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tzdsgn · 2023年07月23日

目的

NO.PZ2023010903000009

问题如下:

The Cherry Street Foundation is a nonprofit institution who has experienced a significant increase in donations over the last several years. Consequently, Ellie Blumenstock, CFA, Cherry Street's founder, recently concluded that the time had come to hire a professional chief investment officer(CIO) to manage this large pool of assets. Today, Blumenstock is interviewing A.J. Gelormini,a portfolio manager with over two decades of experience, for the CIO role.

Before concluding the interview, Blumenstock mentions that she recently read several articles regarding shareholder engagement and activist investing strategies. She was particularly intrigued by the role of activists in advocating for the implementation of ESG standards at large companies. Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. Gelormini’s response included the following statements.

Statement 3: If Cherry Street were to develop its own internally managed passive funds investing directly in individual securities, it would be difficult to participate in shareholder engagement activities without driving up costs. However, Cherry Street could, at a very low cost, engage in proxy voting for each of the individual securities it held.

Which of the following activities, if engaged in by Cherry Street, would prevent the foundation from participating in proxy voting as described in Statement3?

选项:

A.

Hiring an external proxy advisory firm.

B.

Purchasing the security on margin.

C.

Loaning the security to a short seller.

解释:

When an investor loans shares, the transaction is an assignment of title with a repurchase option. As such, voting rights are transferred to the borrower.

Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. 

我以为是要获得poxy vote才loan给shortseller

但好像不是这个意思,请解释下这句话,具体要达成什么?

1 个答案
已采纳答案

笛子_品职助教 · 2023年07月24日

嗨,从没放弃的小努力你好:


首先理解题目含义

本题的意思是:现在不想再做activist了,有什么方法。

答案是Loaning the security to a short seller.

把股票借出去后,lender就会失去投票权,因此也就不需要activist了。


下面看这句话的翻译

Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. 


这句话是说,参与activist是否重要,什么样的方法重要。


本小题的信息点如下:


解本小题,可以用不到这句话。

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tzdsgn · 2023年07月24日

辛苦笛子老师了

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