assetallocationdecision(資產定價-上海交大,蔡明(編輯修改稿)
2025-04-24 09:29 本頁面
【文章內容簡介】 d of time. Achieving this goal means that the purchasing power of the initial investment increases over time, usually through capital gains. 18 LOS e: Describe the return objectives of capital preservation, capital appreciation, current ine, and total return. ? Current ine is the objective of earning a return on an investment for the purpose of generating ine. The current ine objective is usually appropriate when an investor wants or needs to supplement other sources of ine to meet living expenses or some other planned spending need. ? Total return is the objective of having a portfolio grow in value to meet a future need through both capital gains and the reinvestment of current ine. The total return objective is riskier than the ine objective, but less risky than the capital appreciation objective. 19 LOS f: Discuss the investor39。s investment constraints ? Liquidity needs ? Vary between investors depending upon age, employment, tax status, etc. ? Time horizon ? Influences liquidity needs and risk tolerance 20 Investment Constraints* ? Tax concerns ? Capital gains or losses – taxed differently from ine ? Unrealized capital gain – reflect price appreciation of currently held assets that have not yet been sold ? Realized capital gain – when the asset has been sold at a profit ? Tradeoff between taxes and diversification – tax consequences of selling pany stock for diversification purposes 21 Investment Constraints* ? Tax concerns (continued) ? interest on municipal bonds exempt from federal ine tax and from state of issue ? interest on federal securities exempt from state ine tax ? contributions to an IRA may qualify as deductible from taxable ine ? tax deferral considerations pounding *denote also required by CFA test 22 Equivalent Taxable Yield RateTax Marginal1Yield Municip alET Y??23 Effect of Tax Deferral on Investor Wealth over Time 0 10 20 30 years8% TaxDeferred%After TaxReturn$1,000 Investment Value Time $10, $5, Exhibit 24 Methods of Tax Deferral* ? Regular IRA tax deductible ? Tax on returns deferred until withdrawal ? Roth IRA not tax deductible ? taxfree withdrawals possible ? Cash value life insurance – funds accumulate taxfree until they are withdrawn ? Tax Sheltered Annuities ? Employer’s 401(k) and 403(b) plans – taxdeferred investments 25 Legal and Regulatory Factors* ? Limitations or penalties on withdrawals ? Fiduciary responsibilities “prudent man” rule ? Investment laws prohibit insider trading 26 Unique Needs
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