Assume investors are absolute riskaverter, 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。
2
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 riskaverter or seeker.