allocationdecision(投資分析與投資組合管理)-閱讀頁(yè)
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【正文】 y allocation averages 8% ? In Japan, equities are 37% of assets Summary investment needs, risk tolerance, and familiarity with capital markets objectives and constraints investment plans by accurate formulation of a policy statement 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 –fiduciary responsibility to claimants –Risk exposure low to moderate –liquidity concerns due to uncertain claim patterns –regulation more permissive Banks ? Must attract funds in a petitive interest rate environment ? Try to maintain a positive difference between their cost of funds and their return on assets ? Need substantial liquidity to meet withdrawals and loan demands ? Face regulatory constraints Future topics Chapter 3 ? Investment choices ? Including global assets in asset allocation decisions 靜夜四無(wú)鄰，荒居舊業(yè)貧。 , March 29, 2023 雨中黃葉樹(shù)，燈下白頭人。 :47:2808:47Mar2329Mar23 1故人江海別，幾度隔山川。 :47:2808:47:28March 29, 2023 1他鄉(xiāng)生白發(fā)，舊國(guó)見(jiàn)青山。 2023年 3月 上午 8時(shí) 47分 :47March 29, 2023 1行動(dòng)出成果，工作出財(cái)富。 上午 8時(shí) 47分 28秒 上午 8時(shí) 47分 08:47: 沒(méi)有失敗，只有暫時(shí)停止成功！。 08:47:2808:47:2808:473/29/2023 8:47:28 AM 1成功就是日復(fù)一日那一點(diǎn)點(diǎn)小小努力的積累。 08:47:2808:47:2808:47Wednesday, March 29, 2023 1不知香積寺，數(shù)里入云峰。 2023年 3月 29日星期三 上午 8時(shí) 47分 28秒 08:47: 1楚塞三湘接，荊門(mén)九派通。 2023年 3月 29日星期三 8時(shí) 47分 28秒 08:47:2829 March 2023 1空山新雨后，天氣晚來(lái)秋。 , March 29, 2023 閱讀一切好書(shū)如同和過(guò)去最杰出的人談話。 :47:2808:47Mar2329Mar23 1越是無(wú)能的人，越喜歡挑剔別人的錯(cuò)兒。勝人者有力，自勝者強(qiáng)。 2023年 3月 29日星期三 上午 8時(shí) 47分 28秒 08:47: 1最具挑戰(zhàn)性的挑戰(zhàn)莫過(guò)于提升自我。 2023年 3月 29日星期三 8時(shí) 47分 28秒 08:47:2829 March 2023 1一個(gè)人即使已登上頂峰，也仍要
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