I . Ion
8 important questions on I . Ion
What is derived in this text excerpt about investor portfolios and pricing factors?
- Pricing factors include the market m and the K deviation portfolios dk
- The vector of expected returns on the deviation portfolios is denoted by µd
- The vector of excess returns satisfies an equation involving the tangency portfolio and a normalizing constant φ
- The performance measure φ is calculated as specified in the text
- Symbols like µτ and σ^2τ represent specific parameters in the equation.
How is equation (IA-4) expressed in vector form?
- Σ jd = [ΣΣΣ d1, · · · , ΣΣΣ dK] is the J × K covariance matrix between assets and the long-short portfolios
- Σ j,md = [Σ jm, Σ jd]
How can the risk premium on the market and portfolios be expressed using equation (IA-6)?
- µd - Rf = φ Σmd,md - ηm
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How is the formula for the stock's alpha derived by combining certain CAPM formulas?
How can a stock's market beta be decomposed according to equations (IA-11) and (IA-12)?
- Weights are determined by the ratio of portfolio variances to market variance (σ2τ/σ2m and σ2k/σ2m) and aggregate tilts (ηmk)
In the context of Individual Portfolio Choice, what does the agent do with the cash on hand in each period?
- She can trade a riskless asset with a net return rate R f and choose to invest in stocks
- Stocks have excess returns R ej,t+1 between dates t represented by the vector R e t+1
How is the consumption-portfolio decision problem defined in the scenario presented?
- At the start of each period t, she receives stochastic labor income L t
- Cash on hand consists of labor income L t and value of previous financial investments at date t, denoted as W t
What is simplified and assumed without loss of generality in the analysis of the agent's decision?
- The assumption is made that the agent is born at date 0 to simplify notation
The question on the page originate from the summary of the following study material:
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