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shyconan · 2022年07月04日

No.PZ201511190100000302 loss-aversion会增加交易量，为什么答案关注点在于long/short策略

  1. CFA III
  2. Behavioral Finance

* 问题详情，请 查看题干

NO.PZ201511190100000302

问题如下：

Which of Tang’s observations is least likely to be the consequence of Jordan demonstrating loss-aversion bias?

选项：

A.

Observation 1.

B.

Observation 2.

C.

Observation 3.

解释：

C is correct.

Loss aversion by itself may cause a sector concentration; however, a market neutral strategy tends to focus on individual stocks without regard to the sector. The sector exposure would be mitigated with the balancing of the individual long and short positions.

 loss-aversion会增加交易量，选项说交易量会下降，所以选项不对啊。

为什么答案关注点在于long/short策略

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2 个答案

王琛_品职助教 · 2022年07月06日

嗨，努力学习的PZer你好：


同学对我之前的回答，给了三星差评

如果同学给了三星差评，助教是需要重新作答的

但是我不清楚是具体哪里回答的不好，或者同学还需要我解答哪个方面的疑问，还请同学具体说明一下哈

我好更有针对性提升答疑水平，为同学更好的服务，谢谢

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加油吧，让我们一起遇见更好的自己！

王琛_品职助教 · 2022年07月05日

嗨，从没放弃的小努力你好：


1）loss-aversion会增加交易量，选项说交易量会下降，所以选项不对啊。

这道题的案例背景，和同学引用的偏差结果，是两种不同的情況哈：增加交易量或者说过度交易，针对的是 sell winner；而这道题的背景是 hold loser

关于选项 B，我之前更好总结过，请同学先参考一下：https://class.pzacademy.com/qa/83023

2）为什么答案关注点在于long/short策略

解析其实是在解释为什么选 Observation 3，关注点其实也并不在于 long/short 策略

关于选项 C 的分析，及备考建议，请同学先参考一下：https://class.pzacademy.com/qa/88186

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努力的时光都是限量版，加油！

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