Assume investors are absolute risk averter, and it is their aim to minimize its risk, and get hedge ratio under it.
假定投资者是绝对的风险厌恶者,其保值的目的是将风险最小化,由此得到最小方差下的套期保值比率。
The result about the analysis of the portfolio shows that as long as arbitrage chance exists, each investor can get higher income, not increasing risk, no matter he is a risk averter or seeker.