NO.PZ2015122802000006
问题如下:
A hedge fund holds its excess cash in 90-day commercial paper and negotiable certificates of deposit. The cash management policy of the hedge fund is best described as using:
选项:
A.capital market instruments.
B.money market instruments.
C.intermediate-term debt instruments.
解释:
B is correct.
The 90-day commercial paper and negotiable certificates of deposit are money market instruments.
考点:金融市场的分类
这道题问投资180天的商业票据属于哪种金融市场投资?
小于一年投资产品的叫做货币市场投资,大于一年的叫做资本市场投资,所以90天的商票和可转让定期存单是属于货币市场工具。
咱们原版书列举了几种典型的货币市场工具如:The most common Money markets are repurchase agreements , negotiable certifcates of deposit, government bills, and commercial paper.
典型的资本市场投资工具:债券、股票。
而选项C说的是中期票据,它的期限介于短期和长期之间,通常是5-10年。如下为原版书原文,供参考。
Instruments that mature in less than one to two years are considered short-term instruments whereas
those that mature in more than five to ten years are considered long-term instruments. In the middle are intermediate-term instruments.
都没学对冲基金,题放这干嘛?做都做不来