题目
Assume the expected return on stocks is 18% (represented by Z in the figure), and the expected return on bonds is 8% (represented by point Y on the graph). The efficient frontier consists of the portfolios between and including:「huixue_img/importSubject/1564170577768484864.png」
选项
A.X and W
B.Y and Z
C.X and Z
D.Y and X
答案
C
解析
The efficient frontier consists of portfolios that have the maximum expected return for any given level of risk (standard deviation or variance). The efficient frontier starts at the global minimum-variance portfolio and continues above it. Any portfolio below the efficient frontier is dominated by a portfolio on the efficient frontier. This is because efficient portfolios have higher expected returns for the same level of risk.有效边界包括在任何给定风险水平（标准差或方差）下具有最大预期收益的投资组合。 有效边界始于全局最小方差组合，并在其之上延伸。 低于有效边界的任何投资组合均以有效边界上的投资组合为主导。 这是因为在相同风险水平下，有效的投资组合具有更高的预期收益。