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

返回

Betty · 2024年04月16日

risk of deficient cash inflows=shortfall risk

  1. CFA III
  2. Fixed Income

NO.PZ2018120301000005

问题如下：

Margit asks Cécile to analyze liability-based mandates for a meeting with Villash Foundation. Villash Foundation is a tax-exempt client. Prior to the meeting, Cécile identifies what she considers to be two key features of a liability-based mandate.

  • Feature 1: It can minimize the risk of deficient cash inflows for a company.
  • Feature 2: It matches expected liability payments with future projected cash inflows.
Is Cécile correct with respect to key features of liability-based mandates?

选项：

A.

Yes

B.

No, only Feature 1 is correct

C.

No, only Feature 2 is correct

解释：

A is correct. Liability-based mandates are investments that take an investor’s future obligations into consideration. Liability-based mandates are managed to match expected liability payments with future projected cash inflows. These types of mandates are structured in a way to ensure that a liability or a stream of liabilities can be covered and that any risk of shortfalls or deficient cash inflows for a company is minimized.

risk of deficient cash inflows就是在说shortfall risk，然后LDI因为要cover liabilities,所以feature1也算对。是这样吗?

添加评论
1 个答案

pzqa31 · 2024年04月16日

嗨，努力学习的PZer你好：


feature1说，liability base mandate可以公司现金流入不足的风险。这是正确的

Liability base方法从公司负债开始分析，根据负债的特点来构建portfolio，力争保证portfolio的现金流可以cover负债的流出，这就意味着公司现金流入不足（不足以cover负债）的风险最小化了。

----------------------------------------------
努力的时光都是限量版，加油！

  • 1

    回答

  • 0

    关注

  • 300

    浏览
相关问题

NO.PZ2018120301000005问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.YesNo, only Feature 1 is correctC.No, only Feature 2 is correct A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize feature1 是不是cash flow的特点呢？

2024-05-28 07:57 1 · 回答

NO.PZ2018120301000005 问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.Yes No, only Feature 1 is corre C.No, only Feature 2 is corre A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize 老师，请问为什么cash flow matching的前提是bon持有至到期，才会没有pririsk。根据何老师上课所讲，衡量pririsk的应该是麦考利久期，而不是持有至到期，而且pririsk反映的是利率变动对价格的影响，跟到期日有什么联系？

2024-03-12 07:57 2 · 回答

NO.PZ2018120301000005 问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.Yes No, only Feature 1 is corre C.No, only Feature 2 is corre A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize 这道题一眼就能选出正确答案，但是再想一下就选错了，因为关注点偏向了cash上，就联想到ration是使得PV(asset)=PV(liability),ration(Asset)=ration(Liability), 这两个条件都没有提到cash flow match的问题啊，如果是matcash flow那不完全就是cash flow matching吗，连名字都是一模一样，就越想越错了，请老师点拨下，我哪里想的不对，谢谢~

2024-03-07 21:38 2 · 回答

NO.PZ2018120301000005 问题如下 Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature 1: It cminimize the risk of ficient cash inflows for a company.Feature 2: It matches expecteliability payments with future projectecash inflows.Is Cécile correwith respeto keyfeatures of liability-basemantes? A.Yes No, only Feature 1 is corre C.No, only Feature 2 is corre A is correct. Liability-basemantes are investments thtake investor’s future obligations into consiration. Liability-basemantes are manageto matexpecteliability payments with future projectecash inflows. These types of mantes are structurein a wto ensure tha liability or a streof liabilities ccovereanthany risk of shortfalls or ficient cash inflows for a company is minimize Liability-basemante就是Liability-iven investing么

2023-01-20 10:29 1 · 回答