NO.PZ2023040201000064
问题如下：
Which is not true of mark-to-model valuations?选项：
A.Return volatility may be understated. B.Returns may be smooth and overstated. C.A calibrated model will produce a reliable liquidation value.解释：
C is correct. It is not true that a calibrated model will produce a reliable liquidation value in a mark-to-model valuation. The need to use a model for valuation arises when an asset is so illiquid that there are not reliable market values available. A model may reflect only an imperfect theoretical valuation, not a true liquidation value, should liquidation become necessary. The illiquid nature of alternative assets means that estimates, rather than observable transaction prices, may have been used for valuation purposes.A and B are not correct because they are both true statements.帮忙解答这题，A和B为什么是对的呢？
