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nilidgnauh · 2024年12月10日

关于liquidity

NO.PZ2019122802000004

问题如下:

The pension fund is currently fully funded and has followed an asset mix of 60% public equities and 40% bonds. An analyst presents a report in below Exhibit that proposes a new strategic asset allocation for the pension plan. The investment committee of the pension fund states that one of the concerns under the new allocation is that the pension fund needs to be able to fund an upcoming early retirement incentive program (ERIP) that the company will be offering to its employees within the next two years. Employees who have reached the age of 55 and whose age added to the number of years of company service sum to 75 or more can retire 10 years early and receive the defined benefit pension normally payable at age 65.


Based on Exhibit 1 and the proposed asset allocation, the greatest risk associated with the ERIP is:

选项:

A.

liability.

B.

leverage.

C.

liquidity.

解释:

C is correct.

With the introduction of the early retirement incentive plan (ERIP), the defined benefit pension plan will likely be called upon to make pension payments earlier than originally scheduled. As a result, the near term liquidity of the plan is the greatest risk arising from the addition of the alternative asset classes (e.g., private equities, hedge funds, and real estate). Investments in alternatives, such as private equities, can take upwards of five years to reach a full commitment and potentially another decade to unwind.

主要if the early retirement incentive plan会增加投资的不确定性,随时需要liquidity,这样万一投资的是匹配养老金发放的长期债,现在拿不出钱就很大问题,所以有liquidity问题。

相同的题干,在NO.PZ2019122802000005的有问必答中,助教的回复“这个表格显示已经有充足的流动性资产可以用来满足员工养老支出。”而表格中确实一共只有20%的流动性差的Alt资产,好像不能说有流动性风险?这个和本题选择liquidity好像冲突了,或者是我理解有问题?

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伯恩_品职助教 · 2024年12月10日

嗨,从没放弃的小努力你好:


这是一个相对的概念,如果那个题没有提透明性的问题,那么最大的问题就是流动性,只是流动性问题不是很大。而这个是对比前后的新投资分配结果,流动性肯定比之前的差,之前都是流动性好的资产,之后有部分流动性资产差。这个对比是没问题对吧,但是长期看养老计划是否有问题,也没大问题对吧。

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相关问题

NO.PZ2019122802000004 问题如下 The pension funis currently fully funanhfolloweasset mix of 60% public equities an40% bon. analyst presents a report in below Exhibit thproposes a new strategic asset allocation for the pension plan. The investment committee of the pension funstates thone of the concerns unr the new allocation is ththe pension funnee to able to funupcoming early retirement incentive progr(ERIP) ththe company will offering to its employees within the next two years. Employees who have reachethe age of 55 anwhose age aeto the number of years of company servisum to 75 or more cretire 10 years early anreceive the finebenefit pension normally payable age 65. Baseon Exhibit 1 anthe proposeasset allocation, the greatest risk associatewith the ERIP is: A.liability. B.leverage. C.liquity. C is correct.With the introction of the early retirement incentive pl(ERIP), the finebenefit pension plwill likely calleupon to make pension payments earlier thoriginally schele a result, the neterm liquity of the plis the greatest risk arising from the aition of the alternative asset classes (e.g., private equities, hee fun, anreestate). Investments in alternatives, suprivate equities, ctake upwar of five years to reaa full commitment anpotentially another ca to unwin主要if the early retirement incentive plan会增加投资的不确定性,随时需要liquity,这样万一投资的是匹配养老金发放的长期债,现在拿不出钱就很大问题,所以有liquity问题。 对于一个养老金来说,配置30%左右的非流动资产我感觉完全称不上有流动性的风险。相反,这个基金目前是fully fun但是提前退休计划会一下子增加养老金的liability(contribution下降,stribution上升),为什么Liability不是一个风险呢?

2024-11-20 16:30 2 · 回答

NO.PZ2019122802000004 这个问题本身好像不太清晰,看不太懂事在问这个funrisk还是这个fun这个公司带来的risk。同意上面同学疑问的这个表格的作用,建议修改一下题目,减少对题目本身的困惑,侧重知识点掌握

2022-03-07 03:22 1 · 回答

NO.PZ2019122802000004 leverage. liquity. C is correct. With the introction of the early retirement incentive pl(ERIP), the finebenefit pension plwill likely calleupon to make pension payments earlier thoriginally schele a result, the neterm liquity of the plis the greatest risk arising from the aition of the alternative asset classes (e.g., private equities, hee fun, anreestate). Investments in alternatives, suprivate equities, ctake upwar of five years to reaa full commitment anpotentially another ca to unwin 主要if the early retirement incentive plan会增加投资的不确定性,随时需要liquity,这样万一投资的是匹配养老金发放的长期债,现在拿不出钱就很大问题,所以有liquity问题。 况且,引入early retirement的计划又不是把所有的钱都用来支付,大部分用来支付不也可以吗?如果全部都用来支付势必有些资金会有opportunity cost。

2021-12-16 16:36 1 · 回答

leverage. liquity. C is correct. With the introction of the early retirement incentive pl(ERIP), the finebenefit pension plwill likely calleupon to make pension payments earlier thoriginally schele a result, the neterm liquity of the plis the greatest risk arising from the aition of the alternative asset classes (e.g., private equities, hee fun, anreestate). Investments in alternatives, suprivate equities, ctake upwar of five years to reaa full commitment anpotentially another ca to unwin流动性差的只占30%,前几年也不会有明显的流动性风险啊?

2020-10-24 20:41 1 · 回答