开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

单 · 2024年10月06日

请问这道题什么意思?

NO.PZ2023021602000038

问题如下:

Bailey Watson, CFA, manages 25 emerging market pension funds. He recently had the opportunity to buy 100,000 shares in a publicly listed company whose prospects are considered "above industry norm" by most analysts. The company's shares rarely trade because most managers use a buy-and-hold strategy because of the company's small free float. Before placing the order with his dealer, Watson allocated the shares to be purchased according to the weighted value of each of his clients' portfolios. When it came time to execute the trades, the dealer was able to purchase only 50,000 shares. To prevent violating Standard III(B): Fair Dealing, it would be most appropriate for Watson to reallocate the 50,000 shares purchased by:

选项:

A.reducing each pension fund's allocation proportionately. B.distributing them equally among all the pension fund portfolios. C.allocating randomly but giving funds left out priority on the next similar type trade.

解释:

Standard III(B): Fair Dealing requires members and candidates to deal fairly and objectively with all clients. Certain clients cannot be favored over other clients when their investment objectives and circumstances are similar. Therefore, the most appropriate way to handle the reallocation of an illiquid share is to reduce each client's proportion on a pro rata, or weighted, basis.

答案选项什么意思?为什么不能给每个投资买相同的份额,是因为每个投资者的投资目标不同吗?

1 个答案
已采纳答案

王暄_品职助教 · 2024年10月07日

嗨,从没放弃的小努力你好:


是的,不能给每个投资者买相同的份额,其中一个重要原因就是每个投资者的投资目标可能不同。投资者的投资目标可能受到其财务状况、投资期限、风险偏好、收益需求以及税收状况等多种因素的影响。

本题解释如下:

A. reducing each pension fund's allocation proportionately.

这个选项意味着按照每个养老金基金的原始分配比例来相应地减少它们的份额。也就是说,如果某个基金原本应该分到10%的份额,那么在只能买到一半股份的情况下,它仍然会分到总股份的5%。

B. distributing them equally among all the pension fund portfolios.

这个选项意味着将所有买到的股份均等地分配给所有的养老金基金。即不论原始分配比例如何,每个基金都会得到相同数量的股份。

C. allocating randomly but giving funds left out priority on the next similar type trade.

这个选项意味着随机分配股份,但对于此次未能分到股份的基金,在下次类似的交易中给予优先权。


题目中明确提到了Watson在分配股份时是根据每个客户的投资组合的加权价值来进行的。这意味着每个养老金基金的分配比例是基于其特定的投资目标和财务状况。如果简单地均分股份,那么就会打破这种基于特定情况的分配比例,从而可能违背公平交易的原则,特别是当各个基金的投资目标和风险承受能力并不相同时。

再来看题目中提到的Standard III(B): Fair Dealing,它要求成员和候选人在与所有客户打交道时要公平和客观。当客户的投资目标和情况相似时,不能偏袒某些客户。但在这个案例中,各个养老金基金的投资目标和财务状况可能是不同的,因此不能简单地均分股份。


----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 0

    关注
  • 65

    浏览
相关问题