The Portfolio Of The Open-End Funds

In this thesis,we use the classic reward-risk model of Harry Markowitz to analyze the portfolio of the open-end funds. The main difference between the portfolio and that of the open-end funds is that the open-end funds are with the risk of ransom. We employ three different methods to deal with the risk of ransom. The first one is that we take the open-end funds for the portfolio under liability, and take the expectation of the return rate of net assets as an objective function, supposed that the liability variability is a stochastic variable ; The second one is that we describe the mechanism of ransom by a empirical function ,in which we define a function of ransom and establish models that take the expectation of the return rate of assets as an objective function;The third one is that we describe the amount of ransom through a empirical function and take the expectation of assets expansion as an objective function. In this thesis , we discuss some questions about the selection of the models.