assetallocationdecision(資產(chǎn)定價-上海交大,蔡明-展示頁
2025-04-12 09:29本頁面
【正文】 nline 中國 證券報 上海證券報 證券 時報 35 Appendix :Objectives and Constraints of Institutional Investors Mutual Funds – pool investors funds and invests them in financial assets ? Different funds have their own investment objective ? Constraints es from laws and its prospectus 36 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 37 Endowment Funds They represent contributions made to charitable or educational institutions ? Constraints anization’s need for the fund 38 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 39 靜夜四無鄰，荒居舊業(yè)貧。 ? f) describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique needs and preferences. 2 Financial Plan Preliminaries Insurance ? Life insurance ? Term life insurance Provides death benefit only. Premium could change every renewal period ? Universal and variable life insurance – provide cash value plus death benefit 3 Financial Plan Preliminaries Insurance ? Health insurance ? Disability insurance ? Automobile insurance ? Home/rental insurance ? Liability insurance 4 Financial Plan Preliminaries Cash reserve ? To meet emergency needs ? Includes cash equivalents (liquid investments) ? Equal to six months living expenses remended by experts 5 Individual Investor Life Cycle ? Accumulation phase – early to middle years of working career ? Consolidation phase – past midpoint of careers. Earnings greater than expenses ? Spending/Gifting phase – begins after retirement 6 Individual Investor Life Cycle 25 35 45 55 65 75Net Worth Age Accumulation Phase Longterm: Retirement Children’s college Shortterm: House Car Consolidation Phase Longterm: Retirement Shortterm: Vacations Children’s College Spending Phase Gifting Phase Longterm: Estate Planning Shortterm: Lifestyle Needs Gifts Exhibit 7 Life Cycle Investment Goals ? Nearterm, highpriority goals ? Longterm, highpriority goals ? Lowerpriority goals 8 LOS a: The Portfolio Management Process
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