NO.PZ202110280100000401
问题如下:
Identify the likely appropriate price benchmark for the LIM trade. Justify your response.
选项:
解释:
A pre-trade benchmark is a reference price that is known before the start of the period over which trading will take place. For example, pre-trade benchmarks include decision price, previous close, opening price, and arrival price. A pre-trade benchmark is often specified by portfolio managers who are buying or selling securities on the basis of decision prices. In this case, Bradley’s target price had been set based on his valuation principles before the opening, whereas waiting for the other benchmarks as inputs would result in the perceived opportunity expiring before it could be exploited.
For Bradley and his trader, two of these pre-trade benchmarks are potentially appropriate. Those are either the decision price, which was the price when Bradley made the decision to buy or sell the security, or the arrival price, which is the price of the security at the time the order is entered into the market for execution. Portfolio managers who are buying or selling on the basis of alpha expectations or a current market mispricing will often specify an arrival price benchmark.
price target的 不是用在判断fair value的时候选择的benchmark吗?题目不是已经出现了 高估 fair value的题眼了吗?这个价格就是 target price啊,我们卖订单,肯定要比这个小,但是越接近这个价格不就赚的越多吗?为啥选pre呢? 没看出来为啥要选pre