NO.PZ2018053101000043
问题如下：
Which of the following is true regarding private equity performance calculations?
选项：
A.The money multiple calculate relies on the amount and timing of cash flows B.The IRR calculation involves the assumption of two rates C.Because private equity funds have low volatility, accounting conventions allow them to use a lagged mark-to-market process.解释：
B is correct. The determination of an IRR involves certain assumptions about a financing rate to use for outgoing cash flows (typically a weighted average cost of capital) and a reinvestment rate assumption to make on incoming cash flows (which must be assumed and may or may not actually be earned).
A is incorrect because the money multiple calculation completely ignores the timing of cash flows.
C is incorrect because it is somewhat of a reversal of cause and effect: Private equity (PE) funds can appear to have low volatility because of the lag in their mark-to-market process. It’s not that PE investments don’t actually rise and fall behind the scenes with economic influences, but accounting conventions may simply leave longer-lived investments marked at their initial cost for some time or with only modest adjustments to such carrying value until known impairments or realization events begin to transpire. Also, because PE funds are not easily marked to market, their returns can appear somewhat smoothed, making them appear more resilient and less correlated with other assets than they really are. The slowness to re-mark them can unfortunately be confused by investors as an overall lack of volatility.
老师可以详细解释一下IRR的两个假设原理吗：IRR的计算需要确定的关于流出现金流的融资利率假设和对流入现金流做出的再投资假设。
感觉在corporate issue里好像也没有讲到这个点。
