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所在平台: Coursera |
课程主页: https://www.coursera.org/learn/portfolio-selection-risk-management
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课程名称：投资组合选择与风险管理 概述：在投资者面临投资组合选择问题时，各种可能的资产和不同的组合及持有比例可能使人感到不知所措。在本课程中，您将学习到优化投资组合构建、分散投资和风险管理的基本原则。您将首先掌握描述投资者风险与收益权衡的工具。接下来，您将分析如何构建投资组合选择问题，并学习如何求解和实施最佳投资组合方案。最后，您将了解均衡资产价格的主要定价模型。 学习目标： - 开发资产组合的风险与收益度量 - 理解现代投资组合理论的主要见解 - 描述并识别有效的风险管理投资组合 - 解决具有最佳风险-收益权衡的投资组合问题 - 理解风险偏好如何驱动最佳资产配置决策 - 描述并使用均衡资产定价模型 课程大纲： 1. **模块1：介绍及风险与收益** - 讨论投资的基本原则：风险-收益权衡，即在竞争性证券市场中，较高的期望收益往往伴随更大的风险。介绍统计风险与预期收益的度量，并回顾不同资产类别的历史风险-收益模式。 2. **模块2：投资组合构建与分散投资** - 在上一模块的基础上，开发投资组合的风险与收益度量，区分不同的风险来源，讨论分散投资的概念及其如何降低投资组合风险，并利用国际股票数据进行数量示例分析。 3. **模块3：均值-方差偏好** - 讨论投资者如何做出选择，使用效用函数表达偏好，回顾用于描述投资者风险态度的度量，并总结投资者偏好的均值-方差效用函数。 4. **模块4：最佳资本配置与投资组合选择** - 学习均值-方差优化，如何在投资者具有均值-方差偏好时做出最佳资本配置和投资组合选择决策，正式设置投资者的投资组合选择问题并逐步求解最佳配置。 5. **模块5：均衡资产定价模型** - 利用现代投资组合理论的见解，理解均衡中风险与收益的关系，解析资本资产定价模型及其预期收益-贝塔关系，并探讨多因子模型，如法玛-法国三因素模型。 通过本课程的学习，您将全面掌握投资组合选择与风险管理的核心知识，提升实际操作和资产配置决策的能力。
Name:Module 1- Introduction & Risk and Return
Description:This module introduces the second course in the Investment and Portfolio Management Specialization. In this module, we discuss one of the main principles of investing: the risk-return trade-off, the idea that in competitive security markets, higher expected returns come only at a price – the need to bear greater risk. We develop statistical measures of risk and expected return and review the historical record on risk-return patterns across various asset classes.
Name:Module 2: Portfolio construction and diversification
Description:In this module, we build on the tools from the previous module to develop measure of portfolio risk and return. We define and distinguish between the different sources of risk and discuss the concept of diversification: how and why putting risky assets together in a portfolio eliminates risk that yields a portfolio with less risk than its components. Finally, we review the quantitative tools that help us identify the ‘best’ portfolios with the least risk for a given level of expected return by considering a numerical example using international equity data.
Name:Module 3: Mean-variance preferences
Description:In this module, we describe how investors make choices. Specifically, we look at how utility functions are used to express preferences. We review measures to describe investors’ attitude towards risk. Finally, we discuss how we can summarize investors’ preferences using a specific utility function: mean-variance preferences.
Name:Module 4: Optimal capital allocation and portfolio choice
Description:In this module, you will learn about mean-variance optimization: how to make optimal capital allocation and portfolio choice decisions when investors have mean-variance preferences. This was one of the ground-breaking ideas in finance. We will formally set up the investor’s portfolio choice problem and learn step-by-step how to solve for the optimal allocation and risky portfolio choice given a set of risky securities. You will also have an opportunity to apply these techniques to a numerical example. This module is slightly more technical than the others. Stick with it… you will not regret it!
Name:Module 5: Equilibrium asset pricing models
Description:In this module, we build on the insights obtained from modern portfolio theory to understand how risk and return are related in equilibrium. We first look at the main workhorse model in finance, the Capital Asset Pricing Model and discuss the expected return-beta relationship. We then turn our attention to multi-factor models, such as the Fama-French three-factor model.
When an investor is faced with a portfolio choice problem, the number of possible assets and the various combinations and proportions in which each can be held can seem overwhelming. In this course, you’ll learn the basic principles underlying optimal portfolio construction, diversification, and risk management. You’ll start by acquiring the tools to characterize an investor’s risk and return trade-off. You will next analyze how a portfolio choice problem can be structured and learn how to solve for and implement the optimal portfolio solution. Finally, you will learn about the main pricing models for equilibrium asset prices. Learners will: • Develop risk and return measures for portfolio of assets • Understand the main insights from modern portfolio theory based on diversification • Describe and identify efficient portfolios that manage risk effectively • Solve for portfolio with the best risk-return trade-offs • Understand how risk preference drive optimal asset allocation decisions • Describe and use equilibrium asset pricing models.
