NO.PZ202304040200004001
问题如下：
The security analysis of BR Hotels is most likely focused on:
选项：
A.mitigating downside risk.
adjusting the discount rate.
identifying potential opportunities.
解释：
A is correct. The implementation of ESG factors in security analysis differs for equity analysis and fixed-income analysis. For BK Hotels’ corporate bonds, the focus of ESG integration is on mitigating downside risk. In contrast, in equity analysis, ESG integration is used to both identify potential opportunities and mitigate downside risk.
B is incorrect since adjusting the discount rate is typically used in equity analysis and not in fixed-income analysis. In valuing a stock, an analyst may choose to adjust the discount factor to account for the ESG risk. In fixed-income analysis, the credit spread or CDS is adjusted to reflect the ESG risk.
C is incorrect since identifying potential opportunities is used in equity analysis and not in fixed-income analysis. In fixed-income analysis, the focus of ESG integration is on mitigating downside risk. In equity analysis, ESG integration is used to both identify potential opportunities and mitigate downside risk.
题干说这个公司可能会受到法规改变的影响，
A选项减缓下行风险为什么对？不应该提高下行风险吗？
B选项，答案解析说对于债的分析聚焦credit spread，但是discount rate不就是等于rf + credit spread + 其他spread吗？B选项为什么不对
