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005 · 2023年05月22日

关于选项解析

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NO.PZ202209060200004004

问题如下:

Is Puhuyesva most likely correct in her comments to Honanie regarding South American debt indexes?

选项:

A.No. She is incorrect regarding valuation. B.Yes C.No. She is incorrect regarding tracking risk.

解释:

Solution

A is correct. Puhuyesva is incorrect regarding valuation. Equity securities typically trade much more frequently than debt securities, so current market valuations are available. Many fixed-income securities are very illiquid, trading very infrequently. Therefore, pricing and valuation are difficult, and such estimations as matrix pricing, which are subject to error, must be used.

B is incorrect because Puhuyesva is incorrect regarding valuation.

C is incorrect because tracking error (tracking risk) is a good way to measure how well a portfolio is mimicking its benchmark index.

1.请问equity的估值模型比fixed income更reliable是一般性结论吗?Equity也有流动性差的,可以直接比较吗?

2.关于C选项原文的Minimizing costs 和 Minimizing tracking risk 可以同时实现吗?

2 个答案

pzqa015 · 2023年05月23日

嗨,努力学习的PZer你好:


题目说Whatever index we choose, my goal is to match it as closely as possible while minimizing costs,意思是投资者的目标是最小化成本,同时能够Match的好,这句话本身是没问题的,理想的投资都这样,但能不能实现就不一定了,而且事实上也很难实现的。We will need to focus on minimizing tracking risk,意思是我们需要最小化tracking risk,这也是没问题的。

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加油吧,让我们一起遇见更好的自己!

pzqa015 · 2023年05月22日

嗨,爱思考的PZer你好:


1.请问equity的估值模型比fixed income更reliable是一般性结论吗?Equity也有流动性差的,可以直接比较吗?

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算是一个常识吧,只能说通常情况下,股票的流动性要好于债券的流动性。


2.关于C选项原文的Minimizing costs 和 Minimizing tracking risk 可以同时实现吗?

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对于债券portfolio来说,一般是没法实现的。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!