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绿水精灵 · 2025年02月16日

mental accounting会导致under-diversified portfolios

  1. CFA I
  2. Portfolio

NO.PZ2022081802000080

问题如下：

Caitríona Daosri is a portfolio manager for an international bank, where she advises high-net-worth clients. Daosri is meeting with a new client, Estêvão Kai, a 40-year-old surgeon with €4 million across various accounts and a salary of €500,000 per annum. Kai explains to Daosri that he has four accounts at four different banks, each with specific sources and uses of funds, as shown in the following table:


Which of the following is a likely consequence of Kai’s approach to managing his finances?

选项：

A.Concentrated portfolio positions B.Forgone opportunities to reduce risk by combining assets with low correlations C.Excessive trading

解释：

Solution

B is correct. The most common consequence of mental accounting is neglecting opportunities to reduce risk by combining assets with low correlations, because each account’s asset allocation is examined discretely. Offsetting positions across accounts, or an overall inefficient allocation with respect to risk, can lead to suboptimal aggregate performance.

mental accounting会导致under-diversified portfolios，不就是concentrated portfolio吗？

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1 个答案

Kiko_品职助教 · 2025年02月16日

嗨，爱思考的PZer你好：


虽然心理账户可能会导致投资组合多元化不足（under - diversified portfolios ），但并不能得出他的投资组合头寸是集中的（concentrated portfolio positions ）。

集中的投资组合头寸意味着投资者将大量资金集中在少数几种资产上。然而，题干仅表明他有多个账户且用途不同，并没有提及这些账户中具体投资了哪些资产以及资产的集中程度。仅仅因为采用心理账户管理资金，并不必然导致投资组合头寸集中。有可能每个账户中的投资也是相对分散的，只是由于心理账户的存在，没有从整体上考虑不同账户资产之间的相关性以降低风险。


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