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八月的西瓜 · 2024年10月04日

能否把三个选项都讲解一下，不是贴截图那种，谢谢！

  1. CFA I
  2. Equity

NO.PZ2023040301000068

问题如下：

Which of the following statements is most accurate with respect to rebalancing and reconstitution of security market indices?

选项：

A.

Equal weighted indices require frequent rebalancing

B.

Turnover within an index results from a reconstitution but not from rebalancing

C.

A price-weighted index requires rebalancing more than a market-capitalization­weighted index

解释：

After an equal weighted index is constructed and the prices of constituent securities change, the index is no longer equally weighted. Therefore, maintaining equal weights requires frequent adjustments (rebalancing) to the index

如题

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1 个答案

王园圆_品职助教 · 2024年10月04日

同学你好，题目问以下哪个说法是最正确的


首先，B选项，turnover是指指数内部发生的各种变动统称turnover，例如reconstitute：卖掉一个成分股重新买入新的成分股，或者rebalance：增加某些成分股的买入量，减少另一些成分股的买入量等，所以无论是rebalance还是reconstitute都会引起指数内部发生变动，所以B说的不对

C说价格权重指数是比市值权重指数更需要做rebalance的，这是错的。价格为权重的指数，顾名思义，本身就会随着股价的变动自动的调整每个股票的权重了，根本不需要人为干涉，所以完全不需要rebalance。而市值为权重的指数则有可能因为股价的变动和市值变动并不完全同步，导致不同股票的市值出现了轻微的偏差，所以偶尔可能还是需要一些rebalance的。所以C说反了

A选项，由于等权重指数是每个股票买相同的金额，构建指数的时候，我们得一股两股的买从而构建一个等权重指数，然而股价会实时变动，但是买的股票数量不会实时变动，所以就导致如果想要达到等权重效果，理论上应该实时买卖指数中的股票才能达到这一目的，也就是rebalance需要非常频繁才行，所以A对

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NO.PZ2023040301000068 问题如下 Whiof the following statements is most accurate with respeto rebalancing anreconstitution of security market inces? A.Equweighteinces require frequent rebalancing B.Turnover within inx results from a reconstitution but not from rebalancing C.A price-weighteinx requires rebalancing more tha market-capitalization­weighteinx After equweighteinx is constructeanthe prices of constituent securities change, the inx is no longer equally weighte Therefore, maintaining equweights requires frequent austments (rebalancing) to the inx 请问BTurnover within inx是什么意思？

2023-11-05 02:39 1 · 回答

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2023-11-05 02:26 1 · 回答