Acerca de este curso: 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.
Para quién es esta clase: While each course in this Specialization can be viewed as self-contained, starting with fundamentals, some background in business and finance and familiarity with basic statistical concepts is recommended. It is most appropriate for working professionals interested in asset management in their careers, or for individuals either preparing for advanced degrees in finance and economics, or looking to acquire the knowledge and tools in order to establish a portfolio that fits their needs and goals and improve their personal investment performance.
Creada por: Universidad Rice
Enseñado por: Arzu Ozoguz, Finance Faculty
Jones Graduate School of Business
| Información básica | Curso 2 de 5 en Investment and Portfolio Management Specialization |
| Compromiso | 5 weeks |
| Idioma | English |
| Cómo aprobar | Aprueba todas las tareas calificadas para completar el curso. |
| Calificaciones del usuario |
Programa
SEMANA 1
Module 1- Introduction & Risk and Return
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.
10 videos, 11 lecturas, 2 cuestionarios de práctica
- Материал для самостоятельного изучения: Grading Policy
- Материал для самостоятельного изучения: How to use discussion forums
- Материал для самостоятельного изучения: Meet & Greet: Get to know your classmates
- Материал для самостоятельного изучения: Pre-Course Survey
- Vídeo: Overview – No free lunches! Risk and return trade-off
- Vídeo: Measuring returns: Geometric average returns
- Vídeo: Measuring returns: Arithmetic average returns
- Материал для самостоятельного изучения: Lecture handouts: Risk and return: Measuring returns
- Тренировочный тест: Risk and return: Measuring returns
- Материал для самостоятельного изучения: Risk and return: Measuring returns Quiz Solutions
- Vídeo: Measuring risk: Volatility of returns
- Vídeo: Alternative measures of risk
- Vídeo: More on measuring risk and risk measures
- Материал для самостоятельного изучения: Lecture handouts: Risk and return: Measuring risk
- Тренировочный тест: Risk & Return: Measuring risk
- Материал для самостоятельного изучения: Risk & Return: Measuring risk Quiz solutions
- Vídeo: Measuring risk and return: Illustration with four stocks
- Vídeo: Historical record on risk-return patterns
- Материал для самостоятельного изучения: Lecture handouts: Risk and return: Historical record
- Материал для самостоятельного изучения: Investing: Stocks for the long run (optional)
- Vídeo: Summary
- Материал для самостоятельного изучения: Module 1: Risk & Return Solutions
Calificado: Measuring risk and return
Calificado: Module 1: Risk & Return
SEMANA 2
Module 2: Portfolio construction and diversification
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.
16 videos, 12 lecturas, 3 cuestionarios de práctica
- Vídeo: Measuring the expected return of a portfolio
- Материал для самостоятельного изучения: Lecture handouts: Measuring portfolio expected return
- Тренировочный тест: Measuring expected portfolio return
- Материал для самостоятельного изучения: Measuring expected portfolio return Quiz solutions
- Vídeo: Let’s review how we measure risk for a single asset
- Vídeo: Finding the volatility of a portfolio return
- Vídeo: Portfolio volatility: Another example
- Vídeo: Measuring the co-movement between securities
- Vídeo: Putting it all together… portfolio risk and diversification
- Материал для самостоятельного изучения: Lecture handouts: Measuring portfolio volatility
- Тренировочный тест: Measuring portfolio volatility
- Материал для самостоятельного изучения: Measuring portfolio volatility Quiz solutions
- Vídeo: Diversification and portfolio risk
- Vídeo: Diversification: A graphical illustration with two assets
- Vídeo: Diversification: A graphical illustration with three assets
- Vídeo: Diversification: Systematic risk and idiosyncratic risk
- Vídeo: Diversification: An illustration from international equity markets (US and Japan only)
- Материал для самостоятельного изучения: Accompanying spreadsheets for "Diversification: An illustration from international equity markets (US and Japan only)"
- Материал для самостоятельного изучения: A Note on using EXCEL Solver
- Vídeo: Mean-variance frontier and efficient portfolios: International equity investment example (G5 countries)
- Материал для самостоятельного изучения: Lecture handouts: Diversification and portfolio risk
- Материал для самостоятельного изучения: Lecture handouts: Mean-variance frontier and efficient portfolios: International equity investment example
- Тренировочный тест: Diversification and portfolio risk
- Материал для самостоятельного изучения: Diversification and portfolio risk Quiz solutions
- Вопрос для обсуждения: Should you add emerging markets equities to your portfolio?
- Материал для самостоятельного изучения: Equity investing: Globalization and diversification (optional)
- Vídeo: Are you diversified adequately?
- Vídeo: Mean-variance portfolio analysis
- Vídeo: Summary
- Материал для самостоятельного изучения: Lecture handouts: Are you adequately diversified?
- Материал для самостоятельного изучения: Module 2: Portfolio construction and diversification- Solutions
Calificado: Measuring portfolio returns and volatility
Calificado: Constructing mean-variance frontier for two risky assets
Calificado: Module 2: Portfolio construction and diversification
SEMANA 3
Module 3: Mean-variance preferences
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.
7 videos, 7 lecturas, 2 cuestionarios de práctica
- Vídeo: Preferences: Utility functions
- Vídeo: Risk aversion
- Материал для самостоятельного изучения: Lecture handouts: Utility and risk aversion
- Материал для самостоятельного изучения: A note on measuring risk aversion and certainty equivalent
- Тренировочный тест: Utility and risk aversion
- Материал для самостоятельного изучения: Utility and Risk aversion Quiz solutions
- Vídeo: Expected utility
- Vídeo: Mean-variance preferences
- Vídeo: Portfolio choice problem with mean-variance preferences: A graphical illustration with equity and bond data
- Материал для самостоятельного изучения: Lecture handouts: Mean-variance preferences
- Тренировочный тест: Portfolio choice with mean-variance preferences
- Материал для самостоятельного изучения: Portfolio choice with mean-variance preferences quiz solutions
- Vídeo: Summary
- Материал для самостоятельного изучения: Measure your own risk tolerance
- Материал для самостоятельного изучения: Module 3: Mean-variance preferences- Solutions
Calificado: Module 3: Mean-variance preferences
SEMANA 4
Module 4: Optimal capital allocation and portfolio choice
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!
10 videos, 12 lecturas, 1 cuestionario de práctica
- Vídeo: Capital allocation line
- Vídeo: Solving for the optimal capital allocation
- Vídeo: Optimal capital allocation example: U.S. equities and Treasuries
- Материал для самостоятельного изучения: A note on optimal capital allocation
- Материал для самостоятельного изучения: Accompanying spreadsheets for "Optimal Capital Allocation Example: US Equities and Treasuries"
- Материал для самостоятельного изучения: Lecture handouts: Mean-variance optimization
- Тренировочный тест: Mean-variance optimization
- Материал для самостоятельного изучения: Mean-variance optimization Quiz solutions
- Vídeo: Finding the optimal risky portfolio: Maximizing the Sharpe ratio
- Vídeo: Main insight: The optimal risky portfolio is independent of preferences
- Материал для самостоятельного изучения: Analytical solution to MVE portfolio (two risky assets)
- Материал для самостоятельного изучения: A note on finding the mean variance efficient portfolio (Two risky assets)
- Материал для самостоятельного изучения: Accompanying spreadsheets for "Finding the optimal risky portfolio: Maximizing the Sharpe ratio"
- Vídeo: Finding the optimal risk portfolio when you have multiple risky securities
- Материал для самостоятельного изучения: A note on finding the minimum variance frontier with multiple risky assets
- Материал для самостоятельного изучения: Accompanying spreadsheet for finding minimum variance frontier with multiple risky assets
- Материал для самостоятельного изучения: Lecture handouts: Optimal risky portfolio choice
- Vídeo: Investment decision process
- Vídeo: What’s wrong with mean-variance portfolio analysis?
- Vídeo: Summary
- Материал для самостоятельного изучения: Lecture handouts
- Материал для самостоятельного изучения: Optimal capital allocation and portfolio choice- Solutions
Calificado: Optimal asset allocation and portfolio choice
Calificado: Optimal capital allocation and portfolio choice
SEMANA 5
Module 5: Equilibrium asset pricing models
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.
9 videos, 7 lecturas, 1 cuestionario de práctica
- Vídeo: From optimal portfolio choice to asset pricing models
- Vídeo: Insight #1 from Capital Asset Pricing Model: Passive investing is efficient
- Vídeo: Insight #2 from Capital Asset Pricing Model: What determines the market risk premium?
- Vídeo: Beta and systematic risk
- Vídeo: Capital Asset Pricing Model: Expected return-beta relationship
- Материал для самостоятельного изучения: Lecture handouts: Equilibrium asset pricing models: Capital Asset Pricing Model
- Материал для самостоятельного изучения: "The parable of money managers" (optional)
- Материал для самостоятельного изучения: "The dying business of stock picking" WSJ (optional)
- Тренировочный тест: Equilibrium asset pricing models: Capital Asset Pricing Model
- Материал для самостоятельного изучения: Equilibrium asset pricing models: Capital Asset Pricing Model Quiz solutions
- Vídeo: Multi-factor models
- Vídeo: Fama-French three-factor model
- Материал для самостоятельного изучения: Lecture handouts: Equilibrium asset pricing models: Multi-factor models
- Vídeo: Summary
- Материал для самостоятельного изучения: Module 5 Quiz: Equilibrium asset pricing models- Solutions
- Материал для самостоятельного изучения: End-of-Course Survey
Calificado: Module 5 Quiz: Equilibrium asset pricing models
Preguntas Frecuentes
Cómo funciona
Задания курса
Каждый курс — это интерактивный учебник, который содержит видеоматериалы, тесты и проекты.
Помощь сокурсников
Общайтесь с тысячами других учащихся: обсуждайте идеи, материалы курса и помогайте друг другу осваивать новые понятия.
Сертификаты
Получите документы о прохождении курсов и поделитесь своим успехом с друзьями, коллегами и работодателями.
Creadores
Universidad Rice
Rice University is consistently ranked among the top 20 universities in the U.S. and the top 100 in the world. Rice has highly respected schools of Architecture, Business, Continuing Studies, Engineering, Humanities, Music, Natural Sciences and Social Sciences and is home to the Baker Institute for Public Policy.
Tarifa
| Comprar curso | |
|---|---|
| Accede a los materiales del curso | Disponible |
| Accede a los materiales con calificación | Disponible |
| Recibe una calificación final | Disponible |
| Obtén un Certificado de curso para compartir | Disponible |
Calificaciones y revisiones
Excellent course !
Excelent
A wonderful course! You will find here all necessary insights and concepts of portfolio selection and risk management. The main problem is there is a little lack of explanations of some complex Excel spreadsheets. Hence, you will need to check Forums to complete the puzzle.
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The course is very insightful. However, some parts of the peer review assignments need to be made clearer (i.e. the difference between sample variance and population variance, although one can look at the forum for the answer). Some of the in-class quizzes are also pretty annoying. The course can improve by revamping the material and correcting for some bugs.