这次作业是通过研究股票投资回报等来改善公司的营销和咨询策略
Professional Development in Finance: Week Three
本周，您的任务是在Finance One的2020年春季实习生队列中完成的工作之上。您的工作产品将被纳入长期工作流程中。Finance One
致力于改善公司的营销和咨询策略。这方面的研究
着重介绍了两个即将退休的投资者群体的风险偏好。
那些已经退休的投资者-对财务一人越来越重要的投资者
客户群。
与往常一样，请使用Summer Analyst模板介绍您的工作，如果您认为
您在任何部分上花费了太多时间，请与您的学员见面
以获得更多支持。最后，在准备要求时请特别彻底
数字。重要的是，所有相关信息都必须清晰标签和清晰易读，因为
阅读最终报告的每个人都将参与这项研究。
谢谢，
安妮
任务细节
您的前任为我们做了一些出色的工作，并被指定专注于两个小组
的参与者，年龄在50岁左右和接近60岁的参与者。
她对我们多个客户养老金计划中随机选择的参与者进行了投资调查，
确定拥有60年历史的集团对将全部资产投资于
无风险资产（利率为1.5％）或股票市场（对此分析而言，
我们一直在估计市场的风险溢价为6.35％，标准差为
17.6％）。
•计算并报告a）股票市场的预期回报率和b）夏普比率
市场。
•使用此计算来估计60岁组的风险规避。假使，假设
我们的投资者的效用偏好表示为?=?（?）-
1个
2
??
2
。您可以四舍五入
最接近的整数。
2
The 2020 survey results implied that the 50 year old respondents were indifferent between the
risk-free asset and the stock market when the stock market had a risk premium of 4.55%.
• Compute and report the corresponding expected return of the market under this
condition.
• Use this calculation to estimate the risk aversion of the 50 year old group. Again, you
can round to the nearest whole number.
The insurance group has asked our office to provide an effective graphic to include in the
project’s final report to the executive marketing and advisory offices. This figure needs to
illustrate how the two groups’ required expected returns differ as the standard deviation of
returns increases.
• Use investors’ utility function and your knowledge about certainty equivalence to
compute the necessary expected returns for standard deviations of 0%, 5%, 10%, and
15%.
• Report the risk return combinations in a clearly labeled table.
• Plot the two groups’ risk return combinations in a clearly labeled figure. For this
particular figure, please illustrate the investment preferences using two lines in the
graph. Include labels for the return coordinates of each data point.
o Remember to clearly label the data series for any potential audiences.
Include a brief (4-5 sentences) paragraph explaining the contents of the graph and what
the targeted audience (senior staff from the marketing and advising offices) should take
away. Be sure to explain what is meant by certainty equivalence and the risk preference
parameters you include in your analysis. Give the audience an intuitive explanation of
what the values of the risk parameters imply. Tell the story.
Please make sure that you append all data, spreadsheets, and relevant calculations and that:
o Any figures you include in your report are clearly labeled, with easy-to-read axes
and legends.
o Your spreadsheet, once opened, is easy to navigate. Series and any worksheet
tabs should be clearly and appropriately labeled.
o You include one or more clearly labeled worksheets for any calculations
discussed in your memo. Please annotate your worksheets so that any third
party can see what computation corresponds to any part of the assignment.
o Ideally, your labeling and annotations should be sufficiently clear that any
supervisor can replicate all of your results based on the workbook you submit
within 5-10 minutes.
o You correctly cite any sources you used in forming your analysis.
When submitting to latte, make sure that click submit and you receive a confirmation email
that your work has been submitted.
分类： 代写