Taxes reduce the expected return on a risky asset but also lessen its riskiness. 税收减少了风险资产的预算收益,但也降低了它的风险。
A utility maximization model of the investment portfolio including risk-free asset is put forward, with short sales allowed. 摘要提出了在允许卖空情况下含有无风险资产且借贷利率不同的效用最大化的投资组合模型。