英语论文网

Introduction

On this basis, people try to sele ct, build and maintain dynamic portfolio suited to their pReferences in financial products, which have unique species, duration and risks. Markowitz model and the model of capital asset pricing (CAPM) not only use the previous theoretical results for reference, but also provide the basis for innovation of the theory. This essay will firstly give brief history of the development of portfolio in order to clear the importance of these two models. Subsequently, it would focus on its pioneer-Markowitz and the portfolio theory named after him. Following this, further discuss would be given to CAPM theory derived from Markowitz model. Then the reason of why market portfolio is the one fund under equilibrium would be discussed. Finally, implications for investor behavior are to be thoroughly analyzed for better understanding of the portfolio theory.
The Development of Portfolio Theories
Markowitz— the Forerunner of Modern Portfolio Theory
CAPM— A Practical Evolution of Modern Portfolio Theory
An Equilibrium Argument—Why Market Portfolio Is the One Fund
The Implications for Investor Behavior
Conclusion

References

Markowitz, J., 1952. Portfolio selection. Journal of Finance, vol.7, pp.77-91.
Harry Markowitz, G. Peter Todd, William F. Sharpe, 1987. Mean-variance analysis in portfolio choice and capital markets, Oxford: Blackwell.
Sharpe, William F., 1970. Portfolio theory and capital markets, New York: McGraw-Hill.
Jonathan Lewellen, Stefan Nagel, 2006. The conditional CAPM does not explain asset-pricing anomalies. Journal of Financial Economics, vol.82, pp.289-314.
Eugene F. Fama and Kenneth R. French, 1996. The CAPM is Wanted, Dead or Alive. The Journal of Finance, vol.51, pp.1947-1958.  
Robert A. Nagy and Robert W. Obenberger, 1994. Factors Influencing Individual Investor Behavior. Financial Analysts Journal, vol.4, pp.63-68.
Robert J. Shiller, 1990. Market Volatility and Investor Behavior. The American Economic Review, vol.80, pp.58-62.
本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。