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LinaLina · 2024年07月28日

关于Activist经典题,为什么不选B

NO.PZ2023010903000044

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 4: Plenty of activist managers focusing on ESG issues exist, and investing with one could make sense for Cherry Street. Managers of these strategies utilize the same tactics as more traditional activist investors because they both typically have shorter time horizons and take stakes in target companies greater than 10% of the target’s outstanding equity. Some of these tactics include proposing significant changes in corporate governance, seeking board representation and engaging in proxy contests.

Gelormini's comments about activists in Statement 4 are most likely incorrect because:

选项:

A.

activist investors typically have a longer time horizon

B.

ESG-focused activists use different processes and tactics than traditional activists

C.

activist investors typically take a stake of less than 10%

解释:

Activists typically aim to achieve their goals with smaller stakes in their target companies, usually with a less than 10% stake in the target's equity.

这题为什么不选B,ESG activists 关注 non-financial事项,Traditional activists关注financial事项,两者不是tactics不一样吗

1 个答案
已采纳答案

笛子_品职助教 · 2024年07月28日

嗨,爱思考的PZer你好:


这道题要求选incorrect的,答案不选B。

说明:B选项对应的文中信息点(注意不是B选项的陈述语句)是正确的。

ESG Managers of these strategies utilize the same tactics as more traditional activist investors。

在activist方面,ESG activist与传统activist,并没有不同。



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