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yj2640 · 2024年07月01日

题目理解

NO.PZ2023010903000009

问题如下:

The Cherry Street Foundation is a nonprofit institution who has experienced a significant increase in donations over the last several years. Consequently, Ellie Blumenstock, CFA, Cherry Street's founder, recently concluded that the time had come to hire a professional chief investment officer(CIO) to manage this large pool of assets. Today, Blumenstock is interviewing A.J. Gelormini,a portfolio manager with over two decades of experience, for the CIO role.

Before concluding the interview, Blumenstock mentions that she recently read several articles regarding shareholder engagement and activist investing strategies. She was particularly intrigued by the role of activists in advocating for the implementation of ESG standards at large companies. Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. Gelormini’s response included the following statements.

Statement 3: If Cherry Street were to develop its own internally managed passive funds investing directly in individual securities, it would be difficult to participate in shareholder engagement activities without driving up costs. However, Cherry Street could, at a very low cost, engage in proxy voting for each of the individual securities it held.

Which of the following activities, if engaged in by Cherry Street, would prevent the foundation from participating in proxy voting as described in Statement3?

选项:

A.

Hiring an external proxy advisory firm.

B.

Purchasing the security on margin.

C.

Loaning the security to a short seller.

解释:

When an investor loans shares, the transaction is an assignment of title with a repurchase option. As such, voting rights are transferred to the borrower.

老师您好,根据题目信息,我的理解是这个买方不想参加proxy voting,那么它应该是想直接voting?所以选了B...为什么“不想参加proxy voting = 不想activism”?

1 个答案
已采纳答案

笛子_品职助教 · 2024年07月01日

嗨,努力学习的PZer你好:


无论是投票,还是activism,都是指投资者想对公司治理施加影响。

现在明确,企业不想参与到公司治理里面去,不想影响管理层,不想投票。

既然不想投票,那么可以做security lending。

因为在security lending中,lender失去投票权。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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