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Carina9999 · 2022年11月16日

怎么理解呢

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NO.PZ202109080500000205

问题如下:

The most appropriate response to Boylan’s question about the twins’ relative allocation to high-grade bonds is that, when compared with Jason’s, the proportion in Janice’s investment portfolio should be:

选项:

A.lower. B.the same. C.higher.

解释:

Solution

C is correct. Janice is a stockbroker specializing in medical technology, and her human capital is, therefore, highly correlated with stock market returns. She should balance this risk by having greater exposure to financial assets that are less risky (i.e., high-grade government bonds). Jason’s human capital is less correlated with stock market returns; in addition, his future pension income arising from a defined-benefit plan is quite stable. His optimal portfolio should have a greater allocation to the stock market than Janice.

A is incorrect. Janice’s human capital is more stock like while Jason’s human capital and pension income, which is more stable, is more “bond-like”: to reduce correlation, Janice should hold proportionally more bonds than Jason.

B is incorrect. Asset allocation decisions in financial assets should take into account the correlations of human capital with market returns. Because Janice’s human capital is more stock-like than Jason’s, she should hold a greater proportion of government bonds.

Janice unmarried 收入有高,不应该可以more risky吗?


相反他的twins,结婚还有孩子,收入也没Janice高,不应该更保守点吗

2 个答案

王暄_品职助教 · 2022年11月17日

您好,您说的我能理解,但我的思路有什么问题呢?或者说这题思考角度是从哪方面?

因为题干里说的是根据Boylan’s question about the twins’ relative allocation,而案例中的相关信息如下:要考虑human capital去做资产配置,你所考虑的这些和human cpaital 无关

王暄_品职助教 · 2022年11月16日

Janice是一名从事医疗技术相关的股票经纪人,因此,她的human capital与股市回报高度相关。所以,她应该通过增加风险较低的金融资来平衡这种风险。

对比之下,Jason的human capital与股票市场收益的相关性较小,所以他的投资组合对于股票的配置,应该比Janice的大,所以选C。

Carina9999 · 2022年11月17日

您好,您说的我能理解,但我的思路有什么问题呢?或者说这题思考角度是从哪方面?

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