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1、201320122011201020092008Q1Q1.IndividualIPSCalRR,factorsaffectsrisktolerance,liquidityrequirement,chooseportfoliosbasedonreturnobjectiveandshortfallriskQ1.IndividualIPSCalIRR,factorsaffectsrisktolerance,reasonimpactearningrisk,marketrisk,constraints(liquidity,TH),Humancapitalaff
2、ectsAAQ1.IndividualIPSandBHFIrrevocablevsrevocabletrust,behaviorbiases(representativeness,framedependence(lossaversion),aversiontoambiguity)Q1.IndividualIPSLiquidity,TH,returnobjective,calRR,,factorsaffectsrisktoleranceability/willingnessTaxTDAholdhightaxasset,Taxableaccounthol
3、dhighlossassetQ1.IndividualIPSCalIRR,factorsaffectsrisktoleranceLiquidityandTHQ1.IndividualIPSCalIRR,factorsaffectsrisktoleranceLiquidityandTHRRcalwhenhaveannuitypayout,PMTandFVhavesamesignsandoppositetothesignofPVQ2Q2.IndividualIPSForcedheirship.vsmaritalpropertyregime,compari
4、sonoftrustvsprobate,RVofgifttax(donorpay,receiverpay,taxfree)vsbequest,generationskippingQ2.IndividualIPSReturnandriskintaxableandtaxexemptaccountafterloss;AccruedreturndifferforlongerandshorterTHwhenpartialcapitalgainrealizedQ2.IndividualIPSCalRR,factorsaffectsrisktolerance,co
5、nstraints(liquidity,TH),MonteCarlo,improvementfactorsforMCQ2.InstitutionalIPS:insuranceIRchangesimpactsurplus,reinvestmentrisk,expectedsurrenderrate,constraintsaffectedbysurrenderrate(liquidityandTH),BHF:gamble’sfallacy,naïvediversification,regret,overconfidencenaQ2.BHFOverconf
6、idence(leadstofrequenttrading),regretavoidance(avoidadmittingamistakeevenalossandcontradicttonewinfor),representativeness(ifthen,overlyoptimisticaboutthepastwinner)Q3Q3.BHFUtilityfunctionofTFandBF,bias(self-control,mentalaccounting),comparisonofBPTvsMVFQ3.REMRqualityofmarketcom
7、parisonofexecutionstrategy:IS,VWAP,TWAPcomparisonofrebalstrategy:BH,CM,CPPIQ3.InstitutionalIPS:EndowmentReturnobjective,calRR,factorsaffectsrisktolerance(expectedinflation,privatedonations,rollingspendingrules,assetallocation,evaluateQ3.AAfactorsaffectsrisktolerance,realratebon
8、ds,nominalbond,andequityinpensionassetallocation(activ
