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

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。

----------------------------------------------
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
  • 381

    浏览
相关问题

NO.PZ201805280100000303 问题如下 The broker suggests thYoung rebalanher $5.5 million money market account anthe $3.0 million tax-ferreretirement account periocally in orr to maintain their targeteallocations. The broker proposes the same risk profile for the equity positions with two potentitarget equity allocations anrebalancing ranges for the two accounts follows:■ Alternative 1: 80% equities +/– 8.0% rebalancing range■ Alternative 2: 75% equities +/– 10.7% rebalancing range 税后波动小于税前波动,波动小,不太波动的情况下,交易成本就小,那为什么wir?而不是narrow?

2024-09-24 11:53 2 · 回答

NO.PZ201805280100000303 问题如下 The broker suggests thYoung rebalanher $5.5 million money market account anthe $3.0 million tax-ferreretirement account periocally in orr to maintain their targeteallocations. The broker proposes the same risk profile for the equity positions with two potentitarget equity allocations anrebalancing ranges for the two accounts follows:■ Alternative 1: 80% equities +/– 8.0% rebalancing range■ Alternative 2: 75% equities +/– 10.7% rebalancing range 就是看了题目和答案解析没懂,老师能不能用中文讲一遍?

2024-09-14 15:14 1 · 回答

NO.PZ201805280100000303 问题如下 The broker suggests thYoung rebalanher $5.5 million money market account anthe $3.0 million tax-ferreretirement account periocally in orr to maintain their targeteallocations. The broker proposes the same risk profile for the equity positions with two potentitarget equity allocations anrebalancing ranges for the two accounts follows:■ Alternative 1: 80% equities +/– 8.0% rebalancing range■ Alternative 2: 75% equities +/– 10.7% rebalancing range 本题直接从taxable账户要选 wir 节约成本的角度就可以了吧?为什么要绕道volaitility去呢?虽然结果是一样的,但是想不到答案里的从波动性再推到range的角度。

2024-07-02 00:44 1 · 回答

解析错误 没看懂为什么这道题是5,5m的账户对应选择2,老师求解析?

2024-06-03 15:34 1 · 回答