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豆好 · 2023年09月06日

回答问题的角度

* 问题详情,请 查看题干

NO.PZ201805280100000303

问题如下:

The broker suggests that Young rebalance her $5.5 million money market account and the $3.0 million tax-deferred retirement account periodically in order to maintain their targeted allocations. The broker proposes the same risk profile for the equity positions with two potential target equity allocations and rebalancing ranges for the two accounts as follows:
■ Alternative 1: 80% equities +/– 8.0% rebalancing range
■ Alternative 2: 75% equities +/– 10.7% rebalancing range

解释:

如果这题我回答的角度是 money market account is a taxable account, tax brings additional cost for rebalance, so need wider rebalance range

对吗?

1 个答案

lynn_品职助教 · 2023年09月07日

嗨,爱思考的PZer你好:


如果这题我回答的角度是 money market account is a taxable account, tax brings additional cost for rebalance, so need wider rebalance range

对吗?


首先,可以的,从成本角度去解释没有问题。


从税收的角度,对于TDA,因为投资收益不征税,所以可以频繁调整,那么rebalance range可以tighten一些。同样的逻辑,money market account是taxable,那么不能频繁调整,设置wider range。


我做这道题用到的是下面的知识点:

如果有税的影响,实际的税后波动性是要小于税前波动性的,收益要交税,亏损可以抵税,你可以想象成税局帮你分摊了一部分风险;波动性小,rebalancing range越大。


因此对于普通的税收账户,因为投资要征税,所以波动性要小,rebalancing range大;反之,有税收优惠的账户,它的波动性就会相比普通的税收账户要大一些,rabalancing range小。


回到这一题,5.5m是税收账户,因此波动性要小,rebalancing range大,所以选择alternative 2。


3m的递延退休账户是税收优惠账户,波动性大,rebalancing range小,所以选择alternative 1。


但同学的回答没有错哈,我只是觉得出题人更想考下面这个知识点,所以同学考试的时候要更仔细地读题,如果题干中出现了很明显的要按照下面这个知识点答题的情况,同学要会回答就行啦。

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