NO.PZ2023032703000049
问题如下：
Serena is a risk management specialist with Liability Protection Advisors. Trey, CFO of Kiest Manufacturing, enlists Serena’s help with three projects.
The third project for Serena is to make a significant direct investment in broadly diversified global bonds for Kiest’s pension plan. Kiest has a young workforce, and thus, the plan has a long-term investment horizon. Trey needs Serena’s help to select a benchmark index that is appropriate for Kiest’s young workforce. Serena discusses three benchmark candidates, presented in Exhibit 3.
The global bond benchmark in Exhibit 3 that is least appropriate for Kiest to use is the:
选项：
A.Global Aggregate Index.
Global High Yield Index.
Global Aggregate GDP Weighted Index.
解释：
B is correct. Kiest has a young workforce and thus a long-term investment horizon. The Global Aggregate and Global Aggregate GDP Weighted Indexes have the highest durations (7.73 and 7.71, respectively) and would be appropriate for this group. Global High Yield is the least appropriate due to its relatively shorter duration.
这道题上面Index都用的是Effective Duration，有点疑惑，如果对比index的duration，为什么这里是effective duration，有点疑惑，因为题目的条件里，有时候出现的是Macaulay Duration，有点疑惑。
