《投资学 Investments》课程教学资源（PPT课件，中英文）第7章 风险资产与无风险资产之间的资本配置 Capital Allocation Between the Risky Asset and the Risk-Free Asset

杠杆资本配置线作用 Using Leverage with Capital Allocation Line 在无风险收益率和投资股票间选择 Borrow at the risk-Free rate and invest in stock 米用50%为比例杠杆 Using 50%Leverage, =(-.5)(.07)+(1.5)(15)=0.19 o=(1.5)(22)=33 7-11

７-11 在无风险收益率和投资股票间选择 Borrow at the Risk-Free Rate and invest in stock. 采用50％为比例杠杆 Using 50% Leverage, rc = (-.5) (.07) + (1.5) (.15) = 0.19 c = (1.5) (.22) = .33 杠杆资本配置线作用 Using Leverage with Capital Allocation Line

瓷本配置线 CAL (Capital Allocation Line) E(r) 资本配置线 E(rp)=15% E(rp)-r=8% S=8/22 r=7% F Gn=22% 7-12

７-12 资本配置线 CAL (Capital Allocation Line) E(r) E(rp ) = 15% rf = 7% 0 p = 22% P F ) S = 8/22 E(rp ) - rf = 8%  资本配置线