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tzdsgn · 2023年07月10日

global 不是包含了emerging吗

NO.PZ2022122801000010

问题如下:

Fox noted the following comments about asset classes:

Ÿ Emerging market equities should not be considered a separate asset class from global equities.

Ÿ Asset classes differ from strategies in offering a non–skill-based ex ante expected return premium.

Ÿ Asset classes should be defined in such a way that there is no overlap in sources of risk.

The most accurate comment is the one regarding: 2018 Mock AM

选项:

A.

the overlap of sources of risk.

B.

emerging markets.

C.

the return premiums from asset classes.

解释:

C is correct. Asset classes should have a return premium based on an underlying market risk factor (e.g., beta) and not any underlying skill of the investor. Strategies, on the other hand, involve combinations of asset classes with the objective of earning a return based on investment skill.

A is incorrect. There will be overlap of sources of risk when asset classes are defined, e.g., US and non-US equities, or even US small and large cap equities will have some risks in common, but there should be as few common risk factors as possible, and they should have only modest correlations.

B is incorrect. Emerging markets equities should be considered a distinct asset class as they differ from other equities in terms of diversification potential, informational efficiency, corporate governance, taxation, and currency convertibility.

global 不是包含了emerging吗

2 个答案

lynn_品职助教 · 2024年02月06日

嗨,努力学习的PZer你好:


global equities分为U.S. Equity、Non-U.S. Equity和Emerging Equity 不能这么分吧,Non-U.S. Equity和Emerging Equity是不是又重复了?


对,同学说的是对的,这个例子举得不太好,应该是Non-US developed和emerging更好一点。


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lynn_品职助教 · 2023年07月11日

嗨,努力学习的PZer你好:


global 不是包含了emerging吗


是的,global是包含了emerging,不能并列。但是这道题有点咬文嚼字。


它在这里并不是将emerging market equity与 global equity并列。


注意它的用词from Emerging market equities should not be considered a separate asset class from global equities.


意思是在global equities这个大类当中,emerging market equities不应该单独作为一类资产。emerging market equities在这里是作为global equities的下位概念。


这种说法是不对的。新兴市场股票在global equities中可以视为一种单独的资产类别,因为它们在多元化潜力、信息效率、公司治理、税收和货币可兑换性方面与其他股票不同。例如,global equities分为U.S. Equity、Non-U.S. Equity和Emerging Equity。因此B不选。


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沪上小王子 · 2024年02月05日

global equities分为U.S. Equity、Non-U.S. Equity和Emerging Equity 不能这么分吧,Non-U.S. Equity和Emerging Equity是不是又重复了?

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