开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

hyi725 · 2023年08月07日

没懂到底怎样算比例高怎样算低

* 问题详情,请 查看题干

NO.PZ202206210100000303

问题如下:

Which of Radell’s statements regarding asset allocation Option 1 is most appropriate?

选项:

A.Statement 1 B.Statement 2 C.Statement 3

解释:

C is correct. Statement 3 is most appropriate. The 20% allocation to emerging market equity is too high given the company’s goals and objectives and the sensitivity of revenues to the African economy. A weak emerging market economic environment is likely to stress the pension fund’s investment in emerging market equity and its revenue from its emerging market business simultaneously. Thus, the high volatility of emerging market equity, its limited diversification potential relative to global equity, and the sensitivity of the firm’s revenues to emerging market economies make a large, over-weighted allocation to the asset class inconsistent with the firm’s objective of minimizing fluctuations in year-to-year required contributions.

A is incorrect. The Sharpe ratios for the current allocation, Option 1, and Option 2 are 0.17, 0.19, and 0.175, respectively, with Option 1 having the highest Sharpe ratio. The Sharpe ratio, while providing a means to rank choices on the basis of return per unit of volatility, does not capture other characteristics that are important to Sabonete, such as funded ratio, time horizon, and predictability of contributions.

B is incorrect. Sabonete’s land holdings outside of the pension fund are not considered a part of the extended balance sheet for the SPP and should not affect its asset allocation decisions.

Sabonete’s recent acquisition of land in Africa are outside of the pension fund and, therefore, should not be considered a part of the extended balance sheet for the SPP and should not affect its asset allocation decisions.


前面有同学问

为什么land holding不影响asset allocation呢?

因为是Sabonetes公司而不是Pension plan(SPP),对非洲房地产进行了大量投资,所以这里的land holding不影响asset allocation。加上Option 1中Pension plan(SPP)对Real estate的投资比例为10%,权重不是很高,所以Statement 2的因果关系不成立。


C选项正确,在global market portfolio中emerging market equity只有10%的比例,而如果Pension plan(SPP)中占20%,权重过高。


那为什么Pension plan(SPP)占20%就高了呢? 按照前一个答案的逻辑不应该两者不相干嘛?

1 个答案

lynn_品职助教 · 2023年08月08日

嗨,努力学习的PZer你好:


那为什么Pension plan(SPP)占20%就高了呢? 按照前一个答案的逻辑不应该两者不相干嘛?



按照前一个答案的逻辑是10%不是很高,“Option 1中Pension plan(SPP)对Real estate的投资比例为10%,权重不是很高”,


为什么,10%不高,20%就高了呢,主要还是比较来的,因为在global market portfolio中emerging market equity只有10%的比例,相比之下就高了。

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

  • 1

    回答
  • 0

    关注
  • 371

    浏览
相关问题

NO.PZ202206210100000303 问题如下 Whichof Rall’s statements regarng asset allocation Option 1 is most appropriate? A.Statement1 B.Statement 2 C.Statement 3 Cis correct. Statement 3 is most appropriate. The 20% allocation toemerging market equity is too high given the company’s goals anobjectives anhe sensitivity of revenues to the Africeconomy. A weemerging marketeconomic environment is likely to stress the pension funs investment inemerging market equity anits revenue from its emerging market business simultaneously.Thus, the high volatility of emerging market equity, its limiteiversification potentirelative to globequity, anthe sensitivity of thefirm’s revenues to emerging market economies make a large, over-weightellocation to the asset class inconsistent with the firm’s objective ofminimizing fluctuations in year-to-yerequirecontributions.Ais incorrect. The Sharpe ratios for the current allocation, Option 1, anption 2 are 0.17, 0.19, an0.175, respectively, with Option 1 having thehighest Sharpe ratio. The Sharpe ratio, while proving a means to rank choiceson the basis of return per unit of volatility, es not capture othercharacteristithare important to Sabonete, sufunratio, timehorizon, anprectability of contributions.Bis incorrect. Sabonete’s lanholngs outsi of the pension funare notconsirea part of the extenbalansheet for the SPP anshoulnotaffeits asset allocation cisions. Sabonete’s recentacquisition of lanin Afriare outsi of the pension funan therefore,shoulnot consirea part of the extenbalansheet for the SPP anhoulnot affeits asset allocation cisions. 题干中有一句话However, given the firm’s familiarity with anthe opportunities they perceive in emerging markets, the SPP hhistorically been over-weighte(25%) in this asset class. SPP过去在emerging market有过25%比例的投资,且对新兴市场很熟悉,那为什么不能在新兴市场投20%呢?

2023-04-26 17:17 1 · 回答

NO.PZ202206210100000303 问题如下 Whichof Rall’s statements regarng asset allocation Option 1 is most appropriate? A.Statement1 B.Statement 2 C.Statement 3 Cis correct. Statement 3 is most appropriate. The 20% allocation toemerging market equity is too high given the company’s goals anobjectives anhe sensitivity of revenues to the Africeconomy. A weemerging marketeconomic environment is likely to stress the pension funs investment inemerging market equity anits revenue from its emerging market business simultaneously.Thus, the high volatility of emerging market equity, its limiteiversification potentirelative to globequity, anthe sensitivity of thefirm’s revenues to emerging market economies make a large, over-weightellocation to the asset class inconsistent with the firm’s objective ofminimizing fluctuations in year-to-yerequirecontributions.Ais incorrect. The Sharpe ratios for the current allocation, Option 1, anption 2 are 0.17, 0.19, an0.175, respectively, with Option 1 having thehighest Sharpe ratio. The Sharpe ratio, while proving a means to rank choiceson the basis of return per unit of volatility, es not capture othercharacteristithare important to Sabonete, sufunratio, timehorizon, anprectability of contributions.Bis incorrect. Sabonete’s lanholngs outsi of the pension funare notconsirea part of the extenbalansheet for the SPP anshoulnotaffeits asset allocation cisions. Sabonete’s recentacquisition of lanin Afriare outsi of the pension funan therefore,shoulnot consirea part of the extenbalansheet for the SPP anhoulnot affeits asset allocation cisions. 没看懂什么意思,麻烦老师分别讲下A、B、C三个答案,谢谢

2022-11-30 22:11 1 · 回答

NO.PZ202206210100000303问题如下 Whichof Rall’s statements regarng asset allocation Option 1 is most appropriate? A.Statement1B.Statement 2C.Statement 3 Cis correct. Statement 3 is most appropriate. The 20% allocation toemerging market equity is too high given the company’s goals anobjectives anhe sensitivity of revenues to the Africeconomy. A weemerging marketeconomic environment is likely to stress the pension funs investment inemerging market equity anits revenue from its emerging market business simultaneously.Thus, the high volatility of emerging market equity, its limiteiversification potentirelative to globequity, anthe sensitivity of thefirm’s revenues to emerging market economies make a large, over-weightellocation to the asset class inconsistent with the firm’s objective ofminimizing fluctuations in year-to-yerequirecontributions.Ais incorrect. The Sharpe ratios for the current allocation, Option 1, anption 2 are 0.17, 0.19, an0.175, respectively, with Option 1 having thehighest Sharpe ratio. The Sharpe ratio, while proving a means to rank choiceson the basis of return per unit of volatility, es not capture othercharacteristithare important to Sabonete, sufunratio, timehorizon, anprectability of contributions.Bis incorrect. Sabonete’s lanholngs outsi of the pension funare notconsirea part of the extenbalansheet for the SPP anshoulnotaffeits asset allocation cisions. Sabonete’s recentacquisition of lanin Afriare outsi of the pension funan therefore,shoulnot consirea part of the extenbalansheet for the SPP anhoulnot affeits asset allocation cisions. 为什么lanholng不影响asset allocation呢?

2022-09-13 14:47 1 · 回答