学术论文代写：特质风险研究

学术论文代写：特质风险研究

我研究的主要目的是解释2006年Ang、Hodrick和Zhang首次提出的特质风险，他们研究了特质风险和随之而来的回报之间对公司的负面影响。根据传统的金融理论，在功利主义投资者看来，必须对特殊风险进行区分，而不是通过风险溢价进行补偿。相反，特殊风险的定价是由于投资者的投资组合不够多样化、信息不完整或其他市场约束。Ang、Hodrick和Zhang(2006)的理论研究发现，特质风险较高的股票表现弱于特质风险较低的股票(Fama和French, 1993)。然而，按照惯例，人们认为购买风险较高股票的投资者预期会获得更高的回报。研究发现，在控制了股票的流动性、规模、账面市值比和动量等因素后，这些结果是稳健的。我的研究论文的目标是将特质性风险分解为其根据以往研究计算出的组成部分。

学术论文代写：特质风险研究
我将试图解释，特质风险信念并没有从本质上颠覆上述“风险越高，回报越高”的理论预测，但我希望确定这些风险的价格是正的。然而，由于投资者的不同信念的主导作用，我们观察到市场中与这些风险相关的异常现象。一些研究人员采用了EGARCH (Fu)等计量经济学模型。F。试图解决特殊风险异常。Saryal(2009)等其他研究人员使用了一种更为直观的方法，提供了逐月的证据，证明特殊风险变化产生了Ang、Hodrick和Zhang(2006)预测的结果。Saryal肯定了平均回报和特殊风险之间的直接关系。此外，他还提出，这些变化与企业事件有关，提供了一个经济上合理的迹象，表明这些风险和回报都是事件驱动的，并基于价格波动进行计算(Saryal, F。年代,2009)。然而，由于这篇论文是基于共存的信息，因此无法建立交易策略。

学术论文代写：特质风险研究

The main aim of my research is to explain the idiosyncratic risk that was first documented by Ang, Hodrick and Zhang in 2006 who studied the negative effects at the firm between the idiosyncratic risks and the consequent returns. According to the conventional finance theory, idiosyncratic risks must be differentiated in a utilitarian investor’s view rather than being compensated by risk premiums. Contrarily, idiosyncratic risk is priced due to less diversified portfolios of investors, incomplete information or other market constraints. Theoretical studies of Ang, Hodrick and Zhang (2006) found stocks with higher Idiosyncratic risks underperformed than those with lower idiosyncratic risks( Fama and French, 1993). However, conventionally it is thought that investors who buy stocks in the higher risk are expected to yield higher returns. These results were found to be robust after controlling certain factors such as liquidity of stocks, size, book to market and momentum.My research paper targets at disintegrating the idiosyncratic risks into its components calculated from previous studies.

学术论文代写：特质风险研究
I will try to reason that the idiosyncratic risks belief does not essentially disrupt the theoretical predict mentioned above: “higher risk, higher return”, but I expect to determine that the price of these risks is positive. However, with the dominant effect of varied beliefs of investors, we observer anomaly related to these risks in the market.Some researchers employed econometric models such as EGARCH (Fu. F., 2009) in an attempt to solve the idiosyncratic risk anomaly. Other researchers such as Saryal (2009) used a more intuitive approach by providing month wise evidence that the idiosyncratic risk changes produce the results predicted by Ang, Hodrick and Zhang (2006). Saryal affirmed the direct relationship between the average returns and the idiosyncratic risks. Additionally, he also suggested that these changes were related to firm events by providing an economically rational indication that these risks and the returns are both event driven and calculated on basis of price fluctuation (Saryal, F.S, 2009). However, as the paper was based on coexistent information a trading strategy could not be established.