NO.PZ2020021002000105
问题如下:
It has been said that the prices of risky assets in a perfect capital market are determined as if there was only a single investor. Is this an accurate statement? Explain.
解释:
The statement is true if, in addition to a perfect capital market, it is assumed that investors are risk averse and select their optimal investment by the mean-variance criterion. Under these conditions, CAPM applies and all investors select the same market portfolio, regardless of their risk aversion and initial wealth.
中文解析:
如果除了一个完美的资本市场外,还假设投资者厌恶风险,并根据均值-方差标准选择其最优投资,则该声明是正确的。在这些条件下,CAPM适用,所有投资者选择相同的市场投资组合,而不管他们的风险厌恶和初始财富。
请老师讲解下,谢谢。