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Carina9999 · 2023年06月12日

答案解释

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NO.PZ202206210100000301

问题如下:

From the description of Sabonete’s objectives for the SPP, the most appropriate asset allocation approach is:

选项:

A.mean–variance optimization. B.a basic two-portfolio approach. C.an integrated asset–liability approach.

解释:

SoluC is correct. Based on the objectives described, the integrated asset–liability approach is the most appropriate asset allocation approach for the SPP, which is currently under-funded and seeks to achieve fully funded status in five years. Mean–variance optimization is an asset-only approach to asset allocation and fails to consider Sabonete’s goal of fully funding the liabilities. The basic two-portfolio approach assumes the pension plan has a surplus that can be allocated to a return-seeking portfolio.

C is correct. Based on the objectives described, the integrated asset–liability approach is the most appropriate asset allocation approach for the SPP, which is currently under-funded and seeks to achieve fully funded status in five years. Mean–variance optimization is an asset-only approach to asset allocation and fails to consider Sabonete’s goal of fully funding the liabilities. The basic two-portfolio approach assumes the pension plan has a surplus that can be allocated to a return-seeking portfolio.

A is incorrect. Mean–variance optimization is an asset-only approach to asset allocation and fails to consider Sabonete’s goal of fully funding the liabilities.

B is incorrect. The basic two-portfolio approach assumes the pension plan has a surplus that can be allocated to a return-seeking portfolio.

看了助教们的解释,依然不理解B和C。


B的方法,讲义上也说可以under funded情况呀,为什么直接就排除了呢?。另外从我们正常做题角度来看,肯定都是顺着题目,现在是需要通读全文才能判断题目吗?


我发现三级课后题目,很多答题对应的信息点都不像2级,很多前前后后都有,考试也是吗

1 个答案

lynn_品职助教 · 2023年06月12日

嗨,爱思考的PZer你好:


看了助教们的解释,依然不理解B和C。


B的方法,讲义上也说可以under funded情况呀,为什么直接就排除了呢?。另外从我们正常做题角度来看,肯定都是顺着题目,现在是需要通读全文才能判断题目吗?


不可以哦,hedge/return seeking是将一块蛋糕切成两块,变成hedging portfolio(A=L)和return-seeking portfolio(A>L),


hedging部分用于cover liability,return-seeking部分追求收益。


overfunded是hedge/return seeking的必要条件,同时也是这个方法的缺点。看下面的讲义哈。


我发现三级课后题目,很多答题对应的信息点都不像2级,很多前前后后都有,考试也是吗


获取信息是要比二级更注重全文整体一点,但是考题还是更直接,不用担心哦,只要把基础知识掌握了,跟着品职的课程来,没有问题的,我当时也是跟着何李老师,自己画框架图,掌握到62%多其实通过已经没有问题了,努力到70%,那你就非常棒了。

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努力的时光都是限量版,加油!

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