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mino酱是个小破货 · 2024年07月11日

point 1后句话,求解

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NO.PZ202209060200004701

问题如下:

Shrewsbury is least likely correct on which point?

选项:

A.Point 1

B.Point 2

C.Point 3

解释:

Solution

B is correct. Shrewsbury is incorrect with regard to Point 2. Financing companies that accumulate such assets as loans as a result of their underlying business use ADLs to structure their liabilities in a way that matches the maturities of the assets. In this manner, the debt manager is seeking to minimize interest rate risk by better matching the duration of assets and liabilities. With LDI, the liabilities are given and the assets are managed in a way that considers the structure of the liabilities, as Shrewsbury correctly states in Point 1. An LDI strategy requires that the liabilities be modeled to measure their interest rate sensitivity, as he correctly states in Point 3.

A is incorrect. With LDI, the liabilities are given and the assets are managed in a way that considers the structure of the liabilities, as Shrewsbury correctly states in Point 1.

C is incorrect. An LDI strategy requires that the liabilities be modeled to measure their interest rate sensitivity, as he correctly states in Point 3.

  • Point 1: Life-insurance companies and defined benefit (DB) pension schemes both use liability-driven investing (LDI), which is a special form of asset–liability management (ALM).
  • In both cases, the liabilities are defined and assets are managed in a way that considers the profile and characteristics of the liability.

请解释,liab不是不确定的吗?谢谢

1 个答案
已采纳答案

发亮_品职助教 · 2024年07月11日

Point 1: Life-insurance companies and defined benefit (DB) pension schemes both use liability-driven investing (LDI)


这句说,寿险公司和DB养老金,都是使用LDI的投资方法。这个正确,因为寿险卖出保险,保险合约就是他们的负债,是已知负债,然后保险公司去寻找合适的投资资产来匹配管理负债。一旦将来负债需要保险理赔,保险公司就会卖出资产来偿还负债。这是负债驱动型的投资,是Liability-driven investing(LDI)


养老金也是估算员工退休后的养老金,进而估算出负债,然后再去寻找合适的资产投资去匹配这个负债,这也是负债驱动型的投资(LDI)


which is a special form of asset–liability management (ALM).

这句说,LDI是AML的一种方法。这个正确。ALM是一级分类,只要在投资时,兼顾资产与负债的特征,这就是Asset-liability management(ALM)


ALM下面分2个二级分类,分别是负债驱动型(Liability-driven investing)以及资产驱动型(Asset driven liabilities)(ADL)

资产驱动型是先知道资产的特征,然后去找合适的负债匹配资产(CFA没深入讨论这种类型)。


In both cases, the liabilities are defined and assets are managed in a way that considers the profile and characteristics of the liability.

上面这句说,无论是寿险,还是DB养老金,首先是liabiltiies负债先确定/或者先估算好了,然后再去找合适的资产投资,资产在投资时,会考虑到负债的特征(considers the profile and characteristics of the liability)


负债因为是对未来事项的估计,所以他不是固定的,但是可以运用一系列假设估算出来。估算出负债债券,然后再去找合适的资产管理负债。


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NO.PZ202209060200004701 问题如下 Rumson Shrewsbury anSan Silver are fielconsultants with Fair Haven Aisers, LLinvestment consultant firm specializing in fixeincome investing. They plto expantheir practito focus on suclients retirement schemes, insurancompanies, anothers threquire solutions to meet liability streams. They meet to scuss Fair Haven’s approato this new business segment, anShrewsbury makes the following points to Silver.Point 1: Life-insurancompanies anfinebenefit () pension schemes both use liability-iven investing (L), whiis a speciform of asset–liability management (ALM). In both cases, the liabilities are fineanassets are managein a wthconsirs the profile ancharacteristiof the liability. Point 2: Asset-iven liabilities (As), like L, are specicases of ALM. Financing companies accumulate assets a result of their unrlying business. They use As to structure their assets in a wthmatches the maturities of the liabilities. 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