开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

toffee · 2023年05月15日

这样写答案可以不

NO.PZ2019100901000016

问题如下:

The Prometheo University Scholarship Endowment (the Endowment) was established in 1950 and supports scholarships for students attending Prometheo University. The Endowment’s assets under management are relatively small, and it has an annual spending policy of 6% of the five-year rolling asset value.

Prometheo University recently hired a new chief investment officer (CIO). The CIO directs her small staff of four people to implement an investment policy review. Historically, the endowment has invested 60% of the portfolio in US equities and 40% in US Treasuries. The CIO’s expectation of annual inflation for the next 10 years is 2.5%.

The CIO develops nominal 10-year return assumptions for US Treasuries and US equities, which are presented in Exhibit 1.

Discuss whether the current investment policy is appropriate given the Endowment’s annual spending policy.

选项:

解释:

GUIDELINE ANSWER:

●●The policy is not appropriate.

●●The expected real return of 3.54% is less than the spending policy rate of 6%.

●●Therefore, the current allocation and investment objectives are not sustainable.

The nominal expected return on the current portfolio, according to the nominal return assumptions in Exhibit 1, is 6.04% per year (0.6 × 7.4% + 0.4 × 4.0% = 6.04%). The expected real return is approximately 3.54% (6.04% – 2.5% = 3.54%), which is below the 6% spending rate and the stated objective of a 6% real return. Therefore, this real return is not sufficient to meeting the spending policy, which makes the Endowment’s goals unsustainable. The Endowment will need to change its asset allocation to earn higher returns and/or lower its spending policy rate.

the expected nominal return =0.6x0.074+0.4x0.04=6.04%

the expected real return=6.04%-2.5%=3.54%, which is less than annual spending policy of 6% .

the current investment policy is not appropriate given the Endowment’s annual spending policy.

1 个答案

lynn_品职助教 · 2023年05月16日

嗨,从没放弃的小努力你好:


the expected nominal return =0.6x0.074+0.4x0.04=6.04%

the expected real return=6.04%-2.5%=3.54%, which is less than annual spending policy of 6% .

the current investment policy is not appropriate given the Endowment’s annual spending policy.


同学的回答是上面标蓝的部分吗,是的,答出解析中bullet point的三点即可:

  • The policy is not appropriate.
  • The expected real return of 3.54% is less than the spending policy rate of 6%.
  • Therefore, the current allocation and investment objectives are not sustainable.

题目让我们discuss一下是否适合,那首先说结论不适合,下来第二点是说原因(收益低于spending rate),最后再总结了一下current allocation不合适。

以上就是答案的这三点,这个回复很完整了,实际上我们自己在答的时候(Discuss的题目),只需回复前2点即可,即,说结论(适合Or不适合),列原因(因为我们计算出来的Expected real return小于spending rate)。


这个答案可以作为参考,就像我昨天说的,答案(not appropriate.)+解释( 3.54% is less than the spending policy rate of 6%)+原文(若有)


答案后面一段的陈述,实际上是进一步来解释的,来解释为啥expected real return是3.54%(答案计算了一遍),然后说明其小于spending policy rate of 6%,最后证明了Expected小于spending rate说明不适合。实际上这段是从讲解的角度,帮助我们理解这道题的,我们从答题的角度可以不用回复。我们只需回复结论,简单的原因即可。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

  • 1

    回答
  • 0

    关注
  • 321

    浏览
相关问题

NO.PZ2019100901000016 问题如下 The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Prometheo University recently hirea new chief investment officer (CIO). The CIO rects her small staff of four people to implement investment polireview. Historically, the enwment hinveste60% of the portfolio in US equities an40% in US Treasuries. The CIO’s expectation of annuinflation for the next 10 years is 2.5%.The CIO velops nomin10-yereturn assumptions for US Treasuries anUS equities, whiare presentein Exhibit 1.scuss whether the current investment poliis appropriate given the Enwment’s annuspenng policy. GUILINE ANSWER:●●The poliis not appropriate.●●The expecterereturn of 3.54% is less ththe spenng polirate of 6%.●●Therefore, the current allocation aninvestment objectives are not sustainable.The nominexpectereturn on the current portfolio, accorng to the nominreturn assumptions in Exhibit 1, is 6.04% per ye(0.6 × 7.4% + 0.4 × 4.0% = 6.04%). The expecterereturn is approximately 3.54% (6.04% – 2.5% = 3.54%), whiis below the 6% spenng rate anthe stateobjective of a 6% rereturn. Therefore, this rereturn is not sufficient to meeting the spenng policy, whimakes the Enwment’s goals unsustainable. The Enwment will neeto change its asset allocation to earn higher returns anor lower its spenng polirate. 这个题给出的polirate=6%,怎么看出来就是rereturn 而不是nominreturn呢?

2023-12-10 22:36 1 · 回答

NO.PZ2019100901000016 问题如下 The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Prometheo University recently hirea new chief investment officer (CIO). The CIO rects her small staff of four people to implement investment polireview. Historically, the enwment hinveste60% of the portfolio in US equities an40% in US Treasuries. The CIO’s expectation of annuinflation for the next 10 years is 2.5%.The CIO velops nomin10-yereturn assumptions for US Treasuries anUS equities, whiare presentein Exhibit 1.scuss whether the current investment poliis appropriate given the Enwment’s annuspenng policy. GUILINE ANSWER:●●The poliis not appropriate.●●The expecterereturn of 3.54% is less ththe spenng polirate of 6%.●●Therefore, the current allocation aninvestment objectives are not sustainable.The nominexpectereturn on the current portfolio, accorng to the nominreturn assumptions in Exhibit 1, is 6.04% per ye(0.6 × 7.4% + 0.4 × 4.0% = 6.04%). The expecterereturn is approximately 3.54% (6.04% – 2.5% = 3.54%), whiis below the 6% spenng rate anthe stateobjective of a 6% rereturn. Therefore, this rereturn is not sufficient to meeting the spenng policy, whimakes the Enwment’s goals unsustainable. The Enwment will neeto change its asset allocation to earn higher returns anor lower its spenng polirate. 4x0.4+7.4x0.6=6.04%6+2.5=8.5%the portfolio's expectenominreturn is less ththe requirement of 8.5%, so it is not appropriate.

2022-06-15 12:44 1 · 回答

NO.PZ2019100901000016问题如下The Prometheo University Scholarship Enwment (the Enwment) westablishein 1950 ansupports scholarships for stunts attenng Prometheo University. The Enwment’s assets unr management are relatively small, anit hannuspenng poliof 6% of the five-yerolling asset value.Prometheo University recently hirea new chief investment officer (CIO). The CIO rects her small staff of four people to implement investment polireview. Historically, the enwment hinveste60% of the portfolio in US equities an40% in US Treasuries. The CIO’s expectation of annuinflation for the next 10 years is 2.5%.The CIO velops nomin10-yereturn assumptions for US Treasuries anUS equities, whiare presentein Exhibit 1.scuss whether the current investment poliis appropriate given the Enwment’s annuspenng policy.GUILINE ANSWER:●●The poliis not appropriate.●●The expecterereturn of 3.54% is less ththe spenng polirate of 6%.●●Therefore, the current allocation aninvestment objectives are not sustainable.The nominexpectereturn on the current portfolio, accorng to the nominreturn assumptions in Exhibit 1, is 6.04% per ye(0.6 × 7.4% + 0.4 × 4.0% = 6.04%). The expecterereturn is approximately 3.54% (6.04% – 2.5% = 3.54%), whiis below the 6% spenng rate anthe stateobjective of a 6% rereturn. Therefore, this rereturn is not sufficient to meeting the spenng policy, whimakes the Enwment’s goals unsustainable. The Enwment will neeto change its asset allocation to earn higher returns anor lower its spenng polirate.nominspenng rate=6%+2.5%=8.5%,nomiexpectereturn=6.04%,whiis less ththe nominspenng rate.

2022-04-11 08:24 1 · 回答

NO.PZ2019100901000016 题目是scuss whether the current investment poliis appropriate given the Enwment’s annuspenng policy. 所以回答的时候是不是只需要给出解析中打点的三条就够了,下面的和建议考试的时候需要写吗?

2022-01-13 23:14 2 · 回答