About: Mutual fund separation theorem

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In portfolio theory, a mutual fund separation theorem, mutual fund theorem, or separation theorem is a theorem stating that, under certain conditions, any investor's optimal portfolio can be constructed by holding each of certain mutual funds in appropriate ratios, where the number of mutual funds is smaller than the number of individual assets in the portfolio. Here a mutual fund refers to any specified benchmark portfolio of the available assets. There are two advantages of having a mutual fund theorem. First, if the relevant conditions are met, it may be easier (or lower in transactions costs) for an investor to purchase a smaller number of mutual funds than to purchase a larger number of assets individually. Second, from a theoretical and empirical standpoint, if it can be assumed that

Attributes	Values
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rdfs:label	Tobin-Separation (de) Mutual fund separation theorem (en) 投資信託定理 (ja)
rdfs:comment	投資信託定理（とうししんたくていり、英: mutual fund theorem、または分離定理英: separation theorem）とは、現代ポートフォリオ理論において、ある条件の下で、いくつかのある特定の投資信託を適切な割合で持つことが任意の投資家の最適ポートフォリオとなる定理である。ここで投資信託の数は個別の資産の数より小さくなくてはならない。また、投資信託は利用可能な資産から成る何らかの特定のベンチマークポートフォリオを参照している。投資信託定理の利点は二つある。第一に、関連した条件が満たされれば、投資家にとって多数の個別資産を購入するより少数の投資信託を購入するほうがたやすい（もしくは摩擦費用が小さい）だろうということである。第二に、理論的かつ実証的観点からすれば、もし関連した条件が満たされるのであれば、資産市場の機能としての含意、つまり資本資産価格モデルが導かれ、検証できるということである。 (ja) Die Tobin-Separation (auch Tobin-Separationstheorem) ist ein Begriff aus der Kapitalmarkttheorie. Mit der Tobin-Separation wird eine Unterteilung eines Portfolios in eine risikolose und eine riskante Komponente vorgenommen. Entsprechend trennt sie den risikogebundenen und den risikofreien Zinssatz. Kurz gesagt ist die Zusammensetzung des Marktportfolios von der Risikoeinstellung der Investoren unabhängig. Das Konzept geht auf den US-amerikanischen Ökonom James Tobin zurück. (de) In portfolio theory, a mutual fund separation theorem, mutual fund theorem, or separation theorem is a theorem stating that, under certain conditions, any investor's optimal portfolio can be constructed by holding each of certain mutual funds in appropriate ratios, where the number of mutual funds is smaller than the number of individual assets in the portfolio. Here a mutual fund refers to any specified benchmark portfolio of the available assets. There are two advantages of having a mutual fund theorem. First, if the relevant conditions are met, it may be easier (or lower in transactions costs) for an investor to purchase a smaller number of mutual funds than to purchase a larger number of assets individually. Second, from a theoretical and empirical standpoint, if it can be assumed that (en)
dcterms:subject	Portfolio theories Financial economics Economics theorems
Wikipage page ID	29928965 (xsd:integer)
Wikipage revision ID	1021689575 (xsd:integer)
Link from a Wikipage to another Wikipage	David Cass Joseph Stiglitz Risk-free interest rate Variance Matrix algebra Elliptical distribution Modern portfolio theory Theorem Mean-variance analysis Portfolio theories Transpose Vector (mathematics and physics) Capital asset pricing model First-order condition Mutual fund Financial economics Covariance matrix Hyperbolic absolute risk aversion Lagrange multipliers Economics theorems Matrix calculus Expected return Exponential utility Joint normality Logarithmic function Power utility function
sameAs	Mutual fund separation theorem Mutual fund separation theorem Mutual fund separation theorem Mutual fund separation theorem Mutual fund separation theorem Mutual fund separation theorem Mutual fund separation theorem
dbp:wikiPageUsesTemplate	dbt:Reflist dbt:Rp
has abstract	Die Tobin-Separation (auch Tobin-Separationstheorem) ist ein Begriff aus der Kapitalmarkttheorie. Mit der Tobin-Separation wird eine Unterteilung eines Portfolios in eine risikolose und eine riskante Komponente vorgenommen. Entsprechend trennt sie den risikogebundenen und den risikofreien Zinssatz. Kurz gesagt ist die Zusammensetzung des Marktportfolios von der Risikoeinstellung der Investoren unabhängig. Das Konzept geht auf den US-amerikanischen Ökonom James Tobin zurück. Das Separationskonzept im Allgemeinen beschreibt die Unabhängigkeit optimaler Entscheidungen von bestimmten Charakteristika der Entscheidung oder Situation. Die Tobin-Separation beschreibt die Unabhängigkeit der Entscheidung über optimale Zusammensetzungen eines Wertpapier-Portfolios von der Risikoeinstellung. Das verwandte Konzept der Fisher-Separation beschreibt die optimale Investitionsentscheidung in Unabhängigkeit der Finanzierung. (de) In portfolio theory, a mutual fund separation theorem, mutual fund theorem, or separation theorem is a theorem stating that, under certain conditions, any investor's optimal portfolio can be constructed by holding each of certain mutual funds in appropriate ratios, where the number of mutual funds is smaller than the number of individual assets in the portfolio. Here a mutual fund refers to any specified benchmark portfolio of the available assets. There are two advantages of having a mutual fund theorem. First, if the relevant conditions are met, it may be easier (or lower in transactions costs) for an investor to purchase a smaller number of mutual funds than to purchase a larger number of assets individually. Second, from a theoretical and empirical standpoint, if it can be assumed that the relevant conditions are indeed satisfied, then implications for the functioning of asset markets can be derived and tested. (en) 投資信託定理（とうししんたくていり、英: mutual fund theorem、または分離定理英: separation theorem）とは、現代ポートフォリオ理論において、ある条件の下で、いくつかのある特定の投資信託を適切な割合で持つことが任意の投資家の最適ポートフォリオとなる定理である。ここで投資信託の数は個別の資産の数より小さくなくてはならない。また、投資信託は利用可能な資産から成る何らかの特定のベンチマークポートフォリオを参照している。投資信託定理の利点は二つある。第一に、関連した条件が満たされれば、投資家にとって多数の個別資産を購入するより少数の投資信託を購入するほうがたやすい（もしくは摩擦費用が小さい）だろうということである。第二に、理論的かつ実証的観点からすれば、もし関連した条件が満たされるのであれば、資産市場の機能としての含意、つまり資本資産価格モデルが導かれ、検証できるということである。 (ja)
gold:hypernym	Theorem
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is Link from a Wikipage to another Wikipage of	Portfolio optimization Elliptical distribution Modern portfolio theory Mean variance efficiency Financial economics Outline of finance Covariance matrix Hyperbolic absolute risk aversion Separations (album) Separation property (finance) Separation theorem List of theorems Multi-objective optimization Two fund separation Mutual fund theorem Portfolio separation
is Wikipage redirect of	Mean variance efficiency Two fund separation Mutual fund theorem Portfolio separation
is Wikipage disambiguates of	Separations (album) Separation theorem
is foaf:primaryTopic of	wikipedia-en:Mutual_fund_separation_theorem

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