- 學位論文
鑽石投資能提升報酬/風險之效率性嗎?
Could Diamond Improve the Efficiency of Return/Variation?
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摘要
本研究試圖以投資組合的觀點，將貴重珠寶中的鑽石視為一種投資理財的工具，不將其視為奢侈品的一種，以馬克維茲Markowitz(1952)的平均數/變異數的投資組合理論為主體，加以探討Brocato and Steed (1998)所得到的結論，嘗試將鑽石放入投資組合中，加上股價與債券價格來加以研究鑽石是否能夠提升投資組合的報酬/風險之效率性。本文發現以鑽石作為資產配置中的一項工具，確能有效提升報酬率或有效降低投資組合的風險，將投資組合效率前緣往左上推移，本文也同時探討鑽石市場的概況以及投資時需要注意的各種問題，以建立鑽石投資的正確觀念。
並列摘要
Diamond may serve as an investment vehicle, not just one of the luxury goods. Starting from a portfolio point of view, we apply the concept of mean-variance efficiency developed by Markowitz (1952) to verify the findings of Brocato and Steed (1998).When diamonds are included in a portfolio comprised only of stocks and bonds, return is found to be higher and/or risks is found to be lower, moving the efficient frontier northwestward. We also update the market of diamonds and discuss the do’s and don’ts when making diamond investments.
參考文獻
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