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BY · 2023年12月04日

请问c不是包含AB吗

* 问题详情,请 查看题干

NO.PZ201812020100000401

问题如下:

The investment process followed by DFC’s previous fixed-income manager is best described as:

选项:

A.

asset-driven liabilities.

B.

liability-driven investing.

C.

asset–liability management.

解释:

C is correct. Asset–liability management strategies consider both assets and liabilities in the portfolio decision-making process. Leah notes that DFC’s previous fixed-income manager attempted to control for interest rate risk by focusing on both the asset and the liability side of the company’s balance sheet. The previous manager thus followed an asset–liability management strategy.

看课件上写的是c分为a和b两种


1 个答案

pzqa015 · 2023年12月05日

嗨,从没放弃的小努力你好:


同时考虑资产与负债的投资策略是Asset-liability management策略,这是ALM是更大范畴的概念,对应的是Asset-only只考虑资产的投资策略。

在Asset-liability management的策略下,又可以分为Asset-driven liabilities,与Liability-driven investing;其区别是:已知是资产还是负债。Asset-driven liabilities是资产已知,找到合适的负债匹配,如融资租赁,租赁合同是其资产;Liability-driven investing是负债已知找到合适的资产匹配,如养老金。

本题属于比较细微的知识点区分,专门考到的这个区别。但是在其他题目中,并不强调是Asset-liability management中的哪种,所以经常会碰到Asset-liability management与Liability-driven investing混用的情况(在CFA中不考虑Asset-driven liability的情况)。这里就不用太纠结了。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!