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SHAO · 2024年04月18日

老师,请教

NO.PZ2023032701000004

问题如下:

Statement: “Guardian Capital’s research process requires analysts to evaluate the reasonableness of the expectations implied by the market price by comparing the market’s implied expectations to his or her own expectations.”

According to the statement, analysts are expected to use valuation concepts and models to:

选项:

A.

value private businesses

B.

render fairness opinions

C.

extract market expectations

解释:

Market prices reflect the expectations of investors about the future performance of companies. The analyst can evaluate the reasonableness of the expectations implied by the market price by comparing the market’s implied expectations to his own expectations. This process assumes a valuation model, as discussed in the text

老师,这道题意思不是估值吗,为啥不选A呢?C为什么对呢

1 个答案
已采纳答案

王园圆_品职助教 · 2024年04月18日

同学你好,A 选项肯定是不能选的。你看题目这里" the expectations implied by the market price",意思就是一定要用market price来提取其中的预期,而A选项是value private companies——非上市公司根本没有market price的,所以A肯定不对

题目这里“comparing the market’s implied expectations to his or her own expectations”一直在反复强调expectations,其实是在说要通过把市场的隐含的这种expectations和自己的expectations做比较。

extract market expectations就是提取精炼市场预期的意思。通过把自己的expectations和市场的expectations做比较,就能发现差异。对这些差异进行分析就可以发现自己的预期为什么会和市场预期不一样,从而反推出市场预期的根本来源是什么,所以C对