Taxes reduce the expected return on a risky asset but also lessen its riskiness. 稅收減少了風險資產的預算收益,但也降低了它的風險。
A utility maximization model of the investment portfolio including risk-free asset is put forward, with short sales allowed. 摘要提出了在允許賣空情況下含有無風險資產且借貸利率不同的效用最大化的投資組合模型。