第二节股票 1、定义 股票是股份有限公司发行的用以证明投资 者的股东身份和权益,并据以获得股息和 红利的凭证

第六章投资组合理论 第一节风险与投资 第二节资产定价模型 第三节期货定价模型

第五章技术分析 第一节几个基本问题 第二节常用术语 第三节K线理论 第四节形态理论

Discount model is in terms of conditional moments The first order condition is,u'( BE, [u'(c )x 1] The expectation is conditional expectation on investor's time t information; The basic pricing equation is P, =E, (m +1X1+)

Predictions and applications CAPM: in market equilibrium, investors are only rewarded for bearing the market risk; APT: in the absence of arbitrage, investors are only rewarded for bearing the factor risk Applications: ---professional portfolio managers: evaluating security returns and

Consumption-Based Model and Basic Pricing model Basic question to decide for an investor: (1) how much to save; (2)how much to consume; (3)what portfolio of assets to hold. Pricing equation come from the first order condition for this decision

Outline MM ean-variance analysis; ean-variance analysis and utility maximization; Does high moment matter?

Discussion Points How to measure returns? How to choose benchmark? How to adjust for risk? Performance attribution. Active return and risk

Introduction Overview of investment styles; Empirical evidence on returns of small capitalization firms and value stocks; How to identify investment styles of a mutual fund Characteristic-based style analysis Return-based style analysis Style benchmarks

《生死学十四讲》（台湾 余德慧著）试读本