出版社：Faculty of Information Technology, Bond University
摘要：The critical line method for mean-variance portfolio selection, developed by Harry Markowitz
over a half a century ago, is an important analytical tool for modern portfolio management. The
method in its original form is a sophisticated algorithm for portfolio optimization under general
linear constraints. Therefore, a challenge for instructors of investment courses is how to explain
the method to business students who are unfamiliar with advanced mathematical and programming
tools. This study illustrates pedagogically that, under practically relevant constraints including
investment limits on individual securities and disallowance of short sales, the method can
still be covered in investment courses where only general algebraic skills and statistical concepts
are required. The use of electronic spreadsheets for portfolio construction not only significantly
reduces the computational burden, but also makes the analytical materials involved less abstract
for business students. This study, which provides spreadsheet-based illustrations of the required
computations, is intended to make the Markowitz analysis more accessible to business students.
