NO.PZ202210140100000203
问题如下：
The security analysis of BR Hotels is most likely focused on:
选项：
A.mitigating downside risk
adjusting the discount rate
identifying potential opportunities
解释：
A is correct. The implementation of ESG factors in security analysis differs for equity analysis and fixed-income analysis. For BK Hotels’ corporate bonds, the focus of ESG integration is on mitigating downside risk. In contrast, in equity analysis, ESG integration is used to both identify potential opportunities and mitigate downside risk.
B is incorrect since adjusting the discount rate is typically used in equity analysis and not in fixed-income analysis. In valuing a stock, an analyst may choose to adjust the discount factor to account for the ESG risk. In fixed-income analysis, the credit spread or CDS is adjusted to reflect the ESG risk.
C is incorrect since identifying potential opportunities is used in equity analysis and not in fixed-income analysis. In fixed-income analysis, the focus of ESG integration is on mitigating downside risk. In equity analysis, ESG integration is used to both identify potential opportunities and mitigate downside risk.
security = bond = fixed income
我可以这么理解吗？
