NO.PZ2022122801000010
问题如下:
Fox noted the following comments
about asset classes:
Emerging market equities should
not be considered a separate asset class from global equities.
Asset classes differ from strategies in offering a non–skill-based ex
ante expected return premium.
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