2theassetallocationdecision中文2資產(chǎn)配置決策(存儲版)
【正文】 rns. But the volatility of returns have been the highest too（ P38） ? Inflation and taxes have a major impact on returns（ P37） ? Returns on Treasury Bills have barely kept pace with inflation Returns and Risk of Different Asset Classes ? Measuring risk by probability of not meeting your investment return objective indicates risk of equities is small and that of Tbills is large because of their differences in expected returns ? Focusing only on return variability as a measure of risk ignores reinvestment risk Asset Allocation Summary ? Policy statement determines types of assets to include in portfolio ? Asset allocation determines portfolio return more than stock selection ? Over long time periods, sizable allocation to equity will improve results ? Risk of a strategy depends on the investor’s goals and time horizon Asset Allocation and Cultural Differences ? Social, political, and tax environments influence the asset allocation decision ? Equity allocations of . pension funds average 58% ? In the United Kingdom, equities make up 78% of assets ? In Germany, equity allocation averages 8% ? In Japan, equities are 37% of assets Summary ? Identify investment needs, risk tolerance, and familiarity with capital markets ? Identify objectives and constraints ? Enhance investment plans by accurate formulation of a policy statement ? Focus on asset allocation as it determines longterm returns and risk The Inter Investments Online Appendix Objectives and Constraints of Institutional Investors ? Mutual Funds – pool investors funds and invests them in financial assets as per its investment objective Pension Funds ? Receive contributions from the firm, its employees, or both and invests those funds ? Defined Benefit – promise to pay retirees a specific ine stream after retirement ? Defined Contribution – do not promise a set of benefits. Employees’ retirement ine is not an obligation of the firm Endowment Funds They represent contributions made to charitable or educational institutions Insurance Companies ? Life Insurance Companies –earn rate in excess of actuarial rate –growing surplus if the spread is positive –fiduciary principles limit the risk tolerance –liquidity needs have increased –tax rule changes Insurance Companies ? Nonlife Insurance Companies –cash flows less predictable –fiduciar
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