinsky and Karlin (freely
available through the university library here)
• Essentials of Stochastic Processes, Third Edition by Durrett (freely available through
the university library here)
To reiterate, the textbooks are freely available through the university library. Note that
you must be connected to the university Wi-Fi or VPN to access the ebooks from the library
links. Furthermore, the library links take some time to populate, so do not be alarmed if
the webpage looks bare for a few seconds.

Statistics-lab™可以为您提供yale.edu ECON251 Interest Rate Theory利率理论的代写代考和辅导服务！ 请认准Statistics-lab™. Statistics-lab™为您的留学生涯保驾护航。

## 金融代写|利率理论代写portfolio theory代考|CORPFIN3501

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|SPECTRUM OF PORTFOLIO MANAGERS

Financial advisors provide individual and institutional clients with asset allocation recommendations, manager search capabilities, manager monitoring, and performance and risk analysis. Registered investment advisors (RIA) cater to highnet-worth investors and may also provide tax guidance, insurance strategy, estate planning, and expense management services. In some cases, sophisticated RIAs may be defined as money therapists, helping clients process their feelings about wealth, charitable giving, and handling money within their family. High-end advisors typically charge basis point fees that decline with increasing asset levels. Family offices may provide services beyond strict money management, even providing travel agent functions.

Pension consultants recommend investments and managers for institutional investors. They tend to be more rigorous in their process than managers of high-networth assets-for example, studying liability dynamics when proposing asset allocation and funding policies for a DB plan. Although RIAs may have earned their Certified Financial Planner ${ }^{\circledR}$ designation, which includes topics in estate planning and tax policy, many pension consultants will have earned their Chartered Financial Analyst ${ }^{\text {A }}$ charter, a more rigorous professional certification. Many pension consulting firms have one or more liability actuaries on staff as well. Pension consultants talk in terms of benchmarks and portfolio risk, whereas advisors to smaller individual investors may focus on total assets. Although they are sophisticated, there is still a need to manage relations with pension clients. They may need to be educated about asset liability management, introduced to new asset classes, or supported in periods of unhealthy funding status. Pension plans, foundations, and endowments are known to blame (that is replace) their investment consultants when overall results are subpar.

## 金融代写|利率理论代写portfolio theory代考|LAYOUT OF THIS BOOK

Portfolio managers are charged with setting the weights of asset classes and individual securities. They need tools that will help them balance the returns and risks of investing in these assets through time. In many cases, risk and return are measured relative to a benchmark; in others, absolute return is the objective. Some portfolio managers prefer to make decisions based on fundamental information while others prefer utilizing mathematical models. In the following chapters, this book provides the basic tools for helping set investment weights for each of these scenarios. Several chapters use some mathematics to introduce the models; this approach is intended to help the reader develop the intuition needed to make effective decisions on asset and security selection. It also supports the development of the Excel-based tools designed to provide immediate, hands-on experience in applying key concepts.

Chapters 3-5 introduce and develop the tools for setting efficient asset allocations; Chapter 12 explains how to rebalance these weights through time. The techniques for setting weights of individual securities within asset classes are presented for equity and fixed income portfolios in Chapters 7-10. A discussion of alternative asset classes is the focus of Chapter 11 . Chapter 6 reviews the key ingredients for any successful active or passive investment strategy involving asset allocation or security selection.

Portfolio managers must be aware of important incentives and responsibilities to meet their clients’ needs. This book explains how the investment business works, including a review of business incentives that may motivate healthy or inappropriate behavior. This is the focus of Chapter 14 .

The investment business would not exist without clients. Clients have money they want to grow. They have liquidity needs. They are willing to pay a fee to portfolio managers if the managers can help them meet these goals, but they will not hesitate to terminate a relationship if the manager fails to deliver.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|利率理论代写portfolio theory代考|FNCE463

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|Asset Allocation and Asset Class Portfolio Responsibilities

The job of a portfolio manager is to help clients meet their wealth accumulation and spending needs. Many clients expect to preserve the real value of the original principal and spend only the real return. Some have well-defined cash inflows and outflows. Virtually all clients want their portfolio managers to maximize the value of their savings and protect from falling short of their needs.

The asset allocation problem requires portfolio managers to select the weights of asset classes, such as equities, bonds, and cash, through time to meet their clients’ monetary needs. Asset allocation determines a large portion of the level and pattern of investment performance. The remainder is determined by the individual asset class vehicle(s) and their underlying holdings. The goals of asset allocation are to manage variability, provide for cash flow needs, and generate asset growth-in other words, risk and return, either absolute or relative to a target or benchmark. Clients are diversified in most situations by holding investments in several reasonably uncorrelated assets. Derivative instruments may help with this process. Asset allocation may also be a source of excess performance, with the portfolio manager actively adjusting weights to take advantage of perceived under- and overvaluations in the market.
Many portfolio managers do not make asset allocation decisions. Instead, they are hired to run a pool of money in a single asset class, or style within an asset class. They may have a narrowly defined benchmark and limited latitude to select securities outside of a prespecified universe-such as a small-cap value manager or distressed-high-yield-bond manager. In most cases, the strategy or style is independent of clients-the portfolio manager follows his or her investment process regardless of clients’ broader wealth and spending needs. In fewer cases, portfolios are customized to clients’ needs. For example, immunized fixed income portfolios involve customized duration matching and equity completeness funds are customized to provide dynamic, specialized sector and style characteristics.

## 金融代写|利率理论代写portfolio theory代考|Representative Investment Problems

Client relationships are typically defined by formal documents with stated investment objectives that include return goals, income needs, and risk parameters. Objectives and related guidelines are determined by the client type and individual situation and preferences.

More and more individual investors are seeking the support of professional portfolio managers. Retail mutual funds began growing rapidly in the bull market of the 1980s. There are now more mutual funds than stocks on the New York Stock Exchange, and hundreds of Exchange-Traded Funds (ETFs), all directed by portfolio managers. In many cases these managers are charged with individual asset class management, although the number of hybrid funds, requiring management of asset class weights, has grown rapidly since 2009. Currently popular horizon-based funds, which ended 2017 with $\$ 1.1$trillion in assets, are made up of multiple asset classes whose weights change through time in a prespecified fashion. Such funds require two levels of allocation-one determining the asset class weights and the other the fund or security weights within the individual asset classes. The high-net-worth business has grown rapidly, with the level of service tied to client asset levels. Clients with more than$\$5$ million in assets typically receive face-toface advice on asset allocation and manager selection that is supplemented by other money-related services. Smaller clients receive a lower level of service through online questionnaires and phone conversations.

A defined benefit (DB) pension plan represents a pool of money set aside by a company, government institution, or union to pay workers a stipend in retirement determined by prespecified wage-based formulas. A DB plan is characterized by a schedule of forecast future cash flows whose shape is determined by the sponsor’s employee demographics. The present value of this stream of payments, or liability, varies with interest rates. A portfolio manager’s goal is to set both asset allocation and funding policies to meet these cash flow needs at the lowest possible cost and lowest risk of falling short of the required outflows. Plans frequently hire pension consultants ${ }^{6}$ to help them with in-house asset allocation, or in some cases hire external DB asset allocation managers. Accounting standards require U.S. corporations to include on their financial statements the effect of changes in liability present values relative to changes in the market values of the assets held to offset them. This requires close management of the relationship between assets and liabilities, and many companies are replacing their DB plans with alternative forms of employee retirement programs to avoid the inherent risk.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|利率理论代写portfolio theory代考|FINA404

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|INTRODUCTION TO THE INVESTMENT INDUSTRY

The investment business offers the potential for an exciting career. The stakes are high and the competition is keen. Investment firms are paid a management fee to invest other people’s money and their clients expect expert care and superior performance. Managing other people’s money is a serious endeavor. Individuals entrust their life savings and their dreams for attractive homes, their children’s educations, and comfortable retirements. Foundations and endowments hand over responsibility for the assets that support their missions. Corporations delegate management of the funds that will pay future pension benefits for their employees. Successful managers and their clients enjoy very substantial financial rewards, but sustained poor performance can undermine the well-being of the client and leave the manager searching for a new career.

Many bright and hard-working people are attracted to this challenging industry. Since their competitors are working so hard, portfolio managers must always be at their best, and continue to improve their skills and knowledge base. For most portfolio managers, investing is a highly stimulating vocation, requiring constant learning and self-improvement. Clients are demanding, especially when results are disappointing. While considered a stressful job by many people, it is not unheard of for professionals to manage money into their eighties or nineties. ${ }^{1}$

Portfolio management is becoming increasingly more sophisticated due to the ongoing advancement of theory and the growing complexity of practice, led by a number of trends, including:

1. Advances in modern portfolio theory.
2. More complex instruments.Increased demands for performance.
3. Increased client sophistication.
4. Rising retirement costs, and the growing trend toward individual responsibility for those costs.
5. Dramatic growth in assets under management.

## 金融代写|利率理论代写portfolio theory代考|WHAT IS A PORTFOLIO MANAGER

Investment management firms employ many investment professionals. They include a CEO to manage the business, portfolio managers supported by research analysts, salespeople to help attract and retain clients, and a chief investment officer to supervise the portfolio managers. There are many more people behind the scenes, such as risk officers and accounting professionals, to make sure the money is safe. A portfolio manager may be defined by three characteristics:

1. Responsible for delivering investment performance.
2. Full authority to make at least some investment decisions.
3. Accountable for investment results.
Investment decisions involve setting weights of asset classes, individual securities, or both, to yield desired future investment performance. Full authority means the individual has control over these decisions. For example, portfolio managers do not need the approval of a committee or superior before directing allocation changes. In fact, on more than one occasion portfolio managers have resigned after their full discretion was restricted. A chief investment officer has authority, not over security selection, but over the portfolio manager’s employment, making the chief investment officer a portfolio manager for the purposes of this book. A fund-of-funds manager retains control over the weights of the underlying fund managers and therefore is a portfolio manager. The typical mutual fund manager who issues orders for individual equity, fixed income, or derivative securities is the most visible form of portfolio manager.

## 金融代写|利率理论代写portfolio theory代考|INTRODUCTION TO THE INVESTMENT INDUSTRY

1. 现代投资组合理论的进展。
2. 更复杂的仪器。对性能的要求更高。
3. 增加了客户的成熟度。
4. 不断上升的退休成本，以及个人对这些成本负责的趋势。
5. 管理资产大幅增长。

## 金融代写|利率理论代写portfolio theory代考|WHAT IS A PORTFOLIO MANAGER

1. 负责提供投资业绩。
2. 至少做出一些投资决定的全权。
3. 对投资结果负责。
投资决策涉及设定资产类别、个别证券或两者的权重，以产生理想的未来投资业绩。全权意味着个人可以控制这些决定。例如，投资组合经理在指导分配更改之前不需要委员会或上级的批准。事实上，投资组合经理不止一次在其完全自由裁量权受到限制后辞职。首席投资官拥有的权力不是证券选择，而是投资组合经理的雇佣，这使得首席投资官成为本书中的投资组合经理。基金中的基金经理保留对基础基金经理的权重的控制权，因此是投资组合经理。发出个人股权指令的典型共同基金经理，

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|利率理论代写portfolio theory代考|CORPFIN 3501

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|TYPES OF MARKETABLE FINANCIAL SECURITIES

There are many ways to categorize financial securities. We have found it useful to use the scheme shown in the following diagram.

An investor can choose to purchase directly any one of a number of different securities, many of which represent a type of claim on a private or government entity. Alternatively, an investor can invest in an intermediary (mutual fund), which bundles a set of direct investments and then sells shares in the portfolio of financial instruments it holds. Because indirect investing involves purchasing shares of bundled direct investments, we discuss indirect investing at the end of this section. Direct investment can be classified by the time horizon of the investment. Investments in debt that have a life of less than one year are usually called money market instruments. These can be further divided according to whether the money market instrument is issued by a government entity or a private entity. Investments with maturities of more than one year are generally called capital market instruments. The latter can be divided according to whether they are debt or equity instruments, and debt instruments can be further divided according to whether they are issued by a government entity or a private entity. The final category of financial assets we discuss is derivative instruments, so called because their payoff depends on (is derived from) the price of one of the primary assets already discussed. We now discuss each of these categories of financial assets in turn.

## 金融代写|利率理论代写portfolio theory代考|Derivative Instruments

Derivative instruments are securities whose value derives from the value of an underlying security or basket of securities. The instruments are also known as contingent claims because their values are contingent on the performance of underlying assets. The most common contingent claims are options and futures. An option on a security gives the holder the right to either buy (a call option) or sell (a put option) a particular asset or bundle of assets at a future date or during a particular period of time for a specified price. The buyer pays a price for this option but is free not to exercise this option if prices move in the wrong direction. A future is the obligation to buy a particular security or bundle of securities at a particular time for a stated price. A future is simply a delayed purchase of a security. Futures and options are securities that represent side bets on the performance of individual or bundles of securities. There is always a buyer and a seller of an option or a future, and the profit (or loss) to the seller is exactly equal to the loss (or profit) of the buyer. The action of the buyer or seller of options or futures does not affect the cash flows to the corporation, nor does it result in a change in the number or type of securities the corporation has outstanding. Another kind of side bet is referred to as a credit default swap (CDS). These are insurance contracts to protect lenders against credit defaults. Essentially, the lender pays an insurance premium to the issuer of the CDS, who will purchase the asset in the event of a default.

The corporation can issue contingent claims, however, and in this case the value of the corporation is often impacted by the action of holders of its contingent claims. Corporate-issued contingent claims include rights and warrants, which allow the holder to purchase common stocks from the corporation at a set price for a particular period of time, and convertible securities (bonds and preferred stocks), which allow the holder to convert an instrument into common stock under specified conditions. Although these corporate contingent claims have many features in common with other derivative instruments, they differ in that if the holders execute them, it results in a change in the attributes of the corporation (e.g., the receipt of cash and/or change in the nature and size of capital). This means that these contingent claims are more difficult to analyze than those not issued by the corporation.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|利率理论代写portfolio theory代考|FNCE 463

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|Determining Equilibrium Interest Rates

We take another look at the investor’s possible decision to see how it can help in determining equilibrium conditions in the market. The optimum decision could occur in three sections of Figure 1.3: $A$ to $B$, point $B$, or $B$ to $C$. If the optimum occurs in the segment $A B$, then the investor lends money at the $5 \%$ rate. If the optimum occurs at point $B$, then the investor is neither a borrower nor a lender. Finally, if the optimum occurs in segment $B C$, then the investor borrows against future income at the $5 \%$ rate.

In this simple framework, equilibrium in the marketplace is easy to determine. At a $5 \%$ interest rate this investor wishes to lend $\$ 2,000$, the difference between$\$10,000$ in income and $\$ 8,000$in consumption. Summing across all investors who wish to lend when the interest rate is$5 \%$gives one point on the supply curve. Similarly, summing across investors who wish to borrow at a$5 \%$interest rate gives one point on the demand curve. As the interest rate changes, the amount our hypothetical investor wishes to lend also changes. In fact, if the interest rate is low enough, the investor may change from a lender to a borrower. By varying the interest rate, the supply and demand curve can be traced out, and the equilibrium interest rate can be determined. The equilibrium interest rate is that rate at which the amount investors wish to borrow is equal to the amount investors wish to lend. This is often called a market clearing condition. The equilibrium interest rate depends on what each investor’s decision problem looks like, or the characteristics of a figure like Figure$1.3$for each investor. Figure$1.3$depends on the investor’s income in the two periods and the investor’s tastes or preferences. Thus, in this simple world, equilibrium interest rates are also determined by the same influences: investors’ tastes and investors’ income. ## 金融代写|利率理论代写portfolio theory代考|QUESTIONS AND PROBLEMS 1. Walking down an unfamiliar street one day, you come across an old-fashioned candy store. They have red hots five for one penny, and rock candy – one small piece for one penny. You decide to purchase some for yourself and your friends, but you find that you have only$\$1.00$ in your pocket. Construct your opportunity set both geometrically and algebraically. Draw in your indifference map (set of indifference curves). Explain why you have drawn your indifference curves as you have drawn them.
2. Let us solve a two-period consumption investment decision similar to the one presented in the text. Assume that you have income equal to $\$ 20$in each of two periods. Furthermore, you have the ability to both lend and borrow money at a$10 \%$rate. Draw the opportunity set and your indifference map. Show the optimum amount of consumption in each period. 3. Assume you can lend and borrow at$10 \%$and have$\$5,000$ in income in each of two periods. What is your opportunity set?
4. Assume you can lend and borrow at $5 \%$ and have $\$ 20,000$in income in each of two periods. Further assume you have current wealth of$\$50,000$. What is your opportunity set?
5. An individual has two employment opportunities involving the same work conditions but different incomes. Job 1 yields $Y_{1}=50, Y_{2}=30$. Job 2 yields $Y_{1}=40$, $Y_{2}=40$. Given that markets are perfect and bonds yield $5 \%$, which should be selected?
6. Assume you have income of $\$ 5,000$in each of two periods and can lend at$10 \%$but pay$20 \%$on borrowing. What is your opportunity set? 7. Assume your preference function$P$is$P=C_{1}+C_{2}+C_{1} C_{2}$. Plot the location of all points with$P=50, P=100$. 8. In Problem 3, what is the preferred choice if the preference function discussed in Problem 7 holds? 9. Suppose you have$\$10.00$ to spend on dinner. There are two possibilities: pizza at $\$ 2.00$a slice or hamburgers at$\$2.50$ a piece. Construct an opportunity set algebraically and graphically. Add indifference curves according to your own individual taste.

## 金融代写|利率理论代写portfolio theory代考|Determining Equilibrium Interest Rates

2. 让我们解决一个类似于文本中提出的两期消费投资决策。假设你的收入等于$20在两个时期的每一个时期。此外，您有能力借钱和借钱10%速度。画出机会集和你的无差异地图。显示每个时期的最佳消费量。 3. 假设您可以在10%并且有$5,000在两个时期的每个时期的收入。你的机会是什么？
4. 假设您可以在5%并且有$20,000在两个时期的每个时期的收入。进一步假设您目前拥有$50,000. 你的机会是什么？
5. 一个人有两个就业机会，涉及相同的工作条件但收入不同。工作 1 产量是1=50,是2=30. 工作 2 产量是1=40, 是2=40. 鉴于市场是完美的，债券收益率5%，应该选择哪个？
6. 假设您的收入为$5,000在两个时期中的每一个时期，并且可以在10%但付钱20%关于借贷。你的机会是什么？ 7. 假设您的偏好功能磷是磷=C1+C2+C1C2. 绘制所有点的位置磷=50,磷=100. 8. 在问题 3 中，如果问题 7 中讨论的偏好函数成立，那么首选是什么？ 9. 假设你有$10.00吃晚饭。有两种可能：披萨在$2.00一片或汉堡$2.50一块。以代数和图形方式构建机会集。根据自己的个人喜好添加无差异曲线。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|利率理论代写portfolio theory代考|FINA404

statistics-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• Advanced Probability Theory 高等概率论
• Advanced Mathematical Statistics 高等数理统计学
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|利率理论代写portfolio theory代考|OUTLINE OF THE BOOK

This book is divided into five parts. The first part provides background material on securities and financial markets. The reader already familiar with these topics can go directly to Part 2 .
The second and longest part deals with the subject of portfolio analysis. Portfolio analysis is concerned with finding the most desirable group of securities to hold, given the properties of each of the securities. This part of the book is itself divided into four sections. The first of these sections is titled “Mean Variance Portfolio Theory.” This section deals with determining the properties of combinations (portfolios) of risky assets given the properties of the individual assets, delineating the characteristics of portfolios that make them preferable to others, and, finally, showing how the composition of the preferred portfolios can be determined.
At the end of this section readers will know almost all that they need to know about the theory of portfolio selection. This theory is more than 50 years old. In the ensuing years, a tremendous amount of work has been devoted to implementing this theory. The second section of Part 2 is concerned with the implementation and simplification of portfolio theory. The topics covered include simplifying the quantity and type of input needed to do portfolio analysis and simplifying the computational procedure used to find the composition of the efficient portfolios.

The third section of Part 2 deals with the selection of that one portfolio that best meets the needs of an investor. We discuss not only techniques that rely on utility maximization but also other techniques suggested in the literature.

The final section of Part 2 deals with the impact of the opportunity to diversify a stock portfolio across international boundaries. As the reader might suspect, any increase in the set of possible investment opportunities should increase portfolio performance.

Part 3 deals with models of equilibrium prices and returns in the capital markets. If investors behave as portfolio theory suggests they should, then their actions can be aggregated to determine prices at which securities will sell.

The first two chapters of Part 3 deal with some alternative forms of equilibrium relationships. Different assumptions about the characteristics of capital markets and the way investors behave lead to different models of equilibrium. The third chapter in this part of the book deals with empirical tests of how well these theoretical models describe reality. The final chapter in Part 3 presents both the theoretical basis of and empirical evidence on the newest theory of relative prices: the Arbitrage Pricing Theory.

## 金融代写|利率理论代写portfolio theory代考|THE ECONOMIC THEORY OF CHOICE

All decision problems have certain elements in common. Any problem involves the delineation of alternatives, the selection of criteria for choosing among those alternatives, and, finally, the solution of the problem. Furthermore, individual solutions can often be aggregated to describe equilibrium conditions that prevail in the marketplace. A large part of this book will be concerned with following these steps for the selection of risky assets. But before we start this problem, let us examine a simpler one, under certainty, to illustrate the elements of the solution to any economic problem.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。