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dejiazheng · 2024年04月29日

不选B的原因

NO.PZ2023032701000001

问题如下:

Regarding the following statement:

“An active investment manager attempts to capture positive alpha. But mispricing of assets is not directly observable. It is therefore important that you understand the possible sources of perceived mispricing.”

Which of the following sources of perceived mispricing do active investment managers attempt to identify? The difference between:

选项:

A.

intrinsic value and market price

B.

estimated intrinsic value and market price

C.

intrinsic value and estimated intrinsic value

解释:

The difference between the true (real) but unobservable intrinsic value and the observed market price contributes to the abnormal return or alpha which is the concern of active investment managers.

Perceived是否应理解成无法通过预测得出的?

1 个答案

王园圆_品职助教 · 2024年04月29日

同学你好,perceived intrinsic value或者estimated intrinsic value都是指分析师自己预测的,自己通过创立的估值模型计算的一个自己认为的intrinsic value

而光秃秃的intrinsic value才是真正的这个资产内在的实际的价值——也就是这个世界上没有一个人可以真正知道的那个类似真理一样的值

所以分析师真正想要知道的是真理和市场之间的差异(A选项),而不是自己的估计和市场之间的差异(B选项),所以B不能选

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