NO.PZ2015121801000110
问题如下:
With respect to capital market theory, which of the following statements best describes the effect of the homogeneity assumption? Because all investors have the same economic expectations of future cash flows for all assets, investors will invest in:
选项:
A.
the same optimal risky portfolio.
B.
the Standard and Poor’s 500 Index.
C.
assets with the same amount of risk.
解释:
A is correct.
The homogeneity assumption refers to all investors having the same economic expectation of future cash flows. If all investors have the same expectations, then all investors should invest in the same optimal risky portfolio, therefore implying the existence of only one optimal portfolio (i.e., the market portfolio).
我是否可以理解为,有相同预期是投资者投资风险资产部分只会是CML与EF那个切点,但是因为投资者有不同风险偏好,所以会调整无风险资产与风险资产的占比,所以会导致最后投资者的optimal portfolio在切点以上或以下?