多伦多代写:CAPM模型对投资者测试情况

29 12月 多伦多代写:CAPM模型对投资者测试情况

多伦多代写:CAPM模型对投资者测试情况

根据CAPM模型,存在无摩擦市场或完美市场。然而,实际市场情况并非如此。CAPM模型还要求限制对投资者回报和证券的一些假设。投资者还应完全同意关于证券收益的统计性质和投资者偏好的有限假设。最后,假设投资者在一个共同的时间范围内对证券的可能表现和风险达成一致。在现实世界中,这些元素中有许多是不同的,该理论所假定的元素可以看作是限制性假设。模型的可扩展性以及关于如何放松这些限制的更多理论已经导致了对CAPM许多更复杂版本的理解(Mullins, 1982)。

多伦多代写:CAPM模型对投资者测试情况

CAPM的简单版本是第一个被假定的版本,它与回归、时间线性和Beta测试以及后来出现的其他版本一起使CAPM非常适合开发其他模型。前面已经讨论了不同经验模型对这些测试结果的各种解释。早期横截面检验或回归检验对于确定平均无风险利率是有用的。在投资的情况下,无风险利率被定义为零风险投资的理论收益率。这对投资者的工作有一定的启示意义。首先,投资者可以考虑这种无风险状态来评估投资的形式和选择利息的期限。

多伦多代写:CAPM模型对投资者测试情况

Per the CAPM model, frictionless market or a perfect market exists. However, this is not the case in real market situations. CAPM model also requiredfor limiting some of the assumptions that were made on investor return and securities. Investors are also expected to be in complete agreement on the limiting assumptions concerning the statistical nature of securities returns and investors’ preferences. Finally, investors are assumed to agree on the likely performance and risk of securities based on a common time horizon. In the real world, much of these elements are observed to be different and elements as postulated by this theory can be considered as restrictive assumption. The extensible nature of the model and much more theories on how to relax these restrictions has led to the understanding of many more complex versions of CAPM (Mullins, 1982).

多伦多代写:CAPM模型对投资者测试情况

The simple version of CAPM being the first postulated versionalong with regression and time-linear and Beta testing and other versions that came much later have made CAPM quite suitablefor developing other models. Various interpretations of those test results as identified for the different empirical models were discussed earlier. The early cross section test or the regression test was useful for identifying the average risk-free interest rate. In the case of investments, the risk-free rate is defined as the theoretical rate of return in an investment in zero risk. There are implications for the investor in this work. Firstly, the investor would be able to consider this risk-free state to assess the form of investment and the period over which he could select the interest .