NO.PZ2024010508000015
问题如下：
If an investor believes ESG risk represents a top-down risk factor, then it should be integrated at the:选项：
A.asset allocation level. B.security-selection level. C.company-selection level.解释：
A is correct. If the investor believes that ESG risk primarily resides at the underlying security-selection level, then ESG integration at that level is sensible. But if the investor believes that ESG risk represents a more top-down risk factor affecting most or all securities—which may be the case with climate change—then ESG integration at the asset allocation level may better serve the investor.如果是bottom-up risk factor呢
