历史 ·H.M. Markowitz均值-方差模型( Mean-variance model) Harry m. markowitz. Portfolio Selection Journal of Finance 7(1): 77-91,1952 W.F. Sharpe, J. Lintner,J. Mossin资本资产定价 模型 Capital asset pricing model(CAPM) W.F. Sharpe, Capital Asset Prices: A Theory od Market Equilibrium Under Conditions of risk Journal of Finance, 20(3): 425-442, 1964
历史 • H. M. Markowitz 均值-方差模型 (Mean-variance model) – Harry M. Markowitz, Portfolio Selection, Journal of Finance, 7(1):77-91, 1952. • W. F. Sharpe , J. Lintner, J. Mossin 资本资产定价 模型 Capital Asset Pricing Model (CAPM) – W. F. Sharpe, Capital Asset Prices: A Theory od Market Equilibrium Under Conditions of Risk, Journal of Finance, 20(3):425-442, 1964
S.A.RoSS套利定价理论 Arbitrage Pricing Theory (aPt S. A. RoSS, The Arbitrage Theory of Capital Asset Pricing,, Journal of Economic Theory. 13(3):341-360,1976 F. Modigliani m.h. miller modigliani- Miller 定理 Modigliani, f. and m. h. miller. The cost of Capital, Corporation Finance, and the Theory of Investment. American economic review june 1958261-297
• S. A. Ross 套利定价理论Arbitrage Pricing Theory(APT) – S. A. Ross, The Arbitrage Theory of Capital Asset Pricing,, Journal of Economic Theory, 13(3):341-360, 1976. • F. Modigliani M. H. Miller Modigliani - Miller 定理 – Modigliani, F., and M. H. Miller, The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review, June 1958, 261-297
·F. Black M. Scholes r. Merton期权定价的 Black-scholes公式 F. Black and M. Scholes, The Pricing of Options and corporate liabilities Journal of Political economy, 81(3): 637-654 R. Merton, Theory of Rational Option Pricing Bell Journal of Economics and management Science,4(1):141-183
• F. Black M. Scholes R. Merton 期权定价的 Black-Scholes 公式 – F. Black and M. Scholes, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 81(3):637-654. – R. Merton, Theory of Rational Option Pricing, Bell Journal of Economics and Management Science, 4(1):141-183
第一章金融市场
第一章 金融市场
1.实物投资和金融投资 投资:投资者运用自己持有的资本,用 来购买实际资产或金融资产,或者取得 这些资产的权利,目的是在一定时期内 预期获得资产增值和一定收入。 投资一般具有两个特性:时间和风险
1. 实物投资和金融投资 • 投资：投资者运用自己持有的资本，用 来购买实际资产或金融资产，或者取得 这些资产的权利，目的是在一定时期内 预期获得资产增值和一定收入。 • 投资一般具有两个特性：时间和风险