开泰-王飞 · 2022年08月25日
* 问题详情，请 查看题干
NO.PZ201511190100000403
问题如下：
Which of the following behavioral biases would be most relevant in constructing a portfolio for Johnson?
选项：
A.Home bias.
B.Overconfidence.
C.Inertia and default.
解释：
A is correct.
Home bias is evident in Johnson’s questionnaire. Johnson has expressed an aversion to investing in non-US equities. Familiarity with their country may lead investors to own high concentrations of domestic assets and ignore the benefits of international diversification.
如题
王琛_品职助教 · 2022年08月28日
嗨，从没放弃的小努力你好：
1
请问同学认为选 B 的理由或者说分析思路具体是什么呢？
我理解，同学是看到了题干 "Johnson exhibits a great deal of confidence", "Johnson’s biases include overconfidence"
从出题人角度分析，不同的题干，其实是想考查考生对不同知识点的理解
上述两个描述，其实用意在于识别投资者分类 BIT
即要配合其他题干，分析得出 Johnson 的投资者分类是 AA
2
而这道题，考点是行为偏差的识别，出题角度不会这么简单
不会看到题干出现了投资者展示出很大程度的自信，然后就选择 overconfidence 过度自信偏差
这样考查的话，更像是考查英文语法，即 great deal of confidence = overconfidence
考查角度是要根据题干所表述的投资者的「言行举止」来判断
3
请看题干倒数第二句提到 J 同学只投资美国的股票
On her questionnaire, Johnson indicated a desire for wealth accumulation and an aversion to investing in non-US equities
所以出题人是想考查考生对于 home bias 的理解
因为考生要首先知道 home bias 所代表的含义，然后看到这句题干，才能快速识别出偏差
从这个角度而言，考查 home bias 更像是协会对于识别行为偏差的出题风格
也请参考：https://class.pzacademy.com/qa/45827
----------------------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 如题
NO.PZ201511190100000403问题如下 IWang, CFis a financiaisor Garnier Brothers, a US money management firm. He became a financiaisor severyears ago after receiving his CFA charter ancurrently hthree high-net-worth invials clients. Wang is concting his annureview of eaclient’s investment polistatement along with their recently completerisk toleranquestionnaires. He is reflecting on their varying psychographic characteristics:Michael Perez is a successful 45-year-olinvestment banker. Wang scribes Perez a passive investor who is sensible ansecure. Perez exhibits low to meum risk toleranbut often overestimates his risk tolerance. His biases inclu hinight, framing, anregret aversion. On his questionnaire, Perez incatea sire for wealth preservation while wanting to invest a significant portion of his assets in his employer’s stock.SarJohnson is inpennt-min45-year-olreestate veloper who hhistorically utilizesignificant amounts of financileverage. Prior to becoming a Garnier client, Johnson manageher own investment portfolio, whiwconcentratein just a few stocks. Johnson exhibits a greof confinanhigh risk tolerance. Johnson’s biases inclu illusion of control anoverconfince. On her questionnaire, Johnson incatea sire for wealth accumulation anaversion to investing in non-US equities. In aition, she incatethher risk tolerantowara stoinvestment woulincrease significantly if she knew thmore thone of Garnier’s researanalysts supporteit.NePatel is a 66-year-olbillionaire who accumulatehis wealth starting a successful retail business. Wang scribes Patel cautious anconcerneabout the future. Patel is concerneabout protecting his assets anoften seeks aifrom those he perceives being more knowleeable thhimself. Patel exhibits low risk tolerance. Patel’s biases inclu enwment, loss aversion, anstatus quo. Patel incatethhis risk toleranwoulincrease significantly if he knew thinvestment hthe unanimous support of Garnier’s Private Wealth Investment Committee.There wone common observation thWang notein all three questionnaires: All three clients incateththey woulperceive a company with a googrowth recorangooprevious share priperformana gooinvestment.OnWang completes his annureview, he revises the investment polistatement for the client’s approval. After the client approves the revisepolistatement, the portfolio for the client will revieweto termine any necessary reallocations. Wang is limiteGarnier to the specific investment options thcplacein a client’s portfolio; only securities thare covereGarnier’s researanalysts anapprovethe Private Wealth Investment Committee cplacein a client’s portfolio. Garnier is confint thits analysts provi superior forecasts anratings because they use a Bayesiapproach. Garnier is also prouof its investment approvprocess. The Private Wealth Investment Committee regularly meets to scuss anbate easecurity anthen votes on whiwill approveWang is scheleto meet with his supervisor next week to scuss the results of his annureview anrecommenportfolio reallocations. Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson?A.Home bias.B.Overconfince.C.Inertia anfault.A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification.J这个人已经说他sire non-us equity了，所以更应该说明他没有home bias啊
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 只是因为greof confin= overconfince太简单了吗？我知道home bias是对的，但是overconfince不是也展现出来了，所以是emotion才判断出他是AA的吗？
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. J推断为AA，为什么不是overconfince
