《金融专业英语》课件-Chapter-1-Finance-Foundations.pptVIP

The arbitrage pricing theory states that the return that is expected from a financial asset can be presented as a linear function of various theoretical market indices and macro-economic factors. Here, it is assumed that the factors considered are sensitive to changes, and that is represented by a factor-specific beta coefficient. 套利定价理论，风险资产收益可以由多个因素来解释，并且与这些 因素成近似的线性关系。 The arbitrage pricing theory The prospect theory, on the other hand, takes into consideration the alternatives that come with uncertain outcomes. The model is descriptive by nature and attempts to represent real-life choices but not optimal decisions. 前景理论，认为不同初始状况会导致对风险不同的态度。 The prospect theory Modern portfolio theory (MPT) proposes how rational investors should use diversification in order to optimize their portfolios. It also discusses how a risky asset should be priced. 现代资产组合里理论，理性投资者运用分散化投资来最优投资组合。 Modern portfolio theory 1.4 The Stream of Finance The business school approach The economics department approach micro normative 微观范式 A decision-maker, whether an individual investor or a corporate manager is seen as maximizing some objective function, be it utility, expected return, or shareholder value, taking the prices of securities in the market as given. 在给定证券市场价格的基础上最大化 某种目标函数 The business school approach macro normative 宏观范式 The models assume a world of micro optimizers, and deduce from that how market prices, which the micro optimizers take as given, actually evolve. 假设一个由微观最优决策者构成的世界， 并由此推断出微观决策者所接受的给定 市场价格实际上如何演变的 The economics department approach 1.5 Important Concepts in Finance Important concepts in finance The risk/return tradeoff （风险/汇报权衡）refers to an investor’s balancing the lowest possible risk and the highest possible return in any investment decision. Higher risk equals greater potential return, but it does not guarantee those return levels. Diversification（分散化） is a tool to low