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姜娟 · 2023年11月27日

这个题是哪种题啊，课后题？mock？押题

  1. CFA III
  2. 机构IPS

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NO.PZ202205190400000101

问题如下：

Q. Discuss the relevance of the endowment’s spending policy to Brodka’s expressed concerns.

选项：

解释：

Solution

In voicing his concerns, Brodka is cautioning that a higher allocation to illiquid investments may have adverse effects on the endowment’s spending rate and risk profile. Kemney University’s spending policy is an example of a geometric smoothing rule, sometimes called the Yale formula. It is intended to bring about a predictable pattern of distributions for better planning of resource deployment through its programs across varying conditions, even as extreme as the 2008 global financial crisis.

While this spending policy would be consistent with an investment objective of achieving long-term returns that support the spending rate while preserving the value of the endowment in real terms over time, the policy design also incorporates a smoothing, countercyclical element. This leads to lower spending rates in a period of sustained strong investment returns but higher spending rates in a protracted weak return environment.

这个题是哪种题啊，课后题？mock？押题

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1 个答案

lynn_品职助教 · 2023年11月28日

嗨，爱思考的PZer你好：


这个考点是endowment’s spending policy，在基础班讲义的110-113页，如下图。


视频在基础班private foundations：liabilities and investment horizon1倍速4分钟处。


但是答案中提到的geometric smoothing rule（Yale formula)是老考纲中的说法（为了避免同学搞混，我就不把内容放在下面了），


现在原版书中只在Quinco case里提到了，其实就是hybrid，视频在Case study：Quinco case第一个视频两倍速07:30分处。

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