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小苏苏呀 · 2023年10月23日

如题

NO.PZ2022081802000080

问题如下:

Caitríona Daosri is a portfolio manager for an international bank, where she advises high-net-worth clients. Daosri is meeting with a new client, Estêvão Kai, a 40-year-old surgeon with €4 million across various accounts and a salary of €500,000 per annum. Kai explains to Daosri that he has four accounts at four different banks, each with specific sources and uses of funds, as shown in the following table:


Which of the following is a likely consequence of Kai’s approach to managing his finances?

选项:

A.Concentrated portfolio positions

B.Forgone opportunities to reduce risk by combining assets with low correlations

C.Excessive trading

解释:

Solution

B is correct. The most common consequence of mental accounting is neglecting opportunities to reduce risk by combining assets with low correlations, because each account’s asset allocation is examined discretely. Offsetting positions across accounts, or an overall inefficient allocation with respect to risk, can lead to suboptimal aggregate performance.

麻烦解释一下选项A,看起来和B类似

1 个答案
已采纳答案

Kiko_品职助教 · 2023年10月25日

嗨,爱思考的PZer你好:


这道题通过图表可以看出来他把每个账户都分好了不同的用途,是典型的心理账户的表现。心理账户就是把账户在内心中分成一个一个小账户,因此它不太可能出现集中化。所以A错误。

而B选项正好是心理账户偏差的结果,因为有心理账户偏差的投资者,会针对不同的账户设置相应的财务目标,可能会使投资者忽视不同账户头寸之间,存在相互抵消或相互关联的现象,从而导致投资组合的总体业绩达不到最佳水平。


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