Papers Category:Securities Finance Papers - Securities Investment Papers

Post Time:2011-12-31 11:49:00

Post Time:2011-12-31 11:49:00

<<Securities and Investment>> is a combination of strong theoretical and practical courses, the theory of teaching content and practice of portfolio investment together, can enhance the students the basic concepts, basic understanding of the principles to enhance students' interest in learning , operational and perceptual knowledge, stimulate student initiative and innovation, to expand the depth and breadth of learning to enhance students analyze and solve problems and the practical ability to improve the quality of training finance professionals.

Domestic Securities Investment of the basic theoretical framework is generally divided into four parts: the basic theory of portfolio investment, operation theory, decision theory and control theory and policy because of financial professionals <<Securities and Investment 'in the early course <<Financial Marketing> >, has a more detailed introduction to the basic theory of portfolio securities in the investment vehicles of stocks, bonds, funds, warrants, futures and options, and the stock market investment banks in the run theory has also been highlighted, these two parts can no longer repeated introduction, during the <<Securities and Investment>> the content of teaching can be focused on portfolio investment decision-making theory and control theory and policy. Topics include: securities investment portfolio analysis, fundamental analysis, technical analysis, stock market regulation and management due to financial professionals <<Securities and Investment>> follow-up courses <<Securities Investment Technical Analysis>> Therefore, in the 'Securities Investment>> Courses taught in the technical analysis of the content is just a brief introduction.

(3 calculate the stock's expected return and standard deviation in cell D3 enter the formula excel comes AVERAGE (C3: C18) will be output Founder of the expected return, enter the STDEVP (C3: C18) can output standard deviation of the stock .

② Enter the table the proportion of investment risk-free asset, and gradually decreasing due to availability of short-selling restrictions, so the proportion of investment in risky assets in ascending order, both sum to 1 in the portfolio expected return on investment rate cells enter the formula , in this case, A8 * 0.0414 + B8 * 0.152. Similarly, a combination of the standard deviation obtained when the risk-free asset portfolio risk when combined with the standard deviation formula σp = | θσ |, in this case B8 * 0.3662.

(1-based data collection experiment in trying to calculate a variety of stocks together when the feasible set, so it is according to the method of Experiment 1 received four annual stock returns, expected rate of return and standard deviation. Select four stocks, in addition to calculate each stock's expected rate of return and standard deviation, but also to calculate the covariance between them, where the use of COVAR this function to calculate the Founder and Handan Iron & Steel covariance can be entered in a cell COVAR ( C3: C12, F3: F12), calculate the other covariance Similarly, you can get four shares of the covariance matrix.

① install Solver in excel menu, click 'Tools', 'add', Add-Ins dialog box appears, select the Solver dialog box, and then 'OK', then Solver has been successfully installed. Links to free download http://eng.hi138.com

So we set up a computing area, the establishment of the cell data the relationship between changes in a cell will cause the data to make corresponding changes in other data.

④ optimal solution obtained by Solver in excel in the establishment of regional constraints, the corresponding constraints are listed Solver principle is that the computer automatically eligible to filter the solution, the optimal solution, therefore, must accurately set the filter in the constraint region, the proportion of investment should be equal to the sum of 1, in the appropriate cell type = SUM (). If the situation is no short selling, the investment proportion of each stock is> = 0 When people set a target rate of return, the computer will automatically calculate the minimum qualifying standard deviation of the solution, which is by looking for the optimal solution. constantly changing the target rate of return has been a lot of groups on the optimal solution is find the efficient frontier.

Click the Tools menu, you will find the Solver in which this option, open the Solver dialog box, click in the dialog box, set constraints, the optimal solution will automatically output to the appropriate computing area. Suppose set a target cell Select 'minimum.' constraints in the absence of short selling should have three, one is the proportion of investment should be> = 0, the proportion of investment and should be equal to 1, then enter 0.2, that the first default target income 20% target items , variable items and constraints are finished you can start to enter, click on 'solve' the computer will automatically calculate the results, click Save, you will find in the original calculation of zone data has changed.

In this calculation results in together to get four kinds of stocks, target return is 20%, the combined standard deviation of the smallest solution, the solution this time is four to get the proportion of investment, the investment proportion of 0.36,0.63,0.1, 0, which is to find the optimal combination.

(3 given target rate of return solving the optimal proportion of investment and if you want to invest in four stocks, the required return on investment rate of 28%, then how should the minimum allocation of risk it? Front Solver can actually solve this problem As long as the constraints added in 0.28, that is, when asked 28% yield, the optimal proportion of investment should be 0,0.79,0.21,0 there such a short time is calculated, and ultimately get results.