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轩羊羊 · 2023年05月02日

不理解

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NO.PZ202206140600000302

问题如下:

In Paulsen’s conversation with his colleagues, Statement 2 is best described as:

选项:

A.correct. B.incorrect regarding bankruptcy risk. C.incorrect regarding alignment to the wealth funds’ risks.

解释:

Solution

A is correct. ABC has the only symmetric fee structure of the three and the lowest sharing bonus. The symmetric structure and exposure to downside risk more closely align risk to that of the investor and cause a greater impact on bankruptcy risk compared to the other two managers, which have asymmetric bonus structures and do not participate in negative returns.

B and C are incorrect. Statement 2 is correct.

为啥这句话是对的,manager的incentive fee 和bankruptcy risk 有什么关系呢?

2 个答案
已采纳答案

pzqa015 · 2023年05月02日

嗨,爱思考的PZer你好:


同时,由于基金经理有负的收益结构,所以它破产的风险更大(亏了要赔上管理费)

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

pzqa015 · 2023年05月02日

嗨,努力学习的PZer你好:


ABC有对称的费率结构,意味着投资者跟基金经理同进同退,也就是align its risks closet to ours。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!