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lynn666 · 2023年02月24日

a选项

NO.PZ2022071101000002

问题如下:

Due to lack of available investment opportunities in public markets, a pension fund decided to hire an investment consultant to assess the potential for investing in illiquid markets in the US.

Which of the following characteristics of illiquid markets in the US should the consultant present to the pension managers?

选项:

A.

Municipal bonds are usually more liquid than pinksheet over-the-counter equities.

B.

The traditional public, liquid markets of stocks and bonds are larger than the total wealth held in illiquid assets.

C.

The share of illiquid assets in institutional portfolios has generally gone up in the past 2 decades.

D.

During the 2008-2009 Financial Crisis, liquidity dried up in repo markets but not in commercial paper markets.

解释:

中文解析:

C是正确的。养老金和捐赠基金都把另类资产的仓位从5%调高到了20-25%。

A是错误的。市政债券的换手率小于10%,远小于场外的股权交易(35%的换手率)。

B是错误的。相对于美国股市和债市,美国房地产市场是很大的市场。

D是错误的。在这两种市场里,流动性都枯竭了。

-----------------------------------------------------------------------------------------------------------------------------------

C is correct. Both pensions and endowments have increased their holdings of alternative assets from about 5% to 20-25%.

A is incorrect. Municipal bonds have less than 10% turnover, much lower than approximately 35% for OTC equities.

B is incorrect. US real estate markets are large compared to size of US stocks/bonds.

D is incorrect. Liquidity dried up in both markets.

otc产品不是流动性差么。。。?

1 个答案

DD仔_品职助教 · 2023年02月25日

嗨,努力学习的PZer你好:


同学你好,

一般OTC衍生品产品高度定制化,所以会造成流动性差。

但是A选项说的是一个事实,那就是市政债券的流动性远小于场外的股权交易,所以针对的并不是OTC衍生产品,这里可以当做一个小结论记一下喔。

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努力的时光都是限量版,加油!

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NO.PZ2022071101000002 问题如下 e to laof available investment opportunities in public markets, a pension funcito hire investment consultant to assess the potentifor investing in illiquimarkets in the US. Whiof the following characteristiof illiquimarkets in the US shoulthe consultant present to the pension managers? A.Municipbon are usually more liquithpinksheet over-the-counter equities. B.The trationpubliliquimarkets of stocks anbon are larger ththe totwealth helin illiquiassets. C.The share of illiquiassets in institutionportfolios hgenerally gone up in the past 2 cas. ring the 2008-2009 FinanciCrisis, liquity ieup in repo markets but not in commercipaper markets. 中文解析C是正确的。养老金和捐赠基金都把另类资产的仓位从5%调高到了20-25%。A是错误的。市政债券的换手率小于10%,远小于场外的股权交易(35%的换手率)。B是错误的。相对于美国股市和债市,美国房地产市场是很大的市场。错误的。在这两种市场里,流动性都枯竭了。-----------------------------------------------------------------------------------------------------------------------------------C is correct. Both pensions anenwments have increasetheir holngs of alternative assets from about 5% to 20-25%.A is incorrect. Municipbon have less th10% turnover, mulower thapproximately 35% for OTC equities.B is incorrect. US reestate markets are large compareto size of US stocks/bon.is incorrect. Liquity ieup in both markets. 老师这道题题干到底想我们选的是啥啊?我以为是哪种产品特点适合养老金。

2023-08-03 14:35 1 · 回答